QUANTUM GRAPHITE LIMITED — Investor Presentation 2025

Jun 26, 2025

MEDIA RELEASE For Immediate Release 27 June 2025

==> picture [168 x 16] intentionally omitted <==

The attached presentation has been delivered to investors in New York, the Middle East and South Asia.

==> picture [31 x 18] intentionally omitted <==

==> picture [146 x 9] intentionally omitted <==

QGL is the owner of the Uley flake graphite mineral deposits located south-west of Port Lincoln, South Australia. The company’s Uley 2 project represents the next stage of development of the century old Uley mine, one of the largest high-grade natural flake deposits in the world. For further information, quantumgraphite.com

==> picture [122 x 9] intentionally omitted <==

Sunlands Energy Co. is the leading developer of thermal energy storage technology (TES Graphite Cells) designed to drive commercial, industrial and utility-scale steam turbine generators. The company’s TES Graphite Cells are capable of restoring baseload generation, delivering critical synchronous support to grid networks and eliminating the large-scale curtailment of renewables generation. For further information, www.sunlandsco.com

==> picture [26 x 29] intentionally omitted <==

ABOUT SUNLANDS PURE

Sunlands Pure is the refining technology partner of Quantum Graphite Limited, the Australian Securities Exchange listed owner and operator of the century old Uley natural flake graphite mine located on the Eyre Peninsula in South Australia. The Sunlands Pure technologies are uniquely capable of purifying natural flake graphite to a purity of 99.9% graphitic carbon and delivering this critical material to key markets including manufacturers in the Li-ion battery, isostatic graphite and thermal energy storage market segments

==> picture [126 x 32] intentionally omitted <==

==> picture [139 x 57] intentionally omitted <==

THE FUTURE OF GRAPHITE THE NEW US FLAKE GRAPHITE SUPPLY CHAIN

JUNE 2025

"Our national and economic security are now acutely threatened by our reliance upon hostile foreign powers’ mineral production. It is imperative for our national security that the United States take immediate action to facilitate domestic mineral production to the maximum possible extent."

Section 1, Executive Order of the President Donald J. Trump March 20, 2025 Immediate Measures to Increase American Mineral Production

PROBLEMS, THREATS...

Global Critical Minerals Outlook 2025 [Extract]

For refined material production, China is the leading producer for nearly all of the 20 minerals analysed and has an average market share of around 70%

Share of top producer of refined energy-related strategic minerals

100% Share of top producer of refined energy-related strategic minerals China Indonesia 75% 50% 25% 0%

// 2

PROBLEMS, THREATS...

Global Critical Minerals Outlook 2025 [Extract]

Over 40% of strategic minerals have a single top producer accounting for more than half of global production, highlighting significant supply concentration risks

==> picture [708 x 278] intentionally omitted <==

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

100% Share of top producer of mined energy-related strategic minerals
China Indonesia Chile Australia South Africa DRC
75%
50%
25%
0%
Graphite Tungsten Vanadium Cobalt Nickel Rare earths Antimony Chromium Titanium Molybdenum Tantalum Manganese Lithium Zirconium Silicon Copper
----- End of picture text -----

// 3

U.S. RESPONSE

==> picture [379 x 381] intentionally omitted <==

EXIM is launching the Supply Chain Initiative (SCRI) to help secure supply chains of critical minerals and rare earth elements for U.S. businesses.

This will significantly enhance EXIM's support for U.S. jobs in sectors where these materials are integral. PRC market manipulation, subsidies, and export bans of critical mineral and rare earth elements further highlights the need for immediate action.

U.S. EXIM Bank website extract posted January 9, 2025

==> picture [65 x 48] intentionally omitted <==

// 4

==> picture [7 x 595] intentionally omitted <==

U.S. RESPONSE

Federal Notice Register [Extract]

Preliminary Affirmative Determinations in the Countervailing Duty Investigations of Active Anode Material from the People's Republic of China [Extract]

==> picture [707 x 53] intentionally omitted <==

Subsidy Rate (percent) 712.03 721.03

Exporter/Producer

==> picture [576 x 128] intentionally omitted <==

==> picture [65 x 47] intentionally omitted <==

// 5

AUSTRALIA'S ROLE...

