EVION GROUP NL — Investor Presentation 2020

Oct 5, 2020

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Targeting the ethical production and low risk supply of critical commodities

ASX:BEM ACN: 610168191

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INVESTOR PRESENTATION October 2020

ASX:BEM

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DISCLAIMER

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. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in that jurisdiction. This presentation does not constitute financial product advice and has been prepared without taking into account the recipients’ investment objectives, financial circumstances or particular needs, and the opinions and recommendations in this presentation are not intended to represent recommendations to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include, among others, the risk of adverse or unanticipated market, financial or political developments. Certain statements contained in this presentation, including information as to the future financial or operating performance of BlackEarth Minerals NL (‘‘the Company’) and its projects, are forward-looking statements. Such forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies, involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements, and may include, among other things, statements regarding targets, estimates and assumptions in respect of commodity prices, operating costs and results, capital expenditures, ore reserves and mineral resources and anticipated grades and recovery rates and are, or may be, based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. The Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. The words ‘believe’, ‘expect’, ‘anticipate’, ‘indicate’, ‘contemplate’, ‘target’, ‘plan’, ‘intends’, ‘continue’, ‘budget’, ‘estimate’, ‘may’, ‘will’, ‘schedule’ and other, similar expressions identify forward-looking statements. All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Many known and unknown factors could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such factors include, but are not limited to: competition; mineral prices; ability to meet additional funding requirements; exploration, development and operating risks; uninsurable risks; uncertainties inherent in ore reserve and resource estimates; dependence on third-party smelting facilities; factors associated with foreign operations and related regulatory risks; environmental regulation and liability; currency risks; effects of inflation on results of operations; factors relating to title to properties; native title and Aboriginal heritage issues; dependence on key personnel, and share-price volatility. They also include unanticipated and unusual events, many of which it is beyond the Company’s ability to control or predict. Photographs in this presentation may not depict assets of the Company.

Some of the information contained in this presentation has been derived from previously released information to the ASX refer: 30/1/19 “Progressing to Full Feasibility”, 17/1/20 “Fast Tracking the Maniry Graphite Project”, 29/4/20 “Quarterly Activities Report – 31 March 2020”, 31/7/20 “Quarterly Activities Report – 30 June 2020

Cautionary Statement: The Exploration Targets reported herein are not JORC compliant Mineral Resources. The potential quantity and grade of the Exploration Targets are conceptual in nature, there has been insufficient exploration to determine a Mineral Resource and there is no certainty that further exploration work will result in the determination of a Mineral Resource.

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INVESTMENT HIGHLIGHTS

Vertical Integration

• Diversified critical commodity explorer and developer.

• Currently exploring downstream value added graphite processing opportunities.

Projects

• Maniry Graphite Project – financially and technically robust graphite project with a BFS due to be completed in 2021; coarse flake focus with high value products being investigated.

• Donnelly River Ni-Cu-PGE Project, strategically / centrally located between CHN/VMS’s South West Project –Thor and .

• Odin Prospects, with exploration to commence Q4, 2020

Corporate

• Only 142M shares on issue and market capitalisation of A$7.8M, providing a significant opportunity at these levels.

• Cash available for exploration & project development needs.

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CORPORATE SNAPSHOT

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BlackEarth Minerals (ASX:BEM) is a vertically integrated graphite developer with advanced mining projects in Madagascar and base metal prospects (Ni-Cu-PGE) in Western Australia.

The Company holds the flagship Maniry Graphite Project which is located in Southern Madagascar, with the Bankable Feasibility Study (BFS) currently underway and a focus on value added products which are in high demand.

BlackEarth is currently reviewing several downstream value added graphite processing opportunities.

CAPITAL STRUCTURE

BOARD OF DIRECTORS & MANAGEMENT

ASX Code BEM Fully Paid Shares 142m Share Price (2/10/20) $0.055 Market Cap (@ $0.055) $7.81m

Phil Hearse Non-Executive Chairman Tom Revy Managing Director George Bauk Non-Executive Director David Round Company Secretary & CFO

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RECENT CAPTIAL RAISE

BLACKEARTH MINERALS NL recent capital raise:

• 1 October 2020

• Total of 28.4M shares at $0.05/share ($1.4M raised)

• Closed in 3 hours, 50% over subscribed

• SPP announced 5 October 2020, to raise $1.7M at $0.05 per share

The funds raised via the Placement and SPP will predominantly be used to progress the feasibility study for the Maniry Graphite Project and to commence exploration activities at the Donnelly River Ni-Cu-PGE prospect:

• Exploration activities at Maniry and Donnelly River

• Further bulk metallurgical graphite test work

• Independent social, community and environmental studies at Maniry

• Further review and evaluation of downstream large flake (graphite) processing options / opportunities

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MANIRY GRAPHITE PROJECT

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Mining Processing Graphite Concentrate
Life-of-Mine
Strip Ratio 500,000 tpa 30,000 tpa
0.9:1
Main Market
Fine / Small Mid-Sized
Coarse Flake
Flake (30- Flake (15-
(50%+)
35%) 20%)
US$800-
US$400-600/t US$650-900/t
1400/t
BEM investigating
downstream
processing options
Lubricant,
Foils, fuel cell
friction Refractory Flame retardant components and
materials and Materials
material high quality
primary battery
gaskets
Binding MOU
US$3000-
with RHI >US$2500/t
15,000+/t
% of BEM Product Magnesita
Technical information based on BEM ASX Release 30/1/2019
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BEM GRAPHITE SPECS

Graphite from BlackEarth’s Maniry project meets the specifications required for applications in the expandables, refractory and lithium-ion battery industries.

