MINERAL COMMODITIES LTD — Capital/Financing Update 2022

Apr 6, 2022

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ASX: MRC
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ASX RELEASE
7 April 2022
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ELECTROMAGNETIC SURVEY RESULTS INDICATE EXCELLENT NEW TARGETS AT MUNGLINUP GRAPHITE PROJECT

• 206-line kilometres of helicopter borne electromagnetic and magnetic survey completed across both MRC tenements M74/245 and E74/565

• Anomaly maps show that the known graphite bearing structures in M74/245 extend to the E74/565 tenement adjoining to the east of the Munglinup deposit

• Twelve new priority targets identified from airborne survey, associated with previously recognised graphite bearing structures

• 7 targets adjacent to previous drilled mineralisation

• 5 new zones of potential mineralisation

• 3,000m resource drilling planned for 2022

Mineral Commodities Ltd (ASX: MRC or “ the Company ”) is pleased to announce results of high-resolution helicopter borne electromagnetic and magnetic survey over its Munglinup tenements (“ Munglinup Graphite Project ”) in the Great Southern Region of Western Australia. The Munglinup Graphite Project is recognised by the Australian Government as a Critical Mineral Project and included in the Australian Critical Minerals Prospectus in 2020 and 2021.

206-line kilometres of high-resolution aeromagnetic survey and associated data processing has identified that:

• (i) the known graphite deposits (Halberts Main, Halberts South, Whites, Harris, McCarthy) in M74/245 may be contiguous;

• (ii) the known mineralisation may extent into E 74/565 to the east, and

• (iii) identified new geophysical anomalous zones in M74/245 and E 74/565 that may contain graphite mineralisation

The Company has identified 12 priority targets for further evaluation. The strong electromagnetic conductor zones covering an area of approximately 120 hectares, while the known graphite deposits include an aggregate area of 35 hectares (Figure 6). It intends to commence a 3,000m RC drilling program by September quarter 2022, designed with a view to expanding the resource base, convert inferred resources into higher categories, and drill the new geophysical anomalous areas. The plan will target delineating a JORC Code (2012) compliant updated Mineral Resource and Ore Reserve.

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

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

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Managing Director Jacob Deysel, commented: “ The Xcite Airborne electromagnetic survey has been highly successful in identifying the new conductive anomalies as a pathfinder of potential mineralisation adjoining to Munglinup graphite orebodies. We are excited about the results given the enormous potential to increase the resource at Munglinup and anticipate developing an exploration program on the new targets to identify the extent of mineralisation for the second half of this year. The EPA approvals to develop the project is expected early in December quarter 2022 and will significantly advance our goal to become the largest integrated graphite anode supplier.” .

Background

The Munglinup graphite deposits occur in a zone of Archean to Paleoproterozoic graphitic gneisses within a sequence of hornblende and hornblende-garnet gneisses in the Albany– Fraser Orogen. Rocks have been broadly folded about a WNW-ESE axis, with superimposed minor anticlinal and synclinal flexures. Complex small-scale folding and faulting is common in the relatively incompetent graphitic rocks and the enclosing competent hornblendic gneisses appear to be less deformed.

The Munglinup resources (Mineral Resource of 7.99 million tonnes at 12.2% TGC and Ore Reserve 4.24 million tonnes at 12.8% TGC)[1] are open along strike and at depth. Past exploration has been focused near surface and has been driven by targeting quick, easy to mine deposits. The Project is on a mining lease granted to 2031, within a designated Mining Reserve. Munglinup Life of Mine (“LOM”) exceeds 14 years, based on LOM processing throughput of 400kt per annum in years 1-6 and 500kt per annum in years 7-14, resulting in an average graphite concentrate production of 52kt per annum.

MRC has undertaken significant work for environmental approvals. The Environmental Protection Authority’s (“ EPA ”) public review period took place in April and May 2021 and the public response submissions were received from the Department of Water and Environmental Regulation in June 2021. The summary of the submission document has been forwarded to the EPA and were formally agreed upon in July 2021. The Company undertook additional ecological impact assessment, and fauna and flora surveys to update the EPA documents with all fieldwork completed in December 2021. MRC is currently compiling supplementary documents for submission in April 2022. Final environmental permits are expected in early December quarter 2022.

