MINERAL COMMODITIES LTD — Interim / Quarterly Report 2025

Jul 30, 2025

Mineral Commodities

Quarterly Activities Report – June 2025

==> picture [122 x 48] intentionally omitted <==

Key Matters

Skaland:

• Conditions precedent satisfied in relation to the Share purchase agreement (“ SPA ”) entered into for sale of 100% of Skaland Graphite AS to Norge Mineraler Holding AS in Q1.

• Parent guarantee issued by Norge Mining Limited - the 100% owner of Norge Mineraler Holding AS.

• Norge Mineraler Holding AS in default of SPA, despite partial payment.

• Agreement reached with Norge Mineraler Holding AS for completion by no later than 31 October 2025 based on additional payments made to MRC and Skaland Graphite AG.

• Saleable production 1,661 tonnes.

Munglinup:

• Discussions continued with JV partner regarding a formal agreement for binding transaction to settle the dispute and increase interest in Munglinup Project to 100%.

Tormin:

• South African business placed in provisional liquidation.

Corporate and Cash

• Available Cash : US$565K as at 30 June 2025 (US71k as at 31 March 2025).

• Borrowings : US$7.6 million as at 30 June 2025 (US$7.2 million as at 31 March 2025).

• Securities : 984.5 million shares, 15.8 million performance rights and 240,000,000 options on issue as at the date of this report.

Mineral Commodities Ltd ABN 39 008 478 653 PO Box 91, Belmont WA 6984 info@mncom.com.au | www.mncom.com.au | Page 1 of 7

ASX:MRC

==> picture [596 x 59] intentionally omitted <==

Advancing Battery Mineral Projects and Assets

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:

• 8 tonne sample of Munglinup material sourced for used in the pilot scale battery anode plant; and

• Discussions continue towards securing 100% of the Munglinup Graphite Project.

Munglinup (51%)

During the quarter, the Company continued discussions in relation to a sale agreement between MRC Graphite Pty Ltd (“ MRCG ”) and Gold Terrace Pty Ltd (“ Gold Terrace ”), its joint venture partner in the Munglinup Graphite Project (“ Munglinup ”), to settle a dispute and for MRCG to acquire the remaining 49% interest in Munglinup. The Company currently holds an existing 51% interest in Munglinup. Upon acquiring the remaining 49% interest, the Company will become the 100% owner of Munglinup.

Gold Terrace has agreed to not pursue any legal claims in respect of the joint venture agreement until completion of a formal agreement.

No formal agreement has been executed.

Subject to agreement on terms, the Completion of a formal agreement will be subject to market standard conditions precedent to completion, including regulatory approvals such as Foreign Investment Review Board Approval and ministerial consent, Gold Terrace agreeing to withdraw certain caveats against the Company’s tenements, and any shareholder approval associated with the potential provision of funding from another party to the Company (if required).

Upon completion of a sale, the joint venture agreement between the Company and Gold Terrace will terminate and Gold Terrace will release the Company from claims in relation to the joint venture agreement on a no-fault basis.

Obtaining environmental approvals and advancing studies remain the priorities for the Munglinup graphite development. The delayed completion of the sale of Skaland Graphite AS has impacted on project spending and the timeline will need to be reviewed.

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 of ore over 14 years at an average grade of 12.8%.

It is MRC’s strategy continues to be to reposition the Company as being focused on graphite only, with integrated assets.

Active Anode Plant Project (100%)

As previously advised, commissioning of the pilot-scale graphite anode pilot plant delivered encouraging preliminary results with the achievement of battery grade overall purity in a single pass (without optimization) using 898 flake material. The pilot plant is partly financed by the Australian government Critical Minerals Acceleration Initiative Project.

An 8 tonne sample of material was sourced from Munglinup with the aim of processing into concentrate for testing

in the pilot plant.

