CADOUX LIMITED — AGM Information 2021

Dec 16, 2021

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ASX:FYI FSE:SDL OTCQX:FYIRF

WWW.FYIRESOURCES.COM.AU

17 December 2021

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AGM Presentation

DEVELOPING A WORLD CLASS INTEGRATED HIGH PURITY ALUMINA (HPA) PROJECT

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Cautionary Statement

This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in that jurisdiction.

The DFS referred to in this presentation is a study of the potential viability of the Cadoux Project. It has been undertaken to understand the technical and economic viability of the Project. The DFS assumes as a 25-year Project life based only on Proved and Probable Ore Reserves (100%). The DFS is based on the material assumptions and modifying factors set out in the DFS announcement and the appended summary of the DFS released to ASX on 8 April 2021. These include assumptions about the availability of funding. While the Company considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by this DFS will be achieved. To achieve the range of outcomes indicated in the DFS funding in the order of US$202 million will likely be required. Investors should note that there is no certainty that the Company will be able to raise the amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of the Company's existing shares. It is also possible that the Company could pursue other "value realisation" strategies such as a sale, partial sale or joint venture of the Project. If it does, this could materially reduce the Company's proportionate ownership of the Project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the DFS. The contents of this presentation reflect various technical and economic conditions, assumptions and contingencies which are based on interpretations of current market conditions at the time of writing. Given the nature of the resources industry, these conditions can change significantly and without notice over relatively short periods of time. Consequently, actual results may vary from those detailed in this presentation. Some statements in this presentation regarding estimates or future events are forward-looking statements. They include indications of, and guidance on, future earnings, cash flow, costs and financial performance.

Such forward-looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. When used in this presentation, words such as, but are not limited to, "could", "planned", "estimated", "expect", "intend", "may", "potential", "should", "projected", "scheduled", "anticipates", "believes", "predict", "foresee", "proposed", "aim", "target", "opportunity", "nominal", "conceptual" and similar expressions are forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements. The contents of this release are also subject to significant risks and uncertainties that include but are not limited those inherent in mine development and production, geological, mining, metallurgical and processing technical problems, the inability to obtain and maintain mine licences, permits and other regulatory approvals required in connection with mining and processing operations, competition for among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel, incorrect assessments of the value of projects and acquisitions, changes in commodity prices and exchange rates, currency and interest rate fluctuations and other adverse economic conditions, the potential inability to market and sell products, various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions, the demand for and availability of transportation services, environmental, native title, heritage, taxation and other legal problems, the potential inability to secure adequate financing and management's potential inability to anticipate and manage the foregoing factors and risks. All persons should consider seeking appropriate professional legal, financial and taxation advice in reviewing this announcement and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of this presentation nor any information contained in this release or subsequently communicated to any person in connection with this presentation is, or should be taken as, constituting the giving of investment or financial advice to any person. This presentation does not take into account the individual investment objective, financial or tax situation or particular needs of any person.

Photographs in this presentation do not necessarily depict assets of the Company.

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Competent Person’s Statement

Ore Reserves

The information in this report that relates to Ore Reserves is based on information compiled by Mr. Steve Craig, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Steve Craig is a full-time employee of Orelogy Consulting Pty Ltd and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. The information is extracted from the Ore Reserve announcement released within the DFS announcement 8 April 2021 and is available to view on the Company’s website at www.fyiresources.com.au

Mineral Resources

The information in this report that relates to Mineral Resources is based on information compiled by Mr Grant Louw, under the direction and supervision of Dr Andrew Scogings, who are both full-time employees of CSA Global. Dr Scogings is a Member of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. He is a Registered Professional Geologist in Industrial Minerals. Dr Scogings 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”. The information is extracted from the PFS announcement dated 25 September 2018 and is available to view on the Company’s website at www.fyiresources.com.au

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Metallurgy

The information in this report that relates to metallurgy and metallurgical test work is based on information reviewed and compiled by Mr Alex Borger, a Competent Person who is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Borger is an employee of Independent Metallurgical Operations Pty Ltd, and is a contractor to FYI. Mr Borgers has sufficient experience that is relevant to this style of processing and type of deposit under consideration, and to the activity that he has undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Announcements in respect to metallurgical results are available to view on the Company’s website at www.fyiresources.com.au .

General

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the findings in the relevant market announcements continue to apply and have not materially changed and that all material assumptions and technical parameters underpinning the estimate in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement.

