GENMIN LIMITED — Investor Presentation 2021

Jun 10, 2021

Genmin Limited ACN 141 425 292 Suite 7, 1297 Hay Street WEST PERTH WA 6005 www.genmingroup.com ASX Code: GEN

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11 June 2021

Corporate Presentation

African iron ore explorer and developer, Genmin Limited ( Genmin or the Company ) (ASX: GEN), advises Mr Joe Ariti, the Company’s Chief Executive Officer, will be completing a series of broker meetings over the coming weeks.

A copy of the Company’s corporate presentation, which will be addressed during those meetings, is attached.

This announcement has been authorised by the Board of Directors of Genmin Limited.

For further information, please contact:

Joe Ariti Simon Hinsley Managing Director and CEO Investor Relations Genmin Limited NWR Communications T: +61 8 9200 5812 M: +61 401 809 653 E: admin@genmingroup.com E: simon@nwrcommunications.com.au

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High grade African iron ore

June 2021 | Corporate Presentation ASX: GEN

www.genmingroup.com

Important Notice

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This presentation is provided by Genmin Limited ACN 141 425 292 ( Genmin or the Company ). Statements in this presentation are made only as at the date of this presentation and the information in this presentation remains subject to change without notice. The information in this presentation is of a general nature and does not purport to be complete, is provided solely for information purposes of giving you summary information and background about Genmin and its related entities and their activities, current as at 23 March 2021, and should not be relied upon by the recipient. This presentation is not, and does not constitute, or form any part of, an offer to sell or issue, or the solicitation, invitation or recommendation to purchase any securities. 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. This presentation does not purport to summarise all information that a recipient should consider when making an investment decision, and should not form the basis of any decision by a recipient. Recipients should carry out their own investigations and analysis of the Company and verify the accuracy, reliability and completeness of the information contained in this presentation or any other form of communication to which the recipient is permitted access in the course of evaluating an investment in the Company.

No liability

To the maximum extent permitted by law, none of Genmin, or its respective affiliates or related bodies corporate or any of their respective officers, directors, employees, agents and advisers ( Related Parties ), nor any other person, accepts any responsibility or liability for, and makes no recommendation, representation or warranty concerning, the content of this presentation, Genmin, or Genmin securities including, without limitation, any liability arising from fault or negligence, for any loss arising from the use of or reliance on any of the information contained in this presentation or otherwise arising in connection with it.

Not financial product advice

Reliance should not be placed on the information or opinions contained in this presentation. This presentation is for information purposes only and is not a financial product or investment advice or recommendation to acquire Genmin securities (or any interest in Genmin securities) and does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. You should make your own assessment of an investment in Genmin and should not rely on this presentation. In all cases, you should conduct your own research of the Company and analysis of the financial condition, assets and liabilities, financial position and performance, profits and losses, prospects and business affairs of Genmin and its business, and the contents of this presentation. You should seek legal, financial, tax and other advice appropriate to your jurisdiction. Past performance

Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as an indication of (and gives no guidance as to) future performance. Future performance

This presentation contains certain forward-looking statements with respect to the financial condition, operations and business of the Company and certain plans and objectives of the management of Genmin. Forward-looking statements can be identified by the use of forward-looking terminology, including, without limitation, the terms “believes”, “estimates”, “anticipates”, “expects, “predicts”, “intends”, “plans”, “goals”, “targets”, “aims”, “outlook”, “guidance”, “forecasts”, “may”, “will”, “would”, “could” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Such forward looking statements involve known and unknown risks, uncertainties and other factors which because of their nature may cause the actual results or performance of the Company to be materially different from the results or performance expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding Genmin’s present and future business strategies and the political and economic environment in which Genmin will operate in the future, which may not be reasonable, and are not guarantees or predictions of future performance. No representation is made that any of these statements will come to pass, or that there is a reasonable basis for any of these statements. Forward-looking statements speak only as at the date of this presentation and to the full extent permitted by law, Genmin and its respective affiliates and related bodies corporate and each of their respective Related Parties and intermediaries disclaim any obligation or undertaking to release any updates or revisions to information to reflect any change in any of the information contained in this presentation (including, but not limited to, any assumptions or expectations set out in the presentation).

