Announcement PDF Annual General Meeting 2024 26 November 2024 Hastings Technology Metals Ltd | ASX:HAS Hastings Technology Metals Ltd | ASX: HAS | hastingstechmetals.com| ACN 122 911 399 Yangibana Rare Earths & Niobium Project 1 DISCLAIMER This presentation has been prepared by Hastings Technology Metals Ltd (“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, strategies and prospects of the Company. Those intentions, expectations, future plans, strategies 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. 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. COMPETENT PERSONS’ STATEMENT The information in this presentation relating to Mineral Resources and Ore Reserves have been prepared by a Competent Person in accordance with the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”) and have been extracted from the release title ‘Annual Report to shareholders’ dated 30 September 2024 which is available to view at www.asx.com.au under the code “HAS” (the original release). The Company confirms that it is not aware of any other new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Hastings confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. The information 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 JORC Code. The information 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. Mr O’Grady is an independent consultant to the Company and a member of the AusIMM, 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. 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 Scott Atkinson. Mr Atkinson is a fulltime employee of Hastings Technology Metals Limited and member of the Australasian Institute of Mining and Metallurgy (AusIMM; 3056865) 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. Mr Atkinson 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 Rare Earths and Niobium Project (“Yangibana Project” or “Yangibana”) and the Centipede Range Project (“Centipede Project” or “Centipede”) and other exploration results, are based on information compiled by Competent Person, Dr. Louis Schürmann. Dr. Schürmann is a full-time employee of Hastings and Fellow of the Australasian Institute of Mining and Metallurgy (Aus IMM: 308067). Dr Schürmann has sufficient experience relevant to the styles of mineralization and types of deposits which are covered in this announcement and to the activity which they are undertaking to qualify as a Competent Persons as defined in the JORC Code. Dr Schürmann consents to the inclusion of this announcement of the matters based on the information and context in which it appears. Dr Schürmann has +30 years’ experience as an exploration geologist and project manager. Investor Site Visit – Yangibana Rare Earths and Niobium Project 2 Acknowledgement of Country Hastings acknowledges the Traditional Owners of the land in which we operate including the Thiin-Mah, Warriyangka, Tharrkari and Jiwarli (“TMWTJ”) People of the Gascoyne region. Tharrkari Elder - Mr Ben Roberts 3 AGENDA 1. Chairman’s address 2. Corporate Video 3. Resolutions, proxies and voting 4. Management presentation 5. Questions Dr Louis Schürmann Chief Geologist 4 CHAIRMAN’S ADDRESS Charles Lew, Executive Chairman 5 CORPORATE VIDEO Yangibana Rare Earths & Niobium Project Corporate Video Link: https://vimeo.com/1032813344/d32e93b463 6 Our Vision and Values To be a leading Australian producer of rare earth minerals needed to meet the global transition to renewable energy and advanced technologies. Passion Teamwork Tenacity Owner’s Mindset We are loyal to the project and work passionately to deliver our vision. We pursue new opportunities and solutions with integrity and persistence. We are honest, we care for each other, and work as one team to achieve our common goal. We strive towards excellence and take care and responsibility in everything we do. 7 HASTINGS BOARD Charles Lew Executive Chairman Guy Robertson Executive Director / Joint Company Secretary Neil Hackett Non-Executive Director / Joint Company Secretary Jean Claude Steinmetz Non-Executive Director Mal Randall Non-Executive Director 8 EXPERIENCED