GLOBE METALS & MINING LIMITED — Capital/Financing Update 2023

Oct 22, 2023

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----- Start of picture text ----- Globe Metals & Mining Limited ASX: GBEABN 33 114 400 609 +61 8 6118 724045 Ventnor Avenue info@globemm.comWest Perth WA 6005 globemm.com----- End of picture text -----

ASX Announcement

23 October 2023

Globe signs non-binding term sheets with TCM regarding worldwide exclusivity and licence arrangements and metallurgical test work

Globe Metals & Mining Limited (ASX: GBE) ( Globe or Company ) is excited to announce the signing of non-binding term sheets with TCM Research Ltd ( TCM ) which detail the key commercial terms of an agreement for TCM to carry out metallurgical test work at TCM’s South African laboratory, together with worldwide exclusivity and licencing arrangements for the use of TCM Principal Technology (defined below) at the proposed Namibia refinery site.

Kanyika Niobium Project ( Project ). TCM’s role is to design the refinery process for the Kanyika concentrate a�er carrying out metallurgical test work on a representa�ve sample of concentrate, and to then construct a pilot plant to demonstrate the extrac�on and refining of high-grade niobium, tantalum, and other metals from the concentrate using TCM Principal Technology.

Globe of the TCM Principal Technology for the processing of primarily niobium-bearing materials (where niobium is the primary concentrate cons�tuent). The par�es have agreed to use their best endeavours to sign defini�ve agreements by 30 November 2023.

The non-binding term sheets with TCM follow 12 months of nego�a�on and mutual due diligence regarding:

• TCM’s suite of Vapour Metallurgy processing technologies for the treatment of a vast range of materials for the recovery of metals, including Iron, Titanium, Vanadium, Tin, Tungsten, Tantalum, Niobium and Rare Earth Elements; and

• Globe’s substan�al resource of niobium concentrate from the Project in Malawi.

Globe’s environmental impact and carbon footprint but is also significantly more cost-effec�ve. The technology will enable Globe to substan�ally reduce single use chemicals and to recycle the main process reagent (chlorine) leading to posi�ve project economics.

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This IP licence agreement will enable Globe to produce high-grade oxides for use in a range of high value products for a diverse and growing range of applica�ons in industries such as aerospace, EVs, medicine, superconductors and so forth.

High-grade niobium oxides will be manufactured using carbochlorina�on. In this process mineral concentrates, containing metal oxides, are mixed with a carbon source before reac�on with chlorine gas. The reac�ons are exothermic and typically take place between 700[o] C and 1 000[o] C. In the reactor, chlorine gas reacts with the feed to produce metal chlorides which leave the reactor as gases. Systema�c cooling of the reactor gas then allows groups of metal chlorides to condense as the gas is cooled down, and niobium and other metal chlorides are collected as a crude mixture in one of the condensing stages before being dis�lled to produce high-grade niobium chloride. The chlorides are reacted with oxygen to produce high purity oxides while regenera�ng chlorine gas which is recycled to the reactor. Make up chlorine is produced by the electrolysis of salt which is produced in Walvis Bay, some 10km from the proposed refinery site.

A summary of the material terms of the non-binding term sheets are set out below.

Technology licence agreement

• The licence agreement for the use of the TCM Principal Technology is expected to commence within 90 days and will con�nue for up to 20 years or un�l the expiry of TCM’s licensed patents.

• During the term, Globe must pay TCM a 1% royalty on a quarterly basis in respect of all sales that result from the use of TCM Principal Technology ( Royalty ).

• Globe shall pay an exclusivity fee of USD$15,000 per quarter ( Exclusivity Fee ) commencing from 1 July 2024 and for every quarter therea�er un�l Globe commences paying the Royalty, whereupon the obliga�on to pay the Exclusivity Fee shall cease and therea�er the Licensee shall con�nue to enjoy the worldwide exclusivity licence for a period of 5 years.

• Globe may terminate the licence agreement by giving 12 months’ prior writen no�ce. TCM may only terminate the licence agreement if Globe fails to pay the Royalty.

Metallurgical test work agreement

By way of background, TCM has developed a suite of metallurgical processing technologies for the treatment of a vast range of mineralised materials for the recovery of metals including (but not limited to) niobium, tantalum, zirconium, �tanium, vanadium, �n, tungsten, rare earth element, iron, nickel, copper, cobalt, gold, and pla�num group metals ( TCM Principal Technology ).

