MINERAL COMMODITIES LTD — Investor Presentation 2019

Nov 13, 2019

MINERAL COMMODITIES LTD

==> picture [193 x 72] intentionally omitted <==

November 2019

EXPANDING FLAKE GRAPHITE CAPACITY OUTSIDE OF CHINA Dr. Surinder Ghag

==> picture [188 x 48] intentionally omitted <==

Caution 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”, “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 direct 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. The information, if any, in this presentation which relates to Exploration Results, Mineral Resources or Ore Reserves for Tormin is based on information compiled by Dr Joseph A.P. Drake-Brockman, who is a Member of the AusIMM and is an independent consultant to the Company. Dr DrakeBrockman is an employee of Drake-Brockman Geoinfo Pty Limited and has over 36 years’ of exploration and mining experience in a variety of mineral deposits and styles. Dr Drake-Brockman 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 in the JORC Code (2012). The information from Dr Drake-Brockmanwas prepared under the JORC Code (2012). Dr Drake-Brockmanconsents 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 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). The information from Mr De Vitry was prepared under 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.

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.

The information, if any, in this presentation that relates to metallurgy, the process plant and infrastructure design for Munglinup is based on information compiled and reviewed by Mr David Pass, who is a Member of the AusIMM. Mr Pass is an employee of Battery Limits Pty Ltd. Mr Pass has sufficient experience relevant to process plant and infrastructure design thereof to qualify as a Competent Person as defined by the JORC Code (2012). Mr Pass consents to the inclusion in the presentation of the matters based on the reviewed information in the form and context in which it appears.

The information, if any, in this presentation which relates to Exploration Results, Mineral Resources or Ore Reserves for Xolobeni is based on information compiled by Mr Allen Maynard, who is a Member of the Australian Institute of Geosciences (“AIG”), a Corporate Member of the Australasian Institute of Mining & Metallurgy (“AusIMM”) and independent consultant to the Company. Mr Maynard is the Director and Principal Geologist of Al Maynard & Associates Pty Ltd and has over 38 years’ of exploration and mining experience in a variety of mineral deposit styles. 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 in the 2004 Edition of the Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves (“JORC Code (2004)”). This information was prepared and first disclosed under the JORC Code (2004). It has not been updated since to comply with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“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.

==> picture [89 x 36] intentionally omitted <==

2

==> picture [86 x 190] intentionally omitted <==

MINERAL COMMODITIES LTD

==> picture [401 x 405] intentionally omitted <==

Converting High Grade to High Value

Hi ~~gh Grade~~ Mine Operations

Tormin

- South Africa, one of the highest grade heavy mineral sands (HMS) operations in the world

Skaland

• Norway, the highest-grade flake graphite

• operation in the world

Munglinup grade graphite

• Australia, developing the highestproject in Australia

Diversification - Geographic diversification of battery minerals projects in Tier 1 jurisdictions, ex China, ex Africa production with focus on downstream markets into Europe, Japan and Korea.

Fully Funded from existing cashflow

• Munglinup feasibility study

• Downstream feasibility studies

• Acquisition and optimisation of Skaland graphite operation

==> picture [88 x 36] intentionally omitted <==

3

MRC.ASX CONFIDENTIALCORPORATE OVERVIEW CONFIDENTIAL

==> picture [169 x 68] intentionally omitted <==

==> picture [742 x 440] intentionally omitted <==

----- Start of picture text -----

Price and volume
MARKET CAPITALISATION $90.6M 0.07 0.25
@ A$0.215cps AUD [(1)]
0.06
0.22
CASH BALANCE: US$18.8M 0.05
@ September 2019
0.04
0.19
BORROWINGS: US$ 4.25M 0.03
@ 30 July 2019 0.02
0.17
0.01
SHARES ON ISSUE:
421,191,571
0 0.14
PERFORMANCE RIGHTS:
4,950,000 Period average volume Share Price
BOARD OF DIRECTORS
Mark Caruso Executive Chairman/Chief Executive David Baker Non-Executive Director
Officer
Debbie Ntombela Non-Executive Director
Joseph Caruso Non-Executive Director
Russell Tipper Non-Executive Director
Peter Torre Non-Executive Director/Company
Secretary
Volume (m)
Share price ($)
07-Nov-18 05-Dec-18 02-Jan-19 30-Jan-19 27-Feb-19 27-Mar-19 24-Apr-19 22-May-19 19-Jun-19 17-Jul-19 14-Aug-19 11-Sep-19 09-Oct-19 06-Nov-19
----- End of picture text -----

