MINERAL COMMODITIES LTD — Investor Presentation 2020

Dec 7, 2020

ASX RELEASE

ASX: MRC 8 December 2020

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MRC Graphite Anodes Conference – PRESENTATION

Mineral Commodities Ltd (“MRC” or “the Company”) was pleased to present online as part of the Benchmark Week – Graphite Anodes Conference on Monday 7 December 2020. A copy of the presentation from the Company’s Chief Technology Officer, Dr Surinder Ghag is provided herein.

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 Peter Fox Peter Torre Investor Relations and Corporate Company Secretary Development T: +61 8 6253 1100 T: +61 8 6253 1100 investor@mncom.com.au peter@torrecorporate.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.

T: +61 8 6253 1100 PO Box 235 WELSHPOOL DC WA 6986

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

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December 2020

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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 forwardlooking 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.

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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 Mr Bahman Rashidi, who is a member of the Australian Institute of Mining and Metallurgy (“AusIMM”) and the Australian Institute of Geoscientists (“AIG”). Mr Rashidi is Exploration Manager and a full-time employee of the Company and has over 22 years of exploration and mining experience in a variety of mineral deposits and styles. Mr Rashidi 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 JORC Code 2012.

The information from Mr Bahman Rashidi was prepared under the JORC Code (2012). Mr Rashidi consents to inclusion in the report 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 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 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 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.

The supporting information relating to the Skaland foreign estimate has not materially changed since the initial market announcement (4 April 2019 – MRC Acquires World’s Highest Grade Flake Graphite Operation). Foreign estimates are not reported in accordance with the JORC code and a competent person has not done sufficient work to classify the foreign estimates as mineral resources or ore reserves in accordance with the JORC code. It is uncertain that following further work that the foreign estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC code.

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MINERAL COMMODITIES

Building a Natural Graphite based Active Anode Material Plant (“AAMP”) in Norway

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Skaland
Flake Graphite
Production – 10ktpa flake
graphite concentrate
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Graphite
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Downstream

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Active Anode Material Plant (AAMP)[2] planned processing capacity of 67ktpa

Tormin

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Perth
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Mineral Sands Production 2.6Mtpa processing capacity

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Corporate Headquarters
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2- ASX RELEASE - MRC Completes PFS for Active Anode Material Plant in Norway 21/09/2020

Mineral Sands

Global mining company focused on highgrade deposits in the mineral sands and battery minerals sectors

MARKET CAP CASH BALANCE EBITDA AUD 164.2m USD 15.7m USD 16.5m @ AUD0.36cps @ 30 September 2020 @ FY 2019

Munglinup

Graphite Development[1]

Ore Reserve (Probable) of 4.24Mt at 12.8% TGC supporting mine life of 14 years with anticipated production of ~52ktpa of >95% purity flake graphite concentrate. Mineralisation open in all directions- Long-term feed to AAMP

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1 - ASX RELEASE – Robust DFS Allows MRC to move to 90% ownership of Munglinup 08/01/2020

SHARE OF MINERAL DEMAND FROM ENERGY STORAGE UNDER IEA 2DS THROUGH 2050

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http://pubdocs.worldbank.org/en/961711588875536 384/Minerals-for-Climate-Action-The-MineralIntensity-of-the-Clean-Energy-Transition.pdf

Cumulative Global Warming Potential from Extraction and Processing of Minerals, Not Including Operations, Using Cradle-to-Gate Through 2050 Under 2DS

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http://pubdocs.worldbank.org/en/961711588875536 384/Minerals-for-Climate-Action-The-MineralIntensity-of-the-Clean-Energy-Transition.pdf

A low-carbon future will be very mineral intensive because clean energy technologies need more materials than fossil-fuel-based electricity generation technologies.

