PTR MINERALS LTD — AGM Information 2025

Nov 5, 2025

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6 November 2025

AGM – CEO Presentation

Petratherm Limited (ASX: PTR) ( PTR or the Company ) is pleased to release the following Company Presentation, to be delivered by Chief Executive Officer Peter Reid at the Company’s 2025 Annual General Meeting on 6 November 2025.

ENDS

This announcement has been authorised for release on the ASX by the Company’s Board of Directors.

For further information: Media and Broker Contact Peter Reid Jason Mack Chief Executive Officer White Noise Communications preid@petratherm.com.au jason@whitenoisecomms.com 0435 181 705 0400 643 799

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P +61 8 8133 5000 E admin@petratherm.com.au petratherm.com.au

@petratherm-ltd @petrathermltd

PETRATHERM LIMITED ASX: PTR

Page 1 of 1

The Muckanippie Titanium Project A Significant Critical Mineral Discovery

AGM Presentation

6 November 2025

ASX: PTR petratherm.com.au

Compliance Statements

Disclaimer

This presentation has been prepared by PTR Minerals Limited (PTR Minerals). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though PTR Minerals has no reason to believe that it is not accurate, reliable or complete, it may not have been independently audited or verified by PTR Minerals.

Any forward-looking statements included in this document involve subjective judgment and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to, PTR Minerals. In particular, they speak only as of the date of this document, they assume the success of PTR Minerals’ strategies and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward-looking statements and the assumptions on which the forward-looking statements are based. Recipients of this document (“Recipients”) are cautioned not to place undue reliance on such forward-looking statements.

PTR Minerals makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued. To the extent permitted by law, PTR Minerals and its officers, employees, related bodies corporate and agents (“Agents”) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of PTR Minerals and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information. All amounts are in Australian dollars (AUD) unless stated otherwise.

JORC Information and Compliance Note

Further details (Including JORC 2012 Code Reporting Tables, where applicable) for the information included in this Presentation can be found in the following PTR Minerals Limited announcements previously lodged with the ASX:

Footnotes

1. The purpose of the figure is to illustrate the geographical proximity only of the Project Area to other mineral occurrences and geographical locations.

2. Muckanippie Tenement Granted – 14 November 2022

3. Farm-in Agreement Expands Muckanippie Project – 18 April 2024

4. High-Grade Titanium Rich Heavy Mineral Sands at Muckanippie – 11 September 2024

5. Outstanding Metallurgical Results at Muckanippie HMS Project – 19 November 2024

6. Drill Results Confirm Major HMS Discovery at Rosewood – 04 December 2024

7. Pure High-Value Titanium Mineral Assemblage at Rosewood – 20 January 2025

8. Drilling Confirms Potential for World-Class Titanium Project – 06 February 2025

9. New Style of Titanium Mineralisation at Muckanippie – 19 February 2025

10. Positive Rosewood Heavy Mineral Size Analysis – 5 March 2025

11. Drilling at Rosewood Returns Best Results to Date – 29 May 2025

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1. Impressive Drilling Results Expand Rosewood – 23 June 2026

Competent Persons Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Peter Reid, who is a Competent Person, and a Member of the Australian Institute of Geoscientists. Mr Reid is not aware of any new information or data that materially affects the historical exploration results included in this report. Mr Reid is an employee of PTR Minerals Ltd. Mr Reid has sufficient experience that is relevant to the style of mineralization 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’.Mr Reid consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

1. TZMI Mineral Sands Update, August 2025

2. Muckanippie Project Update – 13 August 2025

3. Drill Program Extends Rosewood and Identifies New HMS Zone – 01 October 2025

4. Resource Drilling Underway at Rosewood – 03 November 2025

5. Positive Metallurgical Result from Rosewood Bulk Samples – 05 November 2025

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Investment Highlights
High grade, district scale titanium discovery Significant Exploration upside
Flat lying, thick, continuous orebody near to Robust balance sheet with $7.2m cash (30 September 2025)
surface
Assemblage dominated by high value titanium Close to existing transport infrastructure
ores
Coarse grained HM generates strong recoveries Tier-1 mining jurisdiction of South Australia
through conventional spiral technologies
Management with a proven track record
High quality HMC produced with > 90% HM content
of discovery and mineral sands expertise
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4

Corporate Overview

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Board and Key Management

Shares on Issue[1]

Share Price (5/11/2025)

$0.28

346.6M

Market Cap (undiluted)

Cash (30/09/2025)

$97.0M

$7.2M

PTR Share Price and Volume Chart

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$0.50 30.0
25.0
$0.40
20.0
$0.30
15.0
$0.20
10.0
$0.10
5.0
$- -
Volume (m)
Price (A$/share)
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1 - In addition to 346.6m shares on issue, PTR Minerals has issued 4.575m unlisted options and 4.8m Performance Rights

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Derek Carter Non-Executive Chairman

Derek Carter is a founder of the Minotaur group and a joint recipient of Explorer of the Year (AMEC) for the discovery of the Prominent Hill Copper Gold deposit. He has been involved with numerous Government, Industry and ASX listed Company Boards. He is a geologist with over 45 years Corporate and field experience.

