Announcement PDF Manganese Rich Battery Chemicals – The Future ASX: FRB firebirdmetals.com.au A division of Firebird Metals Limited DISCLAIMER This presentation contains summary information about Firebird Metals Limited (Firebird) (ABN 24 610 035 535) and is current as of 11th August 2025. The information in this presentation is of a general background and does not purport to be complete. This presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. The information contained in this presentation has been prepared without taking into account the objectives, financial situation or needs of individuals. Investors should obtain their own advice before making any investment decision. Firebird has prepared this document based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this presentation. This presentation contains certain “forward-looking statements”. Forward looking statements can generally be identified by the use of forwardlooking words such as, “expect”, “should”, “could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” and other similar expressions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward- looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance This presentation contains statements that are subject to risk factors associated with Firebird and the mining exploration industry. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially. Firebird disclaim any intent or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise. To the maximum extent permitted by law, Firebird, their related bodies corporate (as that term is defined in the Corporations Act 2001 (Cth) and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the use of the presentation or its contents or otherwise arising in connection with it. This presentation has been approved by the Board of Firebird. JORC Compliance Statement This announcement contains references to Exploration Results and Mineral Resource Estimates, which have been reported in compliance with ASX Listing Rules 5.7 and 5.8 and extracted from previous ASX announcements as referenced. The Company confirms that it is not aware of any new information or data that materially affects the information included in the said announcements, and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the material assumptions and technical parameters underpinning the production target disclosed in the Company's announcement dated 7 May 2024 continue to apply and have not materially changed. Oakover Resource: Indicated Resource of 105.8Mt at 10.1%; Inferred Resource of 70.9Mt at 9.6% for global Resource of 176.7 Mt at 9.9% Mn Hill 616 Resource: Inferred Resource of 57.5 Mt at 12.2% Mn For full details refer to ASX announcements 10/3/22, 30/1/23, 23/3/23, 26/6/23, 30/8/23, 1/9/23, 18/10/23, 21/11/23, 13/12/23, 29/1/24, 13/3/24, 7/5/24, 14/5/24, 28/5/24, 5/6/24, 10/9/24, 12/9/24, 24/9/24, 2/10/24, 21/10/24, 28/10/24, 9/12/25, 10/2/25, 20/2/25, 18/3/25, 12/5/25, 24/6/25, 21/7/25, 30/7/25, 5/8/25 CAUTIONARY STATEMENT – SULPHATE FEASIBILITY STUDY The Feasibility Study referred to in this presentation is a Technical Feasibility of the establishment of the Battery Grade Manganese Sulphate Project Stage 1 Processing Plant in China (the Plant). The Feasibility Study is based on the material assumptions contained in the Feasibility Study document released to the ASX on 7 May 2024. These include assumptions about the availability of funding. While the Company considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Feasibility Study will be achieved. Notwithstanding the developments set out in this quarterly report, Investors should note that there is no certainty that the Company will be able to raise the amount of funding to develop the Plant when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Company’s existing shares. It is also possible that the Company could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the Plant. If it does, this could materially reduce the Company’s proportionate ownership of the Plant. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Feasibility Study. CAUTIONARY STATEMENT- DMS CONCENTRATE SCOPING STUDY The Updated Scoping Study announced to the ASX on 30 August 2023 has been undertaken for the purpose of initial evaluation of a potential development of the Oakover Manganese Project. The Scoping Study is a preliminary technical and economic study of the potential viability of the Oakover Manganese Project as a manganese producer. The Scoping Study outcomes, production target and forecast financial information referred to in this release are based on low accuracy level technical and economic assessments that are insufficient to support estimation of Ore resources. The Scoping Study has been completed to a level of accuracy of +/- 35% in line with a scoping level study accuracy. While each of the JORC modifying factors was considered and applied, there is no certainty of eventual conversion to Ore Reserves or that the production target itself will be realised. Further exploration and evaluation work and appropriate studies are required before the Company will be in a position to estimate any Ore Reserves or to provide any assurance of an economic development case. Accordingly, given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study. Given that the results of the Scoping Study are subject to the qualifications above (including assumptions as to accuracy), any results reported in this release should be considered as approximates and subject to variances having regard for the assumptions referred to in this release. The Company has reasonable grounds for disclosing a Production Target, given that approximately 99% of the Life-of-Mine (LOM) Production Target is in the Indicated Mineral Resource category, and 1% is in the Inferred Mineral Resource category. The production target stated in this announcement is based on Firebird’s current expectations of future results or events and should not be relied upon by investors when making investment decisions. Further evaluation work and studies are required to establish sufficient confidence that the production target will be met. Firebird confirms that the financial viability of the Oakover Manganese Project is not dependent on the inclusion of Inferred Resources in the Scoping Study. The Company considers all the material assumptions in this Study to be based on reasonable grounds. These include assumptions about the availability of funding. While Firebird considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. To achieve the range of potential outcomes indicated in the Scoping Study, funding of in the order of $123 million (excluding working capital and finance costs) will likely be required. Investors should note that there is no certainty that Firebird will be able to raise that amount of funding when needed. However, the Company has concluded it has a reasonable basis for providing the forward-looking statements included in this announcement and believes that it has a "reasonable basis" to expect it will be able to fund the development of the Project. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Firebird’s existing shares. It is also possible that Firebird could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the project. If it does, this could materially reduce Firebird’s proportionate ownership of the project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study. The Mineral Resources underpinning the production target in the Scoping Study have been prepared by a competent person in accordance with the requirements of the JORC Code (2012). For full details of the Mineral Resources estimate, please refer to Firebird’s ASX release dated 23 March 2023. Firebird has confirmed that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning the estimates in that ASX release continue to apply and have not materially changed. ASX: FRB firebirdmetals.com.au 2 FIREBIRD METALS Company Overview Australia-based, China-R&D, fully integrated battery material innovator. Mn-Rich Future Vertically Integrated Battery Tech Pioneering next-generation manganese-rich battery cathodes with superior performance. Maximizing margin capture through a world-class R&D lab with “Ore to Cathode capability”. World-class Technical Team Secured Upstream Supply Globally designed, strategically located sector-leading technological development in China, fully Australian owned & engineered for global battery market scalable deployment. Strategic, low-cost manganese deposit in Western Australia anchors Firebird’s long-term strategy – ensuring integrated supply chain security. Disruptive Battery Tech - LMFP Energy saving process HPMSM Firebird’s breakthrough co-synthesis process eliminates the need for crystallization of HPMSM —enabling lowercost, high-performance LMFP pCAM production with globally replicable, patentbacked technology. Energy saving kiln that uses at least 70% less electricity. 1 5th Generation Crystallisation reactor use 90% less energy than conventional single effect evaporator. 