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

Mineral Commodities Ltd ABN 39 008 478 653 PO Box 91, Belmont WA 6984 info@mncom.com.au | www.mncom.com.au | Page 2 of 7

ASX:MRC

==> picture [596 x 59] intentionally omitted <==

Tormin

The Company previously reported that Mineral Sands Resources (Pty) Ltd (“ MSR ”), the owner of Tormin has been placed into provisional liquidation.

All decisions regarding the operation of Tormin, dealing with its creditors and the future of the business, including ownership, are being made by the provisional liquidator in accordance with South African law. The Company understands the provisional liquidators are applying to the Court for an extension of their powers with a view to dispose of Tormin to a third party. The Company understands there are a number of interested buyers who have contacted the provisional liquidators. .

MRC continues to hold 50% of MSR and is also a major creditor of MSR as a result of intercompany loans between MSR and other entities in the wider MRC Group.

Safety, Environment and Community Q1 2025

The Company has experienced zero recordable Injuries at Skaland during the period.

Sale of Skaland

As previously announced, MRC Graphite Norway Pty Ltd (“ MRCGN ”) (a wholly owned subsidiary of MRC) entered into a binding, conditional share purchase agreement (“ SPA ”) with Norge Mineraler Holding AS (“ Norge Mineraler ”), for the sale of 100% of its shares in Skaland Graphite AS (“ Skaland ”) to Norge Mineraler (“ Transaction ”). Shareholders approved the Transaction on 10 March 2025.

On 15 April 2025, MRC announced that Norge Mineraler had made a partial payment of USD500,000 that is nonrefundable, and has also agreed that the previously refundable deposit of USD1,000,000 is now non-refundable.

On 15 May 2025, MRC announced Norge Mineraler has agreed to make the following additional payments:

• a further non-refundable partial payment of USD 500,000 to MRC within 5 business days;

• a working capital payment directly to Skaland of NOK 5.0M to support the business and operations, such payment to be made by 23 May 2025; and

• a payment to MRCGN to partially cover costs MRCGN has incurred as a result of delayed completion of AUD45,500 within 5 business days.

In addition, Norge Mineraler procured a parent company guarantee, guaranteeing Norge Mineraler’s performance of all of its obligations under the SPA in favour of MRCGN.

On 29 May 2025, MRC announced that Norge Mineraler had confirmed that completion of the Transaction will occur as soon as possible and no later than 9 June 2025. If completion of the Transaction does not occur by 9

June 2025, the rate of interest on any outstanding amounts owing to MRCGN pursuant to the SPA shall increase from 12.5% per annum to 20% per annum from 21 March 2025 to the date of completion of the Transaction. MRC confirmed the payments announced on 15 May 2025 had been received.

On 10 June 2025, MRC announced that completion of the Transaction did not take place on 9 June 2025 as contemplated in the 29 May 2025 announcement.

Post quarter end, on 9 July 2025, MRC announced that as a result of ongoing discussions Norge Mineraler had made a non-refundable payment of USD200,000 to cover costs incurred as a result of the delay in completion of the Transaction. In addition, Norge Mineraler agreed to make the following non-refundable payments no later than 5.00pm London time on 11 July 2025;

• GBP500,000 to cover costs incurred as a result of the delay in completion of the Transaction;

• NOK 11,000,000 directly to Skaland Graphite AG to support the business and operations; and

Mineral Commodities Ltd ABN 39 008 478 653 PO Box 91, Belmont WA 6984 info@mncom.com.au | www.mncom.com.au | Page 3 of 7

ASX:MRC

==> picture [596 x 59] intentionally omitted <==

• GBP3,500,000 to be applied against the purchase price for the sale of Skaland.

Norge Mineraler committed to completing the Transaction no later than 12 noon Oslo time on 31 July 2025

Further, post quarter end, on 18 July 2025, MRC announced that due to funding constraints Norge Mineraler had not made the payments referred to in the 9 July 2025 announcement. As a result of further discussions between the parties, Norge Mineraler has made the following non-refundable payments which will not be applied against the purchase price for the sale of Skaland:

• GBP500,000 to cover costs as a result of the delay in completion of the Transaction; and

• GBP500,000 directly to Skaland to support the business and operations.

