MINERAL COMMODITIES LTD — Investor Presentation 2023

May 24, 2023

==> picture [199 x 199] intentionally omitted <==

MINERAL COMMODITIES

I N V E S T O R P R E S E N T A T I O N M A Y 2 0 2 3

A S X : M R C

C A U T I O N A R Y S T A T E M E N T S

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, financial, legal or tax 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. Prospective investors should contact their own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice. The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though MRC has no reason to believe that it is not accurate, reliable or complete, it has not been independently audited or verified by MRC.

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”, “propose”, “subject to”, “assume” and words of similar import. Any forward-looking statements included in this document involve subjective judgement and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to, MRC. In particular, they speak only as of the date of this document, they assume the success of MRC’s strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. No assurance can be given by MRC that the assumptions reflected in any forward looking statements will prove to be correct and actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Recipients are cautioned to not place undue reliance on such forwardlooking statements.

MRC and its officers, employees, related bodies corporate and agents (“Agents”) make no representation or warranty, express or implied, as to the accuracy, reliability or completeness of information or opinions in this document and do not take responsibility for updating any information, providing recipients with access to additional information or correcting any error or omission which may become apparent after this document has been issued.

To the extent permitted by law, MRC and its Agents disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of MRC and/or any of its Agents) for any loss or damage suffered by a recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information.

I N T R O D U C T I O N T O M R C E N A B L I N G A B E T T E R W O R L D

Diversified critical and industrial minerals producer

What sets us apart:

~~–~~ Heavy Minerals Division

• Leading producer of zircon, rutile, garnet and ilmenite

• EBITDA of US$112M since inception in 2015 (28% margin)

• Targeting increased scale and profitability through fully funded capital investment

~~–~~ Battery Minerals Division

• Fully permitted and operating Skaland Graphite Mining Operation in Europe

==> picture [120 x 51] intentionally omitted <==

Q U A L I T Y O F L I F E P R O D U C T S

==> picture [128 x 128] intentionally omitted <==

D R I V I N G T H E G R E E N T R A N S I T I O N

• Targeted increased scale (Skaland, Munglinup)

• Proven battery anode technology

==> picture [101 x 102] intentionally omitted <==

M R C O P E R A T I O N S

BATTERY MINERALS DIVISION

MINERAL SANDS DIVISION

Positioned to become a large sustainable, vertically integrated graphitic anode supplier in Europe

Skaland, Norway

• Skaland Graphite Operation One of the largest flake graphite producers in Europe

• Mo-I-Rana

Identified site of downstream processing operations

Munglinup, Australia

• Munglinup Graphite Project Critical Minerals Project in Australia

==> picture [470 x 201] intentionally omitted <==

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

Skaland
Operation
Mo I Rana
----- End of picture text -----

==> picture [386 x 275] intentionally omitted <==

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

Perth HQ
Tormin
Xolobeni
Operation
Project
Munglinup
Project
----- End of picture text -----

==> picture [31 x 40] intentionally omitted <==

Sustainable, vertically integrated heavy minerals supplier

• Western Cape, South Africa  Tormin Heavy Minerals –

• Operation One of the highest grade mineral sands operations in the world

• Downstream MSP GMA agreements signed, underpinning MSP development

Eastern Cape, South Africa

• Xolobeni Heavy Minerals Project

S T R A T E G I C P L A N U P D A T E

MRC Vision : Enabling a better world through sustainable and responsible production of core minerals and materials

==> picture [120 x 51] intentionally omitted <==

OBJECTIVES

• 1 RE-BRAND WITH STRONG ESG FOCUS

Mineral Commodities

• 2 STREGTHENING OUR SOCIAL LICENCE 3 STRENGTHEN BALANCE SHEET 4 STRATEGIC M&A OPPORTUNITIES

==> picture [23 x 23] intentionally omitted <==

Battery Minerals Division

Heavy Minerals Division

==> picture [793 x 236] intentionally omitted <==

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

OBJECTIVES OBJECTIVES
Skaland
1 SKALAND RETURN TO PROFITABILITY 1 PROFITABILITY OPTIMISATION
2 ACCELERATED CONCENTRATE PRODUCTION 2 SUSTAINABLE PRODUCTION EXPANSION WITH
EXPANSION INLAND STRANDS
3 ANODE QUALIFICATION & COMMERCIAL ANODE 3 TRANSITION INTO HIGHER VALUE PRODUCTS
PRODUCTION
4 INCREASE RESOURCE AND RESERVES
4 INCREASE RESOURCE AND RESERVES
HQ
Tormin
Xolobeni
Munglinup
----- End of picture text -----