WHY EUROPE – European Green Deal

Enshrined in Law

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Climate Neutrality by 2050

Reduce emissions by 55% by 2030

Sector Integration Plan – Decarbonise Transport, Heating and Industry

Support EU Industry through transition - EU border tax to prevent imported carbon

Drive the Energy Transition – Sustainable Europe Investment Plan = 1 Trillion

Based on the Commission Proposal for Horizon Europe, the common understanding between co-legislators and the Partial General Approach, both approved in April 2019

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Country | Official Target

DECARBONISE TRANSPORTATION

Policy driven adoption

EU 13 million Zero Emission Vehicles 2025 Britain No new ICE vehicles sold after 2040 2030 Denmark 100% Zero Emission Vehicles 2035 2030 France No new ICE vehicles sold after 2040 2025 IN OCTOBER 2017, THE Germany 100% Zero Emission Vehicles 2050 EUROPEAN COMMISSION 2032 LAUNCHED THE 'EUROPEAN BATTERY ALLIANCE' . Ireland No new ICE vehicles sold after 2030 2035 2030 Iceland No new ICE vehicles sold after 2030 2040 WAS TO SUPPORT THE Italy 6 Million electrically powered vehicles 2030 2030 2050 CELL MANUFACTURING INDUSTRY WITH 2025 Netherlands 100% Zero Emission Vehicles 2030 Norway 100% Zero Emission Vehicles 2025 2040 2030 THE PRODUCTION PROCESS Poland 1 Million EVs 2025 2040 2040 2030 Portugal No new ICE vehicles sold after 2040 Scotland No new ICE vehicles sold after 2032 Spain 100% Zero Emission Vehicles 2040 Sweden No new ICE vehicles sold after 2030 7

IN OCTOBER 2017, THE EUROPEAN COMMISSION LAUNCHED THE 'EUROPEAN BATTERY ALLIANCE' .

ONE OF THE MAIN AIMS UNDER THE STRATEGIC ACTION PLAN WAS TO SUPPORT THE SUSTAINABILITY OF EU BATTERY CELL MANUFACTURING INDUSTRY WITH THE LOWEST ENVIRONMENTAL FOOTPRINT POSSIBLE, FOR EXAMPLE BY USING RENEWABLE ENERGY IN THE PRODUCTION PROCESS .

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Norway, 202x
TBA
Norway, 2024
8 - 32 GWh
Sunderland, UK
2010
2.5 GWh
UK, 2023
10 - 35 GWh
Germany, 2024
16 - 24GWh
France, Germany 2023
8 -48GWh
Germany, 2020
1GWh
Germany, 2023
20 - 24GWh
Germany, 202x
4 - 8GWh
France, 2023
16 - 50GWh Presented By:
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EUROPE

Right strategy - Right place - Right time.

Sweden, 2021 32 - 40 GWh

Norway, 2023 32+2 GWh

• Over 557GWh of battery manufacturing capacity in the pipeline requiring over 450ktpa of anode material

Germany,2021 8 -12 GWh

Germany 2021 16 - 30GWh

Poland, 2018 15 - 65 GWh

• Battery manufacturers will operate under a policy framework that makes them accountable for the carbon footprint of their supply chains

Germany, 2022 6-10 GWh

Germany, 2021 60-100 GWh

• Sustainability factors including the amount and type of energy used, the distance material is transported, and the chemical processes, will all become increasingly more important when choosing suppliers

Slovakia, 2024 10 GWh Hungary, 2020 16.5 GWh Hungary, 2018 3 - 15 GWh Europe, 202x TBA Presented By: 8 8

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SKALAND GRAPHITE

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

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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 the fourth largest producer globally outside 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

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• 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

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SKALAND OPTIMISATION

MRC will establish an anode manufacturing business and brand in Norway using graphite concentrate from Skaland

LOM PLAN - Skaland LOM plan is an internal long-term mine plan for the Traelen mine, based on the recently completed mineral resource estimate[1] of two main ore shoots with resource upside potential. Ore supply until 2038.

PLANT UPGRADE - Skaland plant is optimised to maximise the grade of the -150µm fines fraction in the concentrate from the current ~87%C to 96%-98% by the installation of the fourth stage cleaning circuit. The circuit is expected to be operational in late Q1/early Q2 in 2021.

INCREASE PRODUCTION - Ramp-up from ~10ktpa in 2020-2022 towards the 16ktpa limit in 2023 to supply Module 1 of the AAMP.

