MINERAL COMMODITIES LTD — Investor Presentation 2023

Feb 5, 2023

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MINERAL COMMODITIES

I N V E S T O R P R E S E N T A T I O N F E B R U A R 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

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

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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

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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

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Skaland
Operation
Mo I Rana
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Perth HQ
Tormin
Xolobeni
Operation
Project
Munglinup
Project
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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 Site identified and being permitted

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

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OBJECTIVES

• 1 RE-BRAND WITH STRONG ESG FOCUS

Mineral Commodities

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

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Battery Minerals Division

Heavy Minerals Division

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

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MRC ~~FOCUS~~

HEAVY MINERALS

CASH FLOW GENERATION

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D R I V E R M E D I C A L S
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BATTERY MINERALS ENHANCE ASSET VALUE

HEAVY MINERALS DIVISION

Cash Flow Generation Opportunity

• Inland Strands Production (Q1 2023)

• Increases processing capacity from 2.4Mt to 2.7Mt

• Allows sustainable beach mining aimed at improving grades

• Funding secured

• Third Primary Concentration Circuit (Q4 2023)

• Increases processing capacity from 2.7Mt to 3.9Mt

• Funding secured[2]

• Mineral Separation Plants (Q1 2024)

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

• Garnet offtake agreement in place[3]

• Funding secured[3]

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

3 Refer ASX Announcement entitled ‘MRC Transitioning into Higher Value Finished Products at Tormin’ dated 14 September 2022.

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Tormin Mining Operation

HEAVY MINERALS DIVISION

Further Upside Opportunity

• Inland Strand reserve upgrade (targeted Q2 2023)

• Funding Secured

• De Punt initial resource (targeted Q2 2023)

• 6,000 metres to be drilled in Q1 2023[3]

• Funding Secured

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De Punt Exploration Targets

3 Refer ASX Announcement entitled ‘Strandline Extension Targets Identified at De Punt’ dated 25 August 2022.

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 Resources	Ore Reserve	In Situ THM
South Africa - Tormin
Western Strandline	193 Mt @ 9.5% THM	21.8 Mt @ 31% THM	18.5 Mt
Eastern Strandline	19.5 Mt @ 3.3% THM		0.6 Mt
Tormin Beaches	1.1 Mt @ 8.9% THM		0.1 Mt
Northern Beaches	2.4 Mt @ 21.6% THM		0.5 Mt
South Africa - East Coast
Xolobeni	346 Mt @ 5% THM		17.3 Mt
Exploration Projects
South Africa - Tormin
De Punt	Drilling underway
Klipvley	Under Application

4 Refer ASX Announcement entitled ‘Annual Mineral and Resources and Ore Reserves Statement’ dated 28 February 2022.

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

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2 0 2 6
Bulk Mining Process
Commissioned
2 0 2 5
Klipvley
Resource/Reserve
2 0 2 4
Mineral Separation
Plant commissioned
PBC3, increases production
2 0 2 3
capacity
De Punt
Resource/Reserve
Inland Strands
commissioned Product Quality
Resource and Production growth
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5 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 (Q2 2023)

• Increase Munglinup interest from 51% to 90%[6]

• DFS 52ktpa production over 14-year mine life[6]

• Skaland production

• Stable European graphite source - in production

• Mining right to increase production to 16Ktpa[7]

• Transition to Battery Anode production

• Successfully produced battery grades[8]

• Successful grant application to build battery anode pilot plant[9]

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

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

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

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

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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

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• Munglinup

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

• Exploration upside potential[11]

 Skaland

• Graphite targets at Bukken, Hesten and Vjardfellet[12]

• 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[13]

• Decarbonisation of transport

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

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

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 ‘Munglinup Electromagnetic Survey Indicates Excellent Targets’ dated 7 April 2022.

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

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

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 Compliant1	Mineral Resources	Ore Reserve	Contained Graphite
Norway
Skaland Operation	1.84 Mt @ 23.6% TGC	0.64 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

14 Refer ASX Announcement entitled ‘Annual Mineral and Resources and Ore Reserves Statement’ dated 28 February 2022.

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

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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 Production
Anode pilot plant
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15 Refer ASX Announcement entitled ‘MRC Unveils Five Year Strategic Plan’ dated 29 April 2022.

Skaland graphite plant & Port

D EM A ND – EUR O P E’ S FAS T GR OWNING BATT ER Y M AR KET European Gigafactories

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• 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$40M Listed Shares: 691M Performance rights: 27.7M Cash as at 31 DEC: US$8.0M[16]

SIGNIFICANTLY UNDERVALUED

MAJOR SHAREHOLDERS

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A S X L I ST I N G C O D E : MRC

16 Includes Cash on Hand and Cash from Rights Issue that closed on 4 January 2023

VALUE PROPOSITION

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

Operating mines, stable cashflow from low maintenance operations

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Supportive cornerstone investors

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

Access to critical and industrial mineral industries

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Diversified assets integrated with cash generating operations

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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

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Two ‘internal’ proprietary non-HF purification technology options

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Exciting growth opportunities & exploration upside for both divisions

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COMPETENT PERSON STATEMENTS

The information, if any, in this presentation which relates to Mineral Resources for Tormin Beaches, Northern Beaches and Inland Strands 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 a shareholder of Mineral Commodities Ltd. Mr Rashidi has sufficient experience which is relevant to the style of mineralisation and types of deposit 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 ) ). 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 related to Ore Reserves at Tormin is based on information compiled and approved for release by Mr Milenko Jankovic, who is a member of the AusIMM. Mr Jankovic was the Group Mining/Planning Engineer and a full-time employee of the Company and has over 30 years of mining experience. 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). Mr Jankovic consents to inclusion in the report of the matters based on this information in the form and context in which it appears. There has been no material change to the reported results.

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). 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. There has been no material change to the reported results.

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. There has been no material change to the reported results.

The information, if any, in this presentation which relates to Mineral Resources for Xolobeni is based on information compiled by Mr Allen Maynard, who is a Member of the AIG, a corporate member of the AusIMM and was an independent consultant to the Company. Mr Maynard is the Director and Principal Geologist of Al Maynard & Associates Pty Ltd. 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 by the JORC Code 2004. This information was prepared and first disclosed under the JORC Code (2004). It has not been updated 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 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 Skaland Mineral Resources is based on information compiled by Mr Bahman Rashidi, who is a member of the AusIMM and the AIG. Mr Rashidi is a shareholder of Mineral Commodities 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 JORC Code (2012). Mr Rashidi consents to the inclusion in this ASX release in the form and context in which it appears. There has been no material change to the reported results.

The information, if any, in this presentation related to Ore Reserve for Skaland 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. 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). Mr Tommila consents to the inclusion in the report in the form and context in which it appears. There has been no material change to the reported results.

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S U S T A INA BLE • R E S P O N S I BL E • V E R T I CA LLY I N T E R G R A T E D • D I V E R S I F I E D