Announcement PDF Andromeda Company Update 13 July 2026 ASX:ADN andromet.com.au Level 10, 431 King William Street, Adelaide, South Australia 5000 +61 8 7089 9800 Authorised for release by the Board of Directors of Andromeda Metals Ltd This presentation contains summary information about Andromeda, and its activities current only at the date of this presentation. This presentation is for information purposes only. The information in the presentation is of a general nature only and does not purport to be complete. This presentation should be read in conjunction with Andromeda’s most recent financial report and other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX) which are available at www.asx.com.au and also available on Andromeda’s website at www.andromet.com.au. No investment or financial product advice The information contained in this presentation does not constitute investment advice or financial product advice (nor taxation or legal advice) and is not intended to be used as the basis for making an investment decision or as a recommendation to acquire securities in Andromeda. The information contained in this presentation should not be relied upon as a recommendation or forecast by Andromeda (including as to the performance of Andromeda or its share price). Readers should obtain their own professional advice and carry out their own independent investigations and assessment of the information in this presentation (including any assumptions) before acting. This presentation has been prepared without taking into account any particular person’s objectives, financial situation or needs; does not purport to identify the nature of specific market or other risks associated with any investment in the Company and does not constitute any legal, taxation, investment or accounting advice. An investment in Andromeda's securities is subject to investment and other known and unknown risks, some of which are beyond the control of Andromeda, including loss of income and principal invested. The Company does not guarantee any particular rate of return or the performance of the Company nor does it guarantee any particular tax treatment. Any investment decision should be based only on a person's own due diligence, inquiry, assessment and professional advice. Forward-looking statements This presentation contains or may contain certain forward-looking statements and comments about future events, that are based on Andromeda's beliefs, assumptions and expectations and on information currently available to management as at the date of this presentation. Often, but not always, forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "plan", "believes", "estimate", "anticipate", "outlook", and "guidance", or similar expressions, and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production and production potential, financial forecasts, product quality estimates of future Mineral Resources and Ore Reserves. Such statements are only expectations or beliefs and are subject to inherent risks and uncertainties which could cause actual values, results or performance achievements to differ materially from those expressed or implied in this presentation. Where Andromeda expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and on a reasonable basis. No representation or warranty, express or implied, is made by Andromeda that the matters stated in this presentation will in fact be achieved or prove to be correct. Except as required by law, Andromeda undertakes no obligation to provide any additional or updated information or update any forward-looking statements, whether on a result of new information, future events, results or otherwise. Readers are cautioned against placing undue reliance on forward-looking statements. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of Andromeda, the directors, and management of Andromeda. These factors include, but are not limited to difficulties in forecasting expected production quantities, the potential that any of Andromeda’s projects may experience technical, geological, metallurgical and mechanical problems, changes in market prices and other risks not anticipated by Andromeda, changes in exchange rate assumptions, changes in product pricing assumptions, major changes in mine plans and/or resources, changes in equipment life or capability, emergence of previously underestimated technical challenges, increased costs, and demand for production inputs. Not an offer This presentation is for information purposes and is not, and does not purport to be, a prospectus, product disclosure statement or any other offering document under Australian law or the law of any other jurisdiction. The