ECOGRAF LIMITED — Investor Presentation 2021

May 18, 2021

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19-20 May 2021 Perth, Western Australia

Mining & Energy Investment (Australia – Europe) Critical Resources Strategy & Supply Presentation

ASX: EGR FSE: FMK OTCQX: ECGFF

Disclaimer

Securities Disclaimer

This presentation is for informational purposes only and does not constitute an offer to sell, or solicit to purchase, any securities. Such offer can be made only through proper subscription documentation and only to investors meeting strict suitability requirements. Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

Forward looking statements

Various statements in this document constitute statements relating to intentions, future acts and events. Such statements are generally classified as “forward looking statements” and involve known and unknown risks, uncertainties and other important factors that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed herein. The Company gives no assurances that the anticipated results, performance or achievements expressed or implied in these forward-looking statements will be achieved.

Production targets and financial information

Information in relation to the feasibility study conducted on the production of battery graphite using the Company’s EcoGraf technology, including production targets and forecast financial information derived from the production targets, included in this document is extracted from an ASX announcement dated 5 December 2017 “Battery Graphite Pilot Plant”, as updated on 17 April 2019 “EcoGraf Delivers Downstream Development” and 5 November 2020 “Completion of EcoGraf™Processing Facility Development Report”, available at www.ecograf.com.au and www.asx.com.au. The Company confirms that all material assumptions underpinning the production targets and forecast financial information derived from the production targets set out in the announcement released on 5 December 2017, as updated on 17 April 2019 and 5 November 2020 continue to apply and have not materially changed.

Information in this document relating to the Bankable Feasibility Study conducted on the Epanko Graphite Project, including production targets and forecast financial information derived from the production targets, included in this document is extracted from an ASX announcement dated 21 June 2017 “Updated Bankable Feasibility Study” available at www.ecograf.com.au and www.asx.com.au. The Company confirms that all material assumptions underpinning the production targets and forecast financial information derived from the production targets set out in the announcement released on 21 June 2017 continue to apply and have not materially changed.

Competent persons

Any information in this document that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Andrew Spinks, who is a Member of the Australasian Institute of Mining and Metallurgy included in a list promulgated by the ASX from time to time. Andrew Spinks is a director of EcoGraf Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is 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”. Andrew Spinks consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

Information in this document that relates to Mineral Resources is based on information compiled by Mr David Williams, a Competent Person, who is a Member of the Australasian Institute of Mining and Metallurgy. David Williams is employed by CSA Global Pty Ltd, an independent consulting company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is 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”. David Williams consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

Information in this document that relates to Ore Reserves has been compiled by Mr Steve O'Grady, who is a Member of the Australasian Institute of Mining and Metallurgy. Steve O’Grady is a full-time employee of Intermine Engineering and produced the Mining Reserve estimate based on data and geological information supplied by Mr Williams. Mr O'Grady has sufficient experience which is relevant to the estimation, assessment and evaluation of the economic extraction of the Ore Reserve that he is 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”. Steve O'Grady consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

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Diversified battery anode material business supporting the global transition to clean energy and e-mobility

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Western Australia and Europe battery anode material processing facilities

Recovery of carbon anode material from lithium-ion batteries

Scalable mining projects for long-term supply of natural graphite products

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= Purification process eliminates Hydrofluoric (HF) Acid

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Corporate summary

Board and Executive Management

Business Locations

Share Price 2021

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Chairman Robert Pett German Office Pilot Plant Managing Director Andrew Spinks

Director Epanko Graphite Shares on issue: 449m John Conidi Project Unlisted performance rights: 8.55m Head Office Manufacturing Facility Executive Director - Finance Howard Rae ASX : EGR Major Shareholders (Top 20 = 55%) Börse Frankfurt : FMK USA OTCQX : ECGFF Executive Manager - JP Morgan Nominees 23.7% Allianz Global Investors 5.1% Share price A$0.61 Product Development First Sentier Investors 8.6% Paradice Investment 5.1% Market capitalisation A$274m Michael Chan Board & Management 7.5% Cash on hand A$53m

Shares on issue: 449m Unlisted performance rights: 8.55m

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Value proposition

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Battery Anode Material Facility Australia

