MINERAL COMMODITIES LTD — Capital/Financing Update 2022

May 19, 2022

ASX RELEASE

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ASX: MRC 20 May 2022
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MRC SIGNS GRAPHITIC ANODE SALES AND MARKETING MOU WITH TRAXYS

• Exclusive Graphite Anode Agency Sales and Marketing Memorandum of Understanding (MOU) signed with Traxys for MRC’s downstream graphite anode products including coated, spherical and/or purified graphite produced from Skaland and Munglinup concentrate

Mineral Commodities Ltd ( ASX: MRC or the Company ) is pleased to announce it has signed a non-binding Exclusive Graphite Agency Sales and Marketing Agreement (Agency Agreement) with Traxys North America LLC or its nominated affiliate ( Traxys ). The Agency Agreement will see Traxys market MRC’s downstream graphitic anode products including coated, spherical, purified graphite ( Product ) produced from graphite concentrate sourced from the operating Skaland Graphite Operation in Norway and/ or the proposed near-term Munglinup development in Western Australia for usage in battery storage or electric vehicle batteries. Traxys will market the Product to support graphitic anode qualification and secure subsequent offtake agreements. The Agency Agreement is for an initial term of three years.

The Agency Agreement is a key ingredient in achieving our strategic plan[1] for the Battery Minerals Division to:

• Position MRC’s Battery Minerals Division as a vertically integrated graphitic anode supplier in Europe.

• Provide offtake agreements to underpin the Final Investment Decision ( FID ) for potential Skaland capacity expansion beyond current limit of 16ktpa, targeted for Q2 2023.

• Accelerate Munglinup development, with FID targeted for Q2 2023, intended to significantly increase graphite concentrate production capacity.

• Aim to deliver downstream graphitic anode product qualification, targeted for Q2 2023.

Traxys is a global commodity trading and logistics company with operations in North and South America, Europe, Africa, the Far East, greater China and India. Our partnership with Traxys, which possesses a readily available and extensive sales network of first-class clients for natural graphite and graphitic anode products, allows MRC to quickly access a sophisticated customer base to support final anode qualification and secure subsequent offtake agreements from Skaland and proposed Munglinup graphite production. Finally, our agreement supports and validates MRC’s strategy of accelerating the project development of Munglinup, subject to regulatory and final Board approvals. With each step we move closer to our goal of becoming Europe’s premier graphitic anode producer.

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

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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20 May 2022

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Managing Director Jacob Deysel, commented: “ The Traxys Graphite Agency Agreement represents a partnership with a global commodity trader specialising in the sales and marketing of graphitic anode product. This partnership will accelerate graphitic anode qualification and subsequent offtake agreements for product from our operating Skaland mine and will underpin the final investment decisions for the Munglinup development, targeted Skaland expansion and the proposed Active Anode Materials Plant in Norway ”.

ENDS

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

For further information, please contact:

INVESTORS & MEDIA CORPORATE Jacob Deysel Fletcher Hancock Chief Executive Officer and Managing Director Company Secretary T: +61 8 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 critical and industrial 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.

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 valueadding 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 2022-20261 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.

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

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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 forward-looking 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.

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

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