LYCOPODIUM LIMITED — AGM Information 2024

Nov 11, 2024

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Annual General Meeting Financial Year 2024

12 November 2024

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About Lycopodium

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Chemical Grade Processing Plant #3 Project, Western Australia
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Lycopodium is an innovative and value-driven process, engineering and project delivery organisation.

Working across the Resources, Rail Infrastructure and Industrial Processes sectors, the Company is headquartered in Perth, Western Australia and is listed on the Australian Stock Exchange.

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Corporate Overview

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1992 STABILITY & LONGEVITY 2024
Bruno Ruggiero
Executive Director
Long-term stable
Board and
Management
Listed on the ASX
since 2004
Long-term and loyal
shareholder base
Michael (Mick) Caratti
Non-Executive Director Shares on Issue
39.7m
Strong governance
and risk management
culture that continues
Shareholder
to deliver returns over
Breakdown
the long-term
Board & Management 33%
Institutions 21%
Justine Campbell
Chief Financial Officer Retail 46%
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Peter De Leo
Managing Director
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Rodney (Rod) Leonard
Chairman
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Louise Bower
Non-Executive Director
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Karl Cicanese
Executive Director
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ASX: LYL
Steven Chadwick Justine Campbell
Non-Executive Director Chief Financial Officer
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People First

Lycopodium employs more than 1,300 people and manages over 4,000 people working on projects across the globe

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	FY2024	Current (rolling 12 months to October 2024)	Target
Hours	16.95 million1	16.91 million
LTIFR	0.062	0.06	0.00
TRIFR	0.88	1.12	<2.50
EIFR	0.00	0.00	<1.50

Hours controlled continuing to increase

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

Preventative measures – focus on lead indicators

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Culture of continuous improvement

1 Compared to 8.2 million hours controlled in FY2023

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

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Core Capabilities

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SAXUM Acquisition

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Supports key strategic
initiative to further
geographically expand
our global presence in
the Americas
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• Entered into a Heads of Agreement to acquire a majority interest in Argentinian headquartered engineering company, SAXUM, in October 2024

• Lycopodium will acquire a 60% shareholding in the company with options over the remaining share capital in subsequent years

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Holding no debt and with
consistent revenue
growth and strong profit
margins, SAXUM will
contribute immediately
to Lycopodium’s revenue
and profitability
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• The acquisition will be funded from cash reserves, and it is anticipated the purchase will be finalised in Q1 2025

• Post-acquisition, the SAXUM brand will be retained and the company will continue to be managed by the incumbent leadership team

• Acquisition positions both companies for further expansion and success in key markets

About SAXUM

• Multi-disciplinary engineering and project management services company, founded in 1996

• Provides services to the Mineral Processing, Cement & Lime, Manufacturing & Infrastructure and Oil & Gas sectors

• Consists of four companies which are established in Argentina, Brazil, USA and Australia, operating from five offices around the globe – Tucumán and Buenos Aires, Argentina; Irving, Texas; Belo Horizonte, Brazil; and Perth, Western Australia

Acquisition will further enhance our capabilities, expand our service offering and position us more competitively in the global market

Appropriately sized business for us to establish a material footprint in Latin America to complement our Lima office as well as supporting our ingress into the US market

• Culturally aligned, technically led, client focused and value centric business

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Global Reach

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Toronto
CA
Irving
USA
Manila
PH
Accra
GH
Belo Horizonte Brisbane
Lima
BR AUS
PE
Perth
AUS
Tucumán
Newcastle
AR Buenos Aires
Cape Town AUS
AR
SA Melbourne
AUS
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Current Snapshot

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1,300+ staff Long-serving teams of
globally high calibre people
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Value of capital projects currently
in delivery ~A$4 billion
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40 Resource Projects in delivery

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40+ Resource Studies in delivery

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Investment in People

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Investment in Systems and Platforms

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Investment in Geographic Diversification

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Financial Highlights FY2024

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FY2024 Financial Highlights

Share Price and Market Capitalisation (as at 11.11.24) $11.50/~$457m Earnings per Share 127.6 cents Total Dividend per Share 77 cents

FY2024 FY2023 Revenue $348.9 million $327.6 million EBITDA $77.1 million $70.5 million PBT $69.7 million $63.3 million NPAT $50.7 million $46.8 million Cash at Bank $67.6 million $82.4 million Return on Equity 42.2% 44.0% P/E Ratio 9.0 (as at 11.11.24) 8.2 (as at 13.11.23)

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FY2024 Balance Sheet

	FY2024	FY2023
	A$’000	A$’000
Current Assets	180.4	177.1
Total Assets	217.0	215.9
Total Liabilities	89.6	102.9
Total Debt	0.3	0.7
Equity	127.4	113.0

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Net Tangible Asset Per Share
$3.05
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Strong Balance Sheet, Strong, stable minimal debt business

