MINERAL COMMODITIES LTD - Interim / Quarterly Report 2024

Mineral Commodities

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Quarterly Activities Report – March 2024
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Key Matters

Tormin:

Sales revenue on target at US$9.9 million
Critical infrastructure upgrades contracted (permanent seawater intake solution for increased capacity and security of process water, third primary concentration plant that aims to increase processing capacity from 2.7Mtpa to 3.9Mtpa)
Lower than planned production due to delays in mine and plant
Positive action taken to repair water supply dam liner and prevent further damage
Additional mobile fleet sourced to address low equipment availability

Skaland:

Production and sales in line with budget, with target remaining to achieve annualized rate of 10Ktpa of saleable product for 2024

Subsequent to quarter end:

MRC gives notice to increase its interest in Munglinup Project from 51% to 90%[1]

Corporate and Cash

Available Cash : US$1.1 million as at 31 March 2024 (US$1.1 million as at 31 December 2023).

Borrowings : US$9.5 million as at 31 March 2024 (US$8.2 million as at 31 December 2023).

Securities : 984.5 million shares and 9.2 million performance rights as at the date of this report.

Advancing Battery Mineral Projects and Assets

Mineral Commodities Ltd (“ MRC ” or “the Company ”) remains committed to building the asset value of the Battery Minerals Division. Achievements during the quarter and up to the date of this report include:

Continued negotiation and engagement with Mitsubishi Chemical Corporation on its technical collaboration;
Agreement with CSIRO signed for management of the pilot plant testing; and
Construction is underway of the pilot scale battery anode plant, which is the final precursor to commercial anode production.

Subsequent to quarter end the Company announced that its wholly owned subsidiary MRC Graphite Pty Ltd (“ MRCG ”) has notified Gold Terrace Pty Ltd (“ Gold Terrace ”), its joint venture partner in the Munglinup Graphite Project (“ Munglinup ” or the “ Munglinup Project ”), that MRCG intends to satisfy the remaining “Earn-in Obligations” required to increase MRCG’s interest in the Munglinup Project from 51% to 90% on 6 June 2024.

1 Refer ASX Announcement entitled ‘MRC gives notice to increase interest in Munglinup Project to 90%’, dated 18 April 2024.

Mineral Commodities Ltd ABN 39 008 478 653 PO Box 91, Belmont WA 6984 [email protected] | www.mncom.com.au | Page 1 of 11

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The farmin and joint venture agreement between the parties ( Agreement )[2] provides for MRCG to increase its interest from 51% to 90% by completing a Feasibility Study (already delivered), paying Gold Terrace A$800,000 and issuing 30 million MRC shares to Gold Terrace (collectively, the Earn-in Obligations ).

Munglinup (51%)

Obtaining environmental approvals and advancing studies remain the priorities for the Munglinup graphite development and are expected to be achieved by the December 2024 quarter. The Munglinup Graphite Project remains a crucial asset in the Company’s overall goal to supply natural graphite into the key high-demand battery anode markets, with the DFS (2020) outlining a graphite asset able to produce approximately 52,000tpa over 14 years at an average grade of 12.8%[3.]

MRC notes that notwithstanding its prior written acknowledgement, Gold Terrace now disputes MRCG’s right to increase its interest in the Munglinup Project from 51% to 90% on the basis that the Feasibility Study provided to Gold Terrace did not comply with the requirements specified in the Agreement. MRCG maintains that it has satisfied the relevant Earn-in Obligation and holds the right to increase its interest in the Munglinup Project from 51% to 90%. The parties have not been able to resolve this dispute to date. However, discussions are continuing.

The payment of A$800,000 to Gold Terrace on 6 June 2024 is to be funded by an unsecured convertible loan facility provided by major shareholder Au Mining Ltd, which attracts interest at 15% per annum, has a conversion price of 2c per MRC share and is otherwise subject to standard market terms. Conversion of the loan into shares will be subject to shareholder approval. Shareholder approval for the issue of shares to Au Mining Ltd will be sought at the Company’s 2024 Annual General Meeting. In the event that shareholder approval is not obtained, the loan facility will be repaid in full in cash.

Active Anode Plant Project (100%)

Construction of the pilot-scale graphite anode pilot plant is nearing completion - partly financed by the Australian government Critical Minerals Acceleration Initiative ( CMAI ) Project.