2 Note: 1) Refer ASX announcement 21/10/2025 and 2) ASX announcement 30/11/2023 ASX: FRB firebirdmetals.com.au 3 The Shift To ManganeseRich Cathodes LFP Today Lithium Iron Phosphate (LFP) 80% of cathode market Manganese Content (%) % Rising Mn Content 50 50 LMFP 40 30 Emerging Lithium Manganese Iron Phosphate (LMFP) rapid adoption in 2025 25 20 20 15 10 0 LMR 0 LFP NMC Sodium Ion LMFP LMR The Future Lithium Manganese Rich (LMR) mass adoption after 2030 Source: Giga Mn & Magnus Bekker, note estimated elemental content in cathode Key Drivers for LMFP Safety: Higher thermal runaway temperature ASX: FRB Cost: Reduced dependency on expensive metals Energy Density: Up to 20% increase vs LFP firebirdmetals.com.au Winter Performance: Matching NCM cold weather capability 4 LMFP Has Taken Off Manganese-rich Outpace Other Cathode Mixtures LMFP Market growth • 2 new LMFP plants commenced production in China in 2025 • Over a million tonnes of LMFP production planned • High Purity Manganese Sulphate (HPMSM) is a key ingredients for LMFP Market Forecast Soochow Securities forecast that LMFP will replace 50% of LFP to become a US$20B+ market by 2030 “Both GM and Ford have publicly announced plans to begin commercial production of LMR battery chemistries by 2029.” Source: Ford and GM investor presentations, 2023–2024 Source: CRU Battery Value Chain Service ASX: FRB firebirdmetals.com.au 5 1 Raw Materials ASX: FRB 2 Precursor (pCAM) & Input Materials 3 Cathode Active Materials (CAM) firebirdmetals.com.au 4 Mn-Rich Battery Cell 5 Mn-Rich Battery Pack 6 Manganese Use & Firebird's Chemistry Focus Firebird's Strategic Advantage Experienced Core Focus & Experienced MnSO₄ Ore to Cathode R&D Lab Mn₃O₄ & MnCO₃ • Vertically integrated from ore to high-purity manganese chemicals Manganese Tetroxide & Carbonate HPMSM • Capability to supply ALL types of manganese chemicals for current, emerging and future cathode markets Cornerstone chemical for all high-purity manganese battery applications Critical component in cathode materials for improved energy density In Development In Development MFP • Leveraging proven commercial experience in manganese processing Strategic Growth Pipeline • LMFP (Lithium Manganese Iron Phosphate): Currently under LMR Manganese Iron Phosphate Lithium Manganese Rich Key precursor for LMFP cathodes with enhanced performance Western OEM focus, most likely cathode material for solid state battery development as primary focus • LMR (Lithium Manganese Rich): Identified as next major frontier, . ASX: FRB firebirdmetals.com.au driven by OEM interest. LMR is also believed to be the most suited solid state battery cathode material • Ford (Apr2025) and GM with LG (May2025) have announced LMR battery development—Ford targeting integration late this decade, and GM planning commercial production in 2028 7 Competitive Advantage: Our Team & IP Sector-leading expertise and propriety technology positions Firebird at the forefront of manganese innovation Sector-Leading Australian-Chinese Team Over 50 years of combined expertise in manganese and chemical sectors, unmatched in Western markets Central South University (CSU) Partnership Collaboration with CSU with strong reputation for producing world-leading battery materials processes. CSU staff are global experts in Li-ion battery supply chain, including alumni who founded BYD and Ronbay Technology Extensive Patent Portfolio Over 70 patents covering propriety processes, materials, and applications across the battery value chain Global IP ownership & Replicability Complete Firebird ownership of all IP, enabling deployment of technology platforms worldwide ASX: FRB firebirdmetals.com.au 8 Firebird Lab: Ore to Cathode Our state-of-the-art research facility demonstrates complete integration from manganese ore to finished battery cathodes Fully operational since Dec 2023 3rd Party Battery Testing Regional Advantage for R&D Multiple Manganese Chemistry Capabilities Continuous research and development with rapid innovation cycles Batteries are made at a 3rd party facility run by our CSU partners for testing To date, laboratory set up and operation costs are a fraction of Western peers Flexible production of all types of Mn chemicals: HPMSM, Mn3O4, MFP and other advanced manganese battery chemicals to be used in manganese rich cathodes in emerging and future cathode markets Hydrometallurgy Processing & Analysis ASX: FRB Cathode Material (CAM) firebirdmetals.com.au 3rd Party Battery Testing Centre 9 Driving Market Growth Firebird estimates that China’s