SENIOR MANAGEMENT TEAM Hastings leadership team Charles Lew Executive Chairman Tim Gilbert Chief Operating Officer Teck Lim Chief Financial Officer Vince Catania GM - Corporate Peter Phan Project Director Dr Louis Schürmann Chief Geologist Brianna Kent Human Resources Manager Neils Hachmann Head of Business Development 9 YEAR IN REVIEW Significant progress made over the past 12 months to advance and de-risk project delivery Q1 FY241 Q2 FY242 Q3 FY243 Q4 FY245 1H FY256 Offtake contract with Germany’s thyssenkrupp to include up to twothirds of Yangibana’s Concentrate and meet bankability requirements (Moody’s: Ba3 Positive S&P: BB Stable) Engineering and design progress for the beneficiation plant at 81% complete Binding Term Sheet signed for Integrated Multi-Stage Processing and Offtake Agreement Appointment of Dr John McGarva (ex Dyson Head of Engineering) as nominee to Neo’s Board World’s leading magnet manufacturer, JL MAG to become 9.8% strategic investor Moved from domestic profit sharing to integrated multistage model increasing NPV11 by 60% to $865m (from $538m) and IRR improving to 31.28%4 In-depth cost review resulting in $56m in savings in capex and opex during rampup/commissioning. Reviewed by independent engineer, BDA Ranked 10th in Sustainalytics’ diversified metals category Successful completion of $15.8m pro-rata renounceable rights issue Long-lead equipment for Yangibana received including arrival of SAG Mill Completion of early works including the aerodrome, village, access roads, production bore fields, water pipeline, and clearing and grubbing of the plant site Established a Green Financing Framework and verified by DNV confirming alignment with UN SDGs Five years’ lost time injury free marked during the quarter Establishment of $50m At-theMarket facility to assist with working capital funding Market consultant, CRU, verified Yangibana being in the first quartile of the global margin curve MOU signed with Estonian Government, where Neo has an existing separation facility and magnet facility in construction Completed the 5-year review of the Native Title Agreement & reaffirmed mutual commitment Concentrate dryer introduced into design to meet product moisture specifications Organisational restructure to align with strategy and deliver cost saving (reduction in salaries by ~40%). High-grade heavy rare earths recognised from surface at Centipede Range No recordable injuries during FY2024 (LTIFR and TRIFR zero) Maiden Niobium Mineral Resource totaling 6.7Mt containing 15,501t Nb2O5 Multi-commodity revenue stream, Hafnium, a critical metal, was also identified as present at Yangibana Appointment of Peter Phan as Project Director for capital cost review and to prepare for main construction phase 1 Refer ASX Announcement 31 October 2023 “Quarterly Activities Report September 2023” 2 Refer ASX Announcement 30 January 2024 “Quarterly Activities Report December 2023” 3 Refer ASX Announcement 30 April 2024 “Quarterly Activities Report March 2024” 4 Hastings confirms that all material assumptions underpinning the forecast financial information and production targets in the ASX releases dated 31 May 2023 and 15 February 2024 continue to apply and have not materially changed. 5 Refer ASX Announcement 30 July 2024 “Quarterly Activities Report June 2024” 6 Refer ASX Announcement 28 October 2024 “Quarterly Activities Report September 2024” 10 STRATEGIC PARTNERSHIPS End users of rare earths concentrate About JL Mag About Neo Performance Materials INC. (HAS 21.5%) • World’s #1 producer of high-performance rare earth permanent magnets by volume and widely acknowledged as the world leader in the application of Grain Boundary Diffusion technology for magnets REE magnet manufacturing facility Narva, Estonia (In development) REE separation plant Sillamae, Estonia Head Office (Neo) • JL Mag’s prestigious global customer base (refer below) includes the world’s top: • 10 New Electric Vehicles (“NEV”) manufacturers • 8 of the world’s top 10 variable-frequency air-conditioners (“VFAC”) compressor manufacturers • 5 of the