Announcement PDF CHINA-BASED BATTERY GRADE HIGH-PURITY MANGANESE FEASIBILITY STUDY PRESENTATION MAY 2024 ASX: FRB DISCLAIMER ASX: FRB This presentation contains summary information about Firebird Metals Limited (Firebird) (ABN 24 610 035 535) and is current as of 7th May 2024. 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 forward-looking 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. Firebird is not aware of any new information or data that materially affects the information included in its announcement dated 21 November 2023, and all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. 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 and 7/5/24 JORC Compliance Statement This announcement contains references to Exploration Results and Mineral Resource Estimates, which have been extracted from previous ASX announcements as referenced. For full details of Exploration Results and Mineral Resource Estimates in this release that have been previously announced, refer to those announcements. 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. 2 CAUTIONARY STATEMENT- DMS CONCENTRATE SCOPING STUDY The Updated Scoping Study announced to the ASX on 30th 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 10th March 2022 and 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. BUILDING A LOW-COST, HIGH-PURITY MANGANESE SULPHATE PLANT Unique, Low-Cost, Speed-to-Market Strategy Successfully executing a high-purity manganese sulphate strategy to supply into the rapidly expanding LMFP battery market. Recent investor site visit in China successfully demonstrated the compelling opportunity for Firebird to establish itself as a key, low-cost, near-term producer Sustainable Economics and Perfect Timing Firebird to become of one of the lowest-cost battery grade MnSO4 producers, placing the Company in a competitive position in all market environments, at a time when the LMFP market is forecasted for exponential growth and become a >US$20 billion market by 2030. Stage two of operations will be led by flagship Oakover Project, which is underpinned by an 18-year Life of Mine, ~A$741.3 M NPV and IRR of 73.1%, with pay back in 16 months 1 Management, Board and In-Country Team with Sector Leading Credentials Led by a Board and Management team with proven abilities of building companies through the lifecycle and into production. Assembled a proven and high-quality team in China, who are leaders in the development and production of high-purity manganese Well-Funded and Supported Strong cash position of $6.1m (31 Mar 2024) to fund key workstreams across China strategy and at Oakover. Firebird has attracted a strong investor register supported by highlyreputable investor Canmax Technologies Co., Ltd who has a 9.7% holding in the Company 1. For Full details refer to ASX announcement dated 30/8/2023 4 THE FIREBIRD VISION COMPANY VISION Become a global leader in the manganese industry by seamlessly combining mining and downstream processing, with a profound dedication to the advancement of Li-ion & Na-ion battery sectors. By harnessing the power of innovation and sustainability, Firebird aims to play a pivotal role in shaping the future of energy storage solutions and significantly contributing to a more sustainable and electrified world. BATTERY MINERALS MINING China Stage 1 50,000tpa Battery Grade MnSO4 and 10,000tpa Mn3O4 using 3rd party ore China Stage 2 300,000tpa equivalent Battery Grade MnSO4 – Using Oakover Ore Cathode Producer Western Production 100,000tpa equivalent Battery Grade MnSO4 PFS using Oakover ore Western Production using Oakover ore Oakover Manganese Concentrate 18-year mine life Other battery grade project development opportunities Continue to increase Mn Resource base GLOBAL CATHODE PRODUCER 5 STAGE 1 CHINA-BASED FEASIBILITY STUDY GENERATED STRONG ECONOMICS • Study results demonstrate exciting opportunity for Firebird to become a key producer of high-purity manganese sulphate • Significant cost, development and operational advantages gained by building a plant and establishing operations in China • In China, a Feasibility Study is completed first and forms the basis of engineering design, government permitting and financing activities. The Study contains a large portion of compliance and project economics assessment • The Study was completed by Hunan Chemical Engineering Design Institute Co., Ltd (“HCEDI”) and in line with stringent Chinese regulations. HCEDI