GLOBE METALS & MINING LIMITED — AGM Information 2020

Nov 24, 2020

Niobium

Celebrating Excellence in Engineering

AGM Presentation

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ASX: GBE Unit 1, 26 Elliott Street, Midvale Western Australia 6056 www.globemm.com P: +61 (8) 6118 7240

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Niobium – Celebrating Excellence in Engineering
Disclaimer
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This Presentation has been prepared by Globe Metals & Mining Limited ABN 33 114 400 609 (Globe).

The information in this presentation is an overview and does not contain all information necessary for making investment decisions. In making investment decisions, investors should rely on their own examination of the Kanyika Niobium Project and consult their own legal, technical, business and/or financial advisers. The information contained in this presentation has been prepared in good faith, however no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, options, or other information contained in this presentation. To the maximum extent permitted by law, Globe, its Directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use of reliance on anything contained in or omitted from this presentation.

Certain information in this Presentation refers to the intentions of Globe with respect to the Kanyika Niobium Project, but these are not intended to be forecasts, forward looking statements or statements about the future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of the events in the future are subject to risk, uncertainties and other actions that may cause Kanyika Niobium Project’s actual results, performance or achievements to be materially different from the results, performance or achievements implied by the forward-looking statements. Such factors include, but are not limited to, general economic, market and business conditions, market prices for niobium, demand for niobium, niobium supply, concluding of off-take agreements, obtaining of all necessary permits for development and production as and when required, estimation of resources and reserves, development and production costs, transportation delays and costs, risks and uncertainties related to construction and commissioning, delays in construction of the mining operation, accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties with, or interruptions in, development or production, exchange rate fluctuations, and risks and uncertainties associated with doing business in Malawi. In addition, there may be information herein that is information about prospective results of operations, financial position or cash flows and which is provided only to assist in an evaluation of the Kanyika Niobium Project outlined herein, but are not to be relied upon as accurate representations of future results and may not be appropriate for any other purpose.

This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Kanyika Niobium Project’s performance, market, political, social and environmental conditions, project configuration, construction and commissioning costs and timelines, and general risks and uncertainties. Readers are cautioned not to place undue reliance on these forward looking statements. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies often outside Globe’s control. The information in this presentation is current as at the date of the publication of this presentation.

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Niobium – Celebrating Excellence in Engineering
About Globe
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Who we are

Publicly listed company working to produce superalloy materials niobium and tantalum for engineering applications in a range of industries.

Local Exchange

Australian Stock Exchange (ASX: GBE)

Project

Kanyika Project in Malawi

Office Locations

Headquarters in Perth, Western Australia Operations in Lilongwe, Malawi

Substantial Shareholders

Apollo Metals Investment Co. (52.80%) Ao-Zhong International Minerals (25.36%)

Key Market Statistics

Market Capitalisation: 17.239M (24-Nov-20) 52 week range: 0.0070 – 0.0390

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Source: Yahoo Finance 24 November 2020 (www.au.finance.yahoo.com/quote/gbe.ax)

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Niobium – Celebrating Excellence in Engineering
Board & Management
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Alice Wong Chairperson

Bo Tan

Non-Executive Director

• Apollo Nominee

• MBA and CFA

• Hon. Business Administration Accounting; AICPA

• Over 15 years experience in finance and investment

• Extensive career in investment banking

• Deep understanding of the Greater China market

Alistair Stephens

Managing Director and CEO

William Hayden Non-Executive Director

• Over 30 years experience as geologist and mining company executive

• Co-founder and President of Ivanhoe Nickel and Platinum Ltd

• Current director of a number of ASX and TSX listed companies

• Instrumental in developing Arafura Resources

Alex Ko

Non-Executive Director

• Extensive career in investment banking

• Pioneer in Chinese government and private companies listing on SEHK

Senior Management

• Michael Fry – CFO & Company Secretary

• Neville Huxham – In-Country Manager, Director – GBE Malawi Subsidiary

• Dean Lungu – Director – GBE Malawi Subsidiary

• Joint Chair, CEO of SEHK listed Mason Group Holdings Limited

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Niobium – Celebrating Excellence in Engineering
Presentation Outline
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1. INDUSTRY AND THE PRODUCTS

