PERPETUAL RESOURCES LIMITED — Investor Presentation 2021

Nov 22, 2021

Beharra. The Midwest’s leading high grade silica sand project.

ASX: PEC Corporate Presentation, 121 Mining Investment Online EMEA Conference 23-25 November 2021

Disclaimer

This presentation contains summary information about Perpetual Resources Ltd (Perpetual) and is current as of 19th November 2021. The information in this presentation is of a general nature and does not purport to be complete nor does it contain all of the information a prospective investor may require. This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. The information contained in this presentation has been prepared without taking into account the objectives, financial situation or needs of individuals. Investors should obtain their own advice before making any investment decision.

Perpetual has prepared this document based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this presentation. This presentation contains certain “forward-looking statements”. Forward looking statements can generally be identified by the use of forward looking words such as, “expect”, “should”, “could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” and other similar expressions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions.

Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This presentation contains statements that are subject to risk factors associated with Perpetual and the mining exploration industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially. Perpetual disclaim any intent or obligation to publicly update any forward-looking statements or information generally, whether as a result of new information, future events or results or otherwise.

To the maximum extent permitted by law, Perpetual, their related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth)) and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the use of the presentation or its contents or otherwise arising in connection with it.

The entity confirms in the subsequent public report that all the material assumptions underpinning the production target, or the forecast financial information derived from a production target, in the initial public report referred to in rule 5.16 or rule 5.17 (as the case may be) continue to apply and have not materially changed.

==> picture [77 x 22] intentionally omitted <==

2

Competent Persons Statement

The information in this report that relates to the March 2020 Exploration information for the Beharra Project is based on information compiled and fairly represented by Mr Colin Ross Hastings, who is a Member of the Australasian Institute of Mining and Metallurgy and consultant to Perpetual Resources Limited. Mr Hastings is also a shareholder of Perpetual Resources Limited. Mr Hastings has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he has undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Hastings consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to the Exploration information for the Beharra Project from September 2020 onwards is based on information compiled and fairly represented by Mr John Doepel, who is a Member of the Australasian Institute of Mining and Metallurgy and consultant to Perpetual Resources Limited. Mr Doepel has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he has undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Doepel consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on information compiled by Elizabeth Haren, a Competent Person who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Elizabeth Haren is employed as an associate Principal Geologist by Snowden Mining Consultants Pty Ltd, who was engaged by Perpetual Resources Limited. Elizabeth Haren has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Elizabeth Haren consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on information compiled by Dr Andrew Scogings, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy, a Member of the Australian Institute of Geoscientists and is a Registered Professional Geologist in Industrial Minerals. Andrew Scogings is employed as an associate Executive Consultant Geologist by Snowden Mining Consultants Pty Ltd. Dr Scogings has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Scogings consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the Beharra Ore Reserve is based on information reviewed or work undertaken by Mr Frank Blanchfield (FAusIMM). Mr Blanchfield is an employee of Snowden and has relied on Perpetual for marketing, environmental, permitting, and financial modelling and any costs not relating to mining and metallurgy. The mine design and mining costs and economic viability of the project were assessed and completed by Snowden under his direction. Mr Blanchfield has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the preparation of mining studies to qualify as a Competent Person as defined by the JORC Code 2012. Mr Blanchfield consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The scientific and technical information in this report that relates to process metallurgy is based on information reviewed and work completed by Arno Kruger (MAusIMM), who is a metallurgical consultant and employee of IHC Robbins. The metallurgical factors including process flowsheet design and costs and assumptions for the bulk aircore sample that relate to Mineral Resources have been reviewed and accepted by Mr Kruger. Mr Kruger has sufficient experience that is relevant to the type of processing under consideration and to the activity being undertaken to qualify as a Competent Person as defined by the JORC Code 2012. Mr Kruger consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

==> picture [77 x 22] intentionally omitted <==

3

Perpetual Resources: Investment Highlights

rces: lights
Led by an	PFS demonstrates	Beharra PFS Outcomes	Base case
experienced Board and team	a long-life project with compelling	Post-Tax NPV (ungeared)	$231m
of Executives	economics	Post-Tax IRR (ungeared)	55%
		Production	1.5mt/yr
		Initial Capex	A$39m
Simple metallurgy and flow sheet	Regulatory and environmental approvals	Revenue (/tonne)^ Opex (/tonne)^	A$67 FOB A$43 FOB
	progressing well	Yr 2 EBITDA~	A$37m
ase refer to ASX announcement		^In nominal terms		4
pdate” dated 17th March 2021.		~First year of full production

Highly supportive commodity market backdrop provides strong tailwinds

100% owner of the Beharra high grade silica sand project

Existing road Offtake network linked to discussions well deep water port advanced

Note: For further information and full detail on all assumptions, please refer to ASX announcement titled, “Maiden Ore Reserve and Outstanding Beharra PFS Result Update” dated 17th March 2021.

