ENERGY TRANSITION MINERALS LTD — Investor Presentation 2019

Jul 25, 2019

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ASX: GGG

July ‐ 2019

Important Notice

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This presentation contains only a brief overview of Greenland Minerals and Energy Ltd (Greenland Minerals) and its respective activities and operations. The contents of this presentation may rely on various assumptions and subjective interpretations which are not possible to detail in this presentation and which have not been subject to any independent verification.

This presentation contains a number of forward looking statements. Known and unknown risks and uncertainties, as well as factors outside of Greenland Minerals’ control, may cause the actual results, performance and achievements of Greenland Minerals to differ materially from those expressed or implied in this presentation.

To the maximum extent permitted by law, Greenland Minerals and its officers, employees and advisers are not liable for any loss or damage (including, without limitation, any direct, indirect or consequential loss or damage) suffered by any person directly or indirectly as a result of relying on this presentation or otherwise in connection with it.

The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue and has been prepared without consideration of your objectives and needs and financial position. Current and potential investors and shareholders should seek independent advice before making any investment decision in regard to Greenland Minerals or its activates.

JORC Code (2012) Competent Person Statement – Mineral Resources and Ore Reserves

The information in this report that relates to Mineral Resources is based on information compiled by Mr Robin Simpson, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Simpson is employed by SRK Consulting (UK) Ltd (“SRK”), and was engaged by Greenland Minerals and Energy Ltd on the basis of SRK’s normal professional daily rates. SRK has no beneficial interest in the outcome of the technical assessment being capable of affecting its independence. Mr Simpson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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’. Robin Simpson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in the statement that relates to the Ore Reserves Estimate is based on work completed or accepted by Mr Damien Krebs of Greenland Minerals and Energy Ltd and Mr Scott McEwing of SRK Consulting (Australasia) Pty Ltd.

Damien Krebs is a Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the type of metallurgy and scale of project under consideration, and to the activity he is undertaking, to qualify as Competent Persons in terms of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition). The Competent Persons consent to the inclusion of such information in this report in the form and context in which it appears.

Scott McEwing is a Fellow and Chartered Professional of The Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as Competent Persons in terms of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition). The Competent Persons consent to the inclusion of such information in this report in the form and context in which it appears.

The mineral resource estimate for the Kvanefjeld Project was updated and released in a Company Announcement on February 12[th] , 2015. The ore reserves estimate was released in a Company Announcement on June 3[rd] , 2015. There have been no material changes to the mineral resource estimate, or ore reserves estimate since the release of these announcements.

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Executive Summary

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Advanced Stage of Development

Globally Significant

Shenghe Resources

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Largest shareholder
Long‐life, low cost,
>10 years of is a major producer
large output of
sustained research of rare earth
critical minerals:
and development. products and
Progressing toward a
Permitting process supplier to
globally significant
advanced international
integrated producer
customers
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>1 Billion Tonne JORC Resource

Initial 37 year mine life enabling infrastructure development. Year round shipping access

Rare Earth Prices Nd, Pr, Tb and Dy

Regulatory Environmental Framework Outcomes

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Strong demand Largest projected Implemented by Greenland set to
outlook for magnet output of key rare Greenland & Danish provide critical
metals and limited earth elements, Governments to minerals to facilitate
new supply sets the economics manage project and key global agendas
scene for price strengthened via by‐ export of U by‐ of electrification and
increases products – U, Zn products energy efficiency
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Kvanefjeld Project Setting

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Kvanefjeld is located near existing infrastructure in southern Greenland, with year‐round direct shipping access, airport nearby, and a mild climate; an optimal location

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Centred on a Multi-Billion Tonne Outcropping Ore Seam

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The only known bulk occurrence of steenstrupine globally – a unique, non‐ refractory rare earth mineral, that is conducive to simple, low‐ cost processing. Kvanefjeld will be a step change in global rare earth supply

Advanced Project Status

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Kvanefjeld Plateau

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(900m through resource)
Bulk sample material
from adit
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Updated Metallurgical Updated operating Prefeasibility Feasibility Feasibility optimisation guided & capital costs for Study Study Study by Shenghe optimised project 2012 2013 2014 2015 2016 2017 2018 2019 Pilot Plant Engineering Operations optimisation to minimise civil costs

Vast Mineral Inventory

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> 11Mt REO, 590Mlb’s U3O8, 2.4Blb’s Zn

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Mineral Resource Estimates and Ore Reserve Estimates are independently established by SRK Consulting

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Kvanefjeld – A Complete Rare Earth Project Nd Pr Dy Tb

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Source: ANSTO
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Rare earth plot highlighting the enrichment across the rare earth spectrum. Kvanefjeld is compared to Mt Weld, and typical bastnasite.