Global Critical Minerals Outlook 2025 [Extract]

Australia is a major player in global critical mineral supply chains, strategically deploying finance to build domestic supply chains and promoting strong sustainability practices

Supply and investment snapshot

Australia is a major player in global critical mineral supply chains, particularly for lithium and bauxite. The country holds the second-largest reserves of lithium in the world, accounting for approximately 23% of global reserves and 35% of global lithium output.

The country’s mineral resources are primarily concentrated in Western Australia, home to the Greenbushes lithium mine (one of the world’s largest lithium mines) as well as the Mount Weld mine (a key source of REEs for years).

Investment in Australia’s critical minerals sector is characterised by growing capital fows, with AUD 760 million newly invested in mineral exploration in 2023.

The investment landscape is composed of both domestic and foreign capital, focusing primarily on lithium and REEs. The REE sector has attracted large capital investments in recent years.

Key projects under development include Iluka Resources’ Eneabba project (17.5 kilotonnes per year), Australia's frst fully integrated REE refnery which is expected to commence production in 2027. Also signifcant is the National Reconstruction Fund Corporation’s AUD 200 million commitment to Arafura Rare Earths Limited’s Nolans Project in the Northern Territory.

Market volatility presents challenges, as evidenced by the closure of three Western Australian nickel mines in January 2024 due to global oversupply and low prices.

The market value of Australia’s key energy minerals productiont currently stands at approximately USD 15 billion for mining and USD 4 billion for refning in 2024, with announced projects indicating growth to USD 23 billion and USD 5 billion respectively by 2040.

Global Critical Minerals Outlook 2025 [Extract]

Over 40% of strategic minerals have a single top producer accounting for more than half of global production, highlighting significant supply concentration risks

100%75% Share of top producer of mined energy-related strategic minerals China Indonesia Chile Australia South Africa DRC 50% 25% 0%

// 6

SOUTH AUSTRALIA - THE SCALABLE CRITICAL MINERALS SOLUTION

(Department for Energy and Mining 2022). Statewide there are >60 recorded graphite occurrences, with the most significant region being the Eastern Eyre Peninsula. Disseminated flake graphite is widely distributed in metamorphosed Paleoproterozoic Hutchison Group rocks. On Eastern Eyre Peninsula, numerous occurrences have been recorded over a 200 km long zone extending from south of Port Lincoln to Kimba.

High graphite contents have been reported in schist units during gold and base metal exploration in the Olary district. The graphite is typically fine grained and has not been assessed for commercial uses.

Occurrences of minor graphite are known from Precambrian rocks of the Mount Lofty Ranges near Woodside, Williamstown and Truro.

==> picture [268 x 176] intentionally omitted <==

==> picture [336 x 383] intentionally omitted <==

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

MUSGRAVE PROVINCE
Marla
Coober Pedy
GAWLER CRATON
CURNAMONA
PROVINCE
ADELAIDE
RIFT COMPLEX
Kimba
Graphite Contained Resource (tonne)
Less than 100,000 CAMPOONA
100,000 - 249,999 Oakdael Cape Hardy SIVIOUR MURRAYBASIN
250,000 - 499,999 KOOKABURRAGULLY
ULEY Port Lincoln
500,000 - 999,999 Adelaide
Uley Graphite
Greater than 1,000,000 Mine
Current February 2023 0 250km
MAJOR MINES (approved)
Developing projects Highway
Graphite Occurences Railway
Tenements Under Exploration for Graphite Mount Gambier
----- End of picture text -----

Government of South Australia, Department of Energy and Mining, Graphite www.energymining.sa.gov.au/industry/minerals-and-mining/mineral-commodities/graphite

Over 40% of strategic minerals have a single top producer accounting for more than half of global production, highlighting significant supply concentration risks Global Critical Minerals Outlook 2025 [Extract]

==> picture [62 x 25] intentionally omitted <==

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

100%75% Share of top producer of mined energy-related strategic minerals China Indonesia Chile Australia South Africa DRC
50%
25%
0% Graphite Tungsten Vanadium Cobalt Nickel Rare earths Antimony Chromium Titanium Molybdenum Tantalum Manganese Lithium Zirconium Silicon Copper
----- End of picture text -----

// 7

THE ONGOING CHALLENGE

Global Critical Minerals Outlook 2025 [Extract]

Outlook: Graphite is one of the materials that are most exposed to Potential North American Supply Sourcespotential supply risks, requiring urgent efforts for diversification

North America may also provide potential supplies, with four projects under development in Canada, in addition to the already operating Lac des Îles mine...

