MACARTHUR MINERALS LIMITED — Investor Presentation 2024

Mar 7, 2024

MARCH 2024

Macarthur Minerals Limited TSXV : MMS | ASX : MIO | OTCQB : MMSDF

Disclaimer

▪ This presentation (in this projected form in hard copy and as verbally presented) (collectively “Presentation”) is provided on the basis that neither Macarthur Minerals Limited ACN 103 011 436 (the “Company” or “Macarthur Minerals”), nor its officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisors make any representation or warranty (express or implied) as to the origin, validity, accuracy, reliability, relevance, currency or completeness of the material contained in the Presentation and no responsibility is taken for any errors or omissions. Nothing contained in the Presentation is, or may be relied upon as, a promise, representation or warranty, whether as to the past or the future. Macarthur Minerals excludes all warranties (including implied warranties) and all liability that can be excluded by law for any loss, claim, damage, cost or expense of any nature (including that arising from negligence) arising out of the Presentation (or any accompanying or other information) whatsoever, nor by reason of any reliance upon it. Macarthur Minerals accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this Presentation or any other information made available to a person or any obligation to furnish the person with any further information.

• This Presentation includes certain statements that may be considered “forward-looking information” within the meaning of applicable Canadian securities regulations and “forwarding-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). All statements in this Presentation (other than statements of historical facts) are forward-looking statements.

• The forward-looking statements contained in this document are made as of the date of this document. Except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or circumstances after the date of the Presentation, or to reflect the occurrence of unanticipated events.

▪ The forward-looking statements in this document reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. Where such statements expressly or impliedly relate to future events, expectations and/or belief as to future events or results, involve known and unknown risks and uncertainties such expectation or belief is expressed in good faith and is believed to have a reasonable basis.

▪ Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may vary or differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include prevailing and projected market prices, exploitation and exploration estimates and results, continued availability of capital and financing, and general economic, market or business conditions. Factors that could cause actual results to differ materially from those in forward-looking statements include fluctuations in exchange rates and certain commodity prices, uncertainties related to mineral title in the projects, unforeseen technology changes that results in a reduction in minerals demand or substitution by other minerals or materials, the discovery of new large low cost deposits of minerals and the general level of global economic activity. Readers are cautioned not to place undue reliance on forwardlooking statements due to the inherent uncertainty thereof.

▪ This Presentation references other corporations and provides certain information in relation to these corporations. All such information was obtained from the public record. The Company provides no assurances as to the accuracy or completeness of such information and readers are cautioned not to place any undue reliance on such information.

▪ Macarthur’s Western Australian interests consist of separate projects. Each project is distinct and will be developed at different times and therefore Macarthur records and discloses scientific and technical results separately. Any future economic viability of one project will not determine the outcome of the other. Projects are at the early stages of evaluation and although reasonable care has been taken to ensure that the facts stated in this Presentation are accurate and or that the opinions expressed are fair and reasonable, no reliance can be placed for any purpose whatsoever on the information contained in this document or on its completeness. Information provided relating to projected costs, capital expenditure, production profiles and timelines are expressions of judgment only and no assurances can be given that actual costs, production profiles or timelines will not differ materially from the estimates contained in this Presentation

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• Statements relating to resource estimates are expressions of judgment, based on knowledge and experience and may require revision based on actual production experience. Such estimates are necessarily imprecise and depend to some extent on statistical inferences and other assumptions, such as iron ore prices, cut-off grades and operating costs, which may prove to be inaccurate.

• All persons should seek appropriate professional advice in reviewing or considering the Presentation and all other information with respect to Macarthur Minerals and evaluating the business, financial performance and operations of Macarthur Minerals. Neither the provision of the Presentation nor any information contained in the Presentation or subsequently communicated to any person in connection with the Presentation is, or should be taken as, constituting the giving of investment or financial product advice to any person in respect of dealing in Macarthur Minerals securities, and no such information should be taken to constitute a recommendation or statement of opinion that is intended to influence a person in making a decision to deal in Macarthur Minerals securities.