20,000tpa Battery Graphite US$35m Annual EBITDA

42.4% Internal Rate of Return US$642m Pre-tax project NPV8 US$448m Pre-tax[1] equity NPV8 Payback ~3.3yrs

Diversified battery anode material business positioned for the global transition to clean energy

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Epanko Graphite Project Tanzania

Recycling – Recovery of Battery Anode Materials

60,000tpa Natural Flake Graphite US$44.5m Annual EBITDA 38.9% Internal Rate of Return US$211m Pre-tax equity NPV10 US$3B Forecast Contribution to Tanzania

Significant results achieved Production waste – large market Lower battery cost and emissions Blended anode material opportunity Engineering design for pilot plant commenced

Proprietary EcoGraf™purification technology provides sector leading ESG credentials with application to battery recycling industry

Development ready businesses forecast to generate US$80m EBITDA per annum

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1: Post-tax equity NPV8 is US$317m (refer ASX Announcement Completion of EcoGraf™Processing Facility Development Report 5 November 2020)5

Global expansion strategy

S U P P LY O F B AT T E R Y A N O D E M AT E R I A L S T O K E Y G R O W T H M A R K E T S

2021 EV BATTERY MEGAFACTORIES =

Current battery anode materials supply hain is 100% reliant on China. Strategy to expand production and Strategy to expand production and regionalise additional manufacturing regionalise additional manufacturing facilities in Europe, Asia and the US to support increasing demand.facilities in Europe, Asia and the US to support increasing demand

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Lithium-ion Battery Market Overview .

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Compelling lithium-ion battery market opportunity

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Lithium-ion battery chemistry

Graphite is the major raw material in lithium-ion batteries

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Lithium 17% Lithium 15% Lithium 16% Lithium 16% Lithium 11%
Nickel 29%
Nickel 43%
Nickel 68%
Nickel 73%
Other 83% Manganese 29%
Manganese 24%
Manganese 8%
Cobalt 27%
Cobalt 17% Cobalt 8% Cobalt 14%
EcoGraf™provides a high quality, cost
Graphite Graphite Graphite Graphite Graphite competitive alternative to existing battery
>95% >95% >95% >95% >95% graphite produced using toxic
hydrofluoric (HF) acid
Silicon / other <5% Silicon / other <5% Silicon / other <5% Silicon / other <5% Silicon / other <5%
LFP NMC 111 NMC 532 NMC 811 NCA
Cathode
Anode
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Graphite dominates lithium-ion battery anodes – 1.1kg per kWh required to drive strong demand

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Unprecedented investment in new European battery capacity

24 Gigafactories announced with 600 GWh total annual production capacity = 9-10 million electric vehicles per year

Norway, 202X To be announced Arendal, 2024 8 GWh, later 32 GWh Thurso, 2023 Ramp up to 5 GWh Blyth, 2023 10 GWh, later 35 GWh Sunderland, 2010 2.5 GWh Douvrin+Kaiserslautern, 2023 Each 8 GWh, later 64 GWh Überherrn, 2023 Ramp up to 24 GWh Willstätt, 2020 1 GWh South France, 2023 16 GWh, later 50 GWh Erfurt, 2022 14 GWh, later 24 GWh Teverola, 2021 Ramp up to 2.5 GWh

Source: Roland Zenn

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Mo i Rana, 2023 Ramp-up to 40 GWh a EU fastest growing Skelleftea, 2021 market in the world 32GWh, later 40GWh Salzgitter, 2024 a Demand requires new 16 GWh, later 24 GWh supply Brandenburg, 2021 Ramp up to 8-12 GWh a Increasing requirement Grünheide, 202q Ramp up to 100 GWh for low carbon supply Wroclaw, 2018 chains coupled with 15 GWh, later 65 GWh greater recycling Bitterfeld, 2022 16 GWh Komarom 1+2, 2020 7.5 GWh, later 23.5 GWh a Exposure to Miskolc, 202X To be announced European supply Göd, 2018 chains from 3 GWh, later 30 GWh partnership with Bratislava, 2024 10 GWh EU support Europe, 202X To be announced Europe, 202X To be announced

