MINERAL COMMODITIES LTD — AGM Information 2020

Jul 29, 2020

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ASX: MRC
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ASX RELEASE
30 July 2020
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AGM PRESENTATION

Mineral Commodities Ltd provides the attached Presentation to be presented to shareholders attending the Annual General Meeting (AGM) today, set to commence at 3.00pm Perth WST.

- ENDS -

Issued by Mineral Commodities Ltd ACN 008 478 653 www.mineralcommodities.com. Authorised by the Executive Chairman and Company Secretary, Mineral Commodities Ltd.

For inquiries, please contact:

INVESTORS & MEDIA Peter Fox Investor Relations and Corporate Development T: +61 8 6253 1100 investor@mncom.com.au

CORPORATE Peter Torre Company Secretary T: +61 8 6253 1100 peter@torrecorporate.com.au

About Mineral Commodities Ltd

Mineral Commodities Ltd (ASX: MRC) is a global mining and development company with a primary focus on the development of high-grade mineral deposits within the industrial and battery minerals sectors.

The Company is a leading producer of zircon, rutile, garnet and ilmenite concentrates through its Tormin Mineral Sands Operation, located on the Western Cape of South Africa. In October 2019, the Company completed the acquisition of Skaland Graphite AS, the owner of the world’s highest-grade operating flake graphite mine and one of the only producers in Europe. The planned development of the Munglinup Graphite Project, located in Western Australia, builds on the Skaland acquisition and is a further step toward an integrated, downstream value-adding strategy which aims to capitalise on the fastgrowing demand for sustainably manufactured lithium-ion batteries.

T: +61 8 6253 1100 PO Box 235 WELSHPOOL DC WA 6986

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

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Annual General Meeting

July 2020

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Cautionary Statements

This document has been prepared by Mineral Commodities Ltd (“MRC” or “the Company”) and comprises written materials/slides for a presentation concerning MRC. This is not a prospectus, disclosure document or offering document.

This document is for information purposes only and does not constitute or form part of any offer or invitation to acquire, sell or otherwise dispose of, or issue, or any solicitation of any offer to sell or otherwise dispose of, purchase or subscribe for, any securities, nor does it constitute investment advice, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.

Certain statements in this presentation are forward-looking statements. You can identify these statements by the fact that they use words such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “target”, “may”, “assume” and words of similar import. These forward-looking statements speak only as at the date of this presentation. These statements are based on current expectations and beliefs and, by their nature, are subject to a number of known and unknown risks and uncertainties that could cause the actual results, performances and achievements to differ materially from any expected future results, performance or achievements expressed or implied by such forwardlooking statements. No representation, warranty or assurance (express or implied) is given or made by MRC that the forward looking statements contained in this presentation are accurate, complete, reliable or adequate or that they will be achieved or prove to be correct. Except for any statutory liability which cannot be excluded, each of MRC, its related companies and the respective officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the forward looking statements and exclude all liability whatsoever (including negligence) for any director in direct loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from.

Subject to any continuing obligation under applicable laws or any relevant listing rules of the ASX, MRC disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in these materials to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any statement is based.

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Nothing in these materials shall under any circumstances create an implication that there has been no change in the affairs of MRC since the date of this presentation.

The information, if any, in this presentation which relates to Exploration Results, Mineral Resources or Ore Reserves for Tormin is based on information compiled by Mr Bahman Rashidi, who is a member of the Australian Institute of Mining and Metallurgy (“AusIMM”) and the Australian Institute of Geoscientists (“AIG”). Mr Rashidi is Exploration Manager and a full-time employee of the Company and has over 22 years of exploration and mining experience in a variety of mineral deposits and styles. Mr Rashidi has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code (2012)”). The information from Mr Bahman Rashidi was prepared under the JORC Code (2012). Mr Rashidi consents to inclusion in the presentation of the matters based on this information in the form and context in which it appears

The information, if any, in this presentation which relates to Mineral Resources for Munglinup is based on information compiled by Mr Chris De Vitry who is a member of the AusIMM and an independent consultant to the Company. Mr De Vitry is the Director and Principal Geologist of Manna Hill GeoConsulting Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined by the JORC Code (2012). The information from Mr De Vitry was prepared under the JORC Code (2012). Mr De Vitry consents to inclusion in the presentation of the matters based on this information in the form and context in which it appears.