world’s top 10 wind turbine generators • Hong Kong Stock Exchange listed JL Mag (HKSE:6680) has a market capitalisation of HK$25.9n / $5.1bn2 Neo Performance Materials Neo Manufacturing Facilities • Binding Term Sheet to become 9.8% strategic investor in Hastings1 • Neo Performance Materials Inc. (“Neo”), is listed on TSX with a market cap. $365m2 and engages in the manufacture and sale of rare earth oxides and metals, magnetic powders, magnets, and rare metal-based materials worldwide • Hastings owns 21.5% in Neo with the acquisition financed via exchangeable notes3 • Hastings has received A$7.9m / C$7.2m in dividends to date • Heads of Agreement (non-binding) signed in June 2023 for rare earth concentrate for up to 25Ktpa4 1 Refer ASX Announcement 9 July 2024 “JL Mag to become 9.8% Strategic Investor in Hastings” 2 S&P Capital IQ as at 15 November 2024 converted at spot exchange rate 3 Refer ASX Announcement 26 August 2022 “To Acquire Shareholding in NEO - Investment in HAS by Wyloo” 4 Refer ASX Announcement 13 June 2023 “Hastings Signs Non Binding Heads of Agreement with NEO” 5 Refer TSX Announcement 22 July 2024 “Neo Announces Update to its Board of Directors” • Hastings’ nominee, Dr John McGarva, former Global Head of Engineering (Haircare) at Dyson appointed to the board of Neo on 22 July 20245 11 RESOLUTIONS (RESULTS TO BE RELEASED POST AGM) 12 MANAGEMENT PRESENTATION 13 SNAPSHOT - YANGIBANA Significant value upside from development of the Yangibana Rare Earths & Niobium Project Yangibana AUSTRALIA Yangibana Project World-class project with robust economics Reserve inventory of 20.93mt containing 188kt of $474m $480m Total Capital Cost (incl. spent Capex) Total Assets1 (30-Jun-24) $156m 21.5% Invested in early infrastructure2 Shareholding in Neo Performance Materials Inc. $291m $865m Remaining Capex2 (excl. $27m contingency) NPV11 (post-tax, ungeared)4 3.4 years 31.28% Payback Period IRR 1 Refer ASX Announcement 30 September 2024 “2024 Annual Report” TREO3, supporting 17-year mine life Niobium Resource of 6.73mt with 15,501t of Nb2O5 (Measured and Indicated) WESTERN AUSTRALIA Onslow Carnarvon Gascoyne Junction Geraldton Perth 2 as at 30 September 2024 Refer ASX Announcement 28 October 2024 “Quarterly Activities Report” 3Total Rare Earth Oxides 4 NPV excludes Niobium by-product credits. Refer ASX Announcement 16 February “Binding Term Sheet Signed for Integrated Tolling and Offtake” Hastings confirms that all material assumptions underpinning the forecast financial information and production targets in the ASX releases dated 31 May 2023 and 15 February 2024 continue to apply and have not materially changed 14 YANGIBANA PROJECT SNAPSHOT Fully permitted and high-margin project with multigenerational opportunities for the Gascoyne region 17-year 20.9mt1 Life-of-mine Ore Reserves 37% High margins Average NdPr:TREO ratio over life-ofmine, driving higher realised rare earth oxide basket price First quartile on global operational margin curve, as verified by CRU Group ~1.1mtpa 37,000tpa Material to the crusher, followed by a grinding and flotation circuit Rare earth concentrate at 27% TREO, containing ~3,400tpa of NdPr oxide Employment Economic Benefits Construction Jobs Operations Jobs >470 >270 >$1bn in Commonwealth tax income >$240m in WA State royalties >$65m in Native Title royalties 1 Refer Slide 28 Refer to disclaimer on Slide 2 for cautionary statements Hastings confirms that all material assumptions underpinning the forecast financial information and production targets in the original release continue to apply and have not materially changed. Kurrbili Village 15 YANGIBANA - UNIQUE TIER ONE 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 Mountain Pass (US) NdPr is critical to the energy transition 16% Kangankunde (Malawi) 20% Ngualla (Tanzania) 21% Bayan Obo (China) 21% Mt Weld (Western Australia) 23% Nolans (Northern Territory) Songwe Hill (Malawi) 26% 33% Yangibana Project (Western Australia) 37% Average NdPr:TREO ratio surpassing most global projects Up to 52% NdPr:TREO ratio in certain parts of the