LMFP cathode production capacity will reach ~300,000 t/a by the end of 2025, an increase of 2900% from 2024 representing a US$1.5B market and an additional 210,000t of HPMSM demand this year alone2 US$/t (VAT Excluded) LMFP Margin Opportunity US$1,476/t LFP v LMFP Price Differential1 100% 5,000 MN CHEMICAL & MARGIN 4,000 3,000 2,000 1,000 Lithium, iron, Lithium, iron, phosphate phosphate and other and other chemical chemical inputs. inputs. LFP LMFP FRB process savings can achieve greater margin Ternary 2024 2025 LMO LMFP Mn-rich HPMSM demand = ~1.9Mt 2030 • • • • ASX: FRB firebirdmetals.com.au 20% • Co-synthesis reduces manganese chemical costs • Vertical integration captures entire value chain margin, proprietary process enables 50% cost reduction • Unique technology delivers superior energy density Easy Transition for Manufacturers Source1 : SMM Market Pricing 9/6/25, Source2 : Company estimates from news articles and 2024 production from SMM Source³: CRU Battery Value Chain Service 40% Firebird’s Margin Capture Strategy 2027 Contained Mn demand for battery applications by CAM chemistries 60% 0% 0 LMFP will be the new engine for demand growth3 80% LFP plants can convert to LMFP with minimal changes No capex barrier to LMFP upgrade MFP as pCAM feedstock enables seamless transition Under margin pressure, LFP producers are shifting to LMFP for better economics 10 Proprietary Tech Platform FRB Process Savings FRB 5th Gen Crystalliser and Kiln (standard operating) Lab-Scale Testing No Crystallisation (MFP) 4.4% CSU and Firebird’s innovative technologies deliver significant efficiency improvements and cost savings across the production chain by bypassing the manganese sulphate crystallisation process 36.0% 36.0% Complete Firebird ownership of all IP, enabling deployment of patentprotected technologies worldwide 16.3% Targeting >50% Cost Saving from Conventional MFP Other FRB process efficiencies Less Grinding No Drying or Packaging The Firebird advantage reduces manganese chemical costs in LMFP, further reducing operational expensed (OPEX) and increasing margin Impurity Savings Advanced Energy-Saving Kiln Proprietary kiln technology reduces energy consumption by 70% - compared to industry standard equipment and has significant applications in other industries 5th-Generation Crystalliser Revolutionary crystallisation technology improves product while delivering 50% lower energy consumption relative to industry standard equipment Additional savings: • No transport • No margin paid to supplier • No storage & handling costs • No re-dissolving costs Our results are in line with industry energy density improvements in LMFP over LFP Note: 1) Raw Material costs have been calculated by using chemical formula for LMFP, deriving molecular weights and theoretical mass, excluding Lithium Carbonate, then using SMM market price for each item 2) Stated savings are calculated costs for each removed stage of HPMSM process by using LMFP process as per ASX announcements dated 7/5/2024 and 21/10/2024 ASX: FRB firebirdmetals.com.au 11 Firebird Special Tech Firebird’s technical team brings extensive commercial production experience Manganese Ore High-level HPMSM Process Flow Diagram Leaching Reduction Roasting Grinding Impurity Removal Filtration Sustainable and Eco-Friendly The process is designed to be environmentally sustainable, ensuring that all residues are either consumed or sold, minimizing waste and environmental impact Filtration Innovative Proprietary Technology The project is supported by proprietary technology specifically aimed at reducing operational expenses (OPEX), enhancing overall cost efficiency and competitiveness Flexibility We can process all types of manganese ores, using adapted methods. This specific process is optimized for our own ore and selected third-party feed Ni /Co Sulphide Precipitate Leach Residue 2nd Crystallisation 1st Crystallisation MVR Evaporation Centrifuging Drying and Packing MnSO4·H2O Note: 1) per ASX announcements dated 7/5/2024 ASX: FRB firebirdmetals.com.au 12 Industry-leading cost position HPMSM OPEX Advantage Firebird maintains the lowest OPEX among US$579/t1 global manganese sulfate producers Capital Intensity US$/10,000t Of MnSO4 50 40 30 20 10 0 Guangxi Yuding Materials ISKY Chemicals Guangxi Huijin Energy Guizhou Manganese Firebird E25 Advanced process engineering Proprietary technology advantages Strategic China production base Firebird is Targeting Lowest OPEX Even in China US$/t US$ Millions 60 Lowest energy consumption