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US lithium-ion battery capacity to accelerate under President Biden

Michigan, 2023 35 GWh Michigan, 2025 TBC GWh

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Ohio 2020, 35 GWh

Nevada, 2017 Ramp-up to 105 GWh

Jan 21 - Presidential Order to electrify Government fleet

Feb 21 - US re-joins Paris Agreement on Climate Change

Apr 21 - Infrastructure plan to include 500,000 EV charging stations

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Tennessee 2023, 30 GWh Tennessee 2023, 3 GWh Georgia, 2022 10 + 12 GWh California, 2010 10 GWh Texas, 2021 100 GWh

Location Unknown, 8-16 GWh

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EU Commission’s battery ESG regulations

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N E W M E A S U R E S A N N O U N C E D T O P R O M O T E S U S TA I N A B I L I T Y

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P O L I C Y

Responsible sourcing. New mandatory procedures to ensure sustainable and ethical sourcing of raw materials such as graphite.

Carbon (CO2) footprint, performance and durability labelling. All batteries sold in Europe must declare their carbon footprint.

E C O G R A F ’ S E S G

• a EcoGraf™HF free proprietary purification process

• a Epanko developed under Equator Principles

• a EcoGraf™recycling

• a Renewable energy inputs into businesses

• a Implementing low impact mining methods

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Traceability. All raw materials used in batteries to be procured according to OECD recognised guidelines for sustainable sourcing. Thanks to blockchain technology, each battery will have a digital passport tracking all upstream components.

a Implementation of Block Chain technology

a EcoGraf™HFfree proprietary purification process eliminates use of toxic hydrofluoric acid

Recycling and establishing a circular economy. A minimum proportion of battery content to be made up of recycled materials. To close the loop and retain valuable materials used in batteries - such as cobalt, lithium, nickel and graphite - for as long as possible, the Commission proposes to establish new requirements and targets on the collection, treatment and recycling of batteries.

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• a EcoGraf™recycling enables customers to achieve improved recycling efficiencies

EcoGraf’s ~~sector leading ESG credentials are matched to support the global transition to clean energy~~

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EIB new energy lending policy supporting projects relating to the supply of critical raw materials

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Battery Anode Material Business .

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Western Australian Battery Anode Materials Processing Facility

The new state-of-the-art processing facility will incorporate the Company’s proprietary EcoGraf™ HF-free purification technology to manufacture 20,000tpa spherical graphite for the lithium-ion battery market.

CURRENT STATUS

• Completed due diligence documentation for debt financing process.

• GR Engineering commenced pre-construction works for the detailed engineering design.

• Finalising regulatory approvals, site infrastructure and services, including power, water, gas and reagent procurement arrangements.

• Commenced recruitment process to secure experienced graphite and project development professionals to support the construction and operational commissioning programs.

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Western Australia: Kwinana-Rockingham location

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Initial battery graphite facility to be constructed in Western Australia

Staged expansion from 5,000tpa to 20,000tpa

Flexibility via scalable modular design

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5,000tpa
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+
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PLAY MOVIE

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20,000tpa
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Battery graphite business summary

Establishing the world’s first commercial battery graphite purification facility outside of China

Initial commercial production plant commencing at 5,000tpa, expanding to 20,000tpa

a EcoGraf™ proprietary purification process eliminates use of toxic hydrofluoric acid

a Feasibility, engineering and costing studies completed by GR Engineering Services

EcoGraf’s first facility to meet growing global battery demand

a Four years of pilot plant test work undertaken in Germany:

a Successful application of EcoGraf[TM] purification process to a range of global feedstock supplies

• a Long-term feedstock agreement with leading German trading group TECHNOGRAFIT GmbH

a Extensive product testing completed and long-term sales via thyssenkrupp AG

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a Financing with Australian Government US$35 million debt facility

a Finalising construction, operations and maintenance arrangements

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Capital investment Financial returns @ 20,000tpa 15,000tpa Initial 5,000tpa Expansion Pre-tax project NPV8 Pre-tax equity NPV8 Annual EBITDA IRR US$22.8m US$49.2m US$642m US$448m US$35m 42.4%