orebody 1 Source – refer to slide 29 16 CAPITAL COSTS $156m capital investment1 provides strong base to ramp up construction. $291m remaining capital cost. $156m Capital Cost incurred1 Represents 33% of total capital cost (including contingency) Non-Processing Infrastructure $126m invested to date1 in early site works • Kurrbili Accommodation Village • Yangibana Airstrip • SipHon Well Borefield • Site Access Roads $291m remaining (ex. contingency) Critical path equipment $30m invested to date1 in long lead items • Delivered – SAG Mill; Regrind Mill; Flotation Cells; Thickener; Belt feeder; Mill Liner Handler; number of pumps; MCC & VSD • Fabrication is complete for all long lead items EPC contract2 $201m contract awarded to leading WA engineering and construction company GR Engineering Services Hydromet Equipment (Stage 2)3 Hastings has spent an additional $67m on Stage 2 (hydrometallurgical plant) equipment and project costs. Capex Critical Path Equipment Non Processing Infrastructure Contingency 1 As of 30 September 2024 (includes indirects costs) Refer ASX Announcement 28 October 2024 “Quarterly Activities Report” 2 Based on repricing estimate (Refer 13 June 2024 ASX Announcement “Yangibana Rare Earths Project Cost Reduction” ) and is subject to further escalation until FID 3 Refer ASX Announcement 14 November 2024 “Funding and Development Update” 17 EQUIPMENT PROCURED AND IN STORAGE IN PERTH Significant Long Lead Time Items available for deployment Beneficiation Plant Equipment Pumps and Equipment Off-Gas Scrubber and Uranium Removal Circuit 18 YANGIBANA PROJECTS UPDATE Construction readiness activities followed by 2-months mobilisation, and 18-months construction to First Concentrate. Until FID Construction Readiness FID Mobilisation Plant bulk earthworks TSF bulk earthworks Q1 Q2 Q3 Q4 Q5 Q6 Q7 • Prior to FID focus on key construction readiness activities: • Flight services • Camp services • Diesel supplies • Shire of Upper Gascoyne • Issue for construction drawings for Bulk Earthworks package • Issue for construction drawings for Concreting package Concrete works Structural steel Mechanical works Piping works Electrical works Pre-commissioning C1 System commissioning C2 Water commissioning C3 Ore commissioning C4 First Concentrate and Practical Completion 19 NIOBIUM MARKET Niobium is a critical and strategic mineral ~90% of the world’s niobium produced by Brazil2 Niobium Demand Drivers3 Listed as a critical mineral by the US, Australia1, India, Japan, China and the EU. Ranked number 2 out of 50 on the US Critical Minerals List2 Majority of niobium used in steel Approximately 90% of all niobium is consumed in steelmaking. For example, the strength of the steel can be increased by more than 30% by adding 0.03-0.05% niobium. High-tech uses emerging (Lithium-ion batteries) Key growth area is Niobium’s potential use in the next generation of Li-Ion Batteries (Faster Charging) many other potential high-tech applications including superconducting magnets used in medical imaging devices, magnetic levitation trains and nuclear reactors. 3 3 1 Australia’s Critical Minerals List https://www.industry.gov.au/publications/australias-critical-minerals-list-and-strategic-materials-list 2 Critical Mineral Resources National Policy and Critical Minerals List (8 April 2024): https://sgp.fas.org/crs/misc/R47982.pdf 3 NioCorp Presentation Q2 2024: https://gx0d43.a2cdn1.secureserver.net/wp-content/uploads/Detailed_NioCorp_Presentation_Q2-2024.pdf 4 CBMM https://niobium.tech/-/media/niobiumtech/documentos/resource-center/nt_bridge-steels-niobium-jan-2020.pdf 5 https://www.fastmarkets.com/insights/brazils-cbmm-niobium-batteries-2030/ Stronger and lighter steel for buildings, bridges & megainfrastructure projects Growing demand for lighter weight and more fuel efficient cars, trucks and buses Next Gen NiobiumLithium-Ion Batteries 0.025% Niobium in the steel of the Viaduct de Millau bridge reduced the overall weight by 60%4 300g Nb reduces weight of mid-sized car by 200kg and increases fuel efficiency by 5%4 Significant potential demand