Peter Reid Chief Executive Officer

Peter Reid is an exploration geologist with 30 years’ experience. Part of the Minotaur team which discovered the Prominent Hill copper-gold deposit. Founding CEO of PTR Minerals and the recipient of the Chairman’s Award for his contribution to the Australian geothermal industry.

Rob Sennitt Executive Director

Rob Sennitt has over 35 years experience in the natural resources sector. During this time, he has operated as a senior investment banker, private equity investor and in various managing director roles. Rob was previously Managing Director of Mineral Deposits Limited which owned 50% of the TiZir Joint Venture which comprised the GCO Mineral Sands mine and the TTI titanium slag smelter

Simon Taylor Non-Executive Director

Simon Taylor is a resources industry executive with over 30 years’ experience in geology, finance and corporate management at CEO and Board levels. He is the Managing Director of Stellar Resources and a Non-Executive of Director Black Canyon Resources.

Simon O’Loughlin Non-Executive Director

Founder of O’Loughlins Lawyers, an Adelaide based specialist commercial law firm. Extensive Experience of equity capital markets, ASX and ASIC rules. Has held many Non-Exec Directorships on ASX listed companies.

Donald Stephens Non-Executive Director

Chartered Accountant and corporate advisor with over 25 years' experience in the accounting, mining and services industries, including 14 years as partner of HLB Mann Judd (SA), a firm of Chartered Accountants.

Victor Araújo Head of Project Development

Victor Araujo has over 28 years in project analysis, development, engineering and construction primarily focused on the mineral sands mining and processing industries. He has held numerous senior leadership positions with prominent mineral sands organisations globally

5

PTR Portfolio: Highly prospective for Critical Minerals

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Muckanippie Titanium Project

• ‣ Emerging camp style titanium province

Woomera Copper-Gold Project

• ‣ Located in World-Class Copper-Gold Olympic Province

• ‣ High calibre Tier-1 sized drill ready targets

Mabel Creek Copper-Gold Project

• ‣ Large holding over the northern Olympic Copper-Gold Province

• ‣ Drilling has defined two Copper-Gold alteration systems

• ‣ Several drill ready Tier-1 sized targets

Comet Rare Earths Project

• ‣ Exceptional clay hosted Rare Earth drill intercepts – 3 major Prospects

• ‣ Large layered intrusions – Au-PGE anomalies

Footnote 1

6

Titanium: A critical metal where high grade feedstock supply is declining

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Titanium Demand (2024)
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Market for chloride grade feedstock

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Source: TZMI
4600
4400
4200
4000
3800
3600
3400
3200
2020 2021 2022 2023 2024 2025f 2026f 2027f 2028f 2029f 2030f
Supply Demand
’000 TiO units2
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Pigment 88%
Metal 9%
Other 4%
Source: TZMI
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TiO2 Pigment

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Demand strongly correlated with global GDP

Function: Opacity and brightness Industry: Paints, paper, plastics, inks, coatings

Metal

Fast growing sector (15.7% 2020-2024 CAGR )

Function: Strong, lightweight, corrosion resistant Industry: Aerospace, defence, medical implants

Market Update

• ‣ China has driven international pigment supply growth since 2004 and internal production now dominates international supply

• ‣ Recent anti-dumping duties on Chinese pigment is likely to reinvigorate western pigment supply and demand for feedstocks

• ‣ Increasing market deficit expected for chloride grade feedstocks given:

Other

Welding is a key market

Function: Key constituent of welding flux Industry: Construction, manufacturing, steel fabrication

• Mine closures

• Depleting reserves and falling grades at current mines

• Falling inventories given limited new investment

• Discovery, environmental, funding and sovereign risk issues presenting challenges to potential new supply

Footnote 13

7

Muckanippie Project: High-Grade, District Scale Titanium Discovery

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• ‣ The Muckanippie Suite is a rare, highly fertile layered intrusion

• ‣ Project geology associated with rich metal and critical minerals deposits globally.

• ‣ HM sourced from surrounding titanium rich basement rocks

• ‣ The Rosewood Prospect contains two large highgrade strandlines associated with an ancient coastline (sedimentary) environment

• ‣ New discovery at Echo is a major new sedimenthosted HM mineralised zone

• ‣ The Duke, Nardoo and Claypan prospects occur along prominent magnetic trends (over 16km) and represent a different style of high-grade titanium rich mineralisation hosted in saprolite clay

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EL6715
Echo Prospect
6m @ 5.1% HM from 10m
Nardoo Prospect
44m @ 29.4% HM from 0m Claypan Prospect
45m @ 27.0% HM from 6m
EL6855
Duke Prospect
EL7007
61m @ 19.7% HM from 0m
Rosewood
Ti-HMS
EL6855 EL7007
Wigetty Prospect
94m @ 6.4% TiO2, 24.8% Fe
from 56m to EOH EL6855
EL7007
EL6815
EL6873 EL6815
EL6815 EL6815
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Geology Map of Muckanippie Area, Tenements and Prospects

