#1SRG Mining: Corporate Presentation September 2022 SRG Battery Minerals#2Forward-Looking Statement SRG Battery Minerals This presentation contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as "provide, "objective", "become", "committed", "dedicated", "ensures", "growing", "prospective", "positive", "through", "contributes", "low", "easier", "continue", "excellent", "very", "valuable", "expected", "adequately", "ongoing", "expand", "plan", "expedite", "to be", "improve", "complete", "as much as", "set to", "rise", "significant", "is required", "forecast", and other similar words or expressions. Except for statements of historical fact relating to the Corporation, information contained or incorporated by reference herein constitutes forward-looking information, including, but not limited to, the future price of, and demand for, minerals including graphite, nickel and cobalt, as well as the Corporation's strategy, plans or future financial or operating performance. Forward-looking information is based upon assumptions that were applied in drawing a conclusion or making a forecast or projection that are believed to be appropriate in the circumstances, including the following: the Corporation will be able to obtain additional financing on reasonable terms or at all; the Corporation will be able to recruit and retain the services of its key technical and management personnel; the Corporation's management will not identify and pursue other business objectives in future; there will be no unexpected technological, economic, political or other disruptions that will affect supply or demand for minerals in manner that would have a material adverse effect on the Corporation; the Corporation will be able to obtain all required regulatory approvals without undue delay or subject to excessively burdensome conditions; the results of current exploration activities will be favorable; the price of minerals will remain sufficiently high and the costs of advancing the Corporation's projects sufficiently low so as to permit it to successfully implement its business plans; and that the risks referenced above, collectively, will not have a material impact on the Corporation. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect. Risk factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, exploration results, revenue, fluctuations in the price of currencies or minerals or of local operating costs, mining industry risks, delays, political and social stability in Africa including our ability to maintain or renew permits and other risks as described in our documents filed from time to time with Canadian securities regulatory authorities. Information with regards to these and other risk factors can be found in SRG's MD&A for the year ended December 31st, 2021. These forward-looking statements are dated as of September 14th, 2022 and we disclaim any obligation to update or revise these forward-looking statements, except as required by applicable law. All amounts are in US dollars unless otherwise specified. 2 www.srgmining.com | TSX.V SRG Mining for tomorrow#3Company Highlights Capital Structure (1) 3 Share Price Performance SRG Battery Minerals Basic Shares Outstanding (M) SRG Mining Inc. 113.8 0.85 Simple MA (200): 0.64 SMA (20): 0.84 0.00 (0.00%) 879 Interval Si Simple MA (50): 0.82 Boll. Bands (2.0): 0.800.89 1.00 0.90 0.80 Warrants (M)(2) 14.9 0.70 0.60 0.50 Options (M)(3) 8.7 0.40 RSU and DSU's (M) Jul Oct 2022 Apr 1.9 Volume 400.0k 200.0k 0.00 Fully Diluted Shares Outstanding (M) 139.4 1d 2d 5d 10d 1m 3m 8m 1y Zy 3y By 10y 20y Market Capitalisation (C$) $91M Major Shareholders La Mancha Fund Cash (C$) $13.6M Sama Resources Liabilities (C$) 407K Coris Bank 24.1% 13.3% 11.1% 1. As of June 30th, 2022 123 2. Average strike price of C$0.86, all maturing before November 2023 3. Average strike price of C$0.71 SRG is Well Capitalized With No Significant Debt www.srgmining.com | TSX.V SRG Mining for tomorrow#4Investment Highlights 4 GRAPHITE TEAM Graphite has significant and well-established traditional usage (refractory bricks, lubricants, etc.) ✰ Active Anode