KUNIKO LIMITED — Investor Presentation 2021

Sep 28, 2021

ASX Release

29.09.2021

ASX: KNI

Fast Facts Issued Capital: 53,180,499 Market Cap (@\$1.72): \$91.47m

Highlights

Developing Copper, Nickel, Cobalt, and other battery metals projects in Europe, for Europe.

Ethical Sourcing ensured.

100% commitment to target a net ZERO CARBON footprint throughout exploration and development.

Operations in Norway, where ~95% of electricity comes from RENEWABLE sources.

Corporate Directory

Kuniko Limited ACN 619 314 055

Chief Executive Officer Antony Beckmand

Chairman Gavin Rezos

Non-Executive Director Brendan Borg

Non-Executive Director Maja McGuire

Non-Executive Director Birgit Liodden

Company Secretary Joel Ives

www.kuniko.eu
info@kuniko.eu
@KunikoLtd
Level 11, Brookfield Place, 125 St Georges Terrace Perth WA 6000
+61 8 6364 5095

Kuniko to present at Metals & Mining Day hosted by Spark Plus

Kuniko Limited ("Kuniko" or "the Company") is pleased to announce its participation in Spark Plus's Metals & Mining day on 30 September 2021.

CEO, Antony Beckmand will present on the company via a free online webinar. This webinar will be held live via Zoom and will provide new and existing shareholders the opportunity to hear from, and engage with, Antony Beckmand via a live Q&A.

Spark Plus is a Singapore based corporate advisory firm that introduces public listed companies to investors in the Asia-Pacific region, hedge funds, family offices, mutual funds, private banks, and brokers. The new Presentation is now available on Kuniko's website. (https://kuniko.eu/investment-centre/)

Event:	Spark Plus Metals & Mining Day
Date:	30 September 2021, Thursday
Timeslot:	2:25pm (AWST) // 4:25pm (AEST)

CLICK HERE TO REGISTER:

https://us02web.zoom.us/webinar/register/1016322951832/WN\_y85rBTPZRE-uXmjucT60mw

ASX Release 29.09.2021

After registering your interest, you will receive a confirmation email with information about joining the webinar. Participants will be able to submit questions via the panel throughout the presentation; however, we encourage shareholders and investors to send through questions via email beforehand to moderator timothy.wong@sparkplus.org.

About Kuniko Kuniko is focused on the development of copper, nickel, and cobalt projects in Scandinavia, with a strict mandate to maintain net zero carbon footprint throughout exploration, development, and production. Kuniko's 262km² Ni-Co-Cu licence portfolio consists of the three separate project areas. The Southwest Norway tenements are Ni-Cu-Co projects in the historically important Feøy and Romsås mining districts located in south-western Norway. The South-central Norway cobalt tenements are prospective for Co-Cu-Au, part of the historically important Skuterud mining district of centralsouthern Norway, previously the largest cobalt mining area in the world. The South-central Norway copper tenements comprise of the Undal Cu-Zn-Co project and Vangrøfta Cu-Co-Au projects, located in the Trondheim region of central Norway.

Enquiries	Joel Ives, Company Secretary
	Telephone:	+61 8 6364 5095
	Email:	info@kuniko.eu

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

Disclaimer

The information contained in this presentation has been prepared by Kuniko Limited (ASX:KNI). This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any securities in KNI. This presentation has been made available for information purposes only and does not constitute a prospectus, short form prospectus, profile statement or offer information statement. This presentation is not subject to the disclosure requirements affecting disclosure documents under Chapter 6D of the Corporations Act. This presentation may contain certain forward-looking statements and projections regarding estimated, resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of KNI. The forward-looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. KNI does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward-looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws. While the information contained in this presentation has been prepared in good faith, neither KNI or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. Accordingly, to the maximum extent permitted by law, none of KNI, its directors, employees or agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of, the accuracy or completeness of the information or for any of the opinions contained in this presentation or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this presentation.

Europe needs a lot of battery metals…

500 GWh battery manufacturing capacity by 2030 to supply electric vehicle (EV) market

Per annum, this equates to approximately:

• 100,000 tonnes of cobalt
• 315,000 tonnes of nickel
• 800,000 tonnes of copper

ESG compliant?

