#1OREXPLORE TECHNOLOGIES Investor Presentation September 2023 Perth | Santiago | Stockholm www.orexplore.com#2Corporate Structure | ASX: OXT Well positioned to accelerate solution adoption across a growing customer footprint. Capital Structure Shares on issue 103,664,196 Performance rights 13,583,071 H1FY23 Revenue ~A$1,486k Cash position (30.06.23) ~A$3.06m Share Price (01.09.23) No debt A$0.052 Market Cap (01.09.23) A$5.4m Led by Experienced Board & Management Alan Bye Non-Executive Chairman Brett Giroud Managing Director Kent Swick Non-Executive Director Stefan Sädbom Non-Executive Director Stuart Carmichael Non-Executive Director William Randall Non-Executive Director Frank Campagna Company Secretary Shareholder Structure Top Shareholders' Circle 5 Management Pty Ltd. Kent Jason Swick % Shares on Issue 19.00% 15.00% Castle Point Funds Management Ltd. 8.56% 2 16.98 22.39 45.69 14.94 Public & Other Institutions Individuals/Insiders Corporations (Private) 1 As at Sep 2023 Source: S&P Capital IQ#3Disclaimer About Orexplore Technologies Orexplore Technologies Limited (ASX: OXT) is a globally focused mineral technology business concentrated on advancing the commercialisation of its Technology Platform across the mining value chain within the global metals and mining sector. The Company's Technology Platform consists of the GeoCore GX10Ⓡ hardware product and Orexplore InsightⓇ user interface software, that is continually advancing through its in-house multi-disciplinary development and manufacture team based in Stockholm, Sweden. Orexplore's first product, the GeoCore X10Ⓡ, is a transportable X-ray rock mass scanning technology that looks "through the rock" to create full three-dimensional (3D) models of drill core and samples. These digital twin models include internal structures, density, particles, textures and mineral and elemental identifications, and power a suite of software solutions across the mining value chain. The Company maintains core-scanning laboratories in Stockholm, Perth, and Santiago. Orexplore's talented global team includes geologists, engineers, geo and data scientists, physicists, and technology delivery experts. For further information: [email protected] Brett Giroud Managing Director Ph: +61 8 9469 2900 Media enquiries: Elodie Castagna FTI Consulting Ph: +61 8 9321 8533 Greg Haskis Chief Financial Officer Ph: +61 8 9469 2900 Steve Suleski FTI Consulting Ph: +61 8 9321 8533 IMPORTANT NOTICE AND DISCLAIMER The following Important Notice and Disclaimer applies to this capital raising presentation dated 6th September 2023 (Presentation) and you are advised to read this carefully before reading or making any other use of this Presentation or any information contained in this Presentation. By accepting, accessing or reviewing this Presentation or attending an investor presentation or briefing, you represent and warrant that you are entitled to receive this Presentation in accordance with the restrictions, and agree to be bound by the limitations, contained within it. This Presentation has been prepared by Orexplore Technologies Limited (ACN 645 505 406) (Company or Orexplore) in connection with the Company's: two-tranche institutional placement of new fully paid ordinary shares in the Company (New Shares) to certain institutional and sophisticated investors to raise approximately $1.8m (Placement); and pro rata non-renounceable entitlement offer of 51.8m New Shares on the basis of one (1) New Share for every two (2) Shares held by eligible existing shareholders of the Company to raise approximately $2.3m (Entitlement Offer). In this Presentation, the Placement and the Entitlement Offer are together, the Capital Raising. Morgans intend to fully underwrite the Entitlement Offer. For further information see 'Underwriting risk' in the Key Risks section of this Presentation. This Presentation is for information purposes only and does not constitute or form part of any offer to sell, purchase or subscribe for, recommendation of, or a solicitation or invitation of any offer to sell, purchase or subscribe for, any securities or any other financial products, nor will this Presentation or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. No offers, sales, resales or delivery of any securities referred to in this Presentation or distribution of any material relating to those securities may be made in or from any jurisdiction except in circumstances which will result in compliance with any applicable laws and regulations and which will not impose any obligation on the Company. The Entitlement Offer will comprise of an offer to eligible retail shareholders of the Company in Australia and New Zealand only. The distribution of this Presentation in jurisdictions outside Australia and New Zealand may be restricted by law and you should observe those restrictions. Any failure to comply with those restrictions may constitute a violation of applicable securities laws. Summary information This Presentation contains summary information about the current activities of the Company as at the date of this Presentation. The information in this Presentation is of a general nature and does not purport to be complete. This Presentation does not purport to contain all the information that an investor should consider when making an investment decision nor does it contain all the information which would be required in a disclosure document prepared in accordance with the requirements of the Corporations Act 2001 (Cth) (Corporations Act). It should be read in conjunction with the Company's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au. Statements made in this Presentation are made only as at the date of this Presentation. The information in this Presentation remains subject to change without notice. No member of the Company gives any warranties in relation to the statements and information in this Presentation. 3#4Disclaimer Financial information The financial information in this Presentation is presented in an abbreviated form insofar as it does not include all of the presentation and disclosures required by the Australian Accounting Standards (AAS) and other mandatory professional reporting requirements applicable to general purpose financial reports prepared in accordance with the Corporations Act. The historical financial information for the Company contained in this Presentation has been derived from the most recent financial statements as lodged with the ASX. Past Performance Past performance and historical information in this Presentation is given for illustrative purposes only and should not be relied upon and is not an indication of future performance including future share price information. Key assumptions Certain information in this Presentation, particularly forward-looking information, is based on general and specific assumptions. General assumptions include those customary when preparing such information, including no material changes to the competitive or regulatory environment, economic and industry conditions, laws or accounting standards, FX rates, disturbances or disruptions, changes to clients and their arrangements, litigation, key personnel and none of the risks described in the Key Risks section arising. Forward looking statements: This Presentation may include forward-looking statements. The words 'anticipate', 'believe', 'expect', 'project', 'forecast', 'estimate', 'likely', 'intend', 'should', 'could', 'may', 'target', 'plan' and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, these statements are not guarantees or predictions of future performance, and involve both known and unknown risks, uncertainties and other factors, many of which are beyond the Company's control. As a result, actual results or developments may differ materially from those expressed in the statements contained in this Presentation. Investors are cautioned that statements contained in the presentation are not guarantees or projections of future performance and actual results or developments may differ materially from those projected in forward-looking statements. The forward-looking statements are based on information available to the Company as at the date of this Presentation. No representation, warranty or assurance (express or implied) is given or made in relation to any forward-looking statement by any person (including the Company or any of its advisers). Except as required by law or regulation (including the ASX Listing Rules), the Company disclaims any obligation or undertaking to update forward-looking statements in this Presentation to reflect any changes in expectations in relation to any forward-looking statement or change in events, circumstances or conditions on which any statement is based. Information and liability Neither Morgans in their capacity as lead manager and underwriter, or the Company's respective advisers or any of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents (Relevant Parties), have authorised, permitted or caused the issue, submission, dispatch or provision of this Presentation and, except to the extent referred to in this Presentation, none of them makes or purports to make any statement in this Presentation and there is no statement in this Presentation which is based on any statement by any of them. To the maximum extent permitted by law, Morgans and the Company or their respective advisers or any of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents (Relevant Parties) exclude and expressly disclaim: all duty and liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement or otherwise) for any expenses, losses, damage or costs incurred by you as a result of your participation in, or failure to participate in, the Capital Raising or the information in this Presentation, including without limitation any financial information and forward-looking information being inaccurate or incomplete in any way for any reason, whether by fault, negligence, negligent misstatement or otherwise; any obligations or undertaking to release any updates or revisions to the information in this Presentation to reflect any change in expectations or assumptions; and all liabilities in respect of, and make no representation or warranty, express or implied, as to the fairness, currency, accuracy, reliability or completeness of information in this Presentation or any constituent or associated presentation, information or material, or the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns (or any event or results expressed or implied in any forward-looking statement) contained in or implied by the information in this Presentation or any part of it, or that this Presentation contains all material information about the Company or which a prospective investor or purchaser may require in evaluating a possible investment in the Company or acquisition of securities in the Company. 