MLG OZ LIMITED — Investor Presentation 2021

May 3, 2021

MLG Oz Limited (ASX: MLG) ASX Listing Presentation

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MAY 2021

Disclaimer

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Not for release to US wire services or distribution in the United States

IMPORTANT: You must read the following before continuing.

Summary information

This presentation contains summary information about MLG Oz Limited ACN 102 642 366 (MLG or Company) and its subsidiaries, MLG Cement & Lime Pty Ltd ACN 630 445 975 and MLG Connect Pty Ltd ACN 645 245 745 (together, the MLG Group) and their activities, which is current as at the date of this presentation, unless otherwise indicated. The information in this presentation is in summary form, is intended to provide only general background information about the MLG Group and does not contain all the information which a prospective investor may require in evaluating a possible investment in MLG. This presentation should be read in conjunction with the prospectus issued by MLG and MLG SaleCo Limited ACN 648 150 001 dated 1 April 2021 (Prospectus), a copy of which is available on the ASX website at www.asx.com.au, and all other information the Company makes available on ASX from time to time. The information in this presentation remains subject to change without notice. To the maximum extent permitted by law, MLG is not responsible for updating, nor undertakes to update, this presentation. Not an offer or offer document

To avoid doubt, this presentation is not and should not be considered, and does not contain or purport to contain, an offer, an invitation to sell, or a solicitation of an offer to buy or otherwise acquire, directly or indirectly, a share, security or any other financial product in any member of the MLG Group (Securities). This presentation has been prepared for information purposes only and is not a pathfinder document, prospectus, product disclosure statement or other disclosure document for the purposes of the Corporations Act, nor is it any other offering document under Australian law or the law of any other jurisdiction. This presentation has not been lodged with the Australian Securities and Investments Commission (ASIC). This presentation does not constitute an invitation to apply for or purchase Securities and does not contain any application form for Securities. This presentation does not constitute an advertisement for an offer or proposed offer of Securities. Neither this presentation nor anything contained in it forms the basis of any contract or commitment and it is not intended to induce or solicit any person to engage in, or refrain from engaging in, any investment decision or transaction.

This presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or in any other jurisdiction. Any Securities describe in this presentation have not been, and will not be, registered under the US Securities Act of 1933, as amended (US Securities Act) or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States, absent registration under the US Securities Act, except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws. The distribution of this presentation (including an electronic copy) in other jurisdictions outside Australia may be restricted by law, and persons into whose possession this presentation comes observe any such restrictions. Any failure to comply with such restrictions may violate applicable securities laws. By accessing this presentation, you represent and warrant that you are entitled to receive such presentation and agree to be bound by any applicable restrictions and/or limitations .

Not investment or financial product advice

Nothing in this presentation constitutes, nor is it intended to constitute, financial, investment, legal or other advice or any recommendation to acquire Securities and does not and will not form any part of any contract for the acquisition of Securities. This presentation has been prepared without taking into account any person's individual investment objectives, financial circumstances or particular needs. Any investment decision or other decision with respect to MLG or its Securities should be based solely on appropriate due diligence and other inquiries. Before making an investment decision, investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs, and seek legal, accounting and taxation advice appropriate to their jurisdiction. MLG is not licensed to provide financial product advice in respect of Securities, and does not purport to give any such advice. Cooling off rights do not apply to the acquisition of Securities. Any investment in any listed company (including MLG) is subject to significant risks of loss of income and capital.

Effect of rounding

A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. Financial data

All currency amounts are in Australian Dollars ($ or A$) unless stated otherwise.

No liability

MLG has prepared this presentation based on information available to it at the time of preparation, from sources believed to be reliable and subject to the qualifications in this presentation. To the maximum extent permitted by law, each member of the MLG Group and each of their respective affiliates, related bodies corporate (as that term is defined in the Corporations Act), shareholders, directors, employees, officers, representatives, agents, partners, consultants and advisers (each a Limited Party and together, the Limited Parties) accepts no responsibility or liability for the contents of this presentation and makes no recommendation or warranty. No representation or warranty, express or implied, is made as to the fairness, accuracy, adequacy, validity, correctness or completeness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of the Limited Parties accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss whatsoever arising from the use of the information in this presentation or its contents or otherwise arising in connection with it.

Industry data and public disclosures

Certain market and industry data referenced in this presentation has been obtained from public filings, research, surveys or studies made or conducted by third parties. In some cases, such data is forward-looking information and includes forward-looking information in relation to forecasted mining investment activity, commodity production and commodity prices. Additionally, certain information referenced in this presentation has been sourced from the public disclosures of MLG's customers. Neither MLG nor any other Limited Party (as defined below) takes any responsibility for the accuracy of any such market or industry data or the information sourced from the public disclosures of MLG's customers.

