AUSTRALIAN MINES LIMITED — AGM Information 2021

Dec 16, 2021

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2021 Annual General Meeting

Decarbonising and electrifying the world through the development of ethically sourced nickel and cobalt materials

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australianmines.com.au ASX I AUZ

A U S T R A L I A N M I N E S

Disclaimer

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Forward Looking Statement: This document may contain forward looking statements. Forward looking statements can generally be identified by the use of forward looking words such as, ‘expect’, ‘anticipate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’, ‘believe’, ‘forecast’, ‘estimate’, ‘target’, ‘outlook’, ‘guidance’, ‘potential’ and other similar expressions within the meaning of securities laws of applicable jurisdictions.

There are forward looking statements in this document relating to the outcomes of the Sconi Project Bankable Feasibility Study and ongoing refinement work. Actual results and developments of projects and the market development may differ materially from those expressed or implied by these forward looking statements. These, and all other forward looking statements contained in this document are subject to uncertainties, risks and contingencies and other factors, including risk factors associated with exploration, mining and production businesses. It is believed that the expectations represented in the forward looking statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and productions results, resource estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Any forward looking statement is included as a general guide only and speak only as of the date of this document. No reliance can be placed for any purpose whatsoever on the information contained in this document or its completeness. No representation or warranty, express or implied, is made as to the accuracy, likelihood or achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this document. Australian Mines does not undertake to update or revised forward looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing requirements. To the maximum extent permitted by law, Australian Mines Limited and its Associates disclaim all responsibility and liability for the forward looking statements, including, without limitation, any liability arising from negligence. Recipients of this presentation must make their own investigations and inquiries regarding all assumptions, risks, uncertainties and contingencies which may affect the future operations of Australian Mines Limited or Australian Mines Limited’s securities.

Previously Reported Information: This document does not contain any new data, results or information, with all references clearly stated.

Any exploration and/or resource data, or statements referenced within this document have previously been lodged by Australian Mines Limited with the ASX via announcements dated 20 November 2018, 30 November 2018, 6 December 2018, 3 January 2019, 15 January 2019, 21 January 2019, 22 January 2019, 25 January 2019, 12 February 2019, 13 February 2019, 14 February 2019, 21 February 2019, 27 February 2019, 26 April 2019, 29 April 2019, 12 June 2019, 13 June 2019, 17 June 2019, 8 July 2019, 6 August 2019, 12 August 2019, 1 October 2019, 2 October 2019, 21 October 2019, 1 November 2019, 25 November 2019, 14 April 2020, 12 June 2020, 19 June 2020, 23 June 2020, 29 June 2020, 15 July, 2020, 13 August 2020, 18 August 2020, 26 August 2020, 10 September 2020, 6 October 2020, 12 October 2020, 26 October 2020, 10 November 2020, 19 January 2021, 29 January 2021, 6 April 2021, 29 April 2021, 5 May 2021, 2 June 2021, 3 June 2021, 7 June 2021, 24 June 2021, 25 June 2021, 28 June 2021, 27 July 2021, 28 July 2021, 30 July 2021, 16 August 2021, 15 September 2021, 25 October 2021 and 17 November 2021. Australian Mines Limited is not aware of any other new information or data that materially affects the information included in the original market announcements referred to above, and that all material assumptions and technical parameters have not materially changed.

Cautionary Note For U.S. Investors Regarding Reserve and Resource Estimates: Unless stated otherwise, all resource estimates by the Company in this Presentation were calculated in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”, 2012 Edition), a professional code of practice that sets minimum standards for the public reporting of mineral exploration results, Mineral Resources, and Ore Reserves.

These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission for descriptions of mineral properties, which requirements are set forth in SEC Industry Guide 7, under Regulation S-K of the United States Securities Act of 1933, as amended. Information concerning mineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this Presentation uses the terms “Resource”, “Mineral Resource”, “Measured Resource”, “Indicated Resource”, and “Inferred Resource”. U.S. investors are advised that, while such terms are recognized and required under Australian securities laws, the United States Securities and Exchange Commission does not recognize them. Under U.S. standards, mineral resources may not be classified as “reserves” unless the determination has been made the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of a “measured resource” or “indicated resource” will ever be converted into a “reserve”. U.S. investors should also understand the “inferred resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of “inferred resources” will ever be upgraded to a higher category. Accordingly, the information in this document containing descriptions of the Company’s mineral properties may not be comparable to the information disclosed by companies that report in accordance with U.S. standards.