4#5Disclaimer You acknowledge and agree that determination and eligibility of investors for the purposes of the Capital Raising is determined by reference to a number of matters, including legal and regulatory requirements and the discretion of the Company. You further acknowledge and agree that the Relevant Parties expressly disclaim any duty or liability (including for negligence) in respect of the exercise of that discretion, to the maximum extent permitted by law. The Underwriter may have interests in the securities of the Company. Further, the Underwriter may act as market maker or buy or sell those securities or associated derivatives as principal or agent. The Underwriter may receive fees for acting as Underwriter and lead manager for the Capital Raising. None of the Relevant Parties, have any obligation to update statements in this Presentation. The Company reserves the right to withdraw the Capital Raising or vary the timetable for the Capital Raising without notice. Investment risk An investment in the Company's shares is subject to investment risks and other known and unknown risks, some of which are beyond the control of the Company, including possible 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 the repayment of capital from the Company or any particular tax treatment. In considering an investment in the Company shares, investors should have regard to (amongst other things) the risks outlined in this Presentation (and in particular the Key Risks contained in Appendix B). Not an offer, advice or recommendation This Presentation is for information purposes only and should not be read or understood as an offer, invitation, solicitation, inducement or recommendation to subscribe, buy or sell shares or any other financial products in any jurisdiction. This Presentation will not form any part of any contract or commitment for the acquisition of shares. This Presentation is not a prospectus, disclosure statement, product disclosure statement or other offering document under Australian law or under any other law. It will not be lodged with ASIC. Nothing contained in this Presentation constitutes financial product, investment, legal, tax or other advice or any recommendation. It does not take into account the investment objectives, financial situation or needs of any particular investor. Before making an investment decision, prospective investors should consider the appropriateness of the information in this Presentation having regard to their own investment objectives, financial situation and needs and with their own professional advice. Each recipient of this Presentation should make their own enquiries and investigations regarding all information included in this Presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of the Company and the values and the impact that different future outcomes may have on the Company. 5 Each recipient of this Presentation should make their own enquiries and investigations regarding all information included in this Presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of the Company and the values and the impact that different future outcomes may have on the Company. The Entitlement Offer will be made on the basis of the information contained in the retail offer booklet to be prepared for eligible retail shareholders in Australia and New Zealand (Retail Offer Booklet), and made available to such shareholders following its lodgement with ASX. The Retail Offer Booklet may not be distributed or released in the United States. Any eligible retail shareholder in Australia or New Zealand who wishes to participate in the Entitlement Offer should read the Retail Offer Booklet before deciding whether to apply for New Shares under the Entitlement Offer. Anyone who wishes to apply for New Shares under the Entitlement Offer will need to apply in accordance with the instructions contained in the Offer Booklet and the entitlement and acceptance form. General The information included in this Presentation is dated 6th September 2023. Statements made in this Presentation are made only as at the date of this Presentation. The information in this Presentation remains subject to change without notice. The Company may in its absolute discretion, but without being under any obligation to do so, update or supplement this Presentation. Any further information will be provided subject to the terms and conditions contained in this Important Notice and Disclaimer. The Company reserves the right to withdraw or vary the timetable for the Capital Raising without notice with the prior written consent of the Underwriter. In consideration for being given access to this Presentation, you confirm, acknowledge and agree to the matters set out in this Important Notice and Disclaimer and any modifications notified to you and/or otherwise released on the ASX. Strategic Options Following recent contract wins from BHP, Gold Fields, and Northern Minerals, Orexplore is looking to continue its expansion in the market and fund continued development of its customer pipeline which continues to grow across multiple geographies and commodities. Orexplore's pipeline and level of customer engagement continues to evolve with the Company now considering a number of strategic options as it looks to leverage the potential global opportunity. The options in front of Orexplore are wide-ranging and include using regional partner relationships to respond to opportunities in regions where Orexplore would not naturally establish its own office; through to strategic partnerships at the corporate level with parties that could provide a 'whole of company' alliance across the value chain. Orexplore currently has offices and scanning labs for commercial solutions development and trial samples in Perth, Stockholm and Santiago, and has found that as a presence is established in a region, then customer enquiry starts to flow. The Regional Partnership model could see Orexplore establish distribution arrangements with credible partners in certain geographies. At present, Orexplore is in preliminary discussions with parties in Canada, Asia, Africa and South America. No terms for any commercial arrangements have been agreed with any such parties of either a binding or non- binding nature as the date of this presentation. While there is no certainty that these preliminary discussions will result in any transaction, creating the optimal business plan with the right strategic partners is a critical focus of the Company over the coming months. The Company will continue to keep the market updated in accordance with its continuous disclosure obligations.#6Details of the Capital Raising Entitlement Offer 2 for 1 fully underwritten non-renounceable entitlement offer of 51.8m New Shares at an issue price of $0.045 per New Share to raise approximately $2.3m (before costs). Top-Up Facility Eligible Shareholders who take up their Entitlements in full may also apply for additional New Shares in the Top-Up Facility. Placement Capital Raising Pricing Lead Manager and Underwriter Record Date Ranking A two-tranche placement of 31.2m New Shares at an issue price of $0.045 to certain institutional and sophisticated investors to raise approximately $1.8m (before costs). Offer price of $0.045 per New Share represents a 13.5% discount to the last closing share price of $0.052 as at Friday, 1 September 2023 and a 28.6% discount to the 5-day VWAP of $0.063 (as at Friday, 1 September 2023). Morgans Corporate Limited is acting as lead manger to the Placement and has agreed to fully underwrite the Entitlement Offer pursuant to the Underwriting Agreement (refer to Appendix B for a summary of the termination events relating to the Underwriting Agreement). The Record Date for the Entitlement Offer is 5:00pm (WST) on 11 September 2023. New Shares issued pursuant to the Capital Raising will be fully paid and will rank equally with all Shares on issue. Director Participation Circle 5 Management Pty Ltd (an entity in which Director, Mr Will Randall, has a deemed relevant interest) (Circle 5) and Kent Jason Swick and Tanya Michelle Swick (Swick), have undertaken to apply for an aggregate of up to $793,014 of their Entitlements under the Entitlement Offer, representing up to 17,622,536 New Shares. Kent Swick and his associates also intend to participate in the Placement up to $255,138 (subject to shareholder approval) and to underwrite the Shortfall of the Entitlement Offer up to $395,012. In any event, both Circle 5 and Swick have confirmed that they will not subscribe for shares in excess of 19.99% of the Company. 6#7Indicative timetable Presented below are the key dates related to this Capital Raising. The below dates are indicative only and may vary subject to the Corporations Act, the Listing Rules and other applicable laws. In particular the Company reserves the right to vary the Opening Date and the Closing Date without prior notice, which may have a consequential effect on the other dates. Applicants are therefore encouraged to lodge their Application Form as soon as possible after the Opening Date if they wish to invest in the Company. Event Announcement of the Entitlement Offer and Placement Offer Booklet, cleansing notice and Appendix 3B lodged with ASX Shares quoted on an "Ex" basis Record Date for eligibility under the Entitlement Offer (5.00pm WST) Offer Booklet and Entitlement and Acceptance Form despatched to Eligible Shareholders Opening Date of Entitlement Offer Issue of Tranche 1 Placement Shares Appendix 2A and cleansing notice lodged with ASX Last day to extend Entitlement Offer Closing Date Closing Date of Entitlement Offer (5.00pm WST) Unless otherwise determined by ASX, New Shares are quoted on a deferred settlement basis from market open Announcement of Results of Entitlement Offer Issue of New Shares under the Entitlement Offer and Appendix 2A lodged with ASX General Meeting to approve Tranche 2 Placement Settlement of Tranche 2 Placement Allotment, quotation and trading of New Shares issued under the Tranche 2 Placement Date 6 September 2023 8 September 2023 11 September 2023 13 September 2023 14 September 2023 22 September 2023 27 September 2023 28 September 2023 2 October 2023 3 October 2023 On or around Wednesday, 18 October On or around Friday, 20 October On or around Monday, 23 October 7#8Use of funds The funds raised through the Capital Raising outlined are planned to be utilised as follows: Use of Funds¹ Amount $(millions) Business development, sales, and marketing Product and service development² 0.6 2 Operations (site and laboratory) 0.5 Working capital and costs of the Capital Raising³ 1 Total 4.1 Notes related to these use funds are as follows: 1. Shareholders should note that the estimate expenditures will be subject to modification on an ongoing basis depending on the results obtained from the Company's activities. Due to market conditions, the development of new opportunities and/or any number of other factors (including the risk factors outlined in this document), actual expenditure levels may differ significantly from the above estimates. 2. This includes funds used to increase customer-focused, revenue-generating software solutions development and services related to driving customer adoption and acceptance advancement rates, including the Orexplore InsightⓇ software user interface and additional software development personnel. 3. Working capital includes the general costs associated with the management and operation of the business including administration expenses, rent, inventory, office expenses, travel, corporate and governance costs, insurance and other associated costs. Working capital also includes surplus funds. The Directors will allocate surplus funds at their discretion. 