Corporate Snapshot

Corporate Snapshot
ASX Code	PEC
Share Price(as at 19 November 2021)	$0.09
Ordinary Shares	492.2m
Options(5m at 4.5¢, 5m at 13¢, 10m at 16¢)	20m
Market Cap. Cash Debt	$44m $3m Nil
Enterprise Value	$41m
Performance Shares	15.4m
Shareholders(Top 20 represent 63% of Register)
Delphi & Deutsche Balaton	12%
Julian Babarczy	6%
Robert Benussi	6%
Tolga Kumova	6%

==> picture [83 x 83] intentionally omitted <==

==> picture [84 x 83] intentionally omitted <==

==> picture [91 x 83] intentionally omitted <==

==> picture [84 x 83] intentionally omitted <==

Robert Benussi Brett Grosvenor George Karafotias Managing Director Non-Executive Director Non-Executive Director

Julian Babarczy Executive Chairman

==> picture [79 x 9] intentionally omitted <==

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

PEC Share Price
----- End of picture text -----

==> picture [442 x 218] intentionally omitted <==

==> picture [77 x 22] intentionally omitted <==

5

Project Portfolio

Four discrete Project Hubs – all located proximal to established infrastructure.

Beharra[1] – the focus

• Pre-feasibility study completed with compelling economics

• Post tax NPV (ungeared): $231m

• Post tax IRR (ungeared): 55%

• Initial Capex: $39m

• Mining License application granted

• White sand only optimisation efforts showing strong potential

• DSO Scoping study underway

• Strong interest from potential customers

Exploration

• Reconaissance activity underway across all exploration areas

• Aircore drilling planned across all exploration areas in coming quarters

1 Note: For further information and full detail on all assumptions, please refer to ASX announcement titled, “Maiden Ore Reserve and Outstanding Beharra PFS Result Update” dated 17th March 2021.

6

“We give such little thought to it… But sand and gravel build the foundations of our economies.”

==> picture [267 x 11] intentionally omitted <==

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

United Nations Report on Sand and Sustainability, 2019
----- End of picture text -----

7

Sand Facts

“The global rate of sand use — which has tripled over the past two decades partially as a result of surging urbanization — far exceeds the natural rate at which sand is being replenished by the weathering of rocks by wind and water”

“We just think that sand is everywhere. We never thought we would run out of sand, but it is starting in some places”

“For construction alone, the world consumes roughly 40 to 50 billion tonnes of sand on an annual basis. That’s enough to build a wall of 27 meters high by 27 meters wide that wraps around the planet every year”

“Sand is the world’s most “Sand is perceived as consumed raw material cheap, available and after water and an infinite and that is partly essential ingredient to because the environmental our everyday and social costs are pretty lives” much not priced in”

Source: CNBC.com news publication, 5th March 2021 (https://www.cnbc.com/2021/03/05/sand-shortage-the-world-is-running-out-of-a-crucial-commodity.html)

8

What is Silica Sand Used For?

Glass

• Architectural

• PV solar cell glass covers

• Smartphones

• Tablets

• Automotive

• Fiberglass

• Container Packaging

Building products

• Quartz surfaces

• Roofing shingles

Foundry sands

• Automotive & Manufacturing

Fillers & Extenders

Chemicals

Construction Sands

==> picture [515 x 475] intentionally omitted <==

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

9
----- End of picture text -----

Asia Pacific: The Fastest Growing Silica Sand Market in the World

APAC Silica Sand Market Value (US$m)

APAC Sales Volume (mtpa)

==> picture [741 x 219] intentionally omitted <==

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

9,000 180
8,000 40mtpa of extra high
160 quality silica sand is
Market growth of needed in
7,000
US$3b is up for APAC
grabs
6,000 140
5,000
120
4,000
3,000 100
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
----- End of picture text -----

Source: IMARC Group, Report Title: “Asia Pacific Silica Sand Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, Report Date: February 2021

==> picture [77 x 22] intentionally omitted <==

10

Relative Size of End Markets

• The Asian glass industry is the largest and highest growth for high grade silica sand

==> picture [270 x 84] intentionally omitted <==

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

PEC focus
Other industry
4%
Abrasives
5%
Filtration
10%
----- End of picture text -----