…with low CO2 footprint: EU Battery Regulation

Combined, this EU Cu-Ni-Co metal requirement for EVs will emit approximately:

10Mt Eq. per annum

EU Regulation: From 1 January 2026, lithium-ion batteries will have to bear a carbon intensity performance class label and from 1 July 2027, must comply with maximum carbon footprint thresholds. The EU will ban batteries not meeting the new regulation. 4

13kg

11kg

Co

5kg

Cu

CO2

CO2

Ni

Kg of material produced

CO2 Emissions per

CO2

…ethically sourced

• Current strong ethical traceability issues for cobalt: child labour, exploitation, corruption.
• International Rights Advocates file federal case on behalf of children killed in DRC cobalt mines.

Social

EU regulation: Manufacturers will have to demonstrate that they are sourcing raw materials in a responsible way through a digital passport tracking all battery materials used in the battery composition.

…and responsibly sourced

¹Financial Times, 31 August 2020 https://on.ft.com/2P6BYqN ²ABC News, 30 August 2019https://ab.co/3sJyKHD ³Mongabay, 18 May 2020https://bit.ly/3tDbvzY

¹

²

³

EU regulation: for requirements related to the carbon footprint and the responsible sourcing of raw materials, mandatory third-party verification will be required. Each battery will have a digital passport tracking all components coming from upstream. 6

Our Solution

100% commitment towards electrified, net ZERO CARBON footprint throughout exploration and development.

Operations in Norway, where ~95% of electricity comes from RENEWABLE sources.

Norway – Active Mining Jurisdiction & Leader in Renewable Energy

Norwegian mining industry secretary general Anita Hall

"I think it is urgent to find out what is hiding under the surface in Norway. Not just for battery factories, but really for all industry and everything around the green shift. We have become too dependent on other countries and continents such as China, Africa, South America and other places, which may have completely different conditions than what we like to compare ourselves with when it comes to human rights, environment and ethics." ¹

Norway Power Generation in 2020 (%)

~95% Hydro-electric 4% Wind

Source: S&P MI

Examples of operating/advanced raw materials assets in Norway

Property	Owner(s)	Development Stage	Primary Commodity
Sydvaranger	Sydvaranger Gruve	Construction Planned	Iron Ore
Engebo	Nordic Mining	Feasibility Complete	Rutile
Mine 7	Store Norske Spitsbergen Kulko	Operating	Coal
Traelen	Mineral Commodities	Operating	Graphite
Barentsburg	Arcticugol state Trust Federal	Operating	Coal
Kvannevann	Rana Gruber	Operating	Iron Ore
Tellnes	Titania	Operating	Ilmenite
Active Anode	Mineral Commodities	Prefeas/Scoping	Graphite
Nikkelverk Refinery	Glencore	Operating	Nickel
Odda Smelter	Boliden AB	Operating	Zinc

Active mining jurisdiction

Proximity to the Fastest Growing Battery Market

Brandenburg, 2021 At least 20GWh

Salzgitter, 2025 40GWh

14 GWh LATER 100 GWh

Spain, Eastern Europe, etc. 4x40GWh

Sunderland, 2010

Erfurt, 2022

Willstätt, 2020 1 GWh

24 GWh

10GWh

2.5 GWh

Germany & France, 2022 16 GWh, LATER 48 GWh

Überherrn, 2023

Schwarzheide, 2022 CATHODE MATERIALS

Bratislava, 2024

Germany, 202X 4 GWh, LATER 8 GWh

St Athan Wales, 2023 10GWh, later 35Gwh

Hungary, TBC CATHODE MATERIALS

Bitterfeld, 2022 16 GWh

6 GWh, LATER 70 GWh

Nysa 2020 CATHODE MATERIALS

Komaron 1 + 2, 2020 7.5 GWh, LATER 23.5 GWh

Göd, 2018 3 GWh, LATER 15 GWh

Mo I Rana, 2023 32+2GWh

Norway, TBC Unknown

Europe, TBC Unknown

800GWH BATTERY CAPACITY

x80

Co Cobalt Fundamentals

Cobalt demand is forecast to roughly double by 2030, with battery applications accounting for majority of overall demand. Despite the growing trend towards reduced use of cobalt per unit in the automotive sector driven by cost and ESG concerns, on a contained basis, cobalt demand would still be boosted by the growing penetration of EVs and exponential growth in EV sales in the coming decade.