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2

Disclaimer

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Past performance and risks

The operating and historical financial information given in this presentation is given for illustrative purposes only and is not (and should not be relied upon as) an indication of the Company's views on its future performance or condition. You should note that past performance of the MLG Group cannot be relied upon as an indicator of (and provides no guidance as to) future MLG Group performance.

The future performance of the MLG Group is subject to number of risks, some of which are specific to the MLG Group and some of which are more general in nature. Many of the circumstances giving rise to these risks, and the occurrence of consequences associated with each of these risks, are either wholly or partly outside the control of MLG, and its directors and senior management.

Future performance and forward-looking statements

This presentation contains forward-looking statements about the MLG Group including (among other things) the Company's strategy for continued growth.

Any statements contained in this presentation that are not of historical facts may be forward-looking statements. Such statements can be identified by words such as "aim", "anticipate", "assume", "believe", "could", "due", "estimate", "expect", "goal", "intend", "may", "objective", "plan", "predict", "potential", "positioned", "should", "target", "will", "would" and other similar expressions that are predictions of or indicate future events and future trends.

Forward-looking statements contained in this presentation are based on current expectations, estimates, forecasts and projections about the Company's business and the industry in which the Company operates and the beliefs and assumptions of the Company's directors and management. These forward-looking statements are not guarantees of future performance or development and, by their nature, involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company's control (refer to the "Risks" section of the Prospectus for further information). These factors may include, but are not limited to, the risk of termination or expiry of MLG's key contractual relationships with its clients, the recruitment and retention of key personnel, occupational health and safety risks inherent in the mining industry, changes to the regulatory framework within which MLG operates or may in the future operate and any inability for MLG to service its clients (or a decrease in demand for MLG's services from those clients) due to the continuation or escalation of the COVID-19 pandemic, or the outbreak of any other disease or pandemic. Any such forward-looking statements, opinions and estimates provided in this presentation are also based on assumptions and contingencies which are subject to change without notice, and which may ultimately prove to be materially incorrect, as are statements about market and industry trends, which are based on interpretations of current market conditions. Prospective investors should consider the forward-looking statements in this presentation in light of those disclosures and not place undue reliance on any forward-looking statements (particularly in light of the current economic climate and the significant volatility, disruption and ongoing uncertainty caused by the COVID-19 pandemic). Forward-looking statements including projections, guidance on future earnings and cost estimates, and guidance on industry trends, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance and may involve significant elements of subjective judgement and assumptions as to future events that may not be correct. The Company does not give any assurance that the results, performance or achievements expressed or implied in the forward-looking statements contained in this presentation will actually occur.

The forward-looking statements in this presentation are given only as at the date of this presentation. The Limited Parties disclaim any obligation or undertaking to update or revise any statement in this document, including any forward-looking statement, to reflect new information or future events or otherwise.

Non-IFRS financial information

This presentation contains financial information that is "non-IFRS financial information" under ASIC Regulatory Guide 230 "Disclosing non-IFRS financial information". The non-IFRS financial information includes pro forma financial information, including MLG's historical Earnings before Interest Tax Depreciation and Amortisation (EBITDA) figures. Any such financial information has not been prepared in accordance with all applicable accounting standards and accounting interpretations. The non-IRFS financial information in this presentation does not have a standardised meaning prescribed by the Australian International Financial Reporting Standards (or AIFRS) and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with AIFRS. Readers are cautioned, therefore, not to place undue reliance on any non-IFRS financial information included in this presentation. Acknowledgement

By accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out in this disclaimer.

This presentation has been authorised for release to ASX by MLG's board of directors.

3

A significant provider of integrated logistics supply chain services to the Australian mining and civil infrastructure industries

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MLG integrated service offering, combined with its strategic assets, has resulted in expansion to 29 sites

MLG’s operating history

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Company Timeline Customer sites
MLG founded by Murray Leahy
2002
Company sites
First contract secured providing silica
mining and haulage services for BHP
First sand quarry operation – 8
Mile Rock
2004
Fitzroy
First sand supply contract awarded to Crossing
Tanami
MLG by Holcim Australia
2005
First hard rock quarry
established Tarmoola Quarry
2007 Christmas Creek
First integrated contract and services
supply awarded at Agnew
2011
First contract-crushing contract
awarded to MLG by Fortescue
Wiluna
2014 Jonah Bore
First contract outside of W.A, Darlot Gruyere Thunderbox
awarded at Tanami (Newmont) Mt Magnet Tarmoola
2017
Agnew
Cane Grass
Kundana
Build, own, operate crushing contract for Fortescue Christmas Creek Edna May 8 Mile Kalgoorlie
2018 St Ives
Marvel
Perth Loch Cosmic Boy
First lime contract awarded to
MLG from Gold Fields Ravensthorpe Esperance
2019
Construction and commissioning of
crushing plants at Fortescue
2020
Construction of Tails Dam for
Gold Fields
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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