Kvanefjeld’s enrichment across the RE spectrum creates a strong alignment with RE market, through exposure to Nd, Pr, Dy and Tb: a complete RE project.

Demand approximates the current rare earth market by value (volume x current price). Projected output value distribution of select ASX‐listed companies

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Process Flowsheet

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Ore

Residues

Products

Flotation Tailings (>90% vol)

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Mine and
Concentrator
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Zinc Concentrate 6060 tpa Fluorspar 12,420 tpa

Uranium Concentrate 1 Mlb’s Refinery Tailings Leach Circuit (<10% vol) Rare Earth Intermediate concentrate

GREENLAND

EX‐GREENLAND REO Intermediate Product Nd‐ 4,300 tpa Pr‐ 1,400tpa Rare Earth Eu‐ 30 tpa Separation Tb‐ 45 tpa Dy‐ 270 tpa

Classification (JORC 2012)	Inventory (Mt)	REO (ppm)	U3O8 (ppm)	Zn (ppm)	JORC 2012: 1.01 BT through 3 depositscontains 11.13 Mt REO, 593 Mlbs U3O8 , 2.42 Mt zinc 37 Year Mine Reserves at Kvanefjeld Deposit (~10% of resource base)
Proven	43	14,700	352	2,700
Probable	64	14,000	368	2,500
Total	108	14,300	362	2,600

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Metallurgical Optimisation

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Test work programs conducted in both China and Australia

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Flotation improvements generate a higher‐grade, low‐volume RE mineral concentrate

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SHENGHE

TEST WORK IMPROVEMENTS

FLOTATION

CIRCUIT

Guided by Shenghe, draws on world‐leading rare earth processing technology

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Major improvements developed to both flotation and refinery circuits

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Single stage atmospheric leach circuit (refinery circuit)

RESULTS

Improved recoveries, 40% reduction in annual operating costs

Unit costs of <US$4/kg of REO, net of by‐product credits

(lowest of undeveloped REE projects in ASX‐listed companies)

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Engineering Optimisation

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A team of leading Follow‐up studies have international engineering resulted in a 44% firms visited Kvanefjeld in reduction in civil August 2018 for construction costs to US collaborative onsite $175M – including surveys/studies indirect costs and contingencies Nuna Logistics, Tetra Tech, PDN Engineers, China‐CCC

Major reductions in civil construction costs accompany cost reductions achieved through metallurgical optimisation to reduce overall capital costs substantially

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Optimised Feasibility Study

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Capital costs reduced to US$505M (inclusive of 15% contingency on direct and indirect costs)

Rare earth production of 32,100t/a REO in intermediate product

Inclusive of 5,692 t NdPr oxide, 270 t Dy oxide, 44t Tb oxide Initial 37 year mine life based on 108 Mt ore reserve Simplest flow sheet of emerging RE projects – low technical risk  Owing to natural erosional processes, the area has elevated background levels of rare elements and fluorine  Lowest operating costs and capital intensity of emerging RE projects Road up the valley will be upgraded and connected to new port facilities are the base of the valley

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Optimised Project Emphasized Global Significance

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Sources – Publicly available information, ASX announcements, Company websites

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Permitting Strategy and Status

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Kvanefjeld plateau
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Project Permitting ‐ Underway Since 2015

2016 ‐ detailed reviews of impact assessments

2017 ‐ address recommendations and guidance from government and advisory groups

2018 ‐ Finalise additional data, updated reports, public consultation, establish clear project timeline

Q2 2019 – Updated impact assessments lodged in Greenlandic, Danish and English

Thorough and rigorous approach to impact assessments:

Environmental Impact Assessment

GHD (International), Orbicon (Denmark/Greenland), Arcadis, Danish Hydraulic Institute, Environmental Resource Management, DTU, Blue Water Shipping, Wood Group

Social Impact Assessment

Shared Resources (International), NIRAS (Denmark)

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Regulatory Framework & Permitting Process

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IAEA Director General visits Kvanefjeld – May 2017

