METALSGROVE MINING LTD — AGM Information 2025

Nov 18, 2025

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metalsgrove.com.au
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MetalsGrove Mining Limited ASX | MGA

METALSGROVE BUILDS HIGHLY PROSPECTIVE GOLD EXPLORATION ASSET IN CÔTÉ D'IVOIRE AGM PRESENTATION

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Disclaimer

GENERAL INFORMATION ONLY

This presentation contains general background information and summary information about MetalsGrove Mining Limited (ACN 655 643 039) (“ MetalsGrove ”) and its activities as at the date of this presentation.

DISCLAIMER

None of the members of MetalsGrove or MetalsGrove’s respective advisors, affiliates, related bodies corporate, directors, officers, partners, consultants, employees or agents (“ Other Persons ”) have authorised, permitted or caused the issue, submission, dispatch or provision of this presentation and none of them makes or purports to make any statement in this presentation. To the maximum extent permitted by law, MetalsGrove and the Other Persons expressly exclude and disclaim all liability, including without limitation for fault or negligence on the part of any person, or for any expenses, losses, damages or costs incurred as a result of the use of this presentation or its contents and the information in this presentation being inaccurate or incomplete in any way for any reasons, whether by negligence or otherwise.

To the maximum extent permitted by law, each of MetalsGrove and the Other Persons make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of all or any part of this document, or any constituent or associated presentation, information or material, or the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects of returns contained in or implied by, the information in this presentation or any part of it. Except as required by an applicable law or regulation, neither MetalsGrove nor the Other Persons have any obligation to provide any additional or updated information, whether as a consequence of new information, future events or results or otherwise. The information in this presentation is strictly confidential It may not be disclosed, reproduced, disseminated, quoted or referred to, in whole or in part, without the express written consent of MetalsGrove.

NOT INVESTMENT ADVICE

This presentation is not a financial product nor investment advice or a recommendation to acquire securities in MetalsGrove (nor does it, or will it, form part of any contract to acquire securities in MetalsGrove). It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making any investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice.

NOT AN OFFER

This presentation and its contents are not an invitation, offer, solicitation or recommendation with respect to the purchase or sale of any securities in the Company in any jurisdiction and must not be distributed, transmitted, or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction.

This presentation is not a prospectus or any other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law.

PAST PERFORMANCE

Past performance is not necessarily indicative of future results and no person guarantees the performance of any financial product or service or the amount or timing of any future return from it. There can be no assurance that the financial product or service will achieve any targeted return, that asset allocations will be met or that the financial product or service will be able to implement its investment strategy and investment approach or achieve its investment objective.

FORWARD LOOKING STATEMENT

This presentation contains forward looking statements concerning the projects owned by MetalsGrove. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward looking statements are not statements of historical fact and actual events and results may differ materially from those described in the management’s beliefs, opinions and estimates should change or to reflect other future developments. Data and amounts shown in this presentation relating to capital costs, operating costs and project timelines are internally generated best estimates only. All such information and data is currently under review as part of MetalsGrove’s ongoing development and feasibility studies. Accordingly, MetalsGrove cannot guarantee the accuracy and/or completeness of the figures or data included in the presentation until the feasibility studies are completed.

COMPETENT PERSON STATEMENT

The information in this presentation that relates to Exploration Results is based on information compiled by Mr. Robert Perring who is a Member of the Australia Institute of Geologists. Mr Perring is Exploration Manager of MetalsGrove Mining Limited and has sufficient experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “ Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ”. Mr Perring consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

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Côte d’Ivoire – The Best Gold Mining Investment Destination in West Africa

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• Located in West Africa, shares borders with Liberia and Guinea to the west, Mali and Burkina Faso to the north and Ghana to the east.

• A mature and stable democracy, with continued leadership under the same President, makes Côte d’Ivoire an attractive destination for foreign investment in West Africa.

• Good infrastructure base, surplus energy supply and well educated population.

• Modern mining regulations & favorable tax policies ：

• Exploration licence validity 4+3+3 years, 400 km[2] maximum size.

• The state owns the right to be granted a 10% FCI in the Mining License.

• Gold royalty 3% if gold price below USD$1,000/oz to 6% if above $2,000/oz.

• Corporate and Capital Gains Taxes : 25%; VAT and Duty exemptions apply to exploration and mining licences.

• 5-year exemption for corporate income tax and annual minimum tax for miners.

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Côté d’Ivoire: Emerging Frontier for Gold Exploration

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• West African craton world’s largest Proterozoic gold producing region.

• Numerous prolific Birimian greenstone belts extend through Ghana, Burkina Faso, Mali and Côté d'Ivoire.

• The most signifiant gold discoveries include: Obuasi 60Moz,Tarkwa 25Moz,Mana 7.8Moz, Siguiri 13.3Moz .

• Côte d’Ivoire hosts 35% of West Africa’s Birimian greenstone but only 7% of gold produced in the region over the past decade*.

• Côté d'Ivoire remains vastly underexplored – a new frontier for worldclass discoveries.

