GLOBE METALS & MINING LIMITED — Capital/Financing Update 2024

Feb 4, 2024

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Globe Metals & Mining Limited ASX: GBE
ABN 33 114 400 609 +61 8 6118 7240
45 Ventnor Avenue info@globemm.com
West Perth WA 6005 globemm.com
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ASX Announcement

5 February 2024

Robust Optimisation Study results support Globe’s Kanyika Niobium Project

Highlights

the Kanyika Niobium Project, including:

• Pre-tax NPV (8%) of US$1.004B and IRR of 47.08%.

• increases by 5% to 71%.

• 27-year life of mine.

• US$70m to US$30m and greatly reduces the risk profile of the Project.

• sustainable, cost-effec�ve, and produces high purity products which can command premium prices.

Globe Metals & Mining Limited (ASX: GBE) (“ Globe ” or “ Company ”) is pleased to announce it has achieved significantly improved economic and environmental outcomes from its Kanyika Niobium Project in Malawi (“ Project ”) through an op�misa�on study which provides a strong founda�on for Globe to advance the Project towards financing and development.

average nameplate produc�on of 3,267 tonnes per annum of niobium pentoxide, (Nb2O5) and 136 tonnes per annum of tantalum pentoxide (Ta2O5) over the 27-year life of opera�ons. The Nb2O5 and Ta2O5 products will be high-specifica�on high-purity products with grades exceeding 99.5% and 99% respec�vely.

DFS established Kanyika’s poten�al configura�on and economic feasibility. Globe will present a further detailed report regarding the op�misa�on study during the current quarter.

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The key elements of the op�misa�on include:

• a low-risk, two-phased approach to the development of the Project;

• op�misa�on of the milling and concentra�on circuits;

• tradi�onal HF acid floata�on process; and

Metrics	Units	Phase 1	Phase 2
ROM Ore Production	ktpa	86	1,455
ROM Grade(Nb2O5)	Ppm	4,933	3,063
Concentrateproduction	Ktpa	2	18
Concentrategrade	%	20%	18%
Refined Nb2O5	tons/year	313	3,155
Refined Ta2O5	tons/year	14	142
Annual Turnover	US$m	20	205
Annual EBITDA	US$m	7	112
Capital Costs(Mine & Concentrator)	US$m	17	190
Capital Costs(Refinery)	US$m	12	41
Total Capital cost including Environmental bond & PAP relocation	US$m	29	231
OperatingCost(Mine & Concentrator)	US$/kg (Nb205)	14.17	6.91
OperatingCost(Refinery)	US$/kg (Nb205)	11.90	11.88
Total OperatingCosts	US$/kg (Nb205)	26.08	18.79
Project NPV/pre-tax(8%)	US$m	20	984
IRR(pre-tax)	%	32.54%	47.08%

Financial Commentary

• under 50% over an updated 27-year life of mine.

• A 15% reduc�on in unit cost of Niobium Pentoxide to US$18.90kg.

• Gross margin increases to 71%, a 5% increase versus the 2021 DFS with an average selling price forecast of US$51.48 per kg of NB205 and US$280 per kg for Ta205 over the life of the mine.

• reloca�on.

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Summary of the op�misa�on results rela�ve to the 2021 DFS: Kanyika Niobium Project Malawi

Metrics	Units	2021 DFS	2023 Optimisation Study
NPV 8%(pre-tax)	US$m	1,009	1,004
IRR(pre-tax)	%	49.70%	47.08%
Closingcash balance(LOM)	US$m	4,361	2,882
Total FCFpre-tax(LOM)	US$m	3,759	3,834
Life of Mine	Years	23	27
Paybackperiod(Yrs)	Years	1.3	4.4
Revenue(LOM)	US$m	4,961	4,785
Cost ofgoods sold(LOM)	US$m	1,632	1,395
Gross Margin(LOM)	US$m	3,329	3,390
Gross Margin(LOM)	%	67.10%	70.83%
EBIT(LOM)	US$m	2,838	2,719
Netprofit before tax(LOM)	US$m	4,645	3,805
Tax(LOM)	US$m	134	1,122
Netprofit after tax(LOM)	US$m	4,511	2,682
Total ore mined	tons m	33.8	33.8
Total ore includingwaste mined	tons m	87.1	87.2
Total concentrateproduced	tons(000's)	186.3	414.0
Total Nb205production	tons(000's)	73.3	73.8
Total Ta205production	tons(000's)	3.2	3.3
Total unit costper ton of ore	US$	48	41
Total unit cost per ton of ore including waste	US$	19	16
Total unit cost(Per kgNb205)	US$	22.28	18.90
Selling price of Nb205(per kg)	US$	50.00	51.48

Two-Phased Development Approach

Phase 1

1. Low risk and low capital (es�mated total capital cost of US$29m) cost phase 1 (mine, concentrator, and refinery development).

2. Mine capacity of 86k tonnes per annum ROM, and 1,760 tonnes per annum of concentrate, for shipment to the planned Lilongwe refinery.

4. Deferral of the Milenje River Dam by 4 years (capital cost US$25m).

5. discussions with the Government of Malawi).