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Expandables
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Refractory
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Li-Batteries
BEM investigating
downstream
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• processing options

• • Spherical graphite from Maniry meets specifications required by lithium-ion anode material manufacturers.

• NGS (Germany) achieved results of 400 cm[3] /g which exceeded the industry benchmark rate of 250 cm[3] /g. (Refer ASX: BEM Announcement 13/6/19)

• Following successful testing, BlackEarth entered binding MOU with the world’s largest refractory group, RHI Magnesita (“RHIM”), the leading global supplier of high-grade refractory products, systems and solutions, and a large consumer of natural flake graphite for various refractory products and materials.

• Spherical graphite production yields of up to 52% achieved vs industry average 40%.

• Positive test results and quality approval from Yichang Xincheng Graphite – the largest expandable graphite producer in the world.

• Positive feedback received from tier-1 spherical graphite producers and anode material manufacturers.

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MANIRY HIGHLIGHTS

• The Company has successfully fast tracked its flagship Maniry graphite project in Southern Madagascar, to the Bankable Feasibility Study (BFS) Stage, in under 2 years, for a total cost of less than $6m (including full overheads).

• Graphite from the Maniry Project has met specifications consistent with those required by Tier 1:

• Expandable graphite markets

• Refractory industry participants

• Lithium-ion anode material manufacturers

• Very low LOM (life of mine) strip ratio (0.9:1), well understood geology, simple flotation processing, long life mine with significant grade and tonnage upside, granted 40 year mining lease.

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Maniry Project Resources

Classification	Tonnage	Total Graphitic Carbon	Tonnage Percentage
Indicated	8.0	7.20%	40%
Inferred	12.2	6.05%	60%
TOTAL	20.2	6.51%	100%

Exploration Targets

Maniry Project : 260 – 380Mt at 6-8% TGC Ianapera Project: 20 – 34Mt at 10-20% TGC

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PROJECT * FINANCIAL RETURN

Project Life	10 Years
NPV @ 10% pre-tax	US$ 103M
IRR pre-tax	42%
Project CAPEX Stage 1	US$ 41M (500ktpa ore)
Project CAPEX Stage 2	US$ 29M (1Mtpa ore)
Payback for Stages 1 & 2	3.7 years (Stage 1 - Only 2.7 years)
Annual graphite	Av 30ktpa (Stage 1 –Years 1-3)
production	Av 60ktpa(Stage 2 –Years 4+)

Focus during Feasibility Study: Maximising basket price and feed grade E.g. an increase in feed grade from 6.3% to 7.3%TGC results in a project NPV of US$152M and an IRR of 55%

*Refer BEM ASX Release 30 January 2019

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MANIRY PROJECT GROWTH IN 2021

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Positive Outcome

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Further development into the potential downstream processing of coarse flake material

Exploration in the high grade northwest zone of Maniry

Optimisation of the flowsheet to further enhance recovery of the coarse flake material Additional offtake arrangements

Completion of BFS

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Significantly increase project revenue

Early high grade feed can substantially increase project NPV / IRR Increase project revenue

Further enhance project confidence

Next stage – project execution (EPC/EPCM)

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DONNELLY RIVER LOCATION

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BEM’s Donnelly
River Prospect
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• The Donnelly River Prospect is located approx. 240km south of Perth, Western Australia.

• BEM’s prospects are situated immediately adjoining the Thor and Odin Ni-Cu-PGE prospects (JV: Chalice Gold Mines “CHN” and Venture Minerals “VMS”) – “South West Project”.

• A drill program at CHN/VMS JV’s Thor prospect intersected massive sulphide averaging 0.5%Cu with 0.05% Ni, 0.04% Co and anomalous Au & Pd*.

• Drilling at CHN/VMS JV’s Odin prospect intersected Ni and Cu sulphides within a highly prospective mafic-ultramafic unit that extends over a 10km strike*.

• *Sourced from: ASX:VMS release dated 16/9/20

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DONNELLY RIVER Ni-Cu-PGE POTENTIAL

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BEM
BEM
BEM
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The South West Nickel Project includes a ‘Julimar look-alike’ Ni-Cu-PGE target, a ~20km long interpreted mafic-ultramafic complex with a strong magnetic signature and massive sulphide occurrence (the Thor Target).” Source: ASX:CHN - Annual Report to Shareholders, 29/9/2020

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Source: ASX:VMS Release dated 16/9/20

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DONNELLY RIVER EXPLORATION PROGRAM

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• Complete review and consolidation of all available open file technical data.

a) Open file Airborne magnetic data processing and interpretation b) Geological logging of all relevant GSWA Core Library drill holes

• Regional geochemical sampling and geological mapping a) Phase (1): sampling along public road and rail easements – LAG and rock chip sampling b) Phase (2): following negotiated access to all of the project area undertake grid based LAG sampling program

• Detailed airborne magnetic and electromagnetic data surveys

• Landowner access agreements

• Systematic geochemical sampling

• Ground based detailed gravity survey

• Ground geophysical surveys and drilling on specific (identified) targets.

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NEWSFLOW CATALYSTS NEXT 3 MONTHS

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• Maniry pilot plant update (graphite)

• Exploration activities at Donnelly River (Ni-Cu-PGE) • Complete technical review of available data

• • Commence regional geochemical sampling

• Downstream value add product development works (graphite – coarse flake)

• Continue BFS activities (graphite)

• Continue offtake arrangement discussions (graphite)

• Completion of SPP

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Tom Revy Managing Director 677 Murray St West Perth, WA, Australia tom.revy@blackearthminerals.com.au Phone: + 61 (0) 411 475 376

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