*Source: https://www.koboresources.com/contentFiles/files/Kobo_CorporatePresentation_Feb24_Final.pdf

Highly Prospective Gold Exploration Asset Built

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• MGA has built a significant project portfolio through joint venture (JV) of three gold permits covering over 920 km[2] of highly prospective Birimian greenstone belts.

Permit Name	Permit ID	Area (Km2)
Vavoua	PR-454	378.25
Kounahiri West	PR-1063	338.48
Vavoua West	0544DMICM31/03/2022	203.33
In Total		920.06

• strategically situated along the Abujar–Napié gold trend within the Oumé–Fetekro Birimian greenstone belt .

• Similar geological formations, complex structures, and widespread artisanal mining indicate strong gold mineralisation potential.

• Well established infrastructure with bitumen road from Abidjan to permit area (4.5hr drive) and gravel road within the area.

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Highly Prospective Gold Exploration JV Assets Acquired

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• 3 gold exploration JV permits acquired in central west Ivory Coast.

  • Kounahiri West Permit ： 338 km[2]

  • Vavoua Permit ： 378 km[2]

  • Vavoua West Permit ： 203 km[2]

• 100 km NE of the Abujar gold project

• (3.8Moz) along the same prospective greenstone belt.

• 50+ km high prospective fault/shear

• structures.

• The permits are in greenstone comprised

of a mixed volcanic and metasediment

. sequence intruded by granite

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Vavoua and Vavoua West Permits

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• Source of Auger result: Ricca Resources Limited Financial Report for half year ending 31 December 2021

• Vavoua and Vavoua West Permits lie 60 km to 90 km NE of Abujar (3.8 Moz) gold mine and 378 km[2] and 203 km[2] separately.

• Immediately south of a neighbor's permit where auger sampling* has defined a gold trend that highly likely extends into the Vavoua West and Vavoua permits.

• Structural complexity within the Vavoua West and Vavoua permits, where the exhibits a aeromagnetics favorable low-strain pressure shadow on the nose of a granite intrusion.

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Kounahiri West Permit

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• Source of lag chemistry : African Gold Limited Annual Report 2023

• Kounahiri West permit lies between 110 km and 140 km NE of the Abujar (3.8 Moz) gold mine and covered 338 km[2] of highly prospective greenstone-granite terrane.

• The imaged aeromagnetic data highlights favourable structural complexity and multiple interpreted pressure shadows and low-strain zones that define immediate exploration target areas. • Highly anomalous gold geochemistry (>1 ppm) Au has been reported in LAG samples* immediately west on neighbour’s permit. • Artisanal activities identified within the Kounahiri West permit in the same general area.

Abujar Gold Mine (3.8 Moz) - on Same Structure as MGA Permits

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Source of maps ： Tiette Minerals,RIU Explorers Conference 2024 presentation,14 February2024 Tiette Minerals ASX announcement,20 January 2022

Napié Gold Project (0.9M) – on Same Structure as MGA Permits

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Source of maps ： Aurum Resources, ASX announcement,10 September 2025

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Corporate Snapshot

CAPITAL STRUCTURE

Share Price (17/11/2025) 6.5c 52 Week Range 4.3c-9.3c Total Number of Shares on Issue 105.4m Market Capitalisation A$6.85m Cash Balance (30 September 2025) A$1.03m

TOP 5 SHAREHOLDERS
at 17 November 2025
Bright Element	13.55%
Mrs Hui An	10.43%
Fountain Stream (Director related)	9.49%
BNP Paribas Nominees Pty Ltd	7.99%
LJY Capital Pty Ltd (Director related)	5.93%
Total	47.39%

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Experienced Board and Executives

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Haidong Chi

Peter Ledwidge

Lijun Yang

Luke Huang

Non-Executive Chair

Managing Director and CEO

Non-Executive Director

Non-Executive Director

Peter is a geologist with over 35 years’ experience in exploration, mining and corporate activities and with over 15 years working on projects in West Africa. Mr. Ledwidge was the founder and Managing Director of ASX-listed Mako Gold.

Lijun is a corporate geologist with 20 years of professional experience in mineral exploration, fundraising, mining investment and corporate activities. Mr Yang is a Member of the Australian Association of Geologists (MAIG) and a member of the World Society of Economic Geologists (MSEG).

Extensive experience in the commodity trading markets for the past 20 years. He also holds a Master’s degree in Business Administration (MBA) from Peking University.

Mr Huang has a solid background in economics and finance, demonstrated by his leadership as the Managing Director at Hermit Investment.

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Colin Carson

Robert Perring Exploration Manager

Rebecca Broughton

CFO and Company Secretary

Business Development Consultant

Rob is a gold and copper exploration geologist who has spent the past 18 years focused on securing discovery opportunities in northern Africa and the Middle East. For the past years, he has planned and executed exploration field programs in the highly productive, gold-bearing terrains of Côte d'Ivoire. Prior to this, he was Director of Exploration for Newmont Australia.

Rebecca is a Chartered Accountant with more than 20 years experience in both public practice and commerce, with significant focus in the resources sector. Ms Broughton has extensive experience focusing on the start-up, restructuring, management, growth and financing of emerging publicly listed exploration and mining companies across multiple jurisdictions.