• Some photos and pictures in this Presentation are for illustration purposes only and do not depict current Macarthur Minerals operations.

• This Presentation does not purport to contain all of the information that may be required to evaluate all of the factors that would be relevant in determining whether to deal in Macarthur Minerals securities, including but not limited to any person's objectives, financial situation or needs. Each person must not rely on the information provided but should make, and will be taken to have made, its own investigation, assessment and analysis of the information in this Presentation and other matters that may be relevant to it in considering whether to deal in Macarthur Minerals securities. The information contained in the Presentation is not intended to be an offer for subscription, invitation or recommendation with respect to the shares in any jurisdiction and neither this document nor its contents shall form the basis of any contract or commitment.

• Macarthur Minerals owns the copyright in this Presentation. No part of this Presentation may be shown or distributed to third parties or reproduced, stored or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without prior written permission of Macarthur Minerals. The distribution of the Presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions.

• The information in this presentation that relates to Mineral Resources is based on, and fairly reflects, information compiled by Mr. David Williams, a Competent Person, who is an employee of CSA Global Pty Ltd, a member of the ERM group of companies, and a Member of the Australian Institute of Geoscientists (#4176). Mr Williams has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). Mr Williams consents to the disclosure of information in the form and context in which it appears.

• The information in this presentation relating to Ore Reserves is based on information compiled by Stephen Craig, a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Craig is a full-time employee of Orelogy Consulting Pty Ltd. Mr. Craig has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). Mr Craig consents to the disclosure of information in the form and context in which it appears.

• The information in this presentation that relates to Nickel Exploration Results at its Lake Giles Project in Western Australia is based on information compiled by Macarthur and reviewed by Mr. Tom O’Malley who is a member of the Australian Institute of Geoscientists. Mr. O’Malley is self-employed, consulting to MIO and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. O’Malley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

• All amounts are in Australian dollars unless otherwise stated.

• This presentation has been authorized for release to the market by Macarthur Minerals Limited.

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Commercial-in-Confidence

Macarthur Minerals

Value Proposition

• Lake Giles Magnetite: The Lake Giles Iron Project is an advanced high-grade magnetite project that is well positioned among established iron ore projects and infrastructure.

• Lake Giles Hematite: Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe. Completed EPA approval received in 2012 and leases granted pre-native title in 2015. Extension permitting required.

• Lake Giles Nickel: Recent review on the nickel prospectivity has highlighted 150 drill holes with anomalous nickel over 2,000ppm. Less than 50% of drill samples were analysed for Ni.

• Strelley Gorge (Pilbara): Significant DSO quality samples taken from iron rich outcropping banded iron formation.

• *Iron Ore rights only.

• Tambourah North (Pilbara) : Previous drilling by Atlas Iron intersecting DSO grade iron ore in drillholes in the iron-rich BIF ridges.

*Iron Ore rights only.

• Infinity Mining: Largest share holder (21%) of the fast-moving Pilbara lithium, gold, copper, and base metals explorer.

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Macarthur Minerals Limited

TSXV : MMS | ASX : MIO | OTCQB : MMSDF

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^ As reported in ASX/TSXV news release dated 21 March 2022. Supporting NI43-101 Technical Report filed 11 April 2022.

^ As reported in ASX/TSX news release dated 9 May 2023

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Commercial-in-Confidence

Lake Giles Iron Project

An Advanced, World Class Asset

• Established Iron Ore Region: The Lake Giles Iron Project is a high grade magnetite project that is well positioned among established regional iron ore projects and infrastructure.

• Maiden Ore Reserve: Maiden Ore Reserve announced to the market on 21 March 2022.

• Feasibility Study: Feasibility Study completed and key outputs announced to the market on 21 March 2022.