is the leading high-purity manganese project design institute globally • Feasibility Study validates Firebird’s LMFP battery strategy to produce battery grade manganese sulphate in China: • Robust economics using lowest selling price, compared with peers & conservative cost estimates • Low CAPEX of US$83.5M, working capital US$10.7M • Plant Capacity: Battery Grade MnSO4 50kt/a & Mn3O4 10kt/a or equivalent MnSO4 of 72.5kt/a • Environmentally friendly process with no wastewater and all residues consumed by cement plant Source: Benchmark Minerals Intelligence Battery Grade Manganese Sulphate Stage 1 Key Figures Ore Feed Ktpa 66 Battery Grade MnSO4 produced Ktpa 50 Mn3O4 produced Ktpa 10 Battery Grade MnSO4 price (China) US$/mt $1,419 Mn3O4 price (China) US$/mt $3,365 Operating Cost - BG MnSO4 (excluding VAT) US$/mt $608/t Operating Cost – Mn3O4 (excluding VAT) US$/mt $1,763/t CAPEX US$ $83.5M WORKING CAPITAL US$ $10.6 CNY/USD exchange rate For Full details refer to ASX announcement dated 7/5/24 7.2 6 DEVELOPMENT PROGRESS IN CHINA CONTINUING AS PLANNED • Preliminary design work, R&D centre, equipment supplier due diligence & project permitting all being progressed at full speed • Estimated permitting & design on track for completion by late Q3 2024 • European customer site visits & off-take discussions commenced, with excellent feedback received and engagement ongoing • Formal advice from Jinshi Government & relevant departments on process to repatriate profits and capital from operations • As further proof to the strong levels of support in China, Firebird will receive a preferential tax rebate for 6 years • First Australian investor & broker site visit completed in April. Key activities included a tour of the Jinshi High-Tech Industrial Park, Pilot Plant and Jinshi Port – Next site visit planned for mid-June 2024 • Oakover project development continues as planned and forms an integral part of Firebird’s long term manganese battery materials strategy 7 INVESTOR SITE VISIT TO CHINA • Firebird hosted a large investor group on a site visit in China. Primary objectives were to demonstrate: • The unique and significant advantages of operating in China • Progress being made on-the-ground by the Company’s leading manganese sulphate team • Site visit included comprehensive tours of: • • • • The Company’s battery grade manganese sulphate Pilot Plant and R&D centre, located in Jinshi, Hunan Province Jinshi Port Company’s proposed site in the Jinshi High-Tech Industrial Park, where Firebird's processing facilities are set to be established Major shareholder Canmax Technologies Co., Ltd’s tier-one, globally significant 60,000tpa lithium hydroxide plant in Meishan • The group spent a large amount of time with key Jinshi Government officials, where the strong levels of support for the Project and Company were clearly demonstrated • Importantly, the site visit successfully demonstrated the compelling opportunity of establishing operations in China and the strong local support for Firebird. Next investor site visit planned for mid-June 2024 8 TIMELINE TO BATTERY GRADE MANGANESE SULPHATE PRODUCTION 9 GROWING IMPORTANCE AND NEED FOR MANGANESE IN BATTERIES CRITICAL ROLE OF MANGANESE IN BATTERIES Traditional Uses • Manganese has a long history of being a cathode material for batteries in the form of Electrolytic Manganese Dioxide (EMD) • Current production market sizes are 482,000t in China and 107,000t for rest of the world Manganese content (kg) in per battery in each vehicle above Source: Benchmark Mineral Intelligence Manganese Lithium-ion Batteries Na-ion Batteries • Mn is used Li-ion batteries, including NCM, LMO and LMFP – Due to significant benefits of LMFP, the use of this cathode mix is set for massive growth • Size and growth of LMFP market is potentially the largest in medium to long term (est. avg. 900kg of MnSO4 per 1 tonne of LMFP) • Na-ion batteries inherently have lower density • Sodium batteries contain around 30% Mn Research and advocates for manganese rich batteries is on the rise, due to manganese being abundant and relatively inexpensive compared with nickel and cobalt Indicative Metals Intensity By Battery Type LFP NCA NCM 9½½ NCM 811 Mn NCM 712 Ni NCM 622 Co NCM 523 Li NCM 307 Emerging Manganese rich Battery configurations Fe NCM 217 P NCM 111 LMFP LMO 0 0.2 0.4 0.6 Source: Benchmark Mineral Intelligence and company research 0.8 1 1.2 1.4 11 LMFP IS THE FUTURE CATHODE FOR EV