MLG OZ LIMITED — Investor Presentation 2021

Nov 22, 2021

Annual General Meeting Managing Director and Chief Executive Officer

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23 NOVEMBER 2021

Integrated services model targeted at client processing facilities

Contract tenor typically 2-3 years with commercial terms and conditions and specific scope of work

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MINE
SITE
Construction
MINE Site
MINE
Materials
SITE Services
SITE
CLIENT
PROCESSING
Civil
FACILITY
Construction Haulage
MINE MINE
Road Crushing and
SITE SITE
Maintenance Screening
MINE
SITE
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BENEFIT OF INTEGRATED MODEL

• Single service provider

• Single contractual management touch point

• Reduced duplication (single workshop, shared equipment)

• Processing facilities typically long life

• Haulage can be adjusted to changing mine plans

• Builds long term client relationship

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Contractual capital protection clauses negotiated when projects require large capital outlay

2

Private & Confidential

Vertically integrated service offering

MLG delivers integrated production support services to embed MLG into customer operations

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Construction
Site Services Crushing and Export
Materials and Bulk Haulage
and Civil Works Screening Logistics
Quarries
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• Strategic acquisition and positioning of quarry operations, throughout Western Australia near key regional centres

• Supply of bulk materials products for mining and civil projects

• Sand

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• Crusher feed

• Road maintenance

• Rehabilitation work

• Vehicle maintenance

• Machine and labour hire

• Tails Dam construction

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• Contract crushing - mobile plant

• Build Owned and Operated- fixed plant

• Concrete aggregate production

• Road base production

• General screening

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• Bulk material transfer

• General site haulage

• Bulk ore haulage services (on road and off road)

• Logistics

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• Bulk material import/export

• Container handling

• Esperance Port facility

• Aggregate

• Cement

• Lime

3

Private & Confidential

FY2021 Financial performance ahead of prospectus forecast

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Higher revenues in FY21 mitigated some challenging cost pressures

Prospectus Data - Pro forma[1] revenue

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250
254
241
200
205
200
150
133
100
50
0
FY18 FY19 FY20 FY21F FY21A
Prospectus Data - Pro forma [1] EBITDA
40.0 42.7
41.0
30.0 34.0
24.5
20.0
15.6
10.0
0.0
FY18 FY19 FY20 FY21F FY21A
$Am
$Am
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• Pro forma revenue offsets fuel tax credits against fuel cost

• Pro Forma excludes cost associated with IPO

• Impairment charge taken against construction costs of Christmas creek fixed plants (circa $1m)

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DIVIDEND
1.71c/Share
(Jan to June 2021)
100% fully franked.
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REVENUE

Export Logistics

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$55.5m
22%
Crushing &
Screening
Site services
and Haulage
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Pro forma adjustments:

1.Adjusted for effect of new accounting standards (AASB9, AASB15 and AASB16), public company costs, and interest costs to reflect impact of proceeds from the offer. Revenue has been adjusted to offset fuel tax credits against cost of fuel rather than shown as revenue.

4

Private & Confidential

Proceeds from IPO used to strengthen balance sheet

Lower net debt as compared to 30 June 2020 providing capacity for growth following receipts of IPO proceeds

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$77.4m

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FY2020
• Strong cash position at 30 June 2021 of
$9.7m
NET
DEBT
• Utilisation of proceeds from IPO to reduce
financial liabilities by $30.9m
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$36.8m FY2021 (0.86x EBITDA)

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Net Assets
120
100
80
60 $114.2m
40 $54.5m
20
0
2020 2021
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Property, Plant & Equipment
160
150
140
$152.1m
130
$128.1m
120
110
2020 2021
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5

Private & Confidential

Client expansion plans continue to drive logistical requirements

Recent bolt-in transactions and mergers in the goldfields create new logistical requirements

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Northern Star logistics

Ramelius Resources logistics

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Source: Northern Star and Saracen merger presentation dated 6 October 2020.

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Source: Ramelius investor presentation dated 12 November 2020.

