MINERAL COMMODITIES LTD — AGM Information 2022

May 26, 2022

ASX RELEASE

27 MAY 2022

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ASX: MRC
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CHAIRMAN’S ADDRESS AND AGM PRESENTATION

Mineral Commodities Ltd (ASX: MRC) provides the attached Chairman’s Address and Presentation to Shareholders for today’s Annual General Meeting of the Company.

Chairman’s Address

Welcome Shareholders. My name is Russell Tipper and I have the privilege of being the acting Chairman of your Company.

The period since we last met has been a year of great change at MRC. We have seen the departures of our former CEO Mr Mark Caruso, former Chairman Mr David Baker and former Director and Company Secretary, Mr Peter Torre. I would like to take this opportunity to recognise the considerable contribution of Mr Caruso and Mr Torre in developing the Company’s current asset base, and to thank Mr Baker for his leadership through this difficult period of transition. I welcome our new CEO and Managing Director Mr Jacob Deysel who, following my address, will present our results for the financial year 2021 and provide a more detailed summary of our new Strategic Plan for the future of MRC. Jacob has enthusiastically accepted the challenge of re-badging MRC as a sustainable, responsible, vertically integrated producer of critical and industrial minerals and returning MRC to profitability.

COVID-19 has continued to impact our businesses, primarily through the disruption to global logistics chains, impacting our ability to get our products to market and reducing our margins due to the resultant higher costs of shipping.

As you know, during 2021, Tormin received a notice from the Department of Mineral Resources and Energy (DMRE) under section 93 of the Mineral and Petroleum Resources Development Act, relating to areas of potential non-compliance, principally in relation to our Social and Labour Plan obligations, employment equity targets for historically disadvantaged people, career progression programs and our past procurement practices under your Company’s previous leadership. We are pleased to announce that this notice has been lifted, and, thanks to the leadership of Ms Debbie Ntombela and Mr Zamile David Qunya, and the hard work of our new CEO and his team, we have established a sound relationship with the DMRE, who have complimented our efforts and transparency in rectifying areas of noncompliance.

As it became evident that our move to the Inland Strands at Tormin was not sustainable with the extant plant configuration and tailings disposal method, we were forced to return to mining the Tormin beaches, ahead of a satisfactory period of replenishment. This has led to lower feed grades to the concentrator. We are well advanced in re-configuring the plant to be able to treat the finer Inland Strand ore and to deposit the tailings in the mined out areas in an environmentally approved manner.

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

T: +61 8 6373 8900 PO Box 91 BELMONT WA 6984

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ASX: MRC ASX: MRC

27 May 2022

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At Skaland, we have completed the new decline, which is expected to consistently deliver higher quality ore and support ongoing processing operations over the coming years. The operations have been stabilised from the effects of the fire in the process plant and the failure of the autonomous grinding mill. Management is focussed on returning Skaland to profitability as a solid base for future expansion.

The Company has reigned in its capital expenditure to enable the conservation of cash until the Inland Strand operations can be recommenced and the Skaland operations returned to profitability. This is expected to occur in the second half of this year.

During the last year, we welcomed the return of Mr Guy Walker as a director of the Company. Guy has substantial experience with MRC in the past and has stepped in as Chair of our Audit, Risk and Compliance Committee following the resignation of David Baker. The Company is currently undertaking a search for a suitable replacement Chairman for Mr Baker.

I would like to invite our new CEO and Managing Director Mr Jacob Deysel to present our 2021 results and the fundamentals of our 5-year Strategic Plan for the future. We will then respond to any shareholder questions that we have received that do not specifically relate to individual resolutions. The resolution specific questions will be addressed as we consider the individual resolutions in the formal part of the meeting.

ENDS

Issued by Mineral Commodities Ltd ACN 008 478 653 www.mineralcommodities.com Authorised by the Board, Mineral Commodities Ltd

For further information, please contact:

INVESTORS & MEDIA	CORPORATE
Jacob Deysel	Fletcher Hancock
CEO and Managing Director	Company Secretary
T: +61 8 6373 8900	T: +61 8 6373 8900
investor@mncom.com.au	fletcher.hancock@mncom.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 critical 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.

The Company owns and operates the Skaland Graphite Operation in Norway, the world’s highest-grade operating flake graphite mine and is the only producer in Europe.

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

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ASX: MRC ASX: MRC

27 May 2022

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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 ultimately aims to produce graphitic anode products and capitalise on the fast-growing demand for sustainably manufactured Lithium-Ion Batteries.

