Announcement PDF Australia’s Next Rare Earths Producer Corporate Presentation FY23 year in review Picture: Kurrbili Village Hastings Technology Metals Limited | ASX : HAS FY23 year in review | 1 5 October 2023 Importance notices and disclaimer All currency amounts are in A$ unless stated otherwise Disclaimer This presentation has been prepared by Hastings Technology Metals Limited (“Company” or “Hastings”). This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any securities in the Company. This presentation has been made available for information purposes only and does not constitute a prospectus, short form prospectus, profile statement or offer information statement nor does it constitute investment or financial product advice (nor taxation, accounting or legal advice) and it is not intended to be used as a basis for making an investment decision. This presentation is provided expressly on the basis that you will carry out your own independent inquiries into the matters contained in the presentation and make your own independent decisions about the affairs, financial position or prospects of the Company. The Company reserves the right to update, amend or supplement the information at any time in its absolute discretion (without incurring any obligation to do so). To the maximum extent permitted by law neither the Company, nor its related bodies corporate, officers, their advisers, agents and employees accept any responsibility or liability to any person or entity as to the accuracy, completeness or reasonableness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or provided in connection with it, or any omission from this presentation, nor as to the attainability of any estimates, forecasts or projections set out in this presentation. Any such responsibility or liability is, to the maximum extent permitted by law, expressly disclaimed and excluded. Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities in the United States or any other jurisdiction where it would be illegal. It does not include all available information and should not be used in isolation as a basis to invest in the Company. Forward Looking Statements This presentation contains reference to certain intentions, expectations, future plans, strategy and prospects of the Company. Those intentions, expectations, future plans, strategy and prospects may or may not be achieved. They are based on certain assumptions, which may not be met or on which views may differ and may be affected by known and unknown risks. The performance and operations of the Company may be influenced by a number of factors, many of which are outside the control of the Company. No representation or warranty, express or implied, is made by the Company, or any of its directors, officers, employees, advisers or agents that any intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved. Competent Persons’ Statement The information in this release that relates to Mineral Resources is based on information compiled by David Princep and Lyn Widenbar. Both Mr. Princep and Mr Widenbar are independent consultants to the Company and members of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Princep and Mr Widenbar have sufficient experience relevant to the styles of mineralisation and types of deposits which are covered in this announcement and to the activity which they are undertaking 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’ (“JORC Code”). The information in this announcement that relates to the Ore Reserves at Bald Hill, Simon’s Find, Fraser’s, Auer, Auer North, Yangibana and Yangibana North is based on information reviewed or work undertaken by Mr. Stephen O’Grady, member of the Australasian Institute of Mining and Metallurgy, and a Director of Intermine Engineering Consultants. Mr O’Grady 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 O’Grady consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. The scientific and technical information in this announcement and that relates to process metallurgy is based on information reviewed by Ms. Narelle Marriott (General Manager Process Development) of Hastings Technology Metals Limited. Ms. Marriott is a member of the AusIMM and has sufficient experience 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 by the JORC Code 2012. Ms. Marriott owns shares in the company and participates in the company employee share plan. Ms. Marriott consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears. The information in this announcement that relates to Exploration Results in relation to the Yangibana Project is based on information compiled by Dr. Louis Schürmann (PhD), a Competent Person, who is a Fellow of the Australian