PERPETUAL RESOURCES LIMITED — Investor Presentation 2021

Mar 18, 2021

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Beharra Pre-feasibility Study

ASX: PEC Sustainable & Responsible Sand Production for the APAC region March 2021

Disclaimer

This presentation contains summary information about Perpetual Resources Ltd (Perpetual) and is current as of 19th March 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.

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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.

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Contents

1. Introduction 2. Project Reserves 3. Production Process 4. Standout Metallurgy 5. Tier 1 Infrastructure 6. Project Economics 7. Project Study Team 8. Project Funding 9. Project Timeline 10. Conclusion

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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 tons 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 consumed raw material after water and an essential ingredient to our everyday lives”

“Sand is perceived as cheap, available and infinite and that is partly because the environmental and social costs are pretty much not priced in”

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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)

Asia Pacific Silica Sand Market Overview

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

Structural change in price has been underway for a decade

Beharra is targeting the largest silica sand markets in APAC

Asia Pacific: The fastest Growing Silica Sand Market in the world

US$ Price per ton for 150-200ppm Fe2O3 Silica Sand

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APAC Silica Sand Market (by End Use)
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APAC Silica Sand Market Value (US$m)
9,000
8,000
Market
7,000 growth of
US$3b is up
for grabs
6,000
5,000
4,000
3,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
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220
4%
180
5%
10%
37% 140
Our
18% focus 100
60
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
26%
Japan Korea China
Glass Industry Foundry
Hydraulic Fracturing Filtra>on
Abrasives Others
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APAC Sales Volume (by End Use)
APAC Sales Volume (mtpa)
180.00 70.00
40mtpa of extra 52.50
high quality silica
160.00
sand is needed
35.00
in
APAC
17.50
140.00
'-
2015 2020 2021 2022 2023 2024 2025 2026
120.00
Glass Industry Foundry
100.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Hydraulic Fracturing Filtration
Abrasives Others
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US$ Price per ton for 200-300ppm Fe2O3 Silica Sand
90
72.5
55
37.5
20
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
6
Japan Korea China
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Beharra: Compelling Project Economics

Optionality around end product specifications allows revenue significant optimization On the doorstep of the fastest growing silica sand markets in the world

Potential for very high margins and scope for project optimization and expansion Strong relationships with local stakeholders, team of leading silica sand experts and experienced Board

Mid West region’s lowest impurity and highest quality product

Located in WA, Australia’s best and most friendly mining jurisdiction

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.

Beharra Project	Base case
Post-Tax NPV*	$236m
Post-Tax IRR*	77%
Production	1.5mt/yr
Initial Capex	$39m
Revenue (/ton)#^	A$67 FOB
Opex (/ton)^	A$43 FOB
Yr 2 EBITDA~	A$37m

*Assumes 40% gearing #Refer to slide 17 for further information ^In nominal terms ~First year of full production

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• Beharra: A leading Regional Silica Sand Project • Lowest known impurity project in Mid West Region

• Simple and sustainable mining

• Simple metallurgy

• • Standard flow sheet & processing

• Existing road network

• Sealed national highway proximal

Regional regulations restrict traditional supply and support demand and higher pricing

• High quality partners secured

• Bulk port accessible

• Open access arrangements

• • Negotiations underway

• Compelling distance to high growth markets

• Multiple buyers in multiple end markets

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4 Track/Road

Project Reserves/Resources

Highway Railway PEC Hub

Beharra Indicated Mineral Resource February 2021[1]

Sand	Volume (Mm3)	Density	Tonnes (Mt)	SiO2%	AI2O3%	TiO2%	Fe2O3%	LOI%
Yellow	8.1	1.64	13.2	98.2	0.50	0.23	0.23	0.51
White	76.7	1.64	125.8	98.6	0.41	0.36	0.23	0.21
Total	84.8	1.64	139.0	98.6	0.42	0.35	0.23	0.24

Note: (Mt) = Million tons

Beharra Probable Ore Reserve February 2021[2]

Sand	Tonnes (Mt)	SiO2%	AI2O3 ppm	TiO2 ppm	Fe2O3 ppm	LOI%
Insitu	64.1	98.6	4,240	3,460	1,950	0.235
Saleable Product	47.6	99.6	1,789	369	276	0.100
Potential Products - ICP Analysis3 Note 1: Million tons are rounded to one decimal place. Grades are rounded to 3 significant figures. Note 2: No cut off is applied to the silica sand product. Note 3: The Insitu and Saleable Product are not additive, and the Saleable Product is a portion of the Insitu sand tonnage.
Sample ID	Tonnes (Mt)	SiO2%	AI2O3 ppm	TiO2 ppm	Fe2O3 ppm	LOI%
Beharra Premium	74.4	99.6	1,789	369	276	0.14
Beharra Special #27	6.3	99.7	1,405	300	235	0.13
Beharra Special #46	68.0	99.5	1,825	375	280	0.14

Note 1: Million tons are rounded to one decimal place. Grades are rounded to 3 significant figures. Note 2: No cut off is applied to the silica sand product. Note 3: The Insitu and Saleable Product are not additive, and the Saleable Product is a portion of the Insitu sand tonnage.