In April 2022, the Company released its Five-Year Strategic Plan 2022-2026[1] to delineate and implement its aspiration to become a leading vertically integrated diversified producer of graphitic anode materials and value added mineral products with a commitment to operate with a focus on the Environment, Sustainability and Governance.

Cautionary Statement

This announcement contains forward-looking statements. Any forward-looking statements reflect management’s current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. It should be noted that various factors may cause actual results or expectations to differ materially from the results expressed or implied in the forwardlooking statements.

These forward-looking statements are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are beyond MRC’s control. This may cause actual results and developments to differ materially from those expressed or implied. These risks include but are not limited to, economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of approvals, regulatory risks, operational risks, reliance on key personnel, Ore Reserve and Mineral Resource estimates, native title, foreign currency fluctuations, exploration risks, mining development, construction, and commissioning risk.

Forward-looking statements in this announcement apply only at the date of issue and are subject to any continuing obligations under applicable law or regulations, MRC does not undertake to publicly update or revise any of the forward-looking statements in this announcement or to advise of any change in events, conditions, or circumstances on which any such statement is based. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this announcement.

1 Refer ASX Announcement entitled ‘MRC Unveils Five Year Strategic Plan 2022-2026’, dated 29 April 2022.

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

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S U S TA IN A B L E • R ES P O N S IB L E • V ER TICA L L Y IN TER G R A TED • DIV ER S IFIED

M INERAL C OMMODITIES C R I T I C A L A N D I N D U S T R I A L M I N E R A L S P R O D U C E R

J A C O B D E Y S E L

A G M 2 0 2 2 P R E S E N T A T I O N

A S X : M R C

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”, “propose”, “subject to”, “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 forward-looking 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 respect of any direct, or indirect, 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. 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.

BOARD & MANAGEMENT

BOARD OF MR RUSSELL TIPPER MR JACOB DEYSEL MS DEBBIE NTOMBELA MR GUY WALKER MR ZAMILE QUNYA (MADIBA) Acting Chairman CEO and Managing Director Non-Executive Director Non-Executive Director Non- Executive Director DIRECTORS

MANAGEMENT

ADAM BICK FLETCHER HANDCOCK BAHMAN RASHIDI DR SURINDER GHAG Chief Financial Officer Group Legal Counsel & Joint Group Exploration/Geology Chief Technology Officer Company Secretary Manager

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ITEMS OF BUSINESS

Chairman's Address

Presentation of Company Operations

Formal business of the meeting which includes the resolutions of the meeting

1. Tabling of Financial Statements and Annual Report 2020

2. Resolution 1 - ADOPTION OF REMUNERATION REPORT

3. Resolution 2 - RE-ELECTION OF DIRECTOR – MR RUSSELL TIPPER 4. Resolution 3 - RE-ELECTION OF DIRECTOR – MS DEBBIE NTOMBELA 5. Resolution 4 – ISSUE OF INCENTIVE PERFORMANCE RIGHTS TO DIRECTOR – MR RUSSELL TIPPER

6. Resolution 5 - ISSUE OF INCENTIVE PERFORMANCE RIGHTS TO DIRECTOR – MR JACOB DEYSEL

7. Resolution 6 - ISSUE OF INCENTIVE PERFORMANCE RIGHTS TO DIRECTOR – MS DEBBIE NTOMBELA 8. Resolution 7 – ISSUE OF INCENTIVE PERFORMANCE RIGHTS TO DIRECTOR – MR ZAMILE QUNYA 9. Resolution 8 - ISSUE OF INCENTIVE PERFORMANCE RIGHTS TO DIRECTOR – MR GUY WALKER 10. Resolution Withdrawn

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Presented By:
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4

OUR MISSION

To be a leader in the transformation of mining towards ensuring a positive contribution to a sustainable world OUR VISION Enabling a better world through D R I V E R M E D I C A L S sustainable and responsible production of core minerals and materials

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CORPORATE OVERVIEW

A S X L IS TIN G CO DE: MRC

L IS TED S H A R ES 5 3 5 M

MA R KET CA P : CA S H CIR CA A $6 4M (3 1 DEC 2021) A $4. 3 M

ASX: MRC’s SHARE PRICE OVER THE LAST 12 MONTHS

(through 26 May 2022)