Institute of Mining and Metallurgy. Dr. Schürmann has sufficient experience that is relevant 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, Minerals Resources and Ore Reserves. The Qualified Person has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in this release. Dr. Schürmann consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. Given the risks and uncertainties that may cause the Company’s actual future results, performance or achievements to be materially different from those expected, planned or intended, recipients should not place undue reliance on these intentions, expectations, future plans, strategies and prospects. The Company does not warrant or represent that the actual results, performance or achievements will be as expected, planned or intended. The Company is under no obligation to, nor makes any undertaking to, update or revise such forward looking statements, but believes they are fair and reasonable at the date of the presentation. FY23 year in review | 2 FY23 year in review FY23 year in review | 3 Picture: Maiden flight landing at Yangibana Airstrip (18 May 2023) A pivotal year Significant progress made over the past 12 months to support pathway to first concentrate production Q1 $110m capital raise via two tranche placement and SPP (underwritten) $150m cornerstone investment by Wyloo Metals (Tattarang) Mobilisation of contractors for construction of airstrip and village Final results from 2021-22 resource definition RC drilling program Q2 Q3 Mineral Resource upgrade to 29.9Mt Appointment of Teck Lim as Chief Financial Officer Acquisition of 19.9% Neo Performance Materials Inc (Neo) shareholding NAIF increases financial support to $220m Offtake MOU signed with Solvay (France) Letter of support received from Export Finance Australia for $110m 25% increase in Ore Reserve to 20.9Mt Q4 $210m EPC contract for beneficiation plant awarded to GR Engineering Services (GRES) Announcement of two-stage development strategy for Yangibana Project Updated capital cost and operational expenditure Q1 FY24 Appointment of Paul Brown as Chief Executive Officer Expanded offtake with thyssenkrupp (TK) to meet bankability requirements Successful completion of financing due diligence including Technical Report from Behre Dolbear Australia (BDA) Acquisition of Cadence’s 30% interest in Yangibana JV (Hastings now owns 100%) FY23 year in review | 4 1 FY23 financial summary Early works completed to accelerate development of the Yangibana rare earths project in FY24 $260 million $106 million $150 million Capital raised in FY23 – $110 million equity raise and $150 million convertible note from Wyloo Invested in early infrastructure works at Yangibana (at 30 June 2023) including village, airstrip, borefield and access road Invested in Neo to support Hastings’ mine to magnet strategy $102 million $493 million $315 million Strong cash balance (at 30 June 2023) Total assets – reflecting significant advancement of infrastructure at Yangibana 1 Refer ASX announcement “Annual Report to Shareholders”, dated 28 September 2023 Net assets – reflecting significant value of Hastings FY23 year in review | 5 Yangibana Project progress All primary approvals in place and $106m already invested in early infrastructure works Kurrbili Village – complete 294 beds, new admin building, mess, medical centre and gym SipHon Well Borefield – complete 30km pipeline; six bores 22% of Stage 1 capital cost already spent on early infrastructure works $52 $106 Stage 1 capital cost $470m $312 Yangibana Airstrip – complete 2km x 30m to support 70-seater aircrafts First flight on 18 May 2023 Remaining capital cost Aerodrome facilities - complete Early infrastructure works Contingency FY23 year in review | 6 1 FY23 cashflow movements Significant investment into early infrastructure works at Yangibana and purchase of 20% shareholding in Neo Early works/ infrastructure - Village - Airstrip - Borefield - Access Road - LLT items - Onslow costs Purchase of 20% in Neo 150.0 Wyloo Funding 106.6 Equity Raise Dividends received: from investment in Neo Opening cash balance at 1 July 2022 Exploration costs: updated Mineral Resource and Ore Reserves in FY23 119.9 (120.5) Opening cash Net proceeds (Share issue) Payments for plant and equipment (151.0) Proceeds from borrowings Payment for Neo shares 2.5 (14.1) Payments to suppliers and employees Cash balance at 30 June 2023 15.0 4.4 (6.8) Dividends (Neo) 1 Refer ASX announcement “Annual Report to Shareholders”, dated 28 September 2023 Payments for exploration Net interest Other (7.2) (0.2) Payment of borrowing costs Lease payment / exchange rate (adj) 3.6 102.2 Bank guarantees Closing cash FY23 year in review | 7 Project