The Company also continues to advance its collaboration with Mitsubishi Chemical Corporation and CSIRO (the Australian government research organisation).

In addition to project technical work and studies, the Company has been actively engaging with governments in Australia, Europe and the US regarding potential support for the project.

Returning Tormin to Profitability

Focus during the quarter remained on actions to return Tormin to profitability and increasing its asset value. On target sales revenue during the quarter included a 50kt ilmenite shipment that sailed in January 2024 and positive non-mags sales from processing Inland Strands south pit ore.

The Company announced a number of operating challenges at the Tormin mineral sands mine, significantly impacting production during the quarter. Early in the quarter, low mobile equipment availability significantly reduced production with corrective action being taken to supplement the fleet with rental equipment and the purchase of a new excavator. Later in the quarter, damage to the main water supply storage dam required immediate action to prevent environmental impact or further deterioration. This also had a negative impact on production due to limited water supply for ore processing.

Revenue at Tormin continued with sales of zircon/rutile concentrate. However, annual income will be reduced due

2 Refer ASX announcement entitled ‘Munglinup Graphite Project Joint Venture Agreement Executed’, dated 20 November 2017. 3 Refer ASX announcement entitled ‘Robust Munglinup DFS Results Allow MRC to Move to 90% Ownership of Munglinup Graphite Project‘, dated 8 January 2020.

Mineral Commodities Ltd ABN 39 008 478 653 PO Box 91, Belmont WA 6984 [email protected] | www.mncom.com.au | Page 2 of 11

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to the reduced production.

In addition to boosting mobile equipment fleet and repairing the dam, other corrective action taken to minimise business impact included relocation of beach mining to the southern area closer to the plant, eliminating ~40km round trip haulage, and investigating options to make ilmenite revenues more frequent.

The plan to return Tormin to profitability includes three key catalysts to restore Tormin to positive earnings. The level of profitability that can potentially be achieved will depend on the outcome of these initiatives set out below:

1. Inland Strands production

Completed and commissioned in the March 2023 quarter.[4]

2. Increasing primary processing capacity

The third primary concentrator (PCP-3) is planned to be commissioned during the December quarter 2024.

The contract for PCP-3 construction has been negotiated and signed during the quarter, with procurement underway. It will be funded out of rights issue funds obtained in the last quarter and operating cash flows. PCP-3 is intended to process Inland Strands material, targeting an increase in ore processing capacity from 2.7Mtpa to 3.9Mtpa. The design for PCP-3 has been upgraded from the PCP-1 and PCP-2 designs to better handle slimes.

3. Upgrading concentrate to higher value product

MRC is working on plans for tertiary processing using Mineral Separation Plants ( MSPs ). The work relates to plant upgrades for garnet and ilmenite concentrate produced from ore processing at 3.9Mtpa to be upgraded into higher value finished products attracting higher prices. As previously advised, this project has been delayed due to test work and further analysis being required and some challenges to the original MSP design and timetable. The revised project schedule is being developed. MRC remains focused on progressing the MSP work that aims to meet GMA offtake specifications and is collaborating closely with its partner GMA.

In parallel with further investigations regarding the MSPs, water supply and slimes management improvements have commenced. Funding for these upgrades is via the GMA Group ( GMA ) US$10 million Loan Agreement, that is underpinned by a long-term offtake agreement with GMA.

A permanent seawater intake solution has been contracted and procurement/ engineering is underway with completion targeted for the December 2024 quarter. Slimes management improvements are underway, including installing double efficiency cyclones in April 2024 (removes more slimes prior to processing) and a new water circulation circuit (includes a fresh seawater infeed line to the secondary process plant and eliminates slimes in tailings being recirculated in processing) being installed in May 2024.

Increasing MRC ownership of Tormin

During the June 2023 quarter, the Company announced an agreement with the Company’s existing empowerment partner, Blue Bantry Investments 255 (Pty) Ltd ( Blue Bantry ), to increase its ownership interest in Tormin from 50% to 69%[5] , which is expected to materially increase the net present value of Tormin to MRC. The increase in ownership interest is subject to regulatory approval in South Africa.

