VBX LIMITED — Investor Presentation 2026

Mar 4, 2026

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DEVELOPING THE HIGHLY STRATEGIC WUUDAGU BAUXITE PROJECT

Important Notice

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Information Purposes Only

This presentation has been prepared and issued by VBX Limited (“VBX” or the “Company”) to provide general information about the Company. The information in this document is in summary form and should not be relied upon as a complete and accurate representation of any matters that a reader should consider in evaluating the Company. While management has taken every effort to ensure the accuracy of the material in this presentation, the Company has not verified the accuracy or completeness of the material contained in this presentation.

No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or proved correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisors and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any effort or omission therefrom. The Company will not update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

Forward Looking Statements

This presentation contains forward-looking information about the Company and its operations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", “should”, "could", "estimates", “target”, “likely”, “plan”, "expects", "may", “intend”, "shall", "will", or "would". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements are subject to risk factors associated with the Company’s business, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements.

Not an Offer

This presentation and its contents are not an invitation, offer, solicitation or recommendation with respect to the purchase or sale of any securities in the Company in any jurisdiction and must not be distributed, transmitted, or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. This presentation is not a prospectus or any other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law.

Not Financial Product Advice

Neither the Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company's securities or any other financial products. You should not act and refrain from acting in reliance on this presentation. Nothing contained in this presentation constitutes investment, legal, tax or other advice. This presentation does not take into account the individual investment objectives, financial situation and particular needs of Company shareholders. Before making a decision to invest in the Company at any time, you should conduct, with the assistance of your broker or other financial or professional adviser, your own investigation in light of your particular investment needs, objectives and financial circumstances and perform your own analysis of the Company before making any investment decision.

Compliance Statement

The information in this presentation that relates to the 2026 Wuudagu Mineral Resource estimate is extracted from the ASX announcements dated 20 January 2026 and 5 February 2026 which are available on the Company’s website www.vbx.limited and the ASX website (ASX code: VBX). The Company confirms that it is not aware of any new information or data that materially affects this information and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings that are presented have not been materially modified.

The information in this presentation that relates to the Wuudagu Ore Reserve estimate is extracted from the Wuudagu Independent Technical Assessment Report dated May 2025 and prepared by Daniel Donald (MAusIMM), a Principal Consultant at Entech and included in the Company’s Replacement Prospectus lodged with ASIC on 16 May 2025 which is available on the Company’s website www.vbx.limited and the ASX website (ASX code: VBX). The Company confirms that it is not aware of any new information or data that materially affects this information and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings that are presented have not been materially modified.

Production targets and forecast financial information referred to in this presentation are extracted from the Wuudagu Independent Technical Report dated May 2025 and included in the Company’s Replacement Prospectus lodged with ASIC on 16 May 2025 which is available on the Company’s website www.vbx.limited and the ASX website (ASX code: VBX). The Company confirms that all material assumptions underpinning the production targets, or the forecast financial information derived from the production targets, continue to apply and have not materially changed.

Corporate Presentation – March 2026

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Acknowledgement of Country

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We acknowledge the traditional owners of the land and sea which make up the Wuudagu and Takapinga project areas, and recognise their continuing connection to land, water and culture. We value and appreciate the strong relationships we have developed at Wuudagu and intend to build at Takapinga and pay our respects to elders past, present and emerging