update FY23 year in review | 8 Yangibana Rare Earths Project Positioning Hastings to become a significant supplier of critical minerals needed to power the energy transition Two stages Ore Reserve – 20.9Mt Mineral Resource – 29.9Mt 37,000 tpa 37% NdPr:TREO Average ratio over mine life, including up to 52% in some deposits Halls Creek Broome Port Hedland 17-year mine life Stage 1 – Mine and beneficiation plant Stage 2 – Hydrometallurgical plant Stage 1 – concentrate production Stage 2 – MREC production (15,000tpa) Stage 2 Hydrometallurgical plant Dampier Onslow Onslow plant Yangibana mine site Carnarvon Meekatharra Yangibana will produce ~3,400tpa of NdPr for use in rare earth magnets 55 million EVs Carbon emissions by around 1.2 billion tonnes CO2e* *compared to internal combustion engines Geraldton Kalgoorlie 170GW Installed direct wind turbine capacity Perth Stage 1 Yangibana mine and beneficiation plant Albany FY23 year in review | 9 1 Beneficiation plant EPC contract Fixed-price contract for construction of beneficiation plant and associated infrastructure $210 million contract Engineering, Procurement and Construction (EPC) contract with GR Engineering Services, Including fixed price portion of $180 million Lower cost Compared to previous Engineering, Procurement and Construction Management (EPCM) model De-risks project Lowers project delivery risks, provides process and product quality guarantees and greater certainty on timeframe with first concentrate in Q2 2025 1 Refer ASX announcement “Hastings Reduces Yangibana Delivery Risk Awards EPC Process Plant Contract to GR Engineering”, dated 3 May 2023 FY23 year in review | 10 Stage 1 execution schedule Enhanced staged development strategy enabling a quicker pathway to cashflow Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Q4 EPC contract executed Enabling Works (Airstrip, Roads, Village) Start of main construction Utilities and services (Power, Water, Gas) First concentrate on truck Q4 2025 – cashflow positive Beneficiation Plant Commissioning Production Ramp Up to ~37ktpa (27% TREO Concentrate) Q2 2026 nameplate FY23 year in review | 11 Resource and Reserve development Significant exploration targets providing growth optionality Yangibana Project Mineral Resources and Ore Reserves1 Yangibana Project – total JORC Mineral Resources (30 Oct 22)1 60 Exploration target of 40 to 60 million tonnes2 40 Mt %TREO %Nd2O3+ Pr6O11 TREO tonnes Measured 4.97 0.96 0.37 47,721 Indicated 19.51 0.88 0.32 171,936 Sub-total 24.49 0.90 0.33 219,657 Inferred 5.45 1.05 0.31 57,298 TOTAL 29.93 0.93 0.32 276,955 Yangibana Project – total JORC Ore Reserves (6 Feb 23)1 30 17-year mine life Million Tonnes 50 Category 20 10 0 Aug 2014 Oct 2015 Jun 2017 Mineral Resources Jul 2018 Ore Reserves Nov 2019 Feb 2023 Exploration Target Deposit Mt %TREO Bald Hill 8.12 0.79 0.32 41 Fraser’s 1.77 1.01 0.43 43 Simon’s Find 2.69 0.53 0.28 53 Auer 2.83 0.96 0.34 35 Yangibana 1.31 0.79 0.37 47 Yangibana North 4.21 1.29 0.34 26 TOTAL 20.93 0.90 0.33 37 1 Refer ASX announcement “Yangibana Ore Reserves Increase by 25%”, dated 6 February 2023 - numbers may not add due to rounding 2Refer ASX announcement “Potential identified to significantly expand Yangibana Resource base”, dated 15 December 2022 Disclaimer: There is no certainty that further exploration work will result in the determination of Mineral Resources (or Ore Reserves) Nd2O3+ Pr6O11 as % of TREO %Nd2O3+ Pr6O11 FY23 year in review | 12 Exploration potential Only ~50sqkm drilled out compared to a total tenement area of ~650sqkm 66km strike length Significant exploration upside with only one-third of strike length (24km) defined as a Resource Exploration focus Expanding mine life beyond initial 17 years to build long-term value for stakeholders Existing 29.93Mt Mineral Resource has been defined over 24km of strike length Additional exploration potential strike length of 42km identified Disclaimer: There is no certainty that further exploration work will result in the determination of Mineral Resources (or Ore Reserves) FY23 year in review | 13 Financials, economics and ESG FY23 year in review | 14 1 Updated stage 1 metrics Results of comprehensive project delivery and capital review in H1 2023 reaffirming attractive project economics 37,000 tpa 17 years Life of mine Production (stage 1 concentrate) $470m $106m Stage 1 capital cost Costs incurred (as at 30 June 2023) $530m - $1,010m 27.5% - 50.9% Post-tax NPV11 (ungeared)2 Post-tax IRR (ungeared)2 $175m - $250m 2.1 - 4.4 years Average EBITDA per annum2 Payback period2 1 Refer ASX announcement “Corporate Presentation - Staged Development Strategy”, dated 31 May 2023 2 Higher project metric range shows the potential for improved economics through tolling and/or profit sharing arrangements FY23 year in review | 15 Corporate structure Separate ring-fenced funding structures, with Wyloo convertible note secured over Neo shares Hastings Technology Metals Limited (ASX: HAS) 100% 100% Gascoyne Metals Pty Ltd 100% Yangibana Pty Ltd Commentary HTM Investments (One) Pty Ltd Convertible note security is over Neo Performance Materials Inc. TSX shares. 