Euro Manganese 1800 1600 1400 1200 1000 800 600 400 200 0 Euro Manganese Study - refer addendum FRB CAPEX Intensity marginally higher than other Chinese plants to ensure efficient environmental and waste processing E25 Feasibility study Benchmark Mineral Benchmark Mineral Firebird Feasibility - refer addendum Intelligence – China Intelligence – Ore to plus Kiln Savings EMM Route as at Sulphate (44% Mn) April 2024 based Mn Ore at $5dmtu as at April 2024 FRB Feasibility Price (Benchmark Minerals Intelligence Forecast April 2024, refer ASX announcement 7/5/24) Source1 : Refer ASX announcements 21/10/24 and 7/5/24, Note: for Capital Intensity and OPEX cost source refer addendum at end of presentation ASX: FRB firebirdmetals.com.au 13 Oakover Project Strategic resource securing long-term manganese supply for our battery materials Oakover provides the future upstream security for our manganese chemicals business, with favorable geology, near-surface deposits and metallurgical testing confirming battery-grade material viability PORT HEDLAND NEWMAN Resource Project Value 176.65 Mt @ 9.9% Mn A$741M NPV Return on Investment Project Lifespan 73% IRR 18-year Life of Mine Oakover Project WESTERN AUSTRALIA PERTH Mineral Resource Classification Tonnes (Mt) Mn (%) Fe (%) SiO2 (%) Al2O3 (%) P (%) Indicated 105.78 10.1 8.9 39.2 9.8 0.10 Inferred 70.87 9.6 8.0 36.5 9.5 0.09 Total 176.65 9.9 8.6 38.1 9.7 0.10 For full details refer to ASX announcements 10/3/22, 30/1/23, 23/3/23, 26/6/23 and 30/8/23 ASX: FRB firebirdmetals.com.au 14 Rapid Low-cost Development Of Technologies October 2024 Central Southern University – LMFP collaboration agreement Firebird-Sunward kiln testing delivered impressive results 2025 – FRB Continued cathode test work and development June 2024 Sunward Agreement on Firebird designed highly efficient kiln Plans for our manganese chemical plant are complete. LMFP test work is ongoing, with samples being prepared May 2024 for distribution. Upon successful Completion of highly successful Feasibility Study, Safety Permit received evaluation, we will progress to larger scale pilot plant to support future commercial LMFP development Establishment of a world-class, sector leading technical team ASX: FRB 2 LMFP Patents received, 4 in processing January 2024 Initial LMFP Battery test results FRB produces LMFP batteries Commencement of Pilot Plant operations 2024 firebirdmetals.com.au Potential offtakes for manganese chemicals, pCAM and CAM both within China and internationally June 2025 March 2025 November 2023 2023 July 2025 2025 Industry Mn Rich cathode chemistries continue to develop LMFP continues to grow in China. LMR is becoming the future cathode 2025 15 Proven Team Chairperson Managing Director Special Advisor to Board Evan Cranston Peter Allen Ken Hoffman Mr. Cranston is an experienced mining executive, with a background in corporate and mining law. Mr. Allen is a mining executive, with more than 20 years' experience in marketing of manganese, lithium and a range of other commodities. Mr. Hoffman was formerly Global Head of Battery Materials at McKinsey, advising on strategy, supply chains, and capital raising across the battery value chain. Executive Director ASX: FRB Non-executive Director Non-executive Director Wei Li Ashley Pattison Brett Grosvenor Mr. Li, a Chartered Accountant, has broad experience in the resource sector, having managed a base metal exploration company in the Northern Territory and helped commission a A$150M EMD plant in Hunan, China. Mr. Pattison is a Chartered Accountant with over 20 years’ experience in the resources sector, spanning operations, finance, strategy, and corporate finance. Mr. Grosvenor is an experienced mining executive, with over 25 years’ experience in the Mining and Power industry. Holds a dual tertiary qualification in Engineering and a Master in Business. firebirdmetals.com.au 16 Sustainability & ESG Commitment Firebird is committed to responsible mining and chemical production practices with transparent ESG standards Low-Carbon Process Our kiln technology reduces energy consumption by 70%, while our 5th-gen crystalliser cuts energy usage by 50% compared to industry standards Waste Minimization Zero-waste principles with all residues either consumed or sold to minimize environmental impact across our value chain Transparent Supply Chain Full traceability from ore to cathode with rigorous ethical sourcing standards and third-party verification Community Engagement Partnering with local communities in Western Australia