Announcement PDF Yangibana Joint Venture Hastings – Wyloo Unlocking a Multi-Decade Western Australia Rare Earths and Niobium Project Hastings Technology Metals Ltd | ASX:HAS Hastings Technology Metals Ltd | ASX: HAS | hastingstechmetals.com| ACN 122 911 399 20 February 2025 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. 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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 full-time 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. 2 Site Visit - Yangibana Rare Earths and Niobium Project Refer to Appendix 1 for glossary of defined terms. 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. Mr Ben Roberts - Tharrkari Elder (front row fifth from right) 3 EXECUTIVE SUMMARY Picture: Kurrbili Village 44 STRATEGIC HIGHLIGHTS1 AUSTRALIA Developing Western Australia Rare Earths and Niobium World Class Ore Body In-Demand Critical Minerals Fully Permitted in Tier 1 Jurisdiction 1st Quartile Globally Robust Economics2 • One of the highest global NdPr : TREO ratio of 37% (LOM average) and up to 52% • Australia AAA Sovereign Risk, Frasers Institute ranked WA 4th out of 77 jurisdictions • $865m Post-tax NPV11 (ungeared) • In-Demand REEs: Nd + Pr + Dy + Tb = ~96% of Yangibana Basket Price • State and Commonwealth Approvals secured • Niobium by-product credit stream • Granted Mining Lease tenure in premier rare earths province • Offtake with German, thyssenkrupp, Baotou Sky Rock. • 31.28% IRR; 3.4 years payback • $258m per annum EBITDA. LoM Free cash flow $3,345m Stage 2 – Hydromet JV (40% HAS, 60% Wyloo) Brockman HREE (100% HAS) Locations under consideration: Onslow, KSA • 1st Quartile on Global Margin Curve (CRU). WESTERN AUSTRALIA • Native Title Agreement in place. Stage 1 – Yangibana JV De-Risked with Infrastructure Built Multi-Decade Project (17 years LOM) JV Partnership (Tier 1 Partner) • Supporting infrastructure fully complete: 294 room village, 2km airstrip, 20km site access road, borefield, communications towers and all long-lead equipment • Initial Life of Mine of 17 years (Ore Reserves) • 60:40 JV with Wyloo:Hastings Term Sheet signed (non-binding). IC approved; commercial terms agreed • $158m spent on Yangibana (Stage 1) and $68m on Stage 2 Plant • 33% complete. • 20.9Mt Reserves and 29.9Mt Mineral Resource • Stage 2 Hydrometallurgical Plant Project will capture additional downstream processing margins Discussions ongoing for Kingdom of Saudi Arabia partnerships. (40% HAS, 60% Wyloo) Ark Gold (100% HAS) • Wyloo will be JV Manager/Operator • Hastings retains pro-rata/40% of revenue (REEs, niobium), FCFs • Project Finance to be raised jointly. 1 Refer Slide 29 for source data 2 Hastings confirms that all material assumptions underpinning the Ore Reserves supporting the Life of Mine Plan in ASX release dated 6 February 2023, forecast financial information and production targets in the ASX release dated 31 May 2023 and supplemented by the 16 February 2024 ASX release continue to apply and have not materially changed. In addition, production targets and forecast financial information are based on Ore Reserves and Mineral Resources (Measured and Indicated), and no inferred mineral resources nor exploration information is included. 5 TRANSACTION OVERVIEW1 Unlocking value from the Yangibana Rare Earths and Niobium Project Joint Venture (UJV) and Asset Portfolio (Post Completion) Joint Venture Overview • Hastings’ portfolio of assets incl. 40% JV interest in Stage 1 of the Yangibana Project and Stage 2 Hydrometallurgical Plant Project. Hastings will retain 100% of Brockman Heavy Rare Earths Project and Ark Gold. Exploration tenements subject to DD. • Commercial terms agreed for UJV over Yangibana Rare Earths and Niobium Project (non-binding) • 60:40 Unincorporated JV (UJV) structure with Wyloo (60%) and Hastings’ wholly owned subsidiary, Yangibana Jubilee Pty Ltd (40%) • Wyloo will act as the UJV Manager and Operator • Hastings retains 40% share of revenue (rare earths, niobium and other by-product credits) and Project cash flows • Transaction consideration: o Cancellation of all exchangeable notes totaling $220m at maturity in Oct-25 o Wyloo to fund its pro-rata share of remaining capital cost1 100% Brockman Heavy Rare Earths Project 100% 100% 100% Ark Gold Exploration Tenements Business Development & Marketing o Neo Performance Materials Inc. stake transferred to Wyloo. Refer Term Sheet on slide 26 for further details. 