20.39% Shareholding in Neo Performance Materials Inc. (TSX: NEO) Share security • The Yangibana Project encompasses 100% owned tenements through Yangibana Pty Ltd and tenements owned 100% by Gascoyne Metals Pty Ltd • Investment in Neo and limited recourse funding is ring fenced Ring Fenced Yangibana Project Funding Structure Ring Fenced Neo Convertible Note Structure 100% Yangibana Rare Earths Project FY23 year in review | 16 Basket price analysis Based on market consultants and the expected Yangibana elemental composition Elemental basket price (US$/kg TREO) (real $2023) CRU, Adamas Intelligence 69.5 27.01 1 Pricing includes 13% VAT and Opex includes US$10/kg processing charge (excl. US$ 3/kg separation fee) Market leading basket 50 40 High value NdPr composition leads to higher realised pricing 30 20 High margin producer 10 0 Blend (Base Case) 2 year historical average OPEX Blend (Equity/High case) 2030 54.1 60 2029 Opex (LOM average) CRU, Adamas Intelligence, Wood Mackenzie 2028 Blend (Equity/High Case) 48.1 2027 Blend (Base Case) Actual Up to 52% NdPr in TREO composition in certain parts of the orebody 70 2026 2-year Historical Average High NdPr:TREO 80 $US/kg TREO US$/kg REO (Yangibana basket) Market Consultant 2025 Elemental basket price Yangibana Project will be in the first quartile on the global margin curve (assessed by CRU) FY23 year in review | 17 Concentrate and MREC offtake from thyssenkrupp Offtake discussions focused on parties with existing hydrometallurgical facilities in Australia and Asia Offtake contract for two-thirds of production Counterparty thyssenkrupp Materials Trading1 MREC : Heads of Agreement / MOU Neo Performance Materials2 Solvay Brussels, Belgium Counterparty headquartered Essen, Germany Toronto, Canada Agreement type Binding Framework Agreement towards take or pay offtake contract Non-binding heads of agreement towards offtake contract Non-binding memorandum of understanding towards offtake contract Agreement term 10 years from production start Initial period of 10 years 5 years (TBC) Quantity Years 1-5 Years 6-10 Stage 1 ~25,000tpa concentrate Stage 2 ~10,000tpa MREC 2,500tpa MREC ~67% of production ~30% of production (Processing in France) Note: Hastings also has a non-binding master agreement with Schaeffler 1 Refer ASX announcement “Hastings and thyssenkrupp expand terms of offtake to align with Stage 1 of the Yangibana Rare Earths Project”, dated 12 September 2023 2 Refer ASX announcement “Hastings and Neo sign non-binding Heads of Agreement for rare earth concentrate offtake and downstream collaboration”, dated 13 June 2023 FY23 year in review | 18 Funding update Significant progress on funding pathway Staged development feasibility study Completion of independent due diligence reports Credit commitments (Jan – May 2023) (Jun – Sep 2023) (Oct – Dec 2023)  Comprehensive project delivery and capital review underpinning move to staged development strategy  Updated capital cost and operating expenditure  De-risked project via shift to fixedprice EPC contracting structure  Completion of early infrastructure works  Independent Technical Expert (ITE) report by Behre Dolbear Australia (BDA) confirming revised cost estimates are reasonable and appropriate  Market consultant report completed by CRU, confirming Yangibana’s competitive position in the first quartile of global margin curve  Financing legal due diligence reports completed by Herbert Smith Freehills (HSF) and Gilbert + Tobin  Indicative commitments and term sheets received from multiple financiers  Financiers completing due diligence and reviewing confirmatory lender reports and materials  Progress to finalise optimal debt structure and funding stack by end of CY2023  ESG ratings and sustainable finance accreditation secured from multiple agencies (Sustainalytics, EcoVadis and DNV)  Updated offtake terms with thyssenkrupp to meet bankability requirements  Other customary financing workstreams including tax and financial modelling undertaken by KPMG FY23 year in review | 19 Leading ESG credentials Outperforming our peers and competitors in sustainability performance Ranked fourth out of 159 companies in 2022 diversified metals mining subindustry category Gold Rating – ranked in top five per cent of companies