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MAJOR SHAREHOLDERS

RANK	NAME	13 APR 2022	%IC
1	AU MINING LIMITED	150,674,160	28.14
2	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	117,833,492	22.00
3	CITICORP NOMINEES PTY LIMITED	81,163,089	15.16
4	SIMTO RESOURCES PTY LIMITED	55,401,497	10.35
5	MRS KATHRYN ELIZABETH STRICKLAND	5,499,307	1.03
6	BNP PARIBAS NOMINEES PTY LTD SIX SIS LTD	5,443,436	1.02
7	ZURICH BAY HOLDING PTY LTD	3,855,988	0.72
8	MR JONATHAN COVILE	3,349,219	0.63
9	BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM	3,255,375	0.61
10	BNP PARIBAS NOMINEES PTY LTD	3,139,179	0.59

AGM AGENDA

1

2021 PERFORMA N CE U PD A TE

3

U N P A CK O U R 5 YEA R STRA TEG Y

2

P R O G R ES S FO R THE LA ST 6 MON THS

4

QU ES T I ONS

OPERATING RESULTS

1 2 3 4 5 PR OFITAB LE OPER ATIONAL Z ER O H AR M ESG PE OPLE GR OW TH PE R FOR MANCE Minimal COVID-19 Preferential procurement 331 and 41 Full-time Revenue US$50.5m Maiden Ore Reserve impact spend ZAR408M employees Tormin and EBITDA US$3.8m Traelen and Inland 12-month rolling SLP spend ZAR6.8M Skaland respectively Traelen decline Strand TRIFR reduced in No reportable Building capacity development completed AAMP purification 2021 from 10 to 4.83 environmental incidents Solid progression plans Record 4.3Mt mined success

ZERO HARM

2020 2021 10.24 4.83 Twelve month rolling Total Recordable Injury Frequency Rate at year end 1,044,000 hours since last LTI October 2020

Company has maintained a no fatality track record across all operations since inception

Operations at both Tormin and Skaland remained largely unaffected by COVID-19 in 2021

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ESG & PEOPLE

83%

54

LEARNERSHIPS

MSR HAS ACHIEVED ONE OF THE HIGHEST INDEPENDENT ENVIRONMENTAL COMPLIANCE AUDIT RESULTS (EA COMPLIANCE) R408M BEE PREFERENTIAL PROCUREMENT EXPENDITURE IN 2021, EXCEEDING ALL R36M TARGETS SET UNDER THE SOUTH 331 & 41 R1.5M AFRICAN MINING CHARTER IN LOCAL ENTERPRISE DEVELOPMENT INVESTED INTO SOCIAL LABOUR LOCAL FULL TIME EMPLOYEES IN SOUTH SPEND PLANS (SLP) FOR THE BENEFIT OF AFRICA & NORWAY RESPECTIVELY REPUBLIC OF SOUTH AFRICA SUSTAINABILITY – HYDRO POWER SUPPORTING SKALAND AND MO I RANA IN NORWAY

FINANCIAL PERFORMANCE

F U L L Y E A R H I G H L I G H T S

Revenue EBITDA Operating Cashflow 50,485 3,754 4,369 Cash Working Capital Net Assets 4,251 7,395 60,669

	2 0 2 1	2 0 2 0	C H A N G E
	000S	000S	000S
Revenue	50,485	63,548	-13,063
Adjusted EBITDA	3,754	21,332	-17,578
Profit before tax	-4,820	15,630	-20,450
Profit for the year	-3,751	13,443	-17,194
Diluted earnings per share	-0.77	3.15	-3.92
Operating Cashflow	4,369	3,159	1,210
Cash	4,251	5,643	-1,392
Net Assets	60,669	61,210	-541

Earnings in 2021 were below historical performance due to operating losses at Skaland impacted by an unplanned incident shutting the plant, various operational downtimes and higher operating costs at Tormin

MRC ENABLING A BETTER WORLD

• Stable positive cashflow

1

• Targeting increased production

• Transition to finished products

H E A V Y M I N E R A L S D I V I S I O N

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2

Heavy Minerals has contributed in excess of US$25M since 2017 towards Battery Minerals development with minimal equity dilution (as at 31 Dec 2021)

B A T T E R Y M I N E R A L S D I V I S I O N

Q U A L I T Y O F L I F E P R O D U C T S

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• European based operating Skaland mine, targeting increased productionI

• Proposed Munglinup development to further increase production

D R I V I N G T H E G R E E N T R A N S I T I O N

• European focused supply

• Environmentally friendly process

• • Mitsubishi technology collaboration • Early mover advantage

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3

E U R O P E A N A N O D E

BATTERY MINERALS DIVISION

GLOBAL

MINERAL SANDS DIVISION

Positioned to become a large sustainable, vertically integrated graphitic anode supplier in Europe