• The PV solar panel glass cover industry is experiencing exponential growth

• These markets are Perpetual’s focus

• Initial beneficiation test work has confirmed Beharra silica sand exceeds the minimum specification for high end glass, major float and container glass applications

==> picture [257 x 35] intentionally omitted <==

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

Hydraulic Glass
Fracturing Industry
Silica uses
18% 37%
----- End of picture text -----*

• Particle size distribution analysis also demonstrates that Beharra sands may also service Asia’s foundry sand markets

	Minimum Specifications	Minimum Specifications
Glass Application Type*	SiO2	Fe₂O₃
Float (Plate)	99.5%	200-400ppm
Container	99.5%	300-500ppm
Cover (Solar Panels)	99.95%	<100ppm
Smart (Ultra Clear)	99.97%	<100ppm
Specialist (Thin Screen)	99.97%	<100ppm

==> picture [43 x 21] intentionally omitted <==

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

Foundry
26%
----- End of picture text -----

Source: IMARC Group, Report Title: “Asia Pacific Silica Sand Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, Report Date: February 2021

*Source: Stratum Resources

11

Perpetual’s Target Markets are the Biggest and Fastest Growing in Asia

==> picture [778 x 282] intentionally omitted <==

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

70 68mt
52.5
45mt
Million
PEC
metric
focus
tonnes
35 31mt
17.5 15mt
9mt
6mt
2% CAGR 3% CAGR 5% CAGR 5% CAGR 3% CAGR 5% CAGR
Other Abrasives Filtration Hydraulic Fracturing Foundry Total Asia Glass Industry
12
----- End of picture text -----

Source: IMARC Group, Report Title: “Asia Pacific Silica Sand Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, Report Date: February 2021 1. Bar height represents size of market in Asia Pacific region

2. CAGR represents the period of 2020-2026

==> picture [77 x 22] intentionally omitted <==

How Silica Sand is Priced

Silica sand is like iron ore, where various specifications are priced with reference to a key attribute (in this case, silicon dioxide) with price adjustments related to impurity content.

To service glass markets, silica sand must 1 have a minimum SiO2 content of 99.5%

THEN

Buyers look next to the impurity profile to determine 2 end use and the price they are willing to pay

• Fe₂O₃ is the main impurity of focus (see diagram)

• Al₂O₃ is the next key impurity of concern (although <2000ppm is generally acceptable)

• Other impurities such as TiO2, CaO, MgO, Na2O, K2O are also important but generally manageable

==> picture [59 x 19] intentionally omitted <==

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

Fe₂O₃
----- End of picture text -----

==> picture [386 x 332] intentionally omitted <==

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

Higher price
Ultra clear
/ PV solar
cover glass
100ppm
Clear / float
glass
200ppm
300ppm
Container
glass
400ppm
500ppm
Lower price
----- End of picture text -----

==> picture [11 x 8] intentionally omitted <==

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

13
----- End of picture text -----

Source: Stratum Resources

==> picture [77 x 22] intentionally omitted <==

Beharra: High Grade Silica Sands

LOCATION

Approximately 100km south of Geraldton, comprising a north- south striking exploration licence covering an area of about 49 km[2]

SCALE

The project lies within the northern part of the Perth Basin and contains a 13km strike length of high grade silica sand

RESERVE/RESOURCE

• Maiden Mineral Reserve Estimate of 48mt of 99.6% SiO2, 276ppm Fe2O3[1]

• Mineral Resource Estimate of 139mt at 98.6% SiO2[2]

• Beharra tenement <40% explored – significant upside remains

• 90% of resource identified as higher purity white sands

• Direct shipping potential exists

PROCESSING

• Detailed metallurgical test work conducted by Perpetual confirmed a simple gravity and magnetic separation flow sheet to produce a concentrate that resulted in upgrading the SiO2 to 99.6% and reduced Fe2O3 content to 276ppm (1,950ppm in situ)[3 ]

==> picture [74 x 205] intentionally omitted <==

• White sand only development scenario could significantly enhance economics - results pending

PRODUCT

Extensive metallurgical testing has confirmed suitability for the major high growth glass markets in Asia, including the high growth PV solar cell glass cover industry

• 1 Please refer to ASX announcement titled, “Maiden Ore Reserve and Outstanding Beharra PFS Result Update” dated 17th March 2021.

• 2 Please refer to ASX announcement titled, “Upgraded Mineral Resource Estimate - Beharra”, dated 9th March 2021.

• 3 Please refer to ASX announcement titled, “Exceptional Metallurgical Test Results - Beharra”, dated 29th January 2021.