Furthermore, the Company continues with its natural graphite purification process development with the Australia’s national science agency, CSIRO, under the CRC-P Project[2] , part-funded by the Australian government, achieving excellent purities for Munglinup spherical graphite[3] , with additional updates expected in the June quarter.

1 Refer ASX announcement entitled ‘ROBUST MUNGLINUP DFS RESULTS ALLOW MRC TO MOVE TO 90% OWNERSHIP OF MUNGLINUP GRAPHITE PROJECT’, dated 08 January 2020.

2 Refer ASX announcement entitled ‘MRC LEADS SUCCESSFUL CRC-P GRANT APPLICATION TO DEVELOP COMMERCIAL-SCALE PROCESS FOR PRODUCING HIGH PURITY GRAPHITE (>99.95%)’, dated 12 August 2019.

3 Refer ASX announcement entitled ‘ACTIVE ANODE MATERIALS PLANT (AAMP) PURIFICATION SUCCESS’, dated 13 September 2021

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High Resolution Airborne Geophysical Program

Previous airborne geophysical surveys, undertaken in 2011, resulted in the identification of anomalies within Mining Lease (M74/245) which extend into E74/565 (MRC 100%). The geophysical surveys indicated a continuation of graphite hosting metasediments to the south and east of the current Munglinup Graphite Deposit.

To evaluate historical geophysical anomalies and to define a new drilling target for resource expansion in both tenements, MRC has engaged New Resolution Geophysics (“ NRG ”) to undertake the Xcite™ Airborne Electromagnetic (“ AEM ”) system survey over the Munglinup project. Xcite™ is a new generation of helicopter-borne time-domain electromagnetic (“ HTDEM ’’) systems, developed by NRG for the acquisition of ultra-high resolution airborne data along line resolution of ~0.5m with uninterrupted soundings from near surface to >300m depth of investigation (Figure 1). No other AEM system can offer this level of resolution laterally and vertically.

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Figure 1 - Xcite™ helicopter borne magnetics and electromagnetic survey (photo by NRG)

The Xcite™ was flown over the Munglinup graphite tenements in mid-January 2022. The survey was conducted with 206-line kilometres including 48 lines completed with 100m survey line spacing and 30 to 40m flying height above ground level with the line orientation of EastWest (90/270 degrees). The detailed electromagnetic (“EM”) and magnetic survey was conducted over the Munglinup Mining Reserve covering approximately 2,000 hectares (Figure 2).

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Figure 2 – Electromagnetic and Magnetic Survey over Munglinup tenements, - 20 km[2] (yellow area)

The HTDEM survey data have been processed and interpreted by specialist geophysical consultants Resource Potentials, who have carried out conductor plate modelling of the EM decay data using Maxwell EM modelling software and have reviewed and processed Layered Earth Inversions (“ LEIs ”) models generated by NRG using a Geoscience Australia LEI code (Figure 3).

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Figure 3 – Munglinup Helicopter-borne EM survey cross section (4.5Km), East-West direction, (Profile L10301, top: Z- dB/dt; bottom: conductivity image model), show strong conductivity anomalies

Inversion modelling of final electromagnetic data was carried out to produce a conductivitydepth model cross section image for each survey flight line. These model results were 3Dgridded to generate a 3D conductivity block model representing the conductivity distribution of the ground. Conductor plate modelling of the conductive anomaly trends is a much more precise and time-consuming method for modelling EM survey data compared to inversion modelling and is preferred for assisting with drill targeting. Conductor plate modelling of these conductive anomalies required 62 separate conductor plates representing the conductive graphite mineralisation in bedrock.

These modelled conductor plates show an excellent correlation with the margins of interpreted metamorphosed granitic rock units in Munglinup, defined by previous magnetic, geological mapping, and drilling programmes. Some of the modelled conductor plates coincide with the known graphite resources and match the intersected graphite mineralisation well. Many other modelled conductance plates remain untested by drilling and represent priority target areas (Figure 4).

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Figure 4 – 3D view looking east and down on the drillhole traces with TGC assays and the modelled conductor plates coloured by electrical conductance.