Sustainable, vertically integrated heavy minerals supplier

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Skaland
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graphitic anode supplier in Europe
E N V I R O N M E N T A L L Y
F R I E N D L Y
P U R I F I C A T I O N
D O W N S T R E A M
P R O C E S S &
I N T E R G R A T I O N
M I T S U B I S H I
T E C H N O L O G Y T O R M I N I S O N E
C O L L A B O R A T I O N O F T H E H I G H E S T -
S K A L A N D
G R A D E M I N E R A L
G R A P H I T E -
S A N D S
O N E O F T H E
O P E R A T I O N S I N
M U N G L I N U P
L A R G E S T
G R A P H I T E - T H E W O R L D I N L A N D S T R A N D
F L A K E
C R I T I C A L F R O M Q 3 2 0 2 2 ,
G R A P H I T E
M I N E R A L S C O N T I N U I N G T O
P R O D U C E R S
P R O J E C T I N P R O C E S S A T
I N E U R O P E
A U S T R A L I A 2 . 4 M T P A
Tormin
Munglinup
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MRC STRATEGY - GLOBAL

1. RE-BRAND WITH STRONG ESG FOCUS 2. STRENGTHEN OUR SOCIAL LICENCE

GOAL 1

1. STRENGTHEN BALANCE SHEET

2. STRATEGIC M&A OPPORTUNITIES

M I N E R A L C O M M O D I T I E S

1. SKALAND RETURN TO PROFITABILITY GOAL 2 2. ACCELERATE CONCENTRATE PRODUCTION EXPANSION 3. ANODE QUALIFICATION & COMMERCIAL ANODE PRODUCTION B A T T E R Y 4. INCREASE RESOURCE AND RESERVES M I N E R A L S D I V I S I O N

2. PROFITABILITY OPTIMISATION

GOAL 3 H E A V Y M I N E R A L S D I V I S I O N

1. SUSTAINABLE PRODUCTION EXPANSION WITH INLAND STRANDS

2. TRANSITION INTO HIGHER VALUE PRODUCTS 4. INCREASE RESOURCE AND RESERVES

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5 YEAR STRATEGY - ESSENTIAL BUILDING BLOCKS

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Traxys Sales & Marketing
Build resource and reserve MOU
scale Accelerate anode
qualification & marketing Clear execution strategy with
key de-risking technology
and sales & marketing
Recovery of operations partnerships
Mitsubishi Technology
Accelerate Munglinup to partnership
ESG focus, rebrand & social
build battery minerals Fast-track downstream
licence
critical mass materials entry & AAM yield
optimisation
Diversified & downstream
integration into higher value
products
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BATTERY MINERALS DIVISION

The Opportunity

• Decarbonisation of Transport – sustainable legislation, policy frameworks, EV demand and growth

GOAL 2

• “Time of the Anode has come” – Anode, refined and coated form of graphite

S U S T A I N A B L E , V E R T I C A L L Y I N T E G R A T E D G R A P H I T I C A N O D E M A T E R I A L S S U P P L I E R I N E U R O P E

• Anode constitutes roughly 50% of active ingredients in a battery by volume comprising a mixture of synthetic and natural graphite

• Europe is set to be the fastest growing market, currently importing majority of anode material from Asia

• European Battery Manufacturers require environmentally friendly, locally produced blended Anode material – MRC offers this

Spheronised graphite

solution

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M R C P O S I T I O N I N G

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• One of the world’s highest grade operating flake graphite mine

• • Economies of scale with Munglinup, plus exploration targets

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• Strategically located in Europe

• • Powered by low-cost, reliable renewable power

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• Proprietary environmentally friendly graphite purification

• Anode plant piloting on track for 2022 , commercial FID Q2 2023

• • Strategic Partnership with Mitsubishi - Phase 1 - Anode Plant

• • Mitsubishi - Phase 2 commercialisation and manufacturing of anode

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• Existing production supports first mover advantage for fast-track to qualification to meet anticipated growth in European battery and EV production markets