CBMM expects nearly 35ktpa Nb oxide sales by 20305 (270t in 2022) 20 Picture: SAG Mill Shell Arrival at Dampier Port 20 MAIDEN NIOBIUM RESOURCE AT YANGIBANA1 Measured and indicated category released in September 2024 Maiden Niobium Pentoxide Measured and Indicated Mineral Resource now 6.7Mt at 2,305ppm for 15,501t Nb2O5 Niobium (Nb2O5) concentrations occur in the form of mineral ferro-columbite at the Yangibana Project over a 4-kilometre strike at the existing Simon’s Find and Bald Hill deposits Further drilling is planned to recover a bulk sample for metallurgical testing and a flowsheet finalised which will allow the estimation of an Ore Reserve estimate (from the current Mineral Resource) Hafnium-rich zircon has been found at Bald Hill at a ratio of 13:1 which is significantly better than the global benchmark of 50:1 An updated Ore Reserve estimate is expected in Q1 2025 1 Refer to ASX Announcements: 4 September 2024 “Maiden Niobium Measured and Indicated Mineral Resource at the Yangibana Rare Earth and Niobium Project” and 26 August 2024 “High-grade Niobium, Rare Earth and Hafnium-rich Zircon Rock Chip Results at Hastings Yangibana project” 21 ESG HIGHLIGHTS – 2024 IN REVIEW Native Title Review, Environment & Approvals, ESG Workstreams 5-year Review of Native Title Agreement Thiin-Mah, Warriyangka, Tharrkari and Jiwarli (“TMWTJ”) and Hastings reaffirmed their mutual commitment to working collaboratively to develop the Project following a five-year review1 Enhanced GIS / Data Management Significant GIS / data management initiative to inform mine planning, data reconciliation and business decisions. Streamlining of DWER Regulatory Approvals Streamlined DWER Part V regulatory approvals, to simplify and remove duplication. This delivers efficiency in environmental management and compliance. Secured Mining Proposal, with positive engagement Significant milestone with updated Mining Proposal and Mine Closure Plan. A key approval to ensure Yangibana is shovel ready and fully permitted. Positive engagement and feedback from DEMIRS. Maintained ESG Leadership Maintained leading ESG credentials assessed by independent thirdparties. ESG Committee in place to champion ESG performance and priorities. FY24 Sustainability Report delivered September 2024. Environmental Governance Strong environmental governance with enhanced Ground Disturbance Procedure and related training / awareness. All site environmental monitoring delivered to meet conditions of approval and inform good practice governance and monitoring trends. 1 Refer to ASX Announcement 16 October 2023 “Hastings and TMWTJ People Reaffirm Strong Commitment to the Yangibana Rare Earths Project” 22 LOOKING FORWARD Indicative timeline and milestones 2024 Q1 Q2 2026 2025 Q3 Q4 Q1 Q2 Capex/ delivery model update FID Q3 Q1 Q4 Q2 2027 Q3 Q4 Q1 Q2 Q3 Q4 NPI (Airstrip, Village, Access Roads, Borefields) Long Lead Equipment KEY FOCUS Niobium reserves, Capex, flow sheet Updated DD (incl. Niobium) & Funding Process Plant EPC/ Main Construction Construction of beneficiation plant Bulk Earth Works Concrete Structural, Mechanical and Piping Practical Completion and First concentrate on truck Electrical C1 C2 C3 C4 C5 / Ramp-up to 37Ktpa 23 PROJECT ECONOMICS1 Robust Financial Metrics $865m 31.28% 3.4 years Post-tax NPV11 (ungeared) Post-tax IRR (ungeared) Payback period $9,639m $3,345m $258m Net revenue (Life-of-Mine) Free cash flow (Life-of-Mine) Average EBITDA per annum Key Material Assumptions / Updates The Base Case Financial Model (“BCFM”) assumptions adopted in the Staged Development Study released on 31 May 2023 and used in the Binding Offtake Integrated Arrangement on 15 February 2024 continue to apply and have not materially changed. Key assumptions include: • Offtake and payabilities: Shift from domestic profit-sharing model to rare earth concentrate sale and third-party processing (hydrometallurgical and oxide separation) to achieve a full rare earth oxide basket price, on terms expected in the term sheet with Baotou Sky Rock. Adjustments to yields and costs may be required