1 Refer ASX Announcement entitled ‘MRC Unveils Five Year Strategic Plan’ dated 29 April 2022.

==> picture [210 x 203] intentionally omitted <==

MRC ~~FOCUS~~ HEAVY MINERALS

CASH FLOW GENERATION

==> picture [377 x 217] intentionally omitted <==

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

D R I V E R M E D I C A L S
----- End of picture text -----

==> picture [210 x 205] intentionally omitted <==

==> picture [238 x 206] intentionally omitted <==

BATTERY MINERALS ENHANCE ASSET VALUE

HEAVY MINERALS DIVISION

Cash Flow Generation Opportunity

• MRC to increase ownership in Tormin from 50% to 69%, subject to shareholder approval, significantly increasing asset value to MRC[2]

• Inland Strands Production (commissioned Q1 2023[3] )

• Increases processing capacity from 2.4Mt to 2.7Mt[4]

• Allows sustainable beach mining aimed at improving grades

• Funding secured[5]

• Third Primary Concentration Circuit (Q4 2023)

• Increases processing capacity from 2.7Mt to 3.9Mt[4]

• Testwork complete on upgraded spirals. Final design imminent

• Funding secured[5]

 Mineral Separation Plants (Q1 2024)

• Transitions 3.9Mt capacity mine revenues from concentrate sales to higher value finished product sales[4]

• MSP loan funding and garnet offtake agreement completed[6]

2 Refer ASX Announcement entitled ‘MRC to Increase Ownership Interest in Tormin’ dated 12 April 2023.

• 3 Refer ASX Announcement entitled ‘Commissioning Complete for Inland Strands Ore’ dated 27 March 2023.

• 4 Refer ‘2023 March Quarterly Activities Report’.

• 5 Refer ASX Announcement entitled ‘Rights Issue Strongly Supported by Shareholders’ dated 30 December 2022.

• 6 Refer ASX Announcement entitled ‘Tormin Secures MSP Funding and Finished Garnet Offtake’ dated 22 May 2023.

==> picture [325 x 540] intentionally omitted <==

Tormin Mining Operation

HEAVY MINERALS DIVISION

Further Upside Opportunity

• Inland Strand reserve upgrade to 60.3Mt at 3.7% VHM[7]

• Increases projected Inland Strands mine life at current projected production rate of 2.4Mtpa to over 25 years, from 9 years based on previous ore reserve

• Increase of 0.65 million tonnes of contained heavy mineral

  • (41% increase)

• Ore Reserve increase of 181% within the current Expanded Mining Right (EMR) of the Tormin Inland Strands to 21.5 million tonnes at 5.4% VHM

• De Punt initial resource of 66.1Mt at 16.9% THM (7.1% VHM)[8]

• Increase MRC Tormin resources in situ heavy mineral by 57% to 282.6Mt at 10.9% THM

• Significant potential to increase Mineral Resources given only one of the seven identified De Punt exploration targets have been drilled

==> picture [341 x 445] intentionally omitted <==

De Punt Exploration Targets – Only 1 of 7 targets drilled so far

• 7 Refer ASX Announcement entitled ‘Significant Ore Reserve Increase for Tormin Inland Strands’ dated 5 April 2023.

• 8 Refer ASX Announcement entitled ‘Material Maiden Resource at De Punt’ dated 24 May 2023.

M R C O W N S A N D O P E R A T E S O N E O F T H E W O R L D ’ S H I G H E S T G R A D E H E A V Y M I N E R A L S O P E R A T I O N S

MRC JORC Compliant	Mineral Resources7	Ore Reserve	In Situ THM
South Africa - Tormin
Western Strandline9	193.2 Mt @ 9.5% THM	21.8 Mt @ 31% THM	18.5 Mt
Eastern Strandline9	19.5 Mt @ 3.3% THM		0.6 Mt
Tormin Beaches9	2.0 Mt @ 10.3% THM		0.2 Mt
Northern Beaches9	1.7 Mt @ 15.8% THM		0.3 Mt
South Africa - East Coast
Xolobeni9	346 Mt @ 5% THM		17.3 Mt
Exploration Projects
South Africa - Tormin
De Punt8	66.1 Mt @ 16.9% THM		11.2 Mt
Klipvley	Under Application