98% of Cobalt production is mined as a by-product

Source: Global Energy Metals

60% of Cobalt resources are in the DRC

The DRC is one of the poorest, most corrupt, and most coercive countries on the planet

The DRC has had more deaths from war since WWII than any other country on the planet

Artisanal mining and child labor

The country has a failing infrastructure

Co Skuterud Cobalt Project

The historical home of cobalt production

• Skuterud: Over 1 million tonnes of cobalt ore mined* from 1773-1898, the world's largest cobalt producer & Norway's largest company at the time
• Ca. 9km trend of historic cobalt workings along Skuterud trend – >100 years of mining
• Maiden drill results identified multiple zones of cobalt mineralization

Granted Cobalt Tenements	Total Area (km2 )
Skuterud 101-110	52.12
Total	52.12

*Refer Horneman, 1936

One of the main cobalt minerals, skutterudite, is named after the Skuterud mine where it was discovered.

Source: FPX Nickel Corp.

Ni Feøy Nickel Project

High grade, historical nickel production

• Feøy Project: historical Ni-Cu mining district, contains Vigsnes and Feøy mines
• Feøy: historical nickel-copper mine with high mined grades* of 2.6 % Cu and 2.1 % Ni
• Potential to define "brownfields", high grade nickelcopper deposits suitable for low impact extraction & Zero Carbon Nickel

*Refer Sandstad et al., 2012

Annual Copper in EVs and ICE vehicles

Source: Wood Mackenzie

Source: Goldman Sachs Commodity Research – Green Metals – 13/04/2021

High grades, rich history of production

Vangrøfta:

• Historical Fredrik IV Mine 30 years of small tonnage production up to 1908 @ 6% Cu grade*.
• Sampling by Kuniko yielded up to 16.75% Cu, 3.33g/t Au and 0.2% Co from waste dumps**.

Undal:

• Long history of underground production between 1668 -1971
• Historical production grades 1.15 % Cu, 1.86 % Zn, low tonnage mined (<1Mt)*.
• Mineralisation thickness reaches 10 m, but generally varies between 3 and 6 m*.

Nyberget:

• Small scale historical production 1650-1750, surface grades** up to 2% Cu

Granted Copper Tenements	Area (km2)
Undal 101-102	20.00
Nyberget 101-102	20.00
Vangrofta 102	10.00
Total	50.00

Exploration Activities

Significant Airborne Geophysics Program

• All of the Kuniko licence areas have seen little modern exploration, despite being significant historical producers of nickel, cobalt, copper and zinc
• Airborne geophysical surveys completed in September '21over the Skuterud, Vangrøfta and Undal Project areas
• Surveys comprised airborne magnetics, electromagnetics (EM), IP and radiometrics (Skuterud only)
• Results due for delivery during October '21 and will be integrated with historically available and newly collected geochemical and geological data
• Geophysics & geochemical sampling programs expected to substantially contribute to a comprehensive evaluation of the potential of the project areas and enable detailed planning of drilling for 2022

Exploration Activities

Initial exploration field work complete at Skuterud & Vangrøfta, results expected October '21

Skuterud:

• A combined rock and soil sampling program completed end August '21; 714 samples collected (618 primary, i.e. excl. QC)
• Sampling represents evaluation of an approximate 9-kilometre trend of historical cobalt workings around the historic Skuterud cobalt mine at 50 x 100 m line spacing
• o Focus of field work around historic brownfield open pit mines, Nordgruvene and Middagshvile

Vangrøfta:

• Geochemical sampling program completed September '21; 488 samples collected (417 primary, i.e. excl. QC)
• Sampling grid covered entire Vangrøfta licence area, aiming to outline copper-zinc targets
• o Focus on sampling around the historical Fredrick IV, Flatskarvåsen, and Vangrøfta Skjerp mineral occurrences using a 50 x 50 m grid

Geochemical rock and soil sampling data set will augment that collected by previous explorers and allow outlining and evaluation of geochemical anomalies, which along with new geophysical data, will be used to define drill targets for 2022

Corporate Snapshot

	Shares on issue and market capitalisation
Shares on issue (ASX: KNI)	53.18M
Issue Price	A\$1.72
Market cap (undiluted)	A\$91.5M
	Other securities
Options on issue	1.1M
Performance rights	5.1M
	Other capitalisation metrics (at 28 Sept. 2021)
Cash (as at 24 August 2021)	A\$7.9M
Enterprise Value (at \$1.72)	A\$84.2M
Debt (to VUL)	A\$0.6M
	Board and Management
Gavin Rezos	(Chairman)
Antony Beckmand	(CEO)
Brendan Borg	(Non-Executive Director)
Maja McGuire	(Non-Executive Director)
Birgit Liodden	(Non-Executive Director)
Joel Ives	(Company Secretary)