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HPA Project NPV* = US$1.01 bn

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Project EBITDA = US$186m pa
Tier 1 HPA project partner - Alcoa DFS results
US$243m project finance
FYI signs HPA Term
commitment
Demonstrated quality (4N & 5N)
Alcoa brings HPA
FYI believes the HPA
Lowest quartile costs (capex & opex)
#
Top ranked ESG (5 / 149 peers)FYI to continue building value
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• FYI HPA DFS released on ASX (8 April 2021) - 100% basis

• FYI Sustainalytics ESG Report 2021

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• Joint objective to develop FYI’s innovative long-life / high margin HPA project

• HPA Strategy underpinned by outstanding project NPV (US$1.01b) resulting from robust and demonstrated R&D /development

• Alcoa and FYI execute “Memorandum of Understanding” on 7 September 2020

• An Exclusivity Agreement signed between the parties on 6 May 2021

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• FYI and Alcoa sign binding Terms Sheet 1 October 2021

• Alcoa’s due diligence and project validation completed

• Strong joint development partner alignment demonstrated

• FYI firmly supports the development of the Company’s HPA project and believes a joint development between Alcoa and FYI will provide: o De-risking of project development pathway

• Project funding of US$243m – essentially fully funded

• Demonstrated project developer and operator

• Tier 1 project representation – global recognition and presence

• Recognised operational experience and corporate agility

• Pooling of complimentary skills and experience

Alcoa attracted to FYI:

• Innovative and efficient HPA process development

• Depth and degree of R&D

• Outstanding development success

• Industry leading project economics

• • Advanced marketing outreach

• Downstream HPA opportunities

• Low emission production process

• • High ESG rating

• Objective of dominant HPA industry positioning

• o Value creation for both parties

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ROBUST HPA STRATEGY

Timing Quality Growth Economics Validation Partner

Funded

ESG

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FYI AND ALCOA HAVE THE OBJECTIVE TO BECOME A DOMINANT PARTICIPANT IN THE GLOBAL HPA MARKET

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P i l o t P l a n t V a l i d a t i o n o f F Y I ’ s H P A F l o ws h e e t D e s i g n

• Purpose of facility is to trial FYI’s innovative HPA flowsheet design

• Engineered to demonstrate and observe process flowsheet from “end to end”

• Testing of materials handling and materials of construction

• Further optimising system design and capacity

• Quantifying future production capex and opex parameters

• Lowering overall project risk by verifying process efficiency, yields and target grades

• HPA product sent to potential customer groups for product qualification and applications assessment

• Demonstrated improvement in HPA purity and quality over the series of pilot plant trials – including targeting 99.999% (5N)

• Lowering overall project risk by verifying process efficiency, yields and target grades • HPA product sent to potential customer groups for product qualification and applications assessment • Demonstrated improvement in HPA purity and quality over the series of pilot plant trials – including targeting 99.999% (5N)	• Lowering overall project risk by verifying process efficiency, yields and target grades • HPA product sent to potential customer groups for product qualification and applications assessment • Demonstrated improvement in HPA purity and quality over the series of pilot plant trials – including targeting 99.999% (5N)	• Lowering overall project risk by verifying process efficiency, yields and target grades • HPA product sent to potential customer groups for product qualification and applications assessment • Demonstrated improvement in HPA purity and quality over the series of pilot plant trials – including targeting 99.999% (5N)	• Lowering overall project risk by verifying process efficiency, yields and target grades • HPA product sent to potential customer groups for product qualification and applications assessment • Demonstrated improvement in HPA purity and quality over the series of pilot plant trials – including targeting 99.999% (5N)	• Lowering overall project risk by verifying process efficiency, yields and target grades • HPA product sent to potential customer groups for product qualification and applications assessment • Demonstrated improvement in HPA purity and quality over the series of pilot plant trials – including targeting 99.999% (5N)	• Lowering overall project risk by verifying process efficiency, yields and target grades • HPA product sent to potential customer groups for product qualification and applications assessment • Demonstrated improvement in HPA purity and quality over the series of pilot plant trials – including targeting 99.999% (5N)
		Sample 1	Sample 2	Sample 3	Sample 4
HPA (Al~~2~~O~~3~~) Grade	%	99.997%	99.996%	99.998%	99.999%
Total Impurities	ppm	31.1	43.3	19.5	12.0

Results from week one of the extended pilot plant trail conducted from 16[th] to 23[rd] November 2021 in joint development with Alcoa.