Colin has acted as a director and company secretary of ASX listed exploration companies operating in West and East Africa, Australia and Asia for over 30 years, and was an executive director of Perseus Mining Limited from its incorporation in 2003 until 2020. Colin has had extensive interaction with West African governments and mining associations on issues surrounding mining and tax laws.

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Appendix

Gemica JV Terms

Agreement		Vavoua	Vavoua	Vavoua West	Vavoua West	Kounahiri West	Kounahiri West
Joint venture party		GEMICA		GEMICA		GEMICA
Permit		PR454: Under Application		0544DMICM31/03/2022: Under application		0PR1063: Under Application
Registered permit holder		GEMICA		GEMICA		GEMICA
Annual expenditure due by		Grant anniversary date		N/A – no time commitments		N/A – no time commitments
Accounting of expenditure contributions		All expenditure shall be treated as an interest free loan on the funders’ books		All expenditure shall be treated as an interest free loan on the funders’ books		All expenditure shall be treated as an interest free loan on the funders’ books
Minimum annual expenditure requirements (cumulative)		Amount	JV Interests (assuming earn-in met)	Amount	JV Interests (assuming earn-in met)	Amount	JV Interests (assuming earn-in met)
Expenditure Timing		A$200,000 (80M FCFA)	MGA: 40%; GEMICA: 60%	A$125,000 (50 million FCFA) minimum expenditure required before MGA can withdraw from the agreement.	MGA: 90% GEMICA: 10%	A$125,000 (50 million FCFA) minimum expenditure required before MGA can withdraw from the agreement.	MGA: 90% GEMICA: 10%
		A$425,000 (170M FCFA)	MGA: 60%; GEMICA: 40%
		A$750,000 (300M FCFA)	MGA: 80%; GEMICA: 20%
Maximum JV interest following earn-in		80% participating		90% participating (upon grant of permit)		90% participating (upon grant of permit)
MGA’s rights and obligations		GEMICA grants MGA the right to access the permit, direct exploration activities and direct development and mining operations on the permit at MGA’s sole discretion. MGA shall consult with GEMICA on exploration programmes and budgets but shall have the sole and exclusive right to develop those programmes set budgets and approve orders.		GEMICA grants MGA the right to access the permit, direct exploration activities and direct development and mining operations on the permit at MGA’s sole discretion. MGA shall consult with GEMICA on exploration programmes and budgets but shall have the sole and exclusive right to develop those programmes set budgets and approve orders.		GEMICA grants MGA the right to access the permit, direct exploration activities and direct development and mining operations on the permit at MGA’s sole discretion. MGA shall consult with GEMICA on exploration programmes and budgets but shall have the sole and exclusive right to develop those programmes set budgets and approve orders.
Sole funding		During the term of the agreement, MGA shall solely be responsible for financing exploration, development and operations on the permit.		During the term of the agreement, MGA shall solely be responsible for financing exploration, development and operations on the permit.		During the term of the agreement, MGA shall solely be responsible for financing exploration, development and operations on the permit.
Creation of NewCo		At any time following MGA having earned an 80% interest, MGA may require that the joint venturers incorporate a new joint venture company (Newco) as an Ivorian SPV having its sole corporate purpose as the exploration and development of the permit. The parties will enter into a shareholders’ agreement in respect of NewCo to more fully document the governance and operations of NewCo.		At any time MGA may require that the joint venturers incorporate a new joint venture company (Newco) as an Ivorian SPV having its sole corporate purpose as the exploration and development of the permit. The parties will enter into a shareholders’ agreement in respect of NewCo to more fully document the governance and operations of NewCo.		At any time MGA may require that the joint venturers incorporate a new joint venture company (Newco) as an Ivorian SPV having its sole corporate purpose as the exploration and development of the permit. The parties will enter into a shareholders’ agreement in respect of NewCo to more fully document the governance and operations of NewCo.
Option to acquire additional interest		At any time within 60 days of lodgement of the first application for an exploitation permit in relation to a deposit on the permit, MGA may acquire a further 10% participating interest (either by acquiring the interest of GEMICA or, if NewCo has been incorporated, by acquiring GEMICA’s interest in NewCo) for a total of $2,100,000 (840M FCFA)		At any time within 60 days of lodgement of the first application for an exploitation permit in relation to a deposit on the permit, MGA may acquire a further 5% participating interest (either by acquiring the interest of GEMICA or, if NewCo has been incorporated, by acquiring GEMICA’s interest in NewCo) for a total of $1,050,000 (420M FCFA).		At any time within 60 days of lodgement of the first application for an exploitation permit in relation to a deposit on the permit, MGA may acquire a further 5% participating interest (either by acquiring the interest of GEMICA or, if NewCo has been incorporated, by acquiring GEMICA’s interest in NewCo) for a total of $1,050,000 (420M FCFA).

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Contact

Lijun Yang

Managing Director

E: lijuny@metalsgrove.com.au

T: +61 8 9380 6789

Address

Level 2

389 Oxford Street Mount Hawthorn, WA 6016

metalsgrove.com.au