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EcoGraf™development timeline

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German optimisation and EcoGraf™
Battery graphite scoping
feedstock testing feedstock benchmarking
study completed
Product testing and completed program
endorsement
AUG Battery graphite OCT NOV
Preliminary feasibility Feasibility and
2015 feasibility and study completed, 2018 engineering studies 2019 EcoGraf™
engineering studies provisional patent lodged
EcoGraf™ completed on Asian
commenced with GR for recycling applications
provisional patent lodged EcoGraf™facility
Engineering
SEP DEC APR MAY
2016 2017 2019 2020
FEB SEP DEC JAN JUN
2016 2017 2018 2020 2020
20 tonne natural flake EcoGraf™process EcoGraf™ Technical cooperation
graphite bulk sample developed in Australia international commenced with Future
battery material test work and Germany patent lodged Battery Industries CRC
NOV JAN JUN
2016 2018 2019
German pilot plant
Battery graphite Engineering study Offtake signed with
optimisation program
produced in commercial completed on Australian thyssenkrupp for
commenced
facility in Asia EcoGraf™facility EcoGraf™SpG and fines
January 2018
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Strong economic returns

World’s first purified spherical graphite processing facility outside of China at a time when electric vehicle, battery and anode producers are actively seeking to diversify battery mineral supply chains.

Demand for spherical graphite forecast to grow 31.5% per annum over the next decade

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Federal Government support

Support for new technology and value added manufacturing

• a Major Project Status (MPS) approved

• a Australian Government funding support

• a 6.7ha industrial site located in the Kwinana-Rockingham Industrial Area

• a Advance approval granted by AusIndustry for research and development programs totaling A$8m

• a Australia’s strong reputation as a reliable supplier of high-quality industrial products

State Government support

Kwinana-Rockingham area expected to become a major global battery mineral processing centre

• a Lead Agency role managed by Western Australian Government Department of Jobs, Tourism, Science and Innovation

• a EcoGraf invited to join WA Ministerial Battery Taskforce

• a Emerging industrial zone for value added processing of battery materials

• a Direct port access and readily available infrastructure

• a High transparency over ethical raw material production supply chain

• a Protection of intellectual property rights for further downstream processing activities, including battery recycling

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PLAY VIDEO - ECOGRAF BATTERY GRAPHITE MANUFACTURING FACILITY SITE LOCATION https://youtu.be/Jb0xIhFSdsU

PLAY VIDEO – AUSTRALIAN GOVERNMENT MAKE IT HAPPEN ECOGRAF CASE STUDY https://youtu.be/1fiWmYrd3WM

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WA’s State Premier Mr Mark McGowan, Minister for Energy Mr Bill Johnston and DevelopmentWA Chief Executive Mr Frank Marra with EcoGraf’s Robert Pett, Howard Rae and Andrew Spinks

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Natural Flake Graphite Business .

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Flake graphite business summary

Long life Epanko Graphite Mine to supply	industrial and battery markets
	aBankable Feasibility Study completed by GR Engineering Services
	aBank appointed Independent Engineer’s Review completed by SRK Consulting
Defined, de-risked and ready for construction
	a Supporting Tanzania’s industrialisation strategy
	a Granted Mining Licence
	Equator Principles development model, satisfying:
Sector leading ESG credentials	aInternational Finance Corporation Performance Standards
	aWorld Bank Group Environmental, Health & Safety Guidelines
Scalable production plant	60,000tpa initial development with low cost expansion to meet market demand
Sales agreements with major international customers	thyssenkrupp (Germany) and Sojitz Corporation (Japan)
Capital investment	Financial returns @ 60,000tpa
60,000tpa	Pre-tax NPV10 Annual EBITDA	IRR
US$89m	US$211m US$44.5m	38.9%

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Bankable feasibility study (BFS) key highlights

• 50% increase in production to 60,000tpa positions Epanko to be a major baseload supplier of high value graphite products to traditional and emerging graphite markets

• Low pre-production capital of US$88.9m

• C1 operating costs FOB Dar es Salaam of US$500/t

• BFS delivers a high returning project:

• Pre-tax NPV10 of US$211m

• Internal rate of return:38.9%

• Annual EBITDA of US$44.5m

• Executed marketing strategy with strong alignment to German industry and the battery supply chain in Japan, Korea and Taiwan

• 44ktpa - binding sales and offtake agreements in place covering initial production

• 16ktpa - under negotiation with existing partners and leading European carbon groups

• Debt financing program with Germany’s KfW IPEX-Bank

• Manufacturing of EcoGraf™battery grade graphite to add further value

• Economics do not include sales into the high-growth lithium-ion battery market

• Metallurgical test work demonstrates potential to produce 99% carbon concentrate from fresh ore with no additional milling or cleaning stages

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99% carbon purity provides a long-term supply of high quality feedstock for the manufacture of battery graphite

High carbon purity will reduce EcoGraf™battery graphite purification costs

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Rigorous 60,000tpa BFS and strong economic returns positions Epanko for development

• Robust technical and financial BFS completed, conforming with IFC standards

• Average production of 60,000tpa graphite concentrate

• High proportion of >150 micron concentrate at carbon grades demanded by the market

• Potential to produce a 99% carbon concentrate from <150 micron flake to supply high growth battery anode market

• BFS utilised industry leading consultants

• Including GR Engineering, Knight Piesold, CSA Global and IMO Metallurgy

• Technical due diligence completed by independent bank appointed engineer SRK

• BFS economics are based on sale into refractory and other established markets

• Significant upside potential through access to high value markets, including spherical and expandable graphite

Epanko bankable feasibility study outcomes

Development period	(months)	19
Average annual throughput	(tonnes)	695,000
Strip ratio	(waste to ore)	0.4:1
Average feed grade	(% TGC)	8.3
Graphite recovery	(%)	94.7
Average product carbon grade	(%)	96
Graphite production	(tonnes per year)	60,000
Mining cost	(US$/t processed)	7.93
Processing cost	(US$/t processed)	19.61
General & administration cost	(US$/t processed)	4.75
Transport and port charges	(US$/t sold)	107
C1 FOB cost	(US$/t sold)	500
All in Sustaining cost1	(US$/t sold)	572
Pre-production capital cost	(US$ million)	88.9

1: Includes royalties (US$39/t), sustaining capital (US$15/t), off-site corporate functions (US$10/t) and rehabilitation (US$8/t)

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EcoGraf provides mine-to-market ESG supply chain assurance

• EcoGraf’s Epanko mine development satisfies Equator Principles social and environmental planning standards

Epanko to transform the regional economy, operating for over 40 years and contributing over US$3 billion to Tanzanian economic and social development

• Long-life, high quality supply of natural flake graphite for industrial and battery markets

• Ideally located to support European customers’ supply chain management under the Paris Agreement on climate change

• German and Australian Government funding support

• US$6 m debt funding proposal developed in conjunction with Germany’s KfW IPEX-Bank and presented to the Government of Tanzania with the aim of simplifying and fast-tracking the financing process

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• Recent initiatives by the Government of Tanzania to encourage greater foreign investment expected to support the project funding program

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Lithium-ion Battery Recycling Business .

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Battery recycling

Market Overview

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Recycling efforts have focused on cathode metals

Carbon anode materials are currently not recovered

Carbon material which is a waste product PRODUCTION generated from each stage of battery anode SCRAP manufacturing, cell manufacturing and battery testing Carbon material remaining after BLACK hydrometallurgical processes have recovered MASS the high value cathode metals from end-of-life lithium-ion batteries

Benefits and Opportunity

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Reducing battery production costs Lowering the EV carbon footprint

Proposed EU legislation requires more battery recycling and greater transparency in the raw materials supply chain.