The metallurgical test work to be carried out by TCM at the Project envisages the following stages:

• Stage 1 – TCM to undertake test work in order to construct the laboratory-scale pilot plant to demonstrate that the TCM Principal Technology can extract economic metal and/or oxide powder from the concentrate;

• Stage 2 – TCM (either alone or via a joint venture with the Resonant Group Pty Ltd) to undertake feasibility study level process plant design and engineering u�lising the test results;

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• Stage 3 – TCM (or the joint venture) to undertake engineering, procurement and construc�on of the process plant, to be determined as an outcome of Stage 2;

• Stage 4 – TCM (or the joint venture) to be involved in the commissioning and opera�on of Globe’s refinery in Namibia and undertake suppor�ng analy�cal laboratory services, to be determined as an outcome of stages 2 and 3; and

• Stage 5 – TCM (or the joint venture) to provide ongoing technical and engineering support.

Assuming Stage 1 is successful, the Stage 1 work combined with the work in Stage 2 will be u�lised by Globe to produce an updated Project feasibility study. Following the finalisa�on of the updated feasibility study (to be completed a�er Stage 2), Globe will engage with financiers to obtain funding for the Project and, if successful, will make a ‘Decision to Mine’. A�er Globe has made a Decision to Mine, Stages 3, 4 and 5 will be undertaken.

process parameters and extrac�on efficiencies of the selected process, including genera�ng sufficient quan��es of the various feeds to determine purity and contaminants, and crea�on of intermediates and products for quan�fica�on via independent (third party) chemical analysis, and genera�ng the required process and engineering data in support of the pilot plant design.

TCM will be paid a fee of A$430,000 for its services under the test work agreement.

Next steps

TCM’s Stage 1 laboratory work con�nues and having produced metal chloride concentrates at lab-scale the next steps will be to collect the mixed chloride condensates and separate them into major components i.e. niobium chloride. The main target at this point is to produce niobium oxide samples for evalua�on by poten�al o�ake partners.

The results of this test work will be used to design a laboratory-scale pilot plant. This plant will process concentrate that is currently being generated from a 10-tonne ore bulk sample collected earlier this year. The main purpose of the pilot plant is to obtain design parameters for the large-scale plant. Using these parameters, the large-scale capital and opera�ng costs can be calculated using financial modelling to es�mate the financial returns at different large-scale capaci�es.

Commen�ng on the non-binding term sheets with TCM, Globe’s CEO Grant Hudson said:

“Globe welcomes the conclusion of the non-binding worldwide exclusive agreement with TCM and will now move swi�ly to conclude the full-form IP agreement. The innova�ve use of well-proven technology pioneered by TCM poten�ally provides us with a number of key advantages over tradi�onal acid-leach and solvent extrac�on processes that are used for the produc�on of niobium oxides. It does not use aggressive acids and produce toxic process wastes, provides beter metal extrac�on, lower produc�on

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costs and the ability to recycle chlorine, which is the main process input. As such, we are eagerly looking forward to the successful conclusion of the test work programme over the next few months ”

Authorisation for Release

This announcement has been authorised for release by the Company’s Chief Executive Officer, Grant Hudson.

For further information, please contact:

Grant Hudson Gareth Quinn Chief Executive Officer Media and Investor Relations +61 8 6118 7240 +61 417 711 108 gh@globemm.com gareth@republicpr.com.au

About the Kanyika Niobium Project

The Kanyika Niobium Project is located in central Malawi, approximately 55km northeast of the regional centre of Kasangu and is secured by Large-Scale Mining Licence No. LML0216/21 which grants the Company security of tenure and the right to mine niobium, tantalum, and deleterious uranium.

mineralisa�on. Structured and progressive engineering studies have resulted in the current (JORC 2012) Mineral Resource Es�mate (refer below) and given rise to significant improvements and simplifica�ons in the process flowsheet, from that first imagined.

In addi�on, Globe has undertaken substan�al metallurgical op�misa�on work and commissioned a pilot plant to demonstrate and further op�mise metallurgical processes. Metallurgical op�misa�ons studies have improved recoveries from 62% in 2012 to 75% today, through simple novel patented metallurgical processes.

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The Kanyika opera�ons will produce a pyrochlore mineral concentrate that contains both niobium and tantalum in commercially valuable volumes to be shipped to a refinery for advanced processing into high purity materials.

A Mineral Resource Es�mate for the Kanyika Niobium Project under the 2012 JORC guidelines was reported to ASX on 11 July 2018 as follows:

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Mineral Resource Es�mates

The informa�on in this report that relates to Mineral Resources is extracted from the report �tled “Kanyika Niobium Project – Updated JORC Resource Es�mate” released to the Australian Securi�es 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 informa�on in the same form and context, un�l the consent is withdrawn or replaced by a subsequent report and accompanying consent.

original ASX announcement released on 11 July 2018 and, in the case of es�mates of Mineral Resources, that all material assump�ons and technical parameters underpinning the es�mates in the original ASX announcement con�nue to apply and

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presented have not been materially modified from the original ASX announcement.

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

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