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A U S T R A L I A N M I N E S L I M I T E D

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Agenda Overview Sconi Project Summary

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Overview

O V E R V I E W

Experienced Board and Leadership Team

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Driving growth and development

• Strong, well-integrated and experienced team characterised by a diverse skills mix, stable tenure and disciplined management style

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Michael Ramsden

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Benjamin Bell

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Michael Elias

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Dominic Marinelli

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Les Guthrie

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Oliver Canton

Chairman

BEc, LLB, FFIN Independent

Managing Director BSc, MMET, MBA Executive

Non-Executive Director BSc(Hons), FAusIMM, CPGeo Independent

Non-Executive

Director BEng, PGD Sc, MBA Independent

Non-Executive Director BSc, MAICD Independent

Company Secretary BJuris, LLB

30 years’ experience as a corporate advisor

25 years’ experience

in the resources sector

Internationally recognised expert in lateritic nickel-cobalt deposits with 35 years’ experience in nickel resource development

Over 20 years’ corporate fundraising experience

Over 40 years’ experience in project delivery across the mining, infrastructure, and energy sectors

Qualified lawyer with over 30 years’ experience in a variety of corporate roles

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O V E R V I E W

Critical Minerals at a Critical Time

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World Class Sconi Project

• Tier-1 nickel-cobalt-scandium asset in Queensland, Australia

Ethical, Sustainable, Future Facing Metals Focus

• Achieved industry-first Carbon Neutral certification (Climate Active program)

• Development ready, lowest cost quartile with a 30+ year mine life

  • Prescribed Project status declared for Sconi in recognition of our social commitment

• Binding long form offtake agreement with LG Energy Solution (6+5 years)[1]

• Project finance progressing

• targeted completion before 30 June 2022[2]

• Mixed nickel-cobalt hydroxide precipitate (MHP) production from 2024

• Committed to third-party verification and certification processes against comprehensive ESG standards

• Highly leveraged to global mega trends (decarbonisation, electrification, and EV transition) and surging demand

1,2 Australian Mines Limited, Binding offtake agreement with LG Energy Solution for supply of mixed nickel-cobalt hydroxide from the Sconi Project, Queensland (ASX: 16 August 2021). The binding long form offtake agreement has only one condition Precedent, which is that Australian Mines secures financing for construction on the Sconi Project on or before 30 June 2022 (or such later date as the parties may agree).

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O V E R V I E W

FY2021 Highlights – Sconi Project

Sconi Project

• Binding long form offtake agreement with LG Energy Solution for 100% of the projected future production

• Deed of Access for Resource Extraction granted from the Australian Government

• Queensland Government support through Prescribed Project status and conditional financing package

• Future proofed EV market relevance of Sconi by demonstrating NCM P-CAM production capability

• Defined pathway to production with clear FY2022 milestones:

• Secure financing for construction by 30 June 2022

• Making final investment decision (FID )

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Project Enhancements

Delivery of Key Milestones

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Pathway to Production

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O V E R V I E W

FY2021 Highlights – Corporate

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Corporate

• Achieved industry first Carbon Neutral certification

• Commenced 3[rd] party certification of comprehensive ESG standards

• Raised $6.5 million and fully funded beyond the current financial year

• Progressed project financing discussions for Sconi with banks, credit export agencies, and other institutions

• Cost discipline – refocussed project portfolio

• Improved project efficiencies by deploying novel AI and machine learning tools for exploration and development programs

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Industry Leading ESG

Progress on Funding, Costs & Project Financing

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Improved Productivity

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O V E R V I E W

Offtake Partner and Project Financing

Offtake Partner

• Entered into a binding long form offtake agreement with LG Energy Solution, a subsidiary of LG Chem

• Supply agreement (commencing 2024) is for mixed nickel-cobalt hydroxide precipitate (MHP) product

Project Financing

• Financing negotiations targeted to be completed before 30 June 2022[2]

• Active negotiations with potential project financiers continuing[3]

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• During the initial term (6 years), LG Energy Solution to purchase 71,000 dmt[1] of nickel and 7,000 dmt of cobalt (MHP form)

• Demonstrated technical and production capability (pilot plant operating since 2018)

• At full production, Sconi is projected to be one of the lowest cost, cobalt producing nickel operations in the world

• Australian Mines playing a key role in providing a stable, high quality, and ethical battery materials supply chain

1 ‘dmt’ means dry metric tonnes.

