#1Saudi Arabian Mining Company (Ma'aden) Investor Presentation - Q3 FY23 Results MAADEN معادن#2DISCLAIMER This presentation contains statements that are, or may be deemed to be, forward looking statements, including statements about the beliefs and expectations of Saudi Arabian Mining Company (Ma'aden) (the "Company"). These statements are based on the Company's current plans, estimates and projections, as well as its expectations of external conditions and events. Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. As a result of these risks, uncertainties and assumptions, a prospective investor should not place undue reliance on these forward-looking statements. A number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements. 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These materials may not be published, distributed or transmitted and may not be reproduced in any manner whatsoever without the explicit written consent of the Company. These materials do not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. Non-IFRS financial measures Some of the financial information included in this presentation is derived from the Company's consolidated financial statements but are not terms defined within the International Financial Reporting Standards (IFRS) as applied In the Kingdom of Saudi Arabia. Such information is provided as the Company believes they are useful measures for investors. A reconciliation of this information with the consolidated financial statements is included in this presentation. MAADEN معادن 2#3PRESENTERS Robert Wilt Chief Executive Officer Louis Irvine Faris Al Gahtani Chief Financial Officer Investor Relations Director MAADEN MAADEN معادن 3#4Q3-FY23 PERFORMANCE % Revenue SAR 6.23bn Net Loss² Adj. Net Loss¹ SAR R (83.44)m SAR (26.44)m Operating Cash Flow" SAR 6.40bm bn Adj. EBITDA¹ SAR 1.69bn EPS² Adj. EPS¹ SAR (0.02) SAR (0.01) dh % Net Debt/EBITDA 2.3x Strategic Highlights Phosphate 3 Phase 1 FID to add +1.5 Mt p.a. by 2026 On track to achieve highest Phosphate production in FY23 Exploration drilling record +430km set for FY23 New operating model delivering performance efficiencies Improved balance sheet through debt reduction and Investment Grade Credit Ratings 1: Excluding one-off contractual costs | 2: Attributable to equity holders of Ma'aden | 3: Excluding one-off contractual costs 4: Year to date MAADEN معادن 4#5AVERAGE REALIZED COMMODITY PRICES Prices continue to stabilize but remain materially off FY22 peak DAP (USD/Mt) $1,040 Ammonia (USD/Mt) $940 $840 $740 $640 $540 $440 $340 $240 Q1-FY18 Q3-FY18 Q1-FY19 Aluminium (USD/Mt) Q3-FY19 Q1-FY20 Q3-FY20 Q1-FY21 $3,380 $3,160 $2,940 $2,720 $2,500 $2,280 $2,060 $1,840 $1,620 $1,400 Q1-FY18 Q3-FY18 Q1-FY19 Q3-FY19 Q1-FY20 Historical trend Q3-FY21 $1,020 $920 $820 $720 $620 $520 $420 Q3-FY23 $439 $320 $220 Q1-FY22 Q3-FY22 Q1-FY23 Q3-FY23 $120 Q1-FY18 Gold (USD/oz) $2,000 $1,900 $1,800 $1,700 $1,600 $1,500 $1,400 Q3-FY23 $1,300 $2,276 $1,200 $1,100 Q3-FY20 Q1-FY21 Q3-FY23 prices Q3-FY21 Q1-FY22 Q3-FY22 Q1-FY23 Q3-FY23 Q3-FY18 Q1-FY19 Q3-FY19 Q1-FY20 Q3-FY20 Q1-FY21 Q3-FY21 Q1-FY22 Q3-FY22 Q3-FY23 $319 Q1-FY23 Q3-FY23 Q3-FY23 $1,922 High Phosphate inventories across key markets and increased Chinese supply led to drop in prices until mid-Q3, then rebounded driven by improved demand fundamentals and lower supply. Ammonia supply tightness due to operational issues across the globe, • along with marginal rise in ammoniated phosphate production in key countries led to price upside from mid-Q3. Aluminium market still impacted by weaker Chinese