CADOUX LIMITED — Investor Presentation 2021

Mar 16, 2021

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WWW.FYIRESOURCES.COM

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ASX:FYI

17 – 18 March 2021 2021Australian Energy & Minerals Investor Conference

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 11 March 2020. 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$189 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 PERSONS’ STATEMENTS

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 11 March 2020 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

Metallurgy

The information in this report that relates to metallurgy and metallurgical test work is based on information reviewed and compiled by Mr Daryl Evans, a Competent Person who is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Evans is an employee of Independent Metallurgical Operations Pty Ltd, and is a contractor to FYI. Mr Evans 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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OUR STRATEGY IS BUILT UPON CORE PRINCIPLES

Quality

Advantage

Growth

Strategy

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Developing an Innovative and Tier 1 jurisdiction Multiple growth integrated HPA efficient flowsheet Fully integrated markets: LEDs project with the demonstrated Validated HPA and EVs are goal of through rigorous Infrastructure driving a becoming a R&D and Pilot Plant Ethical source significant rise in leading testwork and Low carbon print demand for HPA producer of validated by Single source quality Al2O3 positive response of provenance major market participants

Economics

Validation

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DFS confirms Robust HPA Compelling strategy NPV & IRR culminates in long-life excellent DFS operation with with $80m industry-low opex financing and capex, package from PE

FYI HAS THE OBJECTIVE TO BECOME A DOMINANT PARTICIPANT IN THE GLOBAL HPA MARKET

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• FYI has committed three years to developing a leading HPA process flowsheet and market strategy

• Championed by expert hydrometallurgical project management team (metallurgical and process engineering)

• HPA development testwork performed in Australia, Germany and US to optimise product quality and characteristics

• Successfully developed disruptive, cost competitive, ultra high purity, superior quality alternative HPA process

• DFS studies demonstrate top tier economic and investment case

• FYI HPA product quality and purity is verified through multiple HPA market participant validation and request for qualification engagement

• Quality strategy culminating in attracting tier 1 interest and support

• Alcoa JV MOU

• Leading HPA industry participant engagement

• Achieving 5N product bringing industry attention

• On going process and product development to maintain optimal production efficiencies and project economics

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CONVENTIONAL METHOD

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• HPA derived from aluminium via bauxite is extremely capex and opex intensive

• Inefficient 1880’s process design

• Inconsistent end-product quality

• High level of unwanted impurities

• High carbon footprint, Low ethical sourcing

• No product provenance

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• HPA derived from kaolin

• Simplified flowsheet, significantly reduced capex and opex

• “Open file” processing flowsheet and basic chemistry refined to suit Cadoux ore characteristics

• Consistent ethically sourced and reliable quality in end-product

• Dependable supply for long term contracts

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FYI’S INNOVATIVE METHOD

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The Cadoux Kaolin Project area boasts excellent infrastructure

Deposit geology is ideal – shallow, flat lying, low strip, free digging, homogenous excellent quality & easily accessible

Extensive drilling, well understood geology - detailed mine study completed, reserves calculated, first 3 years of grade control completed

Ideal characteristics quality, grade and low deleterious elements – extremely amenable to HPA processing

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100% owned project area private land, no native title. Permitting completed.

Resource supports > 100 years production / Reserve of 3.2 million tonnes grading 24.8% Al2O3 supports DFS mine life of 25+ years

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* See ASX Company DFS announcement – 11[th] March 2020

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T h e P i l o t P l a n t H a s V a l i d a t e d F Y I ’ s H P A F l o w s h e e t

• 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

• Confirming equipment and process circuit requirements

• Assist in 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

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FYI’s HPA pilot plant in operation in
collaboration with Alcoa Kwinana-
Rockingham, Western Australia
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Refer ASX announcement 11[th] March 2020

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• January 2020 - Initial round of customer engagement received overwhelming positive response to FYI’s quality HPA

• Passing well above benchmark for HPA purity, quality and characterisation

• Targeted customer groups request additional HPA material

• August 2020 - FYI initiates second round of HPA qualification assessment following successful completion of Stage Two pilot plant trials

• September 2020 - FYI completed dedicated customer led detailed product trial In response to key potential customer requests

• November 2020 - European leading HPA industry group completes detailed assessment studies of FYI HPA

• Studies confirm suitability for multiple applications and markets

• FYI continues discussions with off-take groups and counterparties regarding agreement on product specifications and supply terms

• Exploring additional commercial opportunities for FYI HPA

• Collaboration with FBI-CRC and supporting technical entities on HPA product development

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GLOBAL HPA MARKETS ARE CONSOLIDATING

HPA FORECASTED DEMAND GROWTH (KTPA)

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 ~60ktpa 2021; this is expected to increase to >140ktpa by 2025 *

