CADOUX LIMITED — AGM Information 2025

Nov 5, 2025

INNOVATION FOR A SUSTAINABLE FUTURE

Annual General Meeting

6 November 2025

ASX: CCM FSE: SLD OTC: FYIRF

==> picture [31 x 61] intentionally omitted <==

2

==> picture [186 x 114] intentionally omitted <==

==> picture [31 x 61] intentionally omitted <==

3

==> picture [42 x 35] intentionally omitted <==

==> picture [42 x 35] intentionally omitted <==

==> picture [43 x 35] intentionally omitted <==

==> picture [42 x 35] intentionally omitted <==

==> picture [42 x 35] intentionally omitted <==

==> picture [378 x 60] intentionally omitted <==

==> picture [106 x 85] intentionally omitted <==

==> picture [207 x 63] intentionally omitted <==

4

==> picture [1440 x 130] intentionally omitted <==

----- Start of picture text -----

Summary
----- End of picture text -----

DUAL PROJECTS

HPA

RARE EARTHS

• Addressing a demonstrably robust market

• Planned operational excellence

• • Innovative process design

• Efficiently integrate with industry partners

• Strong cash generation potential

• • Environmentally responsible operations

• Operating in two high-growth sectors

• Materials positively leveraged to emerging megatrends

• Proven technology processes with real growth potential

• Development of ultra pure, high-quality alumina

• Demonstrated and validated, scalable process

• Servicing high-tech and advanced material markets

• • Low cost, high margin, long-life asset/project

• Strong competitive and innovative IP / flowsheet moat

• Unique rare earth and mineral sands beneficiating strategy

• Cost-effective design flowsheet to compete against world leaders in mineral processing

• Globally significant forecast production with planned downstream production

• Aligned with Western demand for secure, sustainable, and transparent sourcing of product

• • ESG-integrated operations including renewable energy inputs, waste minimisation

==> picture [31 x 61] intentionally omitted <==

5

==> picture [513 x 573] intentionally omitted <==

High Purity Alumina

Cadoux

HPA Project - Outstanding Investment Metrics

==> picture [186 x 114] intentionally omitted <==

==> picture [529 x 561] intentionally omitted <==

----- Start of picture text -----

Key Metrics
US$1,1014m 55%
NPV IRR
3.2 YEARS
US$186m
CAPITAL PAYBACK
EBITDA (p.a.)
----- End of picture text -----

Operational Improvements

Processing Technology & Refining Capability Product Quality & Scalability Downstream Integration & Product Offering Environmental, Social & Governance Standards Strategic Partnerships & Market Access

==> picture [31 x 61] intentionally omitted <==

7

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

==> picture [1440 x 130] intentionally omitted <==

----- Start of picture text -----

HPA Marketing Journey
----- End of picture text -----

Product Development

Targeted Markets

Primary

• Deep market engagement and defined feedback directs our product offering

• 4+ years of HPA product development and product marketing

• Engineering design to address process capability for the highest demand growth markets

• Comprehensive design and engineering of the SSP facility to capture complex process challenges

• Li-ion batteries – cathode coating/doping and separator coating

• Semiconductors – manufacture of thermal interface materials for semiconductors and semiconductor housings / substrates

• LEDs – sapphire substrate and LED phosphors

• • Medical - YAG crystal for medical lasers, bioceramics, pharmaceutical

Development Applications

• Refinements, expanded product range capability as well as customer requirements.

• Automative - emissions catalysts

• Green energy storage

• Adsorbents - Direct lithium extraction (DLE)

• • Chemical mechanical polishing (CMP) - semiconductors

==> picture [31 x 61] intentionally omitted <==

8

HPA Development	HPA Development
Project development stage outline
Pilot Plant	Test-work, experimentation, trial and error = “nailed it”
Preliminary Engineering	Trade off studies, Basis of design Piloting novel equipment
DFS	Evaluated the technical, economic, and operational viability of the HPA
Pre-FEED	Risk mitigation, utilities, site development, permitting
FEED	Detailed PFDs, P&IDs, equipment, costs, schedules
Detailed Engineering & FID	Technical readiness market validation, positive economic case, execution plan	9