100% Reduced Equity Requirements Yangibana Jubilee Pty Ltd 40% 60% Joint Venture (UJV) Stage 1 100% Yangibana Rare Earths & Niobium Project Stage 2 JV significantly de-risks project funding for Yangibana • JV parties to procure project funding together (target minimum gearing 50%) • Reduces Hastings’ final equity contribution materially for the remaining two-thirds of the capital cost (33% complete) that is not debt funded, refer below ($13m - $32m subject to gearing assumption applied). Yangibana Project (100%) Hastings (40% JV) Remaining Capital Cost (i) $316m $126m Residual Project Equity (50% Gearing) (ii) $79m $32m Residual Project Equity (60% Gearing) (iii) $32m $13m AUD 100% Hydrometallurgical Plant Project 1 Refer ASX Announcement “Hastings And Wyloo to Form Joint Venture on the Yangibana Rare Earths & Niobium Project” dated 20 February 2025. • Explanatory Notes: i Total capital cost for the project of $474m (subject to further optimisation by Wyloo/ JV). Spent CAPEX as at 31 December 2024 of $158m (excl. Stage 2 spent CAPEX of $68m). Remaining capital costs of $316m (100% basis) incl. contingency (excluding working capital and ancillary costs). 60% basis is $190m ii Assumed gearing of 50:50 (D:E) based on total Capital Cost (incl. Contingency) less spent equity iii Assumed gearing of 60:40 (D:E) based on total Capital Cost (incl. Contingency) less spent equity. Reduced capital requirements for Hastings 6 ABOUT WYLOO ABOUT WYLOO Greatland Gold • Privately owned by Tattarang with a focus on critical minerals for the energy transition • Brings significant technical and financial capability to the Yangibana Rare Earths and Niobium Project as Operator • Strong support and alignment with Hastings’ mine to magnet strategy Au Cu Stage 2 Stage 1 AUSTRALIA CANADA Yangibana Rare Earths and Niobium JV1 Nd Pr Nb REE Yangibana JV, WA (60% Wyloo) Development Ready • Initial Life of Mine of 17 years • 20.9Mt Reserves and 29.9Mt Mineral Resource • Infrastructure completed and long lead equipment procured • Stage 2 Hydrometallurgical Plant Project will capture additional downstream processing margins. Ring of Fire, Canada UNITED STATES OF AMERICA Downstream Processing Kambalda, Australia Kambalda Operations Ni Au Kwinana, WA pCAM Feasibility Study paused Cassini & Northern Operations • Currently in care & maintenance, actively planning for re-start. Sudbury, Ontario pCAM • Ongoing exploration success to grow resource base. Toronto, Canada MOU City of Greater Sudbury • Evaluating options for a concentrator in the region. 1 Proposed and subject to completion of final and binding documentation expected by the end of March 2025. 2 Neo Performance Materials (TSX:NEO ) 21.5% holding subject to completion of the JV with Hastings Technology Metals 3 Equivalent grades calculated using US$8.70/lb Ni, US$4.00/lb Cu, US$20.00/lb Co, US$1,200/oz Pd, US$1,150/lb Pt and US$1,800/oz Au. Neo Performance Materials2 Eagle’s Nest Ni Cu Co PGE Feasibility Study • 15.8Mt @ 3.3% NiEq3 for 522kt contained Ni Eq • Targeting first production: 2030 • Mine of the future Chromite Cr Scoping / Pre-Feasibility • 247Mt chromite resource @ 31.5% Cr2O3 7 YANGIBANA PROJECT SNAPSHOT1 Fully permitted and high-margin project with multigenerational opportunities for the Gascoyne region 17-year 20.9mt Life-of-mine Ore Reserves2 37% High margins Average NdPr:TREO ratio over life of mine, driving higher realized 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 >$65m in Native Title royalties 1 Hastings confirms that all material assumptions underpinning the Ore Reserves supporting the Life of Mine Plan in ASX release dated 6 February 2023, forecast financial information and production targets in the ASX release dated 31 May 2023 and supplemented by the 16 February 2024 ASX release continue to apply and have not materially changed. In addition, production targets and forecast financial information are based on Ore Reserves and Mineral Resources (Measured and Indicated), and no inferred mineral resources nor exploration information is included 2 Refer Slide 28 for Ore Reserves and Mineral Resources Refer to disclaimer on Slide 2 for cautionary statements. Photo: Investor Site Visit. 8 Picture: Kurrbili Village YANGIBANA - UNIQUE TIER ONE ASSET World-class deposit with unrivalled high percentage of NdPr:TREO in the orebody in a tier one jurisdiction, supplying the critical raw materials for rare earth magnets Average NdPr:TREO Ratio1 37% Uses of Rare Earth Elements Average NdPr:TREO ratio surpassing most global projects REE’s have a variety of end uses, the most significant area for current and future demand growth relates to NdFeB permanent magnets Up to 52% NdPr:TREO ratio in certain parts of the orebody Demand for NdFeB permanent magnets is being driven by the transition to a “green economy”, with the electrification of vehicles and decarbonisation of the economy. 