Financial data

All figures in the presentation are Australian dollars (A$ or AUD) unless stated otherwise. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. Financial information

The pro forma financial information provided in this presentation is for illustrative purposes only and does not represent a forecast or expectation as to Genmin’s future financial condition and/or performance. Competent Persons statement

The information in this presentation that relates to mineral resources is based on information compiled by Mr Richard Gaze who is a full-time employee of Golder Associates Pty Ltd and Member of the Australasian Institute of Mining and Metallurgy. Mr Gaze 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’ ( JORC Code ). Mr Gaze consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears. The information in this presentation that relates to exploration results and exploration targets is based on information compiled by Mr Mathieu Lacorde, who is a Member of the Australian Institute of Geoscientists. Mr Lacorde is a full-time employee of the Company and 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 JORC Code. Mr Lacorde consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears. Photographs and diagrams

Photographs and diagrams in the presentation are for illustration purposes only and should not be interpreted to mean that any person shown in them endorses this presentation or its contents or that the assets shown in them are owned by the Company. Diagrams and maps used in this 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 as at the date of this presentation.

Acknowledgement

Persons who access, receive, review or attend this presentation are required to inform themselves of, and comply with, all of the above restrictions and prohibitions and none of Genmin or the Related Parties accepts any liability to any person in relation thereto. This presentation is made to you on the basis that by attending, accessing or receiving or reviewing this presentation, you confirm that you understand and agree to the contents of this important notice and disclaimer and that you are a person to whom this presentation may lawfully be made in accordance with laws applicable to you, including those of the jurisdiction in which you are located.

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Value proposition

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Board and management team with proven iron ore and African experience

Large footprint, 100% owned potential iron ore province in SE Gabon covering ~2,500km[2] Stable central West African country, investment friendly; mining & oil production since 1960s >8 years operating experience in country; established country office, site camp & team Long-term relationships with government and key stakeholders

Historical investment of USD35 million, defining a 100% owned project pipeline Scalable asset, JORC compliant Mineral Resources >250Mt (12% of 121km strike)

High grade hematite, direct shipping ore (DSO) iron ore (60-64% Fe)

Located close to operating bulk commodity transport and renewable energy infrastructure

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Corporate summary

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Domiciled in ASX listed, Iron ore assets in Major shareholder
Australia ASX: GEN Gabon, central West Tembo Capital
Africa
holds 62%
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Capital Structure & Financial Metrics

Item	Unit	No.
Share price1	AUD	0.21
Shares on issue	M	400.5
Options on issue	M	15.1
Performance rights	M	10.0
Fully Diluted Capital	M	425.6
Market Capitalisation1	AUDM	89.4
Cash2	AUDM	28
Debt2	AUDM	0
Enterprise Value	AUDM	84.1

Shareholders (June 2021)

35% Tembo Capital GV (Joe) Ariti Other Shareholders 62% 3%

• 1 At 9 June 2021

2 At 31 March 2021

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Board of Directors & Executive Management Extensive iron ore & African experience

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Michael Arnett Independent Non-Executive Chairman

John Giuseppe Salvatore Hodder (Joe) Ariti (Pietro) Amico Non-Executive Managing Director Non-Executive Director & CEO Director

Brian van Rooyen Independent Non-Executive Director

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Zaiqan Zhang Chief Financial Officer

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Marcus Reston GM – Technical Services

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Mathieu Lacorde Group Exploration Manager

Lucy Rowe Company Secretary

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China to control its iron ore supply

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Self sufficiency plan

• ➢ Currently, ≈70% of Chinese iron ore imports are from Australia & Brazil

• ➢ Self sufficiency target detailed by China’s Ministry of Industry & Information Technology

• ➢ Target of 45% of iron inputs to be controlled by China by 2025

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Source: The Australian Financial Review
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• ➢ New plan has seen renewed focus on Africa – Simandou in Guinea Conakry and a cluster of projects in Republic of Congo

• Iron ore pricing to remain stronger for longer

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Source: S&P Global Platts

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Location and project pipeline in Gabon 100% owned projects; historical investment USD35 million

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Baniaka | Feasibility

• ✓ Initial ~152Mt of DID and Oxide mineral resources defined

• ✓ Scalable – only 17% of 85km strike covered by diamond drilling

• ✓ Operating and accessible infrastructure with capacity

• ✓ Established mining region with significant manganese mining operations – COMILOG/Eramet since 1962 and Nouvelle Gabon Mining since 2017

Bakoumba | Advanced exploration

• ✓ 36km strike, drill ready with targets defined

• ✓ Define resource inventory through conversion of exploration targets

• Minvoul/Bitam | Early exploration ✓ Prospective for iron, gold and copper

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Gabon: investment friendly jurisdiction Politically, economically stable; one of Africa’s wealthier countries

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Central West Africa, pop. ~2.1m people

• Long-term President; first female Prime Minister appointed in 2020

GDP ~USD15 billion; goal of emerging country status by 2025

One of six Central African Economic and Monetary (CEMAC) member states

Abundant natural resources; proactive diversification of export revenues from oil & gas

Manganese mining from 1960’s; current exports ~56Mtpa

Attractive new 2019 Mining Code:

• ✓ Royalties & Corporate Tax rate of 5-10% and 30% respectively ✓ Total VAT & customs duties exemption on import of equipment / machinery and spare parts, etc.