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Jakob Rohmann Hard (Chief of Protocol, Foreign Department, Greenland), Liselotte Plesner (Danish Ambassador, Vienna), Nuka Møller (Greenland Business), Jørn Skov Nielsen (Deputy Minister, Industry Trade and Labour, Greenland), Kim Kielsen (Greenland Premier), John Mair (MD, GMEL), Yukiya Amano (Director General, IAEA)

The Governments of Greenland and Enabling legislation passed by both Denmark have worked to establish a respective parliaments to implement regulatory framework to manage the safeguards and export controls in production and export of uranium from accordance with IAEA and EURATOM Greenland

In September 2016, Greenland formalised status as signatory to IAEA conventions

Routine site inspection conducted by IAEA in August 2018, with all in good order

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Community

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Kvanefjeld Project is Over 10 years of In March 2019 MoU Stakeholder
located in Kommune stakeholder entered with meetings with
Kujalleq (Southern engagement in the municipality and specialist
Greenland local community, local business consultants and
Municipality), including important council to negotiate company
behind the town of input into project a participation representatives
Narsaq ‘Terms of agreement to cover conducted in June,
Reference’, community presentation of
approved in 2015 involvement and impact assessments
capacity to municipality
development
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Rare Earth Value Chain Integration – Path to Market

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Working with major shareholder to integrate Kvanefjeld with rare separation capacity and international customer network

Shenghe is one of the largest, and fastest growing rare earth companies globally

Major supplier to international end‐user industries – high purity metals and oxides

Commercial agreement entered into in 2018 addressing off‐take, development strategy

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Aiming to jointly develop Kvanefjeld as a new cornerstone to international rare earth supply

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Shenghe founder Mr Wang Quangen, and John Mair, October 2017 Shenghe HQ, Chengdu

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Rare Earth Demand is Linked To Important Global Agendas

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“China to establish timeline to phase out combustion engine vehicles”

The electrification movement is underway. Rare earth permanent magnets create electric motors with greater torque, efficiency and range

“UK, France to ban petrol and diesel vehicles by 2040...”

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“New electric London
“Every Jaguar Land Rover model taxi launches...”
line will be electrified from 2020”
“Volkswagen plans to leapfrog
Tesla in electric car race…”
“India aiming for all‐electric car fleet by 2030...”
Sources – UBS, IEA, IRENA, Manufacturer announcements and websites,
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Clean Energy Initiatives Driving Major RE Demand Growth

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Wind turbines use between 400 and 500kgs of Permanent Magnets per MW

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“China to Add GigaWatt‐Level Offshore
Wind Capacity Annually Starting In 2018…”
“In 2016, the UK generated more
electricity from wind than coal…”
“~200kg of Rare Earth Oxide
(150kg Nd, 35kg Pr, 15kg Dy) per
“Europe’s Growth in Offshore Wind
MW of Installed Capacity…”
Must Triple to Achieve Paris Goals…”
Sources ‐ ADAMAS, IEA, IRENA, Wind energy association’s websites
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Rare earths are critical to An opportunity for Successful development the global agenda of Greenland to participate of Kvanefjeld will see slowing climate change through the provision of Greenland become a through the roll out of critical materials, with major contributor to electric cars, renewable jobs, growth and global rare earth supply energy and energy economic benefit to efficient technologies Greenland society 20

Corporate Snapshot

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Board	Board
Non‐Executive Chairman	Tony Ho
Managing Director	Dr John Mair
Non‐Executive Director	Simon Cato
Non‐Executive Director	Xiaolei Guo
Top Shareholders
Shenghe Resources Holdings	125M shares
Tracor Limited	53M shares

Non‐Executive Director	Xiaolei Guo
Top Shareholders
Shenghe Resources Holdings	125M shares
Tracor Limited	53M shares

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CURRENT INVESTORS LOCATION

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International
Shareholder Base
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Capital Structure
Shares outstanding	1133M
Market capitalization	A$158M(@14 cents)

Kvanefjeld Project Ownership ‐ 100%

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Kvanefjeld Project Overview

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North Atlantic Ocean
KVANEFJELD
TASEQ BASIN
(mine area)
NARSAQ VALLEY
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1 billion tonne multi‐element resource, largest REO inventory under JORC code Initial 37 year mine life, scope for significant extension, expansion Close to existing infrastructure with year round shipping access Simple configuration and processing, low technical risk Globally significant supplier of Nd, Pr, Dy, Tb , with U, Zn by‐product credits Highly competitive economic metrics – long life, lowest cost quartile production Major shareholder is a fully‐integrated RE producer with international focus