and global manufacturing activity, however prices supported into end of Q3 by lower LME inventories* Gold price remains bullish amid geopolitical uncertainty. Q1-FY18 Q3-FY18 Q1-FY19 Q3-FY19 Q1-FY20 Q3-FY20 01-FY21 Q3-FY21 Q1-FY22 Q3-FY22 Q1-FY23 Q3-FY23 MAADEN معادن 5 UT#6FURTHER PROGRESS ON OUR GROWTH STRATEGY Strategic Growth Pillars 00 Operational Progress Extending global fertilizer leadership and position as one of the lowest-cost integrated Aluminium producers Expanding global reach in critical minerals through Manara Minerals joint venture with the Public Investment Fund (PIF) Record year-to-date of Phosphate production volumes Phosphate 3 given Final Investment Decision taken for Phase 1 Developing one of the world's largest exploration programs Drilling at all-time high run-rate 4x more active exploration and development projects versus 2022 x 320 km drilled YTD 45 active projects Partnering with international companies to unlock Saudi Arabia's rich mineral reserves through exploration Building a sustainability champion and establishing mining as the third pillar of the Saudi industrial economy Signed agreement to acquire 10% stake in Vale Base Metals through Manara Minerals joint venture with PIF First Typhoon™ geophysical surveying system deployed under Ivanhoe Electric JV MAADEN معادن 6#7LEADERSHIP IN GLOBAL FERTILIZER MARKET, DESPITE CHALLENGES Top position maintained in major Phosphate markets بادن معادن 10% production and sales volumes increased YoY Phosphate 3 to add 1.5 Mt p.a. by 2026 (Phase 2 to add a further 1.5 Mt) Renewed 600 KMT supply agreement to Bangladesh MAADEN Phosphate Fertilizers Supply Agreement 4 معادن معادن MAADEN MAADEN ادن Temporary Planned Maintenance outages in Phosphate BU Scheduled DAP maintenance shutdown to ensure long- term reliability Infrastructure challenges Seawater rupture at Ras Al Khair led to technical disruptions Undertook essential repairs and diagnostics to continue limited operations Enacted contingency measures; full production restored by early October FY23 production guidance maintained MA معاد ADEN معي D MA ادن MA Production impact ДД DAP Unplanned outage Ammonia =270 KMT =70 KMT Planned outage DAP =80 KMT MAADEN معادن 7#8EHSS PERFORMANCE Implementing safety transformation program to protect our workforce Systems Revise EHSS Management System (MHSEM) across the organization in accordance with the new Business Model Culture Initiate the EHSS assessment actions project and integrate them with Ma'aden's transformation program Numu Focus on proactive risk-based approach Safety Transformation Program Do 0 0 People مهها Performance- based safety approach focuses on "Find and Fix" ☐ ☐ ☐ System Process Risk-based safety approach focuses on "Predict and Prevent" All Injury Frequency Rate (AIFR) - FY19 to Q3-FY23 0.4 0.37 0.3 0.2 0.1 0.22 0.20 0.13 0.12 0.06 0 2019 2020 2021 2022 H1-FY23 Q3-FY23 Zero Class 1 incidents in Q3-FY23 AIFR of 0.06 in Q3-FY23; 0.07 YTD MAADEN معادن 8#9ESG PROJECTS AND PARTNERSHIPS Continued progress towards our 2040 ESG TARGETS ~12M m³ Water recovery plan ENVIRONMENT Water Recovery per year¹ Ramping up treated water supply by 50% YTD for MWSPC Ensure groundwater extraction reduction by 65% by 2040 120k trees Creating healthy ecosystems Afforestation 120K trees and 10M seeds under plantation in Imam Turki Royal Reserve for 2023 SOCIAL INITIATIVES SAR 100mn Investment in Education Mining expertise • 100M SAR invested to collaborate with KFUPM to start a new degree in Mining Science Local communities and female participation • Onboarded first 100 