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• Mineral Resource Estimate and Ore Reserve prepared by Snowden Mining Consultants Pty Ltd

• • Comprises drill holes from 3 drill campaigns:

• February 2019: 38 auger holes across the southern extent of the Beharra tenement

• March 2020: 40 aircore holes drilled to the North and South of Mt Adams Rd

• September 2020: 32 aircore holes drilled to the North and South of Mt Adams Rd

• • All reserve and resource calculations relate to material above the water table 9

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

2 Please refer to ASX announcement titled, “Maiden Ore Reserve and Outstanding Beharra PFS Result Update”, dated 17th March 2021. 3 Please refer to ASX announcement titled, “Exceptional Metallurgical Test Results - Beharra”, dated 29th January 2021.

Project Geology

• Simple geology with clearly defined horizons of white and yellow sand

• White sand is pervasive and represents >90% of the Beharra Resource

• Results in straight forward mining operations with minimal operational complexity

*For further information, please refer to ASX announcement titled, “Conclusion of Air-Core Drilling Program at Beharra”, dated 1st October 2020, and ASX announcement titled, “Air-Core Drilling Results - Beharra”, dated 7th December 2020.

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Cross-section 6746195N
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Cross-section 6745715N
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12m Intersection
of White Sand
separated into
1m intervals from
September 2020,
Beharra Drill
Program
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Production Process

• Simple flow sheet design due to straight forward metallurgy

• Packaged plant sweet spot - 250t per hour planned

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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.

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25%

Standout Metallurgy

Beharra has demonstrated, through a rigorous bulk sample metallurgical program, that it can beneficiate to the lowest known impurity profile in the Mid West region of WA, suggesting potential for premium pricing and greater market acceptance.

Comparison of Key Attributes of Beharra Product Suite to Nearby Deposit[1]

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100%
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75% 50%

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30% reduction
>50% reduction
SiO2 Fe2O3 Al2O3
Nearby Deposit Beharra Special AFS #46 Beharra Premium AFS #44 Beharra Special AFS #27
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0%

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1Source: 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)

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

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Tier 1 Infrastructure In Practise

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MINE SITE BRAND HWY
 GERALDTON PORT
INTERSECTION
Sealed highway to
Internal haul road Narngalu Bulk
to Mt Adams Rd Storage Facility
Short haul to
MT ADAMS RD NARNGALU
Geraldton Port for
Mt Adams Rd connects
APAC export
directly to the sealed
Brand Highway
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Project Economics : Overview

Beharra represents a compelling financial proposition, exhibiting low capex, high margins and a very strong payback period. This is made possible by regionally leading metallurgy, ideal location proximal to tier 1 infrastructure and a first-class study and executive team.

Category	Base Case
Post Tax, NPV10- Ungeared	$231m
Post Tax IRR – Ungeared	55%
Post Tax, NPV10- Geared to 40%	$236m
Post Tax IRR – Geared to 40%	77%
Payback Period – Post Tax	2 years
Exchange Rate (USD/AUD)	0.75
Total Life of Mine Sales (undiscounted)	$4,983m
Total Life of Mine EBITDA (undiscounted)	$1,714m
Total Life of Mine Cashflow (after tax and financing costs)	$1,131m
Start-up Capital	$39m
Total Life of Mine Capital	$77m
Life of Mine Costs (FOB Geraldton) including Royalties^	$43.07 / product ton
Production Target (Life of Mine)	48 million tons
Production Target (Annual once ramped up)	1.5 million tons
Probable Ore Reserves @ 98.6% SiO2	64 million tons
Ore Reserve life	32 years
Indicated Resource @ 98.6% SiO2	139 million tons	15

Note: For further information please refer to ASX announcement titled, “Maiden Ore Reserve and Outstanding Beharra PFS Result Update”, dated 17th March 2021. ^In nominal terms

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Note: US$50/t FOB Geraldton sales price used. Please refer to slide 17 for further information.

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Project Economics : Capex

Final Capex for Beharra includes a comprehensive list of capital budget items, encompassing all known and expected costs.

Item (Base Case) Cost (A$) Wet Processing Plant $19.1m On Site Infrastructure - Buildings & Amenities - Power Station - Roads & Hardstand $3.5M - General Site Civils & Earthworks - Fuel Storage & Distribution - Mobile Equipment - Weigh Bridge Off-Site Infrastructure (Bore field, site access roads) $9.3m Indirect Costs (PCM Fees) $2.3m Other - Insurances - Commissioning spares $1.3m - Operational spares - Owners costs Contingency $3.5m TOTAL A$39m

$3.5M $9.3m $2.3m $1.3m $3.5m 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.

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Project Economics: Revenue Per Ton

Conservative sales price assumed to ensure seamless market entry and significant upside potential.