• 2 Australian Mines Limited, Binding offtake agreement with LG Energy Solution for supply of mixed nickel-cobalt hydroxide from the Sconi Project, Queensland (ASX: 16 August 2021). The binding long form offtake agreement has only one condition Precedent, which is that Australian Mines secures financing for construction on the Sconi Project on or before 30 June 2022 (or such later date as the parties may agree).

• 3 The nature of any non-disclosure agreement (NDA) with potential project financiers signed by Australian Mines, coupled with ASX Listing Rules, prevent the company from commenting on the NDAs, including providing any indication of the number of such agreements signed by Australian Mines, the name / nationality / type of business of the other signatory, or even confirmation by Australian Mines that such an agreement exists.

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O V E R V I E W

Responsible Corporate Citizen

Achieved Industry First Carbon Neutral Certification

• First mineral resources company to be certified a Carbon Neutral organisation[1] by the Australian Government’s Climate Active program

• Climate Active is the only Australian Government recognised certification, awarded to organisations who have reached a state of achieving net zero emissions (such as Australian Mines)

• Third-party verification and certification process underway against comprehensive environmental, social and governance (ESG) standards

• Commitment to local communities recognised by the Queensland Government when granting Prescribed Project status for Sconi

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1 Australian Mines Limited, Australian Mines achieves industry first carbon neutral certification (ASX: 18 August 2020).

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A U S T R A L I A N M I N E S L I M I T E D

O V E R V I E W

The Electric Vehicle Revolution

Focus on Becoming a Leading Producer and Supplier of Ethically Sourced Nickel and Cobalt Materials

• Long term commitment to the EV and energy storage industries

• Source of ethically produced nickel and cobalt from a certified Carbon Neutral organisation

• Supplying essential intermediate/MHP materials for EV batteries

• Supporting clean energy technologies to decarbonise the global economy

• Aggressive targets for EV transition being introduced by governments globally

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O V E R V I E W

Demand Surge

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ESG Mega Trends Driving Demand

• Future facing metals (including nickel and cobalt) to drive decarbonisation and electrification, supporting future emissions targets

• Transition to electric vehicles (EV) continues to accelerate

• Nickel rich chemistries have grown to dominate the EV battery cell market, accounting for 53% of global battery demand this year[1]

• Nickel and cobalt supply growth this decade required to double (versus 2010s) in order to meet anticipated market demand[2]

Projected Metal Demand Growth (2019-2050F)[3] (Under a Rapid Transition (IEA SDS) scenario (+1.5[o] c) to 2050F)

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AUZ focus
4.5
3.9x
4.0
3.7x
3.5
3.0
2.5 0.507Mt 2050F
2.0x 9.2Mt
2.0
1.5 60.1Mt
1.0
0.5 29.6Mt 2.5Mt 0.129Mt 2019
0.0
Copper Nickel Cobalt
CAGR 2.3% 4.3% 4.5%
2019-2050F: p.a. p.a. p.a.
(2019 = 1)
Market Size
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1 Benchmark Mineral Intelligence, Renault backs NCM cathodes as it establishes French battery cell pipeline , 9 July 2021 (www.benchmarkminerals.com).

2,3 Glencore, Preliminary Results 2020 Presentation , 16 February 2021 (www.glencore.com).

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A U S T R A L I A N M I N E S L I M I T E D

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sconi.com.au

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S C O N I P R O J E C T

Sconi Investment Highlights

World Class Project

• 100% owned, nickel-cobalt-scandium materials project

• Lowest cost quartile (nickel and cobalt) – operating costs US$1.96/lb Ni (All-In Sustaining Cost/AISC)

• Sconi site well serviced by existing infrastructure (e.g., ports, roads, power, water, comms, and airports) and skilled labour

• Long term supply agreement with world leader, LG Energy Solution

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MHP Production Process

• Simple process, minimal technical risk – successfully demonstrating nickel and cobalt production from Sconi ore since 2018

• Less capital intensive, easier materials handling (versus sulphate/P-CAM product)

• Utilises a sustainable dry stacking method (e.g., no tailings dams)

• Potential to add value to the project over time (e.g., scandium/manganese sales)

• Ethical and sustainable project focus, leading ESG credentials

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A U S T R A L I A N M I N E S L I M I T E D

S C O N I P R O J E C T Key Developments Since 2018

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LGES OFFTAKE AGREEMENT

Australian Mines executes a binding long form offtake agreement with leading battery manufacturer, LG Energy Solution (LGES)[9]