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• Contract crushing - mobile plant

• Build Owned and Operated- 2 x plants

• 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

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Corporate structure

Successful IPO raising $70.7m at $1.00 per share. Murray Leahy will continue to hold ~50.1% of MLG post IPO.

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Capital Structure		Details	MLG shareholders1	No (m)	%
ASX Code		MLG	Murray Leahy	73.0	50.1%
Total number of Shares on issue at Completion of IPO		145,669,163	MLG Employee Share Trust	2.0	1.4%
			IPO investors	70.7	48.5%
IPO Offer Price Market Capitalisation (at IPO Offer Price of $1.00)		$1.00 $145.7m	Total shares on issue Top 20 shareholders	145.7 114.6	100% 78.7%
Pro-forma historical net debt	as at 31 December 2020	$22.6m
Enterprise Valuation (at IPO Offer Price of $1.00)		$168.3m	IPO investors,
			48.5%		Murray Leahy,
Board & Management	Position				50.1%
Murray Leahy	Managing Director and Founder
Jim Walker	Independent Chair & Non-Executive Director
Garret Dixon	Independent Non-Executive	Director
Anna Neuling Phil Mirams	Independent Non-Executive Chief Financial Officer	Director	MLG Employee Share Trust, 1.4%

1. Shareholding reflects expected shareholding immediately following the transfer by Murray Leahy of the 2,000,000 Management Reward Shares to the employee share trust, which is expected to occur in the coming days.

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Investment Highlights

A significant provider of integrated logistics supply chain services to the Australian mining and civil infrastructure industries

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Significant provider to mining and civil infrastructure industries

• Supply of construction materials, site services, civils works, crushing and screening, bulk haulage and export logistics

• Integrated within multiple clients’ sites and supply chains as a critical part of production

• Trusted by customers because of its track record of reliability, quality and safety

Track record of growth and profitability

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Pro forma Revenue [1]
241
200 205
133
FY18 FY19 FY20 FY21F
A$m
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Diversified and recurring revenue streams

• MLG has never had any client terminate its services to replace MLG with another service provider

• Revenue diversified by client, commodity and service offering

• New Build, Own, Operate crushing and screening revenue stream

Long term relationships with high quality customers

• Long-term customer relationships with a track record of contract renewal and scope expansion

• Low-cost long-life customer base provides some protection against commodity price volatility

Alignment and Culture

• Led by Founder and Managing Director Murray Leahy

• Experienced management team with a track record of delivering growth

• Safety and customer led culture

• Long-serving and loyal employee base

Strategic asset base

• Strategically located quarries, port facilities and operational hubs

• Modern fleet of 925 heavy vehicles and support equipment

• Proactive maintenance regime driving reliability

Favourable market dynamics

• Stable commodity prices and positive outlook driving increased mining investment

• Consistent and growing production supports existing operations and potential growth opportunities

Significant potential growth opportunities

• Potential scope, service and site expansion with existing clients

• Potential expansion to new target clients and commodities through MLG’s existing platform

• Potential opportunities to replicate the MLG model in new geographies across Australia (leveraging MLG’s existing client base)

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.

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Committed management team and experienced Board

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Highly experienced management team with a proven track record of leading and growing MLG

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• Murray is the • +45 years’ • +35 years’ • +20 years’
majority shareholder, experience in the experience in the experience in
managing director resources sector resources, transport financial and
and founder of MLG, • Former Managing and contracting corporate roles in the
starting initially as a sectors resources industry
Director of WesTrac
small contractor • Former Executive • Previous roles with
providing silica • Former Non-
Vice President at LionOre Mining
mining and haulage Executive Chairman
Alcoa and President International, Sirius
Managing Director services for BHP of MacMahon Independent Non- Independent Non-
and Founder • 2019 Goldfields Non-Executive DirectorIndependent Chair & Holdings Executive Director of Bauxite Executive Director Resources and Avoca Resources
Murray Leahy Garret Dixon Anna Neuling
Businessman of the Jim Walker
Year
• +30 years’
experience in
corporate finance
• Previously CFO of
Navitas,
Automotive
Holdings Group
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• Previously CFO of Navitas, Automotive Holdings Group