(1) Based on intraday share price 8[th] November 2019

MINERAL COMMODITIES GLOBAL OVERVIEW

Skaland

Flake Graphite

Production – 10ktpa Flake Graphite

Tormin

Mineral Sands

Production - 2.4Mtpa Processing facility producing :Garnet , Ilmenite, Zircon and Rutile concentrates.

Xolobeni

• Mineral Sands Development JORC Compliant Resource 346MT @ 5% THM

Perth

Corporate Head Quarters

“ With the acquisition of SkalandMRC will operate two production facilities, at Tormin and Skaland, while advancing development at Munglinup and progressing ongoing downstream graphite studies from Perth ”

Munglinup

Graphite Development – Ore Reserve of 3.4Mt at 15.9% TGC (10% cut-off) mineralisation open in all directions with anticipated production of ~52ktpa Flake Graphite.

5

TORMIN

South Africa, one of the highest grade mineral sands operations in the world

6

==> picture [824 x 540] intentionally omitted <==

----- Start of picture text -----

TORMIN PERFORMANCE
2.4M TPA HIGH GRADE INFERRED RESOURCE CUMULATIVE DISTRIBUTED
PROCESSING PLACER BEACH 2.26MT @14.1% THM [1] EBITDA AUD $18,891,717
FACILITY DEPOSIT US$81.7M 27% PAYOUT RATIO [2]
NPAT US$48M
12 60.0% $70.0 $8.0
$62.6
$7.0
$60.0
10 50.0% $55.4
$6.0
$50.0 $46.5
8 40.0%
$5.0
$40.0
$34.9
6 30.0% $4.0
$30.4
$30.0 $27.1
$3.0
4 20.0%
$20.0
$2.0
2 10.0%
$10.0
$1.0
$8.2 $17.9 $10.9 $19.1 $14.7 $10.9
0 0.0% $- $0.0
2014 2015 2016 2017 2018 YTD 2014 2015 2016 2017 2018 HY19
Cumulative Mined Material mined
Revenue USD EBITDA USD Gross Dividend AUD
Indicated Resources Grade HM %
7 1- MRC Annual Tormin Resource Update - 01/03/2019
2- AUD/USD 70c
Millions Tonnes
----- End of picture text -----

MUNGLINUP

SKALAND

==> picture [88 x 36] intentionally omitted <==

==> picture [7 x 9] intentionally omitted <==

----- Start of picture text -----

8
----- End of picture text -----

|2018 MUNGLINUP GRAPHITE PROJECT | PRE-FEASIBILITY STUDY
OUTCOMES(2)|2018 MUNGLINUP GRAPHITE PROJECT | PRE-FEASIBILITY STUDY
OUTCOMES(2)|2018 MUNGLINUP GRAPHITE PROJECT | PRE-FEASIBILITY STUDY
OUTCOMES(2)|2018 MUNGLINUP GRAPHITE PROJECT | PRE-FEASIBILITY STUDY
OUTCOMES(2)|2018 MUNGLINUP GRAPHITE PROJECT | PRE-FEASIBILITY STUDY
OUTCOMES(2)|2018 MUNGLINUP GRAPHITE PROJECT | PRE-FEASIBILITY STUDY
OUTCOMES(2)|2018 MUNGLINUP GRAPHITE PROJECT | PRE-FEASIBILITY STUDY
OUTCOMES(2)|
|---|---|---|---|---|---|---|
|A$139
MNPV|
48
%
IRR|A$531/t
Average
OPERATING
CASH COST|A$52
M
Total
DEVELOP.C
APEX|Average
ANNUAL
PRODUCTION
54.8k
t|MINE LIFE
9 yrs|Capital
PAYBACK
PERIOD
2 yrs|