The information, if any, in this presentation which relates to the Ore Reserve for Munglinup is based on information compiled by Mr Daniel Hastings, who is a Member of the AusIMM. Mr Hastings is an employee of Hastings Bell Pty Ltd and a consultant to the Company. Mr Hastings has sufficient experience relevant to the type of deposit under consideration to qualify as a Competent

Person as defined by the JORC Code (2012). Mr Hastings consents to inclusion in the presentation of the matters based on this information in the form and context in which it appears.

The information, if any, in this presentation which relates to Exploration Results, Mineral Resources or Ore Reserves for Xolobeni is based on information compiled by Mr Allen Maynard, who is a member of the AIG, a corporate member of the AusIMM and independent consultant to the Company. Mr Maynard is the Director and Principal Geologist of Al Maynard & Associates Pty Ltd and has over 38 years of exploration and mining experience in a variety of mineral deposit styles. Mr Maynard 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 2004 Edition of the Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves (“JORC Code (2004)”). This information was prepared and first disclosed under the JORC Code (2004). It has not been updated to comply with the JORC Code (2012) on the basis that the information has not materially changed since it was last reported. Mr Maynard consents to inclusion in the presentation of the matters based on this information in the form and context in which it appears.

The information if any in this presentation which relates to Skaland Mineral Resources is based on information compiled by Mr Ché Osmond, who is a Chartered Geologist (CGeol) of Geological Society of London and Fellow of the Geological Society (FGS) a Recognised Professional Organisation (RPO). Mr Osmond is Technical Director of Wardell Armstrong International, and an independent consultant to the Company. Mr Osmond 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 by the JORC Code (2012). Mr Osmond consents to inclusion in the presentation of the matters based on this information in the form and context in which it appears.

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MINERAL COMMODITIES GLOBAL OVERVIEW

Skaland

Flake Graphite Production – 10ktpa Flake Graphite Concentrate Skaland MRE: 1.78Mt @ 22% TGC Tormin Mineral Sands Production - 2.6Mtpa Processing facility producing: garnet, ilmenite, zircon and rutile concentrates

Xolobeni - Mineral Sands Development JORC Compliant Resource 346Mt @ 5% THM

Perth Corporate Headquarters

“With the acquisition of Skaland, MRC now operates two production centres, Tormin and Skaland, while advancing development at Munglinup and progressing ongoing downstream graphite studies from Perth ”

Munglinup

Graphite Development Ore Reserve (Probable) of 4.24Mt at 12.8% TGC supporting mine life of 14 years with anticipated production of ~52ktpa of >95% purity graphite concentrate. Mineralisation open in all directions

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GROUP SAFETY PERFORMANCE

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2018 2019 0 0 Three month rolling Total Recordable Injury Frequency Rate at year end

1.9 million working hours since last Lost Time Injury incident across both operations

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TORMIN

South Africa, one of the highest grade mineral sands operations in the world

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ZAR8.25 million

Spent on Historically Disadvantaged South Africans Social Labour Plan, including bursaries, scholarships, traineeships, apprenticeships, adult basic education programs.

Nuwerus High School Hostels will accommodate 60 more learners from neighboring settlements. The total value committed to this project was ZAR2.1 million.

224 high school learners participating in the Company-sponsored Maths & Science Spring School during October and November.

BEE preferential procurement expenditure in 2019 was ZAR254 million, exceeding all targets set under the South African Mining Charter.

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TORMIN PERFORMANCE

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2.7MTPA HIGH GRADE INFERRED RESOURCE TOTAL EBITDA DISTRIBUTED
PROCESSING PLACER BEACH 2.4MT @8.68% THM [1] US$87.3M [2] AU$21,839,358
FACILITY DEPOSIT NPAT US$ 49.3M [2]
14 60% $70 $8
$7
12 $60
50%
$6
10 $50
40%
$5
8 $40
30% $4
6 $30
$3
20%
4
$20
$2
10%
2
$10
$1
0 0% $8.2 $17.9 $10.9 $19.1 $14.7 $16.5
$M$0 $M$0
2014 2015 2016 2017 2018 2019
2014 2015 2016 2017 2018 2019
Cumulative Mined Material Mined
Indicated Resources Grade HM % Revenue USD EBITDA USD Gross Dividend AUD
Million Tonnes
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1- ASX Release MRC Annual Tormin Resource Update - 28/02/2020

2- Cumulative as end of FY 2019

	FINANCIALPERFORMANCE Full Year Highlights
	31-Dec-19 31-Dec-18 US$ Variance % Revenue 61,783,570 12% EBITDA 16,483,385 12% Profit before income tax 11,867,343 14% Profit after income tax 7,828,231 -11% Diluted earnings per share 1.85 -11% Dividends paid(AUD) 5,474,790 - Operating Cashflow 13,269,945 -8% Cash 8,092,614 -35% Net Assets 45,988,549 9%
	9 Presented By: 9