8#9Introduction to Orexplore Orexplore is a leading mineral scanning technology and geology solutions company focused on the global mining and metals sectors Leading core scanning technology and solutions provider Orexplore's proprietary technology provides 'whole of core' 3D scanning. Most competitors are focused on surface scanning only providing Orexplore with a clear competitive difference More than 10 years and >$50m of investment underpinning the business Founded in 2009, Orexplore is leveraging significant time and investment, with a significant barrier to entry Technology validated by tier 1 customers Orexplore is used by a growing number of blue-chip miners including Gold Fields and BHP Validation translating into significant growth with a strong pipeline H1FY23 revenue growth of 52% compared with H2FY22 Significant pipeline of growth in new geographies with existing customers, new customers and new commodities (critical minerals) Experienced board and management team with significant 'skin in the game' 300+ Very strong management team, led by experienced MD Brett Giroud Board with~35% shareholding of Orexplore, showing significant alignment with shareholders YEARS EXPERIENCE ACROSS THE MINING VALUE CHAIN 3 CONTINENTS CURRENTLY OPERATING IN 25+ EXPLORERS, GEOLOGISTS, PHYSICISTS, DATA SCIENTISTS, ENGINEERS, MATHEMATICIANS 9 >$50m INVESTED CAPITAL TO FUND RESEARCH DEVELOPMENT & GROWTH S >52% REVENUE GROWTH HIFY23 YTD vs H2FY22 ORE#10KI Transformational technology True 3D - CT scanner maps the entire 3D core volume, compared to surface only sensing Non-destructive - drill and scan once to create digital twins for collaboration and future proofing Fast & simple operation - results in an hour anywhere in the world Human-Machine automation - InsightⓇ platform enables machine learning powered automation and analysis Scaling Contracts - Gold Fields, Oz Minerals, BHP and 10+ commercial OXT laboratory engagements Pipeline - accelerating across three global regions Globally significant team – industry leaders delivering transformation Hub and spoke - centralised geoscience and support Reliable, simple to operate - GeoCore X10Ⓡ field units Solutions adoption Global growth markets Solution suite - exploration, studies, operations, critical minerals, ESG Solving industry pain points - structural, persistent opportunities Creating customer value - as they navigate global transitions Data-Geoscience powered - scan once, create and capture value multiple times - SaaS future revenues Large Total Available Market (TAM) - drilling, core farms, base and precious metals - broad suite of minerals and elements Critical minerals enabler - uniquely suited technology unlocking deposits and projects Global transitions enabler - ESG, energy, digital, automation, and workforce Macro-resilient - creating value through the cycles Key investment highlights 10 10#11Our Journey Opportunity Development Traction Scaling Maturity Orexplore is currently transitioning from the commercial traction phase into the scaling phase of the product journey. Our solution suite is powered by a unique technology platform that supports customers to create value and reduce risk as they navigate global transitions and solve problems across their whole life of asset - from inception to closure. The Company is now experiencing accelerated interest and adoption of our solutions across multiple regions We are currently looking to scale and mature solutions globally to meet expected customer demand. Current Pipeline Future Growth Australia Latin Europe Asia Pacific America North America 11 History 2009 - Founded in Stockholm Sweden with minority stake by Swick Mining Services in 2013 2018 - Perth office opened, and field trials commenced 2022 - Swick invests A$12m at time of demerger, with additional A$2.4m from shareholders. 2022 - Field contract OZ Minerals $2.35m 2023 - South America entry Field contract Gold Fields $430k 2023 - Field contract BHP $1.55m#12Who we are Established in Stockholm Sweden 2009, Orexplore is a geology sensing – data science powered technology company focused on the global mining and metals sectors. Technology Platform Orexplore has created a site-based non-destructive technology for resources companies to analyse deposits in a faster and more sustainable way. The technology 'sees through the core' in less than 15 minutes, to create digital models through the InsightⓇ platform that drive remote collaborative analysis powered by advanced data-science. The Technology seeks to transform what "you thought was in the ground" and "how best to economically and sustainably recover it". The Company has a built a world-leading team and has an aligned and invested board of seasoned technology and mining professionals. • True non-destructive 3D scanning “see through the core” Fast and simple operation InsightⓇ software for Human - Machine Learning analysis • IP protection - patents & trademarks protecting investment Solutions adoption ΤΗ Scaling Global growth markets, with strong sales and pipeline • • Direct to the miners - a new tool directly in the hands of their teams not just an improved technique within a mining services company Expert team connecting new information into mining work flows Solving industry pain points and creating value from global transitions - Premium pricing - scan once – sell multiple solutions per metre Expansive solution suite across mining life cycle - exploration, studies, operations, to closure and ESG Unique solutions versus peers Contracts include Gold Fields, Oz Minerals, and BHP Commercial OXT laboratory engagements in progress In-house instrument manufacturing and software development Entrance in the Critical Minerals sector with a unique technology advantage Centralised support - technical and geoscience Large Total Addressable Market ('TAM') across multiple base and precious metals and critical minerals - drill programs + historical core farms + samples South American entry with initial Gold Fields contract - Growing global pipeline across geographies, customers and solutions 12#13The Technology: X-ray Powered Solutions True 3D scanning versus surface scanners The Geocore X10 scans through the entire core volume creating a unique 3D model that powers a suite of software products “solutions" across the mining value chain from exploration to closure. Full 3D digital models created in the machine rapidly on site SME's remotely analysing 15 minutes after scanning The base platform for data-geo-science SaaS style growth – scan once, create and capture value multiple times through solutions Improving exploration outcomes, unlocking ore-bodies, accelerating resource to reserve conversion, saving time and resources within operations, and powering high-quality faster decisions for customers An energy and sustainability enabler through improved mineralogical, elemental and rock-mass characterisation knowledge S Fast 13 ༨༽༼༼ Non-destructive Human-Machine Multi commodity Value Creation OREXPLOR#14The Technology: Extract InsightⓇ Insight® – Software platform unlocking human-machine learning OREXPLORE S 14 GX10 is uniquely integrating high-resolution data from the entire core surface PLUS the whole rock volume OREXPLOR#15The Technology: Drill for information Remote collaboration from a rapid digital field model - driving better decisions Multi-faceted fast tool A full digital twin of the drilled core that unlocks both elemental and mineralogical information in a single solution that enables Creates a digital twin of the entire drill core, prior to destructive traditional testing methods traditionally siloed groups to "drill once" and collaborate with single digital model directly connect remote SME's and study teams to deposits as they are drilled provide near real-time decision support to operations and explorations teams improved Orebody Knowledge by advancing traditional testing approaches the creation of a digital core farm – a unique asset that can be used for current and future techno-economic assessments 1 cm Versus jigsaw pieces delivering pieces of the puzzle - elemental concentrations through the labs or mineralogical information through other core scanning techniques and testing waiting and paying for slower and expensive assays to build grade- dominant models scanning for minerals on site and waiting for remote analysis and reporting typically partial surface scanning strong focus on elements OR minerals with typically limited "solutions integration" approach S 15#16Solutions across the mining value chain Stage Exploration Exploration Targeting (EXT) Solutions A targeting tool for mineralisation indicators and vectors guiding campaigns. Solutions - linking scanning to value for customers to enable premium pricing through competitor differentiation Customers W WILUNA MINING Resources to Reserves Orebody Knowledge (OBK) 3D field information supporting accelerated conversion and techno- economic reviews. H>>> E Extraction Economics Auto RQD (RQD) Operations g ESG Mine design and process selection through Geotech, Geomet, & rock characterisation Sample Optimisation (SOO) Grade Control (GDC) Acid Rock Drainage (ARD) Sample support for improving traditional testing regimes Rapid field analysis of core and samples to improve grade control Acid drainage and waste impact monitoring. Key - Solution Smart Domaining (SDM) Advancing value in ground and optimal recovery to drive mining and project designs. Ore Sorting (OST) Log Checker (LGC) Deposit-scale sortability models to drive economics Augmented logging - Human/Computer learning 16 Solution in feasibility phase OZ BHP talga OZ BHP GOLD FIELDS NORTHERN MINERALS GREEN CRITICAL THE UNIVERSITY OF QUEENSLAND AUSTRALIA Sustanabe Minerals bute#17Solutions delivery Operations RQD OBK SDM BHP- Carrapateena $1.55m Orexplore enters an operating mine focusing on integrating the technology into workflows and delivering operational solutions ~ 15,000 metres of core to be scanned Operations くくく RRR OBK Resources to Reserves RQD SDM BHP OZ OZ Minerals - Kalkaroo $2.35m In a harsh remote environment, Orexplore safely digitised core 24/7 to advance Orebody knowledge and accelerate mining and operations options analysis ~ 20,000 metres of core scanned SOO OST GOLD FIELDS NORTHERN MINERALS Gold Fields - Salares Norte Orexplore enters the Latin American market with its first commercial field deployment in the region into a mining operation. ~ 3,000 metres of core to be scanned 17 Extraction Economics GDC OST Northern Minerals - Project development Building ore sorting models to drive project techno-economics and developing operational grade control solutions for future operations 900 metres of core scanned#18Think & Act Differently OZ DREXPLORE EXZAFONTS TAPE AT 18 Oz Minerals Operating 24/7 Operating in a harsh and remote environment, the Orexplore team and technology platform safely scanned drill core 24 hours a day, 7 days a week for OZ Minerals. Using remote satellite links, the team connected the rapid field scanning to the accelerated study team, who transformed the data streams into valuable information that was integrated into standard geological and mine design packages. This first major field-deployment for the business has been pivotal to build operational capability and capacity and refine and advance Orexplore's solution delivery model in preparation for scaling. Orebody Knowledge (OBK) Smart Domaining (SDM) Auto RQD (RQD) 3D field information supporting accelerated conversion and techno- economic reviews. Advancing value in ground and optimal recovery to drive mining and project designs. Mine design and process selection through Geotech, Geomet, & rock characterisation "Orexplore is delivering truly transformational building blocks for our business as we change the way deposits are sensed and deliver data- driven process design." Brett Triffett - OZ Minerals#19Salares Norte Chile Entry to mining operation Integrating the technology into ongoing mine operations, through an Annual Recurring Revenue (ARR) style installation at the Gold Fields Salares Norte gold and silver mine, in Chile. Initial $430k agreement for the scanning and analysis of approximately 3,000m of drill core as part of the larger scale annual exploration program. Roll-out of Orexplore's new sample optimisation solution (SOO), reducing the drill core sent to downstream laboratories. Sample Optimisation (SOO) Sample support for improving traditional testing regmies 19 GG GOLD FIELDS "Working with our in-house team of geologists, data scientists, physicists, engineers and mathematicians, the options to innovate and combine data products into unique solutions are endless." Heidi Pass - Chief Geoscientist & Chief Product Officer#20Carrapateena Integrating into operations Through embedding three (3) GeoCore X10Ⓡ machines into the operational workflows, Orexplore will help the site team unlock advanced rock mass characterisation and geometallurgical information to improve operational performance and longer- term planning of the mine. The Company's "Smart Domaining" (SDM) and Orebody Knowledge (OBK) solutions, powered through its unique technology will additionally drive improved modelling, with value drivers across downstream mining, processing, and reconciliation outcomes. Initial $1.55m agreement for the scanning and analysis of approximately 15,000m of drill core and associated geo-science integration services. Auto RQD (RQD) Mine design and process selection through Geotech, Geomet, & rock characterisation 20 20 www GG Orebody Knowledge (OBK) Smart Domaining (SDM) 3D field information supporting accelerated conversion and techno- economic reviews. Advancing value in ground and optimal recovery to drive mining and project designs. BHP "Delivering rapid advanced rock mass characterisation and Orebody Knowledge can create significant new value for the operations team" Stephen Coward - Principle Geoscientist#21CREXPLORE Scaling a Strong Pipeline The road ahead 1. Latin America Entering the region and accelerating pipeline flow Gold Fields Chile Regional tier-1 miners - deep engagement and scoping Initial core scanning for multiple potential customers starting through Santiago office 2. Australia Accelerating sales outreach and critical minerals Our solutions are now rapidly advancing and starting to be pulled into regions by our customers. Multiple tier-1 and other operators scanning core in OXT laboratories and validating solutions Multiple critical minerals customers scanning in laboratories - developing new industry solutions Leveraging solutions from existing projects 3. Brett Giroud Managing Director Rest of World Responding to Tier-1 customer pull and defining the pipe Engagement through commercial lab trials with tier-1 on African sites Project scoping post commercial lab trials with European customer Multiple European customer commercial lab trials in Stockholm Early North American partnering out-reach 21#22Increasing Market. GOLD FIELDS Santiago lab South America Australia Europe Stockholm R&D & lab talga Perth HQ & lab Gold Base metals 22 Other metals NORTHERN MINERALS W WILUNA MINING Think & Act Differently OZ BHP#23Finance Overview 1,400 Strong revenue growth since initial ASX listing in January 2022. 1,200 Quarterly revenue and cash receipts • H1FY23 revenue growth of 52% compared with H2FY22. 1,000 • H1FY23 revenue 23% higher than full year FY22. 800 Resultant increase in cash receipts. (QIFY23 receipts include ~$327k of receipts in advance.) Revenue increases driven by new contracts wins - both on-site operations and solution delivery and larger lab-based commercial projects. Future revenue growth to be driven by recently announced new contract wins and strong sales pipeline across operating regions. Increased business capability introduced across geology, sales, data-science and operations - supports solution development and customer delivery. Improving operating margins expected on new projects. Capex directed at GX10 machine manufacture and operational infrastructure. Cash at 30 June 23 of $3,056,000. No debt in capital structure. 23 $'000 600 400 200 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Revenue Cash receipts from customers • Revenue growth trend $'000: Revenue HIFY22 237 H2FY22 H1FY23 975 1486 Net operating cash outflows Capital expenditure (3,160) (2,818) (3,100) (707) (440) (625) $'000: Cash Debt 31 Dec 22 7,039 NIL 30 Jun 23 3,056 NIL#24Appendix A - Technology and Business 24#25OREXPLORE Made in Sweden OREXPLORE Technology offering. ORKKOPLORE DEXICIC 3547, 40003 GeoCore X10 Ⓡ High Energy X-ray Source XRT (X-ray transmission) CT provides 'through-the-core' structural 3D imaging used to estimate potential elemental composition, geological structure, texture & density. Spectrometers XRF Spectrometers provide elemental detection at the core's surface. E) Fast: scans four x 1m cores at a time, in less than 15 minutes per metre. • Versatile: non-destructive scanning of both core & non-core (chips etc.) material. • Insight software platform Orexplore's software system, Orexplore InsightⓇ, provides users with the ability to interact and analyse the scan results obtained from the GeoCore X10Ⓡ. It allows for 3D-visualisation of the core and the ability to further analyse the resource and physical information, providing rich capability to understand, interpret and extract key information contained within the sample such as: Geological structures Lithology/texture Density-high resolution Easy: requires minimal skill set to operate. One technician can operate up to 3 machines. • Rock mechanics & physical characteristics e.g. RQD • Particle detection • Detected elements • Emerging geochemistry 25 25 OREXPLORE#26Mining transitions. Sustainable pain-points are combined with transformational new solutions to guide the strategic focus of Orexplore D Digital Transformation Exploration Diminishing discoveries Operations Productivity pressures AMO Sustainability Business Automation Metals Demand Workforce Evolution Accelerating Value Chains • Campaign efficiencies Pressure to become a producer quickly • Skills shortages & changing ways of working "Do more with less" Stakeholders . Continually expanding Accelerating expectations Demonstrating leadership across domains - ESG, Carbon O Projects • NPVs under pressure Challenging techno-economics • Technology adoption • Evolution of engineering 26 O Corporate • • Evolving business models Global competition Complex dynamic value chains Synch to accelerating markets Access to capital OREXPLORE Orexplore provides traction through transitions • • • • Decision support Operational transformation Corporate value Risk and Sustainability#27Your challenges, our solutions. × Diminishing exploration returns × Slow resource to reserve conversion × Mining blind ✗ Project techno-economics ✗ Production efficiencies ✗ Assay delays & costs × ESG value creation & risk control Exploration Targeting tool Mineralisation vectors derived from mineral indicators, alteration states, and rock characterisation. Resources & Reserves Accelerating developments & acquisitions Unique 3D insights from the field supporting accelerated conversion and techno-economic reviews. Mining Don't mine blind Operationally embedded units for grade control improvements to assist dynamic mining decisions. Project Economics Matching plants to deposits Ore sorting and rock characterisation to "best fit" process plant design with orebodies to drive NPVs. Operations Production & Analysis Optimising core sampling and analysis through pre- filtering and driving operational efficiencies filtering an ESG Environmental controls Dynamic field based environmental risk controls - such as acid drainage and waste impact monitoring. 27 OREXPLORE SDI#28Drill for information. EXPLORATION Field based sensing devices (IIOT) The digital mining trend is increasingly driving the collection and use of data in field-deployed devices and technologies. Orexplore's Technology Platform has the potential to harvest data from these devices, integrating it with the core sensing data stream generated by the GeoCore X10 02 Edge compute² FIELD HUB Processing and computation of field-generated data is increasingly occurring closer to its source. Field deployments of our GeoCore X10 paired with our Orexplore Insight Platform allows immediate access to data for direct action, analysis and interpretation with adaptable levels of expert support. The conclusions and output can be readily broadcast back to field devices for tactical execution and to advise senior stakeholders with medium- term and strategic decision-making. OPERATIONAL MINE E Notes 1 NOT-Industrial Internet of Things 2. Edge Compute-A technology paradigm of Industry 4.0 Insight and decision support & 03 Orexplore Laboratories Our laboratory scanning capability provides customers with the opportunity to collaborate with our expert team to swiftly configure our product solutions to address their most pressing needs. These interactions drive our technology and capability growth pathways, harnessing opportunity and accelerating the development of customer-driven Value Propositions. Agile, collaborative, decision support gt Our field-generated data is highly configurable and readily integrated into centralised hubs of expertise. As a result, teams can collaborate globally and create value with the most current contextualised information. Central analysis of very recent field data can be fed back to sites to support their operations and identify where supplemental field information is required to support tactical and strategic decisions. This collaborative generation of ore body knowledge may reduce data collection cycle times, increasingly actionable information, and it's use in agile exploration, expansion and operation optimisation activities. Fast industry leading Drilled to insight remote analysis within 15m Field Information Orexplore Analysis 28 MINING HQ Mobile exploring with you Anywhere in the world rapidly transportable containers Sustainable scan core Transport information save time, money and emissions#29Technical capabilities & applications ✗ Diminishing exploration returns Exploration Targeting (EXT) Orebody Knowledge (OBK) Geochemical Detected elements and emerging geochemistry Elements - continually improving the accuracy and number of elements that can be detected. Slow resource to reserve conversion Smart Domaining (SDM) X Mining blind ✗ Project techno-economics ✗ Production efficiencies ✗ Assay delays & costs ✗ ESG value creation & risk control Auto RQD (RQD) Ore Sorting (OST) Sample Optimisation (SOO) Grade Control (GDC) Log Checker (LGC) Acid Rock Drainage (ARD) Dense particle detection Geological Lithology/texture Detection of the location of dense particles within the entire core down to 100-micron particle sizes. Rock mechanics Structures Density Semi-automatic identification and logging of lithological features. Collection and annotation of rock mass data incl. rock quality designation (RQD), detailed assessment of joint orientation and infill. Bedding planes, veins, folds and lineations through the core - oriented and exportable to 3rd party software. Accurate density measurement of each core sample. Inferred density up to 25 sample points per metre. 