MUNGLINUP GRAPHITE PROJECT

==> picture [441 x 400] intentionally omitted <==

High grade mineral resource

• Definitive Feasibility Study (DFS) completing in November 2019 outlining a robust and economically justifiable project

• Ore Reserve of 3.4Mt at 15.9% TGC (10% cut-off) with mineralisation open in all directions[(1)]

• Coarse flake (+150µm) distribution accounting for 43% to 48% of the concentrate

• Coarse flake concentrate grades of 95.7% - 97.7% TGC

• Fine flake (-150µm) concentrate grades of up to 98.3% TGC

• 105km west by sealed road from the port of Esperance

• Mining Lease granted to 2031 on designated Mining Reserve.

==> picture [89 x 36] intentionally omitted <==

• (1) ASX RELEASE -MRC to acquire 51% interest in Munglinup Graphite Project 11/09/2017

• (2) ASX RELEASE – MRC Munglinup Graphite PFS Confirms Robust Project 30/05/2018

9

MUNGLINUP DEFINITIVE FEASIBILITY STUDY

POSITIVE MUNGLINUP GRAPHITE OPTIMISATION TEST WORK RESULTS[(2)]

Test	BF1281	BF1304	BF1289	BF1305	BF1306
Mass in +150µm fraction	48.4%	47.7%	57.0%	46.4%	54.1%
TGC in +150µm fraction	97.7%	96.5%	95.7%	96.5%	97.4%
Mass in-150µm fraction	51.6%	52.3%	43.0%	53.6%	45.9%
TGC in-150µm fraction	94.2%	94.1%	97.2%	98.3%	97.9%
Total TGC Recovery	86.6%	87.1%	86.4%	84.9%	84.6%

Coming Soon

Considerable progress achieved - advanced metallurgical test work, resource evaluation, drilling, core sampling, environmental studies, hydrological /geotechnical drilling and regulatory submissions

==> picture [467 x 316] intentionally omitted <==

• High grade results of 7m at 17.2% TGC inc. 3m at 22.4% TGC from 51m confirm continuity of mineralisation along strike of Halberts South and Whites / McCarthy West zones in both quantum and grade[(1)]

• Permitting Referred to Federal DEE and the EPA State in November 2018

• EPA decision to review by referred documents 21 May 2019 with some additional information to be provided.

• Final approvals expected by Q3 2020

Community - Extensive community interest and support in the project. Good relationship with Traditional Owners. Development policy of local employment preferred and partnering with / supporting local businesses where possible

• DFS Report November 2019, near completion, program managed by Battery Limits with Value Engineering by Mondium as part of the preFEED program.

==> picture [89 x 36] intentionally omitted <==

(2) ASX RELEASE - POSITIVE MUNGLINUP GRAPHITE OPTIMISATION TESTWORK, 22 October 2018

10

(1) ASX RELEASE - UP TO 49.3% TGC HIGH GRADE RESULTS AT MUNGLINUP, 17 April 2019

TRADITIONAL V BATTERIES NATURAL FLAKE GRAPHITE MARKET

10 year forecast – Traditional natural flake graphite demand is forecasted to grow just 12%, Battery demand will grow by 483%

12% Total Growth TRADITIONAL APPLICATIONS 1.12% CAGR

==> picture [403 x 273] intentionally omitted <==

----- Start of picture text -----

1000
CAGR
900
5%
800
-1%
700 1.3%
2.6%
600
1.9%
500
400
300 -0.3%
200
100
0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Refactories Foundries Lubricants Friction Products Recarburising Other
----- End of picture text -----

==> picture [430 x 339] intentionally omitted <==

----- Start of picture text -----

483% Total Growth
+BATTERY APPLICATIONS
19% CAGR
1800
1600
1400
1200
1000
800
743 767 776
600 695
613
519
400 483%
427
19% CAGR
339
200
253
193
133
0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Batteries Refactories Foundries Lubricants
Friction Products Recarburising Other
----- End of picture text -----

