LYCOPODIUM LIMITED — AGM Information 2023

Nov 13, 2023

==> picture [275 x 46] intentionally omitted <==

Annual General Meeting

==> picture [393 x 13] intentionally omitted <==

About Lycopodium

==> picture [960 x 13] intentionally omitted <==

==> picture [477 x 16] intentionally omitted <==

Lycopodium is an innovative and value-driven process, engineering and project delivery organisation.

Working across the Resources, Infrastructure and Industrial Processes sectors, the Company is headquartered in Perth, Western Australia and is listed on the Australian Stock Exchange (ASX: LYL).

Bomboré Gold Project, Burkina Faso

==> picture [84 x 14] intentionally omitted <==

2

Corporate Overview

==> picture [960 x 13] intentionally omitted <==

==> picture [130 x 124] intentionally omitted <==

----- Start of picture text -----

Michael (Mick) Caratti
Chairman
----- End of picture text -----

==> picture [131 x 125] intentionally omitted <==

----- Start of picture text -----

Karl Cicanese
Executive Director
----- End of picture text -----

==> picture [130 x 12] intentionally omitted <==

==> picture [130 x 114] intentionally omitted <==

----- Start of picture text -----

ASX: LYL
----- End of picture text -----

==> picture [132 x 125] intentionally omitted <==

----- Start of picture text -----

Peter De Leo
Managing Director
----- End of picture text -----

==> picture [130 x 124] intentionally omitted <==

----- Start of picture text -----

Louise Bower
Independent Director
----- End of picture text -----

==> picture [132 x 125] intentionally omitted <==

----- Start of picture text -----

Rodney (Rod) Leonard
Independent Director
----- End of picture text -----

==> picture [131 x 125] intentionally omitted <==

----- Start of picture text -----

Bruno Ruggiero
Executive Director
----- End of picture text -----

==> picture [131 x 124] intentionally omitted <==

----- Start of picture text -----

Steven Chadwick
Independent Director
----- End of picture text -----

==> picture [131 x 126] intentionally omitted <==

----- Start of picture text -----

Justine Campbell
Chief Financial Officer
----- End of picture text -----

• Long-term stable Board and Management

• Long-term and loyal shareholder base

• A Company with strong governance and risk management culture that continues to deliver returns over the long-term

==> picture [155 x 10] intentionally omitted <==

==> picture [155 x 86] intentionally omitted <==

==> picture [155 x 10] intentionally omitted <==

Listed on the ASX since 2004

==> picture [155 x 10] intentionally omitted <==

==> picture [155 x 86] intentionally omitted <==

----- Start of picture text -----

Shares on Issue
39.7m
----- End of picture text -----

==> picture [155 x 10] intentionally omitted <==

==> picture [89 x 32] intentionally omitted <==

----- Start of picture text -----

Shareholder
Breakdown
----- End of picture text -----

Board & Management 36% Institutions 25% Retail 39%

==> picture [84 x 14] intentionally omitted <==

3

People First

==> picture [960 x 13] intentionally omitted <==

==> picture [361 x 9] intentionally omitted <==

Directly employing more than 1,200 people With contractors included, we manage some 2,500 people working on projects across the globe

==> picture [363 x 195] intentionally omitted <==

----- Start of picture text -----

Current
FY2023 (rolling 12 months Target
to October 2023)
Hours 8.2 million [1] 11.9 million
LTIFR 0.0 [2] 0.0 0.0
TRIFR 1.6 1.0 <2.5
EIFR 0.0 0.0 <1.5
----- End of picture text -----

==> picture [43 x 75] intentionally omitted <==

Manhours controlled continuing to increase

==> picture [75 x 75] intentionally omitted <==

Back to Basics – all incidents are preventable if risk is understood and proactively managed

==> picture [69 x 75] intentionally omitted <==

Preventative measures – focus on lead indicators

==> picture [67 x 75] intentionally omitted <==

Culture of continuous improvement

1 Compared to 3.2 million manhours controlled in FY2022

2 Safe Work Australia Heavy and Civil Engineering Construction Industry Comparison Frequency Rate 2021/2022, LTIFR = 11.2