100% SCONI

FINANCIAL SUPPORT PACKAGE

MINE LIFE EXTENDED

Queensland Government’s offer of a conditional finance package for Sconi through the Jobs and Regional Growth Fund remains active[[6]]

AUZ owns 100% of the Sconi Mine life plan extended Queensland Government’s offer of a Nickel-Cobalt-Scandium Project from 18 years to 30 years[4] conditional finance package for Sconi through the Jobs and Regional Growth Fund remains active[[6]] ~~2018 2019 2020 2021~~ DELIVERED BFS CARBON NEUTRAL PROJECT Bankable Feasibility Study (BFS) Australian Mines achieves Carbon supports strong business case Neutral certification supporting Sconi’s for developing Sconi[1] status as a world class asset by scale, PRESCRIBED PROJECT – enhanced in 2019[2] quality and ESG parameters[[7]]

NICKEL/COBALT PRICES

Spot price of nickel on the LME is approaching 7-year highs and cobalt is nearing 3-year highs

Australian Mines achieves Carbon Neutral certification supporting Sconi’s status as a world class asset by scale, quality and ESG parameters[[7]]

DEMAND OUTLOOK

Long term demand outlook for ethically sourced nickel and cobalt materials continues to improve

Prescribed Project status awarded by the Queensland Government remains in force[5]

NAIF DUE DILIGENCE

RESOURCE EXTRACTION

Due diligence discussions with NAIF Deed of Access for Resource for potential Sconi Project financing Extraction granted by the Australian remain active and continuing[3] Government[8]

1 Australian Mines Limited, Bankable Feasibility Study supports strong commercial case for developing Sconi Cobalt-Nickel Scandium Project, located in North Queensland (ASX: 20 November 2018).

2, 4 Australian Mines Limited, Sconi to produce $5 billion in free cashflow over 30-year mine life (ASX: 13 June 2019).

3 Australian Mines Limited, Sconi Project in Due Diligence Phase for NAIF funding (ASX: 15 October 2018). 5 Australian Mines Limited, Queensland Government provides Sconi Prescribed Project status (ASX: 25 January 2019).

6 Australian Mines Limited, Queensland Government offers support to Sconi Project (ASX: 15 July 2020).7 Australian Mines Limited, Australian Mines achieves industry first carbon neutral certification (ASX: 18 August 2020).

8 Australian Mines Limited, Deed of Access for Resource Extraction executed for proposed mining operations at the Sconi Project, North Queensland (ASX: 17 December 2020).

9 Australian Mines Limited, Binding offtake agreement with LG Energy Solution for supply of mixed nickel-cobalt hydroxide from the Sconi Project, Queensland (ASX: 16 August 2021).

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S C O N I P R O J E C T

Ideally Located, Long Life

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Expected Mine Life of 30+ Years

• Mineral Resource tonnage exceeds 115 million tonnes[1]

• Contained metal quantities:[2]

• 738,359 tonnes of nickel, plus

• 71,757 tonnes of cobalt

• Development ready, with supporting infrastructure already in place

Sconi Nickel-Cobalt-Scandium Project

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• 1 The Mineral Resource for the Sconi Project is reported under JORC 2012 Guidelines and was reported by Australian Mines on 14 February 2019. The Mineral Resource for the Sconi Project’s Greenvale, Kokomo and Lucknow deposits, as outlined in the 14 February 2019 report is: Measured 8.27Mt @ 0.75% Ni & 0.09% Co; Indicated 49.24Mt @ 0.60% Ni & 0.08% Co; Inferred 18.2 Mt @ 0.54% Ni & 0.05% Co. There has been no Material Change or Re-estimation of the Mineral Resource since this 29 April 2019 announcement by the company. The Mineral Resource for the Sconi Project’s Bell Creek deposit, as outlined in the 29 April 2019 report is: Measured 11.4Mt @ 0.84% Ni & 0.05% Co; Indicated 12.7Mt @ 0.74% Ni & 0.03% Co; Inferred 1.7Mt @ 0.55% Ni & 0.03% Co. There has been no Material Change or Re-estimation of the Mineral Resource since this 29 April 2019 announcement by the company. The Mineral Resource for the Sconi Project’s Minnamoolka deposit, as outlined in the 21 October 2019 report is: Indicated 11.9Mt @ 0.67% Ni & 0.03% Co; Inferred 2.4Mt @ 0.60% Ni & 0.02% Co. There has been no Material Change or Re-estimation of the Mineral Resource since this 21 October 2019 announcement by the Company.