• Advanced Project Approvals: Fully granted mining leases, no native title and cultural heritage issues on mining leases, environmental approvals to align with development schedule.

• Premium Product / Premium Price: High grade magnetite concentrate product will attract 66.1% Fe premium pricing.

• Product Offtake Secured : Binding 10-year offtake agreement with Glencore for up to 4 Mtpa with option to extend for a further 10 years.

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Macarthur Minerals Limited TSXV : MMS | ASX : MIO | OTCQB : MMSDF

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^ As reported in ASX/TSXV news release dated 21 March 2022. Supporting NI43-101 Technical Report filed 11 April 2022.

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Commercial-in-Confidence

Lake Giles Iron Project

Feasibility Study Highlights

• Production: completed for 3 Mtpa magnetite mining and processing operation. Announced to market on 11 April 2022.

• ▪ Production volume was driven by Macarthur's financial capabilities. The establishment of a strategic alliance with a financially robust partner could potentially unlock economies of scale through increased production.

• Mineral Reserve: 237 Mt Ore for a 25 year mine life.

• Product: Production of a high-grade magnetite concentrate targeting 66.1% Fe with minimal impurities suitable for pellet feedstock.

• Initial capital investment: USD569m (AUD801m) with mine pre-production capital of USD43.8m (AUD 66.1m).

• C1 operating costs of USD71.74/dmt (AUD 101.05/dmt)

• Positive project economics:

• Pre-tax NPV of USD 579m (AUD 816m)

• Post-tax NPV of USD 315m (AUD 443m)

• IRR of 13%

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Macarthur Minerals Limited TSXV : MMS | ASX : MIO | OTCQB : MMSDF

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Magnetite
Resources
does not include
Hematite
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^ As reported in ASX/TSXV news release dated 21 March 2022. Supporting NI43-101 Technical Report filed 11 April 2022.

Commercial-in-Confidence

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Macarthur Minerals Limited TSXV : MMS | ASX : MIO | OTCQB : MMSDF

Lake Giles Iron Project

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Green = Measured; cyan = Indicated; yellow = Inferred;
Moonshine
Opportunity for Upgrade
to Indicated/Measured
Moonshine North
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Resource Upside

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Measured Mineral Resource^ Indicated Mineral Resource^
(Moonshine [#)] (Moonshine [#] )
53.9 Mt 218.7 Mt
30.8% Fe head grade 27.5% Fe head grade
66.0% Fe concentrate grade 66.1% Fe concentrate grade
Inferred Mineral Resource^ Inferred Mineral Resource^
(All Other Deposits) (Moonshine [#] )
548 Mt 449.1 Mt
29.5% Fe head grade
27.1% Fe head grade
64.3% Fe concentrate grade
65.0% Fe concentrate grade
▪ Moonshine North: Opportunity to upgrade Moonshine North Inferred to
Measured/Indicated and Reserved to be included into the mine-plan. Moonshine North
has a higher Head Grade and DTR of 32.9% and 35.1%, compared to Moonshine 27.4%
and 30.6% respectively.
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• Additional targets: Further mineralised intercepts can be drilled out on Moonshine

• Hematite: Opportunity to include the Hematite mineralisation.

^ As reported in news release dated 12 August, 2020. Supporting NI43-101 Technical Report filed 1 October, 2020. # “Moonshine” includes Moonshine and Moonshine North.

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Commercial-in-Confidence

• "All Other Deposits" includes Sandalwood, Clark Hill North, Clark Hill South and Snark

Strelley Gorge Pilbara Fe

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Macarthur Minerals Limited

TSXV : MMS | ASX : MIO | OTCQB : MMSDF

• Location: Central Pilbara, ~100km South of Port Hedland, ~55km west of Marble Bar

• Neighbours: Immediately adjacent on the Western boundary is the Abydos iron ore deposit and mine previously operated by Atlas Iron. The Sandtrax deposit also owned by Atlas Iron and planned for development is also located on the northeastern boundary.