26% NdPr is critical to the energy transition 23% 1 Source – refer to slide 27. 21% 20% Mountain Pass (US) Kangankunde (Malawi) Ngualla (Tanzania) Bayan Obo (China) 16% Mt Weld (W. Australia) Nolans (Northern Territory) 21% Songwe Hill (Malawi) Yangibana Project (Western Australia) 33% 9 OPERATIONAL MARGIN IN FIRST QUARTILE GLOBALLY Favourable Rare Earths basket composition provides strong cash margins Operational margin curve, 2028, real 2024 US$/kg1 Due to its 37% NdPr:TREO LOM driving the high basket price, Yangibana is situated in the 1st quartile of the global cash margin curve 60 50 Nd, Pr, Dy and Tb accounts for 94% of its rare earth basket price Leveraging its favourable basket composition with high NdPr, EBITDA margin is approx. 40%. Yangibana Rare Earths & Niobium Project is expected to be one of the highest margin producers globally, sitting in the first quartile 30 20 10 0 Group weighted average margin of US$15/kg REO Yangibana Project Margin (US$/kg) 40 0 50 100 150 200 Production (kt REO) 1 Rare Earth Margin Curve (2028) as produced by CRU (2024). 250 300 350 400 10 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 continues to apply and have not materially changed, save for the following key updates: • 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: $158m of capital cost estimate incurred as at 31 December 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%” 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. • • Hastings confirms that all material assumptions underpinning the Ore Reserves supporting the Life of Mine Plan in ASX release dated 6 February 2023, forecast financial information and production targets in the ASX release dated 31 May 2023 and supplemented by the 16 February 2024 ASX release continue to apply and have not materially changed. In addition, production targets and forecast financial information are based on Ore Reserves and Mineral Resources (Measured and Indicated), and no inferred mineral resources nor exploration information is included. 1 11 11 YANGIBANA PROJECT OVERVIEW 12 YANGIBANA PROJECT PROGRESS $158m spent on mine infrastructure and long lead equipment + $68m spent on Stage 2 equipment1 Kurrbili Village - 294 rooms fully commissioned with medical centre, sports court, shop, dry and wet mess. Yangibana Airstrip - 2km in length, suitable for planes up to 70 seat capacity and with airport buildings are in place ensuring fast changeovers for employees. Site Access Roads - 20km site access road to connect the Yangibana Project’s mine site with the shire road network to the beneficiation plant, village, mine and construction work. SipHon Borefield - Fully permitted consisting of 6 bores, fully equipped with holding tanks and high flow pumps and pipeline to the process plant. Equipment – Long Lead Equipment in WA and in storage ready for installation. Flotation Cells & Structural Steel ready for installation. 1 Refer ASX Announcement “Hastings and Wyloo to Form Joint Venture on the Yangibana Rare Earths & Niobium Project” dated 20 February 2025. 13 BENEFICIATION PLANT CONSTRUCTION EPC contract with leading engineering and construction firm GR Engineering Services $201m contract1 Fixed price lump sum contract Key benefits Lowers project delivery risks, lower cost, greater certainty on timeframe, process and product quality guarantees Performance guarantees Commissioning and operational support to ensure facility achieves quality and throughput guarantees. Proposed Beneficiation Plant layout 1Based on repricing estimate Refer ASX Announcement “Yangibana Rare Earths Project Cost Reduction” dated 13 June 2024 and is subject to further escalation until FID. 14 RARE EARTH BENEFICIATION FLOW SHEET Conventional flotation process which has been extensively tested and de-risked Concentrate grade of ~27% TREO Feed grade of ~1% TREO Float Crush Grind Float Regrind Float Regrind Dry/bag Planned Niobium circuit >100 bench scale tests Completed at four commercial labs in Perth to develop robust beneficiation flowsheet (2016 – 2022) >80 variability samples Covering expected range of grade and mineralogy tested through standard flowsheet Two pilot plant tests Successfully validated simple and effective flowsheet tested successfully for cumulative two weeks Successful bulk samples For use in downstream engineering equipment design test work Scale up from 150kg/h to 124t/h Translation of process development batch and pilot programs into engineering design. 