First Graphene Ltd. — AGM Information 2021

Nov 23, 2021

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FIRST GRAPHENE 2021 ANNUAL GENERAL MEETING CHAIRMAN’S ADDRESS

Every start-up company needs to go through a procession of changes as it goes from concept to production and along to commerciality. First Graphene is at the point where an influx of new blood and vision needs to take over, and it has. The new team is now charged with establishing commerciality of the business on a solid footing. It needs a different set of eyes and vision. Different strategies and tactics are being employed with a strong focus on the commercialisation of our technically superior PureGRAPH product range.

The year to 30 June 2021 will be remembered as the year of the pandemic by the entire world. It has been the most significant global event that any of us alive today have experienced and we are not out of the woods yet. Everyone and every company has been affected to a lesser or greater extent, and I suppose every chairman’s address will mention it as a matter of procedure.

The biggest impacts on First Graphene have been twofold. Firstly, a number of our prospective customers were significantly slower in moving to incorporate PureGRAPH® into the products due to lockdowns that restricted the availability of workers and inhibited regular production schedules. A level of heightened caution worked against any suggestion of accelerated innovation. Thus, we were not able to deliver the sales growth we had earlier anticipated. Secondly, there were many months during which our research and product development programs were interrupted by shutdowns of the University of Manchester, where we have operations in the Graphene Engineering Innovation Centre (GEIC).

Covid aside, 2021 was a year that involved a changing of the guard at First Graphene. We saw the retirement of both the CEO and CFO, who had

been with the Company since 2012. They comprised the key management team for approximately 10 years, initially as a mineral exploration company and for the last five years as a graphene visionary.

When First Graphene started out on the graphene journey there was no road map to follow. It was almost a case of the blind leading the blind. All we knew was how wonderful graphene was supposed to be and what a great future awaited those who were willing to embrace this wonderful 2D nanomaterial. It was a very steep learning curve.

First Graphene quickly realised that a major obstacle to the advancement of the segment was the availability of a reliable supply of graphene

of consistent quality, irrespective of price. No manufacturing company would look to introduce graphene to their product lines if they could not see clear supply lines to make the change worthwhile. Many companies that experimented with graphene expressed frustration owing to the mixed results they achieved in test work, attributable to the lack of consistency from one batch to the next.

First Graphene set about addressing these concerns by taking a bench-scale graphene production methodology, pioneered by the University of Adelaide, and scaling it up firstly to a pilot plant size,

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and then to a full commercial-scale manufacturing facility of Henderson, south of Fremantle in WA. In getting to this position, the Company had to grapple with another chicken and egg conundrum. Nothing could happen without a production facility, but no-one was going to buy the product and make changes to their production lines if they could not see tangible evidence that there was a real and reliable supply.

As they say, Rome wasn’t built in a day. The pioneering of new technology, taking it from the point of invention to commercial, profitable scale involves many steps and requires many different skills to meet the ever-evolving challenges along the way. Having shown that we can make graphene, your Company has recognised that the next major challenge is to sell volume to the target markets. It is not just a matter of putting our For Sale sign on the door because there is no established market already operating that we can simply enter with a promise of better product than what industry is already buying. We have to play a leading role in developing the market by interfacing with industry to show how much better their products will be with the incorporation of graphene. At the same time, we have to show how individual companies will achieve

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stronger sales growth, through increased market share, when producing superior products.

Every start-up company needs to go through a procession of changes as it goes from concept to production and along to commerciality. Just as with a mineral exploration company, that is staffed by geologists who have to stand aside to enable the engineers to do their job, First Graphene is at the point where an influx of new blood and vision needs to take over, and it has. The recently retired team was instrumental in delivering production capability. The new team is now charged with establishing commerciality of the business on a solid footing. It needs a different set of eyes and vision and it involves different skill sets. Different strategies and tactics are required.

We are confident that the changes instituted this year have placed First Graphene in the best possible position to maximise the graphene opportunity before us.

Warwick Grigor Chairman

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ANNUAL GENERAL MEETING PRESENTATION – MD/CEO NOVEMBER 2021

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ASX:FGE - INVESTOR PRESENTATION

1

We lcom e n ot e

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• Welcome

• A year of change

• FGR – A materials technology company

• Commercialization process

• Market segments and the Commercial Team to take these forward

• A taste of what's in progress

• Green Tech – Cement/Concrete, Kainos, Supercapacitors

• Board changes

• Wrap up – key messages

• Hand to CFO for Finance Update

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A ye a r of ch a n g e

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• Change of CEO and CFO leading to a reset of overall strategy

• Switch from process/capacity investment, to revenue generation (passive to active)

• Developed materials segment structure and associated GTM strategies

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• Recruited an industry specific Commercial Team with technical & sales skills

• Revised Board of Directors with critical skillsets to take FGR forward

• Revised key processes - ERP system, legal, consultants and Co-Sec

• Personnel restructure, recruitment of commercial team, revised remuneration policy, we have now reduced personnel costs by >$700k p.a.