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TAKAPINGA
PROJECT
WUUDAGU
DARWIN
PROJECT WEIPA
KALUMBURU
KUNUNURRA
NORTHERN
WESTERN AUSTRALIA TERRITORY QUEENSLAND
Corporate Presentation – March 2026 3
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Executive Summary
• 100% interest in the Wuudagu Bauxite Project in Western Australia
Highly Strategic • Favourable location, logistics and product quality
Project
• Targeting completion of DFS and financing in mid 2026, approvals and first production in 2027
• Aluminium is a key metal that is critical to global growth and the energy transition
Bauxite Supply • An additional 39Mtpa of Chinese bauxite imports required by 2035
Issues
• Highly concentrated supply and increasing global supply risk
• Strong support from Traditional Owners, commitment to social and environmental responsibility
Wuudagu
Competitive • Industry leading mine to customer logistics
Advantages •
Attractive product grade vs peers with low silica product through on-site beneficiation
Compelling • 2025 63Mt Indicated Mineral Resource supported 10 year mine life producing 3.5Mtpa at 45.4% Al2O3 and 3.6% SiO2
PFS (2025) • Pre-tax NPV8 of A$821m, annual EBITDA of A$143m, IRR of 136% and payback of 16 months
Economics •
Low upfront capital costs of A$125m and first quartile all in sustaining costs (AISC) of A$54/t CFR China [1]
• 108% increase in 2026 Measured & Indicated (M&I) Mineral Resource to 131.9Mt
Expanded
DFS (2026) • PFS (2025) completed based on mining Wuudagu C deposit only, DFS to assess mining Wuudagu B to F deposits
Project Scope •
Increased mining and beneficiation throughput rate of 8 to 9Mtpa [2] being assessed in DFS due for completion mid 2026
Additional • Significant increase in M&I Mineral Resource from 2025 drilling program, 6.6km [2] Wuudagu G remains undrilled
Exploration
• Large scale bauxite exploration opportunity at 1,118km [2] Takapinga Bauxite Project in the Northern Territory
Upside
Experienced • Broad mix of geological, metallurgical, engineering, approvals, industrial relations and finance experience
Board and
• Significant personal investment, highly motivated and aligned with other shareholders
Management
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1. AISC includes C1 costs of A$45.1/t CFR (mining, beneficiation, road haulage, transhipping, shipping, general and administration, flights and accommodation, maintenance) plus sustaining capital of A$0.7/t and royalties of A$8.1/t (comprising state, native title and private)

2. This is not intended to infer an increased production target. The Company has not yet completed the work necessary to have a reasonable basis to report a new production target

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COMPANY OVERVIEW

Company Overview

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Tight capital structure and significant board and management investment

• Established in 2013, based in Perth, Australia

• Listed on the ASX in June 2025

• Focussed on the development of bauxite export projects in northern Australia

• Advanced Wuudagu Bauxite Project in Western Australia

• Highly prospective, large scale Takapinga Bauxite Project in the Northern Territory

• Board and management ownership of 53.4% creates strong shareholder alignment

• Strong commitment to social and environmental responsibility

BOARD OF DIRECTORS

Name	Role	Role
George Lloyd	Non-Exec Chair
Ryan de Franck	Managing Director
Vivienne Powe	Non-Exec Director
Richard de Franck	Non-Exec Director
CAPITAL STRUCTURE
Securities		(m)
Ordinary Shares		83.1
Market Capitalisation (at $0.83/share)		$69.0
Options ($0.75, 3 year)		1.8
Options ($0.90, 3 year)		1.3
Performance Rights		25.9

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Board and Management

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Experienced and motivated team in place to deliver Wuudagu into production

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George Lloyd NON-EXEC CHAIR

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Ryan de Franck MANAGING DIRECTOR

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Vivienne Powe NON-EXEC DIRECTOR

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Richard de Franck NON-EXEC DIRECTOR

Over 40 years of resource industry and corporate finance experience

Previous roles including RGC, Elders Resources, Cape Alumina and Metro Mining

Currently Chair of Ausenco and Astron and NED of Cemos Group

Over 20 years of resource industry experience across mining services, corporate finance and company management

Founded VBX to pursue the development of the Wuudagu Bauxite Project

Previous roles including Liberum Capital, Deloitte and ThyssenKrupp

Over 30 years of project development, operational and corporate development experience

Previous roles with Perenti Global, Global Advanced Metals, BHP and Iluka

Currently a senior executive with Lynas Rare Earths

Over 40 years of resource industry and industrial relations experience

Previous roles with J Ray McDermott, Davey McKee Pacific and GRN Australasia

Currently a Director of Offshore Installation Services

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Emma Wates COMPANY SECRETARY

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Lloyd Dolman GM - DEVELOPMENT

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Chris Handley GM - EXPLORATION

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Les Purves GM - ENVIRONMENT

Over 15 years of financial reporting, business development, risk management, project development and company secretarial experience Previous roles with ASX listed resources companies and KPMG Engaged by VBX through Automic