BATTERIES • Lithium Iron Phosphate (LFP) is the world’s most used Li-ion cathode material for EV batteries EV manufacturers using LFMP • Three critical key considerations for battery manufacturers when assessing and developing a cathode mix is safety, cost and capacity • Adding high purity manganese sulphate (MnSO4) to LFP, creates LMFP and delivers significant operational and safety benefits to a battery Battery manufacturers using LFMP • LMFP is an upgrade from LFP by introducing manganese to replace iron • • • • LMFP has a higher thermal run-away temperature than nickel-based batteries LMFP costs approximately 30% of nickel-based batteries Enhances the voltage platform and increases energy density by 15-20% LMFP is flexible, used on its own or mixed with nickel-based batteries • Soochow Securities forecast LMFP will replace 50% of LFP batteries by 2030 • Caitong Securities forecast blending LMFP with nickel-based batteries in China to reach 30% by 2030 Cathode material manufacturers using LMFP • Firebird is executing its LFMP battery strategy at the perfect time and will be well-positioned to supply into this rapidly growing market 力泰锂 能 12 CHINA OPERATIONS INDUSTRY LEADING MANGANESE TEAM • Firebird has recruited an industry leading, highpurity manganese team, to ensure the Company develops into a long-term, low-cost MnSO4 producer • In-country team brings proven track record of success and value generation across the manganese sulphate development and operational lifecycle in China • Team led by manganese sulphate specialist Mr Zhou Qiyun, Chief Operating Officer of Hunan Firebird Battery Technology Co Ltd (Chinese subsidiary of Firebird Metals) • Mr Zhou was previously a part-owner of a battery grade MnSO4 plant and has consulted to many existing MnSO4 plants in China. • Across his career, Mr Zhou has been involved in the development, optimisation and commercialisation of technologies for MnSO4 processing (including patents) Hunan Chemical Engineering Design Institute (PFS engineering group) and Hunan Firebird Battery Technology staff including Mr Zhou 14 INDUSTRY LEADING MANGANESE PARTNERS • Firebird’s partners are leaders within their industries • Cooperation agreement with China Chemical Strategic Cooperation Agreement, which will deliver Firebird a significant amount synergies and advantages: • China Chemical invested in and manages the Jinshi High-Tech Chemical Industrial Park, where the Company’s plant and operations will be located • China chemical has significant technical expertise and proven credentials in construction of chemical plants • China Chemical has the highest qualification for installation of chemical equipment • A dedicated technical team will be formed with China Chemical, once preliminary design work is completed • Hunan Chemical Engineering Design Institute (HCEDI) engaged to complete the Feasibility Study & Engineering Design • HCEDI is the leading MnSO4 project design institute globally and Firebird’s in-country technical team have previously worked closely with HCEDI on several projects For full details refer to ASX announcements 13/3/24 15 OPERATIONS LOCATED IN THE EPICENTRE OF MNSO4 DEMAND • Excellent location for operations. Close proximity to existing and potential customers - within a 150km radius, LFP capacity is just under 3Mt/a After thorough due diligence and assessment of a large number of possible location opportunities in China for Firebird’s high-purity manganese plant, Jinshi, Hunan was selected as the Company’s stage 1 Battery Grade MnSO4 & Mn3O4 site Importantly, Hunan and the Company’s proposed operations are located at the epicentre of Chinese MnSO4 demand • Even if a fraction of conversion from LFP to LMFP is actioned, it will significantly exceed Firebird’s production capacity • Strong support from local governments on foreign investment and for Firebird’s strategic ambitions to establish operations in China • Firebird’s permitting is being fast-tracked and being the first fully owned foreign entity in Jinshi, is a significant project for the region • World class chemical industrial park built by China Chemical and the local government. The Park has attracted more than 100 companies and current demand for land for additional projects far outweighs supply • Access to tier-one infrastructure including easy access to Yangtze River, which is the most cost-efficient transport system in China, close proximity to key input materials