Several projects are also under development in Australia, notably Quantum’s Uley and Renascor’s Siviour projects (100 kt each).

Source: IEA Global Critical Minerals Outlook (2025)

==> picture [724 x 195] intentionally omitted <==

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

Mining Refining
Mining Refining
20 20
15 15
10 10
5 5
0 0
2024 2030 2040 2024 2030 2040 2024 2030 2040 2024 2030 2040 2024 2030 2040 2024 2030 2040
United States Mexico Canada United States Mexico Canada
Graphite Cobalt REEs Lithium Nickel Copper
Billion USD Billion USD
----- End of picture text -----

// 8

==> picture [84 x 35] intentionally omitted <==

==> picture [66 x 64] intentionally omitted <==

THE FUTURE OF GRAPHITE

DELIVERING GLOBAL SCALE TO THE USA IN PURIFIED GRAPHITE/ANODE PRECURSOR MATERIAL

DEVELOPMENT OF THE FIRST U.S. CENTRIC NATURAL GRAPHITE SUPPLY CHAIN

Australian Raw Material Supply U.S. Process and Refining Commercialisation and Sales

==> picture [151 x 155] intentionally omitted <==

==> picture [5 x 4] intentionally omitted <==

==> picture [254 x 12] intentionally omitted <==

==> picture [181 x 10] intentionally omitted <==

==> picture [69 x 29] intentionally omitted <==

A multi-generational and scalable supply of flake graphite positioned to exert control over the supply of flake graphite to the USA (ex-China) LFP EV BAM.

LONG TERM U.S. PARTNERSHIP FOR CLEAN GRAPHITE SUPPLY

QGL will supply a minimum of 100,000tpa of flake graphite ore for 50+ years to the Concentrator in South Australia. An exploration plan has been developed to ensure supply to Sunlands Pure is guaranteed beyond 50 years. This plan consists of:

• Near Term Production Plan (30-50 years) that will exploit the Uley Mines region (Uley Mines 2, 3, 3-South, 4, 5 & 6)

• District Expansion Plan (beyond 50 years) that will exploit the extensive flake graphite mineralised envelopes within the 75km[2] Exploration Lease

ULEY MINES - NEAR TERM EXPANSION PLAN IMPLEMENTED

• Permitting has been obtained for Uley 2 and Uley 3 extension drilling

• Contractual arrangements with drill crews will be settled by mid-November 2024 and crew mobilisation scheduled for mid-January 2025

• Significant increase in the certified flake graphite mineral reserves and resources will be issued by the Company by the end of Q1 2025

DISTRICT MINES - LONG TERM EXPANSION PLAN DEPLOYED OVER NEXT DECADE

• Large-scale geophysical survey of the whole Exploration Lease completed and drill targets to be finalised by November 2024