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TORMIN - PRODUCTION & SALES
Production and Sales Performance FY2019
MINING PRODUCTION TONNTONNES MINED / PROCESS E DS CONCENTRATE TONNES PRODUCED [(1)] CONCENTRATE TONNES SOLD [(2)]
3,000,000 300,000 250,000
250,000
200,000
200,000
150,000 150,000
2,500,000
100,000
100,000
50,000
0 50,000
2,000,000 Garnet Ilmenite Zircon/Rutile 0
concentrate concentrate concentrate
Zircon/Rutile Ilmenite Garnet
(net) (net)
concentrate concentrate concentrate
1,500,000 HEAVY MINERAL GRADE REVENUE BY CONCENTRATE
14%
$60
12%
1,000,000
$50
10%
$40
8%
$30
500,000 6%
$20
4%
$10
2%
0
$0
Mining PBC Tonnes SCP/GSP (3) 0% 2019 2018
Production Tonnes Garnet Ilmenite Zircon Non-mags Ilmenite Garnet
(1) Dry Metric Tonnes
1010
(2) Wet Metric Tonnes FY 2019 FY 2018
(3) Includes 151,031 of garnet re-feed
278,205 108,630
216,616 213,150 213,281
49,937
179,057
9,939 16,996
2,650,099
2,509,978 10,444 17,968 106,750
2,433,801
2,400,341
12.55%
7.53%
858,631
Millions
589,473 3.14%
1.81%
0.42% 0.55%
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TORMIN KEY EXPANSION PERMITTING
Section 102 - Northern Beaches Extension & Inland Strand
Northern Beaches - additional ~23k.5m of replenishable
-
placer deposits JORC 2.5Mt @ 23.5%
THM [1]
Beach 10
Beach 7 Beach 5
Northern Beaches
Inland Strand – 5.6km of highly prospective HMS deposits
adjacent to the existing mining operations on Company
owned farmland
Beach
Beach Beach Tormin Plant
10
7 5
Northern Beaches
Current Beaches
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1 – ASX Announcement: TORMIN NORTHERN BEACH HIGH GRADE MAIDEN RESOURCE- 19 May 20
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Hole L28-6) 7m @ 65.2% THM [2]
STRAND
Hole L27-4) 5m @ 73.1% THM [2]
JORC Resource COMING AUGUST 2020 [[1&2]]
Hole L26-5) 5m @ 68.6% THM [2]
Hole L11)
S102 Mining Right
Boundary
Hole L6
Hole L30-7) 13m @ 51.2% THM [2]
Hole L30-8) 17m @ 45.5% THM [2]
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TORMIN INLAND STRAND

High-grade Inland Strand at Tormin JORC Resource COMING AUGUST 2020[[1&2]]

Notable drillholes from the resource definition drilling located only 200 metres north of the current Tormin Processing Plant (all from surface) include:[1]

• Hole L11-11 4m @ 61.3% THM and 7m @ 49.9% THM from 10m

• Hole L11-12 5m @ 62.5% THM and 8m @ 48.5% THM from 11m

• Hole L11-13 6m @ 58.8% THM from 12m  Hole L11-8 7m @ 43.29% THM from 9m

600 metres south of the current Tormin Processing Plant (all from surface) include:[1]  Hole L6-4 2m @ 57.41% THM from 7m  Hole L6-5 3m @ 53.11% THM from 6m

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• 2- ASX release : HIGH-GRADE MINERALISATION CONTINUES AT INLAND STRAND – 7 July 20

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1 – ASX Release: TORMIN NORTHERN BEACH HIGH GRADE MAIDEN RESOURCE- 19 May 20

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OLD OLIFANTS RIVER HMS STRANDLINE

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Aeolian Sand Dorbank Calcrete Strandline