• Revised strategy on R&D to be critically linked with path to revenue

• Record revenue Q4 FY21 of 58% of total FY21 revenue, and record PureGRAPH revenue Q1 FY22 of 40% of total FY21 revenue

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Not ju st a g ra p h e n e p rod u ce r

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We have built manufacturing capability and capacity, we continue to build technical knowledge and support to navigate adoption of graphene, we continue to grow our client support and application validation skills a n d u lt im a t e ly b u ild a b ra n d –Pu re GRAPH

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We understand our markets, we have gained the skillsets where we had gaps by arming ourselves with industry sourced material experts, a n d w e h a ve d eve lop e d go-t o-m a rke t st ra t e gie s (GTM)

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We are in the process of executing GTM strategies to grow revenue through early adopters, targeted research and development in areas that grow demand, and drive sales and adoption through the proven science behind graphene

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We are growing downstream in the product segments to increase margin, better control value proposition, move into adjacent technologies and u lt im a t e ly b u ild a com m e rcia lly via b le b u sin e ss

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FGR –A m a t e ria ls t e ch n olog y com p a n y

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Vein Graphite and Chemical Exfoliation

Industrial Finishing and Quality Assurance

Third Party Formulators and Partners

Graphitic Material Product Differentiators

• High purity vein graphite

• Electrochemical Exfoliation

• High yield processing

• Low waste

• Modular finishing

• 6-Sigma quality control

• At line testing

• Repeatable standards

• • Quality is key difference

• Internal/External formulators

• • Industrial/academic solution development

• Mobile across value stream

• PureGRAPH Powder/AQUA

• • Masterbatches

• Liquid Admixtures

• Cement Grinding Aids

• Inks & Coatings

• Continued expansion

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Com m e rcia lis a t ion p roce ss

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Production capability and capacity

• 100 (t) per annum with minor optimization

Early adopter production clients

• Aquatic Leisure Technologies – swimming pools

• Short lead time to increase capacity, focused on cheap, renewable energy to support our ESG story

• Steel Blue – work boots and safety footwear

• newGen Group – mining wear materials

• Grant and investment only when demand justifies

• Ascent Shipwrights – GRP boats

• Others not under structured Supply Agreements

Progress towards positive cashflow

• Continued efforts to reach breakeven a) increase

demand/revenue, b) maximize segment specific margin, and c) controlled cost base

• Working to reduce the historical 20(t) breakeven point by reducing cost base and driving revenue

• Better focused R&D spend with clear path to revenue

Development clients/applications

• Coatings – thermal, electrical and anti-corrosion, consumer textiles, electronics and fire retardancy

• Plastics – solar thermal roofing tiles, thermal and electrically conductive casings, boats, abrasion

• Cement/Concrete – liquid grinding aids and admixtures

• Geotextiles – conductive construction textiles

Strategic appointments

• Recruitment of industry Commercial Managers

• Rubbers – mining wheels, gloves/PPE, shoes and apparel

• And many more…

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Ma rke t se g m e n t s & w h y h a ve w e ch ose n t h e se ?

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RUBBERS & ELASTOMERS

$397BN market with predicted CAGR of 8% to 2026 (Source: MarketWatch), where graphene additives can provide up to 30% increase in tensile properties and a multiple increase in abrasion resistance resulting in a more resilient and longer lasting product.

CEMENT & CONCRETE

COMPOSITES & PLASTICS

$774BN market to 2027 (Source: 360Research reports) where the addition of graphene additives provides up to 34% and 27% improvement to compressive and tensile strength, respectively. These enhancements can result in the reduction of cement and concrete volumes therefore reducing toxic CO2 emissions generated in the manufacture of cement by ~20%.

$37.88BN market with predicted CAGR of 5.3% to 2027 (Source: Quince Insights) and $431.74BN market with predicted CAGR of 3.4% to 2028 (Source: Fortune Business Insights) respectively, where graphene additives can provide up to 30% increase in tensile and flexural properties resulting in a lighter or more durable finished product.

COATINGS & INKS

$151BN market with predicted CAGR of 5.4% to 2028 (Source: Fortunebusinessinsights & Marketresearchfuture) where graphene additives enhance resistance against water, corrosion, abrasion and fire, whilst imparting increased flexibility and strength to the product. Graphene is adding benefits via its inherent antistatic, electrical conductivity, EM shielding and thermal conductivity properties.