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EcoGraf’s strategy to recover and reuse carbon anode material

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EcoGraf positioned to recover and reuse carbon anode material

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Agreement signed with South Korea’s largest lithium-ion battery recycling group SungEel HiTech

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SungEel HiTech Agreement

Collaboration presents opportunity to provide tailored Ecograf™ process in future lithium-ion battery recycling plants

SungEel Global Pre-treatment Plants

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SungEel is one of the major lithium-ion battery recycling companies in ASIA and is well connected to both electric vehicle (EV) and battery manufacturers

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EcoGraf™recycling - lowering EV production carbon emission footprint

Battery represents over 40% of total carbon (CO2) emission footprint from EV manufacturing

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Reference (No Canary, Volkswagen)
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• Estimated 10 - 30% production loss during cell manufacturing and battery testing

• Solution : Develop ‘In-Process’ recovery of production scrap (slurries and coatings waste)

• Reuse would eliminate 13.5kg of CO2 per kWh Reference (No Canary)

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• Solution : Recover and reuse carbon anode material in high purity carbon markets and battery supply chains

Recycling of carbon anode material has an important role in reducing CO2 emissions

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Blended battery anode material opportunity

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Lower battery production cost

Lower carbon emissions

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z
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BLENDED ANODE MATERIAL PRODUCTS

Blending EcoGraf’s high purity ‘Battery Graphite’ with ‘Recovered Carbon Anode Materials’ provides an attractive opportunity to support the transition to clean energy

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Modular recycling pilot plant

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TA I L O R E D C U S T O M E R S O L U T I O N

EcoGraf™proprietary HF free purification technology has the potential to provide a tailored solution to increase recycling of recovered battery anode material

• Engineering design commenced for a containerised pilot plant

• Funding for the pilot plant to be supplemented through the Company’s R&D programs and collaboration with potential customers

• Pilot plant to provide recovered carbon anode material for product qualification process, focused on the reuse of graphite in lithium-ion batteries and specialised industrial carbon products

Product development programs to target a range of market opportunities

Industrial Application Markets for Recovered Carbon Anode Material	Natural	Synthetic
Alkaline and zinc carbon batteries	a	a
Lithium-ion batteries	a	a
Friction materials	a	-
Refractories	a	-
Carbon additives	-	a

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. Advantages and Opportunities

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Diversified

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battery anode material business supporting the global transition to clean energy and e-mobility

a Over 8 years of technical work programs and extensive product qualification with a range of potential customers

a Bank due diligence processes undertaken with rigorous reviews of technical and engineering studies

• a Product sales and collaboration with market leading counterparties

a Production levels matched to market demand with engineering designs to allow rapid expansion

a Downstream processing strategy centered on producing uncoated purified spherical graphite for a market forecast to grow 15x over the next decade

• a Diversified battery anode materials business positioned to support recent EU legislative changes on sustainability

a Lithium-ion battery recycling business provides the opportunity to lower battery production costs and reduce carbon emissions from EV manufacturing

• a Blended battery anode material provides a unique eco-friendly product

a Strategy to expand production and regionalise additional facilities in Europe, Asia and the US to support increasing demand

• a Planning initiated on 2[nd] plant in Europe with significant capital savings

• a On-going research and innovation to identify further value adding opportunities using the EcoGraf™ purification process

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Outlook and next steps

B AT T E R Y P R O D U C T S

• Complete engineering programs with GR Engineering and regulatory approvals for the construction of the initial 5,000tpa EcoGraf™ processing facility in Western Australia

• Arrange US$35m debt financing with the Australian Government for the expansion of the Western Australian facility to 20,000tpa

• Advance works for a 2[nd] plant site in Europe

• Continue to build strategic partnerships with key battery industry participants

N AT U R A L G R A P H I T E P R O J E C T

• Advance the US$60 million debt financing proposal submitted to the Government of Tanzania for construction of the new Epanko Graphite Mine

B AT T E R Y R E C Y C L I N G

• Finalise engineering and construction of a containerised pilot plant to provide recovered carbon anode material for product development and qualification processes

• Continue testwork with EV and battery manufacturers

• Develop strategic partnerships in key markets

C O R P O R AT E

• Recruitment of executive team to execute growth strategy

• Support trading on the US OTCQX Market to increase global investor engagement

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• Secure further support for research, innovation and advanced manufacturing programs

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The future is electric.

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Head Office

18 Richardson Street West Perth, Western Australia 6005 T: +61 8 6424 9000

Follow EcoGraf on LinkedIn, Twitter or sign up to the company’s newsletter for the latest announcements, media releases and market news.

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