Top shareholders
Vulcan Energy Resources Limited	25.85%
BNP Paribas Nominees Pty Ltd Acf Clearstream	4.17%

Kuniko Team

Gavin Rezos

Chairman

• Executive Chair/CEO positions of two companies that grew from start-ups to the ASX 300. Extensive international investment banking experience.
• Investment banking Director of HSBC with senior multi-regional roles in investment banking, legal & compliance functions.
• Currently Chair of Vulcan Energy Resources, Resource & Energy Group & principal of Viaticus Capital.
• Previously Non-Executive Director of Iluka Resources, Alexium International Group & Rowing Australia.

Antony Beckmand

CEO

• Qualified CPA with a Bachelor of Commerce from UWA. Also holds a Graduate Diploma in Applied Finance & Investment.
• Over 25yr experience in financial & executive roles within the mining industry, including 12 years with Norway's Sydvaranger iron ore project in CEO & CFO roles, & +2 years as a director of Nordic Mining ASA.
• Previous experience with Kalium Lakes Ltd, Exxaro Resources, Perilya Ltd & Robe River Iron Associates.
• Mr Beckmand is an Australian citizen & resides in Norway

Brendan Borg

Non-Executive Director

• Consultant geologist who has specialised in the "battery materials" sector including lithium, graphite, cobalt & copper projects.
• 25y experience in management, operational & project development roles in mineral exploration & mining, with companies including Rio Tinto Iron Ore, Magnis Resources & IronClad Mining.
• More recently he was a cofounder and Managing Director of ASX & TSXV listed gold explorer, Tempus Resources Limited.
• Non-Executive Director of gold producer and lithium developer Firefinch (ASX:FFX)

Maja Mcguire

Non-Executive Director

• Consultant lawyer with almost 15y experience in the provision of corporate & compliance advice to ASX listed public companies. Holds BComm and LLB qualifications from The University of Western Australia.
• Experience includes working with listed companies as a nonexecutive director, general counsel & company secretary (ASX:AVR, ASX:AJX) & in top-tier private practice (Clayton Utz).
• Current Non-Executive Chair of TechGen Metals Limited (ASX:TG1) & Non-Executive Director of Olive X Holdings Limited

Birgit Liodden

Non-Executive Director

• Self-made entrepreneur & business activist working on sustainability, entrepreneurship, next generation & diversity in the maritime industry.
• 15 years background from international shipping. Former Director of Nor-Shipping, Founder of YoungShip International and Director of Sustainability, Ocean & Communication at Oslo Business Region.
• Current Chair of the Norwegian Organization for Environmental Boats. Founder & CEO of The Ocean Opportunity Lab (TOOL). Board member of TECO2030 ASA, The Factory, GreenStat, Bellona Foundation.

Dr. Liz Thompson

Consultant Geologist / Project Manager

Dr. Benedikt Steiner

Consultant Geologist / Competent Person

Rune Wilberg

Appendix 1: Licenses

License Name	Status	Date Granted	2 Area (km )
Undal 101	Granted	5/07/2018	10.00
Undal 102	Granted	5/07/2018	10.00
Nyberget101	Granted	5/07/2018	10.00
Nyberget102	Granted	5/07/2018	10.00
Vangrofta 102	Granted	27/08/2018	10.00
Skuterud 101	Granted	19/10/2020	4.01
Skuterud 102	Granted	19/10/2020	4.01
Skuterud 103	Granted	19/10/2020	4.01
Skuterud 104	Granted	19/10/2020	7.01
Skuterud 105	Granted	19/10/2020	4.01
Skuterud 106	Granted	19/10/2020	8.02
Skuterud 107	Granted	19/10/2020	5.01
Skuterud 108	Granted	19/10/2020	8.02
Skuterud 109	Granted	19/10/2020	5.01
Skuterud 110	Granted	19/10/2020	3.01
Romsås 101	Granted	26/10/2020	10.00
Romsås 102	Granted	26/10/2020	10.00
Romsås 103	Granted	26/10/2020	10.00
Romsås 104	Granted	26/10/2020	10.00
Romsås 105	Granted	26/10/2020	10.00
Romsås 106	Granted	26/10/2020	10.00
Romsås 107	Granted	26/10/2020	10.00
Romsås 108 Romsås 109	Granted Granted	26/10/2020 26/10/2020	10.00 10.00
Feøy 101	Granted	27/10/2020	9.00
Feøy 102	Granted	27/10/2020	9.00
Feøy 103	Granted	27/10/2020	10.00
Feøy 104	Granted	27/10/2020	9.00
Feøy 105	Granted	27/10/2020	10.00
Feøy 106	Granted	27/10/2020	10.00
Feøy 107	Granted	27/10/2020	6.25
Feøy 108	Granted	27/10/2020	7.50
		Total	262.87