2 See Tables 1 to 5 in Appendix of this report. The information outlined on this page relating to Sconi was previously released to the market by Australian Mines via the ASX platform on 13 June 2019. Australian Mines confirms in the subsequent public report that all the material assumptions underpinning the forecast financial information derived from a production target, in the initial public report referred to in Listing Rule 5.17 continues to apply and have not materially changed. Scandium oxide production based on 1,441 tonnes of scandium metal produced over a 30-year period (65% metal:oxide ratio).

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A U S T R A L I A N M I N E S L I M I T E D

S C O N I P R O J E C T

Infrastructure Ready

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Port

Port facilities secured (import and export)

Roads Sealed, all-weather roads from site to port

Power Power (grid) already on site

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Water Water supply available

Comms Airport Accom Telecommunications Existing airport Developed on infrastructure facilities at Greenvale freehold land in close proximity and Townsville

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A U S T R A L I A N M I N E S L I M I T E D

S C O N I P R O J E C T

Sustainability Advantage

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Shallow Open Pit Low strip ratio

Zero CO₂ Zero CO₂ emissions

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Support Local

Sustainable

Employing local, living local, buying local philosophy

Dry stacked tailings system, a sustainable method

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Ethical

Ethical, auditable, and transparent Tier-1 supply chain

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A U S T R A L I A N M I N E S L I M I T E D

S C O N I P R O J E C T

Lowest Cost Quartile

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Nickel production cost curve 2025 (US$ / tonne Ni)

Market Study Forecast by CRU International

• 1st quartile of cost curve for both nickel and cobalt production

• 1.3 million tonne nickel supply gap expected between 2023 and 2025

• Cobalt supply to remain tight to at least 2029

• EV sector will require multiple Sconi-size nickel-cobalt projects to come into production over the next 3 to 5 years to meet anticipated demand

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4 [th] quartile
Sconi
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Nickel production, tonnes Ni contained
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Cobalt production cost curve 2025 (US$ / pound Co)

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Sconi
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Source: CRU International. Refer to Australian Mines’ announcement released on 12 February 2019 for further information

Cobalt production, Kt Co contained

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S C O N I P R O J E C T

Track Record of Delivery

Producing Nickel and Cobalt Products Since 2018[1]

• Ore processed at Australian Mines’ pilot plant in Perth

• Full production process demonstration circuit from Sconi Project ore

• Existing Sconi processing flow built on proven industry standard technology

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1 On a campaign basis. Refer to Australian Mines’ announcement released on 2 July 2018

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S C O N I P R O J E C T

Proven Industry Standard

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MHP Processing Flowsheet

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Crushing High MHP
Mined
and Pressure Iron (Mixed
Ore from
Grinding Acid Removal Hydroxide
Sconi Precipitate
of Ore Leach
Product)
H2SO4 Limestone 100% Production
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Existing Sconi processing flow built on proven 5[th] generation industry standard technology and design

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A U S T R A L I A N M I N E S L I M I T E D

S C O N I P R O J E C T

Social and Economic Benefits

Committed to Queensland and Local Communities

• 80% of workforce sourced locally

• Land purchased for accommodation village

• Upgrading and investing in shared infrastructure

• Upgrading sports and community facilities underway

• Establishment of 24/7 medical facilities proposed

500

Construction Jobs

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Workforce

Primarily Residential

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300

Full Time Staff

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S C O N I P R O J E C T

Working with Government and the Community

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Ongoing Support from the Queensland Government Offered conditional financial support package in July 2020[1]

• Conditions include executing an offtake agreement and securing financing

• Support would be provided through the Jobs and Regional Growth Fund

Granted Prescribed Project status in 2019

• Streamlined regulatory approval process for fast-track development

• Supported by existing infrastructure, including the Port of Townsville

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• 1 Acknowledging the challenges faced by many companies resulting from the ongoing COVID-19 pandemic, the Queensland Government extended the dates linked to key conditions in their Sconi financial support package, initially announced in July 2020, by a further 4 months. See Australian Mines’ announcements released on 25 January 2019 and 15 July 2020

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A U S T R A L I A N M I N E S L I M I T E D

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Summary

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S U M M A R Y

Australian Mines

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Development-Ready, World Class Sconi Project

• Long term offtake agreement (6+5 years) in place with LG Energy Solution

• Well serviced by existing infrastructure and skilled labour

• Lowest cost quartile and long expected mine life (30+ years)