Over 25 years of study, development, operations and maintenance experience in Western Australia and Guinea with a particular focus on bulk commodity beneficiation and ports

Previous roles including Koumbia Bauxite, Roy Hill and Rio Tinto

Over 30 years of mineral exploration, resource definition, grade control and mine planning experience in Western Australia and the Northern Territory

Previous roles including Mineral Resources, Roy Hill, South32 and BHP

Over 20 years of resource industry experience focused on environmental management, approvals and compliance in Western Australia

Previous roles including Mineral Resources, BCI Minerals and Karara Mining

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Socially and Environmentally Responsible

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Traditional Owner engagement and participation is a core value of the company

• Working with Wunambal Gaambera at Wuudagu since 2016

Kalumburu (2021 census)

• Seeking to have a positive impact on the local community that lasts well beyond our on-site presence

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388 people

• Creation of training, employment and economic opportunities

• Establishment of regional infrastructure

79% unemployment

• Commitment to developing and operating Wuudagu in accordance with the Sustainable Bauxite Mining Guidelines

• Contribute to regional environmental management, working closely with Traditional Owners

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WUUDAGU BAUXITE PROJECT

Wuudagu Bauxite Project

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Near term bauxite export operation producing an attractive low silica product

• 100% owned by VBX

• Key product grade and logistical advantages

• PFS (2025) on Wuudagu C Deposit only

• 63Mt Indicated Resource, 10 year life

• 59.5% mass recovery producing 3.5Mtpa of low silica, beneficiated product

• 2025 drilling and metallurgical programs have materially enhanced project scale

• 108% increase in M&I Resource to 132Mt

• Improved mass recoveries of 69.7 to 72.9% at +3.35mm screen size

• Higher mining throughput rate of 8 to 9Mtpa being assessed as part of an expanded DFS on Wuudagu B, C, D, E and F Deposits

WUUDAGU PROJECT LAYOUT

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CAPE
11 KM
PANAMAX TRANSHIPPING
7 KM
MNKA
33 KM ROAD HAULAGE
KALUMBURU
8 to 9 MINING AND
MTPA
BENEFICIATION
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Corporate Presentation – March 2026

Project Development Concept

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Standard operating methods to deliver a structural cost advantage

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1 2 3
Surface Mining Beneficiation Staged Rehabilitation
Flat orebody, low strip ratio Low silica content product Minimising environmental impact
6 5 4
Transhipment Marine Loading Road Haulage
~10km to load Cape size vessels Low capital cost solution ~30km to port
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Attractive Wuudagu Product Grade

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Low silica content and high alumina to silica ratio desirable to end users

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20
ATTRACTIVE TO CBIX [1] Benchmark – 5%
Guinean
END USERS
Bauxite Index [1]
Avg. Wuudagu PFS Product Grade
45.4% Al O & 3.6% SiO
15 2 3 2
Wuudagu
CBIX [1] Benchmark – 10x
10
Australian
Bauxite Index [1]
5
LESS ATTRACTIVE
TO END USERS
0
0 2.5 5 7.5 10
Silica Content (%)
Alumina to Silica Ratio
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1. CM Group CBIX (50% Al2O3 and 5% SiO2), GBIX: Guinea Bauxite Index (45% Al2O3 and 3% SiO2) and ABIX: Australian Bauxite Index (54% Al2O3 and 9% SiO2)

Source: CM Group (2025) Bauxite Industry Report

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Industry Leading Cost Curve Position

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Product quality and efficient logistics provide structural cost advantage and margin protection

• Close proximity to the coast

• Near shore deep water

• Protected deep water bay

• Close to customers

Short road haulage Short jetty length and transhipping distance Flexibility to load all vessel classes year round Short shipping distance

VALUE IN USE[1] ADJUSTED CHINESE IMPORTED BAUXITE SUPPLY COST CURVE (2030)

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Wuudagu Australia Guinea Other
0 50 100 150 200 250
Cumulative Seaborne Supply (Mtpa)
ViU Adjusted Cost CFR China (US$/t) WUUDAGU
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1. CM Group has developed a Value-in-Use (ViU) adjustment procedure whereby the price of each bauxite product arriving in China is adjusted to that of a standardised bauxite product (50% Al2O3 and 5% SiO2). The theoretical landed price of the standardised bauxite product is calculated so that its processing cost to alumina is the same as that of the actual bauxite product arriving in China.