students at The Girls School Of Excellence in Arar Inaugural class of female students at Saudi Mining Polytechnic SUSTAINABILITY CHAMPIONS 1: Expected impact at full execution of water recovery plan Award-winning sustainability and community engagement initiatives 1st Prize, Partnerships and Collaborations - Arabia CSR Awards for Schools of Excellence Winner, Sustainability Award of King Khalid Foundation, 2023 حيبك GPIO Co Under the Patrond HH Eng ullan B معادن MAADEN Al-Qasi doabew FARNEK MAADEN معادن 6#10FINANCIAL RESULTS Louis Irvine Chief Financial Officer MAADEN معادن#11Q3-FY23 FINANCIAL RESULTS QoQ YOY Q3-FY23 Q2-FY23 9M-FY23 9M-FY22 (SAR million) -11% -31% Revenue 6,226 6,966 21,237 30,805 Highlights || 0 -27% -62% EBITDA1 1,616 2,219 6,113 15,979 Lower commodity prices QoQ -29% -57% Adj. EBITDA2,3 1,692 2,391 6,966 16,287 -124% -92% Net profit (83) 351 687 8,303 attributable to shareholders of the company Raw material prices trending lower QoQ Infrastructure failure in Phosphate BU impacting production One-offs in Aluminum BU adjusted in EBITDA; severance fee charge adjusted in net profit -104% -83% Adj. Net profit2,4 (26) 631 1,477 8,534 attributable to shareholders of the company -124% -92% EPS5 (SAR) attributable to shareholders of the company (0.02) 0.10 0.19 2.25 -104% -83% Adj. EPS²,4 (SAR) (0.01) 0.17 0.40 2.31 attributable to shareholders of the company 1: EBITDA now includes equity-accounted profit of all JVs and other income/expenses (net). Prior periods have been restated for comparability. | 2: Q3-FY23 excluding one-off contractual costs. | 3: 9M & Q2-FY23 excluding one-off contractual costs and pot relining costs. | 4: 9M & Q2-FY23 excluding one-off contractual costs, pot relining costs, and severance fees. | 5: As a result of issuance of bonus shares during Q2-FY23, EPS for prior periods has been revised to ensure comparability. MAADEN معادن 11#12EBITDA BRIDGE (9M-FY22 to 9M-FY23) Lower commodity pricing and one-off adjustments 15,979 -10,228 785 1,606 122 7,479 6,966 -677 -622 . • • Highlights Lower prices for all products except Gold On track for record DAP sales volumes Talent acquisition and retention Lower share of income from JVs Higher exploration costs attributed to record drilling 6,113 • -853 EBITDA 9M-22 Price effect Cost effect Others Sub-total Volume effect Cost of sales* Others** Adj. EBITDA One-off & other adj. EBITDA 9M-23 (CPI) Market led *including change in inventory, excluding D&A (SAR million) including exploration, G&A, S&M, other income/expense (net), share of profit from JVs Business led One-offs MAADEN معادن 12#13- STRONG CASH GENERATION FROM OPERATING ACTIVITIES Proactive deleveraging of balance sheet D&A: SAR 3,837 Finance charges accrued: SAR 1,774 Share in net profit of JV: SAR (222) Finance cost: SAR 1,649 Zakat: SAR 494 Income tax: SAR 145 BMNM BU: SAR 722 Phosphate BU: SAR 720 Aluminium BU: SAR 714 Others: SAR 74 - Early debt repayment: SAR 3,000 1,109 16,373 2,267 5,684 22,770 -2,664 30 -2,231 -303 20,266 14,928 -4,375 -28 -657 -277 Cash at Jan 1, 2023 Income before zakat Non cash items Change in working capital Others Cash after operating Capex & Projects Others - AP & Cash after investing Debt movement Transaction fee activities investments Accrual activities Dividend to NCI Lease liability Cash at Sept 30, 2023 (SAR million) Operating Activities 6,397 Investing Activities -2,504 Financing Activities -5,338 MAADEN معادن 13#14DELEVERAGING BALANCE SHEET AND REDUCING NET DEBT Long-term Borrowing Cash & Cash Equiv. (SAR billion) FY20 48.3 FY21 46.8 23% FY22 41.2 