Source: Roskill, Base case, World Forecast demand for natural graphite by application, 2018-2028. Roskill Natural & Synthetic Graphite, Outlook to 2028, 12[th] Edition. July 2019

==> picture [74 x 19] intentionally omitted <==

----- Start of picture text -----

YoY Growth
----- End of picture text -----

==> picture [167 x 19] intentionally omitted <==

----- Start of picture text -----

45% 31% 34% 26% 22%
----- End of picture text -----

==> picture [34 x 19] intentionally omitted <==

----- Start of picture text -----

1%
----- End of picture text -----

==> picture [89 x 36] intentionally omitted <==

11

ASX SUPPLY

Problem – How to build supply and qualify material for future battery demand with traditional market fully supplied?

Planned production - Flake Size Distribution

==> picture [893 x 410] intentionally omitted <==

----- Start of picture text -----

100%
22%
Fine -150
80%
274,700
29% 426,972
60% Medium +150-180
40% 14%
Large +180-300
357,231
20%
35%
167,297
Jumbo +300
0%
ASX planned production by jurisdiction
46000
=
20% Sweden
Tonnes 277800
Australia
504700
Madagascar
= 3%
Malawi
52000
Mozambique
= Tazanina
76% 455700 36000
12
Source: Company Disclosures
1,372,200
Total planned supply
----- End of picture text -----

WHY GRAPHITE

If you subscribe to the adoption of decarbonizing transport through electrification, you must subscribe to the growth in demand for battery anode raw materials.

==> picture [594 x 392] intentionally omitted <==

==> picture [88 x 36] intentionally omitted <==

==> picture [362 x 17] intentionally omitted <==

13

Portugal

Scotland Spain

EUROPEAN ACTION TO PHASE OUT POLLUTING VEHICLES

Country | Official Target

11 European countries have taken regulatory action to phase out Internal Combustion Engine vehicles and increase the number of Electric Vehicles, as illustrated below.

Austria No new ICE vehicles sold after 2020

Britain No new ICE vehicles sold after 2040

Denmark 5,000 EVs on the road by 2019, tax incentive

France No new ICE vehicles sold after 2040

No registration of ICE vehicles by 2030

Germany

Ireland No new ICE vehicles sold after 2030

Netherlands No new ICE vehicles sold after 2030, phase-out 2025

Incentive program in place for EV sales; Official target: only sell EVs by 2025

Norway

Official target and incentive in place for EV sales

No new ICE vehicles sold after 2032

Official government program: the Movea 2017 Plan, an incentive package to promote sales of alternative energy vehicles

==> picture [516 x 378] intentionally omitted <==

----- Start of picture text -----

2025
IN OCTOBER 2017, THE
EUROPEAN COMMISSION
2032 LAUNCHED THE 'EUROPEAN
BATTERY ALLIANCE' .
2030 2019 ONE OF THE MAIN AIMS UNDER
THE STRATEGIC ACTION PLAN
2040
WAS TO SUPPORT THE
SUSTAINABILITY OF EU
2030 2030 BATTERY CELL
MANUFACTURING INDUSTRY
WITH THE LOWEST
ENVIRONMENTAL FOOTPRINT
2020
2040 POSSIBLE, FOR EXAMPLE BY
USING RENEWABLE ENERGY IN
THE PRODUCTION PROCESS .
2017
2019
14
----- End of picture text -----

A VISION FOR A SUSTAINABLE BATTERY VALUE CHAIN IN 2030

==> picture [129 x 124] intentionally omitted <==

UNLOCKING THE FULL POTENTIAL TO POWER SUSTAINABLE DEVELOPMENT AND CLIMATE CHANGE MITIGATION

==> picture [633 x 376] intentionally omitted <==

==> picture [256 x 149] intentionally omitted <==

==> picture [223 x 194] intentionally omitted <==

==> picture [88 x 36] intentionally omitted <==

15

WHY NORWAY

Battery electric and plug-in hybrid vehicles together hold a 50 % market share in Norway.

• Norway is leading the way for a transition to low emissions in transport.