and China to create shared value and sustainable development opportunities ASX: FRB firebirdmetals.com.au 17 Investment Snapshot $0.125 142.36 M Share Price (18 July 2025) Shares on issue $17.8 M 17.8 M Market Capitalization Options @ $1.00 2.2 M 12.5 M Performance Rights Options @ $0.30 12.5 M $1.5M Options @ $0.40 Cash on hand (June 2025) Unique LMFP Technology Global Technology Platform Positioned in a rapidly growing manganese-rich cathode market with proprietary processing Scalable IP model designed in China, owned in Australia, deployable worldwide Market Timing Entering LMFP market as demand forecasts to reach US$20B+ by 2030 9.7% 15.05% Canmax Technologies Board & Management 9.5% 66.75% Tolga Kumova ASX: FRB Capital Structure firebirdmetals.com.au Other Shareholders 18 Resource Adjacent Technology Market Cap Comparison 1,400 1.07 B 1,000 A$M Market Cap Stage IperionX Limited IPX $1.3BN Pilot Alpha HPA Limited A4N $1BN Pre-production MTM Critical Metals Limited MTM $441M Pilot Titomic Limited TTT $378M Pilot Novonix Limited NVX $353M Pilot Green Critical Minerals Limited GCM $56M Pilot Firebird Metals Limited FRB $17.8M Pilot 1.33 B 1,200 800 600 448 M 441 M 400 378 M 200 0 ASX Code Company 56 M IperionX Alpha MTM Titomic Novonix GCM Key Messages Can replicate anywhere 17.8 M Firebird Metals All are technology focused, not resource focused Has scalability potential worldwide The peer comparison presented in this slide is subjective and based on FRB's internal assessment of industrial tech companies operating within similar sectors of mineral processing and extraction. This comparison does not necessarily adhere to any industry-recognised standards and should not be interpreted as an exact like-for-like comparison in terms of stage of development, market cap, or technology maturity. The companies compared are in various stages of development (as noted in the table), and their progress is based on publicly available information as of the date of this presentation. The development stages referenced in this comparison are for indicative purposes only and are not meant to represent a formal independent analysis based on industry standard. Note that entities listed may be selling different commodities (compared to FRB) or may be selling to different customers / end users Investors are advised to consult independent sources for a detailed assessment of each company’s projects and their stage of development. FRB does not warrant the accuracy of third-party data used for this comparison. As at 29/07/2025, Yahoo Finance ASX: FRB firebirdmetals.com.au 19 Firebird: At The Forefront Of Battery Cathode Innovation ASX: FRB Pioneering Mn-Rich Tech Proprietary Technology Australian-owned with Chinabased R&D, delivering world-class LMFP technology as EVs shift to manganese-rich batteries 70+ patents across Technical Team with significant cost and energy saving innovations Margin Capture Global Scalability Integrated process for maximum value from manganese ore to cathode Technology replicable worldwide with full IP ownership firebirdmetals.com.au 20 A division of Firebird Metals Limited Thank you 38 / 460 Stirling Highway Peppermint Grove WA 6011 +61 (08) 6245 9818 firebirdmetals.com.au ASX: FRB Addendum - Benchmarking Manganese Sulphate Developers Firebird Metals (ASX: FRB) Source: ASX Announcement Element 25 Train 1 (ASX: E25) Source: ASX Announcement Euro Manganese (ASX:EMN, TSXV: EMN, OTCQB: EUMNF) Study Complete Feasibility Study Production Capacity 72,500 t/a HPMSM Products 50,000 t/a HPMSM & 10,000 t/a Mn3O4 65,000 t/a HPMSM Capital US$ 83.5 M US$289 M US$757.3 M Production Cost US$609 per tonne product US$579 per tonne product US$1,294 per tonne product US$214.54 per tonne of dry plant feed Tonnes of feed processed 66,000 t/a ~72,000t/a 1,066,000t/a Not Disclosed US$4,019 ASX announcement 7/5/24 ASX announcement 7/5/24 ASX announcement 22/10/24 Feasibility Study Feasibility Study 65,000 t/a HPMSM 100,000 t/a HPMSM & 15,000 t/a HPEMM ASX announcement 12/4/23 Source: ASX Announcement 100,000 t/a HPMSM & 15,000 t/a HPEMM ASX announcement 28/7/22 ASX announcement 7/5/24 HPMSM Price Assumption US$1419 Cathode Development plans Yes Comment ASX announcement 28/10/24 Operating cost of US$1,558 per tonne HPMSM calculated by US$214.54 per tonne of dry plant feed x tonnes of feed processed (1,066,000) / HPMSM of 146,700 (being 100,000t HPMSM plus 15,000t HPEMM converted to HPMSM by dividing by 32.1 (Mn content) 22 Addendum : Sources COMPANY LFMP PRODUCTION ARTICLE R