==> picture [84 x 14] intentionally omitted <==

4

Core Capabilities

==> picture [960 x 13] intentionally omitted <==

==> picture [882 x 355] intentionally omitted <==

==> picture [84 x 14] intentionally omitted <==

5

Global Reach

==> picture [960 x 13] intentionally omitted <==

==> picture [743 x 392] intentionally omitted <==

==> picture [84 x 14] intentionally omitted <==

6

Financial Highlights

==> picture [960 x 337] intentionally omitted <==

----- Start of picture text -----

FY2023
----- End of picture text -----

FY2023 Financial Highlights

==> picture [960 x 13] intentionally omitted <==

==> picture [698 x 307] intentionally omitted <==

----- Start of picture text -----

Share Price and
Cash at Bank
Revenue Market Capitalisation
(as at 13.11.23)
$82.4m
$327.6m
$9.63/~$383m
EBITDA Return on Equity Earnings per Share
$70.5m 44% 117.7 cents
P/E Ratio Total Dividend
NPAT
(as at 13.11.23) per Share
$46.8m
8.2
81 cents
----- End of picture text -----

==> picture [84 x 14] intentionally omitted <==

8

FY2023 Balance Sheet

==> picture [960 x 13] intentionally omitted <==

FY2023 FY2022	FY2023 FY2022	FY2023 FY2022
	A$’000	A$’000
Current Assets	177.1	173.9
Total Assets	215.9	218.9
Total Liabilities	102.9	119.2
Total Debt	0.7	1.5
Equity	113.0	99.7

==> picture [222 x 7] intentionally omitted <==

Net Tangible Asset per Share $2.68

==> picture [76 x 74] intentionally omitted <==

==> picture [72 x 74] intentionally omitted <==

Strong Balance Sheet

Strong, stable business

==> picture [84 x 14] intentionally omitted <==

9

Current Snapshot

==> picture [960 x 13] intentionally omitted <==

==> picture [243 x 16] intentionally omitted <==

==> picture [86 x 75] intentionally omitted <==

==> picture [86 x 75] intentionally omitted <==

FY2024 GUIDANCE Revenue ~$345 million

1,200+ staff globally

==> picture [76 x 75] intentionally omitted <==

Long-serving teams of high calibre people

==> picture [80 x 75] intentionally omitted <==

==> picture [85 x 75] intentionally omitted <==

NPAT ~$46 to $50 million

Value of capital projects currently 35+ Resource Projects 40+ Resource Studies in delivery ~A$4 billion in delivery in delivery

==> picture [75 x 75] intentionally omitted <==

==> picture [76 x 75] intentionally omitted <==

==> picture [76 x 76] intentionally omitted <==

Investment in People

Investment in Investment in Geographic Systems and Platforms Diversification

==> picture [84 x 14] intentionally omitted <==

10

Operational Highlights

==> picture [960 x 337] intentionally omitted <==

----- Start of picture text -----

CURRENT
----- End of picture text -----

Operational Highlights

==> picture [960 x 13] intentionally omitted <==

• Delivering services on major projects including:

• Australia – Kathleen Valley, CGP3 and CGP4, Gruyere

• Africa – Goulamina (Mali), Sabodala-Massawa (Senegal), Lafigué (Côte d’Ivoire), Ahafo North (Ghana), Kiaka (Burkina Faso), Boto (Senegal), Baomahun (Sierra Leone), Mutamba Mineral Sands (Mozambique), Langer Heinrich Upgrade (Namibia)

• Asia – Batu Hijau Expansion (Indonesia)

• Project completions this year – Motheo (Botswana), Talison MSA (Western Australia), Séguéla (Côte d’Ivoire), Bomboré (Burkina Faso), Cobré Ball Mill 6 (Panama), Navachab (Namibia), Sukari Paste Plant (Egypt), Dry Mining Unit (Senegal)