and several cement plants • Attractive land price & tax incentive. Firebird has received better incentives than any other company in the Chemical Industrial Park and also qualifies for all Chinese domestic company grants Source: Benchmark Minerals, Soochow Securities, Caitong Securities Company Research 16 HUNAN IS AT THE EPICENTRE OF CHINESE MNSO4 DEMAND 17 JINSHI HIGH-TECH INDUSTRIAL PARK • The High-Tech Industrial Park (Park) is located ~8km away from the centre of town • The Park is ranked as one of the highest in the Hunan Province for its services and facilities • The Park is conveniently located on Lishui River, which connects onto the Yangtze river. The bulk terminal has a capacity of over 10 Mt/annum • Provides access to tier-one infrastructure such as a steam plant, dual power lines, water treatment plant, cement plant depot • The Park is divided into three districts; New Chemical Materials, Pharmaceutical and General • Currently over 100 companies operate in the Park. Several new businesses have set up pilot plants within the development area and Firebird currently operates from the development area 18 RAPID DEVELOPMENT PROGRESS BEING DELIVERED IN CHINA R&D LAB COMPLETE, PILOT PLANT TRIALS UNDERWAY • Firebird completed construction of the Research and Development lab in January 2024, ahead of schedule and under budget • Pilot Plant operational and is producing samples of MnSO4 and Mn3O4 for potential customers and offtake parties • Testing results on site is consistent with 3rd party analysis and meets the highest quality standards required by potential customers • Pilot Plant has design capacity to produce 10kg of battery-grade MnSO4 per day (can be increased to suit Company needs) • The Pilot Plant will also be used to demonstrate the production process to financiers • R&D lab will be used to complete testing on several other potential Mn rich precursor Cathode Active Materials (pCAM) For full details refer to ASX announcements 29/1/24 20 STAGE 1 BATTERY-GRADE MNSO4 & MN3O4 PLANT LAYOUT 21 HIGH-LEVEL PROCESS FLOW DIAGRAM 50KTPA HIGH PURITY MNSO4·H2O AND 10KTPA HIGH PURITY MN3O4 Firebird’s Chinese technical team’s expertise reflected in low capital intensity and low operating cost process Reduction roasting, crystallisation and drying & packing all have patents 22 5th GENERATION CONTINUOUS HIGH PRESSURE CRYSTALLISATION REACTOR IS WORLD LEADING 1st 2nd 3rd 4th 1st generation Single effect evaporator •Indirect heating to concentrate solution 2nd generation Multi-effect evaporator •60% energy use of 1st generation •Recycle residual heating to pre-heat incoming solution 3rd generation MVR •40% energy use of 1st generation •More efficient heating and recycle energy 4th generation Single High pressure, high temperature reactor •25% energy use of 1st generation •Like a pressure cooker, efficiency improved due to high pressure and temperature 5th generation (patent technology) Continuous highpressure system, 8% energy use of 1st generation 5th •1/3 energy use of 4th generation •Based on 4th generation system, it operates continuously & residual energy is used in pre-heating feed solutions • Most Chinese companies currently using 1st to 4th generation • 5th generation is successfully used in Commercial Production 23 CALCINING UNIT • Conventional calcining technology consumes minimum 300kwh per tonne of feed FRB designed and applied for patent • Materials are heated to 900 degrees celsius and then cooled down by using a combination of water and air energy is wasted during cooling • Firebird has lodged an application to patent a modified system which will significantly reduce energy use • The essence of Firebird’s technology is utilising heat from calcined material to pre-heat incoming material • Firebird is sourcing a supplier to build a Pilot Plant ~1/15 of actual size • Cost of the build is financed through savings from R&D Lab • If proven, Firebird technology could potentially reduce energy use to 1/6 of conventional system Conventional system with water cooling at second half of the system 24 PROGRESS UPDATE – ENGINEERING & CIVIL DESIGN • Firebird is currently focused on preliminary engineering & civil work design • More than 50% of preliminary design work has been completed • Firebird has engaged several high-quality equipment suppliers • Equipment costs being fed into the design work and detailed estimates • Once completed, the design work will be reviewed by relevant