In addition, Norge Mineraler has agreed to make available to Skaland up to GBP410,000 for operational costs, such funds are non-refundable and will not be applied against the purchase price for the sale of Skaland. Norge Mineraler will, prior to 5.00pm London time on 30 July 2025, purchase a new drill rig to be supplied and delivered for use by Skaland.

The parties have agreed that up to a total of USD500,000 already paid by Norge Mineraler and previously allocated against the purchase price for the sale of Skaland will no longer be allocated against the purchase price on a pro rata basis from 1 August 2025 to the date of completion of the Transaction[1] .

The parties have agreed the completion of the Transaction will occur as soon as possible but no later than 12 noon Oslo time on 31 October 2025.

Consistent with the Company’s business objectives and strategy, if completed, the Transaction will allow the Company to focus its efforts and its capital on its high-quality Munglinup project and downstream active anode plans in Australia.

Skaland Operations

Graphite concentrate production during the quarter was 1,661 tonnes.

Skaland Mining and Processing

Mining activities during June quarter were lower than the previous quarter due to the decision to off-hire the rental drill rig to save hire costs. Ore stocks remain sufficient for the expected processing during the September quarter, and mining will resume once a new drill rig arrives on site during August

Mining	30 Jun 25 Quarter	31 Mar 25 Quarter	30 Jun 24 Quarter	Year to Date 30 June 2025	Year to Date 30 June 2024
Material Mined	6,613	11,043	10,000	17,656	15,502
Ore Mined	6,175	10,257	10,000	16,432	14,890
Waste Mined	438	786	0	1,224	612
Ore Grade (%C)	27	27	29	28	29
Development Metres	9	18	-	27	-

Processing activities were lower than previous quarter due to equipment down time and shutdowns caused by staff losses and sick leave absences in plant operator crews. Recruitment of plant operators is underway.

1 By way of example, there is 91 days between 1 August 2025 and 31 October 2025. If completion occurs on 5 August 2025, 5/91 of USD500,000 would not be applied against the purchase price and that amount will be due and payable at completion.

Mineral Commodities Ltd ABN 39 008 478 653 PO Box 91, Belmont WA 6984 info@mncom.com.au | www.mncom.com.au | Page 4 of 7

ASX:MRC

==> picture [596 x 59] intentionally omitted <==

Processing	30-Jun-2025 Quarter	31-Mar-2025 Quarter	30-Jun-2024 Quarter	Year to date 30 June 2025	Year to date 30 June 2024
Ore Processed (t)	6,178	9,236	7,011	15,414	12,131
Throughput (tph)	6.4	7	7	7	7
Ore Grade (%C)	27	27	29	27	29
C Recovery (%)	92	92	92	92	92
Concentrate Grade (%)	92	93	91	92	91
Concentrate Produced (t)	1,661	2,155	1,890	3,816	3,172

Skaland Sales

Graphite sales were 2,085 tonnes of graphite concentrate during the June 2025 quarter. Sales revenue for the June 2025 quarter remained at US$1.1 million due to the higher tonnages of lower grade product

Product (wmt)	30-June-2025 Quarter	30-June-2025 Quarter	31-Mar-2025 Quarter	31-Mar-2025 Quarter	30-Jun-2024 Quarter	30-Jun-2024 Quarter	Year to date 30-June-25	Year to date 30-June-25	Year to date 30-Jun- 2024	Year to date 30-Jun- 2024
	Sales	PSD %	Sales	PSD %	Sales	PSD %	Sales	PSD %	Sales	PSD %
Coarse/Medium	832	40%	856	48%	937	42%	1,688	44%	1,426	43%
Fine- Medium/Powder	1,253	60%	926	52%	1,280	58%	2,179	56%	1,859	57%
Total	2,085		1,782		2,217		3,867		3,285

Skaland Unit Costs & Revenues

The quarterly variances in the metrics below primarily reflect variances in production and sales volumes over a cost base that has a significant fixed cost component.