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FYI’s HPA pilot plant in operation in
collaboration with Alcoa
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NPV Summary (post tax)

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US$6,661
HPA CASH COST
PER TONNE
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55%
IRR
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25 YEARS US$202m
DCF PROJECT FORECAST CAPEX ESTIMATE
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US$186m 3.2 YEAR
25 YEAR AVG ANNUAL EBITDA PAYBACK
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US$1,014m US$131m
AFTER-TAX NPV (@ 8%) NET CASH FLOW PER ANNUM
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10,000 TPA HPA PRODUCTION US$26,400/-T HPA SALES PRICE

15% PRODUCT IS 5N

FYI HPA DFS released on ASX (8 April 2021) - 100% basis

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Global HPA markets are growing

HPA growth has been invigorated in response to global investment in EV’s as post COVID19 stimulus incentives

New applications and technologies have created increased demand and market opportunities

The current global 4N HPA market demand is ~30ktpa 2021; this is expected to increase to >104ktpa by 2028 *

The market for HPA is witnessing dramatic consumer driven growth, with the HPA market forecasted to be US$4.49Bn by 2022**

Forecast global HPA demand forecast (tpa)

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References: -CRU HPA Market Research March 2021 *Allied Market Research, World High Purity (HPA) – Opportunities and forecasts 2015-2022

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24 GIGAFACTORIES ANNOUNCED WITH FORECAST 600 GWH TOTAL ANNUAL PRODUCTION CAPACITY DELIVERING 9-10M EV UNITS PER YEAR

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EU – one of fastest growing EV markets in the world EV growth requires new supply of critical, high purity battery material including HPA Increasing requirement for low carbon supply chains coupled with ESG

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Source: Roland Zenn

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US$1.8 Trillion committed development funding
Jan 2021
Presidential Order to
electrify Government
fleet
Feb 2021
US re-joins Paris
Agreement on
Climate Change
Apr 2021
Infrastructure plan to
include 500,000 EV
charging stations
May 2021
Biden looks to
Canada, Australia
and Brazil for EV
inputs
October 2021
The Battery Material
Processing and
Component
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October 2021 The Battery Material Processing and Component Manufacturing Act

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Batteries & Sapphire Glass
E-Mobility & Ceramics
Established LED &
Development Industrial
Market Consumables
Separators: Coatings: LED lights Optical lenses
• Coating • Cathode Phosphors Specialty glass
• Solids • Anode Plasma display Abrasives
• Interwoven Battery cell lining Substrates Artificial gems
• Laminates Ceramic cell Electronics Aeronautics
electrolytes Wafers Ceramics
Nanotech Bio-ceramic
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FYI and Alcoa have a defined HPA off-take market approach

• FYI and Alcoa emerging producer of high quality, high purity HPA

• FYI standard product is to be ultra pure 99.99% (4N) and 99.999% (5N) material with extremely low deleterious elements

• Key markets have been identified and targeted for compatibility with FYI’s quality HPA

• Market determinants include:

• Purity (4N or 5N)

• Characteristics (ie crystal size, density, surface area)

• Jurisdiction diversity

• Application

• Pricing

• FYI is developing alternative HPA product applications in collaboration with its research partners

• FYI is also trialing different variations of final product to suit different market application specifications

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FYI and Alcoa are heavily engaged in HPA U N I T E D marketing and securing off-take K I N G D O M G E R M A N Y Strong focus on market engagement in J A P A N U S A C H I N A S O U T H K O R E A key market jurisdictions T A I W A N Structured approach targeting off-take and potential financing Multiple rounds of meetings conducted (Taiwan/South Korea/Japan/ Europe/ USA/UK) HPA trial product sent by request to market participants (HPA customers, traders) Detailed product development trials to meet HPA trial product sent by customer specifications request to market participants

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P E R T H
Key asset to HPA project development K I A
• Fully integrated production within Western Australia
• Proximity to Alcoa
• Support from Western Australian State Government through Lead
Agency - Department of Jobs, Tourism, Science and Innovation
• Founding member and participant in the Future Battery Industry CRC
(FBI-CRC)
-
Development of HPA specialty battery applications suitable to FYI HPA
-
HPA key market development
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• Prime positioning in Kwinana Industrial Area (KIA)

• Ideal infrastructure and support

• Reduction in raw material waste

• Leverage with other KIA proponents (inputs and outputs)