29 29#30Key Personnel. Heidi Pass Chief Geoscientist & Chief Product Officer Alexander Hansson Principal Researcher OREXPLOR Thomas Drage Engineering Manager Stephen Coward Principal Geoscientist Brett Giroud Managing Director Shannon Fleming Marketing, Communications & Logistics Mikael Bergqvist Chief Technology Officer Greg Has is Chief Financial Officer 30 50 Elvis Stansvik Product lead - Insight Kath Hodgson Operational sales Christian Häggstrom Product lead - GX10#31Board of Directors. Kent Swick Non-Executive Director Kent is a Mechanical Engineer with over 30 years' experience in civil construction, mining maintenance and surface and underground mineral drilling. Kent successfully founded and has led (Managing Director) Swick Mining Services Ltd since its inception. Kent has a Bachelors of Engineering from the University of Western Australia and has completed the Owner/President Management program at Harvard Business School Stuart Carmichael Non-Executive Director Stuart is a Chartered Accountant with over 20 years' experience in the provision of corporate advisory services both within Australia and internationally. Stuart is a Principal and Director of Ventnor Capital Pty Ltd and Ventnor Securities Pty Ltd which provides corporate and financial advice to small-cap ASX listed companies. Further, Stuart acts as a Non-Executive Chairman/ Director for a number of other ASX listed companies Alan Bye Non-Executive Chairman Alan is a highly respected industry figure with strong expertise on the innovation of the resource industry - covering both digital and extractive innovation technologies. Alan is the co-founder and Managing Director of Imvelo Pty Ltd, a Non-executive Director at Scitech, and holds council positions at SmartSat CRC & CSIRO. Alan has a Ph.D. in Mining from the University of KwaZulu-Natal. Brett Giroud Managing Director Brett brings over 24-years of technology delivery, creating and leading large high performing teams. He has driven mining industry transformation and delivered systems and technology across over $15B of capital projects. Brett has created and led business units, lectured on future systems and is a sought after advisor to start-ups. Brett was previously the Chief Engineer (ICT) for Jacobs (SKM) Engineering, and APAC head of Strategy and Transaction Services for Worley (Advisian). Brett has a Bachelor of Engineering & an MBA from the University of Western Australia 31 Stefan Sädbom Non-Executive Director Stefan is a senior exploration geologist with over 35 years' experience in exploration and underground mining. Through various entities, Stefan has been deeply involved in several Swedish and European innovation projects relating to the improvement of the mining industry. Stefan sits on the board of a number of other Swedish listed and non-listed entities. Stefan holds a Bachelors of Geology from Uppsala University Will Randall Non-Executive Director Mr Randall has over 25 years of operational and executive experience in the Global Commodity and Mining Industries, operating across cultures, geographies, products and supply chains. Mr Randall was based in Asia from 1997 to 2020 with a critical focus on business development and supply chain strategies. He has served on the boards of various listed and private companies over this period.#32RRR OBK SDM OVX RQD Think & Act Differently OZ Recent progress Solutions Auto RQD-linking structures to processing options. Smart domains - challenging established block model boundaries Digital test proxies - expanding limited slow and expensive test work across ore bodies Density-high resolution automatic density reducing the inherent risk of "tonnes in the ground" Recoverability - particles, elements, mineralogy and more driving optimised process options to maximise recoverability and study techno-economics ENVIRO COPPER THE INVISIBLE MINE 32 22 "We are building brand new solutions for the Industry - fed directly from near-real-time field sensed data and connected directly to a rapid study team" Stephen Coward - Principal Geoscientist Orexplore#33Recent progress Technology HQ machine - now scanning up to HQ core size - circa 40% serviceable market increase Dual Energy CT - a step change in the power of the results from the CT scanner, unlocking in-field ore sorting solutions for critical minerals customers Core engine major advances in the digital core models driving rapidly improving near-real-time elemental and mineralogical outputs direct from the field Orexplore Insight® - customer driven quarterly releases of new functionality Future horizons - advancing in-house designed next generation sensors 33 33 COMPLET CLAMPLES 14 DEKICK 8947 1.000 a 8 ONEXPLORE C14225 2800#34SOO GOLD FIELDS Solutions. Sample optimisation Explorers and operating miners are under pressure to do more with less and delays associated with receiving sampling results often have significant schedule and cost impacts. Orexplore's technology platform allows customers to pre-screen the entire 3D core volume and then sample to optimise the overall sampling process, saving time, money, and the associated emissions from cutting, transporting and destroying core through traditional processes. Common Current Processes Routine continuous sampling of all / most core = excess $, processing, transport and time Geologist uses surface-only, visual inspection of core to subjectively select samples for assay = sample bias, possibility to miss element- bearing samples Core transport and assay processes = emissions, cost, delays, destruction of core 34 SCAN CORE SAMPLE SELECTION MODEL SEND TO CORE FARM SUBMIT TO LAB#35Critical Minerals ด Precious Metals Critical Minerals Base Metals Gold REE's & Battery Nickel, Copper, Zinc, Lead Critical Minerals are increasingly required in modern industries across all supply chains Among all critical minerals, lithium, graphite, cobalt, nickel, REES, manganese, copper, silicon, chromium, and zinc require the largest percentage growth by 2050 to meet the demand of growing low-carbon energy technology under the Net Zero Emissions by 2050 Scenario (NZE). 1 The net zero pathway is expected to increase critical minerals demand by almost 6x between 2020 and 2050, from less than 10 million metric tons (Mt) to roughly 43 Mt. Global rare earth element (REE) mines, deposits and occurrences (May 2021) REE mine 2 3 10 11 13 14 12 15 16 22 17 21 20 23 O Deposit/occurrence Carbonatite-associated Alkaline igneous rock-associated Iron-REE deposit Hydrothermal deposit Marine placer Alluvial placer Palaeoplacer lon-adsorption clay Ash-fall placer By-product of tin mining 19 25 40-> 38 39 32 34 35 33 47 37 43 730 75 45 72 76 77 46 78 48 70-> 69 80 79 81 820 71 680 83 84 41 42 Figure 1 49 50 51 53 27 2628 57 52 54 55 88 58-61 65 91 29 30 64.66 56 87 90 62 85 95 67 94 86 63 93 Total mineral demand for clean energy technologies by scenario, compared to 2020 (Mt) 27Mt 15Mt 7Mt 43Mt 6x 2020 2040 Stated Policies Scenario 2040 Sustainable Development Scenario Net Zero by 2050 Scenario Solar PV Wind 35 EVs and battery storage Electricity networks Note 1: Columbia SIPA (2023) Critical Minerals Demand Growth in the Net-Zero Scenario Other low-carbon power generation IEA (2021); The Role of Critical Minerals in Clean Energy Transitions 7x INCREASE in RARE EARTH DEMAND Growth in Mt demand for selected minerals from clean energy technologies for Sustainable Development Scenario (2040 as a factor of 2020) 42x 25x 21x 19x 8x 7x 3x Lithium Graphite Cobalt Nickel Manganese Rare earth Copper elements IEA (2021); The Role of Critical Minerals in Clean Energy Transitions#36GDC OST NORTHERN MINERALS GREEN CRITICAL MINERALS talga Critical minerals. Unique Technology - Market intersection Dual Energy - a step change in the power of the results from the CT scanner, unlocking in-field ore sorting solutions for critical minerals customers High energy XRF - delivering excellent REE discrimination compared to other technologies New solutions - ore sorting, grade control and others Project enabling – proving orebody sortability and ability to undertake operational grade control 26 38 Sr Fe 36 39 58 Ce Mining is critical to decarbonisation. Solar plants, wind farms and EVs are more minerals intensive than hydrocarbon equivalents OREXPLORE 59 Pr 60 Nd 64 Gd 66 Dy 68 Er 70 OREXPLORE Yb 73 Ta#37OST Solutions. Ore Sorting As deposits become harder to discover and more marginal in response to rapidly changing global macro-economics, customers are seeking solutions to upgrade their techno- economics. Orexplore is working with customers across base and precious metals and critical minerals to develop ore sorting solutions that can help them achieve these outcomes. By adding in deposit scale "sortability" information into existing geological block models, the potential of ore sorting economics can be established during early study phases, unlocking the ability to optimise process flow sheet design early in the investment lifecycle. 37 Orexplore Insight-Example Project-Orexplore tight Project Hole Show Structure Help Open Projet + Add Holes EXAMPLE01 。 Remove Manage Unear Joint Shear 30 Tonagraphy Render Settings . Quick Oxtailed Contact Win Contact Contrat Dyke 141 folation 1N23- 144- Bedding Magmatic Layering Fold Axial Plane Fault Core Boundary Damage Zone Boundary Brecciation Boundary Other 1343- 2 Contact 174.29029.15238.02 Selection 174242-174336m OREXPLORE#38Appendix B - Key Risks 38 88#39Key risks Presented below are the key existing and emerging risks that could materially impact the operating performance, financial results and financial position of the Company. Additional risks and uncertainties that the Company is currently unaware of, or that it currently considers to be immaterial, may also become important factors that adversely impact the Company's operating and financial performance and financial position You should be aware that an investment in the Company has a number of risks, some of which are specific to the Company and some of which relate to listed securities generally, and many of which are beyond the control of the Company. Before investing in the Company shares, you should consider whether this investment is suitable for you. Potential investors should consider publicly available information about the Company (such as that available on the websites of the Company and ASX), carefully consider their personal circumstances and consult their stockbroker, solicitor, accountant or other professional advisers before making an investment decision. Key risks include the following: • • • · • Underwriting Risk Sales and marketing risk Future capital requirements Technology risk Product and development risk Intellectual property risk Supplier and manufacturing risk Operation risk • Product quality risk • Growth strategy and execution risk Competition risk Cyber and physical security breaches • Reliance on key personnel • Privacy concerns • Product liability risk . Maintenance of key relationships • ⚫ Foreign jurisdiction risk • Regulatory risk Insurance risk • Contract risk Liquidity risk • Litigation 39#40Key risks Prospective investors should be aware that subscribing for Securities in the Company involves a number of risks. The summary risk factors set out in this section, and other general risks applicable to all investments in listed securities, may affect the value of the Shares in the future. Accordingly, an investment in the Company should be considered highly speculative. Sales and marketing Orexplore's ability to convert the capabilities of its technologies into solutions and services that customers will purchase remains a risk to its growth strategy. The success of commercialisation will relate to the acceptance and adoption of Orexplore's offerings, driven in part by perceived value-add relative to pricing, as well as overcoming adoption hurdles including perceived disruption to the customer's established processes, resistance to change, perceived threat of technology substitution by geologists leading to potential job losses, cost and budgeting constraints and other barriers. Take up of services will involve demonstration of the solutions against current practices; demonstration of successful case studies; quantitative business case type support with customers at varying levels within their organisations; well-presented value-creation and risk- reduction propositions for any new functionality or processes unlocked by the technology; and effective marketing programmes to raise market awareness of Orexplore. The rate of adoption is expected to also be driven partially by the increasing rate of digitalisation within the mining industry, which has traditionally been a late-adopter of new technology. 