100% Auditable Ethically Derived in Supply Chain Low Risk Jurisdiction

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• Potential to add value to the project over time

• Project financing negotiations targeted to be completed before 30 June 2022[1]

Positioned to Meet Surge in EV Demand

• Ethical, fully auditable, and transparent supply chain

• Local community focus, industry leading ESG credentials

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1 Australian Mines Limited, Binding offtake agreement with LG Energy Solution for supply of mixed nickel-cobalt hydroxide from the Sconi Project, Queensland (ASX: 16 August 2021). The binding long form offtake agreement has only one condition Precedent, which is that Australian Mines secures financing for construction on the Sconi Project on or before 30 June 2022 (or such later date as the parties may agree).

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FOR FURTHER INFORMATION, PLEASE CONTACT

• m: +61 456 799 967 e: dloch@australianmines.com.au

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Appendix Competent Persons’ Statements Sconi Project Mineral Resources Sconi Project Ore Reserve

A P P E N D I X

Competent Persons’ Statements

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Sconi Project, Queensland (Australia)

The Mineral Resource for the Sconi Project contained within this document is reported under JORC 2012 Guidelines. This Mineral Resource for the Greenvale, Lucknow and Kokomo deposits within the Sconi Project were first reported by Australian Mines Limited on 14 February 2019. The original source report can be accessed via the ASX or the Australian Mines’ website. There has been no Material Change or Re-estimation of the Mineral Resource since this 14 February 2019 announcement by Australian Mines Limited.

The information in this report that relates to Sconi Project’s Greenvale, Lucknow and Kokomo Mineral Resources is based on, and fairly reflects, information compiled by Mr David Williams, a Competent Person, who is an employee of CSA Global Pty Ltd and a Member of the Australian Institute of Geoscientists (#4176). Mr Williams has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). Mr Williams consents to the disclosure of information in this report in the form and context in which it appears.

The Ore Reserve for the Sconi Project contained within this document is reported under JORC 2012 Guidelines. This Ore Reserve was first reported by Australian Mines Limited on 13 June 2019. There has been no Material Change or Re-estimation of the Ore Reserve since this 13 June 2019 announcement by Australian Mines Limited.

The information in this report that relates to Ore Reserves is based on, and fairly reflects, information compiled by Mr Jake Fitzsimons, a Competent Person, who is an employee of Orelogy Consulting Pty Ltd and a Member of the Australian Institute of Mining and Metallurgy (MAusIMM #110318). Mr Fitzsimons has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). Mr Fitzsimons consents to the disclosure of information in this report in the form and context in which it appears.

The Mineral Resource for the Bell Creek deposit, located within the Sconi Project, contained within this document is reported under JORC 2012 Guidelines. This Mineral Resource was first reported by Australian Mines Limited on 29 April 2019. There has been no Material Change or Re-estimation of the Mineral Resource since this 29 April 2019 announcement by Australian Mines Limited.

The information in this report that relates to the Sconi Project’s Bell Creek Mineral Resource is based on, and fairly reflects, information compiled by Mr David Williams, a Competent Person, who is an employee of CSA Global Pty Ltd and a Member of the Australian Institute of Geoscientists (#4176). Mr Williams has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). Mr Williams consents to the disclosure of information in this report in the form and context in which it appears.

The Mineral Resource for the Minnamoolka deposit, located within the Sconi Project, contained within this document is reported under JORC 2012 Guidelines. This Mineral Resource was first reported by Australian Mines Limited on 21 October 2019. There has been no Material Change or Re-estimation of the Mineral Resource since this 21 October 2019 announcement by Australian Mines Limited.

The information in this report that relates to the Sconi Project’s Minnamoolka Mineral Resources is based on, and fairly reflects, information compiled by Mr David Williams, a Competent Person, who is an employee of CSA Global Pty Ltd and a Member of the Australian Institute of Geoscientists (#4176). Mr Williams has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). Mr Williams consents to the disclosure of information in this report in the form and context in which it appears.

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Sconi Project Mineral Resources

Mineral Resources as per Australian Mines’ announcement released via the ASX platform on 14 February 2019. Prepared by CSA Global in accordance with the current 2012 JORC Code. There has been no Material Change or Re-estimation of the Mineral Resource since this 14 February 2019 announcement by Australian Mines.