• Improve project economics

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HPA Enhanced Anode Coatings - EcoGraf (ASX:EGR)

• HPA is increasingly becoming a key sought after input material for various high-tech products principally for its unique properties, characteristics and chemical properties that address certain applications and high specification requirements

• FYI and EGR are collaborating on developing FYI HPA as raw material input into the Active Anode Material (AAM) for various Li-ion Battery applications

• Development of an appropriate ALD coating (Atomic Layer Deposition) process using FYI HPA as coating precursor specific to EGR high purity carbon

• Production of purified pitch coated EcoGraf carbon applications doped with FYI HPA (ie anode, separator, cell lining)

Anode Supply / Demand Forecast - 2025

• Target 15 million EV’s produced pa by 2025

• Each EV car is loaded with 75kg of graphite anode material

• Thus 75,000 tons of graphite will be consumed in 1 million EV cars

• Thus by 2025, demand for graphite anode material will be 1,125,000 t

• HPA DOPE is about 4-5% in natural anode , consumption of HPA is 22,500t-28,000t (if 100% utilized HPA)

LITHIUM-ION BATTERY COMPONENTS

FYI PARTNERING TO DEVELOP QUALITY DOWNSTREAM HPA GROWTH APPLICATIONS

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• High ESG standards are becoming pre-requisites for HPA off-take counterparties

• FYI embraces best practice approach to HPA project development

• FYI HPA has total provenance authentication and traceability of their 100% integrated process

• High environmental and social standards and governance

• HPA project developed to maximise green and sustainable practices

• Distinct environmental advantages over current traditional supply (Alkoxide / Aluminium)

• Low environmental footprint

• Reduction in raw material waste

• Low toxic waste

• Extensive recycling (inputs and outputs)

• Approximately 50% reduction in greenhouse gas production / ton HPA

• Approximately 40% reduction in processing energy consumption / ton HPA

• Contribute to clean and renewable industries (directly and indirectly)

• Reduce fossil fuel dependency

• Reduction of carbon gas emissions

• Supplier to other sustainable and environmentally conscious industries (EV, LED)

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Scan for ESG Survey

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DIRECTORS

Mr Edmund Babington Non-Executive Chairman

Mr Roland Hill Managing Director

Shares on issue: 364m Options: 10m

ASX:FYI FSE:SDL OTCQX:FYIRF

Share price	A$0.31
Market capitalisation	A$112m
Cash on hand	A$12.9m
Average volume (3 mths)	2.7m

Capital Structure

Board & Management ~10% Top 20 Holders ~43% Top 40 Holders ~ 54%

Mr David Sargeant Non-Executive Director

Dr Sandy Chong Non-Executive Director

FYI Share Price 2021 (12 months)

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HPA PROJECT TIMELINE

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FYI NPV Extended pilot plant trial
Alcoa MOU signed US$1.01b commences Engineering &
Alcoa / FYI Receives ESG rating & design continues
Major Project Status
Engineering CP DD
FEL1 Finalises
FEL3 project
Nov 2020 Feb 2021 May 2021 Oct 2021 Jan 2022 Jan 2022 development
September Jan 2021 April 2021 June 2021 Nov 2020 Jan 2022 1HFY2022
2020
Alcoa Binding Term FEL2 commences
5N trial sample Sheet signed &
achieved finance commitment
Pilot plant
& commencement of
Pilot plant FYI commences Weeks 3 & 4
Collaboration with OTC FEL1 development
Alcoa
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• FYI HPA DFS released on ASX (8 April 2021) - 100% basis

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Robust integrated strategy Ideal project delivery founded on sound timing coinciding with technical principles and forecast market project de-risking growth

Partnering with Alcoa Robust integrated strategy and tier 1 industry groups founded on sound to become a dominant technical principles and HPA producer project de-risking

Compelling integrated technical and geographical business model advantages

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Implementing longterm sustainable ESG(E) standards and practice

Best-in-class project economics with lowest quartile capex and opex

De-risked and funded development pathway

Ground floor entry to an emerging growth sector with significant upside

DEVELOPING A LONG-LIFE QUALITY HPA PROJECT

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ASX:FYI FSE:SDL OTCQX:FYIRF

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FOR FURTHER DETAILS PLEASE CONTACT:

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Roland Hill Managing Director info@fyiresources.com.au Unit 8-9, 88 Forrest Street, Cottesloe WA 6011

WWW.FYIRESOURCES.COM.AU