GRANGE RESOURCES LIMITED. — AGM Information 2024

May 13, 2024

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AGM Presentation

14 May 2024

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Disclaimer

The material in this presentation is not and does not constitute an offer, invitation or recommendation to subscribe for, or purchase, any security in Grange Resources Limited (“GRR”) nor does it form the basis of any contract or commitment. Any decision to buy or sell GRR securities should be made only after seeking appropriate financial advice.

Statements contained in this material, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of GRR or, industry growth or other trend projections are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

GRR, its directors, employees, agents and consultants, shall have no liability, including liability to any person by reason of negligence or negligent misstatement, for any statements, opinions, information or matters, express or implied, arising out of, contained in or derived from, or for any omissions from this material except liability under statute that cannot be excluded.

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Investor Presentation – May 2024

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Acknowledgement of Country

Grange acknowledges the Traditional Custodians of the land on which we work, live and operate; the Palawa of lutruwita/Tasmania and the Noongar Menang people of the Albany region, WA.

We recognize our First Nations people and their continuing connection to land, water and culture. We pay our respects to Aboriginal communities and cultures, and to their Elders past, present and emerging.

We acknowledge the many different Nations across this ancient continent. We honor and pay respect to Ancestors, Elders, and their descendants as the Custodians of this Country. It is through the Ancestral knowledge and stories of local Peoples that we can more fully know and understand Country and the unique ways in which Country connects us all.

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Purpose | Vision | Values

Our Purpose: The responsible provision of mineral resources to support sustainable development, growth and prosperity

We value

Safety

Respect

Accountability

Efficiency

Sustainability

Teamwork

At Grange we all will…

• ✓ Work safely.

• ✓ Lead & act with fairness, integrity, trust and respect.

• ✓ Be responsible & accountable for our actions.

• ✓ Utilise our resources efficiently and effectively.

• ✓ Engage with stakeholders and proactively manage our impact on their environment.

• ✓ Work together openly and transparently.

Our Vision

We will produce high quality steel making raw materials economically and effectively.

People

✓ Promote an inclusive and diverse environment in which our people can develop and prosper.

Our operations will be efficient, flexible, and stakeholder focused.

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Quality Product

Grange’s high-quality pellet delivers:

• ✓ High iron content

• ✓ Low impurities

• ✓ Minimal environmental impact

✓ Reduced energy consumption

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Strategic Plan Framework

Deliver Sustainable LOMP

Maintain fundamental business to support future operation and growth.

• Safe opencut completion

• Effective underground transition

• Transition planning

• Environmental approvals

• • Capital Management • Risk Management Planning

Integrate Innovation

Apply innovation to improve safety, efficiency and reduce cost.

• Continuous process improvement

• Investigate & apply new technology

• Explore alternative Energy pathways

• Eliminate waste

Build Capacity & Capability

Maintain a committed workforce with strong skills and experience base.

Build a unified culture & value our people.

• Retain experience

• Attract skills for strategic initiatives

• Build our brand

• Develop future capacity

• Deliver HSE Strategic Plan

Develop Strategic Initiatives

Drive Shareholder Value

Be forward looking and understand the strategic opportunities.

Maximise sustainable returns.

opportunities. Demonstrate the consistency of returns to ensure sustainable longAlign business to the sustainable term growth in value. development goals.

• Return on Equity

• Deliver ESG goals

• Total Shareholder Return

• Decrease carbon emissions

• Promotion of Grange's value case

• Monitor growth opportunities

• Dividend consistency

• Maximise production rates

• Market Engagement

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I Health | Safety | Environment

Safety is our high priority. Our HSE strategic plan (2024-2026) supports our team to provide a resilient safety culture.

• Reinforcement and awareness of our safety principles

• Safety Incident and Investigation Analysis

• Effectively utilizing and applying our risk management processes

• the of controls as of our

• Continued application of hierarchy part continuous improvement

• risk to foster inclusion and create an

• Psychosocial management environment where people feel included, engaged, psychologically safe and empowered to speak up.

• Focus on safe mining in open pit and underground

• Compliance with all applicable regulatory requirements

• Enhancing the quality of health and safety inductions and training for all our employees, contractors, suppliers and visitors

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2023 Highlights

Delivering shareholder value through process improvement with safe and sustainable operations

Over 6 years Lost Time Injury Free before an injury occurred in Q2. 1 LTI free for the remainder of the year. 2 Underlying EBITDA of A$270M and ROE of 15.5%. 3 Maintained strong balance sheet with A$283M cash and liquid investments. 4 Produced 2.59MT concentrate and delivered 2.34MT high quality pellet. 5 Pellet product attracts a premium price. 6 UG DFS supports delivery 28MT of concentrate, over 66% Fe with IRR of 34%. 7 Underground transition will reduce carbon emissions by ~80% at SR mine. 8* Installation of Intermediate Air System supporting operation without anthracite, reducing CO2-e emissions from the combustion of coal.