information does not and will not constitute or form part of an offer, invitation, solicitation or recommendation in relation to the subscription, purchase or sale of securities in any jurisdiction. The distribution of this presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. No warranty While care has been taken in preparing the information in this presentation, no representation or warranty, express or implied, is made as to the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation. The information in this presentation has been obtained from or based on sources believed by Andromeda to be reliable. This includes references to test results and reports completed by external parties. Information in this presentation which is attributed to, or derived from, a third-party source has not been independently checked or verified by Andromeda. No representation or warranty is made as to the accuracy, completeness or reliability of such information. This includes information relating to market data for kaolin or HPA, including forecast pricing, forecast supply and demand and market segments and end markets. To the maximum extent permitted by law, neither Andromeda nor its related corporations, Directors, officers, employees, advisers or agents, nor any other person, accepts any liability, including, without limitation, any liability arising from the use of this presentation or its contents or otherwise arising in connection with them, nor guarantees or makes any representations or warranties, express or implied, as to or takes responsibility for, the currency, accuracy, reliability, completeness or fairness of this presentation nor the information, opinions and conclusions contained in this presentation. Assumptions and Notes for Financial Information on 2023 DFS and Stage 1A+ in this presentation: Further details on the 2023 DFS and the assumptions and notes for the 2023 DFS (and risk factors applicable to the Company)can be found in the Company’s ASX Announcement ‘2023 Definitive Feasibility Study Results’ released on 24 August 2023. This should be read together with ASX Announcement dated 6 May 2024 “Andromeda expansion plans for The Great White Project” and “Clarification of expansion plans for The Great White Project” and the ore reserve estimate previously announced to ASX on 6 April 2022, "Great White Kaolin Project –Definitive Feasibility Study and Updated Ore Reserve". Andromeda confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates and financial information continue to apply and have not materially changed. Assumptions and Notes for Financial Information on the HPA Scoping Study in this presentation: Further details on the HPA Scoping Study and the material assumptions, modifying factors and Cautionary Statement for the HPA Scoping Study (and risk factors applicable to the HPA Project) can be found in the Company’s ASX Announcement ‘Results of HPA Scoping Study’ released on 18 September 2025. Andromeda confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates and financial information continue to apply and have not materially changed. Currency Unless otherwise stated, all cashflows in this presentation are in Australian dollars, are undiscounted and are in real terms (not subject to inflation/escalation factors). Mineral Resources and Ore Reserve Estimates Information that relates to Ore Reserve Estimate has been previously announced to ASX on 6 April 2022, "Great White Kaolin Project – Definitive Feasibility Study and Updated Ore Reserve. Andromeda confirms that it is not aware of any 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 continue to apply and have not materially changed. Andromeda confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Competent Person's Statements The data in the HPA Scoping Study that relates to Ore Reserve Estimates for the Great White Deposit is based on, and fairly represent, information and supporting documentation fully reviewed and understood by Mr Joseph Ranford who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Ranford approves the Ore Reserve Estimates for the Great White Deposit. Mr Ranford is the Chief Operating Officer of Andromeda Metal Limited and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is 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 (the “JORC Code”). Mr Ranford consents to the information contained in this report being used in the form and context in which it appears. Mr Ranford holds Shares and Performance Rights in the Company and is entitled to participate in Andromeda’s employee incentive plan. 2 Disclaimers and Important Information ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 3 Andromeda is