FUTURE UPSIDE - Investigating options to increase production and lower the environmental footprint including:

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SKALAND GRAPHITE OPERATIONS
TRAELEN MINE
Long Section Looking North East
Existing Development
Planned Development
Legend
Remaining Up-Dip Resources
Mined Out
Planned Crown Pillar
Un-Mined Down Dip Resources
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Total Mineral Resources for the Trælen Graphite Deposit (10% cut-off grade)[1]

• Ore sorting at the Traelen mine to increase the ROM grade

• Tailings optimisation at the processing plant to produce tails for backfilling into the mining void, either at Traelen or the old Skaland mine adjacent to the processing plant.

• Plant debottlenecking and increased operating hours - Skaland currently operates on a 5 days/week roster

VALUE ADDED PRODUCTS – Investigating micronisation and spheranisation circuit to produce higher value products and larger sample sizes for future test work.

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Classification	Tonnes Kt	Total Graphitic Carbon (TGC)	Tonnes Contained Graphite Kt
Indicated	409	26%	106
Inferred	1,376	21%	291
Total1	1,785	22%	397

75% of the total contained tonnes reporting at 25% TGC at a 20% cut-off

Evaluating opportunities for resource expansion on Senja. MRC entered into a landowners’ agreement for exploration of the Bukken deposit identified by the Geological Survey of Norway as the largest known graphite anomaly in Norway. Located approximately 20km to the east of Skaland. Initial drill program expected to commence in 2020.

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1- ASX Release: Maiden JORC Resource Estimation for the Skaland Graphite Project – 12 March 2020

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MUNGLINUP

Skaland concentrate in the first stage, before expansion through two additional modules to process Munglinup concentrate

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• The AAMP will be expanded through two additional modules to process Munglinup concentrate.

• Anticipated Munglinup production in 2025, with targeted annual concentrate production of 14.2ktpa in 2025 to 45ktpa in 2026, before gradually increasing towards 60ktpa, prior to a 70ktpa peak in 2032. Thereafter, concentrate production declines to an average of 48ktpa from 2033 to 2039.[1]

• Concentrate transported by container to the main port in Western Australia (Fremantle) and shipped to Norway via Rotterdam.

• Definitive Feasibility Study (DFS) completed in January 2020, outlining a robust and economically justifiable project.

• Three modules in the AAMP have planned throughput processing capacity of 67ktpa. With Skaland production of 16ktpa, surplus capacity for processing Munglinup concentrate is 51ktpa.

• Ore Reserve of 7.9Mt at 12.2% TGC (10% cut-off) with mineralisation open in all directions[1]

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

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AAMP Concentrate Supply
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• Coarse flake concentrate grades of 95.7% - 97.7% TGC

Munglinup is open along strike and at depth, with geophysics also indicating that graphite resources extend into the surrounding MRC exploration leases.

• 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

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• Final Permitting expected Q1 2021

1 - ASX RELEASE – Robust DFS Allows MRC to move to 90% ownership of Munglinup 08/01/2020

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ACTIVE ANODE MATERIAL PLANT

Creating a Natural Graphite based Active Anode Materials business in Norway

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Staged, risk
management-based
approach
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Leveraged from current production and near-term development

High sustainability credentials

  - **Staged modular approach using Skaland concentrate to scale up production** , with technology de-risking decision points, before expansion.

• Two environmentally friendly, non hydrofluoric (“HF”) graphite purification technologies carried through study.

• Existing concentrate sales with steady cash flow from traditional graphite markets provide de-risked transition to downstream production.

• AAMP to be built in Norway with access to low cost renewable energy , central to low emission anode production strategy, in fastest growing battery manufacturing region globally.

• Vertically integrated production is important to control variability of specific impurities and ensure high quality, consistent product delivery.

• Accelerated production growth and capacity expansion incorporating graphite concentrate from MRC’s Munglinup Project in Australia.

Supported by strong macro factors – battery market is a megatrend

• AAMP delivers a plan for sustainable, vertically integrated supply of crucial, clean energy anode materials from within the EU trade area.