Appendix 2: References

Slide	Reference	Source
Slide 4, 5, 6	EU Battery Regulation	Regulation of the European Parliament and of the Council concerning batteries and waste batteries, repealing Directive 2006/66/EC and amending Regulation (EU) No 2019/1020
Slide 4	CO2 Emissions per Kg of material produced, Copper, Cobalt	Journal of Sustainable Mining – 2019 -Life cycle assessment of cobalt extraction process - Shahjadi Hisan Farjana, Nazmul Huda∗, M.A. Parvez Mahmud
Slide 4	CO2 Emissions per Kg of material produced, Nickel	Nickel Institute – May 2020 - Life Cycle Assessment of Nickel Products
Slide 9	Norway Power Generation in 2020 (%)	S&P Global Market Intelligence
Slide 9	Examples of operating mining assets in Norway	S&P Global Market Intelligence
Slide 11	Cobalt – Battery Market Share (%)	Wood Mackenzie - Is recycling really the answer to accelerating the energy transition? 2021
Slide 11	Global Cobalt Market Balance (%)	Wood Mackenzie H2 2020
Slide 11	Cobalt Supply	Global Energy Metals https://www.globalenergymetals.com/cobalt/cobalt-supply/
Slide 11	Cobalt forecast demand	S&P Global – Cobalt demand set to roughly double by 2030: Roskill https://www.spglobal.com/platts/en/market-insights/latest-news/metals/120120-cobalt-demand-set-to-roughly-double by-2030-roskill
Slide 12	Skuterud historical data	Hornemann, H. H. 1936. Report on the Co mines at Modum, collected from different sources.
Slide 12	Skuterud historical data	Berkut Minerals Ltd, 2018. Multiple Wide Shallow Co Zones Intersected in Drilling. ASX Announcement report, January 2018.
Slide 12	Skuterud historical data	Berkut Minerals Ltd, 2018. Multiple Co Anomalies Identified at Skuterud, Norway. ASX Announcement report, August 2018. FPX Nickel - Estimated Carbon Footprint for Selected Global Nickel Production
Slide 13	Estimated Carbon Footprint, Ni	https://fpxnickel.com/2021/01/fpx-nickel-reports-potential-to-achieve-production-with-lowest-carbon-footprint-in global-nickel-industry/
Slide 13	Nickel – Battery Market Share (%)	Wood Mackenzie - Is recycling really the answer to accelerating the energy transition? 2021
Slide 14	Feøy historical production and grades	Sandstad, J. S. et al. 2012. Metallogenic areas in Norway. In. Eilu (Ed), Mineral deposits and metallogeny of Fennoscandia, Geological Survey of Finland Special Paper 53, p35-138.
Slide 14	Romsås historical data	Vogt, J. H. L. 1902. Om nikkel, navnlig om muligheten at gjenoptage den norske bergverksdrift pa nikkel. Teknisk Ukeblad 1901–02, 1–40. S.rtrykk. (in Norwegian).
Slide 14	Romsås historical data	Meinich, L. and Vogt, J. H. L. 1903. Les gisements de nickel de Romsaas, Smaalenene, Norvege. Norges geologiske undersokelse Bergarkivet rapport nr 1428. 9 p. (in French).
Slide 15	Copper is the new oil	Goldman Sachs Commodity Research – Green Metals – 13/04/2021
Slide 15	Annual Copper in EVs and ICE vehicles	Wood Mackenzie - Copper: Powering up the electric vehicle – 2019 https://www.woodmac.com/news/opinion/copper-powering-up-the-electric-vehicle/
Slide 16	Undal historical results	NGU. 2019. Ore Database, Deposit Area 1635 – 017 http://aps.ngu.no/pls/oradb/minres_deposit_fakta.Main?p_objid=4280&p_spraak=E
Slide 16	Vangrøfta results	Koppar Resources Limited. 2018. High grade results from Koppar's new vangrøfta Cu-Co prospect ASX announcement, October 2018.