• Chief Financial Officer (AHG) and UGL

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General Manager –
People and Performance
Allun Waller
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General Manager -
Haulage and Site Services
Vinnie Fisher
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General Manager – Crushing General Manager – Maintenance
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• Phil Mirams • Previously CFO at Deutsche Bank Australia and New Zealand

John Antill

Rod Oakes

  - +45 years’ experience in • +20 years’ supply chain • +30 years in the industry operations management roles experience • 20 with the CAT OEM within the bulk supply chain and transportation industries • Previously held senior roles in • Time spent in the machine hire the crushing sector, with two

  - • **Joined MLG in 2014** decades across multiple area of the industry commodities in the mining • **Joined MLG November 2019** sector

• 14 years in the Australian Defence Force

• Joined MLG in October 2019

• +10 years in WHS and Corporate Management within the mining sector

• Joined MLG November 2019

• Joined MLG in 2014

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Diversified revenue base

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MLG’s revenue is diversified by commodity and service offering across a wide range of customers

Pro forma FY201 revenue

Pro forma forecast FY21 revenue

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By client:
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By service offering:
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10%
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By commodity:
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By service offering:

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1 Pro forma adjustments offset fuel tax credits against cost of fuel rather than shown as revenue.

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History of growth through customer and scope expansion

Delivering significant revenue growth across a diversified, high-quality client base; with FY21 forecast to deliver $241.6m in revenue

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2002 Circa $10m revenue											2021 Forecast $241.6m FY21 revenue 1
2002	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021

1 Northern Star and Saracen merger via Scheme of Arrangement completed 12 February 2021.

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A reputation for project delivery

MLG’s ability to expand its offering tailored to the needs of a particular client has historically provided a competitive advantage, enabling the Company to expand its scope and to secure contract renewals

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Project: Agnew MLG services:

• Loading and haulage

• Paste fill screening

• Civils and road maintenance

• Lime supply

• MLG start date: October 2011

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Project: St Ives MLG services:

• Loading and haulage

• Crusher feed

• Civils and road maintenance

• Lime supply

• MLG start date: September 2017

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Project: Tanami MLG services:

• Ore haulage / crusher feed

• Paste harvest and processing

• LV maintenance

• Site civils and road maintenance

• MLG start date: October 2016

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Project: Kanowna Belle / Kundana MLG services:

• Loading and haulage

• Site and civil services

• Materials

• MLG start date: October 2016

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Project: Christmas Creek

MLG services:

• Mobile crushing

• Fixed plant crushing

• MLG start date: December 2013

Project: Mt Magnet / Vivien MLG services:

• Ore haulage / crusher feed

• Site services

• Road maintenance

• MLG start date: July 2015

Project: Esperance (export) MLG services:

• Concentrate haulage

• Storage

• Port services

• MLG start date: January 2016

Project: Cosmic Boy MLG services:

• Loading and haulage

• Crusher feed

• Road maintenance

• MLG start date: January 2019

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Short to medium term contracts underpinned by long term client relationships built over 20 years of operations

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The MLG platform

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MLG is a significant provider of key mine site and logistics services to the Australian mining and civil infrastructure industries

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Core mining operations
Mine plan / mining Processing Resource extension Product sales Rehabilitation
BOO fixed + Esperance port
Strategic assets Quarries Large modern fleet Labour pool
mobile crushing facilities
Materials Sand Aggregate Cement Lime Road base
Embedded within client sites Linking clients to markets
Service offering Construction Bulk Site Crushing and Export
Civil works
materials haulage services screening logistics
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Contract structure summary

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MLG’s contracts are typically based on a volume or hourly rate metric – MLG builds in contractual flexibility to cater to each client

Overview of MLG’s contract structuring methodology

• MLG’s service contracts are based on a broad framework which is tailored to address the specific needs of the client’s project

• Clients are typically billed based on a schedule of rates

• Rates are calculated based on a volume driver, such as tonnage, kilometres, or a number of hours worked (and in some cases a combination of these)

• When contracting with clients, MLG takes a conservative approach in line with the Company’s risk management principles. In particular MLG:

• Does not enter into ‘take-or-pay’ contract structures;

• Does not retain any minimum volume obligations; and

• Does not have any commercial obligation for the actual production volumes processed by its clients.