ENERGY STORAGE

$41.1BN Li-ion battery devices market predicted to almost triple by 2030 with CAGR of 12.3% and Li-ion battery anode materials market predicted to reach $6.3BN by end of 2027, growing at a CAGR of 12.0%. Supercapacitor device market projected to grow to $720M by 2025 at a CAGR of 12.0%. These are high value opportunities in which graphene has been proven to provide significant performance advantages. Green hydrogen market expected to reach $2.28BN by 2027 with a CAGR of 14.2%.

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Com m e rcia l sa le s t e a m

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Neil Armstrong Todd McGurgan Commercial Manager – Commercial Manager – Composites & Plastics Cement & Concrete

• Chemical engineer • More than 25 years with 10 years experience in the commercial global cement experience industry

• Significant role in • Former leadership developing FGR’s position at Holcim production facility and Australian & NZ facilitating early adopters of • Previous roles include PureGRAPH® BASF, Cement Australia, Sunstate

• • Previously held roles Cement and with Wear Systems Readymix Solutions

Matt Curthoys

Commercial Manager – Marine Composites & Windfarms

• More than 25 years experience in the Marine industry

• Chartered Naval Architect in Europe and Asia

• Expertise designing, engineering and producing composite structures for America’s Cup and other boats

Peter Osborne

Shoaib Qureshi

Commercial Manager – Rubbers & Elastomers

Commercial Manager – Coatings and Inks

• 30 years’ experience in the coatings and related industries

• Almost 30 years technical and commercial experience in the chemical industry

• Business and technical

• Held leadership management positions at Wanhua experience Borsodchem, Notedome Ltd and • Senior roles within Axalta Coating the specialty Systems chemical and coatings sectors

• • Previous roles include including Dow, BASF, BD and Product PSL and Axalta Management at Huntsman and Baxenden

Recruiting Commercial Manager – Energy Storage

• TBC

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Core m a rke t s a n d g row t h

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RUBBERS & ELASTOMERS

CEMENT & CONCRETE

COMPOSITES & PLASTICS

COATINGS & INKS

ENERGY STORAGE

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ASX:FGR – AGM PRESENTATION

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Gre e n Te ch –Ce m e n t & Con cre t e

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Cement and concrete industries under increasing pressure to reduce CO

2[emissions ]

and develop greener products

• Global Cement and Concrete Association (GCCA), on behalf of 40 leading cement and concrete manufacturers, committed to cutting carbon emissions by 25% by 2030

• In 2020:

• PureGRAPH[®] enables lower clinker factor cement, 10 – 20% reduction, while maintaining performance requirements

• Subsequent low clinker cement which would enable ~ 10 – 20% reduction of CO 2 produced

• 14 billion m[3] of concrete produced globally

• 4.2 billion tonnes of cement produced globally

• Conservative addressable market of 420,000 tonnes of Graphene,

• Cement industry is one of largest producers of CO2 globally

• Approx. 900kg of CO2 is emitted for every tonne of clinker produced (kiln process), creating up to 8% of global manmade emissions

First Graphene is part of the change towards greener cements and concretes

• Cement is made of approx. 85% Clinker

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Gre e n Te ch –En e rgy Prod u ct ion & St ora ge

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First Graphene has acquired patents to hydrocarbon conversion technology, developed by Kainos Innovation, to enable Petroleum companies to pivot into renewable energy

• One-step hydrodynamic cavitation process converts petroleum feedstock to battery grade graphite, graphene

and green hydrogen

• Highly scalable using standard equipment

• Sets pathway to provide oil and gas sector with diversified green energy options to help meet demand of growing

EV market

• Patents recently granted by the US Patent Office

• Company actively seeking industry partners to

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commercialize process

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Gre e n Te ch –En h a n ce d su p e rca p a cit ors

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Research and testing continues to develop the world’s best supercapacitor materials using an innovative method involving metal oxide decorated graphene in lieu of activated carbon

• Targeting supercapacitors with high energy storage capacity AND high-power density, plus fast recharging capabilities

• Designed to work alongside batteries to enhance performance

• Potential solution to develop larger EV makes and models

• Current testing indicates 2 to 3 times performance improvement over competitor products that use activated carbon

• First Graphene holds worldwide exclusive license to the technology, which has been developed with input from the University of Manchester, WMG UK and University of Belfast

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Exe cu t ive s a n d Boa rd of Dire ct ors