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

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2O3 Silica Sand
US$ Price per ton for 200-300ppm Fe
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100
Japan
Korea
China
80
60
40
PFS forecast
revenue per ton^
20
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
^In nominal terms
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Project Economics : Opex

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3%
4%
4%
4%
8%
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Operating Cost ($/t)

Haulage & Port Charges Mining & Rejects Processing Royalty Contingency General & Admin Rehabilitation

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17%
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60%

Opex item	A$ per product ton	% of total
Product Haulage & Port Charges	$26.09	60%
Mining & Rejects Processing	$7.33 $3.31	17% 8%
Royalty	$2.30	4%
Contingency	$1.88	4%
General & Admin Rehabibilitaion	$1.58 $0.58	4% 3%
Total Operating Cost	A$43.07

Perpetual’s strategy is to operate with maximum flexibility, aiming to respond to the expected positive changes in market demand. As a result, a felexible 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.

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

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Project Economics : Detailed Overview

Beharra commands a compelling mining project investment case.

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NPV NPV Geared IRR Geared IRR Ungeared Ungeared $236m $231m 77% 55%

*Assumes 40% gearing

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.

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Project Economics : Sensitivity Analysis The Beharra project economics are highly resilient to changes in various key scenarios. Revenue per ton optimization is anticipated to deliver the greatest upside potential to project economics and is a big focus of management effort.

Beharra NPV Sensitivity Analysis

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Gearing
Ratio
Project
Capital
Operating
Cost
Exchange
Rate
Price
–
-150 -100 -50 50 100 150 200
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NPV Impact
120% 80%
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20
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Note: Sensitivity analysis reflects a change of +/- 20% in the key variables, calculated in isolation.

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Future Opportunities for Enhancement

Direct port access as part of Mid West Ports expansion project

Freight alternatives such as Road + Rail or Rail only

Campaign mining and processing

Investigations of expansion cases in terms of increased plant throughput

Conversion of capex to opex or shared costs with other operators

Potential simplifying of the metallurgical flowsheet to lower capital and operating costs

Dry mining and slurrification option (hydrotransport of ROM)

Selective processing of the white sand horizons

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Project Study Team and Stakeholders

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Beharra Project

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Indicative Funding Split

Project Funding

Perpetual anticipates strong interest in debt financing for up to 40% of the total Beharra Project capital costs, with the remainder anticipated to be funded by equity and/or strategic investor interest. Key to securing the debt will be further engagement with end users and potential for binding offtake agreements to underpin debt payback period.

40% Debt 60% Equity

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Beharra Development Timeline
Q1
 Q2
 Q3
 Q4
 Q1
 Q2
 Q3
 Q4
2021 2021 2021 2021 2022 2022 2022 2022
PFS
Ongoing Metallurgical Testwork
Definitive Feasibility Study
Mining License Application
Environmental Approvals
Decision to Fund
Construction
Commissioning
Production Ramp Up
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Conclusion

• The Mid West Region’s Strong project Located on doorstep Strong study team Experienced Board and Rapidly advancing lowest impurity silica economics to APAC, the world’s and consultants Leadership Team project sand project fastest growing market

• • • • • •

• The Mid-West Region’s 1.5mtpa silica sand Minimal road upgrades Expert multiHighly credentialled Maiden Mineral Resource pre-eminent silica sand sales generates an to ensure sealed road disciplinary team Board of Directors with Estimate delivered mid resource and project NPV of $236m and a transport from site to providing experienced significant project 2020 compelling IRR of 77%* port advice on project execution and •

• Ideally located proximal PFS delivered in 1Q 2021 • • development and study operations experience,

• to tier 1 infrastructure Project economics are Deep water port with • Maiden Mineral Reserve

• options as well as deep project

• resilient to key direct access to major

• Compelling project Estimate delivered 1Q • and company funding

• sensitivities high value APAC Decades of experience

• economics confirming a 2021 experience

• • markets in developing sand-

• long life, low capital and Project upside exists • • DFS planning to be

• related projects Management team with

• high margin operation though optimization of commenced immediately,

• throughout Australia significant project

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

• • Ideally located proximal to tier 1 infrastructure

• Maiden Mineral Resource Estimate delivered mid 2020

• PFS delivered in 1Q 2021

• Maiden Mineral Reserve Estimate delivered 1Q 2021

• Compelling project sensitivities

• economics confirming a •

• long life, low capital and Project upside exists high margin operation though optimization of

• • revenue per ton Significant scope for •

• project expansion Annual EBITDA of

   - DFS planning to be commenced immediately, with permitting and planning underway in parallel
  

  • Management team with significant project execution expertise

• Deep sand processing knowledge and expertise

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

• Growing owners' team with select additions expected to further

• Targeting rapid production start in line with strong market demand

strengthen capabilities

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*Assumes 40% gearing

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

— United Nations Report on Sand and Sustainability, 2019 Julian Babarczy Executive Chairman Robert Benussi Managing Director robert.b@pecsilica.com +61 410 415 335

Perpetual Resources Ltd Level 8, 84 Pitt Street, Sydney NSW, 2000 www.perpetualresourceslimited.com.au

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