MLG contract structure build up

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Typical billing methodology[1]

Service	Billing Methodology (all clients are invoiced in Australian dollars)
Construction Materials	per tonne based on kms and tonnage
Civil Works	per hour
Site Haulage	per tonne based on kms and tonnage
Site Services	per hour
Mobilise and Demobilisation	Fixed Rates
Crushing and Screening	per tonne (in Fortescue’s case with minimum throughput)
Bulk Haulage	per tonne based on kms and tonnage
Export Logistics	fee and handling charges per tonne and per TEU

1 Given MLG’s contracts are bespoke, specific sites and services may vary from the typical billing methodology provided. Information should be used as a guide only.

15

High quality customer base

MLG’s customer base comprises high quality clients who operate low-cost, long-life mining operations – providing resilience against commodity price volatility

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Gold Projects – All-in sustaining cost (AISC) Nickel – C1 cost Iron ore – C1 cost
2,500 8
200
Spot: A$2,287/oz Spot: US$7.67/lb Spot: US$180/t
2,000 160
6
1,500 120
4
80
1,000
2
40
500
Not
disclosed
0 -
Chichester Hub
0
Forestania Nickel West
St Ives Gruyere Agnew Tanami Yandal KCGM Kalgoorlie Global Thunderbox Sons of Gwalia Global
AISC (A$/oz)
C1 Cash Cost (US$/lb C1 Cash Cost (US$/t)
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Source: Company announcements, IRESS at market close 29 April 2021

Note: AISC and C1 cash cost data is for 6 months to 31 December 2020, excluding Gold Fields and Newmont (which are 12 months to December 2020).

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Fleet overview

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MLG has a well-maintained modern fleet of circa 925 heavy vehicles and support equipment

Overview of fleet Truck (110) Crushing Equipment (83) Loaders & Excavators (89) Ancillary Gear (92) Light vehicles (136) Trailers & Dollies (415)	Approximate average age of fleet
	Asset type Number Approximate average age (years)
	Trucks 110 7.3
	Trailers & Dollies 415 6.8
	Loaders and Excavators 89 8.6
	Crushing – Fixed Plant 2 1.1
	Crushing - Mobile Plant 81 5.9
	Light & Services Vehicles 136 6.2
	Ancillary Gear 92 6.0
	Total 925 6.0

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Maintenance philosophy

MLG prides itself on having a culture of proactive maintenance to drive reliability of service and better financial and safety outcomes for MLG and its clients

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Trucks
⚫ 19 dedicated workshop facilities
Mandatory
Pre-start inspections maintenance and KM’s, Tonnage, ⚫ Located on or close to client sites
- inspection Scheduled servicing- ⚫ All servicing monitored
All shifts + - + Long term ⚫ Mandated through policy
One shift per week
⚫ Scheduled plans
Heavy Mobile Equipment
⚫ 19 dedicated workshop facilities
Mandatory
Pre-start inspections maintenance and Meet all manufacturer ⚫ Located on or close to client sites
- inspection servicing- ⚫ All servicing monitored
All shifts + - + Long term ⚫ Mandated through policy
One shift per week
⚫ Scheduled plans
Crushing
⚫ Dedicated maintenance specialists
Mandatory
Pre-start inspections maintenance and Hours of service, ⚫ All servicing monitored
- inspection weight requirements- ⚫ Mandated through policy
All shifts + - +
Long term ⚫ Scheduled plans
One shift per week
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Ingrained safety culture

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MLG’s focus on delivering superior safety performance is a key selling point to new customers and workforce personnel

Proactive health and safety

• MLG has a strong focus on conducting its operations in a way that has a zero-negative impact on its employees, business partners and the communities in which it operates

• A focus on maintaining a ‘safety-first’ culture has been a factor in MLG securing new contracts and contract renewals with existing clients[2]

• Independent expert report undertaken by Barclay Safety Solutions on MLG’s operation at Fortescue’s Christmas Creek operations

MLG’s safety culture is positive and has demonstrated characteristics of high trust and low fear

Historical safety statistics[1]

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Source: Barclay Safety Solutions.

1. LTIFR, TRIFR per million man hours worked. Data set captures the safety performance of MLG Oz employees only. 2. Barclay Safety Solutions – MLG Culture Report – August 2019.

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Sustained historical revenue growth over many years with a disciplined approach to capital reinvestment

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Financial performance

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MLG has a demonstrated track record of organic growth and profitability – this is forecast to continue through FY21

Pro forma[1] revenue

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300
250
241
200
200 205
150
133
100
50
-
FY18 FY19 FY20 FY21F
A$m
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FY20 significantly impacted by COVID-19 Pandemic and IPO preparations

• Second half of FY20 experienced material reduction in production volumes as client responded to COVID-19

• Border closures and roster changes initially impacted availability of resources and overall profit margin

• Significant cost impact due to the delay in construction of fixed plants at Christmas Creek

Pro forma[1] EBITDA

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50
40
41
30 34
25
20
16
10
-
FY18 FY19 FY20 FY21F
A$m
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• Delay in construction of fixed plant deferred our opportunity to utilise mobile crushing equipment for other clients

• Included $2.9m of costs associated with preparations for an IPO (deferred into 2021)

Material improvement expected in FY21

• $20.5m pro forma EBITDA delivered in first half of FY21

• $41.0m pro forma EBITDA forecast for full year

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.