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Appendix

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Kvanefjeld Project – Location and Access

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The Kvanefjeld Project area is favourably located in southern Greenland

Narsarsuaq international airport is located 35km away, 4h 50m flight from Copenhagen

Project area features year‐round direct shipping access, via deep water fjords that lead directly to the North Atlantic Ocean

Climatically – mildest part of Greenland with average temperate ranging from ‐2 to +10°c

Narsaq town, located approximately 8‐10km from project area

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Narsaq Peninsula – Southern Greenland

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Narsarssuaq airport:
45 minutes by ferry
to Narsaq
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Rocks of the Illimaussaq Complex are strongly enriched in rare elements and have been actively dispersed into the surrounding environment by erosional processes, thereby strongly influencing the natural (baseline) chemistry.

Taseq Basin is underlain by impermeable crystalline rocks (naujaite), and owing to the influence of the unusual rock chemistry, contained water is naturally enriched in a range of elements, is non‐ potable, and is devoid of life.

The footprint of proposed operations is largely restricted to the Kvanefjeld plateau, Narsaq valley, and Taseq basin.

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Kvanefjeld Project – Geology – Geography

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Kvanefjeld Project – Key Infrastructure

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Process Advantage – the Seismic Shift

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Viability of a rare earth project is more dependant on metallurgical performance than grade

REE’s occur locked within minerals

The RE minerals in most deposits are highly refractory (vault like), and difficult to crack

In contrast, the unique minerals at Kvanefjeld are non‐refractory

This allows simpler processing, leading to lower production costs

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Photomicrograph – steenstrupine grain surrounded by amphibole and feldspar in lujavrite ore

Steenstrupine is the main RE mineral at Kvanefjeld, and contains ~25 ‐30% REO

It is enriched across all key rare earths including Nd, Pr, Dy, Tb

Can be effectively concentrated with conventional froth flotation (multiple successful pilot plant operations)

Both REE’s and U can be readily leached in acidic solutions under atmospheric conditions (pilot plant proven)

Detailed mineralogical studies conducted through MDRU, University of British Columbia

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Statement of Identified Mineral Resources (JORC – Code Compliant 2012)

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	Multi‐Element Resources Classification, Tonnage and Grade	Multi‐Element Resources Classification, Tonnage and Grade	Multi‐Element Resources Classification, Tonnage and Grade	Multi‐Element Resources Classification, Tonnage and Grade	Multi‐Element Resources Classification, Tonnage and Grade	Multi‐Element Resources Classification, Tonnage and Grade					Contained Metal	Contained Metal
Cut‐off	Classification	M tonnes	TREO2	U3O8	LREO	HREO	REO	Y2O3	Zn	TREO	HREO	Y2O3	U3O8	Zn
(U3O8 ppm)1		Mt	ppm	ppm	ppm	ppm	ppm	ppm	ppm	Mt	Mt	Mt	M lbs	Mt
Kvanefjeld ‐ February 2015
150	Measured	143	12,100	303	10,700	432	11,100	978	2,370	1.72	0.06	0.14	95	0.34
150	Indicated	308	11,100	253	9,800	411	10,200	899	2,290	3.42	0.13	0.28	172	0.71
150	Inferred	222	10,000	205	8,800	365	9,200	793	2,180	2.22	0.08	0.18	100	0.48
150	Grand Total	673	10,900	248	9,600	400	10,000	881	2,270	7.34	0.27	0.59	368	1.53
200	Measured	111	12,900	341	11,400	454	11,800	1,048	2,460	1.43	0.05	0.12	83	0.27
200	Indicated	172	12,300	318	10,900	416	11,300	970	2,510	2.11	0.07	0.17	120	0.43
200	Inferred	86	10,900	256	9,700	339	10,000	804	2,500	0.94	0.03	0.07	49	0.22
200	Grand Total	368	12,100	310	10,700	409	11,200	955	2,490	4.46	0.15	0.35	252	0.92
250	Measured	93	13,300	363	11,800	474	12,200	1,105	2,480	1.24	0.04	0.10	75	0.23
250	Indicated	134	12,800	345	11,300	437	11,700	1,027	2,520	1.72	0.06	0.14	102	0.34
250	Inferred	34	12,000	306	10,800	356	11,100	869	2,650	0.41	0.01	0.03	23	0.09
250	Grand Total	261	12,900	346	11,400	440	11,800	1,034	2,520	3.37	0.11	0.27	199	0.66
300	Measured	78	13,700	379	12,000	493	12,500	1,153	2,500	1.07	0.04	0.09	65	0.20
300	Indicated	100	13,300	368	11,700	465	12,200	1,095	2,540	1.34	0.05	0.11	82	0.26
300	Inferred	15	13,200	353	11,800	391	12,200	955	2,620	0.20	0.01	0.01	12	0.04
300	Grand Total	194	13,400	371	11,900	471	12,300	1,107	2,530	2.60	0.09	0.21	159	0.49
350	Measured	54	14,100	403	12,400	518	12,900	1,219	2,550	0.76	0.03	0.07	48	0.14
350	Indicated	63	13,900	394	12,200	505	12,700	1,191	2,580	0.87	0.03	0.07	54	0.16
350	Inferred	6	13,900	392	12,500	424	12,900	1,037	2,650	0.09	0.00	0.01	6	0.02
350	Grand Total	122	14,000	398	12,300	506	12,800	1,195	2,570	1.71	0.06	0.15	107	0.31