9 Refer ASX Announcement entitled ‘Annual Mineral Resources and Ore Reserves Statement’ dated 28 April 2023.

M R C H E A V Y M I N E R A L S P A T H T O G R O W T H

==> picture [927 x 334] intentionally omitted <==

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

2 0 2 6
Bulk Mining Process
Commissioned
2 0 2 5
Klipvley
Resource
2 0 2 4
Mineral Separation
Plant commissioned
PBC3, increases production
2 0 2 3
capacity
De Punt Resource
Inland Strands
commissioned Product Quality
Resource and Production growth
----- End of picture text -----

1 Refer ASX Announcement entitled ‘MRC Unveils Five Year Strategic Plan’ dated 29 April 2022.

Tormin Operation aerial view

B A T T E R Y M I N E R A L S D I V I S I O N

Increase Asset Value Opportunity

• Munglinup FID (Q4 2023)

• Increase Munglinup interest from 51% to 90%[10]

• DFS 52ktpa production over 14-year mine life[10]

 Skaland production

• Stable European graphite source - in production

• Mining right to increase production to 16Ktpa[11]

• Transition to Battery Anode production

• Successfully produced battery grades[12]

• Successful grant application to build battery anode pilot plant in 2023, final precursor to commercial anode production[13]

• 10 Refer ASX Announcement entitled ‘Robust Munglinup DFS Results Allow MRC to Move to 90% Ownership’ dated 8 January 2020.

• 11 Refer ASX Announcement entitled ‘MRC Completes Skaland Graphite Acquisition’ dated 7 October 2019.

• 12 Refer ASX Announcement entitled ‘CRC-P Purification & CSIRO Collaboration Update’ dated 30 May 2022.

• 13 Refer ASX Announcement entitled ‘Successful $3.94M Critical Minerals Grant Application’ dated 19 April 2022.

==> picture [325 x 540] intentionally omitted <==

Skaland graphite loaded at Port

B A T T E R Y M I N E R A L S D I V I S I O N

Further Upside Opportunity

==> picture [126 x 126] intentionally omitted <==

• Munglinup

• Possibility to increase Munglinup interest from 90% to 100%[10]

• Exploration upside potential[14]

 Skaland

• Graphite targets at Bukken, Hesten and Vjardfellet[15]

• European producing asset. Europe is set to be the fastest growing market, currently importing 100% of anode material from Asia

• Transition to Battery Anode production

• Collaboration with Mitsubishi Chemical Corporation[16]

• Decarbonisation of transport

• Anode constitute ~50% of active ingredients of a battery by volume

• USA fast-tracking value-chains through Inflation Reduction Act

14 Refer ASX Announcement entitled ‘Munglinup Electromagnetic Survey Indicates Excellent Targets’ dated 7 April 2022.

15 Refer ASX Announcement entitled ‘Graphite Targets at Bukken, Hesten and Vjardfellet’ dated 26 April 2022.

16 Refer ASX Announcement entitled ‘Strategic Collaboration Agreement with Mitsubishi Chemical Corporation’ dated 18 May 2022.

==> picture [303 x 250] intentionally omitted <==

Skaland Process Plant

M R C O W N S A N D O P E R A T E S O N E O F T H E W O R L D ’ S H I G H E S T G R A D E O P E R A T I N G F L A K E G R A P H I T E M I N E S

MRC JORC Compliant9	Mineral Resources	Ore Reserve	Contained Graphite
Norway
Skaland Operation	1.79 Mt @ 23.5% TGC	0.60 Mt @ 24.8% TGC	0.43 Mt
Australia
Munglinup Project	7.99 Mt @ 12.2% TGC	4.24 Mt @ 12.8% TGC	0.97 Mt
Exploration Projects
Norway
Bukken, Hesten, Vjardfellet	Recent positive electromagnetic & magnetic results
Australia
Munglinup Project E74/565	Recent positive electromagnetic results, 5 new prospect targets identified. MRC is in the process of expanding its Munglinup Graphite Resource yet to be drilled out.

M R C h a s s i g n i f i c a n t p o t e n t i a l t o i n c r e a s e i t s G r a p h i t e R e s o u r c e i n T i e r 1 l o c a t i o n s 9 Refer ASX Announcement entitled ‘Annual Mineral Resources and Ore Reserves Statement’ dated 28 April 2023.