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INVESTING IN EXPANSION

Permitting underpins phased expansion at Tormin

Section 102 Expansion – Northern Beaches & Inland Strand Mining Areas

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Phase 1 – H2 2020
• 2020F
Targeting Mining and Processing of
Northern Beaches/Inland Strand
deposits from Q3 2020 3
•
Targeting JORC compliant 2.5
resource
- Inland Strand - August 2
Phase 2 – H1 2021 1.5
• Construction of new Primary 1
Concentration Plant
0.5
•
Front End Feed System, Crushing
Circuit, Thickener Mtpa0
Production JORC
Phase 3 – H1 2024 Mining Area Mtpa Resource THM
Tormin Beach .660 Yes 8.7%
•
Mineral Separation Plant Northern
.890 Yes 23.5%
Beaches
Inland Strand .840 Yes ?
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											Section 102 approved
			2020F								processing expansion developments include:
	3								•		Connection to grid power via
	2.5										nearby Eskom renewable win farm
	2
	1.5								•		Relocation of existing Primar Beach Concentrator unit to th
	1										Northern Beaches Mining are
	0.5								•		Construction of a new Prima
											Concentration unit with front
	0 Mtpa										feed system and crushing cir
											to provide capacity of 4Mtpa1
	Mining Area Tormin Beach Northern Beaches			Production Mtpa .660 .890	JORC Resource Yes Yes		THM 8.7% 23.5%		•		Construction of a Magnetic Separation Plant to make finished ilmenite, garnet and
	Inland Strand			.840		Yes	?				rutile products to provide
											capacity of 350ktpa1

• Connection to grid power via nearby Eskom renewable wind farm

• Relocation of existing Primary Beach Concentrator unit to the Northern Beaches Mining areas

Construction of a new Primary Concentration unit with front end feed system and crushing circuit to provide capacity of 4Mtpa[1]

1- These present expected capacity only and does not represent actual annual production guidance. Specific annual production guidance will be provided on a quarter and annual basis.

Capital Costs

Modest CapEx estimate based on existing infrastructure:

• Redevelopment of existing road access (Northern Beaches)

• Relocation/construction of Beach Concentrator

• Construction of new Primary Concentration Plant

Operating Costs

Ability to reduce OpEx by reducing power and shipping cost:

• Replace diesel power generation with Eskom Power grid connection

• Road transport via truck to port changed with rail solution to Saldanha Port

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Refer to ASX release - MRC GRANTED APPROVALS TO EXPAND MINING AND PROCESSING AT TORMIN 2 July

SKALAND

Unlocking MRC’s Emerging Graphite Strategy

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SKALAND GRAPHITE

Largest flake graphite producer in Europe and the highest grade flake graphite mine in the world

Presently the world’s highest grade operating flake graphite mine with mill feed grade averaging around 28%C

Skaland is the largest flake graphite producer in Europe and fourth largest producer globally outside China

• Current production ~ 10Ktpa of graphite concentrate accounts for ~2% of global annual natural flake graphite production

• Ore grades of 25%-33%C delivered to the plant

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• Fully permitted operation allows for expansion to 16Kpta production

• Low-cost hydro power allows for expansion of operations and downstream processing

• Plant currently operates at 60% capacity. An increase to 85% utilisation rate will increase production to 15-16kpta

• Opportunity to improve current flowsheet to produce high grade, high value product. Initial testwork resulted in upgrading to 96%-99% TGC with additional attritioning and flotation

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SKALAND - PRODUCTION & SALES Production and Sales Performance FY 2019 – MRC took operational control of Skaland Graphite AS on 1 October 2019	SKALAND - PRODUCTION & SALES Production and Sales Performance FY 2019 – MRC took operational control of Skaland Graphite AS on 1 October 2019	SKALAND - PRODUCTION & SALES Production and Sales Performance FY 2019 – MRC took operational control of Skaland Graphite AS on 1 October 2019	SKALAND - PRODUCTION & SALES Production and Sales Performance FY 2019 – MRC took operational control of Skaland Graphite AS on 1 October 2019
	Processing	Dec-19 Quarter	Acquisition to 31- Dec-19
	Ore Processed	10,112	37,088
	Throughput (tph)	6.9	7.8
	Ore Grade (%C)	28.4	26.1
	C Recovery (%)	93.3	91.7
	Concentrate Grade (%)	90.7	91.2
	Concentrate Produced (t)	2,945	9,780
18 1- US$/dmt of net final concentrate produced 2- US$/wmt of net final concentrate sold 3- US$/wmt of final concentrate sold

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PROCESSING OPPORTUNITY

Concentrate Grade and Flake Size Distribution – the opportunity to add value

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Completed Maiden Resource
Increased flake size distribution
(43% Coarse/Medium from 36%)
Concentrate Optimisation -
Addition of 4 [th] regrind &
cleaner stage, and
optimisation of existing plant.
Installed Q1 2021
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Maiden JORC Resource[1]

Total Mineral Resources for the Trælen Graphite Deposit (10% cut-off grade)