Source: CM Group (2025) Bauxite Industry Report

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Strong PFS (2025) Results – Wuudagu C

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Highlighted our near term, low capital intensity and high margin opportunity

KEY PRELIMINARY FEASIBILITY STUDY (2025) METRICS

PRE-TAX NPV 8 M A$821

PRE-TAX IRR 136%

PAYBACK PERIOD 16MONTHS

PRODUCTION 3.5MTPA AVG. PRICE[1] /T CFR A$93 1. PRICE OF US$65/T CFR AND USD:AUD OF 0.70

MINE LIFE 10YRS AISC /T CFR A$54

CAPEX M A$125 AVG. EBITDA M A$143

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108% increase in M&I Resource to 132Mt

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Wuudagu G, the second largest plateau area at 6.6km[2] , remains undrilled

PLATEAU AREA SUMMARY

Plateau	km2	M&I MRE1 Mt
Wuudagu B	2.9	21.0
Wuudagu C	10.7	74.8
Wuudagu D	1.8	16.7
Wuudagu E	0.7	6.7
Wuudagu F	1.9	12.7
Total	18.0	131.9
Wuudagu G	6.6	Undrilled
Wuudagu Total	24.6
East Kalumburu A	4.7	2025 Drilling
East Kalumburu B	1.6	Undrilled
East Kalumburu C	1.2	Undrilled
EK Total	7.5

1. 2026 Measured & Indicated Mineral Resource Estimate

PLATEAU AREA MAP

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A
B
WUUDAGU
C
EAST
KALUMBURU
D
B
E C
F
G A
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Improved Beneficiation Recoveries

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Successful DFS metallurgical optimisation test work delivers improved beneficiation results

• Wuudagu bauxite is highly amenable to beneficiation through simple, industry standard methods

• DFS metallurgical test work program designed to optimise scrubbing and screening parameters

• By reducing the amount of water used (increasing the solids ratio) and how long the bauxite is scrubbed for (decreasing the residence time)

• Improved mass recoveries of 69.7 to 72.9% at +3.35mm screen size

+3.35MM MASS RECOVERY – PFS VS DFS TEST WORK

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75 72.9
69.7
70
65
59.5
60
55
50
2025 PFS 55% Solids / 1.5 55% Solids / 2.0
Min Min
Mass Recovery (%)
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• Maintain attractive low silica, product grade

+3.35MM PRODUCT GRADE – PFS VS DFS TEST WORK

• Additional opportunity to further increase mass recovery up to 80% at a lower screen size of +1mm

	Al2O3 (%)	SiO2 (%)
PFS (2025)	45.4	3.6
DFS Test Work (ongoing)
55% Solids / 1.5 min Residence Time	45.2	3.5
55% Solids / 2.0 min Residence Time	45.9	3.2

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Offtake and Financing

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Strong interest in securing Wuudagu bauxite product marketing and offtake rights

• Versatile, low silica product with attractive blending characteristics

+3.35MM WUUDAGU BAUXITE PRODUCT

• Best suited to high temperature digestion, can be used as low temperature or sweetening material

• Low silica content drives higher value in use

• Product samples supplied to several potential customers, positive feedback received

• Seeking to optimise the Wuudagu product offering and maximise the value in use to specific customers

• Working with a leading global investment bank to finalise offtake and funding discussions with potential strategic partners

AVERAGE PRODUCT SPECIFICATIONS

Crystalline Phase	Percentage
Total Al2O3	45.4
Available Al2O3(145 degrees)	37.1
Total SiO2	3.6
Reactive SiO2(145 degrees)	2.6
Fe2O3	24.8
Organic Carbon	0.14
Moisture	10.0

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Native Title and Heritage Approvals

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Strong support from Wunambal Gaambera for the development of Wuudagu

• Native Title, Heritage Protection and Mineral Exploration Agreement signed in 2016