• Mobilisation of drill-crew scheduled for Q2 2025

==> picture [342 x 385] intentionally omitted <==

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

SOUTH AUSTRALIA
NT ML 5561
QLD Kimba
WA
AUSTRALIASOUTH
NSW
VIC
TAS Cape Hardy
S
550.0k 552.5k 555.0kPort Lincoln 557.5k 560.0k 562.5k 565.0k
Uley Graphite Mine
EL 6224 ML 5561 Uley Mines
Near Term
ULEY
Expansion
EL 7019
175mt HOMESTEAD
SALT LAKE 45mt
Uley Mines
District Mines
(Mineralisation derived
from Historic EM Data)
KACEY
New Anomaly
(2024 EM Data)
Exploration Leases
LEGEND 90mt District Mines
Primary EM TargetSecondary EM Target Long Term
Exploration Lease Expansion
Retention Lease
Mining Lease FISHERY
Sleaford Mere
Railway line N 0 1,2502 ,500 5,000
Road
Meters GDA94; MGA53
550.0k 552.5k 555.0k 557.5k 560.0k 562.5k 565.0k
Uley 6 Uley2 Uley3
Uley 4 Uley 3South
Uley 5
Uley 6 Uley 4Uley2 Uley 3SouthUley3
Uley 5
RL 66
RL 66
RL 67
RL 67
ML 5562
ML 5562
615.0k 615.0k
614.75k 614.75k
614.5k 614.5k
614.25k 614.25k
6140.0k 6140.0k
613.75k 613.75k
613.5k 613.5k
613.25k 613.25k
----- End of picture text -----

QUANTUM GRAPHITE

SUNLANDS PURE

// 10

==> picture [254 x 12] intentionally omitted <==

==> picture [181 x 10] intentionally omitted <==

==> picture [69 x 29] intentionally omitted <==

The Uley Mines comprise several discrete, highly mineralised envelopes all located within a 1200-metre radius representing a potential certified resource of more than 5 million tonnes of natural flake – equivalent to 15 times the annual global flake graphite production.

ULEY MINES

==> picture [415 x 382] intentionally omitted <==

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

ML 5562 ML 5561
ML 5561 N
Tailings Storage
Facility
Uley 1
(Original
Mine)
Core
Plant shed
Uley 2 Uley 3
Uley 6 8.5mt 3.9mt
6750 Uley 3
South
Uley 4
officeSite
Uley 5
0 500
METRES
Bridgewater Formation calcarenite dune crest line SIROTEM conductivity response (μV/A)
ML Mineral lease
Thin sandy soil with ironstone gravel
over weathered Proterozoic bedrock RL Retention lease
HD SLEAFORD
HD ULEY
Uley 6 Uley2 Uley3
Uley 4 Uley 3South
Uley 5
RL 66
RL 65
RL 67
RL 66
RL 67
1750
500
1750
1750
500
42503000
6750
1750
3000
1750
5500
500
5500
3000
3000
1750
1250
3000
55004250
3000 5500 4250
1750
1750
3000
4250
ML 5562
HD ULEY
HD LINCOLN
----- End of picture text -----

ULEY 2 - EXISTING PROJECT (2026 - 2038)

The Uley 2 Project includes the Uley 2 Mine and the Uley 3 Mine.

• All permitting including environmental approvals have been obtained

• All infrastructure requirements have been met, including power (33kVa supply) and water

• Provides the initial 12-years’ supply of flake graphite ore to the Sunlands Pure Concentrator

ULEY 3 SOUTH, 4, 5 AND 6 (2038 - c2070)

These mines will be progressively developed as the Uley 2 Project nears completion.

• Uley 6 is likely to be the next development in light of proximity of the Concentrator servicing the Uley 2 Project (Uley 2 & Uley 3), and the efficiencies associated with the use of existing infrastructure

QUANTUM GRAPHITE

SUNLANDS PURE

// 11

==> picture [254 x 12] intentionally omitted <==

==> picture [181 x 10] intentionally omitted <==

==> picture [69 x 29] intentionally omitted <==

The Uley Mines (Near Term Resource Expansion) Plan represents approximately 20% of the total graphite potential in mineral tenements.

==> picture [331 x 356] intentionally omitted <==

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

5
Million 25
Tonnes (gC) Million
Tonnes (gC)
The District Mines Expansion Plan supports a further 50+ years supply of graphite ore from the Salt
Lake, Kacey and Fishery prospects. The combined potential graphite resources from these prospects are
approximately 6 times larger than the Uley Mines.
Potential Graphite Resources (mt)
CRA Explorations (Rio Tinto) QGL/SP
District Mines 1985 Estimated @ 7.5% gC 2024 Exploration Target @ 8% gC
Fisheries 107 90
Salt Lake/Homestead 150 175
Kacey 69 45
JORC 2012 Uley Mineral Reserve and Resource Estimate
Location Classification Tonnes (kt) TGC (%)
Uley 3 Inferred 900 6.6
Uley 3 Total 900 6.6
Uley 2 Measured 800 15.6
Indicated 4,200 10.4
Inferred 1,300 10.5
Uley 2 Total 6,300 11.1
Uley Project Total 7,200 10.5
LEY MINE ISTRICT MINE
U S D S
----- End of picture text -----

The District Mines Expansion Plan supports a further 50+ years supply of graphite ore from the Salt Lake, Kacey and Fishery prospects. The combined potential graphite resources from these prospects are approximately 6 times larger than the Uley Mines.