Classification	Tonnes Kt	Total Graphitic Carbon (TGC)	Tonnes Contained Graphite Kt
Indicated	409	26%	106
Inferred	1,376	21%	291
Total1	1,785	22%	397

75% of the total contained tonnes reporting at 25% TGC at a 20% cut-off

Testwork on Skaland Fines Concentrate Sample

• -150 micron Skaland concentrate @ 87% C production sample used

Additional milling and polishing in pilot scale testwork resulted in upgrading to

97%-98% C

Very high grade feed suitable for downstream value-adding

Pilot testwork finalised and equipment procurement underway

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1- ASX Release: MAIDEN JORC RESOURCE ESTIMATION FOR THE SKALAND GRAPHITE PROJECT 12 March 2020

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2020 MUNGLINUP GRAPHITE PROJECT | DEFINITIVE FEASIBILITY STUDY OUTCOMES[(2) ]

MUNGLINUP GRAPHITE PROJECT

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High grade mineral resource

• Definitive Feasibility Study (“DFS”) completed in January 2020 outlining a robust and economically justifiable project

• Ore Reserve of 7.9Mt at 12.2% TGC (10% cut-off) with mineralisation open in all directions[(1)]

• Coarse flake (+150µm) distribution accounting for 43% to 48% of the concentrate

• Coarse flake concentrate grades of 95.7% - 97.7% TGC

• Fine flake (-150µm) concentrate grades of up to 98.3% TGC

• 105km west by sealed road from the Port of Esperance

• Mining Lease granted to 2031 on designated Mining Reserve

• Final Permitting expected Q3 2020

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• (1) ASX RELEASE -MRC to acquire 51% interest in Munglinup Graphite Project 11/09/2017 (2) ASX RELEASE – Robust DFS Allows MRC to move to 90% ownership of Munglinup 08/01/2020

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ANODE MATERIAL

Anode (Graphite) Material per battery

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Tesla Model S Kia Niro EV 71kg 45kg

Nissan Leaf S Plus 44kg

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Hyundai Kona Electric SEL Chevrolet Bolt EV LT 45kg 43kg

Audi e-Tron 67kg

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BMW i3 30kg

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Volkswagen e-Golf

26kg

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Credit – Richard Clark, Morgans Advanced Materials Assumptions: operating voltage at 3.92V. “for optimum range” and 360 mAh/g average capacity. Actually: excess anode active material used (up to 20%); some use of 4 to 8% SiOx

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DOWNSTREAM
Vertically Integrated Anode Production in the fastest
growing Battery Manufacturing region globally
Skaland Operation
Anode Manufacturing Facility
Munglinup Deposit
22 22
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KEY OPTIMISATION PHASES

Current flowsheet has capacity for upgrading to produce high purity, high value product. This will be the near-term focus whilst research and development is conducted on further value-adding elements

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UPGRADE CONCENTRATE
VALUE ADD TO
Equipment installation to increase 1 EXISTING 6
grade of fines, to be completed in CONCENTRATE
the next 6 to 8 months
INCREASE PRODUCTION
2
Once new equipment is 5
commissioned and quality of
products improved, target
increased production to ~16ktpa
3
4
MICRONISATION/SPHERONISATION (SPG)
PURIFICATION (PG)
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QUALIFICATION
Evaluate electrochemical qualities of
BAM produced from micronised,
spheronised and coated purified fines
concentrate. Production samples for
customer evaluation and qualification
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COATING (CSPG)

Coating with a thin layer of carbon pitch that enhances the electrochemical performance of the SPG by decreasing the surface area

Evaluate options for micronising and spheronising the high grade (~98%-99%) concentrate into unpurified spherical graphite onsite – leveraging existing infrastructure, management and low-cost renewable energy. Potential fasttracked approach to producing Battery Anode Material (“BAM”)

Purification of high grade fines using non-HF chemical or carbo-clorination approach being developed within CRC-P to produce battery anode feed

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FOCUS FOR FUTURE SUCCESS

Significant positive catalysts ahead

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TORMIN SKALAND MUNGLINUP
• • • Finalise permitting
Secured permitting to Optimise processing
extend Tormin target LOM flowsheet • Complete study and design
+10 years through • Increase nameplate work for integrated
additional resource downstream development
production
definition • Develop downstream • Complete marketing
• Implement Phase 1 / Phase strategy agreements
2 expansion initiatives •
Project financing
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• Implement business strategy to create multi-commodity/jurisdiction-based diversified mining company, mining high grade deposits, including vertically integrated downstream processing

• Continuation of shareholder growth and return to dividends through stringent capital management and project delivery

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QUESTIONS

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