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

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140,000
120,000
100,000
80,000
60,000
40,000
20,000
2018 2019 2020 2021 2022 2023 2024 2025
Sapphire glass Semiconductors Phosphor applications LIB Separators LEDs
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References: -CRU HPA Market Research July 2019 *Allied Market Research, World High Purity (HPA) – Opportunities and forecasts 2015-2022

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FYI HAS A DEFINED HPA OFF-TAKE MARKET APPROACH

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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 is an emerging producer of high quality, high purity HPA

• FYI standard product is 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 advancing different variations of final product to suit different market application specifications

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FYI IS HEAVILY ENGAGED IN PRODUCT HPA customers, traders MARKETING AND SECURING OFF-TAKE U N I T E D 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 13

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P E R T H
ENHANCEMENTS BENEFITING FYI HPA PROJECT DEVELOPMENT K I A
• Fully integrated production within Western Australia
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• 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

• 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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ALCOA SUMMARY

FYI AND ALCOA HPA JV OBJECTIVE

• HPA project JV MOU signed with Alcoa September 2020

• Alcoa attracted to FYI:

• Innovative and efficient HPA process

• Depth and degree of R&D

• Outstanding development success

• Industry leading project economics

• Impressive level of market progress

• Alcoa is one of the worlds leading alumina producers:

• Globally recognized and highly accomplished

• 100 years of alumina experience

• Fortune 500 company

• Leading industry operator and innovator

• Technically driven - attracted to FYI quality strategy

• Global reach and relationships

• JV collaboration to build upon FYI’s innovative HPA flowsheet and growth strategy

• JV to continue increasing project quality and value

• Collective JV alumina and HPA experience combine to create leading industry strategy

• Jointly develop new products and markets

• Leverage off separate and joint:

• Technical knowledge and experience

• Production capabilities

• • Marketing reach

• Continuous improvement philosophy

• Improve on project capex and opex HPA strategy by joint development

• High ESG standards and targets

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Alcoa JV MOU attracts world class alumina attention

Industry validation of FYI HPA quality

DFS confirmed Cadoux as a world-class HPA project

Pilot plant success validates and de-risks the project

Process flowsheet optimised to increase efficiencies + reduce Capex & Opex

Metallurgical results exceeded 99.99% target HPA*

Mining Lease granted and permitting completed Advancing HPA offtake negotiations with potential customers

Project Reserves** providing > 50 years mine-life

Kwinana “Battery Alley” refinery site approved Focused on fast-tracking development and construction

Major strategic financing arranged. Negotiations for balance of project funding is underway

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References: - * FYI ASX announcement 11[th] February 2021 ** FYI ASX announcement 11[th] March 2020

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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 - bauxite / 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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PROJECT DELIVERY TIMELINE
Excellent DFS delivered & European product Product shipped /
Final Engineering
$80m Strategic Funding Trial Further qualification
& Investment
ALCOA MOU Alcoa JV Pilot plant trials Alcoa / FYI JV Decision
completed successfully HPA product
signed
generation
HPA project
Aug 2020 Sept 2020 Nov 2020 Nov 2020 Jan 2021 Ongoing development
Feb 2020 Sept 2020 Nov 2020 Nov 2020 Dec 2020 Jan 2021 1HFY2021
Detailed HPA 5N HPA achieved Project financing
Product development
Stage 2 pilot plant Alcoa pilot plant Alcoa / FYI
Successful trial commence
Engineering CP DD
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Strategically Robust integrated strategy Ideal project delivery Compelling funded and founded on sound timing coinciding with integrated technical and leveraged for technical principles and forecast market geographical business growth project de-risking growth model advantages

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Partnering with tier 1 Best-in-class project industry groups to economics with lowest become a dominant HPA quartile capex and opex produces

Ground floor entry to an emerging growth sector with significant upside

FYI IS DEVELOPING A LONG-LIFE QUALITY HPA PROJECT

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ASX:FYI

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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

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ITEM UNIT HPA production Tpa Production grade Al2O3 Capital cost (capex) US$m Operating cost (opex) US$/t Project NPV (@10%) US$m Project IRR % Assumed HPA selling price / t US$/t Annual revenue US$m Operating margin US$/t Annual EBITDA (avg) US$m pa Total project revenue - life of project ( ~25 years) US$bn Capital intensity US$/t Project payback years Exchange rate A$:US$	AMOUNT
	8,000
	> 99.99%
	189
	6,217
	543
	46
	24,000
	192
	17,783
	133
	4.7
	23,575
	3.6
	0.70

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Developed for Cadoux’s specific chemistry, quality and characteristics

Innovative design - for efficiency and low opex (heavy duty, low maintenance and long life)

Successfully demonstrated high target grade purity and excellent process recoveries

Low environmental footprint, low carbon footprint, ethically sourced – key customer requirements

FYI’S HPA PROCESS FLOWSHEET DESIGN

Processing plant planned for in Tier one location – Kwinana’s ‘Battery Alley’

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