The Uley Mineral Resource Estimate of 7,200kt includes proved and probable reserves of 4,003kt at 3.5% TGC cut-off

==> picture [390 x 436] intentionally omitted <==

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

550.0k 552.5k 555.0k 557.5k 560.0k 562.5k 565.0k
ML 5561
EL 6224
ULEY
EL 7019
175mt HOMESTEAD
SALT LAKE
45mt
Uley Mines
District Mines
(Mineralisation derived
from Historic EM Data)
KACEY
New Anomaly
(2024 EM Data)
Exploration Leases
LEGEND 90mt
Primary EM Target
Secondary EM Target
Exploration Lease
Retention Lease
FISHERY
Mining Lease
Sleaford Mere
N
Railway line
0 1,2502 ,500 5,000
Road
Meters GDA94; MGA53
550.0k 552.5k 555.0k 557.5k 560.0k 562.5k 565.0k
Uley 6 Uley2 Uley3
Uley 4 Uley 3South
Uley 5
RL 66
RL 67
ML 5562
615.0k 615.0k
614.75k 614.75k
614.5k 614.5k
614.25k 614.25k
6140.0k 6140.0k
613.75k 613.75k
613.5k 613.5k
613.25k 613.25k
----- End of picture text -----

QUANTUM GRAPHITE

SUNLANDS PURE

// 12

==> picture [84 x 35] intentionally omitted <==

==> picture [66 x 64] intentionally omitted <==

THE FUTURE OF GRAPHITE

DELIVERING GLOBAL SCALE TO THE USA IN PURIFIED GRAPHITE/ANODE PRECURSOR MATERIAL

DEVELOPMENT OF THE FIRST U.S. CENTRIC NATURAL GRAPHITE SUPPLY CHAIN

Australian Raw Material Supply U.S. Process and Refining Commercialisation and Sales

==> picture [151 x 155] intentionally omitted <==

==> picture [5 x 4] intentionally omitted <==

==> picture [23 x 10] intentionally omitted <==

==> picture [15 x 10] intentionally omitted <==

==> picture [165 x 12] intentionally omitted <==

==> picture [333 x 10] intentionally omitted <==

==> picture [69 x 29] intentionally omitted <==

The Sunlands Pure integrated processing and refining operations create an end-to-end supply chain supporting an high purity graphite (HPG) hub, ensuring a scalable and independent (ex-China) supply for the global LFP EV BAM sector.

CONCENTRATOR -

PROCESS FACILITY AND FEED STOCK RESERVE

REFINERY -

HPG FACILITY AND INVENTORY HUB

Sunlands Pure will construct a Concentrator to process graphite ore supplied by the Uley Mines.

Sunlands Pure will construct a refinery that will further process the -196 concentrate to produce -199 HPG.

• Production will consist of 100,000tpa of -196 (flake graphite having a maximum particle size of 150μm and a purity of 96%)

• The process utilises readily available conventional plant and equipment available in Australia

• Sunlands Pure will maintain a secure warehouse to hold sufficient concentrate inventories to ensure continuous supply to the refinery.

• The secure warehouse is the base of a centralised inventory management and logistics facility that will coordinate its activities with refinery operations and customers

• Certification and quality management capabilities of this facility forms part of an integrated Australia ASEAN technical & traceable supply chain

• Product will be of sufficient quality to satisfy multiple markets – thermal management products e.g. refractory, isostatic graphite and high-value feed stock for the production of LFP EV BAM

• Process utilises proven technologies and readily available plant and equipment available in Australia

• The quality of the concentrate ensures that the process has a minimal environmental impact – confirmed by South Australian Government

• Sunlands Pure will maintain a secure warehouse to hold inventories of HPG. The facility will include a laboratory for testing and sampling of product and independent certification capabilities to support customer requirements.