==> picture [176 x 60] intentionally omitted <==

• Norway is a world leader in sustainable energy, with 97% of electricity coming from renewable sources and a renewable sector that employs more than 50,000 people.

• Norway's low-cost renewable energy sources provide industry with a competitive advantage, enabling business to produce zero emissions goods and services, and perfectly aligns with many of the European Battery Alliance, key Priority Actions

• ‘Support the growth of a cell manufacturing industry, with the smallest environmental footprint

• possible. This will provide a key competitive and commercial edge against competitors.’

==> picture [162 x 52] intentionally omitted <==

==> picture [172 x 55] intentionally omitted <==

16 Credit: www.freyrbattery.com

==> picture [252 x 268] intentionally omitted <==

SKALAND GRAPHITE

Largest flake graphite producer in Europe and the highest grade flake graphite mine in the world

Presently the world’s highest grade operating flake graphite mine with mill feed grade averaging around 28%C

Skaland is the largest flake graphite producer in Europe and fourth largest producer globally outside of China

• Current production ~ 10ktpa of graphite concentrate accounts for ~2% of global annual natural flake graphite production

• Ore grades of 25%-33% C delivered to the plant

• Fully Permitted operations allows for expansion to 16kpta production

==> picture [252 x 268] intentionally omitted <==

• Low-cost hydro power allows for expansion of operations and downstream processing

• Plant currently operated at 60% capacity, an increase to 85% utilisation rate increases production to 15-16kpta

• Opportunity to improve current flowsheet to produce high grade, high value product. Initial testwork resulted in upgrading to 96%-99% TGC with additional attritioning and flotation

==> picture [88 x 36] intentionally omitted <==

17

SKALAND NORWAY

• Skaland Graphite AS’ mine and processing facility located on the island of Senja in northern Norway

• Ideally positioned to supply European markets. Processing facility and shipping are quay-side at Skaland, shipping every 3 weeks from ice-free harbour

==> picture [393 x 294] intentionally omitted <==

18

SKALAND HISTORIC

Concentrate Grade and Flake Size Distribution – The opportunity to add value

Production and Sales

==> picture [407 x 163] intentionally omitted <==

----- Start of picture text -----

14000
12000
10000
8000
6000
4000
2000
0
2012 2013 2014 2015 2016 2017 2018 YTD
Tonnes produced Tonnes Sold
----- End of picture text -----

USD Revenue (M)/Basket Price

==> picture [410 x 176] intentionally omitted <==

----- Start of picture text -----

$8 $1,200
$7
$1,000
$6
$800
$5
$4 $600
$3
$400
$2
$200
$1
$- $-
2012 2013 2014 2015 2016 2017 2018 YTD
Revenue US$ Basket Price
----- End of picture text -----

Average Ore / Concentrate Grades

==> picture [411 x 162] intentionally omitted <==

----- Start of picture text -----

35% 92.0%
30% 91.5%
91.0%
25%
90.5%
20%
90.0%
15%
89.5%
10%
89.0%
5% 88.5%
0% 88.0%
2015 2016 2017 2018 YTD
Ore Grades Concentrate Grade
----- End of picture text -----

USD Revenue (M) / EBITDA/ EBITDA Margin

==> picture [407 x 180] intentionally omitted <==

----- Start of picture text -----

$8 35%
$7 30%
$6
25%
$5
20%
$4
15%
$3
10%
$2
$1 5%
$- 0%
2012 2013 2014 2015 2016 2017 2018 YTD
19
Total Revenue USD EBITDA EBITDA Margin
----- End of picture text -----*

==> picture [225 x 540] intentionally omitted <==

SKALAND MINING

Ore grades of 25%-33% C delivered to the plant

• Mining is via retreat sub-level open stoping at 25m levels

• Comparatively low mining cost with potential for further optimisation

• Host rock around the mine is granite – the intact rock has high strength

• Exposed graphite is disturbed from blasting – due to the soft rock mass no open joints observed within the graphite body