advancing two high-value projects, leveraging its high-quality kaolin resource Development ready industrial minerals platform with pathway into critical minerals The Great White Project: development ready 1 2 High Purity Alumina Project Australia’s Next Leading Industrial & Critical Minerals Company ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 4 Andromeda’s Competitive Advantages Rare combination of near-term cashflow1 and long-term critical minerals upside The Great White Project High Purity Alumina (HPA) Project High-quality feedstock High-grade, low impurity kaolin suitable for premium ceramics Commercial validation Existing binding offtakes across Japan, China and Europe Positive market dynamics GDP+ growth in demand and prices, supported by depletion of supply from historical sources of high-quality kaolin Clear execution pathway Development-ready with defined route from funding to FID, construction and commercialisation High-quality feedstock Great White kaolin is high in alumina and has low levels of deleterious impurities Novel process 8+ years spent developing innovative process which can produce HPA and Smelter Grade Alumina Testwork underway To produce commercial samples of 4N HPA for potential customers and assessment of by-product value-add potential Tier 1 mining jurisdiction: Located in South Australia which is ranked #4 globally in Investment Attractiveness Index2 Notes (1) Subject to securing project development funding and a final investment decision. (2) Annual Survey of Mining Companies for 2025, Fraser Institute (February 2026). Transforming a high-quality resource into high-value products Proprietary HPA process Flexible flowsheet can produce HPA in a wide range of product forms and proven at lab-scale to 99.9985% purity ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 5 High-grade Kaolin Project – De-risked and Ready to Develop • High-grade kaolin project delivering premium kaolin products for use in high-end ceramics over a 28-year mine life o A$763M post-tax NPV8 ; 43% IRR; A$140M p.a. average EBITDA o 3-stage development in-line with expected offtake growth1 • De-risked and ready to develop: o All key permits in place for construction to commence2 o Feasibility studies completed o Major offtakes finalised for the first stage of production o Early Works completed o Key long lead equipment items built and in storage in Australia • Credit approved for a A$75 million debt facility with Merricks Capital supporting the initial Stage 1A+ of development • ~$40 million balance of equity being actively sought – ongoing engagement with preferred Middle East based cornerstone investor, while also evaluating alternative equity and asset level transactions. Notes (1) Refer to ADN ASX dated 6 May 2024 titled Andromeda expansion plans for The Great White Project, all material assumptions and technical parameters underpinning the estimates and forecast financial information continue to apply and have not materially changed. (2) Mining Lease 6532 and Miscellaneous Purpose Lease 164 granted for a period of 35 years on 17 December 2021, by the South Australian Minister for Energy and Mining. Program for Environment Protection and Rehabilitation (PEPR) was approved on 01 March 2023, by South Australia’s Department for Energy and Mining. The Great White Project: development-ready 1 GWP mine site, following completion of Early Works activities ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 6 What makes Great White Kaolin special? Market leading properties of Great White CRM Notes (1) FeTi index: (% Fe2O3 + TiO2) / % Al2O3 x 1000; Source: Galesk Consultancy SLU, from proprietary database compiled from public data. (2) As determined by testing conducted on Great White CRM by Instituto de Tecnología Cerámica (ITC), located at the University of Castellón in Spain, and IberoClays. Quality increases Competitive Kaolin products Great White CRM Great White CRM 1 % Al2O3 Low Iron/Alumina ratio (Fe2O3/Al2O3) vs global kaolin samples High whiteness retained which is valued in high quality porcelainware and ceramic tiles High dry mechanical strength is highly valued in large format porcelain tiles Great White CRM properties and applications2 ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 7 Ceramic Product: Great White CRM T A refined high-quality product for the high-end ceramic tile and porcelain slab market o High alumina (min. of 36.5%) and low iron (max 0.55%) o High whiteness with min ISO B 83% Ceramic Product: Great White CRM P A refined high-quality product for the high-end porcelain tableware market o High alumina (min. of 35%) and low iron (max 0.6%) o High whiteness and translucency/min