QUANTUM GRAPHITE

SUNLANDS PURE

// 14

==> picture [23 x 10] intentionally omitted <==

==> picture [15 x 10] intentionally omitted <==

==> picture [165 x 12] intentionally omitted <==

==> picture [333 x 10] intentionally omitted <==

==> picture [69 x 29] intentionally omitted <==

CONCENTRATOR

REFINERY

QGL mines and crushes graphite ore and delivers it to the ROM Pad supplying the Sunlands Pure Concentrator. Monthly ROM feed is 85,000 tonnes (1,000,000tpa).

Concentrate is transported from the Sunlands Pure Concentrator to the Sunlands Pure Refinery.

Step 1. Crushing & Grinding.

Ore is subject to primary/initial grind to deliver 600μm material to the flotation and polishing circuit.

Step 1. Plant Feed Preparation.

Concentrate is fed into the plant and scrubbed with demineralised water.

Step 2. Flotation and Polishing Separation.

Milled ore is subject to a sequential flotation and polishing process that liberates graphitic carbon from waste material. This is achieved by a repetitive process of delamination, using the three-stage progressive flotation and polishing circuit.

Step 3. Drying & Bagging.

The final graphitic product (~96%gC) is dried and screened for bagging. Laboratory sampling, testing and certification is conducted for each 1 tonne bag on site.

Step 2. Leaching.

Multiple rounds of leaching in acid solubilises all silicates and removes all other impurities from the graphitic carbon.

Step 3. Filtration.

Filtration utilising a membrane squeeze followed by a final wash of the filtrate delivers the purified product (i.e., HPG) to the dryer.

Step 4. Drying & Packaging.

HPG is dried with a rotary dryer, removing all moisture for bagging, sampling, testing and certification.

Step 4. Storage of Feed Stock Reserves.

Certified inventory is stored at the Sunlands Eyre Peninsula Graphite Hub, ensuring a reserve supply is permanently available to the refinery.

Step 5. Storage & Export from Graphite Hub.

Inventory stored in a 50,000ft secure warehouse ready for export.

Step 5. Transport to refinery.

Inventory readied for transport to the refinery by way of standard shipping lined 40’ containers.

QUANTUM GRAPHITE

SUNLANDS PURE

// 15

==> picture [23 x 10] intentionally omitted <==

==> picture [15 x 10] intentionally omitted <==

==> picture [165 x 12] intentionally omitted <==

==> picture [332 x 10] intentionally omitted <==

==> picture [69 x 29] intentionally omitted <==

CONCENTRATOR

==> picture [697 x 439] intentionally omitted <==

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

PRIMARY MILLING AND FLASH FLOAT
SEQUENTIAL POLISHING
AND FLOTATION
DRYING AND BAGGING
----- End of picture text -----

QUANTUM GRAPHITE

SUNLANDS PURE

// 16

==> picture [22 x 10] intentionally omitted <==

==> picture [16 x 10] intentionally omitted <==

==> picture [165 x 12] intentionally omitted <==

==> picture [332 x 10] intentionally omitted <==

==> picture [69 x 29] intentionally omitted <==

REFINERY

==> picture [754 x 416] intentionally omitted <==

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

GRAPHITE
VENT GAS SCRUBBING
ACID LEACHING & FILTRATION
HYDROFLUORICACID FILTRATE DEMIN WATER
GRAPHITE FILTRATION GRAPHITE FILTRATION
D E MIN WATER
GRAPHITE PURIFICATION
GRAPHITE BULK BAGS WASHATE
WASHATE
FILTRATE
RESIDUE FILTRATION
LIME
DRYING & PACKING
THICKENING
NEUTRALISATION
GRAPHITE STORAGE BIN
GRAPHITE DRYER
NEUTRALISED EFFLUENT PONDS FILTERED RESIDUE STORAGE
COOLING WATER GRAPHITE PACKAGING
ACID NEUTRALISATION
GRAPHITE COOLER GRAPHITE DESPATCH
COOLING WATER
HCL NAOH A3000
DOSING
DOSING A135 DOSING SMBS WASTE SOLUTION PONDS
RETENTATE TANK
RAW WATER
CONDITIONING TANK FEED TANK MEDIA FILTERS CARBON FILTERS A5050
CARTRIDGE FILTERS RO MEMBRANES DEMINERALISED WATER PLANT COOLING WATER
WASTE WATER TREATMENT PLANT PERMEATE TANK DEMIN WATER
CIP TANK BL RAW WATER TANK DEMIN WATER TANK
MUNICIPAL WATER SUPPLY /DESALINATION PLANT FIRE WATER
FIRE WATER SKID
POTABLE WATER
POTABLE WATER TANK
----- End of picture text -----