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Income statement

MLG is forecasting 18% pro forma revenue growth and 67% pro forma EBITDA growth in FY21 underpinned by commencement of Fortescue crushing contracts and growth with existing and new clients in gold

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Pro forma[1] historical and forecast income statement

		Pro forma1 historical	Pro forma1 historical	Pro Forma1 Forecast
As at 30 June ($m) Mine site services and bulk haulage	FY18 114.4	FY19 156.4	FY20 172.6	FY21 189.9
Crushing & screening	14.7	39.8	28.9	47.8
Export logistics	3.6	3.4	3.7	3.9
Net Revenue Cost of Sales	132.7 (108.8)	199.6 (155.1)	205.1 (164.5)	241.6 (184.6)
Gross Profit General and administration	23.9 (8.3)	44.5 (10.6)	40.6 (16.1)*	57.0 (15.9)
EBITDA	15.6	34.0	24.5	41.0
Depreciation and amortisation	(7.3)	(10.7)	(13.7)	(16.8)
EBIT	8.3	23.3	10.7	24.3
Interest	(0.6)	(1.4)	(2.0)	(2.1)
PBT	7.7	21.9	8.7	22.2
Tax	(2.6)	(5.1)	(2.5)	(6.7)
NPAT	5.1	16.8	6.2	15.5

FY21 Forecast

• Pro forma[1] first half FY21 EBITDA of $20.5m

• Improved cashflow benefitting from government incentives (immediate capex deduction)

• Majority of contracts now renewed or in negotiation – many with higher rates

• New contract wins

  • Barto Gold (contract crushing)

  • Ora Banda Mining (mine site services and haulage)

  • Ramelius Tampia (mine site services and haulage)

• Significant improvement in crushing and screening revenue with two Fortescue fixed plants now fully operational

• Growth in civil construction revenue

• Client volumes higher than FY20 – not experiencing same impact from COVID-19

• Included $2.9m of costs relating to initial preparation of IPO in 2019 which was subsequently deferred until 2021 .

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.

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Growth and financial metrics

Ability to win new contracts and expand existing scopes in the mine site services revenue stream has been the primary driver of historical growth

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Pro forma[1] - Revenue

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300
4
250
3 4 48
200
29
40
150 4
15
100 190
173
156
114
50
-
FY18 FY19 FY20 FY21F
Mine site services and bulk haulage Crushing and screening Export logistics
A$m
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Pro forma[1] - Expenses

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250
16
200
16
11
150
8
100
185
155 165
50 109
-
FY18 FY19 FY20 FY21F
Cost of sales General and Administration
A$m
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Growth and key metrics

	As at 30 June ($m) Mine site services and haulage revenue growth	FY18	Pro Forma1 Historicals FY19 FY20 36.7% 10.3%	Pro Forma1 Historicals FY19 FY20 36.7% 10.3%	Pro Forma1 Forecast FY21 10.0%
	Crushing & screening revenue growth		170.0%	(27.5%)	65.8%
	Export logistics revenue growth		(3.5%)	8.9%	3.8%
	Net Revenue growth		50.5%	2.8%	17.8%
	Cost of Sales		42.6%	6.1%	12.2%
	Gross profit growth		86.1%	(8.8%)	40.3%
	Gross profit margin	18.0%	22.3%	19.8%	23.6%
	General and administration		26.8%	52.9%1
	Pro Forma EBITDA growth		117.8%	(27.9%)	67.6%
	Pro Forma EBITDA margin	11.8%	17.0%	12.0%	17.0%
	Number of operating sites	20	23	26	292
	Number of employees	404	531	576	5692

1 Included $2.9m of costs relating to initial preparation of IPO in 2019

2 As at 31 December 2020

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.

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Cashflow and Capital expenditure Strong cash flow conversion has allowed MLG to organically fund growth

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• MLG has been operating cash flow positive across the historical period, allowing the business to cover the majority of the capital investment which has occurred across the same time period

• FY20 growth capex includes investment in 2 Build Owned and Operated (BOO) fixed crushing plant and supporting Loaders and Equipment for Fortescue (circa $30m)

• Higher replacement capex in FY20 - Increased investment in rebuild of existing fleet, new technology systems (safety, Security, and Core infrastructure).