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FY2025 Guidance

Revenue NPAT Dividend ~$345 to $360 ~$40 to $45 0 to 15 million million cents*

• Note: dividend has been adjusted from prior periods to reflect: funding required for acquisition of 60% shareholding in SAXUM; and increased operating cash reserve requirements (working capital) for larger projects being tendered (the Board has applied financial controls and avoided raising these funds externally)

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Operational Highlights Current

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Highlights –Resources

• Commissioning/completed:

• ₋ Goulamina Lithium Project (Mali)

• ₋ Batu Hijau Expansion Project (Indonesia)

• ₋ Kathleen Valley Lithium Project (Western Australia)

• ₋ Sabodala-Massawa BIOX Expansion Project (Senegal)

• ₋ Lafigué Project (Côte d’Ivoire)

• ₋ Langer Heinrich Mine Restart Project (Namibia)

• ₋ Mutamba Mineral Sands Pilot Plant (Mozambique)

• Progressing:

  • Ahafo North Project (Ghana)

• ₋

• ₋ Chemical Grade Processing Plant #3 Project (Western Australia)

• ₋ Kiaka Gold Project (Burkina Faso)

• ₋ Mogalakwena North - Footprint Reduction Project (South Africa)

• ₋ Boto Gold Project (Senegal)

• ₋ Highbury Lithium Project (South Africa)

• Early phase:

• ₋ Reko Diq Copper-Gold Project – Site Early Works (Pakistan)

• ₋ Lumwana Copper Expansion Project – Basic Engineering (Zambia)

• ₋ Yanqul Copper-Gold Project (Oman)

• Studies – pipeline is strong

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Sabodala-Massawa BIOX Expansion Project, Senegal
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Highlights –Industrial Processes

Our Process Industries business is instrumental in many of our Energy related initiatives, including in hydrogen, battery minerals, battery recycling and waste to energy technologies – most recently:

• Yarra Valley Water Bioenergy Plant (Victoria) – one of the largest food waste to energy facilities of its kind in Australia

• Green Hydrogen to Energy Project (Queensland) – demonstrating the viability of using hydrogen in the calcination process to test whether hydrogen can replace natural gas in the alumina refining process

• Pilbara Minerals’ Mid-Stream Project (Western Australia) – midstream demonstration plant to produce a higher value-added lithium at the Pilgangoora Operation

• Battery minerals client commission (Australia) – process development and FEED engineering services for a proposed modular battery recycling facility for the development of an alternate model of battery recycling more suited to the Australian environment in terms of collection distances and transportation to recycling facilities

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Green Hydrogen to Energy Project, Queensland
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Highlights –Rail Infrastructure

Provision of design, engineering, technical advisory and Rail Infrastructure Management (RIM) services for key clients:

ARTC

• Level crossing upgrade designs, from concept through to detailed design, to improve safety on a number of rural level crossings in New South Wales

• Provision of visual asset inspections across the interstate network in New South Wales and Queensland (North-South Corridor package) to determine condition and recommend remedial actions

Pacific National

• Three-year contract (commencing July 2023) to conduct rail infrastructure inspections at all 58 Pacific National sites Australia wide, including engineering and system enhancements

• Detailed track inspections at 27 of 58 sites – independent third-party inspections to verify RIM Upgrade Program works as complete, in accordance with PN IMM standards

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ARTC network, New South Wales
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Highlights –Company

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Establishment and further expansion of office in Peru and announcement of SAXUM acquisition

Enterprise resource planning (ERP) system rollout progressing to plan – enabling a multitude of business processes to be tied together

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FY2024 Sustainability Report released today

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Global expansion of key Learning & Development initiatives:

• Emerging Leaders Program

• • Graduate Development Program

• • Summer Vacation Program

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Facilitation of first virtual global
Technical Summit in 2024
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Pod
Equipment
Company
Energy
Storage
Development of an
innovative bin liner fixing
system to mitigate the
Participation in the R&D of
challenges encountered
a range of energy storage
with current fixing
technologies, including
systems, with the
batteries, hydrogen,
opportunity to market the
thermal and cryogenic
PodBolt System as an
systems, through industry
efficient, industry-wide
partnerships
solution
Common
Decarbon-
User Facilities
isation
Participation in the
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Innovative Thinking

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Digital
Engineering
FBICRC
Plant dynamic modelling,
development of static
Key participant in the
digital twins, and
FBICRC, supporting the
integration of both the
development of capability
dynamic and static digital
to capture the significant
twins into a connected,
opportunities associated
mine-wide digital twin
with the energy transition
solution
for Australia from the
growing global battery
industry
Orway IQ -
MillROC
Battery
Recycling
Online platform providing
cloud-based, customised
data analysis and
recycling studies to
dashboards for
optimisation of mineral
processing plants
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Participation in the development of the QCUF, a dedicated facility for vanadium piloting – the design was ultimately expanded to include a range of critical minerals, including rare earths