M R C B A T T E R Y A N O D E P A T H T O G R O W T H FULLY VERTICAL INTERGRATION – MINE TO ANODE

==> picture [845 x 311] intentionally omitted <==

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

2 0 2 6
Expanded Anode Production
(Munglinup and Skaland)
2 0 2 5
Munglinup in production
Commercial Scale Anode
Production
2 0 2 4
Skaland
Production Expansion
2 0 2 3 Munglinup FID
Anode pilot plant
Anode Production
----- End of picture text -----

1 Refer ASX Announcement entitled ‘MRC Unveils Five Year Strategic Plan’ dated 29 April 2022.

Skaland graphite plant & Port

D E MA ND – E U R O P E ’ S F A ST G R O WNI NG BA T T E R Y MA R K E T European Gigafactories

==> picture [592 x 333] intentionally omitted <==

• 1,411 GWh of planned

• capacity

 Incl. 125 GWh in Norway - Requiring ~125 ktpa of natural graphite

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

Source: Battery-News.De October 2022

C O R P O R A T E O V E R V I E W

CAPITAL STRUCTURE

Market Capitalisation: A$32M Listed Shares: 691M Performance rights: 19.0M Cash as at 31 MAR: US$4.8M

SIGNIFICANTLY UNDERVALUED

==> picture [125 x 125] intentionally omitted <==

A S X L IS TIN G CO DE: MRC

MAJOR SHAREHOLDERS

==> picture [463 x 296] intentionally omitted <==

VALUE PROPOSITION

MRC as an integrated player presents significant competitive advantages and our value proposition includes:

Operating mines, stable cashflow from low maintenance operations

==> picture [61 x 43] intentionally omitted <==

Supportive cornerstone investors

Tier-one assets in the battery space with operating mine in the EEA

Access to critical and industrial mineral industries

==> picture [62 x 61] intentionally omitted <==

==> picture [66 x 36] intentionally omitted <==

Diversified assets integrated with cash generating operations

==> picture [65 x 66] intentionally omitted <==

Mitsubishi collaboration for fast-tracked downstream materials market entry

Opportunity to be a first mover in becoming one of the largest sustainable graphite anode supplier in Europe

Clear execution strategy with key de-risking technology and sales & marketing partnerships in the pipeline

==> picture [38 x 44] intentionally omitted <==

Two ‘internal’ proprietary non-HF purification technology options

==> picture [40 x 65] intentionally omitted <==

Exciting growth opportunities & exploration upside for both divisions

==> picture [47 x 60] intentionally omitted <==

COMPETENT PERSON STATEMENTS

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.

The information, if any, in this report which relates to Mineral Resources for Munglinup is based on information compiled by Mr Chris De Vitry who is a member of AusIMM and an independent consultant to the Company. Mr De Vitry is the Director and principal Geologist of Manna Hill GeoConsulting Pty Ltd. Mr De Vitry 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). Mr De Vitry consents to the 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 report which relates to the Ore Reserve for Munglinup is based on information compiled by Mr Daniel Hastings, who is a Member of AusIMM. Mr Hastings is an employee of Quantified Strategies 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 report of the matters based on the reviewed information in the form and context in which it appears.

The information, if any, in this report which relates to Mineral Resources 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 AusIMM and independent consultant to the Company. Mr Maynard is the Director and principal Geologist of Al Maynard & Associates Pty Ltd and has over 40 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 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 report of the matters based on this information in the form and context in which it appears.

The information in this report which relates to Mineral Resources for Trælen, is based on information compiled by Mr Daniel Hastings, who is a member of AusIMM. Mr Hastings is an employee of Quantified Strategies Pty Ltd and a consultant to the Company. 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 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.

The information in this report related to Ore Reserve for Trælen is based on information compiled and approved for release by Mr Eero Tommila, who is a member of the Institute of Materials, Minerals, and Mining (“IMMM”) a Recognised professional Organisation (“RpO”). Mr Tommila is principal Mine Engineer of Skaland Graphite AS and a fulltime employee of the Company. 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 JORC Code (2012). The information from Mr Tommila was prepared under the Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code (2012)”). Mr Tommila consents to the inclusion in the report in the form and context in which it appears.

==> picture [199 x 199] intentionally omitted <==

S U S TA IN A B L E • R ES P O N S IB L E • V ER TICA L L Y IN TER G R A TED • DIV ER S IFIED