• High growth European battery industry is diversifying supply lines and encouraging development of local critical raw material supply . 12

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AAMP MODULES

Access to low cost and low carbon footprint renewable power, proximity to emerging European gigafactories

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Plant Feed Circuit
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Three Modules in AAMP :

• Each processing 20ktpa

• Each micronisation sub-plant consists of 6 trains of a micronising mill and eight spheronising mills

Key areas of each AAMP module include:

• Concentrate storage and handling

• Micronisation and spheronisation

• Purification and coating

• Product bagging and handling

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99.95% 99.95% 99.95%
99.95%
99.95%
99.95%
99.95%
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Purification

Carbon Coating

Micronisation

Spheronisation The graphite is shaped into spherical granules

Removal of impurities to make a high-grade product. USD/t 2,330-3,350

Reduces the average diameter of the concentrate. USD/t 1,800-2,100

The graphite is carbon coated to enhance anode performance

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USD/t 6,500-14,500
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Parameter	Unit	Skaland	Munglinup	Downstream
Process throughput (initial) Process throughput (capacity)	Ktpa Ktpa	37 67	400 500	8 57
Average feed grade	% TGC	24	13	95
Recovery - graphite	%	92	88	93
Nominal grade	% TGC	94.93	95.00	99.95
Nominal production	Ktpa	15	52	51
Coated Purified Spherical Graphite	Ktpa	-	-	25.4

Anode Material

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Tesla Model S 71 kg

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ECONOMICS

Caustic based AAMP NPV7 (US$M) (Pre –tax)

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71.4
185.6
1092.7
Skaland Munglinup AAMP
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Two environmentally friendly, non hydrofluoric, purification outcomes modelled

Outcome	Unit	Skaland	Munglinup	Downstream (Caustic)	Downstream (Carbo)
Av. Graphite Production (ktpa) 15 52 0 0
Mine Life (years) 15 14 17 17
Operating Cost (US$/t sold) 396 538 1,610 1,206
Development Capex (US$M) 21 61 237 306
Accuracy Level1 (%) +/- 20% +15%/ -5% +/- 25% +/-25%
LOM Revenue (US$M) 262 867 4,679 4,679
LOM Net Cashflow* (US$M) 90 264 1,666 1,835
LOM EBITDA (US$M) 158 466 2,483 2,803
Annual Av. EBITDA (US$M) 8 33 172 194
Pre-tax Project NPV7* (US$M) 71 186 1,093 1,188
Pre-tax Project IRR* % - 42% 72% 63%
Post-tax Project NPV7* (US$M) 52 124 821 891
Post-tax Project IRR* % 66% 33% 67% 58%
Payback Period2 (years) NA 2.7 1.58 1.84
Average Annual EBIT * (US$M) 6 27 150 166

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Integrated NPV7 1,350 (US$M) IRR 72%

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Carbo based AAMP NPV7 (US$M) (Pre –tax)
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71.4
185.6
1,188.40
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Skaland Munglinup AAMP Integrated NPV7 1,447 (US$M) IRR 63%

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• *Real, unlevered, discounted from anticipated Downstream Project construction commencement date of 1 July 2022 1- Development Capital Expenditure, Operating Cost Expenditure, 2- Post Construction

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SENSITIVITY ANALYSIS

Integrated Project NPV is driven by downstream product pricing and spheronisation yield

Assumption		Sensitivity
Downstream Pricing (base)	80%	120%
Yield to Spheronisation Plant	-20%	+20%
Discount rate	10%	+5%
Product Recoveries	-10%	+10%
Opex	-20%	+20%
USD/NOK* Exchange Rate	8.00*	12.00*
Capex Spend	-20%	+20%
USD/AUD* Exchange Rate	0.80*	0.60*

• Integrated Project NPV is driven by downstream product pricing and spheronisation yield.

• Reflects the production of high-value coated spherical graphite.

• Key to maximising NPV is securing coated spherical graphite offtake and maximising yield.

• Project is relatively insensitive to capital and operating costs and not dependent on purification technology used.