assessed Formal supporter of the Task Force on Climate-Related Financial Disclosures Participant in the Ten Principles of the UN Global Compact Positively assessed against IFC performance standards and Equator Principles IV (World Bank) FY23 year in review | 20 Mine to magnet strategy FY23 year in review | 21 Hastings mine-to-magnet strategy Focused on the staged delivery of the Yangibana Project, with optionality to pursue mine-to-magnet business strategy Stage 1 Mine and beneficiation plant Stage 2 Hydromet plant Stage 3 Mine to magnet strategy Mining Beneficiation Hydrometallurgy Oxide separation RE metal creation Alloy creation Permanent magnets Traditional drill, blast, load and haul Crushing, grinding, flotation, tailings and handling Cracking, leaching, precipitation and drying Toll treatment, separated high purity RE oxide precipitation Separated RE oxides turned into RE metal Create RE alloys used in production of permanent magnets Used for EVs, wind turbines, electronic appliances, smartphones etc Upstream Downstream FY23 year in review | 22 Investment in TSX-listed Neo Performance Materials 20% strategic shareholding provides opportunity to create an integrated mine to magnet supply chain Leading global manufacturer of rare earth elements • Owns the only operating commercial rare earth separation facility in Europe, with additional facilities in China • Rare earth metal, alloy and magnetic powder production facilities in Thailand and China • Rare earth magnet manufacturing facilities in China • Sintered rare earth magnet manufacturing facility under construction in Estonia, with production expected from 2025 A$379m A$1.0bn A$119m A$2.5m Market capitalisation CY22 EBITDA CY22 total revenue Dividends paid to Hastings from Neo shareholding in FY23 Picture: Groundbreaking ceremony for Neo’s sintered rare earth magnet manufacturing facility in Estonia FY23 year in review | 23 Investment highlights Yangibana is positioned to supply neodymium and praseodymium needed for permanent magnets for the global energy transition (EVs and wind turbines) and advanced technologies World-class tier 1 asset NdPr is critical to the global energy transition, with significant supply deficit expected Development ready One of the highest compositions of NdrPr:TREO ratios globally with a life-of-mine average of 37% (up to 52%) Fully permitted for first concentrate production; $106 million already invested in early infrastructure works Enhanced delivery model Robust project metrics ESG focus Two-stage development reducing upfront capital requirements and faster pathway to early project cashflows Situated in first quartile on global margin curve (CRU) Leading ESG credentials; targeting 40-80% renewable energy for Yangibana’s power supply Strong market fundamentals FY23 year in review | 24 Appendix FY23 year in review | 25 Board of directors Highly experienced and credentialed board Charles Lew Executive Chairman • Took over HAS in December 2013 and appointed Chairman • 30+ years investment banking experience in London and Singapore, including as MD of ABN Amro Investment Bank Singapore and independent non-executive director of Malaysia’s RHB Banking Group • Entrepreneur with business experience in macro hedge fund, F&B and real estate Bruce McFadzean Non-Executive Director • Joined the Board in January 2021 • Managing Director of Sheffield Resources 2015 - 2021 • 40+ years in the global resource industry including 15+ years with BHP Billiton & Rio Tinto • Led successful financing and operation of mines around the world Jean Claude Steinmetz Non-Executive Director • Joined the Board in July 2016 • Chief Operating Officer for Lynas Corporation 2013 - 2015 • 25+ years in the chemical industry with Rhodia and General Electric • Chairman of the Auto Plastic and Innovative Materials Committee of Sino-EU Chemical Manufacturers Association Mal Randall Non-Executive Director • Joined the Board in February 2019 • 45+ years extensive experience in corporate, management and marketing in the resources sector, including 25+ years with the Rio Tinto group of companies Guy Robertson Finance Director Joint Company Secretary • Served on the Board of Hastings since October 2012 • 30+ years CFO experience • CFO for various ASX listed junior mining companies • Senior finance executive in Jardine Matheson Group in Hong Kong and Australia including Jardine Lloyd Thompson, Colliers Jardine, and Franklins Limited Neil Hackett Non-Executive Director Joint Company Secretary • Joined the Board in November 2018 • 15+ years ASX Director, Company Secretary with mining and industrial experience • Corporate Finance and Regulatory Experience with ASIC 1990-1999 • Independent Corporate