14

Project Economics

Perpetual’s strategy is to operate with maximum flexibility, aiming to be able to respond to the expected positive changes in market demand. As a result, a flexible cost base is assumed, with potential to reduce opex over time through strategic reinvestment of cashflows into core plant and equipment and/or additional logistics infrastructure.

	Beharra PFS Outcomes	Base case
	Post-Tax NPV (ungeared)	$231m
	Post-Tax IRR (ungeared)	55%
	Production Initial Capex Revenue (/tonne)#^	1.5mt/yr $39m A$67 FOB
	Opex (/tonne)^	A$43 FOB
	Yr 2 EBITDA~	A$37m

#Refer to slide 14 for further information ^In nominal terms ~First year of full production

==> picture [422 x 432] intentionally omitted <==

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

Capital Expenditure Cost (A$)
Wet Processing Plant $19.1m
On Site Infrastructure $3.5M
Off-Site Infrastructure (Bore field, site access roads) $9.3m
Indirect Costs (PCM Fees) $2.3m
Other $1.3m
Contingency $3.5m
TOTAL A$39m
Note: For further information please refer to ASX announcement titled,
“Maiden Ore Reserve and Outstanding Beharra PFS Result Update”, dated 17th March 2021.
Contingency Rehabilitation
$1.88 $0.58
Royalty
General & Admin
$2.30
$1.58
Processing
Opex
$3.31 A$/tonne
ore Product
processed Haulage
& Port
Mining & Rejects
Charges
$7.33
$26.09
15
----- End of picture text -----

What Makes Beharra Special

90% white sand

• White sand has less impurities, the key to achieving a high value product

• Higher impurities require more processing, which adds to capital and operating costs

• Yellow sand is only useful for lower value construction sand applications

==> picture [101 x 84] intentionally omitted <==

==> picture [101 x 84] intentionally omitted <==

==> picture [175 x 8] intentionally omitted <==

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

Beharra White Sand compared to Beharra Yellow Sand
----- End of picture text -----

Simple geology

• Clearly defined horizons of white and yellow sand

• Selective mining expected to be straightforward

==> picture [240 x 76] intentionally omitted <==

==> picture [240 x 77] intentionally omitted <==

==> picture [240 x 73] intentionally omitted <==

==> picture [190 x 16] intentionally omitted <==

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

12m Intersection of White Sand separated into 1m intervals
from September 2020, Beharra Drill Program
----- End of picture text -----

Superior metallurgy*

• Lowest known impurity profile in the Midwest

• Potential for premium product pricing

==> picture [239 x 206] intentionally omitted <==

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

100%
>50% reduction
75%
50%
25%
0%
Fe₂O₃
Nearby Deposit Beharra Special AFS #46
Beharra Premium AFS #44 Beharra Special AFS #27
----- End of picture text -----

*Source: PEC test results (see ASX Announcement dated 29th January 2021) and VRX Silica’s Arrowsmith North technical Sheet (see https://vrxsilica.com.au/assets/Arrowsmith-NF500.pdf)

==> picture [77 x 22] intentionally omitted <==

16

PFS Production Process

• Simple flow sheet design due to straight forward metallurgy

• Packaged plant sweet spot - 250t per hour planned

• Flow sheet to be optimised based on current metallurgical testing

==> picture [266 x 107] intentionally omitted <==

Typical sand plant showing various product streams being produced

Note: For further information please refer to ASX announcement titled, “Exceptional Metallurgical Test Results - Beharra”, dated 29th January 2021.

==> picture [77 x 22] intentionally omitted <==

17

White Sand Potential

• White sand only processing seen as a potentially significant project optimisation scenario

• A single 300kg sample of white only sand was tested by IHC Robbins in April 2021, showing significant reductions in the key impurity Fe203

==> picture [410 x 150] intentionally omitted <==

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

February 2021 PFS April 2021 White Sand Test
100% 280ppm 1800ppm
49% lower
57% lower
75% 210ppm 1350ppm
50% 140ppm 900ppm
25% 70ppm 450ppm
0% 0ppm 0ppm
SiO2 Fe2O3 Al2O3
----- End of picture text -----

• Follow up testing saw completion at an 86-hole air-core program targeting 10 years of mine life

• Definitive white sand only bulk metallurgical test work due for completion in October 2021

==> picture [155 x 423] intentionally omitted <==

==> picture [122 x 68] intentionally omitted <==

==> picture [77 x 22] intentionally omitted <==

18

DSO White Sand Potential

Simple DSO Flow Sheet

• PEC received unsolicited approach from previously announced offtake party for sales of Direct-Shipping-Ore (DSO) white sand from Beharra.

• Offtake party undertook metallurgical testwork and achieved a further material reduction in Fe2O3 from Beharra samples.