Pro forma[1] cash flow summary

	Pro Forma1 Historical	Pro Forma1 Historical	Pro Forma1 Historical	Pro Forma1 Historical	Pro forma1 Forecast
$'000	Notes	FY18	FY19	FY20	FY21
EBITDA		15,599	33,970	24,482	41,038
Movement in net working capital		8,208	(8,890)	4,536	(851)
Other operating cash flows	2	-	38	17	-
Tax paid		(3,858)	(2,714)	(2,132)	(2,626)
Operating Cash Flows		19,949	22,404	26,904	37,561
Net Replacement Capex		(563)	(5,604)	(11,337)	(9,267)
Growth Capex		(24,065)	(19,822)	(36,746)	(22,206)
Net Cash Flows before financing	3	(4,679)	(3,022)	(21,179)	6,088

• Growth capex in FY21 is centred around new contracts with Ora Banda Mining and Ramelius Resources. Replacement capex normalising

	Cash flow metrics	FY18	FY19	FY20	FY21F
	Operating cash flow conversion	127.9%	65.9%	109.9%	91.5%

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. 2 Movement in net working capital represents the movement between the opening and closing working capital positions in each period presented

• The Pro Forma Historical Cash Flows and Pro Forma Forecast Cash Flows have been presented at the net cash flows before financing level as the capital and debt structure of MLG will be different post Offer and as the repayment of debt mentioned above is expected to be spread across debt facilities and various hire purchase arrangements

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Balance Sheet

Net debt position to be materially reduced with IPO proceeds to fund continued growth

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Pro forma[1] balance sheet

• MLG’s Pro Forma Net Debt position (as at 31 December 2020) will be reduced by $44.8m to $22.6m through the IPO. This equates to 0.55x pro forma FY21F Net Debt / EBITDA ratio

• Pro Forma Net Assets increase through the IPO to $107.8m, underpinned by $133.4m of property, plant and equipment

• MLG run a working capital position which currently sits at $4.6m, with significant funding headroom available to fund working capital movements

• Over the FY18-FY21F period MLG has recovered all debtor balances resulting in no commercial impact from bad debts

$’000	Statutory Historical	Impact of Offer	Repayment of debt	Pro Forma Historical
	31-Dec-20			31-Dec-20
Current assets
Cash and cash equivalents	1	44,773	(34,851)	9,923
Trade and other receivables	29,876			29,876
Inventories	11,650			11,650
Total current assets	41,527	44,773	(34,851)	51,449
Non-current assets
Property, plant and equipment	133,370			133,370
Other non-current assets	5,685			5,685
Total non-current assets	139,055			139,055
Total assets	180,582	44,773	(34,851)	190,504
Current liabilities
Trade and otherpayables	36,965	(314)		36,651
Financial liabilities	33,892		(25,336)	8,556
Lease liabilities	1,453			1,453
Provisions	860			860
Total current liabilities	73,170	(314)	(25,336)	47,521
Non-current liabilities
Financial liabilities	33,979		(9,516)	24,464
Lease liabilities	3,773			3,773
Other non-current liabilities	8,182	(1,254)		6,928
Total non-current liabilities	45,935	(1,254)	(9,516)	35,164
Total liabilities	119,104	(1,568)	(34,851)	82,685
Net assets	61,478	46,341		107,819
Net(debt) / cash	(67,360)	44,773		(22,587)

Pro forma adjustments:

1.Adjusted for effect of new accounting standards (AASB9, AASB15 and AASB16), proceeds from the Offer, the costs of the Offer, and partial repayment of debt from the Offer Proceeds.

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Dividend Policy

Subject to future business conditions, the MLG Board expects to pay future dividends in the range of 30% to 50% of NPAT

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Summary

Summary
	•	The payment of dividends by MLG will be undertaken at the discretion of the Directors and will be a function of a range of factors, including,
		but not limited to:
		‒ Financial and liquidity position of MLG
		‒ Operating performance and outlook
Dividend payment conditions		‒ General business environment
		‒ Growth strategy and capital expenditure expectations
		‒ Legal and regulatory restrictions
		‒ Taxationconsiderations (including thelevelof franking credits available)
Dividend policy	•	The MLG Board expects to pay a dividend in the range of 30-50% of NPAT and it is expected that the dividend would be paid semi-annually
FY21 dividend	•	It is expected that MLG will be in a position to declare its inaugural dividend (for the period 1 January 2021 to 30 June 2021) following the release of MLG’s FY21 results (expected to be paid in September 2021)
	•	The Directors expect the performance of the MLG Group will allow fully franked dividends but will consider the ability of the dividend to be
Franking credits		franked (and level of franking) before declaring any dividend
	•	MLG has a current franking balance of $18.9 million