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EXISTING EUROPEAN OPERATION

STRONG ESG CREDENTIALS

PROVEN ENVIRONMENTAL FRIENDLY ANODE TECHNOLOGY

MITSUBISHI TECHNOLOGY PARTNERSHIP TRAXYS MARKETING MOU SCALABLE

F I R S T M O V E R A D V A N T A G E W I T H L E A D I N G T E C H N O L O G Y P A R T N E R S

PURIFICATION TECHNOLOGY

• NON-HF PURIFICATION TECHNOLOGY

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Mitsubishi Phase 1  500+ PURIFICATION
TESTS ON SKALAND AND
MUNGLINUP GRAPHITE
SKALAND AAMP PLANT
& CONCENTRATES,
Pack
MUNGLINUP INCLUDING 84 LOCK
Anode Mixing Cell Production Production CYCLE TESTS
Active Material  PROCESS ACHIEVED
ABOVE BATTERY GRADE
Pre Cursor Anode PURITIES (99.95%) OF
UP TO 99.98% FOR
Raw Material
Material SKALAND AND 99.99%
Material A
B Pack FOR MUNGLINUP
Mining Flake Concentrate Pre Cursor Anode Cell Production
(95% TGC) Purified Spherical Production
Material  EXCELLENT RECOVERIES
Graphite
Crushing (99.95%TGC) C (~90%) TO PURIFIED
Micronisation
SPHERICAL GRAPHITE
PRODUCT
Flotation Spheronisation Coating
B L E N D E D A N O D E  ELECTROCHEMICAL
Screening Purification Thermal Treatment M A T E R I A L
PERFORMANCE
Pre Cursor Anode
Flake Concentrate (99.95%) Active Anode  TECHNOLOGY PARTNER
(95%-98% TGC)
COLLABORATION
Mitsubishi Phase 2
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*Subject to FID, targeted for Q2 2023

D E M A N D – E U R O P E ’ S F A S T G R O W N I N G B A T T E R Y M A R K E T

EUROPOEAN GIGA FACTORIES

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Over * 800 GWh of battery manufacturing capacity in the pipeline requiring over 600,000 tonnes per annum of anode material

Sustainability factors including the amount and type of energy used, the distance material is transported and the chemical processes used will all become increasingly important when choosing suppliers

Battery manufacturers will operate under a policy framework that makes them accountable for the carbon footprint of their supply chains

*Source: McKinsey - Scaling battery capacity in Europe, Oct 2021

Source: CIC energiGUNE – European Gigafactories version 09/2021

E U R O P E A N B A T T E R Y S U P P L Y C H A I N S I G N I F I C A N T S H O R T F A L L P R O J E C T E D I N E U R O P E A N G R A P H I T E A N D A N O D E M A T E R I A L S U P P L Y C H A I N

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Raw materials Active materials Battery Application & Recycling & 2 [nd]
manufacturing integration life
Expected EU demand
Existing EU capacity in 2030:
900 GWh
Announced EU capacity for 2025
Announced EU capacity for 2030
Expected EU demand
in 2025:
400 GWh
2020
2030
2025 2030
2025 2020
Lithium Maganese Graphite, Cobalt, Cathodes Anodes Cell production Applications Recyling
Nickel capacity
2030 2030 2030 2030 2030 2030
2025 2025 2025 2025 2025
2020
2025
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Source: InnoEnergy European Battery Alliance

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M R C G R A P H I T I C A N O D E S U P P L Y S O L U T I O N
S T R A T E G Y
VERTICAL INTERGRATION – MINE TO ANODE
2 0 2 6
100% anode production
Targeted significant
increases in production and
2 0 2 5 reserves from 2022
Expanded commercial plants
service all proposed
Munglinup and Skaland
2 0 2 4
production
Commercial Scale
Demonstration Plant
production
Munglinup FID and,
2 0 2 3 if approved,
development begins
Phase 1 Anode Plant
2 0 2 2
Anode pilot plant
Skaland
Optimisation
Resource and Production growth
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SOLID RESOURCE BASE GROWTH POTENTIAL

Skaland Operation JORC

Resource 1.84 MT @ 23.6% TGC & Reserve 0.64 Mt @ 24.8% TGC

Munglinup Project M74/245 JORC

Resource 7.99 MT @ 12.2% TGC & Reserve 4.24 Mt @ 12.8% TGC

Bukken, Hesten, Vardfjellet Exploration targets

Recent positive magnetic & electromagnetic results

Munglinup Project E74/565 Recent positive electromagnetic results

Anode Production

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E S T A B L I S H I N G S K A L A N D O P E R A T I O N – S T A B L E P L A T F O R M F O R E X P A N S I O N

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ONE OF THE LARGEST FLAKE GRAPHITE PRODUCERS IN EUROPE AND HIGHEST-GRADE FLAKE GRAPHITE MINES IN THE WORLD

The near-term value catalysts of our Skaland operation are maximizing value through improved efficiency, process flexibility and providing a stable platform for future expansion.