Summary of Unit Costs & Revenues	30 June-2025 Quarter	31-Mar-2025 Quarter	30-June-2024 Quarter	Year to date 30 June 2025	Year to date 30 June 2024
Unit production cash costs per tonne of net final concentrate produced (US$/dmt)	778.42	643.18	941.35	710.80	1,170.51
Unit cost of goods per tonne of final concentrate sold(US$/wmt)(1)	737.00	837.23	1,046.82	787.11	1,245.02
Unit revenue per tonne of final concentrate sold (US$/wmt)	771.60	804.83	833.74	804.83	860.81
Revenue to Cost of Goods Sold Ratio sold	1.05	0.96	0.80	1.00	0.67

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

Mineral Commodities Ltd ABN 39 008 478 653 PO Box 91, Belmont WA 6984 info@mncom.com.au | www.mncom.com.au | Page 5 of 7

ASX:MRC

==> picture [596 x 59] intentionally omitted <==

Corporate and finance

GMA

During the quarter, Garnet International Resources Pty Ltd (“ GMA ”) agreed to an amendment to extend the standstill arrangement (“ Standstill Agreement ”).

The Standstill Agreement provided that GMA will take no action in relation to the parent guarantee granted by MRC in relation to a loan between GMA and MSR, entered into in May 2023.

Post the end of the quarter, regular good faith discussions continue with GMA taking into account recent agreement reached with Norge Mineraler.

MRC secured A$2.4 million funding in convertible loan facilities

On 17 October 2024, the Company announced it had entered into convertible loan facility agreements with existing shareholders for a maximum of A$2.4M. The funding was provided by five lenders, including the Company’s largest shareholder, Au Mining Limited (Au Mining)(A$2,000,000) and four other shareholders (A$100,000 each).

As announced on 26 June 2025, the Lenders have agreed to extend the Maturity Date of the loans to the earlier of: (a) 2 years from the first drawdown (unless otherwise agreed by the parties in writing); and (b) the sale of Skaland.

The terms and conditions of the loans are set out in the announcements dated 17 October 2024, 18 October 2024 and 29 October 2024.

Munglinup

Discussions are also continuing with Gold Terrace regarding an updated transaction for MRC to acquire 49% of the Munglinup Project (see announcement 25 June 2024). The timing and conditions relating to this transaction are currently being discussed with Gold Terrace.

Yearly accounts and audit

Yearly accounts for 31 December 2024 remain under audit review and are expected to be completed and lodged in the June quarter.

AGM

Upon finalisation of the 2024 accounts, the Company will seek to hold the AGM.

Securities on Issue

During the quarter:

• 1) 9,766,666 performance rights lapsed; and

• 2) 240,000,000 options, each exercisable at $A0.015 and expiring on 9 April 2028 were issued

• Issued securities at the date of this report comprise:

• 1) 984,472,599 fully paid ordinary shares listed on the ASX.

• 2) 7,900,000 Performance Rights vesting on 11 March 2026 upon the 30-day VWAP being at or above A$0.038 in the period prior to 11 March 2026, expiring on 11 March 2028.

• 3) 7,900,000 Performance Rights vesting on 11 March 2027 upon the 30-day VWAP being at or above A$0.038 in the period prior to 11 March 2027, expiring on 11 March 2028.

• 4) 240,000,000 options, each exercisable at $A0.015, expiring on 9 April 2028.

Mineral Commodities Ltd ABN 39 008 478 653 PO Box 91, Belmont WA 6984 info@mncom.com.au | www.mncom.com.au | Page 6 of 7

ASX:MRC

==> picture [596 x 59] intentionally omitted <==

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 Sarah Gaffney-Smith CEO Joint Company Secretary T +61 8 6373 8900 T +61 8 6373 8900 info@mncom.com.au info@mncom.com.au

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.

Mineral Commodities Ltd ABN 39 008 478 653 PO Box 91, Belmont WA 6984 info@mncom.com.au | www.mncom.com.au | Page 7 of 7

ASX:MRC