26

Robust industry dynamics driving growth from existing clients with growing demand for greater ore movements

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MLG is leveraged to the trends of consolidation, optimisation and declining ore grades

Exposure to key thematics

Key themes

• WA gold producers creating ‘hubs’ around existing milling infrastructure and commonly able to target deposits within 100km of their existing milling infrastructure

• Mineral deposits that lack sufficient scale to justify standalone milling infrastructure be unlocked by transporting to mills nearby

• Recent M&A trend of gold producers acquiring smaller bolt-on deposits or other production centres within trucking distance to their existing milling infrastructure

• As producers grow and bolt in additional deposits and production centres, able to blend and optimise between processing facilities (eg Northern Star in Kalgoorlie and Yandal regions post Saracen merger, with multiple milling sites)

• As the numbers of hubs expand, and smaller deposits are bolted into the hubs, operations require new infrastructure such as roads and more complex logistics

• Both Australian gold and iron ore miners also face declining grades, requiring greater crushing capacity and bulk tonnage earth and ore movement

“The Merged Group will have an unprecedented footprint in the Western Australian goldfields, providing 24Mtpa of processing capacity with a substantial network of haul roads to enable ore to be directed to the best mill to lower unit costs and improve metallurgical recoveries and maximise margins. The Merger will unlock several regional deposits that were previously mill constrained, that are within 100km of the Merged Group’s processing infrastructure.”

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Recent WA M&A mining transactions

	Date	Bidder	Target	Commodity	Location	Type
	2020	Northern Star	Saracen	Gold	WA	Merger
	2020	Dacian	NTM	Gold	WA	Bolt-on
	2020	Novo	Millennium	Gold	WA	Bolt-on
	2020	Regis	Ben Hur	Gold	WA	Bolt-on
	2020	Genesis	A&C	Gold	WA	Bolt-on
	2020	Ramelius	Spectrum	Gold	WA	Bolt-on
	2019	Silver Lake	Egan Street	Gold	WA	Bolt-on
	2019	Northern Star	Echo	Gold	WA	Bolt-on
	2019	Saracen	Bligh	Gold	WA	Bolt-on
	2018	Silver Lake	Doray	Gold	WA	Merger
	2018	Ramelius	Explaurum	Gold	WA	Bolt-on

Source: Saracen Minerals – Scheme Booklet dated 10 December 2020

Source: Public announcements.

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Increasing logistical requirements

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

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.

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WA Nickel Opportunities

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Battery metals have created renewed opportunities for nickel in WA

Select Western Australian nickel operations and linkages with BHP Nickel West

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Existing MLG client
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Western Australian nickel assets (non-exhaustive)

	Asset	Owner	Location	Ore Body	Status
	Julimar	Chalice	Avon Region	Sulphide	Exploration & Development
	Black Swan	Poseidon	NE Kalgoorlie	Sulphide	Exploration & Development
	Silver Knight	Creasy Group	Fraser Range	Sulphide	Exploration & Development
	Savannah	Panoramic	East Kimberley	Sulphide	Exploration & Development
	Lanfranchi	Black Mountain	Kambalda	Sulphide	Exploration & Development
	Odysseus	Western Areas	Leinster	Sulphide	Exploration & Development
	West Musgrave	OZ Minerals	Musgrave province	Sulphide	Exploration & Development
	Ravensthorpe	First Quantum	Ravensthorpe	Laterite	Operating
	Murrin Murrin	Glencore	Leonora area	Laterite	Operating

Source: Public announcements

Source: Mincor Investor Presentation 9 March 2021

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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

• • MLG’s current client base operate predominantly 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

• 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 6

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Outlook

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Conclusion

MLG’s directors and its senior management believes that MLG represents an attractive opportunity to gain exposure to an expanding logistics and mine site services business with a diversified customer base, extensive fleet and established market credibility

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

Strong market Integrated service How MLG will seek to continue to deliver:
position offering
Strengthened balance sheet
to support continued growth
Diversified revenue Long term relationships Continued culture of
streams with high quality customers proactive maintenance to
seek to deliver reliability of
service and profitability
Track record of growth Strong management team
Client and solution-
and profitability with deep industry experience
focussed culture Maintaining strong safety
standards and performance
Well invested, high Significant potential
Canvassing of significant
quality fleet portfolio growth opportunities
new opportunities in the
tender pipeline
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