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Efficiency

• Process flow and control upgrades

• Systematic plant maintenance processes

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Improved Marketing

Process Flexibility

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• Improved orebody understanding

• Quality vs quantity focus

• Graphite pricing improvement

• Critical process equipment upgrades

• Increase diversification of customers

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• Screening and 4th-stage cleaner circuit

• Cost optimisation

MILESTONES ACHIEVED TO DATE

• Completion of the Skaland down-dip mine development to level -55m RL and operations stabilised

• Increased graphite footprint in Norway by securing the Bukken, Hesten and Vardfjellet graphite prospects

• Successful Critical Minerals Accelerator Initiative grant application with CSIRO ( A$3.94 million )

• Environmentally sustainable graphite purification process finalised with CSIRO

• Successful electrochemical results using Skaland Anode Material

• Strategic technology collaboration partnership with Mitsubishi

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HEAVY MINERALS DIVISION

The Opportunity

GOAL 3 GOAL 3

• Industrial minerals - Quality of life products

• Rebrand Heavy Minerals Division with a strong ESG focus

Global diversified S U S T A I N A B L E , V E integrated heavy R T I C A L L Y I N T E G R A T E D mineral feedstock H E A V Y M I N E R A L F E E D S T O C K producer P R O D U C E R

• Commissioning of 1st Inland Strands –

• operation flexibility and sustainability providing predictable long term cash flows

• Significant potential to diversify beyond –

• Tormin MRC understands the operating environment in Africa

• Significant value benefit in down stream integration

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E S T A B L I S H E D T O R M I N O P E R A T I O N – P R E D I C T A B L E L O N G T E R M C A S H F L O W

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40 Km
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Tormin is one of the highest-grade mineral sands operations in the world

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Maximise Value

Diversify

• Efficiency, flexibility, scale of the Inland Strands

• Diversify and grow beyond Tormin

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Resource and Reserve

• Lower quartile cost producer

• Significant opportunity to extend and upgrade Inland Strands Resources

• Transition to final products

• Applications in progress for De Punt and Klipvley Karoo areas

E X P A N D E D V E R T I C A L L Y I N T E G R A T E D H E A V Y M I N E R A L S P R O D U C T I O N

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P R O P O S E D 2 0 2 6
D O W N S T R E A M
M I N E R A L S
S E P A R A T I O N
P L A N T
2 0 2 5 Further exploration over
prospecting right application
areas (subject to permitting)
2 0 2 4
Inland Strands exploration
targets increased resources
2 0 2 3
Explore options to
transition to final
2 0 2 2 products
3 [rd] Mining operation
Tormin
(Inland Strands)
Optimised
production
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Solid resource base growth potential

Tormin

JORC Resource 193Mt@9.5% THM & Reserve 21.8Mt@31% THM (Western Strandline)

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De Punt and Klipvley Under Application

Xolobeni

Resource: 346Mt@5% THM

See the cautionary statement on slide [2] in relation to the mineral resource statements above.

Product Quality

MILESTONES ACHIEVED TO DATE

• Record 4.3Mt mined, with primary concentration circuits continuing to operate above theoretical capacity

• Significant Inland Resource increase , Eastern Strandlines Resource identified

• Maiden Inland Strands Reserve

• Northern Beaches steady state production

• Renewed focus on ESG and Social Licence

• Ongoing community development programs

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VALUE PROPOSITION

MRC as an integrated player presents significant competitive advantages and our value proposition includes:

Operating mines, stable cashflow from low maintenance operations

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Supportive cornerstone investors

Tier-one assets in the battery space with operating mine in the EEA

Access to critical and industrial mineral industries

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Diversified assets integrated with cash generating operations

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Mitsubishi collaboration to fast-track downstream materials market entry &

Traxys Marketing and Sales MOU

Opportunity to be a first mover in becoming one of the largest sustainable graphite anode supplier in Europe

Clear execution strategy with key de-risking technology and sales & marketing partnerships in the pipeline

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Two ‘internal’ proprietary non-HF purification technology options

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Exciting growth opportunities & exploration upside for both divisions

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COMPETENT PERSON STATEMENTS

The information, if any, in this presentation which relates to Mineral Resources for Tormin Beaches, Northern Beaches and Inland Strands 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. He is also a shareholder of Mineral Commodities Ltd. Mr Rashidi has sufficient experience which is relevant to the style of mineralisation and types of deposit 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) ). Mr Rashidi consents to inclusion in the report of the matters based on this information in the form and context in which it appears.