• ❖ Niobium and Tantalum – Strategic Appeal

• ❖ Niobium and Tantalum Pricing

• ❖ Competitors and New Projects Landscape

• THE PROJECT

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• ❖ Overview

• ❖ Project Benefits

• MALAWI OVERVIEW

• PATHWAY TO PRODUCTION

• SUMMARY

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Section 1 Industry and Products

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Niobium – Celebrating Excellence in Engineering
Strategic Appeal of Niobium
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Commercial Niobium projects are very rare, strategic & valuable

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Niobium makes stronger, lighter & corrosion resistant steel products

Critical in high strength low alloy (HSLA) steels for construction and How substitutable is Niobium in each industry? automotive industries, in superalloys for aerospace and military equipment, and in various ‘green’ technologies such as wind turbines and rechargeable batteries

KEY ADVANTAGES

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China is the largest global consumer with no commercially viable niobium projects

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Exposure to fast growing electric vehicle market

Lack of any direct substitutes Low intensity of use

Titanium niobium anodes expected to become standard for the next generation Lithium-Ion batteries – refer Toshiba announcement, October 2017 No cost effective substitutes for Niobium which match its strength characteristics Emerging countries, especially China & India, underpin long term demand

Niobium is a ‘strategic metal’ for USA, Russia and Britain

Only 3 major niobium Covers >95% of global supply producers worldwide

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Niobium – Celebrating Excellence in Engineering
Niobium: Conventional Use - by Industry
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Current

Future Trends

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Source: Mordor Intelligence (www.mordorintelligence.com/industry-reports/niobium-market)

Source: businesswire (www.businesswire.com/news/home/20171116005924)

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Niobium – Celebrating Excellence in Engineering
Niobium: Conventional Use - Applications
High-Rise Construction Automobile Super & Master Alloys Oil and Gas Pipeline Military & Aerospace
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Niobium – Celebrating Excellence in Engineering
Conventional Use - Example Applications
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The Millau Viaduct in southern France was constructed using HSLA Steel containing 0.025% niobium; reducing the weight of steel and concrete by 60%

Source: www.aris.empr.gov.bc.ca

• Construction of the Eiffel Tower in Paris used 7,300t of wrought iron. Today it could be built using only 2,000t of HSLA steel

Source: www.tanb.org

Most of the world’s 3.5m kms of high pressure gas and oil pipelines contain niobium to make them safer, lighter and able to transport large volumes of hydrocarbons at higher pressures.

Source: www.wprldscience.org

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Niobium – Celebrating Excellence in Engineering
Conventional Use – Structural Steel
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Use of niobium for structural steel is forecast to continue to grow due to increasing rate of urbanisation and the expected growth in the number of cities, with HSLA steels integral to high-rise construction. People will need somewhere to live.

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Source of Images: UN Worldwide Urbanisation Prospects (www.theguardian.com/cities)

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Niobium – Celebrating Excellence in Engineering
Conventional Use – Structural Steel
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Cities are not only increasing in number they are getting larger and taller.

2017 was a record year for skyscraper construction with 144 built. Over half were built in China.

The Burj Khalifa is the tallest building in the world today boasting more than 160 stories and standing over 828 metres.

It is estimated that there will be 30 cities the size of New York city built between 2020 and 2050.

And by 2100, Lagos (Nigeria) is predicted to be the world’s largest city with a population of between 85 and 100 million people.

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Source of Images: Top: www.theconstructionindex.co.uk; Bottom: www.economist.com/graphicdetail/2015/04/24/constructive-one-upmanship

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Niobium – Celebrating Excellence in Engineering
Conventional Use – Automotive
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The use of niobium to create stronger and lighter vehicles has and continues to change the face of the automobile industry.

$9 of Niobium added to a mid-sized automobile reduces its weight by 100kg, increasing fuel efficiency by 5%.

( Source: World Steel Association )

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Niobium – Celebrating Excellence in Engineering
Emerging Uses for Niobium
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Electric Vehicles Electronics
High-Rise Construction Automobile
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Medical Imaging Superconducting
Magnets
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Niobium – Celebrating Excellence in Engineering
Emerging Use – Electric Vehicle Batteries
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Niobium addresses almost all of the major barriers to electric vehicle adoption.