Governance Advisor and AICD Facilitator FY23 year in review | 26 Senior management team Paul Brown Chief Executive Officer • Mining engineer with over 20 years' experience across a range of senior management and operating roles, most recently as Chief Executive – Commodities at Mineral Resources Limited • Expertise covers the entire mining project life cycle and strong track record in major project construction, management, commissioning and operation, including at Fortescue Metals Group Gareth Fleming Project Director • Engineering professional with over two decades of experience working in construction in Australia and overseas • Experience covers managing and delivering complex projects in Australia and overseas, including construction of Australia’s largest salt and potash facility at Mardie for BCI Minerals Rob Klug General Counsel • Resources and corporate lawyer with over 30 years of experience in start-up and operational environments, including business development and due diligence • Most recent positions include general counsel and company secretary for EV Metals Group and previously as Chief Commercial Officer at Sandfire Resources Teck Lim Chief Financial Officer • Chartered accountant with 20 years’ accounting and finance experience, specialising in mining and metals project development at corporate finance firms KPMG, Deloitte, ING and HSBC • Formerly CFO at Nico Resources and lead project financial advisor to Hastings while at KPMG corporate finance. Expertise covers base metals, bulk commodities, battery minerals and precious metals Rachael Ward-Pryce Head of People • Joined Hastings in April 2021 with nearly two decades of experience in all facets of human resources management • Recruited and built teams for domestic and international operations for Newmont Australia, Resolute Mining, Iluka Resources, Alcoa Andrea Righetti GM Project Services • Joined Hastings with 25 years’ experience in the resources industry, delivering project controls, contracts and procurement support to mining and oil and gas projects for EPC/M and owners’ teams • Most recently General Manager Project Services at Rio Tinto Tim Gilbert GM Operations • Senior mining executive with over 40 years’ experience in the resources sector across multiple commodities, including battery metals, base metals, diamonds and gold • Expertise covers a range of operational and technical roles for major contractors including Thiess and Leighton, as well as global mining companies including Rio Tinto Narelle Marriott GM Process Development • Joined Hastings in late 2014 working on metallurgical process development, bringing experience in operations, flowsheet development, project engineering, R&D and project improvement • A minerals process engineer with 20 years’ experience in the mining industry across nickel, iron ore and rare earths Hannah Elms GM Safety, Environment and Sustainability • Health and safety professional with over 11 years’ experience in occupational health and safety management across the mining industry in lithium, salt and related industries • Expertise extends to environmental management system development, integration and implementation FY23 year in review | 27 Unique tier 1 asset World-class deposit with unrivalled high percentage of NdPr:TREO in the orebody in a tier one jurisdiction, supplying the critical raw materials for rare earth magnets Average NdPr:TREO Ratio1 Sichuan (China) NdPr are critical elements of the global energy transition 14% Mt Pass (US) Kangankunde (Malawi) 16% LCD / PDP Screens 21% Bayan Obo (China) 21% Nolans (NT) Defence Headphones Guidance and control 20% Ngualla (Tanzania) Mt Weld (WA) Speakers Average NdPr:TREO ratio surpassing most global projects 23% 26% Songwe Hill (Malawi) 37% 1 Source: Refer to Slide 32 Y Eu Sc 33% Yangibana (WA) Energy saving light bulbs Displays Y Y Ce Eu La Wind turbines Tb Ce Pr Nd Pr Dy Nd Electric vehicles Pr Nd Sm Pm Sm Light Rare Earths Tb Dy Pr Eu Gd Nd Gd Pr Tb Dy Nd Sm Ho Tb Er Dy Smartphone La Tm Ce Yb Pr Nd Lu Heavy Rare Earths FY23 year in review | 28 Capitalising on high growth market Fueled by the electrification trend – strong growth in NdFeB sintered magnets for electric vehicles and wind turbines Anticipated global REO magnet demand growth by industry1 Key drivers for rare earths 216kt • Electric drivetrains and wind energy to represent 59% of rare earth oxide demand for magnets by 2032 • EV demand to grow significantly by 2032 as governments ban the sale of the traditional internal combustion engines • The Yangibana Project can supply NdPr used in NdFeB magnets for 1.5 million EVs per year (if 100% of sales to this channel) • Wind power has been identified as the fas