10% Q3-FY23 37.2 Net Debt FY20 FY21 37.7 FY22 24.8 10% Q3-FY23 22.3 42.6 5.7 9.1 • 16.4 14.9 Net Debt/EBITDA 48% 1.3 3.1 2.3* *Annualized using TTM period • • · 7.5 Highlights Ongoing financial position strengthening Long-term borrowings decreased by SAR 4.4 bn including early debt repayment Net debt down by 10% from FY22 Net debt to EBITDA point within guided range of 2-3x Assigned investment grade credit ratings MAADEN معادن 14#15PHOSPHATE Financial performance (SAR million) Q3-FY23 Q2-FY23 QoQ Variance 9M-FY23 9M-FY22 YOY Variance Highlights Sales || 0 3,246 4,042 -20% 12,703 20,172 -37% • EBITDA 1,145 1,623 -29% 5,203 12,449 -58% Record fertilizer production YTD EBITDA margin 35% 40% -5pp 41% 62% -21pp • Lower revenue due to reduced sales volumes QoQ • Lower commodity prices YoY and QoQ Production performance (kmt) DAP Q3-FY23 Q2-FY23 QoQ Variance 9M-FY23 9M-FY22 YOY Variance 1,464 1,622 -10% 4,620 3,879 +19% Average Realized Prices Ammonia 644 923 -30% 2,340 2,367 -1% Q3-FY23 Q2-FY23 Q3-FY22 QoQ Variance YoY Variance Sales volumes DAP 1,455 1,674 -13% 4,605 3,911 +18% Ammonia ($/MT) 319 253 917 +26% -65% Ammonia 337 595 -43% 1,381 1,494 -8% DAP ($/MT) 439 521 830 -16% -47% MAADEN معادن 15#16PHOSPHATE EBITDA BRIDGE (YOY and QoQ) Higher volumes partially offsetting softer pricing environment 12,449 -9,040 1,502 35 4,945 1,688 5,203 -1,285 -145 EBITDA 9M-FY22 Price effect Major raw material costs Others* Sub-total Volume effect Cost of sales* Others** EBITDA 9M-FY23 Market led (SAR million) including inventory movements, excluding D&A **including exploration, G&A, S&M, other income/expense (net) Business led 2% EBITDA growth excluding market factors Highlights ร • Lower molten sulfur price Record volumes of fertilizers YTD Planned and unplanned shutdowns impacted Q3-FY23 production Phosphate EBITDA Bridge (QoQ) 1,623 -260 -428 210 1,145 EBITDA Q2-FY23 Sales price effect Sales vol. effect Cost* EBITDA Q3-FY23 *all other costs, including raw materials costs, other income/expense MAADEN معادن 16#17ALUMINIUM Financial performance (SAR million) Q3-FY23 Q2-FY23 QoQ Variance 9M-FY23 9M-FY22 YOY Variance Highlights || ภ Sales 2,152 2,177 -1% 6,409 8,967 -29% • EBITDA 286 342 -16% 352 2,917 -88% • EBITDA margin 13% 16% -3pp 5% 33% -28pp Adj. EBITDA* . 362 514 -30% 1,205 3,225 -63% QoQ Primary Aluminium production increase One-off industrial utility charges and pot relining costs YTD Lower FRP demand Adj. EBITDA* margin • 17% 24% -7pp 19% 36% -17pp Lower price environment offset by higher volumes QOQ Production performance (kmt) Q3-FY23 Q2-FY23 QoQ Variance 9M-FY23 9M-FY22 YOY Variance Alumina 533 441 21% 1,346 1,296 4% Average Realized Prices Aluminium 246 223 10% 653 732 -11% Q3-FY23 Q2-FY23 Q3-FY22 QoQ Variance YOY Variance FRP 55 56 -2% 185 231 -20% Sales volumes Alumina ($/MT) 338 359 410 -6% -18% Alumina 111 134 -17% 412 146 182% Aluminium Aluminium ($/MT) 2,276 2,426 2,635 -6% -14% 154 134 15% 371 458 -19% FRP FRP 56 55 2% 187 227 -18% 3,332 3,787 3,905 -12% -15% ($/MT) MAADEN معادن 17#18ALUMINIUM EBITDA BRIDGE (YOY and QoQ) Softer commodity prices and one-offs 2,917 -1,342 104 15 1,693 774 1,206 -46 • Highlights Unfavorable commodity prices QoQ and YoY Lower primary aluminium and FRP volumes YoY One-off industrial utilities and pot relining costs YTD Lower sales prices partially offset by lower raw material costs Higher personnel costs and volume related costs QoQ Aluminium EBITDA Bridge (QoQ) 342 -1,215 353 -853 EBITDA 9M-FY22 Price effect Major raw material costs Severance fees Sub-total Volume effect Cost of