ISO B 82% Concentrate Product: Great White KCM 90 A semi-refined high-quality kaolin for direct use, further refinement or upgrade of inferior kaolins o High alumina (min. of 35%) and low iron (max 0.7%) Porcelain slabs High-end porcelain tableware White & super-white porcelain tiles Validated premium ceramic kaolins for use in ceramic formulations to deliver premium products Tile Body Layers Engobe & Frits* • application opportunities for use in engobe • Opportunity for use in production of frits (glass used for purity) *subject to further test work Tile Body • High value in use of Andromeda products to upgrade lower-value kaolins in the tile body layer • Premium pricing achieved as a blending product Andromeda’s Target Markets High quality kaolin products for premium ceramics ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 8 Overview of Offtakers Notes (1) Refer ADN ASX dated 8 June 2023 titled Binding Offtake Agreement signed for Japanese market. (2) Refer ADN ASX dated 18 October 2023 titled Binding Offtake Agreement signed for Chinese market, adjusted per Seller’s volume option for Year 3. (3) Refer ADN ASX dated 19 January 2024 titled Binding Sales and Distribution Agreement Signed with IberoClays. (4) Refer ADN ASX dated 17 July 2024 titled Binding Offtake Agreement signed with Traxys. (5) Volumes exclude contracted volumes for Great White HRMTM. GWP Stage 1A+ supported by Binding Offtakes 100% of planned production committed under binding offtake contracts 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 Year 1 Year 2 Year 3 Wet metric tonnes per annum Plantan Yamada Foshan Gaoming IberoClays Traxys 1 2 3 4 Ongoing contracted volumes>> Stage 1A+ nominal production capacity Offtaker Markets Europe Southeast Asia Europe Japan Foshan Gaoming China Binding Offtake Agreements support Stage 1A+ production capacity5 ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 9 Notes (1) Refer ADN ASX dated 4 June 2025 titled Credit Approved A$75 million Debt Facility (2) Refer to AND ASX dated 15 April 2026 titled Great White Project Early Works Update (3) Refer ADN ASX dated 31 March 2026 titled Company Update. Credit Approved A$75 million debt facility1 ➢ Extensive due diligence undertaken by Merricks Capital on the technical, financial, legal, market, environment and social aspects of the Project ➢ Merricks Capital is a leading Australian alternatives investment manager and hard-asset investment specialist that has managed over A$8 billion in AUM Early Works and site preparation completed in preparation for FID ✓ Payment of environmental compliance payments ✓ Site preparation activities, including: ✓ Construction of the mine access, ✓ Bulk earthworks for the Stage 1A+ processing plant ✓ Establishment of hardstand for road, processing facility and administration ✓ Grade Control Drilling ✓ Geotechnical Drilling ✓ Insurance arrangements ✓ Key long-lead equipment items built, now in storage in Australia A computer generated image of a plant AI-generated content may be incorrect. Stage 1A+ Processing Plant Andromeda has successfully delivered the following Early Works: Click image to watch a 3D virtual walk- through of the design and layout of the Stage 1A+ Processing Plant Balance Of Equity Funding Funding process underway to secure ~$40 million required for Stage 1A+ development, with all forms of equity being considered including asset-level investments. GWP Stage 1A+ Funding Early Works completed in preparation of FID ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 10 High Purity Alumina Project 2 Unlocking Critical Minerals from a High–Quality Kaolin Resource • Great White kaolin has high alumina and low impurity levels • Andromeda has developed a proprietary process to produce high purity alumina from kaolin • 8+ years of investigation, research and metallurgical test work • HPA Breakthroughs in 2025: ➢ Lab-scale testwork produces HPA 99.9985% purity1 ➢ Scoping Study demonstrates market leading economics2 • Pilot-scale testwork underway3 to: ➢ Optimise innovative flowsheet for continuous HPA production and produce commercial samples for qualification by potential customers. ➢ Potential upside from by-products, including amorphous silica and gallium4 • Commissioning of HPA pilot plant is underway Notes (1) Refer to ADN ASX dated 1 May 2025 titled Andromeda Achieves HPA Breakthrough: Successful Production of 4N HPA & Validation of Nove Flowsheet (2) Refer to ADN ASX dated 18 Sept 2025 titled Results of HPA Scoping Study; all material assumptions and technical parameters underpinning the estimates and forecast financial information continue to apply and have not materially changed. (3)Refer