Table 1: Greenvale Mineral Resource

Lower cut-off grade: 0.40% Nickel equivalent

Classification	Tonnes (million tonnes)	Nickel equivalent (%)	Nickel (%)	Cobalt (%)
Measured	5.05	1.06	0.83	0.07
Indicated	17.24	0.90	0.73	0.05
Inferred	10.34	0.63	0.54	0.04
TOTAL	32.63	0.84	0.69	0.05

Mineral Resources as per Australian Mines’ announcement released via the ASX platform on 14 February 2019. Prepared by CSA Global in accordance with the current 2012 JORC Code. There has been no Material Change or Re-estimation of the Mineral Resource since this 14 February 2019 announcement by Australian Mines.

Table 2: Lucknow Mineral Resource

Lower cut-off grade: 0.55% Nickel equivalent

Classification	Tonnes (million tonnes)	Nickel equivalent (%)	Nickel (%)	Cobalt (%)
Measured	1.60	0.91	0.53	0.11
Indicated	12.63	0.83	0.47	0.11
Inferred	0.38	0.66	0.55	0.03
TOTAL	14.62	0.83	0.48	0.11

Mineral Resources as per Australian Mines’ announcement released via the ASX platform on 14 February 2019. Prepared by CSA Global in accordance with the current 2012 JORC Code. There has been no Material Change or Re-estimation of the Mineral Resource since this 14 February 2019 announcement by Australian Mines.

Table 3: Kokomo Mineral Resource

Lower cut-off grade: 0.45% Nickel equivalent

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Nickel equivalent grades were calculated according to the following formula: NiEq = [(nickel grade x nickel price x nickel recovery) + (cobalt grade x cobalt price x cobalt recovery] / (nickel price x nickel recovery). The formula was derived using the following commodity prices and recoveries: Forex US$:A$ = 0.71, Nickel – A$27,946/t and 94.8% recovery, Cobalt – A$93,153/t and 95.7% recovery. Prices and recoveries effective as at 10th February 2019.

Metal recovery data was determined by variability test work of nickel and cobalt solvent extraction during the inhouse pilot plant test work program. Results typically achieved between 90% and 99% from samples with nickel and cobalt grades aligned with expected mine grades as reported from the Mineral Resource model. Lower recoveries of between 85% and 90% were achieved from some lower-grade samples to determine economic cut-off grades. It is the opinion of Australian Mines that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. Detail supporting the formula are provided within the Company’s 14 February 2019 announcement. The Competent Person and Australian Mines believe there are reasonable prospects for eventual economic extraction of the Mineral Resources. Consideration was given to the relatively shallow depth of the mineralisation, existing infrastructure near to the project including sealed road access, power, labour and water, and positive results from the 2018 Feasibility Study.

Classification	Tonnes (million tonnes)	Nickel equivalent (%)	Nickel (%)	Cobalt (%)
Measured	1.62	1.17	0.73	0.15
Indicated	19.37	0.83	0.57	0.09
Inferred	7.48	0.70	0.53	0.07
TOTAL	28.47	0.81	0.57	0.09

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Sconi Project Mineral Resources

Table 4: Bell Creek Mineral Resource

Lower cut-off grade: 0.45% Nickel equivalent

Mineral Resources as per Australian Mines’ announcement released via the ASX platform on 29 April 2019. Prepared by CSA Global in accordance with the current 2012 JORC Code. There has been no Material Change or Re-estimation of the Mineral Resource since this 29 April 2019 announcement by Australian Mines.

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Classification	Tonnes (million tonnes)	Nickel equivalent (%)	Nickel (%)	Cobalt (%)
Measured	11.4	1.02	0.84	0.05
Indicated	12.7	0.74	0.64	0.03
Inferred	1.7	0.66	0.55	0.03
TOTAL	25.8	0.86	0.72	0.04

Table 5: Minnamoolka Mineral Resource Lower cut-off grade: 0.45% Nickel

Mineral Resources as per Australian Mines’ announcement released via the ASX platform on 21 October 2019. Prepared by CSA Global in accordance with the current 2012 JORC Code. There has been no Material Change or Re-estimation of the Mineral Resource since this 21 October 2019 announcement by Australian Mines.