sales* Others** Adj. EBITDA One-off & other adj. EBITDA 9M-FY23 Market led *including change in inventory, excluding D&A (SAR million) **including exploration, G&A, S&M, other income/expense (net), share of profit from JVs Business led One-offs -128 102 286 -30 EBITDA Q2-FY23 Sales price effect Sales vol. effect Cost* EBITDA Q3-FY23 *all other costs, including raw material and one-off contractual costs, JV share of profit, and other income/expense MAADEN معادن 18#19BASE METALS & NEW MINERALS Financial performance (SAR million) Q3-FY23 Q2-FY23 QoQ Variance 9M-FY23 9M-FY22 YOY Variance Highlights Higher revenue and attractive margins Higher production due to MM pre- commercial production ramp-up Sales 812 738 10% 2,090 1,654 26% EBITDA 476 471 1% 1,263 966 31% • EBITDA margin¹ 59% 64% -5pp 60% 58% 2pp • Production performance (Koz) Q3-FY23 Q2-FY23 QoQ Variance 9M-FY23 9M-FY22 YOY Variance Gold Sales volumes 112 101 11% 288 243 19% Average Realized Prices Q3-FY23 Q2-FY23 Q3-FY22 QoQ Variance YoY Variance Gold (Koz) 113 101 12% 289 243 19% Gold ($/oz) 1,922 1,957 1,723 -2% +12% 1: EBITDA margin includes share of JV profits MAADEN معادن 19#20BASE METALS & NEW MINERALS EBITDA BRIDGE (YOY and QoQ) Increase of 31% YoY due to higher production and higher realized price 312 . Highlights || 0 Gold prices maintain up trend YoY 125 966 22 72 1,162 -81 1,263 • -130 Positive volume effect due to higher production • Higher costs associated with EBITDA 9M-FY22 Price effect Others Sub-total Volume effect Cost of sales* Others** EBITDA 9M-FY23 Market led (SAR million) "including change in inventory, excluding D&A **including exploration, G&A, S&M, other income/expense (net), share of profit from JVs Business led higher volumes and exploration BMNM EBITDA Bridge (QoQ) 471 -15 89 476 -69 EBITDA Q2-FY23 Sales price effect Sales vol. effect Cost* EBITDA Q3-FY23 *all other costs, including raw material costs, JV share of profit and other income/expense MAADEN معادن 20#21OUTLOOK Robert Wilt Chief Executive Officer MFC MAADEN معادن#22PROGRESSING PIPELINE OF NEAR-TERM GROWTH PROJECTS 2023 Mansourah-Massarah 250k ounces per annum Ma'aden's largest gold project to date Inaugural gold pour completed Final commissioning to complete in Q4-FY23 Phosphate 3 3m tons per annum (1.5m per Phase) Phase 1 -2025 • EPCM awarded • Final Investment Decision taken Phase 2-2027 2025 Mahd Ad Dhahab Expansion =200k ounces per annum 2026 2027 Aluminium 90 KMT per annum Line 1 & 2 expansion Ar Rjum =200k ounces per annum MAADEN معادن 22#23EXPLORING SAUDI ARABIA'S EXTENSIVE MINERAL RESERVES Ambitious, world-leading exploration program to unlock the mineral endowment of the Kingdom Accelerating drilling activities 126 km 320 km drilled in Q3-FY23 drilled year-to-date 430+ km to be drilled in FY23 45 active exploration & development projects Adding new gold resources 1.05 Moz gold resource additions the year to date 3.5 Moz gold resource additions Meters drilled ('000) 320 km YTD 126 Q1-FY22 58 34 77 77 106 88 Q2-FY22 Q3-FY22 Q4-FY22 Q1-FY23 Q2-FY23 Q3-FY23 Tabuk Al-Jawf Northern Borders Ha'il Medina Al- Quassim 76,000 km² ELs under application 23,000 km² ELs granted; =5,000 km² granted year to date Riyadhy Eastern in last two years Mecca Al- BARRICK Bahah Asir Najran 18mn lbs1 Jizan produced in Q3-FY23 1: Copper production from Ma'aden Barrick JV (Jabal Sayid) Ivanhoe -(50%)- JV -(50%)- ELECTRIC • • معادن MAADEN 50/50 Joint Venture to explore at least 48,500km² of land in the Kingdom Targeting copper, nickel, gold, silver and other critical metals First survey area selected and