• Monthly average mining costs is low at US$52/t including development

• Coarser flake distribution appearing at depth

Average Ore Grades delivered to Plant(C – Carbon)	Average Ore Grades delivered to Plant(C – Carbon)	Production Tonnes
2015	30.5%	9,051
2016	33.0%	9,757
2017	29.7%	10,309
2018	28.5%	9,627

==> picture [88 x 36] intentionally omitted <==

20

20

PROCESSING OPPORTUNITY

Concentrate Grade and Flake Size Distribution – The opportunity to add value

Current Concentrate Grade

Flake size distribution

==> picture [15 x 15] intentionally omitted <==

==> picture [306 x 159] intentionally omitted <==

==> picture [105 x 111] intentionally omitted <==

----- Start of picture text -----

+ 150 microns 94-
98%C final
concentrate grade.
-150 microns are
sub 90%C, with
~84% C for -75
micron fraction.
----- End of picture text -----

The low grades and high mass in the fine fractions currently limits basket price.

==> picture [433 x 196] intentionally omitted <==

----- Start of picture text -----

+/-
PSD % % C
150 µ m
+315 6.6% 98.1%
+250 6.9% 97.8%
36%
+180 14% 96.9%
+150 8.7% 94.7%
+100 17.6% 91.5%
+75 11.6% 64% 87.5%
-
75 34.7% 86.1%
This is du e to fine grinding required to liberate graphite prior to roughe r flotation
and avoid losses of coarse composites to tails as the plant does not use collector
----- End of picture text -----

Testwork on Skaland Fines Concentrate Sample

Testwork on Coarse Flake Recovery

• -150 micon Skaland concentrate @ 87% Cg production sample used

• ? Pilot-scale testwork underway using a 1t ROM ore sample

• Additional milling and polishing in pilot scale testwork resulted in upgrading to

97%-98% Cg

A very high grade feed for downstream value-adding

Pilot testwork finalisation and equipment sizing underway

• Target coarse flake recovery at the front of the circuit using new

• ? equipment. Results expected in approximately two weeks

The current flowsheet has capacity for quick wins, combining on-site optimization and outcomes from off-site testwork to produce high grade, high 21 value products

KEY OPTIMISATION PHASES

Current flowsheet has capacity for upgrading to produce high purity, high value product. This will be the near-term focus whilst research and development is conducted on further value-adding elements

==> picture [424 x 312] intentionally omitted <==

----- Start of picture text -----

VALUE ADD TO
EXISTING
1 6
CONCENTRATE
2
5
3
4
----- End of picture text -----

EXPANDABLES

UPGRADE CONCENTRATE

Evaluate expansion characteristics of Skaland coarse concentrates (both standard grade and purified samples). Development of expandables strategy from Graphite Intercalated Compounds (GIC) to expanded graphite sheets and foils

Equipment installation to increase grade of fines, and percentage of Next coarse (+150 micron) concentrate 6-8 Months

INCREASE PRODUCTION

BATTERY ANODE MATERIAL (BAM)

Once new equipment is commissioned and quality of products improved target increased production to ~16ktpa

Electrochemical evaluation of batteries produced from micronized, spheronised and coated purified fines concentrate. Production samples for customer evaluation

PURIFICATION

==> picture [68 x 70] intentionally omitted <==

----- Start of picture text -----

Ongoing
----- End of picture text -----

Purification of high grade fines using non-HF chemical approach being developed within CRC-P and alternatives to produce Battery Anode feed. Produce high value ‘low ash’ expandables feed and higher grade refractory coarse flakes.

ONSITE SPHERONISATION

Evaluate potential for micronizing and spheronising the high grade (~98%-99%) fines concentrate into unpurified spherical graphite onsite – leveraging existing infrastructure, management and low-cost power. Potential fast-tracked approach to producing battery anode materials

==> picture [88 x 36] intentionally omitted <==

==> picture [13 x 8] intentionally omitted <==

----- Start of picture text -----

22
----- End of picture text -----

PURIFICATION

Cornerstone of downstream value-adding is purification

==> picture [225 x 95] intentionally omitted <==

----- Start of picture text -----

3
PURIFICATION
----- End of picture text -----

• Working on a range of purification technologies – being an operator allows for R&D into a range of options rather than pre-emptively selecting one