The information, if any, in this presentation related to Ore Reserves at Tormin is based on information compiled and approved for release by Mr Milenko Jankovic, who is a member of the AusIMM. Mr Jankovic was the Group Mining/Planning Engineer and a full-time employee of the Company and has over 30 years of mining experience. He 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 JORC Code (2012). Mr Jankovic consents to inclusion in the report of the matters based on this information in the form and context in which it appears. There has been no material change to the reported results.

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). 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. There has been no material change to the reported results.

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 the inclusion in the presentation of the matters based on the reviewed information in the form and context in which it appears. There has been no material change to the reported results.

The information, if any, in this presentation which relates to Mineral Resources 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 was an independent consultant to the Company. Mr Maynard is the Director and Principal Geologist of Al Maynard & Associates Pty Ltd. 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 by the 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 Bahman Rashidi, who is a member of the AusIMM and the AIG. Mr Rashidi is the Group Exploration Manager and a full-time employee of the Company. Mr Rashidi is also a shareholder of Mineral Commodities Ltd. He 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 JORC Code (2012). Mr Rashidi consents to the inclusion in this ASX release in the form and context in which it appears. There has been no material change to the reported results.

The information, if any, in this presentation related to Ore Reserve for Skaland is based on information compiled and approved for release by Mr Eero Tommila, who is a member of the Institute of Materials, Minerals, and Mining (IMMM) a Recognised Professional Organisation. Mr Tommila is Principal Mine Engineer of Skaland Graphite AS and a fulltime employee of the Company. He 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 JORC Code (2012). Mr Tommila consents to the inclusion in the report in the form and context in which it appears. There has been no material change to the reported results.

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ITEMS OF BUSINESS

Chairman's Address

Presentation of Company Operations

Formal business of the meeting which includes the resolutions of the meeting

1. Tabling of Financial Statements and Annual Report 2020

2. Resolution 1 - ADOPTION OF REMUNERATION REPORT

3. Resolution 2 - RE-ELECTION OF DIRECTOR – MR RUSSELL TIPPER

4. Resolution 3 - RE-ELECTION OF DIRECTOR – MS DEBBIE NTOMBELA 5. Resolution 4 – ISSUE OF INCENTIVE PERFORMANCE RIGHTS TO DIRECTOR – MR RUSSELL TIPPER

6. Resolution 5 - ISSUE OF INCENTIVE PERFORMANCE RIGHTS TO DIRECTOR – MR JACOB DEYSEL

8. Resolution 7 – ISSUE OF INCENTIVE PERFORMANCE RIGHTS TO DIRECTOR – MR ZAMILE QUNYA 9. Resolution 8 - ISSUE OF INCENTIVE PERFORMANCE RIGHTS TO DIRECTOR – MR GUY WALKER 10. Resolution Withdrawn

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RESOLUTION 1 – ADOPTION OF REMUNERATION REPORT

To consider.

The total of valid proxies received for Resolution 1 is 262,361,179 being:

To consider and, if thought fit, to pass, with or without amendment, the following resolution as a non-binding resolution:

PROXIES

RESULT

“ That, for the purposes of section 250R(2) of the Corporations Act and for all other purposes, approval is given for the adoption of the Remuneration Report as contained in the Company’s annual financial report for the financial year ended 31 December 2021.”

257,701,987 FOR the resolution 4,130,925 AGAINST the resolution 528,267 OPEN to proxy

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RESOLUTION 2 - RE-ELECTION OF DIRECTOR

To consider.

The total of valid proxies received for Resolution 2 is 320,989,243 being:

MR RUSSELL TIPPER

PROXIES

RESULT

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an : ordinary resolution

FOR the resolution

261,110,556

AGAINST the resolution OPEN to proxy

59,243,720

“That, for the purpose of clause 35(c) of the Constitution, Listing Rule 14.4 and for all other purposes, Mr Russell Tipper, a Director, retires by rotation, and being eligible, is re-elected as a Director.”

634,967

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RESOLUTION 3 - RE-ELECTION OF DIRECTOR

To consider.