Footnotes 2,3,4,8,9 &15

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Rosewood Project: High-Grade Marine

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Rosewood West Rosewood East
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• ‣ Mineralisation extends over a continuous 40km[2] area

• ‣ Two extensive high-grade mineralised zones (22km[2] area) where all holes drilled contain significant intercepts including:

‣ 26m @ 17.2 % HM

‣ 22m @ 19.1 % HM

‣ 28m @ 13.6% HM

‣ 11m @ 16.4 % HM

‣ 4m @ 27.9% HM

• ‣ 7m @ 23.8% HM

• ‣ Drill intercepts over main zone are at least 10m @ >8% HM

• ‣ Mineralisation remains open in multiple directions

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Footnotes 6,8,11,12,15,16 &17

Rosewood Project: Impressive Drill Results

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• ‣ Cross section shows

continuous high-grade nature of the Rosewood Prospect

• ‣ Mineralisation starts at shallow depths typically from 5 to 7m

• ‣ Mineralisation thickness ranges from 5m - 30m

‣ High-Grade upper zone (~70% of mineralization) with underlying channel zones

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INVESTOR PRESENTATION
|
PTR
ASX:
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Footnote 15

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10

Rosewood Project: Coarse Grain Size delivering Strong Recoveries

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Rosewood Particle Size Distribution

‣ Rosewood HM is coarse grained and highly amenable for excellent mineral recoveries using conventional gravity spiral processing techniques

‣ Median (P50) grain size is very coarse at between 200-400 microns

• ‣ Initial bulk testing generated recoveries between 86-95% HM

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12
10 9.7
8.6 8.5
8.1
8
6.8
6.3 6.3
6.1
6.0
6 5.6
5.2
5.1
4.9
4.7 4.7
4
3.2
2
0.3
0 Size (um) Footnote 9
% Mass
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Footnotes 10 & 17

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Rosewood Project: Metallurgical Studies

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• ‣ Bulk Sample Test work underway at two leading laboratories – IHC Mining and Mineral Technologies.

• ‣ Initial testing shows simple spiral circuits and wet magnetic process can produce:

• ‣ Strong Recoveries: 86-96%

• ‣ HMC grade of 95% HM

• ‣ Further work underway to further define flowsheet and on product definition

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Rosewood HM sample being feed through a recleaner spiral at IHC Laboratories.

Footnote 17

Rosewood Project: High-Value Mineral Assemblage

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‣ High value titanium ores, low deleterious contaminants - 2.7% SiO2, 0.71% Al2O3, 0.13% MgO, 0.62% MnO, 0.10% Cr2O3, ~100ppm U+Th.

• ‣ ~ 95 % Valuable Heavy Mineral Content

‣ Principal Ores

• ‣ ~ 4% Rutile Products (> 95% TiO2)

• ‣ > 80% Leucoxene (70-95% TiO2)

• ‣ ~ 9% Altered Ilmenite (55%-70% TiO2)

HMC Assay sample (DH 25RW030) returning 55.7% HM from 11-12m

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Product Suite: High Grade, High Purity Titanium is rare and valuable

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Titanium
‣
Approximately 95% of the world’s titanium is derived from ilmenite
Minerals
‣
Most ilmenite requires upgrading via costly and carbon
TiO2
intensive processes to titania slag (>74% TiO2) or synthetic
Content
rutile (>87% TiO2) before processing
Rutile
93%
PTR ‣ In addition to use in the metal or welding markets, high grade
Product Mix titanium minerals can also be used as direct feed by pigment
Leucoxene producers with significant advantages
/ HiTi
65% • Lower cost
• Higher plant utilisation
• Fewer contaminants
Chloride • Less waste generation
55% Ilmenite
• Reduced energy/carbon consumption
• Lower chlorine utilisation
Sulphate ‣ Particularly relevant as regulatory pressure on the downstream
44% Ilmenite titanium industry (ie paint manufacturers) increases
scrutinization of its supply chain carbon footprint
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Strategic Location: Rail Access to International Markets

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Less than 40km from rail head provides rail connection to; Whyalla Darwin Port Adelaide Fremantle

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Each port also offers opportunity for further value-add processing options

Titanium Project

14

Muckanippie Project: Significant work streams underway

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• ‣ Rosewood Resource Drilling Underway ~

40km[2] Area to deliver initial JORC Inferred and Indicated level Resource

• ‣ Additional Bulk Sample Testing to further refine initial flowsheet

• ‣ Product Separation Studies to define final

products

‣ Baseline Project Development Studies underway – includes environmental monitoring, ground water, plant design, pit optimisation …

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Contact

Peter Reid Chief Executive Officer

E: preid@ptrminerals.com.au

T: 0435 181 705

ASX: PTR petratherm.com.au

Rob Sennitt Executive Director

E: rsennitt@ptrminerals.com.au

T: 0414 295 264

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Rosewood Prospect: +106 to 125 µm - HM Composite Fraction Sample