Independently Prepared by SRK Consulting

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Statement of Identified Mineral Resources (JORC – Code Compliant 2012)

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	Multi‐Element Resources Classification, Tonnage and Grade	Multi‐Element Resources Classification, Tonnage and Grade	Multi‐Element Resources Classification, Tonnage and Grade	Multi‐Element Resources Classification, Tonnage and Grade	Multi‐Element Resources Classification, Tonnage and Grade	Multi‐Element Resources Classification, Tonnage and Grade					Contained Metal	Contained Metal
Cut‐off	Classification	M tonnes	TREO2	U3O8	LREO	HREO	REO	Y2O3	Zn	TREO	HREO	Y2O3	U3O8	Zn
(U3O8 ppm)1		Mt	ppm	ppm	ppm	ppm	ppm	ppm	ppm	Mt	Mt	Mt	M lbs	Mt
Sørensen ‐ March 2012
150	Inferred	242	11,000	304	9,700	398	10,100	895	2,602	2.67	0.10	0.22	162	0.63
200	Inferred	186	11,600	344	10,200	399	10,600	932	2,802	2.15	0.07	0.17	141	0.52
250	Inferred	148	11,800	375	10,500	407	10,900	961	2,932	1.75	0.06	0.14	123	0.43
300	Inferred	119	12,100	400	10,700	414	11,100	983	3,023	1.44	0.05	0.12	105	0.36
350	Inferred	92	12,400	422	11,000	422	11,400	1,004	3,080	1.14	0.04	0.09	85	0.28
Zone 3 ‐ May	2012
150	Inferred	95	11,600	300	10,200	396	10,600	971	2,768	1.11	0.04	0.09	63	0.26
200	Inferred	89	11,700	310	10,300	400	10,700	989	2,806	1.03	0.04	0.09	60	0.25
250	Inferred	71	11,900	330	10,500	410	10,900	1,026	2,902	0.84	0.03	0.07	51	0.20
300	Inferred	47	12,400	358	10,900	433	11,300	1,087	3,008	0.58	0.02	0.05	37	0.14
350	Inferred	24	13,000	392	11,400	471	11,900	1,184	3,043	0.31	0.01	0.03	21	0.07
Project Total
150	Measured	143	12,100	303	10,700	432	11,100	978	2,370	1.72	0.06	0.14	95	0.34
150	Indicated	308	11,100	253	9,800	411	10,200	899	2,290	3.42	0.13	0.28	172	0.71
150	Inferred	559	10,700	264	9,400	384	9,800	867	2,463	6.00	0.22	0.49	326	1.38
150	Grand Total	1010	11,000	266	9,700	399	10,100	893	2,397	11.14	0.40	0.90	593	2.42

1 There is greater coverage of assays for uranium than other elements owing to historic spectral assays. U3O8 has therefore been used to define the cutoff grades to maximise the confidence in the resource calculations.

2Total Rare Earth Oxide (TREO) refers to the rare earth elements in the lanthanide series plus yttrium.

Note: Figures quoted may not sum due to rounding.

Independently Prepared by SRK Consulting

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