Development of a case study on the options for reducing the carbon footprint of a standard gold mining operation – this comprehensive analysis will enable us to identify opportunities for our clients

Participation in battery recycling studies to support the establishment of recycling facilities

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Our Community

We support the communities in which Social development we live and work through the Lycopodium Foundation Education and through the charitable spirit of our people Innovative thinking Our support is aligned with the intrinsic Environmental sustainability philosophies and values of the business

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Our Clients –Current and Recent

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 Rail Infrastructure Resources Industrial Processes

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Major Projects FY2024

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Resources –Major Project Status

40+ Studies

Engineering/early stages Onsite delivery – progressing Delivered	Engineering/early stages Onsite delivery – progressing Delivered	Engineering/early stages Onsite delivery – progressing Delivered	Engineering/early stages Onsite delivery – progressing Delivered
Project Client Commodity Location
Lumwana	Barrick Gold Corp	Copper	Zambia
Reko Diq	Barrick Gold Corp	Copper, Gold	Pakistan
CLAHDO	Rio Tinto	Iron Ore	Western Australia
Yanqul	Mazoon Mining	Copper, Gold	Oman
Baomahun	FG Gold	Gold	Sierra Leone
Goose	B2Gold	Gold	Canada
Project Client Commodity Location
Kathleen Valley	Liontown Resources	Lithium	Western Australia
CGP3	Talison Lithium	Lithium	Western Australia
Ahafo North	Newmont	Gold	Ghana
Kiaka	West African Resources	Gold	Burkina Faso
Boto	Managem	Gold	Senegal
Footprint Reduction Project	Anglo American Platinum	Platinum	South Africa
HighburyLithium	SA Lithium	Lithium	South Africa
Project Client Commodity Location
Sabodala-Massawa	Endeavour Mining– Sabodala Gold Ops	Gold	Senegal
Goulamina	Leo Lithium	Lithium	Mali
Lafigué	Endeavour Mining– Lafigué Project	Gold	Côte d’Ivoire
Batu Hijau	PT Amman Mineral Nusa Tenggara	Copper, Gold	Indonesia
Langer Heinrich Upgrade	Paladin Energy	Uranium	Namibia
Mutamba Mineral Sands	Rio Tinto	Mineral Sands	Mozambique

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Resources –Currently in Delivery

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Gold
Lithium
Projects – 18
Studies – 22 Projects – 3 Mineral
Sands
Studies – 5
Studies – 1
Diamonds/
Gems
Projects – 7
Studies – 2
Uranium
Battery
Other
Minerals Projects – 1
Studies – 3 Copper (Rare Earths, Platinum,
Silver, Iron Ore)
Projects – 5 Projects – 1
Studies – 4
Studies – 5
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Strategy and Outlook

FY2025

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Strategy

People & Culture

Continue to focus on ensuring we have the right people, with the required skills and experience that reinforce our strong culture

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Working Smarter – Tools, Systems and Data

Leverage the new ERP, other systems and processes for visibility, insights, efficiency, consistency, optimisation and standardisation

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Deliver Client / Project Excellence

Enhance technical capability and accountability, foster innovation, monitor technologies, and prioritise high-quality work over high-risk work

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Sustainably Grow Core Markets

Focus on maintaining market position, developing client relationships, sustaining current growth for core clients and services whilst also monitoring new technologies and markets

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Outlook

• Strong long-term demand outlook for minerals and metals relevant to the ongoing energy transition will continue to attract capital to build global supply

• The Latin American market is poised to support this global demand for critical minerals, including copper, lithium, nickel and rare earths

• Demand for gold remains high, with production expected to increase as new projects and mine expansions become operational

• Demand for innovative engineering and delivery solutions continues to grow – business is well positioned, with modular and bespoke engineering capabilities residing across the company

• 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 emerging markets in support of the energy transition

• 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

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Kathleen Valley Lithium Project, Western Australia
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• Lycopodium’s expertise will remain sought after given the macro environment and other drivers

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Thank You www.lycopodium.com

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Disclaimer

Information in this presentation, including forecast financial information and forward-looking statements, should not be considered as a recommendation in relation to holding, purchasing or selling shares in Lycopodium Limited. This includes statements regarding the Company’s intent, goals, objectives, opinions, initiatives, commitments or expectations with respect to our business and operations, including market conditions. Any forward-looking statements are based on the Company’s current knowledge and assumptions, including with respect to its operations and operating environment, and on this basis, there is no assurance that any assumptions made will prove to be correct. While due care and attention has been used in the preparation of forecast information, actual results may vary from forecast and any variation may be materially positive or negative. Investors should seek their own independent professional advice.