department for preliminary permitting of construction process • Firebird funded to complete full detailed engineering work ENGINEERING TIME LINE Mar-24 Preliminary Engineering Design 50% Plant & Equipment Procurement 25% Civil Construction & Instalation contractors 25% Detailed 3D Engineering Design May-24 Jun-24 Jul-24 Sep-24 Oct-24 Mn3O4 Pilot Plant 25 PERMITTING UPDATE - PROGRESSING AS PLANNED • Government permitting is progressing rapidly • 8 major permits required before construction begins, key permits being: • Environmental Impact Assessment Report: On track to be completed in April and then goes to an Expert Panel for review. Full approval is expected before the end of financial year • Safety Report approved by Expert Panel. Changes in design have been made to reflect the Panel’s review points. Permit is likely to be received at the end of April • Energy Consumption Report: Advanced stage of drafting and expected completion is mid-April and then goes to an Expert Panel for review. Permitting is expected to be received before the end of June Sulphate Solution 26 OAKOVER PROJECT OAKOVER UPDATE Over the long term, Oakover will play an integral part of Firebird’s manganese battery material strategy PORT HEDLAND Key Highlights: • Near-surface, gently dipping geology • Metallurgical test work demonstrated saleable 30 - 32% Mn Concentrate product achievable NEWMAN • Hydrometallurgy test work demonstrated Battery Grade MnSO4 achievable WESTERN AUSTRALIA • Concentrate DMS Scoping Study – 18-year mine life, 1.2Mtpa with low strip ratio and mining costs 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, 1 PERTH 28 LARGE RESOURCE WITH STRONG GROWTH UPSIDE • Firebird has successfully explored and developed Oakover into a sizeable manganese project, with exciting growth potential • Development work completed has highlighted the Project as a long-life, high-quality operation. Updated DMS Manganese Concentrate Scoping Study generated strong results including: • 18-year Life of Mine • ~A$741.3 M NPV at a discount rate of 8% • Impressive IRR of 73.1%, with pay back in 16 months • Company’s primary focus is on the execution of the China-based LMFP battery strategy; however, development and environmental work will continue over next 12 to 18 months, with key activities including: • Environmental surveys and studies to be completed in H1 2024 • Diamond drill program for ongoing metallurgical test work to be completed in H2 2024 • PFS metallurgical test work program • Hydrology/water monitoring • Finalisation of the Mining Lease Application, including native title and heritage negotiations • Execution of these workstreams will see Firebird successfully deliver on its vision to become a global leader in the manganese industry, combining mining and downstream processing and building WA’s next major manganese operation For full details refer to ASX announcements 10/3/22, 30/1/23, 23/3/23, 26/6/23 and 30/8/23 29 CORPORATE SNAPSHOT EVAN CRANSTON Chairperson Mr Cranston is an experienced mining executive, with a background in corporate and mining law. Firebird Metals Limited Share price as of 3rd May 2024 Shares on issue PETER ALLEN Managing Director Mr Allen is a mining executive, with more than 20 years' experience in the marketing of manganese and lithium products and a range of other commodities. WEI LI Finance Director Mr Li is a Chartered Accountant with extensive experience in the mineral resource industry. Mr Li managed a private base metals’ exploration company in the Northern Territory and assisted in commissioning a A$150 million Electrolytic Manganese Dioxide (EMD) plant in Hunan China. ASX:FRB $0.19 142.36 M Market capitalisation $27 M Options @ $1.00 12.0 M Performance rights 2.2 M Options @ $0.30 12.5 M Options @ $0.40 12.5 M Cash on hand (31st March 2024) $6.1 M Major Shareholders ASHLEY PATTISON Non-Executive Director Mr Pattison has over 20 years’ experience in the resources sector from both a corporate finance and operational perspective. Qualified as a chartered accountant, he has extensive experience in operations, finance, strategy and corporate finance. BRETT GROSVENOR Non-Executive Director Mr Grosvenor is an experienced mining executive, with over 25 years’ experience in the Mining and Power industry. Holding a dual tertiary qualification in Engineering and a Master in Business. Canmax Technologies 9.7% Tolga Kumova 9.5% Mining Equities 3.2% Board (incl. related parties