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Niobium market controlled by 3 producers,
collectively producing 99% of current supply
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Source: www.deq.ufv.br/arquivos_internos/eventos/NbinLiBFinalnb.tech.pdf

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Niobium – Celebrating Excellence in Engineering
Emerging Use – Superconducting Magnets
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Niobium’s unique combination of physical and chemical elements makes it a material of choice in a myriad of challenging high technology electronic applications

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Source: www.apogeeweb.net

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Source: www.azom.com/article.aspx?ArticleID=13931

Source: www.apogeeweb.net

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Niobium – Celebrating Excellence in Engineering
Niobium Supply: Only A few Suppliers
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The Herfindahl-Hirschman Index, pictured right, is a commonly accepted measurement of market concentration, and in this case, it shows which mineral sectors have healthy competition between countries, as well as the sectors that are more monopolistic.

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Anything below a 1500 score on the Index is considered a competitive marketplace. The closer the score is to 10,000, the closer the market is to a monopoly.

Niobium scores over 8000 on the scale, demonstrating that the industry is highly concentrated with only three existing mines, two of Niobium market controlled by 3 producers, which are located in Brazil and responsible for ~ 85% of global production. collectively producing 99% of current supply

Source: www.visualcapitalist.com/measuring-competition-valuable-minerals

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Niobium – Celebrating Excellence in Engineering
Niobium Supply: Brazil Dominant
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CBBM, Brazil

(70% privately held, 15% each by Chinese SOEs and Japanese steel mills)

Niobec, Canada

(100% privately owned - Magris Resources)

Catalao, Brazil

(100% privately owned – China Molybdenum)

• ✓ US$13.33Bn enterprise

• ✓ Open pit mine

• ✓ 150,000 tpa capability FeNb*

• ✓ Nb2O5 facility installed for growth

• ✓ Price leader

• ✓ Sold 15% for US$1.5B to Chinese consortium

• ✓ Sold 15% for US$1.5B to Japan Korea consortium

• ✓ US$530m enterprise

• ✓ Underground mine

• ✓ 7,500 tpa capability FeNb*

• ✓ No Nb2O5 capability

• ✓ Price follower

• ✓ Acquired by Magris Resources Inc in 2012

for US$500m

• ✓ US$1.5Bn enterprise

• ✓ Open pit mine

• ✓ 7,500 tpa capability FeNb*

• ✓ No Nb2O5 capability

• ✓ Price follower

• ✓ Acquired in 2016 by China Molybdenum

for US$1.5Bn

Niobium market controlled by 3 producers, Niobium market controlled by 3 producers, collectively producing 99% of current supply collectively producing 99% of current supply

*published data of company websites

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Niobium – Celebrating Excellence in Engineering
Demand
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Niobium demand v Global Steel Forecasts
2,500 175,000
World Steel Prod (Mt) Global Nb Consumption (t)
2,250
155,000
2,000
135,000
1,750
1,500
115,000
1,250
95,000
1,000
750
75,000
500
55,000
250
Niobium market controlled b - y 3 producers, 35,000
collectively producing 99% of current supply Year
Mt Fe
Tonne Fb
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
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Growth in demand for steel and for higher quality steel products forecast to drive consumption of niobium.

HSLA steels account for ~90% of global Niobium consumption

Niobium Demand Drivers – two factors:

i) increase in overall steel production; and

ii) increase in the amount of niobium used in steel (usage intensity rate).

Source: www.statista

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Niobium – Celebrating Excellence in Engineering
Demand Driver – Structural Steel
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Short Term

In October 2020, Worldsteel (the World Steel Association) released its Short Range Outlook for steel demand for 2020 and 2021.

Worldsteel is predicting global steel demand will contract by - 2.4% in 2020 dropping to 1,725.1 Mt due to the COVID-19 pandemic but recover in 2021 to 1,295.1 Mt, an increase of 4.1%.

The growth forecast is mainly due to China, and expected to be aided by government infrastructure stimulus and a strong China real estate / construction market.

Medium Term

Research and Market has released its latest report on 26 October 2020 concluding that;

“The market for niobium is expected to grow at a CAGR of around 6% between 2020 and 2025. Major factors driving the Niobium market controlled by 3 producers, market are the increased consumption of niobium in structural Source: www.steel-360.com collectively producing 99% of current supply steel and extensive utilization of niobium-based alloys in manufacturing aircraft engines. “

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Niobium – Celebrating Excellence in Engineering
Demand Driver – Increased Intensity of Use
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Overall intensity of use of ferro-niobium (FeNb) in steel is at its greatest in highly developed countries (eg Germany, USA) and averages in excess of 100g/t.