proprietary Typhoon TM geophysical surveying system deployed Three built to spec machines for Typhoon™ KSA to unlock hidden deposits Computational accelerate discoveries Software to seek hidden mineral Geoscience Inc. deposits deeper and with higher Expert team resolution Tier 1 discoverers for expertise and knowledge transfer MAADEN معادن 23#24STRATEGIC INVESTMENT IN VALE BASE METALS Leveraging global partnerships in metals and minerals of the future (51%) Manara Minerals Investment Company (Manara) معادن MAADEN العامة صندوق الاستثمارات 1 Investment (49%) JV- MANARA MINERALS 10% stake VALE Base Metals معادن MAADEN *Transaction funded by Ma'aden's resources and based on VBM enterprise value of USD 26 billion • • . JV between PIF (49%) and Ma'aden (51%) Invest in global mining assets with a shared-risk approach Essential future metals and minerals (Copper, Nickel, Lithium, Iron Ore) Strategic Investment in Vale Base Metals (VBM) • • • Ma'aden's first major global mining investment under Manara 10% equity interest in VBM* - key future metal and mineral supplier Value accretive with vision for long-term growth and value creation Positioning KSA to be a pivotal player in the global metal and mining sector Benefits and Growth • Expansion into strategic geographies Aligning with global decarbonization and electrification trends Mutual transfer of skills and technology Supports VMB's growth and portfolio MAADEN معادن 24#25PRODUCTION AND CAPEX GUIDANCE Guidance broadly maintained for 2023 PRODUCTION FORECAST 2023 CAPEX GUIDANCE* Lower Upper Lower Upper DAP Equivalent KMT 4,900 5,600 Sustaining CAPEX SAR (mn) 1,400 Ammonia KMT 3,100 3,500 Growth CAPEX SAR (mn) 1,350 1,700 1,600 Alumina KMT 1,600 1,825 *excludes exploration CAPEX of=SAR500mn Aluminium KMT 780 940 Flat Rolled¹ KMT 250 300 Gold Koz 360 420 1: Guidance for FRP adjusted downward due to sustained weaker market demand Previous guidance: 290-340 KMT MAADEN معادن 25 45#262023 OUTLOOK Low-cost profile and exploration focus to deliver resilience through commodity cycles Markets Ammonia Ma'aden Positioning Phosphates • • Supply returning to normal as operational issues resolve in Q4 Stabilizing demand due to partial fertilizer recovery • Leading production capabilities • First quartile cost position • Granulated Fertilizer Focus on cost efficiencies and targeted global sales • Long-term contracts and global customer base to mitigate risk • • Expected market firmness from improved demand Supply tightness from key exporters in Q4 . • Aluminium Lower manufacturing activity and softer demand in an uncertain environment Maintain cost competitive position • Aligned with domestic market growth • Base Metals & Gold prices uplift in the short-term • • New Minerals Copper demand fundamentals remain strong with energy transition • Diversified market mix to sustain market challenges Mansourah-Massarah ramp up Strategic partnerships and exploration program MAADEN معادن 26#27Q&A Robert Wilt Louis Irvine Chief Executive Officer Chief Financial Officer MAADEN MAADEN معادن 27#281:05 THANK YOU Stay Informed: Download MA'ADEN IR App معادن MAADEN My Account (2) About Us Key Financials Document Library Financial Calendar Company Announcements Share Monitor Share Overview Historical Price Investment Calculator Analysts Consensus Corporate Governance Download on the App Store GET IT ON Google Play Saudi Arabian Mining 63.60 SAR +0.30 (+0.47%) 21-09-2022 10:18 GMT-03:00 Data delayed by at least 15m Reach us at: [email protected] A MAADEN معادن#29Bisley 0 معادن للذهب MA'ADEN GOLD MAADEN Appendix MAADEN