to ADN ASX dated 7 October 2025 titled HPA Project – Next phase of commercialisation underway (4)Refer AND ASX dated 22 June 2026 High Purity Alumina Project Update ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 11 What is HPA used for? Light-emitting diodes (LEDs) Lithium-ion battery (LIB) separators HPA underpins the global transition to low-carbon and energy efficient technologies LEDs 50% LIB separators 40% Other semiconductors 2% Phosphor applications 2% Sapphire glass 3% Polishing & CMP slurries 3% Notes (1) High Purity Alumina Special Report 2023, CRU Electronics and semi-conductors Synthetic sapphire glass High Growth End-Use Markets1 Competing 3N-5N HPA Demand by End Use1 ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 12 Next Generation HPA applications HPA is used in next generation applications, including data centres powering AI, aerospace and defence1 Synthetic Sapphire for Defence Electronics Semiconductors and Military Electronics Armored Vehicles and Soldier Protection Semi-conductors powering AI Optical and Surveillance Technology Aerospace Defence Notes (1) High Purity Alumina Market Assessment, FutureBridge (commissioned by Andromeda), August 2025 Defence Aerospace and Turbine Components ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 13 Potential to become a leading global producer of low-cost, low-carbon HPA HPA Scoping Study Results AUD USD Target Production 10,000 tpa NPV10 (pre-tax) $1,480 million US$947 million NPV10 (post-tax)1 $1,010 million US$647 million IRR2 88% (pre-tax) 69% (post tax) Revenue $6,403 million US$4,098 million HPA Product Sale Price3 $31,250 / t US$20,000 / t Cash Operating Cost4 $4,718 / t US$3,020 / t Cash Operating Margin (%) 85% Average Annual EBITDA $247 million US$158 million Pre-production Capital Cost5 $155 million US$99 million Project Life6 24 years estimated to take approximately 2 years (subject to available funding) and cost approximately $4 million. (6) Nominal Project Life of 24-years modelled, including approximately 2 years of design and construction for a HPA Production Facility with a 22-year production life. (7) High Purity Alumina Special Report 2023, CRU (8) High Purity Alumina Market Assessment, FutureBridge (commissioned by Andromeda), August 2025 (9) Pre-production capital cost per tonne of annual production capacity. Market-Leading Economics Notes (1) Refer to ADN ASX dated 18 Sept 2025 titled Results of HPA Scoping Study ; all material assumptions and technical parameters underpinning the estimates and forecast financial information continue to apply and have not materially changed. (2) Assumes company tax rate of 30% (3) Based HPA market analysis, which may not reflect actual offtake agreements entered into. (4) Excludes potential sales of silicate by-products. (5) Includes ~30% contingency, excludes additional costs for PFS, marketing and other studies including ongoing test work, currently ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 14 Strategic Relevance – global markets Why Andromeda’s HPA is strategically relevant across global markets US Asia Critical mineral supply Supports the establishment of a new source of HPA supply Supply chain relevance Increases resilience in high-tech manufacturing sectors across civilian and military uses applications Diversification theme Supports non-China supply and onshoring of critical minerals production Jurisdictional advantage Australia is a Tier 1 mining jurisdiction offering stability, ESG alignment and low geopolitical risk Established regional footprint Andromeda has established customer and kaolin offtake relationships in Japan, China and Europe Strategic partnership potential Opportunities for offtake and strategic investment agreements Europe ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 15 Shares on Issue Share Price1 4.62 billion A$0.007 Notes (1) As at 10July 2026. (2) As at 31 March 2026, does include not $1.66 million subsequently received as an R&D tax refund (refer to ADN ASX dated 5 May 2026 titled Andromeda receives R&D tax refund of $1.66 million. Share and Cash Information Market capitalisation1 Cash-on-Hand2 A$32.4 million A$5.2 million Andromeda Metals Limited (ASX:ADN) Sue-Ann Higgins Executive Chair Jean-Dominique Sorel Non-Executive Director Mick Wilkes Independent Non- Executive Director Miguel Galindo Non-Executive Director Board of Directors Led by a highly experienced board and management team, including members who have funded, built, and delivered successful projects, as well as those with significant expertise in the sales and marketing of metals and industrial minerals. Corporate Profile Joe Ranford Chief Operating Officer Sarah