Completion of the restructure of MSR is subject to the satisfaction of several conditions precedent including the receipt of all required regulatory approvals, and the receipt by MRC of shareholder approval for the issue of the Consideration Shares for the purposes of ASX Listing Rule 10.11, given Company director Mr Madiba Qunya is a

4 Refer ASX Announcement entitled ‘Commissioning Complete for Inland Strands Ore’, dated 27 March 2023. 5 Refer ASX Announcement entitled ‘MRC To Increase Ownership Interest in Tormin’, dated 12 April 2023.

Mineral Commodities Ltd ABN 39 008 478 653 PO Box 91, Belmont WA 6984 [email protected] | www.mncom.com.au | Page 3 of 11

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50% owner of Blue Bantry. Shareholders approved the transaction at the Company’s Annual General Meeting, held on 25 May 2023, however due to unanticipated delays in the satisfaction of other conditions precedent that approval has now lapsed in accordance with the ASX Listing Rules and refreshed shareholder approval will need to be sought before the issue can be completed. The refreshed approval is expected to be sought at the Company’s Annual General Meeting in May 2024. Other conditions precedent remain outstanding, which the Company anticipates being satisfied by the end of the June 2024 quarter.

Safety, Environment and Community Q1 2024

Positive action was taken at Tormin to prevent further deterioration of the process water supply dam and protect the environment.

The Company’s 12-month Total Recordable Injury Frequency Rate ( TRIFR ) remained at nil in the March 2024 quarter.

Tormin

Tormin had no recordable injuries during the March 2024 quarter.

Skaland

Skaland had no recordable injuries during the March 2024 quarter.

Tormin Operations Q1 2024

Production at Tormin during the March 2024 quarter declined materially on previous quarters due to unplanned delays in both mine and plant impacting production[6] :

Beach mining and its requisite primary processing has not been in production due to lack of availability of mining equipment at the Northern Beaches in January and February 2024;
Three weeks downtime of the beach primary concentration plant as it was moved from the Northern Beaches and re-installed at Tormin for Tormin Beaches production from March 2024. This move is in line with the strategic objective of managing Tormin’s placer beach deposits by providing alternating 12 months rest to each beach deposit to allow grade replenishment. Tormin Beaches have been rested since March 2023;
Mobile equipment availability is below target. The mobile fleet at Tormin (trucks, loaders, excavators and dozers) operates in harsh coastal / saltwater conditions. The majority of mobile equipment machines are past their expected life (operating hours) for this environment. Excavator fleet failure in particular has had the greatest impact in January and February 2024. To address this, a brand-new excavator was sourced and put into production in March 2024 and another contract excavator and two contract ADT trucks were also sourced;
Seawater intake issues, with an intake line breaking during the quarter (reducing feed water capacity) and significant delays in replacing the line due to ongoing rough sea conditions; and
Damage in March 2024 to the liner of the main sea-water storage dam that provides water for processing. The sea-water storage dam is critical to supplying process water to the primary and secondary concentration plants. The damaged liner allowed water ingress underneath the liner causing some minor erosion and the tensioning of the liner resulting in minor cracking adjacent to the liner edge. The damage has since been

6 Refer ASX Announcements entitled ‘Production Delays – Tormin Mineral Sands’ dated 19 February 2024, ‘Water Storage Dam – Tormin Mineral Sands’ dated 22 March 2024 and ‘Water Storage Dam – Tormin Mineral Sands’ dated 9 April 2024.

Mineral Commodities Ltd ABN 39 008 478 653 PO Box 91, Belmont WA 6984 [email protected] | www.mncom.com.au | Page 4 of 11

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repaired.

Mining at Tormin remained confined to the Tormin Beaches with recovery of low-grade stockpiles at Inland Strands to minimise mining costs. Total material movement has also been limited due to relatively poor mobile equipment fleet availability. This reduced mining capacity was expected to continue in the March 2024 quarter but is expected to revert to normal production in the June 2024 quarter with mobile equipment fleet improvements to the existing fleet and sourcing of additional fleet.