The electromagnetic survey provided valuable data which will greatly assist planning for further exploration activities in the project area. Specifically, data processing results and anomaly maps show that the known graphite bearing structures in M74/245 extend to the E74/565 tenement adjoining to the east of the Munglinup deposit and run contiguously. Also, the conductivity anomalies between the known graphite deposits (Halberts, Whites, Harris, and McCarthy) in M74/245 indicates that commercial mineralisation may be contiguous between these orebodies (Figure 5 and 6). Moreover, the interpretation has also shown that the graphitic gneiss found in M74/245 extends into E74/565 and is prospective for additional graphite mineralisation as major drilling targets on geophysical anomalies.

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Figure 5 – Conductivity model isosurfaces projected to surface and coloured by conductivity over a greyscale magnetic image (left); conductor plates and drillholes over a late time EM decay image specify target areas (right).

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Figure 6 – Prioritised target areas in Munglinup generated from conductive anomalies over a late time EM decay image (dB/dt Z Ch47 HVD); show the targets between the known graphite ore bodies and new zones.

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The strong electromagnetic conductors indicate there are many conductor trends that remain undrilled that represent target areas (Figure 6). Twelve new target areas for graphite mineralisation have been identified, with seven adjacent to previously drilled graphite mineralisation (Priority 1 and 2) and five new zones of increased conductivity (Priority 3).

A summary of important assessment and reporting criteria used for this Exploration Results announcement is provided in JORC Table 1 in accordance with the checklist in the Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2012 Edition).

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 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 mineral sands 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 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 value-adding strategy which aims to capitalise on the fast-growing demand for sustainably manufactured Lithium-Ion Batteries.

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Cautionary Statement

This report may contain 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 several factors could cause actual results or expectations to differ materially from the results expressed or implied in the forwardlooking statements.

Competent Persons Statement

The information in this Announcement related to Exploration results is based on information compiled by Mr Bahman Rashidi and reviewed by Mr John Sinnott. Mr Rashidi is the Group Exploration Manager and a full-time employee of the Company. He is a member of the Australian Institute of Mining and Metallurgy (" AusIMM ") and the Australian Institute of Geoscientists (" AIG "). Mr Rashidi is also a shareholder of Mineral Commodities

Ltd. Mr Sinnott is a senior geophysicist with Resource Potentials Pty Ltd and an independent consultant to the Company. He is a member of the AIG and The Australian Society of Exploration Geophysicists. Mr Rashidi and Mr Sinnott have sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Persons in accordance with the JORC Code (2012). Mr Rashidi and Mr Sinnott consent to inclusion in the report of the matters based on this information in the form and context in which it appears.

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JORC TABLE 1 Munglinup Electromagnetic and Magnetic Survey Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code Explanation		Commentary	Commentary
• Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.		• No drilling reported in this release. • MRC is reporting a new airborne survey at Munglinup project. • The helicopter borne time domain electromagnetic and magnetic survey(“HTDEM’’) was conducted by New Resolution Geophysics. NGR acquired the data with a AS350 B- series helicopters (Squirrel, model AS350-B3). • The Xcite™ waveform is programmable for a large variety of on and off time configurations. Typically, a 4 to 7.5 ms on-time pulse is selected and the result is the significant improvements in anomaly amplitudes. Electromagnetic System Type Xcite™ Sensor Configuration Coincident Tx-Rx Weight ~450kg Structure Fully inflatable frame Transmitter Diameter 18.4m Number of turns 4 Current 275A Dipole Moment 285,000 NIA Base Frequency 25Hz Waveform Nominal square wave –typically, 5.4mS on time Receiver Time gate windows 0.04ms to >11ms Measurements dB/dT & Integrated B-field
			Electromagnetic System
			Type	Xcite™
			Sensor Configuration	Coincident Tx-Rx
			Weight	~450kg
			Structure	Fully inflatable frame
			Transmitter
			Diameter	18.4m
			Number of turns	4
			Current	275A
			Dipole Moment	285,000 NIA
			Base Frequency	25Hz
			Waveform	Nominal square wave –typically, 5.4mS on time
			Receiver
			Time gate windows	0.04ms to >11ms
			Measurements	dB/dT & Integrated B-field

Criteria	JORC Code Explanation	Commentary
		• 100 survey line spacing and 30 to 40m flying height above ground level with the line orientation of East-West (90 degrees).
• Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	• No drilling was conducted.
• Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• Not applicable.
• Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Not applicable for aeromagnetic survey.
• Sub- sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique.	• Not applicable for aeromagnetic survey.

