Announcement PDF “Concentrate to Cathode” Advanced Lithium Manganese Battery Materials Developer 18 November 2025 ASX: FRB firebirdmetals.com.au A division of Firebird Metals Limited 2 DISCLAIMER This presentation contains summary information about Firebird Metals Limited (Firebird) (ABN 24 610 035 535) and is current as of 18th November 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 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. 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 ASX: FRB firebirdmetals.com.au 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. 3 ASX: FRB Company Overview FIREBIRD METALS Mn-Rich Future Pioneering next-generation manganese- rich battery cathodes with superior performance. Demand for energy storage (ESS) is surging Vertically Integrated Battery Tech Maximizing margin capture through “Concentrate to Cathode capability”. Access to a significant JORC compliant Mn resource in Australia World-class Technical Team Globally designed, strategically located sector- leading technological development, fully Australian owned & engineered for global battery market scalable deployment. Strategic Partners Working with some of the largest Western HPMSM manufacturers worldwide. Engagement with Western OEMS, battery and cathode players Disruptive Battery Tech - LMFP Firebird’s breakthrough tech enabled lower-cost, high-performance LMFP pCAM production with globally replicable, patent-backed technology. firebirdmetals.com.au Energy saving process HPMSM 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 4 ASX: FRB firebirdmetals.com.au Market Opportunity ASX: FRB The Shift To Manganese- Rich Cathodes firebirdmetals.com.au 5 Today Emerging The Future LFP LMR Lithium Iron Phosphate (LFP) 80% of cathode market Lithium Manganese Iron Phosphate (LMFP) rapid adoption from 2028 Lithium Manganese Rich (LMR) mass adoption after 2030 LMFP 0 10 20 30 40 50 LFP NMC Sodium Ion LMFP LMR Manganese Content (%) % Rising Mn Content Source: Giga Mn & Magnus Bekker, note estimated elemental content in cathode 0 15 20 25 50 LMFP batteries offer higher energy density (15–20% more) and a higher voltage than LFP batteries making them cheaper on a cost per kWh basis. LMFP Has Taken Off Manganese-rich Outpace Other Cathode Mixtures 6 ASX: FRB LMFP Market growth firebirdmetals.com.au Source: Project Blue 2025 “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 Battery Energy Storage (ESS) Market is surging 7 ASX: FRB ESS Market growth firebirdmetals.com.au Source: Albermarle, Nov 2025 Source: Macquarie, Nov 2025 “CALB Group estimates global ESS battery shipments to reach 1,000GWh in 2026, up 67% YoY vs ~600GWh in 2025.” “Li-ion stationary storage demand driven by competitive economics and desire for energy reliability.” Source: Synergy 100MW Big Battery Project, Kwinana Western Australia ASX: FRB The BESS & LMFP Opportunity LMFP Advantage LMFP uses less expensive metals to produce higher density prismatic batteries. This leads to: ▪ more energy in an equivalent size pack ▪ lower overall costs and ▪ a smaller development footprint This is the reason LMFP BESS is forecast to be commercially deployed on a significant scale firebirdmetals.com.au 8 2025 2025 2027 Tesla MegaPack 3 5.0 160-180 50% MWh LFP (Wh/kg) Pack density CATL 9.0 170-190 73% MWh LFP (Wh/kg) Pack density LMFP 14.0-18.0 225-255 80-85% MWh LFP (Wh/kg) Pack density Tesla Megablock Battery System launched Sept 2025 0 20 40 60 80 100 120 2024 2025 2030 Market Size (USD BN) BESS Market Size Source: Global BESS Market Size, Share & Industry Trends Growth Analysis Report published July 2024 by MarketsandMarkets 37.23 105.96 50.81 2023 Tesla MegaPack 3.9 160-180 50% MWh LFP (Wh/kg) Pack density 9 ASX: FRB firebirdmetals.com.au Firebird Metals Technology Driven Value Proposition Raw Materials (Mn conc.) Input Materials (HPMSM) & Precursor (pCAM) Cathode Active Materials (CAM) Mn-Rich Battery Cell Mn-Rich Battery Pack 10 ASX: FRB firebirdmetals.com.au 1 2 3 4 5 Sector-leading expertise and propriety technology positions Firebird at the forefront of manganese innovation 11 ASX: FRB Competitive Advantage: Our Team & IP Sector-Leading Australian-Chinese Team Over 50 years of combined expertise in manganese and chemical sectors, unmatched in Western markets firebirdmetals.com.au 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 Firebird’s process and