QUANTUM GRAPHITE

SUNLANDS PURE

// 17

==> picture [455 x 587] intentionally omitted <==

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

DEVELOPMENT OF THE
FIRST U.S. CENTRIC NATURAL
GRAPHITE SUPPLY CHAIN
----- End of picture text -----

THE FUTURE OF GRAPHITE

DELIVERING GLOBAL SCALE TO THE USA IN PURIFIED GRAPHITE/ANODE PRECURSOR MATERIAL

Australian Raw Material Supply U.S. Process and Refining Commercialisation and Sales

COMMERCIALISATION AND SALES

CHINA ESTABLISHED AS THE OVERWHELMING DOMINANT SUPPLIER

==> picture [69 x 29] intentionally omitted <==

“This is a pivotal moment in the US graphite sector, with the US aiming to de-risk from China and become more self-sufficient in the graphite space, particularly for battery-grade materials,” Bennett said. “The combination of incredible growth and the impact of the IRA and Section 301 tariffs will by necessity prompt the development of a US pricing premium…”*

• IEA states that 20% of EV and storage batteries are sold and installed outside of China. This represents 250,000 tpa of refined graphite content wholly supplied within China or by China controlled entities

• QGL/SP is the only development ready natural flake graphite producer targeting US (ex-China) scalable production of anode precursor material for LFP Li-ion batteries

• By 2030 the estimate of demand outside of China ranges from 2.2 million tpa to 3.5 million tpa of refined graphite. Chinese demand pressure on its existing supply chain dramatically increases U.S. supply risk

• Fastmarkets* estimates U.S. refined graphite demand is set to rise by more than 600% to 700,000 tpa within the decade. This represents 1.75 million tpa of high purity graphite (HPG) anode precursor material

Most battery producers globally are heavily reliant on China for graphite anodes. While sizeable natural graphite anode capacities exist outside of China, they depend almost entirely on refined graphite supply from China and exhibit low utilisation rates

==> picture [268 x 164] intentionally omitted <==

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

Battery-Grade Graphite Supply
Natural Graphite Synthetic Graphite
Medium and Fine Synthetic Anodes
Flake
Spheronisation Purification Coating
IEA. CC BY 4.0.
IEA Critical Minerals Outlook 2024
Graphite Graphite
Flake Graphite
Amorphous Vein
----- End of picture text -----

*Amy Bennett, Fastmarkets, 3 October 2024 www.fastmarkets.com

• U.S. development of an alternative/independant anode precursor supply chain is a priority to combat pre-existing market dominance

==> picture [88 x 7] intentionally omitted <==

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

Top three producers 2030
----- End of picture text -----

==> picture [235 x 169] intentionally omitted <==

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

Total supply (all grades) Total supply (all grades)
China China
82% 79%
Mining
Madagascar Madagascar
Mozambique 3% Japan 3%
2% 3%
Battery grade supply Battery grade supply
China China
93% 87%
Refining
US Japan
1% 4%
Japan Indonesia
3% 3%
IEA Critical Minerals Outlook 2024 IEA Critical Minerals Outlook 2025
----- End of picture text -----

• LFP has emerged as the preferred Li-ion battery technology due to lower cost structure and least complex supply chain (i.e., no cobalt or nickel)

• LFP batteries are likely to drive a significant increase in the natural graphite share within anode from more than a quarter (28% natural, 72% synthetic) to half (50% natural, 50% synthetic) by 2030