• ✓ Provides non-dilutive 10% free-carried interest to Gabon State with option to acquire (at market value) up to additional 15% interest

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Well established operation with 8+ years in Gabon ✓ 200 SQM country office in Libreville ✓ 135 person camp at Baniaka Project

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Footprint and control

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Unlocking potential iron ore hub in West Africa

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100% control of all acreage prospective for iron ore in south-east Gabon

• ~2,500km[2] of landholding over 4 exploration licences

• ▪ 100% ownership of all licences

• Total mineralised strike of ~121km (Baniaka & Bakoumba) with only ~12% diamond drill tested

Established infrastructure in close proximity

• Grand Poubara Hydro Power Scheme

• Trans-Gabon Railway connecting to GSEZ Mineral Port at Owendo

• Major regional centres Franceville and Moanda

• Moanda School of Mining and Metallurgy

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Baniaka Project Ticks all the boxes

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High-grade

▪ 60-64% Fe products in metallurgical test work

Infrastructure

• Rail and port in place, operating and with capacity

• Hydro electricity to power project

Scalability

▪ Large geological endowment

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Substantially de-risked

• 13,800m of shallow Auger drilling

• 10,500m of diamond resource & exploration drilling

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Initial focus on hematite rich DID & oxide iron ore

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Detrital iron ore deposits (DID)

• Unconsolidated gravels comprised of hematite clasts in a sand and clay matrix;

• Shallow, from surface with up to 5 metres of cover;

• From 1 to16 metres thick; and

• Readily washed, screened and beneficiated into 60-64% Fe products.

Direct shipping ore (DSO) - oxide material

• Mixture of ‘soft’ and ‘intact’ oxidised, enriched banded iron formation

• Predominantly hematite

• Extends to a depth of up to 70 metres

• Largely soft, and readily beneficiated

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Potential iron ore products Hematite rich DID & oxide material

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DID Oxide - Soft Material Types
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Mineralisation Products Mass Yields Product Grade (% Fe) Flowsheet DID Lump & fines 51-67% 60-64% Washing, screening & HLS/DMS Oxide – Soft Lump, fines & pellet feed 50-60% 63-65% Washing, screening & HLS Oxide – Intact Fines & pellet feed 47-54% 64-66% Fine crushing & HLS Primary Concentrate 35-44% 69-71% Grinding (80% - 45µm) & magnetic separation	Products	Mass Yields	Product Grade (% Fe)	Flowsheet

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Renewable hydroelectric power

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• ✓ Grand Poubara Hydro Electric Scheme, Ogooué River

• ✓ 200MW installed capacity; approximately 6070MW available

• ✓ Baniaka located ~ 30km south-west of Grand Poubara

• ✓ Planning for all project power to be sourced from hydro scheme

• ✓ Capital and operating cost effective, reduces carbon footprint

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Trans-Gabon Railway Operating and ongoing investment

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• ✓ Connects Port Owendo to Franceville (approx. 648km)

• ✓ Approximate 60km rail spur required to connect Trans-Gabon Railway to Baniaka

• ✓ Standard gauge, 25 tonne axle load with single track configuration

• ✓ Operated and maintained by SETRAG, subsidiary of COMILOG (majority-owned by Eramet)

• ✓ Current usage:

• Manganese ore and timber

▪ General freight and passengers

• ✓ Railway currently undergoing significant investment to support expansion

• Works started in 2017, investment over 8 years of €316m, including €93m by Gabon Government

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GSEZ Mineral Port: mine to ship solution Reduces initial investment

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Non-binding MoU in place; working group established to negotiate rail & port services agreement

• ✓ Owned directly or indirectly by major investors including AP Moller, Meridiam and Africa Finance Corporation

• ✓ Connected to Trans-Gabon Railway with integrated storage and reclaim facility

• ✓ Current capacity 5Mtpa; scalable to 15Mtpa with mechanical rail unloaders, reclaimers & jetty

• ✓ Shareholders have financial capacity to upscale port for larger volumes of iron ore cargos

• ✓ Commercial concept to load & transport an initial 5Mtpa and up to 25Mtpa; take or pay, fixed tariff

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Milestones: first 12 months post listing on ASX Completion of a Pre-Feasibility Study & commencement of social and environmental baseline studies

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Q2–21 H2–21 H2–21 FY–21 Q1–22
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Pilot plant	Drilling & resource	Mining and	Baselinesocial and	Definition of capital
metallurgical test	estimationto	infrastructure	environmental	and operating cost
workof DID and	increase DID and	studies,	studies	and manning
Oxide bulk samples.	Oxide Mineral	development of		estimates, and
	Resources and	process flow		preparation of a
	classification to	diagrams, mass		Preliminary
	Indicated and/or	balances and		Feasibility Study
	Measured.	process design
		criteria.