40 Future Capital requirements As at the date of this Entitlement Offer, Orexplore is currently loss making and is expected to generate losses in future periods and may require further financing over and above the amounts previously invested and any amounts raised pursuant to this Entitlement Offer (including where the Company achieves its stated objectives). Although the Directors consider that the Company will, on completion of the Entitlement Offer, have sufficient working capital to carry out its stated objectives and to satisfy the anticipated current working capital and other capital requirements previously set out, there can be no assurance that such objectives can continue to be met in the future without securing further funding. It is however noted that the Directors consider that, based on the intended use of funds set out in this Entitlement Offer, the amounts raised, together with the Company's existing cash reserves as at the date of this Entitlement Offer, will provide the Company sufficient funding for approximately 6 months of operations. The future capital requirements of the Company will depend on many factors, including the pace and magnitude of the development of its business and sales, and the Company may need to raise additional funds (debt or equity) from time to time to finance the ongoing development and commercialisation of its technology and to meet its other longer-term objectives. Should the Company require additional funding, no assurances can be made that sufficient financing, if and when needed, will be available on terms appropriate or favourable to the Company, or at all. If the Company is unable to obtain additional financing as needed, it may be required to reduce the scope of its operations and this could have a material adverse effect on the Company's activities and could affect the Company's ability to continue as a going concern. The Company may undertake additional offerings of Securities in the future. Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the current market price (or Offer Price) or may involve restrictive covenants which limit the Company's operations and business strategy. The increase in the number of Shares issued and outstanding and the possibility of sales of such Shares may have a depressive effect on the price of Shares. In addition, as a result of such additional Shares, the voting power of the Company's existing Shareholders will be diluted. Debt financing, if available, may involve restrictions on financing and operating activities.#41Key risks Technology The Company's market involves rapidly evolving technological change. To succeed, the Company will need to research, develop, design, manufacture, assemble, test, market and support ongoing enhancements to its existing solutions and products, completion of historical research and development projects, as well as to develop new products and technologies, on a timely and cost-effective basis. The Company cannot guarantee that it will be able to engage in research and development at the requisite levels. Elements of the Company's technology strategy and roadmap also include fundamental assumptions and developments based on highly complex physics and mathematics that are reliant on theoretical assumptions in design, testing and implementation and can impact the potential viability of products. The Company cannot assure investors that it will successfully complete the technology research and development programs it has been advancing over the past years. Research and development projects are highly complex systems that rely on underlying advanced design principles including physics, sensors, engineering, cooling systems and other components, and there is a technology risk to the successful completion of these projects and their market adoption. The Company may not successfully identify relevant new technological opportunities or continue to have the required financial resources to develop new products in a timely or cost- effective manner to preserve its market presence or competitive advantage. At the same time, products and technologies developed by others may render the Company's products and systems obsolete or non-competitive. Operating The Company is, and will continue to be, exposed to a range of operational risks relating to current and future operations. These include equipment failures and other asset, personnel and site-based accidents, personnel health and safety, industrial action or disputes, lease renewals, theft or damage by third parties, floods, fire, major cyclone, earthquake, lightning strike, terrorist attack, war or other disasters. In the event existing insurance arrangements do not cover an operational issue, this could have a material adverse effect on the operating and financial performance of the Company. More specifically, equipment breakdown, or serious accidents or incidents at the Company's facilities may impact the Company's activities. Any prolonged downtime (for example from COVID-19 shutdowns, or major supply chain disruptions) may have an impact on the Company's ability to mobilise its technologies to site; perform laboratory or site scanning services for customers, and provide sufficient levels of technical support, and have an adverse effect on the Company's reputation, operating and financial performance. Product liability The Company may be exposed to liability claims if its products or services are provided in fault and/or cause financial or other harm to its customers. Harm to customers could be claimed from operational interruptions and delays caused by the Technology Platform's use; failure to realise the expected value increases or risk reduction within their operations; safety impacts to personnel from its use; or other claims. Although the Company will aim to enter into commercial contracts that limit its liabilities to such claims, these are not always possible to achieve and hence the Company may be subject to these and similar claims. As the Company operates in multiple jurisdictions, this increases the set of laws, regulations, codes of practice and other guidances for the use of its technologies and systems that must be adhered to for specific engagements and mobilisations and is a source of risk for associated claims. As a result, the Company may have to expend significant financial and managerial resources to defend against such claims. The Company has various insurance policies in place to mitigate this risk. If a successful claim is made against the Company, the Company may be fined or sanctioned, and its reputation and brand may be negatively impacted, which could materially and adversely affect its reputation, business prospects, financial condition and results of operation. 41#42Key risks Product development Orexplore's future success depends on its ability to continually enhance and improve existing solutions, products and features as well as to develop new solutions and products to meet market demands. While Orexplore's Geocore X10Ⓡ product and Orexplore InsightⓇ software have been through various field-based commercial deployments and pilot programs, further development, testing, and quality assurance is planned and additional software solutions are under development to support adoption. It is possible that Orexplore's current solutions and potential new solutions may not function in line with customer expectations or may contain unforeseen faults. This may lead to requirements for the Orexplore Group to rectify, improve or refine its solutions and products, which may diminish operating margins or lead to losses. Additionally, the Company is currently developing a range of solutions across the mining value chain that require investment and substantial customer engagement to capture customer requirements. These requirements in some cases must then drive further development of the Orexplore Technology Platform to enable the delivery of quantifiable value to the customer, and are subject to risk-bearing development, testing and feature advancement, that must also pass validation of their true value in an operating site. Any development of new solutions based on developing technologies bears significant risk. The Company's technology strategy and roadmap includes significant software engineering and development of the Orexplore InsightⓇ software with regard to its architecture, functionality and performance and the evolution of the way users interact with the system. Development pathways include the potential use of machine learning (ML) and other technologies to advance the platform towards semi-automating some core analysis tasks over time. This development plan bears risk with regard to its use of underlying technologies developed by others and their integration and use within the platform and may impact on the Company's ability to deliver suitable products over time. While Orexplore has a significant research and development team and investment program, there is no guarantee that the Company will be able to undertake research and product development successfully. There is a risk that during the research, design, development and testing of the Company's future products that unforeseen costs will be incurred and that the products and solutions will not perform or test as expected. If testing during product development produces results that do not meet the Company's expectations, this could result in delays to the Company's growth plans. A failure to successfully develop new and current products or a delay stemming from product development will adversely affect the Company's financial position and prospects. The Company's success will depend on the Company's ability to implement its business plan that is heavily reliant on the successful development of its products. The ability to commercialise its products at a sufficient scale and the ability of the Company to successfully implement its research and development plans that underpin these products bears significant risk. There can be no guarantee that the Company can or will be able to commercialise its products at sufficient scale. Additionally, the technology may require further substantial work for use at a commercial scale. 