• Additional sand samples have now been shipped to the offtake party for further definitive testing to define a DSO product specification and associated downstream market.

• PEC has commenced a DSO Scoping Study for a potential DSO operation to create an ultra-low capital development pathway for Beharra, targeting delivery by year end 2021.

• Negotiations and discussions will commence shortly for a potential DSO product to explore innovative commercial profit-sharing models with the interested offtake party.

==> picture [77 x 22] intentionally omitted <==

Note: For further information on the Beharra DSO Scoping Study, please refer to ASX announcement dated 14th September 2021

19

Tier 1 Infrastructure Regional

Beharra is one hour by high quality road to Geraldton Port, underpinning the economic viability of Beharra.

RAV7.3 – PBS Super Triple

==> picture [13 x 8] intentionally omitted <==

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

20
----- End of picture text -----

Strong Stakeholder and Approval Progress

Perpetual is earning its “social licence” to operate at Beharra

COMMUNITY

• Strong working relationships with Traditional Owner groups

• All key Native Title Agreements in place

==> picture [375 x 230] intentionally omitted <==

• Landmark collaboration with YSRC secures water licence

• Local engagement well progressed

ENVIRONMENT

• Level 2 Environmental Studies underway

• Environmental approval process progressing well (please see Appendix for further detail)

TENURE

• Mining License granted in June 2021

• Main Roads and Shire engagement well progressed

• Port discussions to commence

21

Beharra Market Entry Strategy

• Perpetual has secured multiple MOU’s for offtake

• Yaoguo Solar Science & Technology Co - 250K tonnes p.a.

• Guangdong Qingyuan New Material Technology Co - 400K tonnes p.a.

• C&D Logistics Group Co - 600K tonnes p.a.

• Perpetual has had overwhelming interest and is in discussions with multiple other parties regarding offtake

• Beharra product has been tested by potential customers with very positive feedback

• Receipt of white sand metallurgical test results in October 2021 is eagerly awaited by all potential customers

• Final product samples will be shipped to potential customers in October 2021

• Aim is to convert MOU’s into offtake contracts in coming quarters

• Potential DSO production scenario being studied

Note: Please refer ASX announcements dated 26th October 2020, 10 May 2021 and 17 May 2021.

==> picture [390 x 475] intentionally omitted <==

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

22
----- End of picture text -----

Beharra Development Timeline

	4Q21	1Q22	2Q22	3Q22	4Q22	1Q23	2Q23	3Q23	4Q23
White Sand Met Work
Offtake Discussions
Environmental Studies
Statutory Environmental Approvals
DSO Scoping Study
PFS Update
Definitive Feasibility Study
Decision to Fund						���
Order Long Lead Items
Construction / Install
Commissioning & Ramp Up

==> picture [77 x 22] intentionally omitted <==

23

Conclusion

The Mid West Region’s lowest impurity silica sand project

• The Mid-West Region’s pre-eminent silica sand resource and project

• Ideally located proximal to tier 1 infrastructure

• Compelling project economics confirming a long life, low capital and high margin operation

• Significant scope for project expansion

• Project optimisation being aggressively pursued

Strong project economics

• 1.5mtpa silica sand sales generates an NPV of $231m and a compelling IRR of 55%

• Project economics are resilient to key sensitivities

• Project upside exists though optimization of revenue per tonne

• Annual EBITDA of A$37m in first year of full operation (Year 2)

Located on doorstep to APAC, the world’s fastest growing market

• Minimal road upgrades to ensure sealed road transport from site to port

• Deep water port with direct access to major high value APAC markets

Strong study team Experienced Board and and consultants Leadership Team

• Expert multi-

• Highly credentialled Board of Directors with significant project execution and

disciplinary team providing experienced advice on project development and study options

operations experience, as well as deep project and company funding experience

• Decades of experience in developing sandrelated projects throughout Australia

• Management team with significant project execution expertise

• Deep sand processing knowledge and expertise

• Growing owners' team with select additions expected to further strengthen capabilities

Rapidly advancing project

• Maiden Mineral Resource Estimate delivered mid 2020

• PFS delivered in 1Q 2021

• Maiden Mineral Reserve Estimate delivered 1Q 2021

• White sand development scenario being aggressively pursued

• DSO production scenario studies commenced

• Targeting rapid production start in line with strong market demand

==> picture [77 x 22] intentionally omitted <==

24

Julian Babarczy Executive Chairman Robert Benussi Managing Director robert.b@pecsilica.com +61 410 415 335

Perpetual Resources Ltd 223 Liverpool St, Darlinghurst NSW 2010 www.perpetualresourceslimited.com.au