معادن 29#30SPECIAL ITEMS AND ONE-OFFS Breakdown of special items in EBITDA and Net Profit (adjusted) SAR (million) Q1-FY23 Q2-FY23 Q3-FY23 9M-FY23 SAR (million) Q1-FY23 Q2-FY23 Q3-FY23 9M-FY23 Revenue 8,045 6,966 6,226 21,237 Revenue 8,045 6,966 6,226 21,237 EBITDA* EBITDA margin 2,278 2,219 1,616 6,113 Net Profit attributable to Ma'aden 28% 32% 26% 29% Net Profit margin 419 351 -83 687 5% 5% nm 3% Pot Relining Restart Cost 36 96 132 Pot Relining Restart Cost* 27 72 Industrial Utility Charges for FY21 & FY22 (gross basis) 493 493 Industrial Utility Charges 2023 (gross basis) 76 76 76 Subtotal 605 172 नैनै 228 Industrial Utility Charges for FY21 &FY22 (gross basis)* Industrial Utility Charges 2023 (gross basis)* 369 57 57 57 ཤྲུ } { 99 369 171 76 853 Adjusted EBITDA 2,883 2,391 1,692 6,966 Severance Fees related to FY22 period [Phosphate]* Severance Fees related to FY22 period [Gold]* Subtotal 96 96 55 55 453 280 57 790 Adjusted EBITDA margin *All EBITDA calculations now includes equity-accounted profit of all JVs and other income/expenses (net). Prior periods have been restated for comparability 36% 34% 27% 33% Adjusted Net Profit attributable to Ma'aden 872 631 -26 1,477 Adjusted Net Profit margin 11% 9% nm 7% *attributable portion to Ma'aden MAADEN معادن 30#31EQUITY ACCOUNTED JOINT VENTURES Breakdown of share of profit from JVs that are equity accounted SAR (million) Manara (Manara Minerals Investment Company) Ma'aden IE Electric (Ma'aden Ivanhoe Electric Exploration and Development Limited Company) MBCC (Ma'aden Barrick Copper Company) MBC2 (Ma'aden Barrick 2 Limited) 102 ! MBC3 (Ma'aden Barrick 3 Limited) SAMAPCO (Sahara and Ma'aden Petrochemicals Company) Total share of profit from equity accounted JVs Q1-FY23 Q2-FY23 Q3-FY23 9M-FY23 (9) (9) 88 71 260 (4) (4) 0 0 (7) (17) (24) 102 81 41 223 SAR (million) Q1-FY22 Q2-FY22 Q3-FY22 9M-FY22 0 Manara (Manara Minerals Investment Company) Ma'aden IE Electric (Ma'aden Ivanhoe Electric Exploration and Development Limited Company) MBCC (Ma'aden Barrick Copper Company) 0 147 124 52 323 MBC2 (Ma'aden Barrick 2 Limited) MBC3 (Ma'aden Barrick 3 Limited) 11 0 0 SAMAPCO (Sahara and Ma'aden Petrochemicals Company) 24 75 23 122 Total share of profit from equity accounted JVs 171 199 75 445 All EBITDA calculations now includes equity-accounted profit of all JVs and other income/expenses (net). Prior periods have been restated for comparability. MAADEN معادن 31#32CAPITAL ALLOCATION FRAMEWORK Strategically deploying and investing capital for long-term sustainable growth Alignment with Vision 2030 Strengthen KSA's presence in the global supply chain, contribute to economic diversification and growth, and solidify its position in the metals of the future . Commitment to Saudi Arabia Organic growth and development of near-term growth projects JVs and partnerships to accelerate exploration and build mining ecosystem in KSA Invest in global mining assets Strategic JV with the PIF to invest in global mining assets on a shared-risk basis (51% Ma'aden | 49% PIF) flow to secure critical materials • • Access to transactions and future deal • Focus on value accretive and earnings enhancing options • SAR 3.1bn CAPEX (Growth & Sustaining) SAR 500mn Exploration Up to SAR6bn Investment Strengthen balance sheet OMO Further reduce outstanding debt to strengthen overall financial position Flexibility to capture future market opportunities and respond to challenges No set cash dividends at this time 2x 3x Net Debt/EBITDA Maximize long-term value for shareholders and all stakeholders 30% 40% Debt/Capital 32