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Dr Andy Goodwin Michael Quinert Non-Executive Director Non-Executive Director

• Michael Bell Aditya Asthana Paul Ladislaus Warwick Grigor Dr Andy Goodwin Michael Quinert Chief Executive Officer Chief Financial Officer R&D Manager Non-Executive Chairman Non-Executive Director Non-Executive Director • International sales, • More than 15 years • Chartered Chemical • Respected and • Ph.D. scientist with • Founding partner of engineering and experience in finance Engineer with 20 experience mining extensive leadership Quinert Rodda business leadership and business across years’ chemicals analyst experience in Lawyers expertise across a Australia and Asia experience in innovation and new diverse range of operational, design, • Graduate of the business growth with • Focus on capital industries • Significant expertise project management Australian National specialty chemicals raising and listing in risk management, and R&D roles University, with industry rule compliance

• • 20 years’ experience in transformation and degrees in law and high growth across business turnarounds • Extensive particle economics • 35 years in pharma & • Over 20 years both SME and Corp. with Orica Ltd and its manufacturing speciality chemicals experience with ASXenvironments - former international expertise with • Former Chairman of with Sanofi, Dow listed companies in Senior Vice President subsidiaries Huntsman and Cannacord Genuity Corning Corporation the capacity as legal of ST Engineering Thomas Swan. Australia Ltd and Thomas Swan. counsel and director, Group Singapore • Held a number of CFO in the mining and and Director roles in • Master’s Degree in • Business leadership technology sectors

• • Bachelor of Science - Australia, Singapore Chemical in carbon Physics, Management and Indonesia. Engineering from the nanomaterials since • Non-Executive Science University of University of 2012. Chairman of West Canterbury Cambridge Wits Mining Ltd.

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In ve st m e n t h ig h lig h t s

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1. CAPACITY

2. QUALITY AND PRODUCT DIVERSITY

3. GROW TH STRATEGY

Our purpose built, large-scale production facility, has the capability to respond to growing demands and sales order quickly and efficiently. We are the largest producer of commercial grade graphene – PureGRAPH® is a commercial grade, high volume and high quality/repeatable specifications adaptable to many products and industries.

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Our focus is on unparalleled quality assurance, customer satisfaction and quality products independently verified. We are strategically positioned with a first mover advantage having already commercialised graphene into a diverse range of products relevant to many sectors and applications including cement, composites and rubbers among others.

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The appetite for graphene among many of the world’s most important markets continues to grow, while we apply a strategic focus to commercialise the business and ramp up our global sales initiatives, the opportunities for graphene are seemingly limitless.

4 . GLOBAL ESG STORY

5. OPPORTUNITY

Our graphene products make industries and clients significantly more ecofriendly. Graphene offers major benefits to all parts of everyday society and sectors – from across the mining supply chain, to cement, composites and modern technological devices, renewables and energy storage.

With global demand for graphene promising to develop an extraordinary growth curve, now is the time to be involved with a well-managed and credentialed company that has a clear commercial focus to gain greater market share.

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Wra p u p –key m e ssa g e s

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• With our commercial sales team now established, clear market segments, and focused GTM strategies in place, we are now well positioned to continue an exciting growth story. Our target markets have been determined by areas we know benefit from Graphene, have a sensible implementation path, and drives significant demand in PureGRAPH

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• Our R&D spend will be focused on opportunities with a clear path to revenue, and will include a “Green Tech” factor

• We will hold further investment into production capacity until demand dictates, or is driven by the need to extend our product offering

• Looking forward, our reporting and communications on developments and opportunities will be data based, with clear expectations, timelines and metrics

Th a n k you

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FINANCIAL REVIEW – CFO & COMPANY SECRETARY NOVEMBER 2021

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ASX:FGE - INVESTOR PRESENTATION

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Financial Results Overview

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Full Year ended 30 June	2021	2020	Variance
	A$m	A$m	%
Sales Revenue	0.34	0.29	17%
Reported Operating Profit / (Loss)	(6.3)	(5.4)	(17%)
Underlying Operating Profit / (Loss) (Reported Operating Loss, less Non-Recurring/One-off Costs)	(5.1)	(5.4)	6%
Non-Recurring / One-off Costs*	(1.2)	-	(0%)

• *Loss / Costs represented as a negative number

Sales Growth Underlying Operating +17% FY21: AUD 0.34m +6% Profit FY20: AUD 0.29m FY21: AUD -5.1m FY20: AUD -5.4m

Sales Growth

• Sales improved by 17% over FY2020 as result of a strong Q4 performance with steady orders from early adopters – ALT, Steel Blue and newGen Group.