Overall intensity of use of ferro-niobium (FeNb) in steel in India and China is extremely low; averaging less than 20g/t.

Intensity of usage expected to increase in China as it moves to higher quality steel products as has already happened in other parts of Asia (South Korea, Japan).

The rate of increase of intensity of usage in China is forecast to be the main driver for niobium consumption in the medium term.

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Source: Roskill collectively producing 99% of current supply

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Niobium – Celebrating Excellence in Engineering
Niobium Pricing – Concentrate and finished product
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Nb metal US$/tonne

Concentrate

• Nb O 2 5 concentrate is rarely sold or in very low volumes

• Typically a by-product from tantalum production

• Pricing: $25/kg ±20%

Niobium Pentoxide

• Niobium is mostly sold as FeNb for HSLA steel use

• FeNb currently sells at $45/kg of contained Nb

• Nb O 2 5 is a value add product used in manufacture of

• master and super alloys and in chemical applications.

• Pentoxide is a premium product which attracts a premium price.

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50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Nb metal
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Source: Internally generated by Globe using information extracted from Roskill reports

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Section 2 Kanyika Project

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Niobium – Celebrating Excellence in Engineering
Project Overview
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• ❖ 28,603m of RC and 5,162m of core drilling completed

• ❖ Mineral resource (JORC 2012) defined, consisting of 68.3 million tonne of mineralisation with a grade of 2,830 ppm Nb2O5 and 135 ppm Ta2O5

• ❖ Engineering flowsheet completed

• ❖ Metallurgical studies = ~75% recovery; further optimisation studies ongoing

• ❖ Environmental approval obtained – certificates issued

• ❖ Mine plans and design completed

• ❖ CAPEX and OPEX conducted in 2018 – requires update Niobium market controlled by 3 producers,

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Niobium – Celebrating Excellence in Engineering
Project Location
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Well located

• ✓ ~250kms N of capital city of Lilongwe

• ✓ ~800kms WNW of Nacala Port,

Mozambique

Proximity to good infrastructure

✓ Rail

✓ Airport

✓ Sea port

✓ Telecommunications

Low infrastructural demand

• ✓ 1,000t per month (Concentrate)

Niobium market controlled by 3 producers, collectively producing 99% of current supply

• ✓ 50 sea containers (eq)

• ✓ 10 road trains (eq)

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Niobium – Celebrating Excellence in Engineering
Mineral Resource Estimate
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Classification	Tonnes (Mt)	Nb2O5 (ppm)	Contained Nb2O5 (t)	Ta2O5 (ppm)	Contained Ta2O5 (t)
Measured	5.3	3,770	19,981	180	954
Indicated	47	2,860	134,420	135	6,345
Inferred	16	2,430	38,880	120	1,920
Total	68.3	2,830	193,281	135	9,219

Refer Competent Person Information and Mineral Resource Estimate information at rear

Engineering complete

Mining Schedule (established)

Niobium market controlled by 3 producers, Supports long mine lifecollectively producing 99% of current supply

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Niobium – Celebrating Excellence in Engineering Infrastructure Plan & Processing Plan Layout

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Niobium market controlled by 3 producers,
collectively producing 99% of current supply
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Niobium – Celebrating Excellence in Engineering Processing Plant Layout

Niobium market controlled by 3 producers, collectively producing 99% of current supply

Niobium – Celebrating Excellence in Engineering Kanyika Project Environmental Certification

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Niobium market controlled by 3 producers,
collectively producing 99% of current supply
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Section 3 Malawi Overview

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Niobium – Celebrating Excellence in Engineering
Malawi Country Facts
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Capital: Lilongwe Population: 18 million, 90% in rural areas (estimated)

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Located in Central Africa, bordered by Tanzania (north), Zambia (west) and Mozambique (east and south). Divided into 28 Districts

Stable government and a democratic multi-party, system since end of one-party rule in 1993

Malawi is ranked one of Africa and the World’s least developed economies

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Legal system based on English Kwacha (MWK) law. Official Languages English official currency and Chichewa.