Tormin Mining

Mining	31-Mar-24 Quarter	31-Dec-23 Quarter	31-Mar-23 Quarter	Year to Date 31-Mar-24	Year to Date 31-Mar-23
Material Mined – Tonnes (dmt)	210,841	182,341	1,120,295	210,841	1,120,295
High Grade Ore Mined – Tonnes(dmt)	99,421	150,858	443,405	99,421	443,405
Low Grade Ore Mined – Tonnes(dmt)	111,420	31,483	676,890	111,420	676,890
High Grade Ore Mined (VHM)	10.8%	10.8%	8.5%	10.8%	8.5%
- Garnet	6.7%	8.2%	5.8%	6.7%	5.8%
- Ilmenite	2.5%	1.7%	2.0%	2.5%	2.0%
- Zircon	0.8%	0.6%	0.5%	0.8%	0.5%
- Rutile	0.3%	0.3%	0.2%	0.3%	0.2%

Reduced mining production was expected to continue in the March 2024 quarter.

Tormin total material mined this quarter was 0.21 million tonnes, with an average Valuable Heavy Mineral ( VHM ) grade of 10.8% in comparison to the previous quarter of 10.8%. High grade ore mined was below the prior quarter due to several fleet breakdowns at Northern Beaches, with additional owned and contract fleet added in March 2024 to improve the transition to Tormin Beaches mining.

Inland Strand ore mining remains deferred given the large stockpiles already in place at the start of the quarter. Better than expected tailings dewatering performance means new tailings pits will not need to be mined out as quickly as budgeted, reducing overburden removal expectations. Mining will ramp up again in the June 2024 quarter.

Tormin Processing

Primary processing

ROM feed tonnes to PCP-1 and PCP-2 were lower than the previous quarter at 123Kt, representing an average feed rate of 158tph and 55% plant utilisation. Production remains below theoretical capacity due to moving the beach primary concentration circuit from the Northern Beaches back to Tormin Beaches during the quarter, ongoing seawater intake issues, storage dam offline for repair and scrubber breakdowns for Inland Strand material, significantly reducing feed rates.

Secondary processing

Total tonnes processed by the secondary concentrator (GSP/SCP) were 63kt, compared to 124kt from the previous quarter, due to significant reduction in feed available from below expectation primary processing production. Management expects this will continue to improve next quarter with the return to Tormin Beaches

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mining and improved mining fleet capacity.

Finished concentrate product

Final concentrate production for the period decreased to 18,758 tonnes. Management expects production to return to more historic levels in the June 2024 quarter given greater feed from additional mining fleet, further plant optimisation including optimisation of fines tailing removal system (introduction of double efficiency cyclones and new water circulation circuit) and active seawater intake management initiatives.

GSP/SCP Production & Processing	31-Mar-24 Quarter	31-Dec-23 Quarter	31-Mar-23 Quarter	Year to Date 31-Mar-24	Year to Date 31-Mar-23
Tonnes processed (gross dmt)	63,438	124,164	49,257	63,438	49,257
Tonnes produced (dmt)
-Garnet concentrate	7,361	35,382	20,812	7,361	20,812
-Ilmenite concentrate	9,811	28,347	9,161	9,811	9,161
-Zircon/Rutile concentrate	1,586	3,939	1,254	1,586	1,254
- Zircon in concentrate	72.3%	73.4%	69.9%	72.3%	69.9%
- Rutile in concentrate	16.1%	16.1%	15.9%	16.1%	15.9%

Tormin Sales

Sales (wmt)	31-Mar-24 Quarter	31-Dec-23 Quarter	31-Mar-23 Quarter	Year to Date 31-Mar-24	Year to Date 31-Mar-23
- Garnet concentrate	2,682	4,052	23,823	2,682	23,823
- Ilmenite concentrate	49,880	420	420	49,880	420
- Zircon/Rutile concentrate	3,388	4,067	420	3,388	420

Tormin shipments/sales were 3,388 wet metric tonnes of zircon/rutile concentrate, above quarterly production with all prior period inventory stocks also sold during the quarter. Ilmenite sales included a 50Kt shipment that sailed in January 2024. Low net garnet sales tonnes delivered to GMA during the quarter reflect the need to refeed Inland Strands garnet to improve grade, which has been deferred to the June 2024 quarter.

Product sales revenue was US$9.9 million, representing a total of 55,950 wet metric tonnes sold, compared to prior period revenue of US$4.7 million for 8,539 wet metric tonnes sold. The increase in revenue reflects the January 2024 50Kt ilmenite shipment, partially offset by lower non-mags sales reflecting lower non-mags production during the current quarter.