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*See ASX Announcement date 28[th] February 2024

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Emission Reductions

Continuing our journey towards emission reduction targets

• Tracking projects to timeline.

• Completed Furnace 4 upgrade.

• Eliminated anthracite usage in the first furnace.

• Progressing underground transition through project commitment phase.

• Developing concept studies for heat recovery.

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2023 Performance Highlights

Strong financial results were delivered through quality production output

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Capital Management Framework

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Safe & Reliable
Investments & Returns
Operations
Transition to
Capital
Underground
Productivity
Sustainability & Emission
Reduction Projects
Net Operating
Cash Flow
Build Cash Balance -
Southdown Development
Investment in
Sustainability
Future Organic
growth
Strong
Balance Sheet
Dividends
Excess
Cash Flow
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• Prioritising allocation of capital to maintain safe & reliable operations, and near-term productivity.

• Initiatives designed to maximise cash being generated from existing operations.

Net operating cash flow generated allocated to:

• Sustaining capital to maintain operational performance.

• Further investment into sustainability commitments and decarbonisation initiatives.

• Maintaining and building balance sheet strength to protect the Company through all commodity price cycles and

• Paying a sustainable dividend to shareholders.

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I Cashflow Movements

Balancing sustainable growth and shareholders’ returns

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Investment
Processing
Plants
(A$21M)
Net
DIVIDEND
operating Savage
cash inflow River Mine
Capex
(A$69M)
Net Cash Net Cash
1 Jan 23 31 Dec 23
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Savage River Mineral Assets

Total resources of 472MT supporting long life operations and maximising mineral assets

North Pit

• High-quality, long-life resources

• ~226MT @ 48%DTR

South Deposit

• ~11MT @ 47%DTR

• Supporting LOM tailings infrastructure construction

• Supporting long life operations & underground transition

Centre Pit

• ~122MT @ 46%DTR

• Future resources to be developed

Long Plains

• Developing resources of ~107MT @ 35%DTR

• Potential addition to mine life

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I Centre Pit Development

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I Strategic Projects - NPUG

NPUG DFS demonstrates significant value uplift and sustainable long-life mine

• Access to 64 million tonnes of ore

• Substantial reduction of 30% with underground mining costs at an average of A$13/t ore

• Plan to commence development in 2025 with strong project returns IRR of 34% based on an average sales price of A$177/t, payback period of 6.4 years from the commencement of development in 2025

• Carbon emissions targeted to reduce by 80% at SR

Next Steps

• Proceeding with engineering planning work, finalisation of the development application and extension of the existing exploration decline

• Final board and regulatory approval for construction is expected towards the end of 2024

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*See ASX Announcement date 28[th] February 2024

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Strategic Projects - Southdown

Study optimisation is moving forward based on PFS design at initial production of 5MTPA

• High-quality magnetite concentrate at nearly 70% Fe

• Potential expansion up to 10MTPA

• Dry grinding technology will improve efficiency and reduce power and water demand

Next Steps

• Optimising and finalising the DFS

• Equity investors are being sought to enable project development.

• Further work will be required in a bridging phase on opportunities identified as work on the DFS progresses.

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Summary

Our Key Strengths:

• Experienced magnetite producer with a long-life project close to the Asian market

• Producer of a high-quality iron ore product (65%+ Fe) that attracts a premium

• Experienced team

• Strong balance sheet

• No loans providing strong financing potential for strategic projects

Delivering into our Strategies:

• Progressing our operations to ESG Goals.

• Developing and optimising LOMP

• Optimising capital allocation plan

• Diversifying sales markets

• Improving communications / relations with all shareholders

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PRIMARY CONTACT

Honglin Zhao Managing Director & CEO +61 3 6430 0222 ManagingDirector@grangeresources.com.au

Notes:

• A lower cut-off grade of 15% DTR was used in the calculation of both the Mineral Resources and Ore Reserves

• For details of Resources and Reserves, refer ASX announcement 28-Feb-2024

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Grange Resources Limited, ASX: GRR ABN: 80 009 132 405 34A Alexander Street, Burnie, TAS 7320

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