• Geology: ironstone sequence transgresses through the Northwest part of the tenement. Marker Chert interpreted to continue through the Magnetite Target area for ~1km.

• Geochemistry: Reconnaissance rock sampling completed on the ironstone returned several high iron grades (61.3% and 58.11%).

Sample ST003 grading 58.11% Fe

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Commercial-in-Confidence

Tambourah North

Pilbara Fe

• Location: The Tambourah North project is located south of Port Hedland and 7.5 km north of Infinity’s Tambourah South lithium project.

▪ Previous Drilling: In 2012, Atlas Iron drilled 26 RC holes in the northern area of the tenement over 400m of strike intersecting DSO quality goethite and goethitic hematite.

▪ Geology: Prospect within the Pincunah Banded-Iron Member which hosts the nearby Ibanez, Fender and Dalton deposits.

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Macarthur Minerals Limited TSXV : MMS | ASX : MIO | OTCQB : MMSDF

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^28 September 2012, Mt Webber Project, Annual Technical Report, Atlas Iron Ltd, CR703

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Commercial-in-Confidence

Infinity Mining

Fast Moving Pilbara Explorer

Macarthur holds 21.1% of the issued equity and is the largest shareholder in Infinity.

• Focus: Infinity Mining’s focus is to target and explore gold, copper, lithium, and base metals, developing its Pilbara and Central Goldfields tenements into world class mining projects.

• Large Footprint: Growing portfolio of ~700km[2] in the East Pilbara across greenstone units adjacent to Split Rock Suite younger granites, with more acquisitions in the pipeline.

• Fast Moving: Completed Geological Mapping, Geochemical Sampling, Helicopter-EM (VTEM) Survey, and Drilling across 4 Projects within the last 12 months.

• Forward Plan: Abundance of upcoming news flow:

• Release results from the RC drilling program completed at Tambourah South, which tested the highest priority lithium-bearing pegmatites.

• Plan following up drilling programs at Tambourah South.

• Interpret 2022 VTEM and 2018 SkyTEM datasets, to identify and prioritise conductive targets.

• Maiden JORC Inferred Gold Resource estimate 63,000 ounces Au in the Goldfields Projects.

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Macarthur Minerals Limited TSXV : MMS | ASX : MIO | OTCQB : MMSDF

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^ As reported in ASX IMI news release dated 30 January 2023 ^ As reported in ASX IMI news release dated 16 January 2024

Commercial-in-Confidence

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Macarthur Minerals Limited

TSXV : MMS | ASX : MIO | OTCQB : MMSDF

Competent / Qualified Person Statement

Mineral Resources:

▪ The information in this presentation that relates to Mineral Resources is based on, and fairly reflects, information compiled by Mr. David Williams, a Competent Person, who is an employee of CSA Global Pty Ltd, a member of the ERM group of companies, and a Member of the Australian Institute of Geoscientists (#4176). Mr Williams has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). Mr Williams consents to the disclosure of information in the form and context in which it appears.

Ore Reserves:

▪ The information in this report relating to Ore Reserves is based on information compiled by Stephen Craig, a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Craig is a full-time employee of Orelogy Consulting Pty Ltd. Mr. Craig has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). Mr Craig consents to the disclosure of information in the form and context in which it appears.

JORC Reporting Tables

▪ The Mineral Resource and Ore Reserve estimates presented herein have previously been released to the ASX on March 21, 2022, including supporting JORC reporting tables. Unless explicitly stated, no new information is contained in accordance with Table 1 checklist in the JORC Code. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of Mineral Resources and Mineral Reserves that all assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

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Commercial-in-Confidence

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Macarthur Minerals Limited TSXV : MMS | ASX : MIO | OTCQB : MMSDF

Macarthur Minerals Limited Walk with us and discover something big

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Commercial-in-Confidence