6

Private & Confidential

Market position and client portfolio provides strong outlook

Material projects commencing in H1 and large tenders on horizon for H2

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LARGE MLG FLEET AND STRATEGIC POSITION

• Pre ordered fleet arriving

• Machine rebuild capability expanding

• Scale of fleet and market position.

STRONG CLIENT PORTFOLIO

• Existing client base with significant expansion plans

• Willing to consider risk sharing and site specific incentive programs

• Portfolio optimisation opportunities to maximise margin.

STRONG TENDER PIPELINE

• High volume of tenders in progress

• Roy Hill relationship expanding

• Growth into new metals markets

CLIENT RATE RISES AGREED

• Acceptance of higher industry labour costs

• Supply chain constraints increasing parts cost

• Critical nature of MLG services

NEW CONTRACT MOBILISATION

CRUSHING CAPACITY

• Availability of fixed plants for redeployment

• Targeting longer term contractual opportunities

• Not required to service current needs

• Jundee and Paddington projects reaching targets

• Northern star optimisation and Evolution

• Roy Hill crushing underway*

• *The details of this contract have not been previously released as the contract is not considered to be individually material to the Company

7

Private & Confidential

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Trading update and outlook for FY2022

Material cost pressures in Q1 with improving performance through Q2 following rate rises and optimisation actions

H2 FY2022

H1 FY2022

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July to September Oct to December
• Higher crushing
• Low crushing volumes
contribution (Roy Hill)
•
Escalating cost pressures •
Higher revenue
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• Full production contribution from new projects • Bald Hill (Lithco) contract commences * * • Mincor contract commences

• Additional crushing contract in final stages of negotiation

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• Mobilisation of new -
Rate increases
projects
-
Improving production
volumes
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• First half expected to be well below FY2021 H1

• Materially stronger second half expected

• Loss of Christmas Creek contribution (BOO crushing contract)

• Recent new projects will be fully mobilised

• High number of new projects mobilising

• Additional projects commencing in second half

• Lime business (importation) uneconomic due to escalation of importation cost (sea freight)

• Rate rise negotiations commenced in Q2 flow through into second half

• Material cost increases within industry (Labour/Parts/Fuel)

• Care and Maintenance of Fixed crushing plants completed

• Improving financial performance in Q2

• Further contract win opportunities

• Rising revenue following rate rises

• Production volume increasing in line with new projects

• Reducing capex spend (subject to further contract wins)

• Higher capex spend driven by pre ordered fleet and new projects

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*Refer to ASX releases dated 25 August 2021 & 4 June 2021 respectively

Private & Confidential

Strong pipeline of potential growth opportunities

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MLG has identified and is actively pursuing a range of potential growth initiatives

Further contract wins

• Utilise differentiated business capability to provide multiple support services into one delivery framework

• Consolidate MLG’s position as a critical component of the client’s operations and the production supply chain

1

Bolt-on acquisition opportunities

• Complementary potential acquisition opportunities have been identified by MLG, which would broaden MLG’s service offering and geographical reach

4

Expanded service offering

• MLGs growth to date has been driven by the ability to offer a range of capabilities within the production process through one delivery model

• Seek to further enhance and expand this service offering to provide MLG with a potential competitive advantage in future tender processes 2

Commodity market diversification

• Current MLG clients consist of low-cost gold, nickel, and iron ore operations

• Seek further exposure to new commodities to provide further portfolio diversification and exposure to long-life assets

• More diverse commodity exposure will provide opportunities to increase project pipeline 5

Pursuit of strategic assets

• Continued pursuit of strategic assets (such as quarries) near long-life assets with the aim of creating a competitive advantage

• Quarries established to date have provided a competitive advantage in unlocking further contract expansion within the existing client base

3 6

Australia-wide operations

• Significant potential opportunity to expand the scope of MLG’s offering to mining and non-mining clients and operations across Australia

• MLG will actively pursue selective and complementary opportunities

9

Private & Confidential

E: investors@mlgoz.com.au

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