Baniaka Project

• Infill drilling at prospects with defined Mineral Resources to increase geological confidence and enable estimation of Ore Reserves

• Preliminary Feasibility Study for further project de-risking

Corporate

• Bakoumba Project Corporate ▪ ▪ Maiden Auger drilling Appoint CFO; and ▪

• program; and Agency and off-take

• ▪ Publish maiden DID discussions.

• Publish maiden DID resource.

• Commence Social and Environmental Baseline Studies as foundation for Environmental & Social Impact Assessment (ESIA)

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Preliminary Feasibility Study PFS workstreams commenced

• DID Mineral Resource update to include infill Auger drilling (118 holes for 1,464m) at Tsengue and Bandjougoy prospects – Golder Associates

• Pilot Scale Metallurgical Test Work, 13 samples representing 21 t of Oxide (DID, Soft Oxide & Intact Oxide) mineralisation – Bond Equipment

• Extension diamond drilling, initial 2,000m program at Bandjougoy to commence late June – Boart Longyear

• Infill RC drilling, initial 10,000m program to commence Q3, to improve Mineral Resource classification from Inferred to Indicated/Measured

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Existing bulk mining operations in Gabon

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Moanda Manganese mine & associated operations

▪ Owned by Eramet’s local subsidiary, COMILOG

• Resources: 392Mt @ 44.3% manganese (Mn), includes Reserves of 210Mt @ 45.3% Mn

• 2nd largest global producer of high-grade Mn ore

• Operating since 1962; open pit mining with beneficiation at Moanda

• Mn ore transported via Trans-Gabon Railway; export from Port of Owendo

Franceville Manganese mine & other deposits

• Owned by Nouvelle Gabon Mining (acquired from BHP Billiton in 2013)

• Current production: 1.3Mtpa @ 42% Mn (Lump and Fines)

M’Bembele Manganese Mine

• JV venture: CITIC Dameng Holdings Limited (51%) & Ningbo Huazhou Mining Investment Co Ltd (49%); operated by Guangxi Jinmeng (CITIC’s largest customer)

• Resources: 26.1Mt @ 32.2% Mn

• Up to 1Mtpa production

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Baniaka Mineral Resources & Exploration Targets

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Initial DID, Oxide and Primary Mineral Resources[1]

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Material Class Mt Fe (%) [2] SiO2 (%) Al2O3 (%) P (%) S (%) LOI (%)
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	Indicated	11.6	48.3	15.4	7.5	0.07	0.07	6.7
DID3
	Inferred	48.9	46.9	16.6	8.2	0.07	0.07	7.3
Sub-total DID	Indicated & Inferred	60.5	47.2	16.4	8.1	0.07	0.07	7.2
Oxide	Inferred	91.6	41.4	33.8	3.0	0.06	0.02	3.2
Sub-total DID & Oxide	Indicated & Inferred	152.1	43.7	26.9	5.0	0.06	0.04	4.8
Primary	Inferred	105.7	34.9	44.1	1.8	0.06	0.03	0.4
Total	Indicated & Inferred	257.9	40.1	34.0	3.7	0.06	0.03	3.0

DID & Oxide Exploration Targets[1,4]

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Mt Grade % Fe
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	Mt Grade % Fe	Mt Grade % Fe
Material Low High Low		High
DID 28 51 43 Oxide 295 547 35		54 49
Total DID & Oxide 323 598 36		49

Notes:

1. Inferred and Indicated Mineral Resources, and Exploration Targets are reported at 9 February 2021 and estimated in accordance with JORC 2012.

2. All Fe grades are in-situ before washing/screening/beneficiation.

3. DID comprises DID reported at a 40% Fe cut-off and Hybrid reported at a 30% Fe cut-off.

4. The potential quantity and grade are conceptual in nature and there has been insufficient exploration to estimate a mineral resource and it is uncertain if further exploration will result in a mineral resource.

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CONTACTS

Michael Arnett | Chairman T: +61 8 6200 5812

Joe Ariti | Managing Director & CEO T: +61 8 6323 0851

E: admin@genmingroup.com

Simon Hinsley | Investor Relations & Media T: +61 401 809 653

E: simon@nwrcommunications.com.au www.genmingroup.com | ASX: GEN

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