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Tormin Unit Costs & Revenues

Summary of Unit Costs & Revenues	31-Mar-24 Quarter	31-Dec-23 Quarter	31-Mar-23 Quarter	Year to Date 31-Mar-24	Year to Date 31-Mar-23
Unit production cash costs per tonne of net final concentrate produced (US$/dmt)	374.02	90.84	184.68	374.02	184.68
Unit cost of goods sold per tonne of final concentrate sold (US$/wmt)(1)	157.94	578.78	148.04	157.94	148.04
Unit revenue per tonne of final concentrate sold (US$/wmt)	175.49	452.58	187.92	175.49	187.92
Revenue to Cost of Goods Sold Ratio	1.11	0.78	1.27	1.11	1.27

Note (1) – Cost of goods sold includes production cash costs, product handling, transport and selling costs, royalties, stock movements and depreciation and amortisation. Excludes corporate and financing costs.

Unit production cash costs were significantly higher than prior quarters due to significantly lower production during the current quarter because of the unplanned delays in both mine and plant outlined above.

Unit cost of goods sold are below prior quarter due to the materially higher final concentrate sold during the current quarter, which included the 49,880 tonne ilmenite shipment, partially offset by higher transport costs associated with that ilmenite shipment.

Lower unit revenue in comparison to the prior quarter reflects a lower proportion of zircon/ rutile concentrate sales in the current quarter, given the lower unit value 49,880 tonne ilmenite sale during the current quarter.

Work is underway aiming to improve plant production rates in the June 2024 quarter.

Skaland Operations Q1 2024

The March 2024 quarter production performance is in line with budget and the previous quarter results, after ongoing drill rig and downtime with the processing mill early in the quarter.

The Company’s graphite concentrate sales during the quarter of 1,052 tonnes were below the previous quarter of 1,860 tonnes. The operating target remains achieving annualized production levels of 10Ktpa.

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Skaland Mining

Mining	31-Mar-24 Quarter	31-Dec-23 Quarter	31-Mar-23 Quarter	Year to Date 31-Mar-24	Year to Date 31-Mar-23
Material Mined	5,502	8,386	12,322	5,502	12,322
Ore Mined	4,890	7,646	9,394	4,890	9,394
Waste Mined	612	740	2,928	612	2,928
Ore Grade (%C)	29	28	28	29	28
Development Metres	-	-	50	-	50

Total ore mined for the quarter was below historical expectations of circa 10Kt per quarter due to the acquired rental drill rig not being available for the entire quarter. Management has budgeted recovering in the remainder of 2024 to historical mining performance to meet the feed requirements for 10kt per annum of concentrate production from the high-grade Trælen ore body.

Skaland Processing

ROM feed to the processing plant for the March 2024 quarter was 5,120 tonnes compared with 6,479 tonnes in the prior quarter. This reflects lower mining performance during the current quarter.

Quarterly graphite concentrate production decreased to 1,282 tonnes, which is 51% of the historical 10Ktpa expectation. However, production is above budget for the March 2024 quarter and ahead of management expectations to meet historical production levels of 10Ktpa. Management is hopeful of recovering the concentrate production rate in the remainder of 2024 to historical expectations.

Processing	31-Mar-24 Quarter	31-Dec-23 Quarter	31-Mar-23 Quarter	Year to Date 31-Mar-24	Year to Date 31-Mar-23
Ore Processed (t)	5,120	6,479	9,411	5, 120	9,411
Throughput (tph)	8	6	7	8	7
Ore Grade (%C)	28	28	28	28	28
C Recovery (%)	90	93	90	90	90
Concentrate Grade (%)	91	93	94	91	94
Concentrate Produced (t)	1,282	1,562	2,524	1, 282	2,524

Skaland processing continues to highlight its flexibility to produce higher grades subject to customer demand in 2024. This also provides the foundation for the Company’s ore-to-anode strategy.

Mineral Commodities Ltd ABN 39 008 478 653 PO Box 91, Belmont WA 6984 [email protected] | www.mncom.com.au | Page 8 of 11

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Skaland Sales

Company sales decreased to 1,068 tonnes of graphite concentrate during the March 2024 quarter, compared to 1,860 tonnes in the December 2023 quarter. Sales during the quarter were in line with budget.