Classification	Tonnes (million tonnes)	Nickel (%)	Cobalt (%)
Indicated	11.9	0.67	0.03
Inferred	2.4	0.60	0.02
TOTAL	14.2	0.66	0.03

Nickel equivalent grades were calculated according to the following formula: NiEq = [(nickel grade x nickel price x nickel recovery) + (cobalt grade x cobalt price x cobalt recovery] / (nickel price x nickel recovery). The formula was derived using the following commodity prices and recoveries: Forex US$:A$ = 0.71, Nickel – A$27,946/t and 94.8% recovery, Cobalt – A$93,153/t and 95.7% recovery. Prices and recoveries effective as at 10 February 2019.

Metal recovery data was determined by variability test work of nickel and cobalt solvent extraction during the inhouse pilot plant test work program. Results typically achieved between 90% and 99% from samples with nickel and cobalt grades aligned with expected mine grades as reported from the Mineral Resource model. Lower recoveries of between 85% and 90% were achieved from some lower-grade samples to determine economic cut-off grades. It is the opinion of Australian Mines that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. Detail supporting the formula are provided within the Company’s 14 February 2019 and 29 April 2019 announcements. The Competent Person and Australian Mines believe there are reasonable prospects for eventual economic extraction of the Mineral Resources. Consideration was given to the relatively shallow depth of the mineralisation, existing infrastructure near to the project including sealed road access, power, labour and water, and positive results from the 2018 Feasibility Study.

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Sconi Project Ore Reserve

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Ore Reserve as per Australian Mines’ announcement released via the ASX platform on 13 June 2019. Prepared by specialist mine planning consultants, Orelogy, in accordance with the current 2012 JORC Code. There has been no Material Change or Re-estimation of the Ore Reserve since this 13 June 2019 announcement by Australian Mines.

Classification	Pit	Ore (Million tonnes)	Nickel (%)	Cobalt (%)	Scandium (ppm)
Proved	Greenvale	4.49	0.83	0.07	36
	Kokomo	1.52	0.72	0.15	58
	Lucknow	2.07	0.47	0.09	51
	Sub-total	8.08	0.72	0.09	44
Probable	Greenvale	13.08	0.73	0.05	29
	Kokomo	17.43	0.57	0.09	31
	Lucknow	18.71	0.42	0.08	38
	Sub-total	49.22	0.55	0.08	33
Total	Greenvale	17.57	0.76	0.06	31
	Kokomo	18.96	0.58	0.10	33
	Lucknow	20.77	0.42	0.08	39
	TOTAL	57.30	0.58	0.08	35

Sconi Project Ore Reserve summary based on variable nickel equivalent cut-off between 0.40% and 0.45%.

The Mineral Resource figures in the preceding slide are inclusive of the Ore Reserve figures above. Approximately 14% of the Ore Reserves (outlined in the table above) are classified as Proved and 86% are classified as Probable. It should be noted that the Proved and Probable Reserves are inclusive of allowance for mining dilution and ore loss.

The breakeven cut-off grade was determined to be between 0.40% - 0.45% nickel equivalent using the formula: Nickel equivalent (%) = [(Ni grade x Ni price x Ni recovery) + (Co grade x Co price x Co recovery] ÷ (Ni price x Ni recovery) where: nickel price = 27,946 AUD, cobalt price = 93,153 AUD, Nickel Recovery = 94.8%, Cobalt Recovery = 95.7%.

Open pit optimisation was undertaken using US$7/lb for nickel and US$30/lb for cobalt and an exchange rate of 0.71 AUD/USD. No value was applied to scandium.

Optimisation inputs parameters were:

• Ore processing rate of 2 million tonne per annum throughput. Dilution was applied through re-blocking to the 2m mining height. Overall slope angle of 45.

• Mining costs based on contractor rates averaging of US$2.26/t mined. 5. Ore costs for grade control, rehandle, reclaim and extra over for ore mining of US$1.88/t ore.

• Mining overheads of US$2.15/t ore.

• Road train haulage of US$2.05/t ore and $US$10.04/t ore from Lucknow and Kokomo respectively.

• Variable processing costs (averaging US$30.70/t ore) based on sulphur, limestone consumption linked primarily to magnesium and aluminium and NaOH consumption linked to nickel and cobalt.

• Fixed overheads of US$33.21/t for G&A, plant labour, maintenance and sustaining capital.

• Selling costs of $32.77/t product plus royalties of 3.2% and 5.0% for Ni and Co respectively. Due to the variable processing costs the pit optimisation was based on block value calculations for free cashflow. The breakeven cutoff grade was determined to be between a 0.4% and 0.45% nickel equivalent grade.

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POWERING THE FUTURE OF CLEAN ENERGY

ASX I AUZ australianmines.com.au sconi.com.au

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