Phase 2

1. Mine and concentrator ramp up in year 3 of opera�ons.

2. Mine capacity development to 1.5m tonnes per annum and 17.7k tonnes per annum of concentrate.

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1. Government of Malawi).

Mine Concentrator Design Op�misa�on

1. Replacement of SAG mill with the EDS horizontal mul�-sha� mill.

2. reagents to 4 from 12 reagents.

3. Op�misa�on of mass pull and recovery of concentrator.

4. Dry tailings disposal and co-deposi�on with mine strip waste material.

carbochlorina�on process.

1. The carbochlorina�on process involves reac�ng a mixture of charcoal and concentrate with gaseous chlorine. The metal oxides in the ore convert to chlorides some of which have boiling points below the 900[o] C reactor temperature. These chlorides leave the reactor, and the gas is systema�cally cooled down allowing for the removal of separate metal chlorides. The separated metal chlorides are purified before being oxidised to yield high-purity metal oxides.

2. The Niobium oxide products will be sold into the speciality metals markets, realising premium prices over the ferro-niobium market.

1. UAE, Namibia, and Malawi.

3. (a) Regulatory – ini�al discussions rela�ng to the regulatory requirements of opera�ng a Class 7 facility in Malawi have been construc�ve and favourable to the Project.

4. (b) Availability of land.

5. (c) have been favourable.

6. (d) Stable and low-risk country in which to operate.

7. (e)

8. (f)

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Sales and Marke�ng

Globe is focused on the produc�on of high purity Niobium Oxides and will not be compe�ng in the mainstream ferro-niobium market. The high-purity Niobium oxide products will be sold into the specialty metals markets, realising premium prices over the ferro-niobium market. The oxide market includes all oxide grades from standard grade up to op�cal grades of 99.99% niobium pentoxide, thus facilita�ng prices over US$50/kg.

ESG

Niobium is on the US cri�cal mineral list and has many applica�ons in the new economy. A key target market is the fast-charging batery market. Using niobium as the anode is proven to allow faster and safer charging, higher energy density, and safer performance.

Niobium (Nb) is an integral component of daily-use, energy-related, and specialty technologies and structures such as in steels (for example, bridges, high-rise buildings, offshore pla�orms, oil and gas pipelines, automobiles), superalloys (for example, aircra� engines, rocket assemblies, and solar power generator engines), and superconduc�ng magnets (for example, medical imaging devices, and nuclear power genera�on).

The Kanyika Project has been shown to be a botom quar�le cost project and is designed to ensure the produc�on of “green Niobium” in that its Scope 1 and Scope 2 carbon emissions will be of the lowest in the world, with hydroelectric and solar power domina�ng its power sources for both the mine site and the refinery. The very low carbon footprint is also supported by a unique closed-cycle chlorina�on refining process, which is transforma�ve for the industry.

Globe con�nues to conduct metallurgical test work on the Kanyika ore concentrate to further develop its inten�on to refine its produc�on to high-purity Niobium and Tantalum oxides. We refer to our revised announcement on 27 October 2023, in which we announced the posi�ve extrac�on tests resul�ng in the extrac�on of over 99% of both Niobium and Tantalum from the Kanyika concentrate. Further test work is con�nuing, and the design and development of the refinery pilot plant is underway.

Grant Hudson, Globe’s CEO commented:

“The extremely positive results of the Optimisation Study reflect the continuing upward trajectory of this exciting venture, and as the use of niobium soars, Globe is in the invidious position of being the most advanced new niobium producer in the world. Our latest refinery technology initiatives, coupled with our conflict-free status and outstanding green credentials, will further enhance Globe’s strong economic proposition and I look forward to sharing this wonderful story with interested investors and off-take partners at this week’s Mining Indaba in Cape Town.”

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

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For further information, please contact:

Grant Hudson Chief Executive Officer +61 8 6118 7240 gh@globemm.com

Paul Smith Chief Operating Officer +61 8 6118 7240 paul.smith@globemm.com

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

In addi�on, Globe has undertaken substan�al metallurgical op�misa�on work and commissioned the pilot plant design work to demonstrate and further op�mise metallurgical processes. Metallurgical op�misa�ons studies have improved recoveries from 62% in 2012 to 75% today, through 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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Table 1: MRE for KNP using a 1,500 ppm Nb2O5 lower cut

Table 2: MRE for KNP using a 3,000 ppm Nb2O5 lower cut

	Category	Resource (Mt)	Nb2O5 (ppm)	Ta2O5(ppm)		Category	Resource (Mt)	Nb2O5 (ppm)	Ta2O5(ppm)
	Measured	5.3	3,790	180		Measured	3.4	4,790	220
	Indicated	47	2,860	135		Indicated	16.6	4,120	160
	Inferred	16	2,430	120		Inferred	2.8	4,110	190
	TOTAL	68.3	2,830	135		TOTAL	22.8	4,220	190

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 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 �tled “Kanyika Niobium Project – Updated JORC Resource Es�mate” available to view at www.globemm.com.

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