Current methods for producing high purity graphite from naturallyoccurring deposits can involve using environmentally-harmful fluoridebased substances to remove impurities. These come with high costs for processing and stringent safety and environmental compliance regulations

August 2019 MRC successfully lead a $2.6M Australian Research Application to develop a commercial-scale process to produce high purity natural graphite (99.95%) partnering with Australia's national science research agency CSIRO and Doral Fused Materials to develop a more environmentally-friendly and lower-cost production method

CSIRO making excellent progress on non-HF chemical purification of Munglinup graphite. Munglinup showing itself to be very amenable to purification with four nines achieved through a range of methods

• Impurities characterisation and purification work on Skaland concentrates already underway

==> picture [88 x 36] intentionally omitted <==

23

MICRONISATION SPHERONISATION

Ongoing downstream value-adding study work

ONSITE SPHERONISATION

MUNGLINGUP

==> picture [209 x 210] intentionally omitted <==

----- Start of picture text -----

ONGOING
TESTWORK
----- End of picture text -----

==> picture [13 x 16] intentionally omitted <==

----- Start of picture text -----

4
----- End of picture text -----

==> picture [13 x 16] intentionally omitted <==

----- Start of picture text -----

5
----- End of picture text -----

• Awaiting initial micronisation and spheronisation testwork results as part of BAM testing

SKALAND

• Micronisation and spheronisation conducted on coarse flake previously

• Awaiting micronisation and spheronisation testwork on upgraded fines

BATTERY ANODE MATERIAL

MUNGLINGUP

• Coin cell tests on micronised Munglinup flake shows excellent results (within the constraints of testing on flake)

• Spherical graphite and coated spherical graphite coin cell tests underway

SKALAND

• Prior work on spherical graphite from coarse flake exhibits high initial specific capacity and cyclability

• Additional tests to be conducted on spherical graphite from upgraded fines 24

HETEROGENEOUS V HOMOGENEOUS

No two ore bodies are the same, natural deposition creates variabilities unique to each ore type

==> picture [479 x 225] intentionally omitted <==

A successful graphite project or business requires a good understand of the orebody (or bodies), the variability therein, the concentrator process and its variability, and the downstream processes to supply high quality anode material with consistency i.e. to achieve qualification and maintain qualification

• Skaland allows us to do this, serving existing customers, progressing downstream initiatives, and then expanding in-line with demand, leveraging off the incentive structure and LiB eco-system in Norway

• Munglinup allows for additional supply and geographical diversity as the demand grows, de-risking through knowledge sharing and commonality where it makes sense, and understanding the differences between the two resources

==> picture [88 x 36] intentionally omitted <==

25

FOCUS FOR FUTURE SUCCESS

MRC Graphite strategy going forward

A DIVERSIFIED CARBON BUSINESS MARKET ANALYSIS

==> picture [92 x 11] intentionally omitted <==

----- Start of picture text -----

MUNGLINUP
----- End of picture text -----

• Finalise DFS (Nov 19)

• • Secure permitting (Apr 20)*

• • Complete marketing (Sep 20)* agreements, FID

• • Construction and (March 21) * Commissioning SKALAND

• • Complete transaction (Oct 19)

• • Increase grade of fines (Q2 20)

• • Increase percentage of (Q2 20) coarse (+150 micron) concentrate

• • Increase nameplate (Q2/Q3 production 20)*

• • (Q3/Q4 Unpurified spheronised 20)*

• graphite

Comprehensive market analysis to establish optimal product suite based on fundamental analysis of end users current and forecasted demand.

CONCENTRATE STUDY WORK

Purification, micronisation, expandable, spheroidisation and coating study work of concentrate material to identify most cost effective and profitable product suite to meet demands of end users.

CONSTRUCTION

Construction of downstream purification and micronisation plant

• 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. Please refer to Caution Statement on Page 2.

==> picture [88 x 36] intentionally omitted <==

26

QUESTIONS

==> picture [959 x 382] intentionally omitted <==

==> picture [88 x 36] intentionally omitted <==

27