following pre-production pilot test work, as contemplated in the Term Sheet. Negotiations are ongoing with other potential customers to conclude similar arrangements. • Spent capital cost: $156m of capital cost estimate incurred as of 30 September 2024. • • • Commodity price: Average 10-year blended neodymium and praseodymium (“NdPr”) oxide price (Wood Mackenzie, CRU, Adamas Intelligence) of US$121/kg real, 2024$ (reduction from US$129/kg adopted in the Staged Development Study). Stage 1 standalone: The impact of Stage 2 for the Yangibana Project (i.e. the potential hydrometallurgical plant) is excluded from the economic analysis. Mining: Mine schedule optimisation for the first five years of mining targets lower strip ratio zones of the Yangibana Project’s ore bodies, while maintaining the grade to the beneficiation plant. The total ore processed remains at 20.9Mt, the mine life remains at 17 years, and annual average production of rare earth concentrate remains at 37,000tpa as per the ASX Announcement 6 February 2023 “Yangibana Ore Reserves increase by 25%” 1 Hastings confirms that all material assumptions underpinning the forecast financial information and production targets in the 31 May 2023 and 15 February 2024 releases continue to apply and have not materially changed. Refer ASX Announcement 31 May 2023 “Corporate Presentation - Staged Development Strategy” Refer ASX Announcement 15 February 2024 “Binding Term Sheet Signed for Integrated Tolling and Offtake” • • Macroeconomics: FX Forward (Bloomberg), 10-year average AUD:USD 0.65. Cost assumptions: Incorporation of MREC and oxide separation fees based on the fees provided in the Term Sheet, updated power tariffs (40% renewable) from Independent Power Producer, and other revisions for escalation. 24 24 Q&A 25 25 THANK YOU 26 APPENDIX 27 27 27 YANGIBANA PROJECT – RESOURCES AND RESERVES MINERAL RESOURCES AND ORE RESERVES1 TOTAL JORC (2012) MINERAL RESOURCES (30 OCTOBER 2022) Category Measured Indicated Sub-total Inferred TOTAL mt 4.97 19.51 24.49 5.45 29.93 %TREO 0.96 0.88 0.90 1.05 0.93 %NdPr 0.37 0.32 0.33 0.31 0.32 TREO tonnes 47,721 171,936 219,657 57,298 276,955 INDIVIDUAL DEPOSITS (at Yangibana) Bald Hill Category Measured Indicated Sub-total Inferred TOTAL mt 3.55 5.23 8.79 1.17 9.96 %TREO 0.82 0.75 0.78 0.67 0.77 %NdPr 0.34 0.30 0.31 0.27 0.31 TREO tonnes 29,136 39,290 68,425 7,787 76,212 Simon’s Find Category Measured Indicated Sub-total Inferred TOTAL mt 3.14 3.14 0.05 3.19 %TREO 0.52 0.52 0.06 0.52 %NdPr 0.27 0.27 0.31 0.27 TREO tonnes 16,206 16,206 295 16,501 Fraser’s Category Measured Indicated Sub-total Inferred TOTAL mt 0.75 1.47 2.23 0.01 2.24 %TREO 1.25 0.75 0.92 0.60 0.91 %NdPr 0.53 0.32 0.39 0.25 0.39 TREO tonnes 9,407 11,001 20,408 44 20,452 Auer Category Measured Indicated Sub-total Inferred TOTAL mt 3.54 3.54 1.10 4.64 %TREO 0.93 0.93 0.76 0.89 %NdPr 0.32 0.32 0.24 0.30 TREO tonnes 32,796 32,796 8,297 41,093 Yangibana Category Measured Indicated Sub-total Inferred TOTAL mt 1.98 1.98 0.33 2.31 %TREO 0.71 0.71 0.64 0.70 %NdPr 0.34 0.34 0.31 0.33 TREO tonnes 14,034 14,034 2,146 16,180 Yangibana North Category Measured Indicated Sub-total Inferred TOTAL mt 0.66 4.15 4.81 0.97 5.78 %TREO 1.39 1.41 1.41 1.43 1.41 %NdPr 0.36 0.36 0.36 0.37 0.36 TREO tonnes 9,179 58,609 67,788 13,914 81,702 TOTAL JORC (2012) ORE RESERVES BY CATERGORY AND DEPOSIT (6 FEBRUARY 2023) Category Proved Probable TOTAL mt 4.89 16.03 20.93 %TREO 0.95 0.88 0.90 %NdPr 0.37 0.32 0.33 NdPr: TREO 39 36 37 Deposit Bald Hill Fraser’s Simon’s Find Auer Yangibana Yangibana North TOTAL mt 8.12 1.77 2.69 2.83 1.31 4.21 20.93 %TREO 0.79 1.01 0.53 0.96 0.79 1.29 0.90 %NdPr 0.32 0.43 0.28 0.34 0.37 0.34 0.33 NdPr: TREO 41 43 53 35 47 26 37 NIOBIUM RESOURCES (at Yangibana) Category Measured Indicated Sub-total Inferred TOTAL mt 2.37 4.36 6.73 0.01 6.74 Nb2O5 ppm 1,035 2,995 2,305 1,435 2,305 Nb2O5 tonnes 2,251 13,050 15,501 20 15,521 1 Refer ASX Announcement 6 February 2023 “Yangibana Ore Reserves Increase by 25%”; numbers may not add due to rounding; for reference that the Ore Reserves stat