• Recent major work awarded – Reko Diq Copper-Gold Project Feasibility Study and Basic Engineering (Pakistan), Kobada Gold Project Definitive Feasibility Study Update (Mali) and Tanda-Iguela Gold Project Pre-feasibility Study (Côte d’Ivoire)

==> picture [278 x 328] intentionally omitted <==

----- Start of picture text -----

Séguéla Gold Project, Côte d’Ivoire
----- End of picture text -----

==> picture [84 x 14] intentionally omitted <==

12

(continued) Operational Highlights

==> picture [960 x 13] intentionally omitted <==

• Orway Mineral Consultants (OMC) continues to be an industry leader in its field and a critical part of the Company as technical partner to our Resources business, and is also an integral element of our digital engineering strategy, providing:

• Comminution circuit design and optimisation

• Trade-off and brownfield scoping studies

• Application of novel technologies

• MillROC 2.0 data analytics and performance optimisation

• Infrastructure continues to provide design, engineering, technical advisory and Rail Infrastructure Management services for greenfield and brownfield rail projects across Australia – key clients include Pacific National and ARTC

• Process Industries business has been involved in many of the Energy related initiatives undertaken throughout the year, including in hydrogen, battery minerals, battery recycling and waste to energy technologies

==> picture [437 x 328] intentionally omitted <==

----- Start of picture text -----

Pacific National, New South Wales
----- End of picture text -----

• Pipeline of studies and new opportunities remains strong

==> picture [84 x 14] intentionally omitted <==

13

Business Improvement

==> picture [960 x 13] intentionally omitted <==

We continue to invest in initiatives focused on providing the support and tools required to enable our people to perform at their best, introducing in FY2023:

• Our global HR Information System (HRIS), providing a standardised platform across all operating entities to facilitate workplace efficiencies – represents the first step in the roll out of a broader enterprise resource planning (ERP) system in FY2024

• A new Engagement and Performance Management platform, with our first global employee engagement survey undertaken in late 2022 and the second one currently underway

• A new e-learning platform

• A new employee reward, recognition and wellbeing platform

• The second cycle of our Emerging Leaders Program, this time encompassing talent from around the globe

==> picture [346 x 303] intentionally omitted <==

• Updated project collaboration software, to facilitate efficient access to, and sharing of, information across our global operations

==> picture [84 x 14] intentionally omitted <==

14

Innovative Thinking

==> picture [960 x 13] intentionally omitted <==

==> picture [277 x 9] intentionally omitted <==

==> picture [403 x 9] intentionally omitted <==

Future Battery Industries Cooperative Research Centre

Digital Engineering

Key participant in the FBICRC, supporting the development of capability to capture the significant opportunities associated with the energy transition for Australia from the growing global battery industry

Plant dynamic modelling, development of static digital twins, and integration of both the dynamic and static digital twins into a connected, minewide digital twin solution

==> picture [269 x 179] intentionally omitted <==

==> picture [277 x 158] intentionally omitted <==

==> picture [241 x 160] intentionally omitted <==

==> picture [362 x 9] intentionally omitted <==

Orway IQ - MillROC

Online platform providing cloud-based, customised data analysis and dashboards for optimisation of mineral processing plants

==> picture [84 x 14] intentionally omitted <==

15

Our Sustainability

==> picture [960 x 13] intentionally omitted <==

• Today we have released our inaugural Sustainability Report for FY2023 – available to view on our website

• We understand that to have a sustainable business into the future, we must strive for continuous improvement across all aspects of our operations – environment, social and governance

• This, being our first Sustainability Report, provides us with the opportunity to establish baseline data across our key metrics and to set future targets for improvement

• Social • Our People

Environment

Governance

• Business Ethics and Transparency

• Energy Consumption

• Our Communities

• Greenhouse Gas (GHG) Emissions

• Legal/Regulatory Compliance

• Water and Waste Management

• Risk Management

• • Stakeholder Engagement

==> picture [357 x 252] intentionally omitted <==

==> picture [84 x 14] intentionally omitted <==

16

Our Community

==> picture [960 x 13] intentionally omitted <==

We support the communities in which we live and work, via the Lycopodium Foundation:

• Long-term partnerships with Murlpirrmarra Connection and the Clontarf Foundation in Australia, in support of Aboriginal youth – this year, established a Design Scholarship and School-based Traineeship program for Clontarf students

• In Africa, we continue to work with BASICS International, an NGO in Ghana committed to protecting the basic human rights of children to education, shelter, food and safety – we have worked with BASICS since 2010 and are currently supporting them to progress the establishment of a camp for children in the countryside outside of Accra

• Actively supporting the local Greenbushes community in Western Australia – relocation of the historic Greenbushes Railway Station; Blackwood Youth Action group’s Art Program, which supports youth mental health; Grow Greenbushes initiative, for the Greenbushes Youth Precinct Development; and Greenbushes Primary School’s STEM Program

• Continued support of various charitable initiatives championed by our staff, including Jeans for Genes, for which we have now raised $430,000 over the past 25 years, the Push-Up Challenge, Breast Cancer Care WA and the St Vincent de Paul Society

==> picture [257 x 192] intentionally omitted <==

----- Start of picture text -----

Murlpirrmarra Connection, Western Australia
----- End of picture text -----

==> picture [257 x 172] intentionally omitted <==

----- Start of picture text -----

Clontarf students, Western Australia
----- End of picture text -----

==> picture [84 x 14] intentionally omitted <==

17

Our Clients – Current and Recent

==> picture [960 x 13] intentionally omitted <==

==> picture [405 x 9] intentionally omitted <==

==> picture [130 x 46] intentionally omitted <==

==> picture [123 x 43] intentionally omitted <==

==> picture [112 x 22] intentionally omitted <==

We enjoy many long-term partnerships with our clients, working alongside them in the delivery of their studies and projects over the past three decades

==> picture [113 x 23] intentionally omitted <==

==> picture [83 x 36] intentionally omitted <==

==> picture [638 x 305] intentionally omitted <==

----- Start of picture text -----

Infrastructure Resources
Industrial Processes
----- End of picture text -----

==> picture [109 x 21] intentionally omitted <==

==> picture [129 x 50] intentionally omitted <==

==> picture [36 x 64] intentionally omitted <==

==> picture [105 x 32] intentionally omitted <==

==> picture [64 x 53] intentionally omitted <==

==> picture [112 x 76] intentionally omitted <==

==> picture [135 x 29] intentionally omitted <==

==> picture [213 x 38] intentionally omitted <==

==> picture [84 x 14] intentionally omitted <==

18

Major Projects

==> picture [960 x 337] intentionally omitted <==

----- Start of picture text -----

CURRENT
----- End of picture text -----

Resources – Major Project Status

==> picture [960 x 13] intentionally omitted <==

==> picture [66 x 50] intentionally omitted <==

----- Start of picture text -----

40+
Studies
----- End of picture text -----

	Engineering/early stages Onsite delivery – progressing	Engineering/early stages Onsite delivery – progressing	Engineering/early stages Onsite delivery – progressing	Engineering/early stages Onsite delivery – progressing	Delivered Onsite delivery – late stages	Delivered Onsite delivery – late stages	Delivered Onsite delivery – late stages	Delivered Onsite delivery – late stages	Delivered Onsite delivery – late stages	Delivered Onsite delivery – late stages
	Project Client Commodity Location Project Client Commodity Location Reko Diq Barrick Gold Corp Copper, Gold Pakistan Baomahun FG Gold Gold Sierra Leone Boto Managem Gold Senegal Anaconda B2Gold Gold Mali Twin Hills Osino Resources Gold Namibia				Project Client Commodity Location
					CGP3	Talison Lithium	Lithium	Western Australia
					Ahafo North	Newmont	Gold	Ghana
					Kathleen Valley	Liontown Resources	Lithium	Western Australia
					Sabodala-Massawa	Endeavour Mining – Sabodala Gold Ops	Gold	Senegal
					Goulamina	Leo Lithium	Lithium	Mali
					Lafigué	Endeavour Mining – Lafigué Project	Gold	Côte d’Ivoire
					Kiaka	West African Resources	Gold	Burkina Faso
					Project Client Commodity Location
	Batu Hijau	PT Amman Mineral Nusa Tenggara	Copper, Gold	Indonesia	MSA	Talison Lithium	Lithium	Western Australia
					Séguéla	Fortuna Silver Mines	Gold	Côte d’Ivoire
	Langer Heinrich Upgrade	Paladin Energy	Uranium	Namibia
					Motheo	Sandfire Resources	Copper, Silver	Botswana
	Mutamba Mineral Sands	Rio Tinto	Mineral Sands	Mozambique	Sukari Paste Plant	Centamin	Gold	Egypt
					Bomboré	Orezone	Gold	Burkina Faso
	Gruyere Pebble Circuit Upgrade	Gruyere Management Pty Ltd	Gold	Western Australia
					Dry Mining Unit	Grande Côte Ops	Mineral Sands	Senegal
					Navachab	QKR	Gold	Namibia
					Cobré Ball Mill 6	First Quantum	Copper, Gold	Panama
									20