==> picture [563 x 632] intentionally omitted <==

Rare Earths

Minhub

Global Focus on Rare Earth

Compelling investment rationale

==> picture [91 x 80] intentionally omitted <==

==> picture [81 x 83] intentionally omitted <==

==> picture [84 x 84] intentionally omitted <==

==> picture [280 x 233] intentionally omitted <==

Downstream Geopolitical Investment and Global strategic Surging clean innovation and policy momentum status energy demand rebalancing Integration

Strategic supply security

==> picture [79 x 91] intentionally omitted <==

==> picture [69 x 79] intentionally omitted <==

==> picture [78 x 77] intentionally omitted <==

Energy transition Defence and Government, Scarcity of quality demand technology corporate and on-demand priority capital supply investment

The DSP* product focus on monazite and xenotime provides Minhub with a unique leveraged position

==> picture [31 x 61] intentionally omitted <==

11

• Darwin Sands Project

Minhub Rare Earth Strategy

==> picture [132 x 680] intentionally omitted <==

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

Collaboration

Minhub is securing feedstock supply and collaborating with third parties in the development of the Minhub Project

Feedstock

The Minhub Project will value-add mineral sands concentrates to produce finished products including monazite & xenotime

Value-add

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

Downstream

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

Supply Chain

==> picture [86 x 87] intentionally omitted <==

==> picture [31 x 61] intentionally omitted <==

12

Minhub Rare Earths Strategy

==> picture [1341 x 670] intentionally omitted <==

----- Start of picture text -----

MINHUB DARWIN PROJECT
MINERAL SEPARATION PLANT
HRE PROJECT
MINERAL SANDS
XENOTIME
MINING
HEAVY MINERAL
CONCENTRATE
PARTNERS XENOTIME CRACKING,
MONAZITE
HEAVY RARE EARTH
SEPARATION
MONAZITE
CRACKING, RARE
EARTH SEPARATION
NdPr HRE
SAND RARE EARTHY
CONSTRUCTION ILMENITE ZIRCON & RUTILE MINERAL CONC OXIDES OXIDES
METALLISATION AND MAGNETS
----- End of picture text -----

==> picture [158 x 177] intentionally omitted <==

----- Start of picture text -----

HRE PROJECT
XENOTIME CRACKING,
HEAVY RARE EARTH
SEPARATION
----- End of picture text -----

==> picture [31 x 61] intentionally omitted <==

13

ESG Environmental, Social & Governance

==> picture [465 x 550] intentionally omitted <==

15

Our ESG Commitment

To continue to build and strengthen our Environmental, Social, and Governance reporting and credentials Disclosing ESG performance in alignment with the: • World Economic Forum (WEF) • Stakeholder Capitalism Metrics (SCM) • United Nations Sustainable Development Goals (UN SDGs) • Task Force on Climate-related Financial Disclosures (TCFD) Measuring progress and providing regular ESG updates to stakeholders Leveraging independent ESG expertise and technology to ensure transparency

1

2

3

ESG - Year in Review ESG - Year in Review

==> picture [220 x 218] intentionally omitted <==

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

Stakeholder engagements, shareholders engagement, employee workshops including director engagement in international and local forums on inclusion, responsible mining and promotion of the SDGs Actively contributed to the Critical Minerals Association of Australia’s ESG working group, helping to shape industry-wide standards and improve ESG literacy across the critical minerals sector

==> picture [387 x 218] intentionally omitted <==

Continued support of community initiatives, including the World Woman Davos Agenda, the UNAAWA’s SDG Forum Series, Young Women Leadership Program, feeding the homeless, blood donation drives, supporting the Ronald McDonald House and the RUAH Women’s Refuge Centre

Continued to cultivate and foster a multicultural and inclusive workforce and workplace culture

==> picture [31 x 61] intentionally omitted <==

4

16

Delivering two world class critical mineral projects

==> picture [1242 x 647] intentionally omitted <==

----- Start of picture text -----

Demonstrated Economics
Timing Quality
Growth Supported Momentum ESG
Cadoux aims to become a leading producer of selected critical minerals
----- End of picture text -----

==> picture [31 x 61] intentionally omitted <==

==> picture [491 x 265] intentionally omitted <==

----- Start of picture text -----

Unit 2, 49 Ord Street
----- End of picture text -----

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

Roland Hill Managing Director

==> picture [668 x 371] intentionally omitted <==

----- Start of picture text -----

www.cadoux.com.au
----- End of picture text -----

==> picture [537 x 579] intentionally omitted <==