Underlying profitability improved

• FY2021 results were significantly impacted by

• one-off costs namely contractual payments to retiring directors (AUD 0.9m) and a non-cash partial write down of the company’s investment in 2D Fluidics

• Excluding these one offs the underlying result improved by 6%

• Impressive Q4 result in FY 2021 sets up a strong platform for an improved FY2022 performance.

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Ca sh Pe rform a n ce

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Operational Performance

Inventory

FY21: AUD 4.7m +81% FY20: AUD 2.6m

• Inventory continued to grow in 2021 as a result of COVID impacts to customer projects and continued development of different product lines.

Capital Expenditure

-33% FY21: AUD 1.0m FY20: AUD 1.5m

• Capital expenditure was significantly curtailed to manage working capital and will continue to be critically reviewed to ensure maximum shareholder value is generated from any future investment

Investor Confidence

Cash Raise

Institutional Investors: AUD 5m

+8m (another AUD 3m expected in November 2021)

Options Exercised: AUD 2.8m

• In FY 2021 FGR signed a Share Placement Agreement with Specialty Materials Investments to secure AUD 8m funding, thus underwriting its Growth plans over the coming years.

• Investors continued to show confidence in the company with AUD 2.8m worth of options converted during the year

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Ou t look

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Increased Sales

• Under the Company’s re-focused commercial strategy, the aim is to deliver a significant multiple increase in sales in 2022

Improving Cash-Flow

• Implementing new safety stock levels and managing stock in line with increased sales activity

• Targeted reduction in cash costs of >15% through renegotiated contracts despite adding four new commercial managers.

• Revised remuneration policy to minimize cash burn

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Targeted Investments & Divestments

• FGR will target to only make cash investments that accelerate sales growth

• FGR aims accelerate partnership opportunities with downstream graphene enhanced product developers

• Previous investments that cannot make a commercial return in the short to medium term will be deprioritized or wound-up (as is the case with 2D Fluidics)

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Forw a rd Lookin g St a t e m e n t s & Discla im e r

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• This presentation has been prepared by First Graphene Limited (ACN 007 870 760) (“Issuer”) for the sole purpose of providing an overview of its current prospects and proposed development strategy to recipients (“Recipient”). This presentation and its contents are provided to the Recipient in confidence and may not be reproduced or disclosed in whole or in part to any other person, without the written consent of the Issuer.

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• The presentation is based on information available to the Issuer as at the date of the presentation. The information contained in this presentation has not been verified by the Issuer nor has the Issuer conducted any due diligence in relation to that information. The presentation contains selected information and does not purport to be all inclusive or to contain all information that may be relevant to the Recipient. The Recipient acknowledges that circumstances may change and this presentation may become outdated as a result. The Issuer accepts no obligation to update or correct this presentation.

• This document includes forward-looking statements. When used in this document, the words such as "could," “plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although the Issuer 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.

• No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of the Issuer, its directors, employees or agents, advisers, nor any other person accepts any liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability arising from fault or negligence on the part of the Issuer or its directors, employees or agents. Nothing in this Presentation is a promise or representation as to the future. Statements or assumptions in this presentation as to future matters may prove to be incorrect and differences may be material. The Issuer does not make any representation or warranty as to the accuracy of such statements or assumptions.

• The information in this presentation does not take into account the investment objectives, financial situation and particular needs of any Recipient. The Recipient should not make an investment decision on the basis of this presentation alone and the Recipient should conduct its own independent investigation and assessment of the content of this presentation. Nothing in this presentation constitutes financial product, investment, legal, tax or other advice. Nothing in this presentation should be construed as a solicitation to buy or sell any security or to engage or refrain from engaging in any dealing in any security.

• Photographs, maps, charts, diagrams and schematic drawings appearing in this presentation are owned by and have been prepared by or commissioned by the Issuer, unless otherwise stated. Maps and diagrams used in the presentation are illustrative only and may not be drawn to scale. Unless otherwise stated, all data contained in charts, graphs and tables is based on information available at the date of this presentation. By accepting this presentation the Recipient agrees to be bound by the foregoing statements.

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Corp ora t e He a d q u a rt e rs & Ma n u fa ct u rin g Pla n t

1 Sepia Close, Henderson Western Australia 6166

P. +61 1300 660 448

Glob a l R&D & Ma rke t in g Fa cilit y

Graphene Engineering & Innovation Centre University of Manchester Sackville Street, Manchester M13 9PL, United Kingdom

P. +44 (0)161 826 2350

FIRSTGRAPHENE.NET

info@firstgraphene.net

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ASX:FGE - INVESTOR PRESENTATION

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