42#43Key risks Supplier and Manufacturing Orexplore sources certain key components from third party suppliers. The delivery of such components may be delayed, or a specific supplier may not be able to deliver at all, which may lead to a longer sales cycle or may force the Company to shift to another supplier. There is a risk that the Company could be disrupted if no alternative suppliers were able to be sought. There is a risk that key components provided by third party suppliers may be defective. The products supplied by the Company may not be functional or not meet customer's expectations. This may lead to requirements for the Company to rectify, improve or refine its products, which may diminish operating margins or lead to losses. The Company has historically utilised outsourced design, engineering and other technical consultants to develop elements of its products. This bears risk due to key knowledge existing outside of the Company's employees and the ability of the Company to continually advance its products in the event of a supplier relationship or operations being seriously impacted. Whilst the Company enters into confidentiality agreements with these suppliers and seeks to keep core knowledge in-house and seeks to ensure all designs and external work is appropriately documented, these shared historical developments bear risk going forward. Intellectual Property The success of the Company's technology depends largely on the ability of the Company to protect the underlying know-how, while not infringing the proprietary rights of others. There is no assurance that others will not be able to copy the technology. The Company seeks to protect its intellectual property through patents, trademarks, trade secrets and know-how. Whilst the Company protects its intellectual property through patents, trade secrets, trademarks, contractual arrangements and data security policies and measures, there is no guarantee that there will not be any unauthorised use or misuse of its intellectual property. Furthermore, there is no assurance that employees of third parties will not breach confidentiality agreements, infringe or misappropriate Orexplore's intellectual property or commercially sensitive information. Any infringement may be detrimental to Orexplore's reputation and may lead to costly and time- consuming litigation or adversely affect Orexplore's financial performance. It is possible that third parties may assert intellectual property infringement, unfair competition or like claims against Orexplore under copyright, trade secrets, patents or other laws. While Orexplore is not aware of any claims of this nature in relation to any intellectual property rights in which it has, such claims if made may harm, directly or indirectly, the Orexplore Business. If Orexplore is forced to defend claims of intellectual property infringement, whether they are with or without merit or are determined in Orexplore's favour, the costs of such litigation may be potentially significant and may divert management's attention from normal commercial operations. 43#44Key risks Product Quality Orexplore's Current Technology Platform (comprised of the GeoCore X10Ⓡ product and the Orexplore InsightⓇ software) is a new technology made up of complex instrumentation, hardware, software, models and systems, that inherently require high levels of product quality design, QA/QC, testing and calibration. While Orexplore's Current Technology Platform has been through some field-based commercial deployments and pilot programs, these have been focused strongly on early solution adoption, and reliability, availability, and general performance of the Current Technology Platform. Further quality assurance / quality control and development work is planned across the Technology Platform to ensure sufficient levels of repeatability, functionality, calibration and overall system performance to support existing solutions being developed with customers and emerging solutions under development through our scanning laboratories. It is possible that Orexplore's current solutions and potential new solutions may not function in line with customers' expectations or may contain unforeseen faults. This may lead to requirements for the Orexplore Group to rectify, improve or refine its solutions and products, which may diminish operating margins or lead to losses. The GeoCore X10Ⓡ and in development GeoCore X10+ products are highly complex systems that utilise a vast array of instrumentation; processors; electronics; software and hardware engineering; advanced simulation; and fundamental physics, mathematics, invention and design. The Company's elemental detections and emerging 3D mineralogical models all rest on the design and performance of these systems and processes, and a strong QA/QC approach is fundamental to improving the individual and overall accuracy, reliability and performance of systems and the elemental and mineralogical outputs. Product Quality The Company is continuing to advance its QA/QC program, driven by Orexplore's in-house Engineering Manager to assess, improve and where necessary, rectify components and approaches across the Company's existing and in-development products. Additionally, the products integration with geological samples requires calibration between the product and the samples, and input from geologists and mineralogists including calibration samples, all of which bears QA/QC and technology risk. Whilst the Company's QA/QC processes are advancing, the historical development of its solutions and products and the application of QA/QC bears risk to the products functionality and performance. In addition, Orexplore's solutions and products have not yet been commercialised at scale and there may be new obstacles when producing in large quantities, servicing multiple customers, and the underlying product capabilities being able to effectively service the solutions. Any delays or disruption may lead to the Company not meeting market demand for its products, which could adversely impact its financial position. 44#45Key risks Competition The industry in which the Company is involved, though at an early stage, is subject to domestic and global competition which is rapidly evolving. Potential competitors include companies such as TruScan (Boart Longyear), GeoTek, Epiroc (Corescan), Geological, Minalyze and others. The ability of the Company to respond and adjust to changes in the industry will affect its success and ability to remain competitive in the market. The Company's performance could be adversely affected if existing or new competitors reduce Orexplore's market share, or its ability to expand into new segments. While the Company will undertake all reasonable due diligence in its business decisions and operations, the Company will have no influence or control over the activities or actions of its competitors, whose activities or actions may positively or negatively affect the operating and financial performance of the Company's projects and business. For instance, new technologies could result in the Company not being sufficiently differentiated within the markets it operates in. The Company's existing or new competitors may have substantially greater resources and access to larger markets than the Company. The Company may also become subject to channel partners and other close entities who have had relationships with the Company becoming competitors of the Company. These partners have limited access to the Company's intellectual property but may gain access to its trade secrets and other key information. Competitors may succeed in developing alternative products which are more innovative, easier to use or more cost effective than those that have been or may be developed by the Company. This may cause pricing pressure on the Company's product offering and may impact on the ability to retain customers/partners as well as attract new customers or partners. Reliance on key personnel The Company's operational success will depend substantially on the continuing efforts of its senior executives and highly qualified employees, including, engineers, research and development personnel, sales personnel and the Company's continuing ability to attract, recruit and retain such employees. Qualified individuals are currently in high demand, and the Company may incur significant costs to attract and retain them. The loss of the services of any such personnel, or an inability to attract other suitably qualified persons when needed, could prevent or delay the Company from executing on the business plan and strategy, and the Company may be unable to find adequate replacements on a timely basis, or at all. The unplanned loss of the services of any of the Company's Directors or members of senior management could materially adversely affect the business until a suitable successor is recruited. In addition, a number of the Company's highly qualified personnel may not be readily substituted, if at all, through the hiring of external personnel, and the loss of any key researchers, developers or other personnel could also have a material adverse effect on the business unless and until the Company recruits a qualified successor. There are also a limited number of persons with the requisite competencies to serve in these positions, and the Company cannot provide any assurance that the Company would be able to employ such highly qualified personnel in a timely manner, on terms acceptable to the Company or at all. The inability to attract and retain key and other highly qualified personnel could have a material adverse effect on the business, financial condition, results of operations and prospects. 45#46Key risks Foreign jurisdiction The financial performance of each of the Company's operations in so far as they rely on suppliers from, or operate in, a foreign jurisdiction may be adversely impacted by current or future fiscal or regulatory regimes, local laws and regulations or changes to the economic, political, judicial, administrative and security, climate or policies in those geographies. The Company is currently expanding its operations to South America through its new Chilean office and may further expand its operations in additional international jurisdictions. There is a risk investing in international operations may not be profitable or succeed due to poor execution or external factors beyond the Company's control including obtaining appropriate licences and consents for the Orexplore Business, taxation, labour laws, working conditions, insurance, demand for services, contractors, potential acquisitions, growth, counterparties, intellectual property, technical failure, operational failure, disputes, litigation, non-payment, currency exchange rates, debt and interest rates, financial performance, legal compliance, political unrest and operational management. Infectious diseases Infectious diseases such as COVID-19 could interrupt the Company's operations, impair deployment of its solutions to customers and prevent customers from honouring their contractual obligations. Such diseases can also cause hospitalisation or death of the Company's staff and existing and potential customers. COVID-19 has been declared a pandemic. Containment relating to the pandemic is likely to delay or inhibit Orexplore's ability to provide its products to customers, as well as causing disruptions to supply chains and delays in sourcing component parts. Whilst the Company has a business continuity and mitigation plan in respect of COVID-19 and has also created work-from-home procedures to manage business continuity risks, these controls may have limited effect depending on the scope and size of any outbreak or threat. 