PERPETUAL RESOURCES LIMITED — AGM Information 2021

Nov 28, 2021

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CHAIRMAN’S ADDRESS – 2021 ANNUAL GENERAL MEETING

Ladies and gentlemen,

My name is Julian Babarczy and I am the Executive Chairman of Perpetual Resources Limited (Perpetual) and on behalf of the Board of Directors, I would like to welcome you to the 2021 Perpetual Resources Limited Annual General Meeting, which is being held virtually this year given the ongoing and unpredictable limitations imposed by COVID-19.

It has been another solid year of advancement for Perpetual, with great strides made at our flagship Beharra high grade silica sand project, located near Dongara, in Western Australia. We have been pleased to experience a year where our exploration and development efforts have been handsomely rewarded, with a number of significant advancements for the project based on a range of activities that our dedicated team undertook on the past 12 months.

In many respects, the past year has been a watershed period for the company, as we have delivered our first robust and conclusive study for the Beharra Project, with the indication that we have delineated a highly valuable project and that there remains potential for a significant uplift in shareholder value as we focus our efforts on moving the Beharra Project through to production in the coming years.

What follows is a list of our major achievements for the past 12 months, which highlight how much progress has been made and the significant de-risking that has occurred at Perpetual. In the past year, Perpetual has completed;

• An 18 hole air core drilling program to the North of Mt Adams Rd, extending the known silica sand sequence further to the north.

• Delivery of exceptional metallurgical test work that indicated the premium nature of the Beharra ore-body, confirming it as the Midwest regions lowest known impurity silica sand project, with potential for further optimizations.

• A strategic placement of $2m to a significant institutional investor, as well as welcoming other institutional investors onto the register over the course of the year.

• A 25% upgrade to the mineral resource estimate at Beharra

• The delivery of the Beharra Maiden Ore Reserve and publication of an outstanding PreFeasibility Study, which demonstrated the likely strong commercial viability of the Beharra project and provided impetus to our ongoing development efforts.

• We conducted discrete testing of the white sand horizon at Beharra, which indicated that a development focus on this horizon could yield a significantly higher quality product than was previously thought.

• The signing of further MOU’s for offtake with large Asian groups that are active in the silica sand and related industries, demonstrating the interest that our product has so far received due to the high quality end product that can be achieved.

• The successful grant of a Mining License at Benarra.

• A follow on 86-hole infill air core program which targeted the southern most extent of the Beharra mining license, with a focus on delineating the white sand horizon and to collect suitable drill samples for further bulk metallurgical test work

• The acquisition of the Arrowsmith West exploration license broadening the company’s portfolio of assets within the attractive Midwest area

• The commencement of a Scoping Study for a potential Direct-Shipping-Ore (DSO) operation at Beharra, which was initiated in response to in-bound enquiry from a potentially large offtake partner

• And finally, the signing of a landmark collaboration agreement with the Yamatji Southern Regional Corporation, which allows Perpetual contractual access to the required water for the Beharra project for an initial ten year period

These tremendous and value adding milestones were made possible by our hard working and dedicated team, led by a highly engaged Board of Directors and management team and extending to our various consultants that allow us to rapidly progress the Beharra Project while keeping a tight rein on costs which we believe will give the best possible chance for strong shareholder value creation in future years.

I would also like to thank the Yamatji Southern Regional Corporation, the traditional owners of the area that hosts the Beharra Project, for their strong engagement and assistance at Beharra and we look forward to developing a strong working relationship based on mutual respect in the years ahead.

With that activity completed, there remains much work left to do. We anticipate continuing to advance Beharra in the year ahead, with a number of large milestones anticipated;

• Delivery of a DSO Scoping Study,

• Delivery of an Updated PFS Study for Beharra,

• Commencement and delivery of a (Definitive) Feasibility Study for Beharra,

• Advancement of offtake discussions with major end users and traders in the Asian region,

• As well as many other noteworthy activities that we will update shareholders on as the year progresses

The focus of our efforts at the Company has remained at Beharra, although we also plan, in the coming year, to take a more targeted approach to reviewing and exploring our other land holdings in the region, which were added to in recent months and which we believe remain highly prospective for further high quality silica sand sequences. There remains significant untapped opportunity in our exploration portfolio that we hope to shine a strong light on in the coming year.

I would once again like to thank all our shareholders, who continue to provide their support to the business as we navigate on our exciting journey of project development. Your Board is completely aligned with you on this journey, being material shareholdings in the company and I assure you that all our efforts are aimed at building long term and sustainable value in the share price to the benefit of all.

I look forward to updating you throughout the coming year on the exciting developments at the Company as they occur.

Julian Babarczy Executive Chairman