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Tornado Diagram - Caustic

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Downstream Pricing (base)
Yield to Spheronisation Plant
Discount Rate
Product Recoveries
Opex
USD/NOK Exchange Rate
Capex Spend
USD/AUD Exchange Rate
-500 -400 -300 -200 -100 0 100 200 300 400 500
Negative NPV Impact Positive NPV Impact
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Tornado Diagram - Carbochlorination

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Downstream Pricing (base)
Yield to Spheronisation Plant
Discount Rate
Product Recoveries
Opex
USD/NOK Exchange Rate
Capex Spend
USD/AUD Exchange Rate
-500 -400 -300 -200 -100 0 100 200 300 400 500
15
Negative NPV Impact Positive NPV Impact
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DFS / SCALE UP

Risks-management based approach with DFS prior to AAMP Module 1

DEFINITIVE FEASIBILITY STUDY - Delivery 2021

Micronisation & Spheronisation

• PFS conducted lab to pilot scale micronisation & spheronisation tests

• DFS will build on these results to optimise process and finalise equipment selection

• Option of single line installation at Skaland in 2021 under investigation to fast track sample generation, value added sales and operational experience, whilst leveraging existing infrastructure

Single Train (2GWh) - 2022

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Micronised Graphite Spherical Graphite
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Skaland 897 flake summarised below.

Purification & Coating

• Scale-up work continuing post completion of AAMP PFS on the two purification processes at mini-pilot scale

• Coating options and electrochemical performance evaluation underway

• Single purification technology decision to be based on anodes performance and economics

• Technology selection to drive pilot-scale system design and development

PILOT/DEMONSTRATION SCALE-UP

Micronisation & Spheronisation to consist of multiple trains. Initial equipment install at Skaland under investigation. First train for Module 1 to expand production and generate spherical graphite for demonstration scale purification.

Purification – pilot-scale system to provide scale-up performance data for full-scale system for Module 1 and generate samples for customer qualification. Option for a single line system for demonstration in Module 1 to be evaluated.

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Vendor	D50	D90/D10	BET (m2/g)	Tap Density (g/cm3)	Yield (%)
A	15.6	3.5	8.2	1.04	52.7
B	16.25	2.78	7.58	1.01	44
C	17.33	2.8	6.22	0.98	47

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AAMP Module 1
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2020

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EXECUTION SCHEDULE

Risk management based development of the AAMP

Milestone	Completion Date
Integrated AAMP PFS	Q3 2020
Caustic Purification or Carbochlorination Continuation Decision	Q4 2020
AAMP Definitive Feasibility Study	Q4 2021
AAMP 2GWh Train Operational	Q3 2022
AAMP Module 1 Operational	Q2 2023
MGP Commissioned	Q3 2024
AAMP Modules 2 & 3 Operational	Q4 2024

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Skaland Down-dip development start AAMP Purification decision, micro/spheronisation optimisation FUNDING Internally funded

2021

Skaland Down-dip development in production AAMP Definitive Feasibility Study complete, including pilot work Munglinup First bulk sample trial through Skaland Processing Plant FUNDING R&D Grant/Equity/Internal - secure funding for pilot plant

2022

Skaland De-bottlenecking complete AAMP Demonstration - Single train (2GWh), Module 1 in development Munglinup Second bulk sample run through Skaland and AAMP pilot line FUNDING Equity/Clean Energy Debt Funding – EU or Partner Module 1

2023

Skaland Ramp-up to supply AAMP Module 1 full scale production Munglinup Third pilot run to support qualification, FID FUNDING Clean Energy Project Debt – Munglinup/Modules 2 & 3

2024

AAMP Modules 2 & 3 construction Munglinup Construction, final bulk run through Skaland and AAMP for qualification

2025

AAMP Three operational modules, supplied by Skaland and Munglinup 17

History of project delivery, mining since 2013

Total EBITDA US$87.3M[1] NPAT US$ 49.3M[1]

Distributed $ AUD $ 21,839,358

Predictable cash flow from a proven asset to drive graphite-based Anode Materials 1- FY 2019 business

Acquired Skaland Graphite in 2019 – the highest-grade flake graphite producer globally, largest in Europe

Developing Active Anode Material Plant (AAMP) in Norway to build environmentally friendly , vertically integrated supply of crucial clean energy raw materials from within EU trade area, using renewable energy

Staged modular approach to Anode production, before accelerated production growth and capacity expansion incorporating graphite concentrate from MRC’s Munglinup project in Australia

The high growth European battery industry is diversifying supply lines and encouraging development of local critical raw material supply to reduce dependence on China

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QUESTIONS

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