Product (wmt)	31-Mar-24 Quarter	31-Mar-24 Quarter	31-Dec-23 Quarter	31-Dec-23 Quarter	31-Mar-23 Quarter	31-Mar-23 Quarter	Year to Date 31-Mar-24	Year to Date 31-Mar-24	Year to Date 31-Mar 23	Year to Date 31-Mar 23
	Sales	PSD %	Sales	PSD %	Sales	PSD %	Sales	PSD %	Sales	PSD %
Coarse/Medium	489	46%	518	28%	889	38%	489	46%	889	38%
Fine-Medium/Powder	579	54%	1,342	72%	1,452	62%	579	54%	1,452	62%
Total	1,068		1,860		2,341		1,068		2,341

Sales revenue for the March 2024 quarter decreased to US$0.9 million for a total of 1,068 tonnes sold.

Skaland Unit Costs & Revenues

Summary of Unit Costs & Revenues	31-Mar-24 Quarter	31-Dec-23 Quarter	30-Sep-23 Quarter	Year To Date 31-Mar-24	Year To Date 31-Mar-23
Unit production cash costs per tonne of net final concentrate produced(US$/dmt)	1,508.36	934.94	1,318.55	1,508.36	735.92
Unit cost of goods sold per tonne of final concentrate sold (US$/wmt)(1)	1,656.44	773.31	1,752.97	1,656.44	696.85
Unit revenue per tonne of final concentrate sold (US$/wmt)	917.01	737.74	940.61	917.01	727.18
Revenue to Cost of Goods Sold Ratio	0.55	0.95	0.54	0.55	1.04

Unit production cash costs are above prior quarters due to ongoing drill rig and downtime with the processing mill early in the quarter, reducing concentrate production to 51% of historical performance expectation. Higher production cash costs reflect higher unit cost of goods sold.

Higher unit revenue this quarter in comparison to the previous quarter reflects the significant improvement in the coarse/ fine fraction, meaning a significantly higher proportion of higher value products were sold this quarter in comparison to the previous quarter.

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Securities on Issue

Issued securities at the date of this report comprise:

984,472,599 fully paid ordinary shares listed on the ASX.
1,200,000 Performance Rights vesting on 23 February 2023 and upon the 30-day VWAP of the Company’s shares trading on the ASX being at or above A$0.19, expiring on 23 February 2026.
1,200,000 Performance Rights vesting on 23 February 2024 and upon the 30-day VWAP of the Company’s shares trading on the ASX being at or above A$0.19, expiring on 23 February 2026.
1,200,000 Performance Rights vesting on 23 February 2025 and upon the 30-day VWAP of the Company’s shares trading on the ASX being at or above A$0.19, expiring on 23 February 2026.
5,600,000 Performance Rights vesting upon the 30-day VWAP of the Company’s shares trading on the ASX being at or above A$0.19, expiring on 23 February 2026.

ENDS

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

For further information, please contact:

INVESTORS & MEDIA CORPORATE Scott Lowe Katherine Garvey CEO Company Secretary T +61 8 6373 8900 T +61 8 6373 8900 [email protected] [email protected]

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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.

Competent Person’s Statement

Tormin - The information in this report which relates to Mineral Resources for Tormin, including Tormin Beaches, Northern Beaches, and Inland Strands, is based on information compiled by Mr Chris De Vitry, who is a member of the Australian Institute of Mining and Metallurgy (“AusIMM”) and an independent consultant to the Company. Mr De Vitry is the Director and principal Geologist of Manna Hill GeoConsulting Pty 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 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code (2012)”). The information from Mr De Vitry was prepared under the JORC Code (2012). Mr De Vitry consents to inclusion in the report of the matters based on this information in the form and context in which it appears.

The information in this Announcement related to Ore Reserves is based on information compiled and has been approved for release by Mr. Daniel Hastings, who is a member of the Australian Institute of Mining and Metallurgy (“AusIMM”). Mr. Hastings is a Principal Consultant at Quantified Strategies Pty Ltd and has over 25 years of mining experience in a variety of mineral deposits and styles. Mr. Hastings has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person in accordance with the JORC Code (2012). The information from Mr. Hastings was prepared under the JORC Code (2012). Mr. Hastings consents 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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MINERAL COMMODITIES LTD Interim / Quarterly Report 2024

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