technology is already the subject of six (6) LMFP related patents (2 granted and 4 under application). These are currently held by Hunan Firebird Battery Technology (HFBT), Firebird Metals’ 100%-owned Chinese subsidiary. Global IP ownership & Replicability Complete Firebird ownership of all IP, enabling deployment of technology platforms worldwide Firebird Lab: Concentrate to Cathode 12 ASX: FRB Fully operational since Dec 2023 Continuous research and development with rapid innovation cycles firebirdmetals.com.au Hydrometallurgy Processing & Analysis Cathode Material (CAM) Production 3rd Party Battery Testing Centre Our state-of-the-art pilot plant facility demonstrates complete integration from manganese concentrate to battery cathodes Multiple Manganese Chemistry Capabilities 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 3rd Party Battery Testing Batteries are made at a 3rd party facility run by our CSU partners for testing Regional Advantage for R&D To date, laboratory set up and operation costs are a fraction of Western peers ASX: FRB Firebird HPMSM Special Tech firebirdmetals.com.au High-level HPMSM Process Flow Diagram 13 Manganese Conc. Grinding Calcination Leach Residue Leaching Filtration Ni /Co Sulphide Precipitate 1st Crystallisation Centrifuging 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 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 Firebird’s technical team brings extensive commercial production experience Impurity Removal Filtration MVR Evaporation 2nd Crystallisation Drying and Packing MnSO4·H2O Note: 1) per ASX announcements dated 7/5/2024 Firebird Lab: Concentrate to Cathode 14 ASX: FRB firebirdmetals.com.au Products from Firebird’s Chinese pilot facility, including HPMSM, LMFP CAM and coin cell batteries made using Firebird Manganese products Firebird's Strategic Value Proposition Concentrate to Cathode R&D Lab Strategic Growth Pipeline • Vertically integrated from Mn concentrate to high-purity Mn chemicals • Feedstockagnostictechnology • Capability to supply ALL types of manganese chemicals for current,emerging and future cathode markets • Leveraging proven commercial experience in manganese processing • LMFP(LithiumManganeseIronPhosphate):Currentlyunderdevelopment asprimaryfocus • LMR(LithiumManganese Rich):Identified asnextmajorfrontier,drivenby OEMinterest. • LMRisexpectedtobethemostsuitedsolidstatebatterycathodematerial Development Work Completed to Date Design and equipment selection is complete. LMFP test work at our China pilot plant is ongoing, with samples being prepared for customer distribution. The next step is to construct an Australian Demonstration Plant (ADP) to support future commercial LMFP development. ASX: FRB firebirdmetals.com.au 15 ACTIVITY Nov 2023 Jan 2024 May 2024 Jun 2024 Oct 2024 Mar 2025 Jun 2025 July 2025 H2 2025 Establishment of a world-class, sector leading technical team Commencement of Pilot Plant operations Completion of highly successful Feasibility Study, Safety Permit received Sunward Agreement on Firebird designed highly efficient kiln Firebird-Sunward kiln testing delivered impressive results Central Southern University – LMFP collaboration agreement FRB produces LMFP coin cell batteries Initial LMFP Battery test results 2 LMFP Patents received, 4 in processing Continued cathode test work and development. Potential offtake discussions for manganese chemicals, pCAM and CAM both within China and internationally INDUSTRY: Mn Rich cathode chemistries continue to develop. LMFP continues to grow in China. LMR is emerging as a future high-performance cathode material 16 ASX: FRB firebirdmetals.com.au Australian Demonstration Plant 17 ASX: FRB firebirdmetals.com.au Australian Demonstration Plant (ADP) Next Steps • Firebird in discussions with 2 of only 3 Global HPMSM manufacturers who are interested in our technology. • Firebird to develop Australia’s first demonstration-scale, end-to-end, high purity battery materials facility. • The ADP will demonstrate the transformation of manganese concentrate into High Purity Manganese Sulphate Monohydrate (HPMSM), Lithium Manganese Iron Phosphate (LMFP) Precursor Cathode Active Material (PCAM) and Cathode Active Material (CAM). • This proprietary, patent protected process will support Australia’s national ambitions for supply chain resilience and value- adding in the lithium-ion rechargeable battery