Criteria	JORC Code Explanation		Commentary	Commentary
	• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.
• Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.		• Xcite system calibrated prior to commencement of survey. • The survey QC parameters and tolerances are listed in below table: GPS Positioning Type Novatel DL-V3L1L2 Differential Correction Post Processed Code Tracked C/A Number of Satellites 12 Recording Rate 20 Hz Magnetometer Counter Type NRG RDAC ll Internal System Noise <0.0001 nT Adc Inputs 24 Magnetometer Inputs 4 Recording Rate 20 Hz(capable of >1kHz) Magnetometer Sensor Type Single Sensor Scintrex CS3 Measurement Range 15 000 – 105 000 nT Gradient Tolerance 40 000 nT/m Operating Temperature -40 to +50 Degrees C Recording Rate 20 Hz(capable of >1kHz) Radar Altimeter(not recorded) Type Free Flight Operating range 0 - 762 m Accuracy 0 - 10 m +-0.3m Accuracy 10 - 762 m +-0.5m Recording rate 20 Hz(capable of >1kHz) Field Data Verification System
			GPS Positioning
			Type	Novatel DL-V3L1L2
			Differential Correction	Post Processed
			Code Tracked	C/A
			Number of Satellites	12
			Recording Rate	20 Hz
			Magnetometer Counter
			**Type **	NRG RDAC ll
			Internal System Noise	<0.0001 nT
			Adc Inputs	24
			Magnetometer Inputs	4
			Recording Rate	20 Hz(capable of >1kHz)
			Magnetometer Sensor
			**Type **	Single Sensor Scintrex CS3
			**Measurement Range **	15 000 – 105 000 nT
			Gradient Tolerance	40 000 nT/m
			Operating Temperature	-40 to +50 Degrees C
			Recording Rate	20 Hz(capable of >1kHz)
			Radar Altimeter(not recorded)
			**Type **	Free Flight
			Operating range	0 - 762 m
			Accuracy 0 - 10 m	+-0.3m
			Accuracy 10 - 762 m	+-0.5m
			Recording rate	20 Hz(capable of >1kHz)
			Field Data Verification System

Criteria	JORC Code Explanation		Commentary	Commentary
			Processing Software Platforms	Geosoft Oasis Montaj and Proprietary Software
			Base Station Magnetometer
			Type	NRG VER2
			Manufacturer	NRG Engineering
			**Range **	15 000 to 105 000nT
			Sensitivity Recording Rate	0.0006 nT√Hz RMS 1Hz
			Laser Altimeter
			**Type **	SF11/C(Loop)and SF00(Heli)
			**Range **	0 – 60 m and 0 – 250m
			Resolution	1cm
			Recording rate	20 Hz(capable of >1kHz)
• Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.		• Flight data quality and completeness were assured by both statistical and graphical means on a daily basis (Digital Data Verification). • Quality control completed by NGR and Resource Potential geophysicists.
• Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.		• The coordinates were confirmed as being WGS84 UTM zone 51S.

Criteria	JORC Code Explanation		Commentary	Commentary	Commentary	Commentary	Commentary
	• Specification of the grid system used. • Quality and adequacy of topographic control.	Survey Block X Y degrees degrees 1 300627 6275261 120.850187 -33.643838 2 305071 6275138 120.898053 -33.645763 3 304908 6270950 120.895378 -33.683483 4 302017 6271026 120.864226 -33.682266 5 302028 6270927 120.864329 -33.683160 6 300714 6270886 120.850147 -33.683281 7 300621 6274597 120.849976 -33.649814 8 300627 6275261 120.850187 -33.643838 • On-board DGPS positioning of all data locations. • Traverse lines were surveyed at an average spacing of 100m. • The survey was planned at 35m above ground at one dimensional tight drape. The target accuracy for the helicopter was ± 10m from the planned elevation.	Survey Block
				X	Y	degrees	degrees
			1	300627	6275261	120.850187	-33.643838
			2	305071	6275138	120.898053	-33.645763
			3	304908	6270950	120.895378	-33.683483
			4	302017	6271026	120.864226	-33.682266
			5	302028	6270927	120.864329	-33.683160
			6	300714	6270886	120.850147	-33.683281
			7	300621	6274597	120.849976	-33.649814
			8	300627	6275261	120.850187	-33.643838
• Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• The survey was conducted with 206-line kilometres include 48 lines completedwith 100m survey line spacing and 30 to 40m flying height above ground level withtheline orientation of East- West (90 degrees).
• Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have	• Electromagnetic survey lines were flown 90 degrees (East-West). • Not applicable for aeromagnetic survey.