• Within the next 5 years, based on these estimates, this translates to U.S. demand or more than 250,000 tpa of refined graphite or 625,000 tpa of HPG

QUANTUM GRAPHITE

SUNLANDS PURE

// 19

CHINA ESTABLISHED AS THE OVERWHELMING DOMINANT SUPPLIER

COMMERCIALISATION AND SALES

==> picture [69 x 29] intentionally omitted <==

A battery mineral price shock could increase global average battery pack prices by 40-50% resulting in higher prices for consumers…

==> picture [671 x 312] intentionally omitted <==

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

Battery pack price increases at different battery metal price levels
Lithium Nickel Graphite
200
100% Rest of pack
+47%
+39% +39%
160
+21% +17% +17% 75%
+5% +4% +4% Graphite
120
50%
80
Nickel
25%
40
Lithium
2024 2x 5x 10x 2x 5x 10x 2x 5x 10x
Price increase Price increase Price increase
USD/kWh
----- End of picture text -----

QUANTUM GRAPHITE

SUNLANDS PURE

// 20

CHINA ESTABLISHED AS THE OVERWHELMING DOMINANT SUPPLIER

COMMERCIALISATION AND SALES

==> picture [69 x 29] intentionally omitted <==

… and dramatically reducing manufacturing competitiveness, widening the battery manufacturing cost gap with China from 40-50% to 70% for Europe and the United States

Battery cell levelised cost of production by region at different graphite price levels

==> picture [682 x 269] intentionally omitted <==

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

+69% +71%
125
+47%
+40%
100
75
Rest of cell
Anode
50
25
China United States United States Europe Europe
5x graphite price 5x graphite price
USD/kWh
----- End of picture text -----

QUANTUM GRAPHITE

SUNLANDS PURE

// 21

COMMERCIALISATION AND SALES

PRICING GUIDANCE, EXISTING OFFTAKE AND MARKET STRATEGY

==> picture [69 x 29] intentionally omitted <==

Forecast Concentrate Prices - Unprecedented Upside

Agreement

• with MRI Trading AG, leading Global Metals and Mining, Swiss based trading group for up to 55% (55,000 tpa) of total HPG production of 100,000 tpa

• Trading platform built upon more than 20 years of market intelligence

• delivery (est. Dec 2026)

• Ultimate customers include: Mitsubishi Chemicals Group, Marubeni Corp. and Sumitomo Corp.

• Minimum of 45% of HPG production reserved for U.S. domestic sales and marketing plan to ensure guaranteed long term supply of anode precursor material for U.S. anode manufacturers

==> picture [451 x 176] intentionally omitted <==

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

Commodity Prices
(US$/t) gC 2022 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E LT
94-97% +32 mesh 1,878 1,800 1,913 2,138 2,363 2,250 2,373 2,436 2,500 2,025
94-97% +50 mesh 1,444 1,545 1,700 1,900 2,100 2,000 2,110 2,165 2,222 1,800
94-97% +80 mesh 1,207 1,241 1,360 1,520 1,680 1,600 1,688 1,732 1,778 1,440
94-97% +100 mesh 984 996 1,107 1,235 1,365 1,300 1,371 1,407 1,444 1,170
94-97% -100 mesh 831 800 850 950 1,050 1,000 1,055 1,083 1,111 900
Purified spherical 3,576 3,720 4,229 4,750 5,250 5,000 5,274 5,413 5,555 4,500
Active Anode Material 7,576 7,720 8,229 8,750 9,250 9,000 9,274 9,413 9,555 8,500
----- End of picture text -----

Source: Macquarie Bank, Fastmarkets 2023

==> picture [450 x 145] intentionally omitted <==

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

2400
1900
1400
900
400
2022 2023 E 2024 E 2025 E 2026 E 2027 E 2028 E 2029 E 2030 E
- 100 Mesh + 100 Mesh + 50 Mesh
Li-ion Battery Grade Thermal Battery Grade Refractory Materials
Price (USD/t) gC
----- End of picture text -----

Product Pricing Range

QUANTUM GRAPHITE

SUNLANDS PURE

// 22