Gained independence in 1965

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collectively producing 99% of current supply Agriculture Economy Tobacco is most important Economy relies on World Bank & (27% of GDP; 80% of export crop. IMF support. revenue)

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Niobium – Celebrating Excellence in Engineering
Infrastructure
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• Government initiatives targeting improvements in road, railroad, electricity and telecommunications infrastructure to assist industrial development.

• Kachasu Nkaya section of US$4.9 billion Nacala Railroad Corridor Project (Vale, Mitsui) commissioned August 2017 connects Malawi to the sea; providing cost effective transportation. Niobium market controlled by 3 producers,

• • collectively producing 99% of current supply US$350m pact between Malawi and MCC to improve the availability, reliability and quality of power supply.

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Section 4 Pathway to Production

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Niobium – Celebrating Excellence in Engineering
Processing Plant Layout
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If the Development Agreement is signed/finalised then ……

• AML reissued to DoM

• MRC has 190 days review Commence early works period Commissioning Production • Community relocation +45 days Mining Licence & Ramp up Issued • Community Agreement Complete 2020 2021 2022 2023 2024 2025

Commence FEED designs Sales Agreements Funding Niobium market controlled by 3 producers, The above timetable is indicative only and assumes execution of a Development Agreement in calendar year The impact of COVID 19 on this process is collectively producing 99% of current supply 2020 and progression of relocation, construction and pre-production testing within reasonable timeframes thereafter. The actual timeline may vary significantly from above due to delays caused by attainment of uncertain finance, offtake , COVID-19 impacts, and other unforeseen matters. Accordingly, the above timetableshould not be relied upon.

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Section 5 Summary

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Niobium – Celebrating Excellence in Engineering
Summary
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Kanyika is a development ready project

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Compelling Economics

(NPV = tba)

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Development Agreement

(currently with Malawi Government for execution)

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Product Sales and Funding ready

Community, Engineering studies Niobium market controlled by 3 producers, Government and completed collectively producing 99% of current supply Stakeholder supportive

Strong outlook for Strong outlook niobium price & for niobium demand price & demand

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ASX: GBE

Unit 1, 26 Elliott Street, Midvale Western Australia 6056

www.globemm.com

P: +61 (8) 6118 7240

Alistair Stephens Managing Director

E: michael.fry@globemm.com

M: 0417 996 454

Michael Fry

Company Secretary

E: michael.fry@globemm.com

M: 0417 996 454

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Niobium – Celebrating Excellence in Engineering
Competent Persons Statement
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Competent person: ‘The information in the report to which this statement is attached that relates to Exploration Targets, Exploration Results, and Mineral Resources is based on information compiled by Mr Alistair Stephens, a Competent Person who is a Fellow of ‘The Australasian Institute of Mining and Metallurgy’ included in a list posted on the ASX website from time to time. Mr Stephens is a full-time employee of Globe Metals and Mining Limited. Mr Stephens 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’. Mr Stephens consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Competent person: ‘The information in the report to which this statement is attached that relates to Exploration Targets, Exploration Results, and Mineral Resources is based on information compiled by Mr Andrew Bewsher, a Competent Person who is a Member of the ‘Australian Institute of Geoscientists’ included in a list posted on the ASX website from time to time. Mr Bewsher is a full-time employee of BMGS Pty Ltd. Mr Bewsher 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’. Mr Bewsher consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Competent person: ‘The information in the report to which this statement is attached that relates Ore Reserves is based on information compiled by Mr Alistair Stephens, a Competent Person who is a Fellow of ‘The Australasian Institute of Mining and Metallurgy’ included in a list posted on the ASX website from time to time. Mr Stephens is a full-time employee of Globe Metals and Mining Limited. Mr Stephens 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’. Mr Stephens consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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Niobium – Celebrating Excellence in Engineering
Mineral Resources Estimate
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The information in this report that relates to Mineral Resources is extracted from the report titled “Kanyika – Niobium Project Updated JORC Resource Estimate” released to the Australian Securities Exchange (ASX) on 11 July 2018 and available to view at www.globemm.com and for which Competent Persons’ consents were obtained. Each Competent Person’s consent remains in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent.

The Company confirms that is not aware of any new information or data that materially affects the information included in the original ASX announcement released on 11 July 2018 and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original ASX announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original ASX announcement.

Full details are contained in the ASX announcement released on 11 July 2018 titled “Kanyika Niobium www Project – Updated JORC Resource Estimate” available to view at .globemm.com