==> picture [84 x 14] intentionally omitted <==

20

Resources – Currently in Delivery

==> picture [960 x 13] intentionally omitted <==

==> picture [762 x 369] intentionally omitted <==

----- Start of picture text -----

Nickel Gold
Studies – 2
Lithium Mineral
Projects – 13
Sands
Studies – 13 Projects – 5
Diamonds/ Projects – 3
Studies – 2
Gems Studies – 1
Projects – 11
Studies – 5
Battery
Minerals Copper Uranium
Studies – 3 Projects – 2 Other Projects – 1
Studies – 4 (Rare Earths,
Platinum,
Silver)
Studies – 5
----- End of picture text -----

==> picture [84 x 14] intentionally omitted <==

21

Future Focus

==> picture [960 x 337] intentionally omitted <==

----- Start of picture text -----

FY2024
----- End of picture text -----

Our Outlook

==> picture [960 x 13] intentionally omitted <==

• Strong demand outlook for battery minerals and metals, including lithium, copper, cobalt and nickel, is attracting capital to build global supply

• The value of gold remains high, driven by demand and global geopolitical, and associated economic risks

• Australia’s railway construction and maintenance activity outlook is strong, supported by a number of significant publicly funded projects

• Domestic manufacturing continues to present opportunities for the Industrial Processes sector, as does the ongoing development of emerging markets in support of the energy transition, including waste and recycling, water and wastewater, and hydrogen

• Transformation of the global energy sector from fossil-based to zero-carbon sources represents a period of innovation and opportunity in the development of new systems that can operate on low carbon energy sources, whilst maximising waste recovery and reuse

==> picture [368 x 272] intentionally omitted <==

----- Start of picture text -----

Dry Mining Unit, South Africa
----- End of picture text -----

• Lycopodium’s expertise will remain sought after given the macro environment and other drivers

==> picture [84 x 14] intentionally omitted <==

23

Our Strategy

==> picture [960 x 13] intentionally omitted <==

Geographical Reach

Continued focus on achieving broader geographical reach – across Asia-Pacific and the Americas

==> picture [75 x 75] intentionally omitted <==

Balanced Portfolio

Balanced project delivery portfolio – mix of EPCM and EPC

==> picture [76 x 75] intentionally omitted <==

People

Continue to attract, engage, inspire and retain a high performing, global, professional workforce

==> picture [86 x 75] intentionally omitted <==

Knowledge Management

Investment in systems to drive efficiency and facilitate work sharing across divisions and subsidiaries globally

==> picture [67 x 76] intentionally omitted <==

Innovation

Investment in innovation and emerging technology – digital engineering and engagement with industry (eg FBICRC and CSIRO)

==> picture [53 x 61] intentionally omitted <==

Energy transition

Diversify sectoral exposure into green energy markets including energy storage and the global battery revolution

==> picture [66 x 48] intentionally omitted <==

==> picture [84 x 14] intentionally omitted <==

24

==> picture [275 x 46] intentionally omitted <==

==> picture [960 x 13] intentionally omitted <==

Disclaimer