The total of valid proxies received for Resolution 3 is 322,003,9800 being:

MS DEBBIE NTOMBELA

PROXIES

RESULT

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an : ordinary resolution

FOR the resolution

264,104,125

“That, for the purpose of clause 35(b) of the Constitution, Listing Rule 14.4 and for all other purposes, Ms Debbie Ntombela, a Director, retires by rotation, and being eligible, is re-elected as a Director. ”

AGAINST the resolution

57,305,708

OPEN to proxy

634,967

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RESOLUTION 4 – ISSUE OF INCENTIVE PERFORMANCE RIGHTS TO DIRECTOR

To consider.

The total of valid proxies received for Resolution 4 is 322,906,691 being:

MR RUSSELL TIPPER

PROXIES

RESULT

To consider and, if thought fit, to pass the following resolution as an ordinary resolution :

226,343,499 FOR the resolution 96,079,425 AGAINST the resolution 483,767 OPEN to proxy

“That, for the purposes of section 195(4) and section 208 of the Corporations Act, Listing Rule 10.14 and for all other is purposes, approval given for the Company to issue 2,300,000 Performance Rights to Russell Tipper (or his nominee) under the Incentive Performance Rights and Option Plan on the terms and conditions set out in the Explanatory Statement.”

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RESOLUTION 5 – ISSUE OF INCENTIVE PERFORMANCE RIGHTS TO DIRECTOR

To consider.

The total of valid proxies received for Resolution 5 is 322,906,691 being:

MR JACOB DEYSEL

PROXIES

RESULT

To consider and, if thought fit, to pass the following resolution as an ordinary resolution :

227,875,722 FOR the resolution 94,547,202 AGAINST the resolution

“That, for the purposes of section 195(4) and section 208 of the Corporations Act, Listing Rule 10.14 and for all other is purposes, approval given for the Company to issue up to 8,700,000 Performance Rights to Jacob Deysel (or his nominee) under the Incentive Performance Rights and Option Plan on the terms and conditions set out in the Explanatory Statement.”

OPEN to proxy

483,767

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RESOLUTION 6 – ISSUE OF INCENTIVE PERFORMANCE RIGHTS TO DIRECTOR

To consider.

The total of valid proxies received for Resolution 6 is 322,906,691 being:

MS DEBBIE NTOMBELA

PROXIES

RESULT

To consider and, if thought fit, to pass the following resolution as an ordinary resolution :

229,338,734 FOR the resolution 93,084,190 AGAINST the resolution 483,767 OPEN to proxy

“That, for the purposes of section 195(4) and section 208 of the Corporations Act, Listing Rule 10.14 and for all other is purposes, approval given for the Company to issue 1,000,000 Performance Rights to Debbie Ntombela (or her nominee) under the Incentive Performance Rights and Option Plan on the terms and conditions set out in the Explanatory Statement.”

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RESOLUTION 7 – ISSUE OF INCENTIVE PERFORMANCE RIGHTS TO DIRECTOR

To consider.

The total of valid proxies received for Resolution 7 is 322,906,691 being:

MR ZAMILE QUNYA

PROXIES

RESULT

To consider and, if thought fit, to pass the following resolution as an ordinary resolution :

228,306,511 FOR the resolution 94,116,413 AGAINST the resolution 483,767 OPEN to proxy

“That, for the purposes of section 195(4) and section 208 of the Corporations Act, Listing Rule 10.14 and for all other is purposes, approval given for the Company to issue 1,000,000 Performance Rights to Zamile Qunya (or his nominee) under the Incentive Performance Rights and Option Plan on the terms and conditions set out in the Explanatory Statement.”

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RESOLUTION 8 – ISSUE OF INCENTIVE PERFORMANCE RIGHTS TO DIRECTOR

To consider.

The total of valid proxies received for Resolution 8 is 322,906,691 being:

MR GUY WALKER

PROXIES

RESULT

To consider and, if thought fit, to pass the following resolution as an ordinary resolution :

226,289,499 FOR the resolution 96,133,425 AGAINST the resolution 483,767 OPEN to proxy

“That, for the purposes of section 195(4) and section 208 of the Corporations Act, Listing Rule 10.14 and for all other is purposes, approval given for the Company to issue 1,000,000 Performance Rights to Guy Walker (or his nominee) under the Incentive Performance Rights and Option Plan on the terms and conditions set out in the Explanatory Statement.”

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RESOLUTION 9 – RESOLUTION WITHDRAWN

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DIV ER S IFIED • R ES P O N S IB L E • S U S TA IN A B L E • V ER TICA L L Y IN TEG R A TED

QUESTIONS