Criteria	JORC Code Explanation	Commentary
	introduced a sampling bias, this should be assessed and reported if material.
• Sample security	• The measures taken to ensure sample security.	• A report of daily activity covering the total acquisition period prepared. The report covers production figures, flight duration times and daily comments on data QA/QC. • All data collected under struct security measures by contractor.
• Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• All digital airborne electromagnetic and magnetic data was subject to auditing by independent geophysical contractor, New Resolution Geophysics (NGR). • Survey monitoring and data QA/QC have been reviewed by consultantfrom ResourcePotentials.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section)

Criteria	Explanation	Commentary
• Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The resource is owned by MRC Graphite Pty Ltd, a subsidiary of ASX listed Mineral Commodities Ltd (ASX: MRC). • The tenements (M74/245 & E74/565) are situated on the Ravensthorpe SI 51-5 and North-Over 3031, 1:250,000 and 1:100,000 geological sheets respectively. • Mining Lease 74/245 was granted on the 26 August 2010 for a term of 21 years. The Lease is 685 hectares in area. • Exploration License 74/565 was granted on 5 August 2015 for a period of 10 years. • Exploration License 74/702 was granted on 19 January 2022 for a period of 5 years. • MRC Graphite PtyLtd(51%)and Gold Terrace PtyLtd(49%)are

Criteria	Explanation	Commentary
		the current registered owners of the Munglinup Mining Lease (M74/245) and MRC Graphite Pty Ltd is 100% owner of Exploration License E74/565 and E74/702. • The fully granted mining lease is valid to August 2031. • M74/245 is located in a fully gazetted mining reserve, with no native title or private land ownership issues.
• Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Geoscience Australia, Large regional survey (MAG RAD DEM), 2005. • Imperium Minerals, Single Survey of 243 Line/km at 250m spacing (AEM MAG DEM), 2009. • Regency Mines, Single Survey of 506 Line/km at 200m spacing (AEM MAG DEM) and Single Survey of 137 Line/km at 100m spacing (VTEM MAG), 2010. • Adelaide Prospecting, 2007-2010 • Graphite Australia, 2010-2013 • Gold Terrace 2014–2016
• Geology	• Deposit type, geological setting and style of mineralisation.	• The Munglinup area comprises Archean to Paleoproterozoic, metamorphosed granitic and other metamorphic rocks of the Albany–Fraser Orogen, typically hornblende (± garnet) gneiss and migmatite. • Within the gneissic rock mass, rocks containing the Munglinup graphite deposits consist of a succession of tightly folded metasedimentary rocks with a consistent dip to the southeast. • The classification scheme most widely accepted for graphite deposits was introduced by Cameron (1960). It classifies known graphite deposits into five categories reflecting the different types of graphite.

Criteria	Explanation	Commentary
		• Using this classification scheme, it is most likely that the Munglinup deposit can be characterized as a type 1, disseminated flake graphite in silica-rich meta-sediments deposit.
• Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • Easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length.	• Not applicable.
• Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• Not applicable, no drill assay or similar interval results are reported. • No metal equivalents used.
• Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	• Not applicable. • This release has no reference to previously unreported drill results, sampling, assay, etc.

Criteria	Explanation	Commentary
	• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).
• Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• The diagram in the body of this release is derived from the airborne geophysical survey undertaken by New Resolution Geophysics (NRG), 2022.
• Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• This report provides the total information available to date and is considered to represent a balanced report. • All high priority EM anomalies have been modelled.
• Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Some historical work was completed with mapping, sampling and geophysics that needs further review.
• Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• RC resource drilling is scheduled for mid-2022 to drill the new geophysical anomalous areas and expand the resource base, convert inferred resources into higher categories.