QUANTUM GRAPHITE LIMITED — Investor Presentation 2025

Feb 10, 2025

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THE FUTURE OF GRAPHITE NEW FLAKE GRAPHITE SUPPLY CHAIN

Unearthed Natural Resources Virtual Conference

10, 11, 12 & 13 February 2025 | 9:00am – 6:30pm AEDT

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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

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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

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SOUTH AUSTRALIA
NT
QLD Kimba
WA AUSTRALIASOUTH ML 5561
NSW
VIC
TAS Cape Hardy
S
557.5k 560.0k 562.5k 565.0k 567.5k
Port Lincoln
Uley Graphite Mine
ML 5561
Uley Mines
Near Term Expansion
HOMESTEAD
SALT LAKE
KACEY
Uley Mines
District Mines
District Mines
LEGEND
Primary EM Target Long Term Expansion
Secondary EM Target
Exploration Lease
FISHERY Retention Lease
Mining Lease
N Sleaford Mere
0 1,250 2,500 5,000 Railway line
Meters GDA94; MGA53 Road
557.5k 560.0k 562.5k 565.0k 567.5k
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
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QUANTUM GRAPHITE

SUNLANDS PURE

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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

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ML 5561 ML 5562 ML 5561
N
Tailings Storage
Facility
Uley 1
(Original
Mine)
Core
Plant shed
Uley 2 Uley 3
Uley 6
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
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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

• Uley 6 Mine Life is estimated at a minimum of 15 years at the rate of 100,000tpa

• Uley 3 South and Uley 4 will follow with a combined Mine Life of a minimum 12 years at the rate of 100,000tpa

• Uley 5 will follow with an estimated Mine Life of a minimum of 8 years at the rate of 100,000tpa

QUANTUM GRAPHITE

SUNLANDS PURE

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

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5
Million
Tonnes (gC) 25
Million
Tonnes (gC)
EY MIN TRICT MI
S NE
E
I
L
D S
U S
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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.

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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
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557.5k 560.0k 562.5k 565.0k 567.5k
ML 5561
175mt
HOMESTEAD
SALT LAKE 45mt
KACEY
Uley Mines
District Mines
90mt LEGEND
Primary EM Target
Secondary EM Target
Exploration Lease
FISHERY Retention Lease
Mining Lease
N Sleaford Mere
0 1,250 2,500 5,000 Railway line
Meters GDA94; MGA53 Road
557.5k 560.0k 562.5k 565.0k 567.5k
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
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QUANTUM GRAPHITE

SUNLANDS PURE

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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

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

SOUTH CAROLINA REFINERY -

HPG FACILITY AND U.S. INVENTORY HUB

SOUTH AUSTRALIA CONCENTRATOR -

PROCESS FACILITY AND U.S. FEED STOCK RESERVE

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

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

• 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 the USA

• The quality of the concentrate ensures that the process has a minimal environmental impact – confirmed by Dorchester County Business Development and Environmental Officials

• 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.

• 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 the USA

• Sunlands Pure will maintain a secure warehouse to hold sufficient concentrate inventories to ensure continuous supply to the South Carolina, USA Refinery.

• The secure warehouse is the base of a centralised inventory management and logistics facility that will coordinate its activities with the South Carolina, USA Refinery operations

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

QUANTUM GRAPHITE

SUNLANDS PURE

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SOUTH CAROLINA REFINERY

SOUTH AUSTRALIA CONCENTRATOR

Concentrate is shipped from the Sunlands Pure Concentrator in South Australia to its Refinery in Dorchester County, South Carolina.

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).

Step 1. Plant Feed Preparation.

A blend of concentrate and caustic pearl (NaOH) is fed into the kiln, utilised at the appropriate ratio.

Step 1. Crushing & Grinding.

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

Step 2. Roasting.

The combined concentrate and caustic are roasted at 500°C. Silica within the concentrate reacts with the caustic to form certain compounds (sodium silicate and sodium alumino-silicate) that are able to be removed by a simple leach solution.

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. Leaching & Filtration.

An initial solution of raw water removes sodium silicate followed by a light acid solution (H2SO4) leach that separates the sodium alumina-silicate from the graphitic carbon. 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 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 4. Storage of U.S. Feed Stock Reserves.

Certified inventory is stored at the Port Lincoln, South Australia warehouse, ensuring a reserve supply is permanently available for South Carolina.

Step 5. Shipment.

Step 5. Storage & Export from U.S. Inventory Hub.

Inventory stored in a 50,000ft secure warehouse at the Dorchester County site, for local supply and export shipment via Port of Charleston.

Inventory readied for shipment to Port of Charleston by way of standard shipping 40’ containers. American President Lines (APL) or other US-flagged carrier transports the containers to Port of Charleston (~65 days).

QUANTUM GRAPHITE

SUNLANDS PURE

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SOUTH CAROLINA REFINERY

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QUANTUM GRAPHITE

SUNLANDS PURE

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SOUTH AUSTRALIA CONCENTRATOR

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PRIMARY MILLING AND FLASH FLOAT
SEQUENTIAL POLISHING
AND FLOTATION
DRYING AND BAGGING
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QUANTUM GRAPHITE

SUNLANDS PURE

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

CHINA ESTABLISHED AS THE OVERWHELMING DOMINANT SUPPLIER

COMMERCIALISATION AND SALES

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“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 45% of EV and storage batteries are sold and installed outside of China. This represents 350,000 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

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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
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*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

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Top three producers 2030
Total supply (all grades)
China
82%
Madagascar
Mozambique 3%
2%
Battery grade supply
China
93%
US
1%
Japan
3%
IEA Critical Minerals Outlook 2024
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• 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

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COMMERCIALISATION AND SALES

PRICING GUIDANCE, EXISTING OFFTAKE AND MARKET STRATEGY

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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

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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
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Source: Macquarie Bank, Fastmarkets 2023

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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
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Product Pricing Range

QUANTUM GRAPHITE

SUNLANDS PURE

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