15 NIOBIUM – ADDITIONAL BY-PRODUCT CREDIT REVENUE STREAM 16 NIOBIUM MARKET Niobium is a critical and strategic mineral ~90% of the world’s niobium produced by Brazil1 Niobium Demand Drivers3 Listed as a ccritical mineral by the US, Australia2, India, Japan, China and the EU. Ranked number 2 out of 50 on the US Critical Minerals List1 Majority of niobium used in steel Approximately 90% of all niobium is consumed in steelmaking. 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 Critical Mineral Resources National Policy and Critical Minerals List (8 April 2024): https://sgp.fas.org/crs/misc/R47982.pdf 2 Australia’s Critical Minerals List https://www.industry.gov.au/publications/australias-critical-minerals-list-and-strategic-materials-list 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) 17 Picture: SAG Mill Shell Arrival at Dampier Port 17 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 Metallurgical testing and a flowsheet review is underway 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 Mineral Resource estimate is expected in H1 2025 to include the potential of associated Critical Minerals zircon and hafnium after the conclusion of metallurgical test work Hafnium is a critical mineral used in aerospace, defence and energy technologies with additional potential for another valuable revenue stream. 1 Refer to ASX Announcements: 4 September 2024 “Maiden Niobium Measured and Indicated Mineral Resource at the Yangibana Rare Earth and Niobium Project”, 26 August 2024 “High-grade Niobium, Rare Earth and Hafnium-rich Zircon Rock Chip Results at Hastings Yangibana project” and Slide 28 18 RESOURCE AND RESERVE UPSIDE Significant exploration targets providing growth optionality (Rare Earths and Niobium) Exploration focus Priority areas identified to expand mine life beyond initial 17-years and provide significant additional upside to build long-term value for shareholders 66km strike length Significant exploration upside with only one-third of strike length (24km) defined as a resource Exploration target 40 – 60 million tonnes, confined to ironstone hosted mineralisation. Existing 29.93mt Mineral Resource has been defined over 24km of strike length 0 1 2 3 4 5 KILOMETRES Refer ASX Announcement “Potential 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). Additional exploration potential strike length of 42km identified 19 RARE EARTHS MARKET 20 CLIMATE CHANGE DRIVING STRONG DEMAND FOR MAGNETS NdFeB magnets are power and energy efficient 140 NEVs Wind Turbines ICEs 120 Electronics Kt (REO) 80 15 14 40 13 25 23 22 8 9 9 20 Other CAGR +8.12% p.a. 100 60 CAGR 2023-2030 NdFeB high performance magnet consumption1 by user category in 1.000mt 11 9 7 19 24 2023 2024 16 26 8 12 17 27 7 13 30 34 38 2025 2026 2027 17 28 7 15 42 2028 18 30 6 16 45 20 31 1 CRU Rare Earths Special Report (2024) and Hastings Analysis 2 Boston Consulting Analysis 2024 3 Coherent Market Insights 2024 Increasingly strong structural shift to a green economy by the adoption of advanced technologies that leverage on power and efficiency of magnet motors using NdPr 4.79% 6 (6.53%) 17 13.00% E-mobility (e.g. EV) - 2kg of permanent magnets2 in a standard EV traction motor, with additional demand for micro/other motors 14.50% Wind Turbines – high performance generators will contain up to 600 kilograms of NdFeB magnets per MW 2 49 0 2029 5.72% UN Climate Change Conference has pronounced that the world comes together to address a climate crisis and target net-zero emissions by 2050 2030 Humanoid Robotics – global market size estimated at $2.90 billion in 2024 is expected to reach $46.31 billion in 2031. CAGR 2024 to 2031 is projected to be 48.6%3 Heating, Ventilation and Air Conditioning (“HVAC”) - driven by stricter worldwide government regulations on energy efficiency and intelligent buildings; variable frequency air conditioners (VFAC) demand is forecast to grow at ~9% pa for rest of the decade. 21 STRONG MAGNET DEMAND DRIVING SUPPLY DEFICIT Supply gap forecast to increase during this decade, requiring around 8x Yangibana Projects NdPr market balance - (kt NdPr oxide), 2020-20401 Commentary Demand 180 • Price recovery underway with NdPr prices up ~20% since a low in June 2024. Significant deficit to start growing from 2026 onwards coinciding with first concentrate from Yangibana in mid 2026 is well-timed to meet demand surge 160 140 120 23% Supply Deficit (8x Yangibana) 100 • Worldwide consumption of Rare Earth Oxides for Permanent Magnets is growing at CAGR 2022 – 2030 of 9.2