• Mining Agreement Negotiation Protocol signed in 2019

• Established the process, timing and budget for finalising a Mining Agreement and ILUA for the development of the Wuudagu bauxite project

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• Heritage Surveys conducted in 2016, 2018 and 2023

• Significant engagement, consultation and cooperation during environmental surveys and approvals process

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Corporate Presentation – March 2026

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Environmental Approvals

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Wuudagu is being assessed by the EPA and DCCEEW under a public review process as an accredited assessment

EPA / EPA / DCCEEW Scoping Review Assessed DCCEEW Referral Document Document Approval Dec 2019 Feb 2020 Jun 2021 Early 2026 Early 2027

• Baseline level 2 dry and wet season terrestrial and marine surveys completed since 2020 with positive results

• Final surveys completed in 2025 ahead of Environmental Review Document being lodged

• Environmental offset programs being planned to support key targets in the Wunambal Gaambera Healthy Country Plan

• Key environmental approvals targeted for early 2027

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Near Term Wuudagu Production

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Clear pathway to project approvals and first production in 2027

Offtake & Geology Metallurgy Engineering Approvals Financing 2016-26 2018-26 Mid 2026 H2 2026 Early 2027 • • • • • +1,100 holes and +30 bulk samples DFS planned to Positive Western Australia +9,000m of drilling tested support offtake engagement with is a world class completed and financing end users and mining location • Attractive low discussions debt providers • • 132 Mt M&I silica product Established • Mineral Resource grade confirmed Offtake and approval process financing • • • Additional Additional test discussions Strong support exploration upside work to support ongoing from Traditional DFS and offtake Owners discussions • Positive results from surveys

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Summary

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• 131.9Mt M&I Mineral Resource

Advanced Project • Targeting completion of expanded DFS mid 2026 Status

• Clear pathway to project approvals and first production in 2027

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High Quality, High Margin

• High grade, low silica beneficiated product of 45.4% Al2O3 and 3.6% SiO2

• PFS (2025) demonstrated low upfront capital costs and first quartile operating costs

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• Strong support from Traditional Owners, commitment to social and environmental responsibility

Wuudagu • Competitive Industry leading mine to customer logistics Advantages • Attractive product grade vs peers with low silica product through on-site beneficiation

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• 108% increase in M&I Resource from 2025 drilling program, 6.6km[2] Wuudagu G remains undrilled

Significant 108% increase in M&I Resource from 2025 drilling program, 6.6km Wuudagu G remains undrilled • Exploration Large scale bauxite exploration opportunity at 1,118km[2] Takapinga Bauxite Project in the Northern Upside Territory

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Bauxite Supply Issues

• An additional 39Mtpa of Chinese bauxite imports required by 2035

• Highly concentrated supply and increasing global supply risk

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APPENDICES

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JORC (2012) Mineral Resource Estimate

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MINERAL RESOURCE ESTIMATE FOR THE WUUDAGU BAUXITE PROJECT

Category	Plateau	Tonnes M	Al2O3 %	SiO2 %	Fe2O3 %	LOI %
Measured	B	14.1	39.5	13.0	22.8	19.9
	C	27.8	39.9	12.5	23.3	19.8
	Sub-Total	41.9	39.8	12.7	23.1	19.8
Indicated	B	6.9	39.2	13.7	22.7	19.6
	C	39.4	39.4	14.9	21.8	19.6
	CNN	7.5	39.2	13.3	23.4	19.8
	D	16.7	42.1	9.6	22.5	21.0
	E	6.7	41.3	9.5	23.3	21.0
	F	12.7	42.6	9.7	21.2	21.6
	Sub-Total	90.0	40.5	12.5	22.2	20.3
Measured & Indicated	Total	131.9	40.2	12.6	22.5	20.1
Inferred	A	8.4	35.9	14.3	28.0	17.9
	CN	1.1	45.1	12.1	14.6	22.9
	F	1.8	35.2	12.2	30.4	18.0
Inferred	Total	11.3	36.7	13.7	27.1	18.4
Based on a 22.5% SiO2 upper cut-off grade
Corporate Presentation – March 2026 23

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RYAN DE FRANCK MANAGING DIRECTOR RYAND@VBX.LIMITED

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