CADOUX LIMITED — AGM Information 2024

Nov 6, 2024

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Annual General Meeting

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November 7[th ] 2024

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2

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What We Do

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Innovative and integrated developer of critical and strategic minerals projects

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Developed demonstrated process to produce high quality HPA for the growing energy efficiency markets and broader tech applications

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Developing a world class downstream rare earth production facility to strengthen Australia’s critical minerals supply chain through 50% interest in Minhub Operations

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Developing and commercialising downstream value-add opportunities in critical minerals

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Cadoux Critical Minerals Project Summary
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Dual Project Summary
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High Purity Alumina (HPA)
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Rare Earths - Minhub
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• Innovative business models

• Well developed process flowsheets

• Technological competitive advantage

• Exceptional product (purity / quality)

• Staged production expansion strategies

• Near term development catalysts

• Outstanding project economics

• Stage 2 Project development underway

• FEED level engineering

• Flexible operating design and staged production growth

• SSP FS due shortly

• Proven product quality & market appeal

• Significant project value demonstrated

• Unique multi-sourced feedstock flowsheet

• FS due for completion shortly

• Accelerated production pathway defined

• Garnering strong supply chain support

• Supporting Australia's critical minerals strategy

• Visible market upside

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High Purity Alumina Cadoux

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|||||
|---|---|---|---|
|HPA Project - Outstanding Investment Metrics|
|US$186m|
|US$1,1014m|US$131m|
|55%|
|AFTER-TAX NPV (@ 8%)|PROJECT IRR|25 YEAR AVG ANNUAL EBITDA|ANNUAL CASHFLOW|
|25 YEARS|3.2 YEARS|US$6,661|US$202m|
|HPA CASH COST|
|DCF PROJECT FORECAST|PROJECT PAYBACK|PER TONNE|CAPEX ESTIMATE|
|10,000 TPA HPA PRODUCTION|US$26,400/-T HPA SALES PRICE|15% PRODUCT IS 5N|
|7|

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2

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HPA – Addressing the Major Risks
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Challenges
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Solutions
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Technology and Scale-up

Will Cadoux’s developed high-quality HPA process work efficiently, effectively and economically – especially at scale?

Cadoux has demonstrated the quality of the project through its extensive R&D and pilot plant studies. Project technology and engineering development has focused on production risk mitigation and includes the small-scale demonstration and production facility (SSP).

Commercialisation

Will Cadoux be able to develop and fund the capital required to get the HPA project into production?

Cadoux is very focused on the commercial development of the HPA project. Attention includes addressing the technical challenges of the process as well as determining the funding requirements of the project. Cadoux has been exploring a number of funding options to address the funding requirements.

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Market

The HPA market is not well understood and is not transparent.

Cadoux has gained considerable insight and comfort in the HPA market since entering the industry. Direct customer outreach has been positive and engaging. Independent product research indicates ~30% CAGR* and a looming supply deficit. Cadoux has a well-developed understanding of customer specifications and offtake requirements via the development of HPA products.

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* Technavio (2024): Global High Purity Alumina Market 2024-2028

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HPA Development Pathway
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Commercialising our innovative HPA production process Proven HPA quality and purity Demonstrated HPA project value of over US$1.0 bn

Well timed strategy to meet increased forecast demand Clear pathway to production and achieving project valuation

• # Cadoux (FYI) HPA Project DFS April 2021

• Customer Service and Innovation Centre

• ** Small Scale and Demonstration HPA production facility

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Project Valuation Pathway
1
Pilot Plant 2
CSI
3
FS/FEED
4
Final Investment Decision
5
Staged Commercial Facility
SSP
6
#
NPV
US$1.01b
9
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Rare Earths Minhub Operations

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Minhub Rare Earth Strategy

Minhub will cooperate with third parties in the downstream development of heavy rare earth separation in the NT

Minhub is securing feedstock supply for the development of the Minhub Project

Minhub is collaborating with mineral sands developers with significant rare earth resources

The Minhub Project aims to be a key part of a sovereign supply chain solution for rare earths

Minhub will valueadd mineral sands concentrates and produce finished mineral sand products including monazite & xenotime

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Alignment with Government Minerals Policy

The Minhub Darwin Sands Project (DSP) helps support the Federal Government supply chain for critical minerals

DSP aligns partners from mineral sands mining with rare earth projects and markets and brings transparent and sustainable sourcing of rare earth products from Australian mineral sands sources

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DSP will deliver into DSP will capture DSP aligns with NT and DSP will create significant value for NT Federal Govt policy, in the increasing opportunity for value and Australia by relation to security of demand for Nd & capture and upgrading unfinished Pr, the key rare downstream strategic minerals and mineral sands downstream value magnet metals for processing in concentrates and global Australia of globally capture value adding exports electrification strategic heavy rare streams earths (HRE)

Minhub is focused on Mineral Sands products monazite and xenotime for:

• High grade concentrate with low impurities

• Minhub developed process engineering for treatment of third party feedstocks

• Low processing costs

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A Key Participant in Rare Earth Supply Chain

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A Key Participant in Rare Earth Supply Chain
MINERAL SANDS MINING MINHUB DARWIN PROJECT RARE EARTH DOWNSTREAM
MINERAL SEPARATION PLANT
XENOTIME
HEAVY
MINERAL PARTNERS
CONCENTRATE
MONAZITE
HRE PROJECT
XENOTIME
CRACKING,
MONAZITE HEAVY RARE
CRACKING, EARTH
RARE EARTH SEPARATION
SEPARATION
NdPr HRE
SAND ZIRCON & RARE EARTH
ILMENITE
construction RUTILE MINERAL CONC OXIDES OXIDES
METALLISATION AND MAGNETS
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ESG Environmental, Social & Governance

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ESG Mission
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Cadoux’s ESG mission is to be a key contributor to a sustainable world by innovating responsibly, giving back to the community, reducing environmental impact and working towards carbon reduction for our future generations. Our ESG disclosures are aligned with the World Economic Forum (WEF) Stakeholder Capitalism Framework, the United Nation’s Sustainable Development Goals (UN SDG) and with The Task Force on Climate Related Financial Disclosures (TCFD)

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ESG - The United Nations Criteria
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4

ESG - Year in Review

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Cadoux demonstrated the following ESG strategic initiatives during the financial year:

1

Stakeholder engagements, shareholders engagement, employee workshops including director engagement in international and local forums on inclusion, responsible mining and promotion of the SDGs

UN Global compact (National) membership was 2 renewed; attendance at local community forums by the CEO; UNAAWA SDG Forum chaired by Cadoux director, Dr Sandy Chong

3 Gender diversity ratio increased from 38% to 62% females over the course of the financial year

Dr Chong an Ambassador for Ruah Community Services; Sponsorship of the 2024 Davos Agenda for Women in Tech during the World Economic Forum (Dr Chong a panel member)

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Delivering two world class critical mineral projects

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Timing Quality Demonstrated Economics Growth Supported Momentum ESG Cadoux has the objective to become a dominant participant in targeted critical minerals production

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Unit 2, 49 Ord Street West Perth, Western Australia 6005 Tel: +61 8 9313 3920 info@cadoux.com.au www.cadoux.com.au

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