manufacturing sector. • This end-to-end process has been proven, across multiple campaigns, at our wholly owned pilot plant in China. • The ADP will produce representative samples of HPMSM, PCAM and CAM for initial product validation with OEMs, cell manufacturers and cathode producers. Government funding sources are available, customer engagement and site selection process is underway. • Successful validation will support agreements advancing toward contractual offtake arrangements and ultimately the development of a commercial-scale production facility. ASX: FRB firebirdmetals.com.au Executive Chairman Evan Cranston Mr. Cranston is an experienced mining executive, with a background in corporate and mining law. Proven Team CEO Ron Mitchell Mr. Mitchell has more than 25 years’ experience in senior commercial, strategy, sales and business development roles including 15 years specialising in lithium, battery materials and critical minerals. Non-Executive Director Brett Grosvenor 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. Non-Executive Director Ashley Pattison Mr. Pattison is a Chartered Accountant with over 20 years’ experience in the resources sector, spanning operations, finance, strategy, and corporate finance. Executive Director Wei Li 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. Special Advisor to Board Ken Hoffman Mr. Hoffman was formerly Global Head of Battery Materials at McKinsey, advising on strategy, supply chains, and capital raising across the battery value chain. 18 Key Consultant Peter Allen Mr. Allen is a mining executive, with more than 20 years' experience in marketing of manganese, lithium and a range of other commodities. 19 ASX: FRB Investment Snapshot Unique LMFP Technology Positioned in a rapidly growing manganese-rich cathode market with proprietary processing Global Technology Platform 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 firebirdmetals.com.au Share Price (11 Nov 2025) $0.135 Shares on issue 163.69 M Market Capitalization $22.1 M Options @ $0.3 to $1.00 36.5 M Performance Rights 2.2 M Cash on hand: 18 Nov 2025 (additional proceeds from tranche 2 placement and 3rd party payments of $3.4 M to come) $3.0 M 8.37% Canmax Technologies 8.10% Board & Management 7.85% Tolga Kumova 75.68% Other Shareholders Capital Structure Firebird is committed to responsible mining and chemical production practices with transparent ESG standards 20 ASX: FRB Sustainability & ESG Commitment 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 firebirdmetals.com.au 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 Firebird: At The Forefront Of Battery Cathode Innovation 21 ASX: FRB firebirdmetals.com.au Australian-owned, delivering world- class LMFP technology as EVs shift to manganese-rich batteries Pioneering Mn-Rich Tech Multiple patents and proprietary know how with significant cost and energy saving innovations Proprietary Technology Integrated process for maximum value from manganese concentrate to cathode Feedstock agnostic Margin Capture Technology replicable worldwide with full IP ownership Global Scalability 22 ASX: FRB firebirdmetals.com.au A division of Firebird Metals Limited Thank you ASX: FRB firebirdmetals.com.au Ron Mitchell Chief Executive Officer ron.mitchell@firebirdmetals.com.au ASX: FRB firebirdmetals.com.au For full details refer to ASX announcements 10/3/22, 30/1/23, 23/3/23, 26/6/23 and 30/8/23 23 176.65 Mt @ 9.9% Mn Granted mining lease 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 Resource A$741M NPV Project Value 73% IRR Return on Investment 18-year Life of Mine Project Lifespan 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 Oakover Project Strategic resource securing long-term manganese supply for our battery materials PERTH NEWMAN PORT HEDLAND WESTERN AUSTRALIA Oakover Project 24 ASX: FRB firebirdmetals.com.au Appendix 1: China Lab Test Results 25 ASX: FRB firebirdmetals.com.au 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 • Direct MnSO₄ solution utilization: Eliminates HPMSM crystallization, streamlining pCAM synthesis for LMR. • Controlled impurity retention: Trace metals in solution act as beneficial dopants, enhancing structural stability and electrochemical performance. • Cost efficiency: Reduces raw material and processing expenses by removing a crystallization step. Reducing 1/6 cost of pCAM. • Improved pCAM quality: Delivers