Clarke Acting CEO, General Counsel & Company Secretary Keith Pollacks Chief Financial Officer Executive Management $0.000 $0.005 $0.010 $0.015 $0.020 $0.025 $0.030 ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 16 Investment Highlights Great White Project Finalising funding for development-ready industrial minerals project HPA Project Expansion into high-value critical minerals markets Notes (1) ) Refer to ADN ASX dated 15 April 2026 titled Great White Project Early Works Update. (2) Refer to ADN ASX dated 18 Sept 2025 titled Results of HPA Scoping Study; all material assumptions and technical parameters underpinning the estimates and forecast financial information continue to apply and have not materially changed. (3)Refer to ADN ASX dated 7 October 2025 titled HPA Project – Next phase of commercialisation underway. Dual-sector positioning across industrial and critical minerals, with multiple re-rating triggers Near-term catalyst: ➢ Advancing towards final funding to support FID Strong project economics: ➢ A$763m post-tax NPV and 43% IRR across staged development over 3-stages with 28-year mine life Revenue visibility: ➢ Stage 1A+ production fully underpinned by binding offtake agreements Funding process: ➢ ~$40 million balance of funding required, alongside credit approved $A75 million debt facility with Merricks Capital1 High-growth optionality: ➢ Adding leverage to expand into growing markets for batteries, semiconductors and AI data centres Strong project economics: ➢ Scoping Study2 shows market-leading economics globally for capital intensity and cost of production Near-term catalysts: ➢ Testwork underway3 for optimisation of flowsheet and production of 4N HPA samples customer evaluation ➢ Commissioning of HPA pilot plant underway with samples available in 2H for customer qualification ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 17 APPENDIX ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 18 Large, De-commoditised Market • Large global market: +30Mtpa, +US$4bn3. • Not a commodity market – product market with large quality and price differentials • Once a product has an established customer base, demand and price growth is consistent – as demonstrated by US historical Kaolin and Ball Clay PPI (world’s largest exporter of high- quality kaolins) Positive Supply-Demand Dynamics • Demand growth > global GDP • Highest growth segment in Andromeda’s targeted ceramics segment (+6.4% CAGR)4 • Long-term supply constraints driven by depletion of high-quality sources in all major production regions • War in Ukraine supply disruption expected to endure for 5-10 years, historically a leading source of high- quality product to Italy and Spain 1. Federal Reserve of St Louis, 2. IMF and Grandview 3. Fortune Business Insights, "Kaolin Global Market Analysis, Insights and Forecast, 2024 2032" (2024) 4. TZMI HQ Kaolin Market Study Update 2025 Global GDP vs kaolin demand – index value2 100 105 110 115 120 125 130 GDP, constant prices (market exchange rates) (IMF, 2023) Global demand: kaolin for ceramics (Grandview 2023) Global demand: kaolin all sectors Grandview 2023) Index value 2022 = 100 US Kaolin & Ball Clay Producer Price Index vs Median CPI1 Index value Dec 1999 = 100 100 125 150 175 200 225 250 US Kaolin & Ball Producer Price Index US Median CPI Globally important industrial mineral with attractive market characteristics The Great White Project - Kaolin Market ASX:ADN | andromet.com.au Andromeda Metals Ltd | Company Update June 2026 19 The Great White Project Cumulative LOM NPV/IRR >>> Staged Delivery of a High-Value Project A$763m 43% p.a. A$569m 39% p.a. A$211m 26% p.a. Stage 1A+  100,000 wmt pa Stage 1B  110,000 wmt pa Capex A$84m NPV(8)* A$211m IRR* 26% p.a. Capex A$57m NPV(8)* A$387m IRR 65% p.a. Capex A$53m NPV(8)* A$235m IRR 56% p.a. Stage 2  120,000 wmt pa ✓ High-grade 15.1Mt reserve supporting 28-year mine life ✓ Simple mining with low strip ratio ✓ All key approvals received to commence deveoplment1 ✓ Feasibility studies completed ✓ Low capex hurdle ✓ Staged development in line with anticipated growth in market demand Characteristics 3-Stage Development with Robust Economics (NPV 8, real post-tax)1 * Stage returns represent standalone investment decisions at each Stage FID Notes (1) Mining Lease 6532 and Miscellaneous Purpose Lease 164 granted for a period of 35 years on 17 December 2021, by the South Australian Minister for Energy and Mining. Program for Environment Protection and Rehabilitation (PEPR) was approved on 01 March 2023, by South Australia’s Department for Energy and Mining. (2) Ore Reserve Estimate previously announced to ASX on 6 April 2022 titled Great White Kaolin P