46 Regulatory The Company currently requires permits and authorisation by radiation safety authorities to develop the GeoCore X10® product, with permits also required at locations where the GeoCore X10Ⓡ are operated. The Company has been issued a permit from the Swedish Radiation Safety Authority in respect to the manufacture, installation and maintenance of technical devices that can generate ionizing radiation. This permit expires on 8th August 2028, and any delay in renewing the permit, or the permit is rescinded, may significantly impact on the Company's operations. The introduction of new legislation or amendments to existing legislation by governments, developments in existing common law, or the respective interpretation of the legal requirements in any of the legal jurisdictions which govern the Company's operations or contractual obligations, could impact adversely on the assets, operations and, ultimately the financial performance of the Company and its Shares. Each Orexplore laboratory and manufacturing hub, is subject to government regulations on working safely with X-ray sources that form a fundamental part of the Orexplore Geocore X10Ⓡ and Geocore X10+products. Orexplore GeoCore X10Ⓡ operators and maintainers have to obtain a state-by-state X-ray Operators Certificate at a level tailored to their work duties. Companies dealing with industrial X-ray devices need to generally register devices with the radiological council (for instance in Western Australia - or similar typically in other jurisdictions) and the registration is held by a responsible person within the business in each jurisdiction. The responsible person is required to ensure that a person is licensed appropriately to deal with the equipment and is generally appointed as the Radiation Safety Officer (RSO) (RSO is a statutory appointment for instance in Western Australia - or similar typically in other jurisdictions). The equipment is subject to the Radiation Safety Act 1975 (WA) and Radiation Safety (General) Regulations 1983 (WA) (for instance in Western Australia - or similar typically in other jurisdictions).#47Key risks Underwriting Risk The Company has entered into an underwriting agreement with Morgans Corporate Limited (Underwriter) under which the Underwriter has agreed to fully underwrite the Entitlement Offer, subject to the terms and conditions of the Underwriting Agreement. The Underwriting Agreement contains customary representations and warranties and indemnities in favour of the Underwriter for an agreement of this nature. If the Underwriting Agreement is terminated for any reason, the Company may not receive the full amount of the proceeds expected under the Entitlement Offer, its financial position might change and it might need to take other steps to raise capital, including by raising additional debt. Capitalised terms in this summary have the meaning given to them in the Underwriting Agreement unless otherwise defined in this Presentation. The Underwriter may, by notice given to the Company, and without cost or liability, immediately terminate their obligations under the Underwriting Agreement if any of the events below occurs or has occurred at any time before 6.00pm on the Entitlement Offer Settlement Date. The list below is not exhaustive of all the possible termination events in the Underwriting Agreement. (a) (Material Adverse Change) any Material Adverse Change occurs. (b) (c) (Listing) The Company ceases to be admitted to the official list of ASX or the Shares are suspended from trading on or cease to be quoted on ASX, or it is announced by ASX or the Company that such an event will occur. (ASX approval) Unconditional approval (or conditional approval, provided such condition would not cause or contribute to a Material Adverse Change) by ASX for official quotation of the Capital Raising Shares is refused or is not granted by the time required to conduct the Capital Raising in accordance with the Timetable or, if granted, is modified (in a manner which would cause or contribute to a Material Adverse Change) or withdrawn. (d) (Insolvency) The Company or a Subsidiary is Insolvent or there is an act or omission, or a circumstance arises, which is likely to result in the Company or a Subsidiary becoming Insolvent. (e) (Withdrawal and withdrawal rights) The Company notifies either of the Underwriter or ASX in writing that it does not wish to proceed with all or any part of the Capital Raising or the Company repays monies received pursuant to the Capital Raising or the Company offers applicants under the Capital Raising the opportunity to withdraw their application for Shares and be repaid their application money. (f) (Withdrawal of waivers) ASX withdraws, revokes or amends any ASX waivers obtained in connection with the Capital Raising. (g) (Takeovers Panel) The Takeovers Panel makes, or an application is made to the Takeovers Panel seeking, a declaration that circumstances in relation to the affairs of the Company are unacceptable circumstances under Pt 6.10 of the Corporations Act. 47#48Key risks Underwriting Agreement termination events cont. (h) (Application) There is an application to a court or Governmental Agency (including the Takeovers Panel) for an order, declaration (including of unacceptable circumstances) or other remedy in connection with the Company or the Capital Raising (or any part of it). (i) (Offer force majeure) There is an event or occurrence, including any statute, order, rule, regulation, directive or request of any Governmental Agency, which makes it illegal for either of the Underwriter to satisfy an obligation of this agreement, or to market, promote or settle the Capital Raising. (j) (Board or KMP changes) there is any change to the Board or KMP of the Company, or a prospective change is announced with regards to the Board or KMP. (k) (ASIC or ASX correspondence): The Company receives correspondence from ASX or ASIC which in the reasonable opinion of the Underwriter would cause or contribute to a Material Adverse Change. (1) (Regulatory action in relation to directors and senior executives): (i) A director or the chief executive officer or chief financial officer of the Company is charged with an indictable offence or fraudulent conduct; (!!) (iii) any director of the Company is disqualified under the Corporations Act from managing a corporation; or any regulatory body (other than the Takeovers Panel) commences any public action against the Company, or any director or the chief executive officer or chief financial officer of the Company, or publicly announces that it intends to take any such action. (m) (Conduct) The Company or a current director, officer or other current KMP of the Company or any Group Member commits any act of fraud, wilful or reckless misconduct or negligence, or which is misleading or deceptive in any respect, whether by act or omission and whether or not in connection with the Capital Raising or is charged with having committed any of the foregoing. (n) (Unable to issue) The Company is unable to issue or prevented from issuing Offer Shares as contemplated by this agreement, including by virtue of the ASX Listing Rules, applicable laws, a Governmental Agency, or an order of a court of competent jurisdiction within the period required by the ASX Listing Rules or Timetable. (0) (p) (Shares to be fully paid): all Shares issued pursuant to the Entitlement Offer and in accordance with the terms of this agreement do not, from the date of allotment, rank equally in all respects with other fully paid ordinary shares in the Company or if they are not issued free of all Encumbrances. (Capital structure) There is an alteration to the Company's capital structure without the prior consent of the Underwriter or as otherwise provided for or contemplated in this agreement or contained within the ASX Disclosures, except for an alteration of the Company's capital structure arising from the exercise, conversion or expiry of any existing option, right to a Share or other convertible security issued by the Company in accordance with its terms. 48#49Key risks Underwriting Agreement termination events cont. (q) (Market fall) Either the S&P/ASX SMALL ORDINARIES or ASX 300 Index published by ASX closes more than 10% below its level as at the close of trading on the Business Day before the date of this Agreement. (r) (s) (t) (n) (v) (withdrawal of consent): any person (other than the Underwriter) who has previously consented to the inclusion of their name or any statement in the Information Documents withdraws that consent. (offer of refund to investors) any circumstance arises that results in the Company either repaying the money received from persons who have applied for Offer Shares or offering persons who have applied for Offer Shares an opportunity to withdraw their application for Offer Shares and be repaid their application money. (Information Documents) Any: (i) statement in an Information Document is or becomes false, misleading or deceptive in any material respect or likely to mislead or deceive; (ii) Information Document does not contain all information required to comply with all applicable laws; or (iii) Information Document is withdrawn. (Defective Cleansing Notice) The Cleansing Notice is defective (as that term is defined in section 708AA(11) of the Corporations Act). (Supplemental Notice) The Company fails to lodge a Supplemental Notice, where it is required to do so. Sub-Underwriting The Underwriter has entered into a sub-underwriting agreement with an entity associated with Director, Kent Swick (Sub-Underwriter). If for any reason the Underwriter terminates its obligations under the Underwriting Agreement or the Company does not pay the Underwriter the fees in accordance with the Underwriting Agreement, the Sub-Underwriter's obligations will terminate immediately. The obligation of the Sub-Underwriter to sub-underwrite the Entitlement Offer on the basis described above is not subject to any other events of termination. 49#50Key risks Further risks In addition to the risks outlined in the tables in this section, further risks include, amongst other things: a) Insurance risk; b) Contract risk; c) Growth strategy and execution risk; d) Cyber and physical security breaches; e) Privacy concerns; f) Maintenance of key relationships; g) Liquidity risk; and h) Litigation. General risks also apply and include, amongst other things: The list of risk factors outlined in this presentation ought not to be taken as exhaustive of the risks faced by the Company or by investors in the Company. The above factors, and others not specifically referred to above, may in the future materially affect the financial performance of the Company and the value of the Shares offered under this Entitlement Offer. Therefore, the Shares to be issued pursuant to this Entitlement Offer carry no guarantee with respect to the payment of dividends, returns of capital or the market value of those Shares. Potential investors should consider that the investment in the Company is highly speculative and should consult their professional advisers before deciding whether to apply for Shares pursuant to this Prospectus. (a) Securities investments; (b) Tax risk; (c) Economic risk; (d) Diltution; (e) Share market; (f) Macro-economic; (g) Currency; (h) General economic climate; (i) Policies and legislation; (j) Negative publicity; (k) Force majeure; and (1) Climate change. 50 50#51OREXPLORE TECHNOLOGIES Contact. Reach out to Orexplore to learn more about our potential. [email protected] Perth | Santiago | Stockholm www.orexplore.com Fast industry leading Drilled to insight remote analysis within 15m Mobile exploring with you Anywhere in the world rapidly transportable containers 51 Sustainable scan core Transport information save time, money and emissions