superior consistency and performance compared to conventional synthesis methods. • Process innovation: Provides both economic and technical advantages for next-generation LMFP cathode materials. Sintering Jet milling LMFP products Nova co-precipitation process pCAM Without crystallisation of HPMSM, MnSO4 solution is used directly Spray drying Milling LMFP Battery FRB LMFP – Utilising HPMSM Expertise Reducing pCAM Cost by >17% ASX: FRB FRB LMFP Key Performance firebirdmetals.com.au 26 Key Drivers for LMFP Safety: Higher thermal runaway temperature Energy Density: Up to 20% increase vs LFP Cost: Reduced dependency on expensive metals Winter Performance: Matching NCM cold weather capability Parameter FRB Results Industry Standard Technical Significance Impurity content (K, Na, Ca, Mg, Cu, Zn, Pb, Ni) ≤ 100 ppm (Low impurity) ≤ 150 ppm Inactive impurities—especially magnetic metals—reduce specific capacity and energy density and may seriously affect cycle life and safety. Particle size distribution (D₅₀) 5–15 μm 5–20 μm Smaller particles shorten Li-ion diffusion paths and improve kinetics; overly small particles may agglomerate, increasing internal resistance. A rational distribution allows small particles to fill voids between larger ones, improving tap density and volumetric capacity. Tap density ≥ 0.75 g/cm³ ≥ 0.7 g/cm³ Higher tap density is key to improving volumetric energy density and supports large-scale manufacturing stability. Metal (Mn+Fe):P ratio & elemental uniformity 0.91–0.99 0.90–1.00 Proper metal ratios promote a pure olivine phase, reduce Fe³⁺/Mn²⁺ segregation, and enhance conductivity and capacity retention; improves structural uniformity and electrochemical stability. 0.1C discharge specific capacity 156 mAh/g 150 mAh/g High 0.1C capacity reflects high purity, high-quality crystal structure, excellent reversibility, and good conductivity. 1C discharge specific capacity 136 mAh/g 130 mAh/g Key indicator for commercialization, reflecting optimized microstructure, carbon coating quality, Li- ion diffusion, and electronic conductivity. 27 ASX: FRB firebirdmetals.com.au FRB LMFP Testing Results Discharge Specific Capacity Firebird Results Targeting Chinese Industry Standard (T/CIAPS0029—2023) 0.1 C 156 mAh/g > 160 mAh/g 150 mAh/g 1 C 136 mAh/g >140 mAh/g 130 mAh/g >150 batches completed in total, Button Battery tests Results exceed Chinese industry standards, using materials that are all commercially available from 3rd party chemical suppliers, customer verification has commenced. Identical XRD Analysis of FRB LMFP and competitors LMFP (inset: SEM Scan ) Uniform morphology, excellent particle size ASX: FRB firebirdmetals.com.au 28 0 10 20 30 40 50 60 Guangxi Yuding Materials ISKY Chemicals Guangxi Huijin Energy Guizhou Manganese Firebird E25 Euro Manganese US$ Millions 0 200 400 600 800 1000 1200 1400 1600 1800 Euro Manganese Study - refer addendum E25 Feasibility study - refer addendum Benchmark Mineral Intelligence – China EMM Route as at April 2024 Benchmark Mineral Intelligence – Ore to Sulphate (44% Mn) - based Mn Ore at $5dmtu as at April 2024 Firebird Feasibility plus Kiln Savings US$/t FRB Feasibility Price (Benchmark Minerals Intelligence Forecast April 2024, refer ASX announcement 7/5/24) HPMSM OPEX Advantage Firebird maintains the lowest OPEX among global manganese sulfate producers Industry-leading cost position US$579/t1 Lowest energy consumption Proprietary technology advantages Advanced process engineering Strategic China production base Capital Intensity US$/10,000t Of MnSO4 Firebird is Targeting Lowest OPEX Even in China FRB CAPEX Intensity marginally higher than other Chinese plants to ensure efficient environmental and waste processing 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 Firebird Metals (ASX: FRB) Source: ASX Announcement Element 25 Train 1 (ASX: E25) Source: ASX Announcement Euro Manganese (ASX:EMN, TSXV: EMN, OTCQB: EUMNF) Source: ASX Announcement Study Complete Feasibility Study ASX announcement 7/5/24 Feasibility Study ASX announcement 12/4/23 Feasibility Study ASX announcement 28/7/22 Production Capacity 72,500 t/a HPMSM 65,000 t/a HPMSM 100,000 t/a HPMSM & 15,000 t/a HPEMM Products 50,000 t/a HPMSM & 10,000 t/a Mn3O4 65,000 t/a HPMSM 100,000 t/a HPMSM & 15,000 t/a HPEMM Capital US$ 83.5 M US$289 M US$757.3M Production Cost US$609 per tonne product US$579 per tonn