Material ("AAM") is a growth market as essential input for Lithium-Ion Batteries ("LIB") Offtakers seeking diversity of supply as China dominates current supply chain Strong track record of de-risking, engineering, financing and construction of African mining projects La Mancha cornerstone investment validates new development strategy Debt and equity financing discussions underway with various strategic and financial partners Strong in-country support from Guinean authorities and local communities NEW STRATEGY LOLA PROJECT New management team has revisited development and financing strategy Increased capital efficiency by doubling proposed mine production to 100ktpa graphite concentrate Integrated business model to create of a mine-to-market producer of anode material Long-life, world-class project with low operating costs, low capital intensity and small environmental footprint Feasibility Study ("FS") completed in 2019, Updated FS and FEED contract negotiations underway Fast track a Preliminary Economic Assessment of conversion facility in US / UK / Europe SRG is Well Positioned to Become a Mine-to-Market AAM Producer www.srgmining.com | TSX.V SRG SRG Battery Minerals Mining for tomorrow#55 LOCATIONS CHALLENGES PRICE (May '19-'22) Structural Issues Not Limited to Lithium...... Lithium demand (LCE basis) 2018-2030 (in 000s) 20 Battery Non-battery Natural flake graphite demand 2018-2030 (in 000s) Battery Non-battery 60 Cobalt demand 2018-2030 (in 000s) Battery Non-battery 4 50 Primary nickel demand 2018-2030 (in 000s) Battery Non-battery 40 15 3 40 30 10 2 20 20 сл 5 1 10 0 0 2018 2030 2018 2030 2018 CAGR CAGR CAGR 18.1% Total Capex Required 16.6% Total Capex Required² 2030 Total Capex Required³ >$50bn 2018 CAGR 11.4% 4.8% 2.0% (Non-battery) $24bn 21.4% (battery) 5.5% (Non-battery) 25.6% (battery) $13bn combined in copper and nickel Quality & consistency of product Lack of chemical experience Lack of a futures price Potential oversupply in medium-term Substitution due to solid state battery adoption • Confusion over role of synthetic graphite Environmental concerns Africa Latin America Africa Australia Europe China North America North America Brazil China 2.9% (Non-battery) 15.4% (battery) 70% DRC raw material (brand image, lack of western investors) High cost/substitution By-product DRC, DRC, DRC North America Australia Brazil 1.8% (Non-battery) 29.0% (battery) Historically low price Laterite challenges Non-core assets Recycling Sulphuric acid supply Indonesia Philippines Australia PNG 2030 Total Capex Required*: $39bn +383% Source: Benchmark Minerals, Trading Economics +26% +154% +173% Graphite is Poised to Follow a Similar Price Response as Other EV Metals www.srgmining.com | TSX.V SRG Mining for tomorrow SRG Battery Minerals#6Three Key Questions Will the battery chemistry change? Graphite is fundamental to every battery chemistry, up to 5-10% may be replaced by SiO Giga factories across the world have made technology choices today which will be unlikely to change in the next 15+ years, natural flakes expected to account for 50-60% of all AAM Graphite anodes dominate half the lithium-ion battery (1.2kg per Kwh required) 6 Source: Benchmark Minerals Do OEM's want to diversify their supply chains? China dominates the natural and synthetic graphite extraction and anode manufacturing industry End-users have become increasingly vocal about diversifying the supply chain Chinese suppliers have had limited focus on sustainability and use toxic hydrofluoric processes and rely on coal-fired power for production SRG Battery Minerals Do the USA and UK / Europe have a viable AAM procurement strategy? Projected European battery manufacturing capacity will require 646 ktpa of active anode material in the next decade, similar demand growth is expected in the USA No credible American or UK / European-based supplier, at scale, has emerged to date despite several attempts No, Yes and No www.srgmining.com | TSX.V SRG Mining for tomorrow#7Cost of a Battery Cell and Expected Progress SRG Battery Minerals 7 EV CHASSIS CATHODE + BATTERY PACK % OVERALL COST (2021) CATHODE 51% PRODUCTION 24% ANODE 12% SEPARATOR 7% LITHIUM NICKEL FLAKE GRAPHITE COBALT MANGANESE 80% OF ALL CELL MANUFACTURING OCCURS IN CHINA 86% OF BATTERY ANODE MATERIAL IS PRODUCED IN CHINA Approximate Timeline to Progress Supply Step 0 1 2 3 4 5 6 7 8 25 4P 5 ELECTROLYTE 4% Mining 3 Chemical Processing ANODE HOUSING 3% 2 3 Anode/Cathode Development 1 2 Cell Manufacturing 5 Application 5 Minimum Expected Source: Visual Capitalist, Benchmark Mineral Intelligence Lithium Forecast Graphite Anode is a Critical and Underappreciated Part of the Battery Cell www.srgmining.com | TSX.V SRG Mining for tomorrow#8Synthetic vs. Natural Graphite 8 Canada. 10,000t This map shows 93% of natural graphite production in 2020 Sources: USGS, TradeMap TOP 10 PRODUCERS OF NATURAL GRAPHITE (2020E, tonnes) Ukraine 19,000t • Brazil 95,000t SYNTHETIC GRAPHITE Produced by high temperature treatment of petroleum coke and coal tar Norway 15,000t Pakistan 13,000t India Russia 24,000t 34,000t Madagascar 47,000t Mozambique 120,000t Mozambique was the second-largest producer in 2020, with one-fifth of China's graphite output. SRG Battery Minerals Sulfur 80g 14g Oxide Nitrogen Oxide 6g Particulate Matter China 650,000t China accounted for 59% of production and 66% of exports globally. 5kg of CO2 Per kg of graphite SYNTHETIC GRAPHITE 1-2kg of CO2 Per kg of graphite NATURAL GRAPHITE NATURAL GRAPHITE Produced by mining naturally occurring mineral deposits Water and air pollution due to graphite dust from factories Environmental and health hazards from chemical usage; Sulfur oxide and nitrogen oxide emissions from synthetic graphite plants Source: Washington Post Natural Graphite Will Increase in Importance as Focus Shifts to Carbon Footprint www.srgmining.com | TSX.V SRG Mining for tomorrow#9EU Giga Factories 6 EUROPEAN GIGAFACTORIES Analysis by CIC energiGUNE Version 7. Last update: 02/2022 QuantumScape 2021, Salzgitter 1GWh-20 GWh BEYONDER 2024, Rogaland 10 GWh-20 GWh MORYOW 2024, Agder 8 GWh 32 GWh Panasonic 202X, Norwegen X GWh FREYR Renewable energy storage 2023, Mo i Rana 35 GWh northvolt 2021, Skelleftea 32 GWh 40 GWh BYD 202X 34 GWh Envision AESC 2024, Doual 2,5 GWh 14 GWh TESLA 2021, Berlin 40 GWh microvast 2021, Brandenburg 1,5 GWh 6 GWh CATL 2022, Erfurt 14 GWh 24 GWh FARASIS 2022, Bitterfeld-Wolfen 16 GWh ROSATOM 2025, Location in Russia (to be defined) 2 GWh 3 gigafactories announced to upcoming years (TBD locations) BRITISHVOLT 2023, Northumberland 10 GWh - 35 GWh Envision AESC 2024, Sunderland 2,5 GWh-14 GWh 2024, Salzgitter 16 GWh - 24 GWh amte Dower 2023, Coventry 10 GWh-35 GWh K VERKOR 2023, Dunkirk 16 GWh 50 GWh acc AUTOMOTIVE COLLEC 2023, Douvrin & Kaiserslautern 16 GWh 64 GWh BASQUEVOLT 2023, Vitoria-Gasteiz 2 GWh-10 GWh Phi4tech 2022, Badajoz 2 GWh - 10 GWh S SEAT Barcelona. Public-private partnership to be defined SVOLT 2023, Überherm 20 GWh-24 GWh ITALVOLT 2024 70 GWh AAA Leclanché Energy Storage Solutions 2020, Willstatt 1GWh-2,5 GWh AKASOL FAAM RESEARCH CENTER 2021, Teverola 2,5 GWh-15 GWh 2021, Darmstadt 0,5 GWh 5 GWh LG Energy Solution 2018, Wrocław 15 GWh -65 GWh inoBat 2024, Bratislava 10 GWh (GS YUASA 202X, Miskolc XGWh SK innovation 2022, Komárom 10 GWh 2028, Ivancsa 30 GWh SAMSUNG 2018, Göd 2,5 GWh 15 GWh Blackstone Resources 2021, Sajonia 0,5 GWh ✔ VARTA STELLANTIS 2024, Ellwangen 10 GWh 202X, Termoll X GWh >400 Gwh Planned Capacity But No Raw Material Procurement Strategy...... www.srgmining.com | TSX.V SRG SRG Battery Minerals Mining for tomorrow#10SRG Executive Team - Benoit La Salle, FCPA, FCA, MBA Director and Chairman of the Board: Founder, President & CEO of Semafo, Current President & CEO of AYA Gold & Silver Inc. and Executive Chairman of Sama Resources Inc. Battery Minerals 10 Matthieu Bos, MSc - President and Chief Executive Officer: Former Executive Vice President, Africa for Ivanhoe Mines; Previously worked for BMO Capital Markets in the Metals and Mining Division in London. Patrick Moryoussef, P.Eng - Chief Operating Officer: Former VP, Mining Operations of Semafo; Senior Vice-President Technical Services and Operational Performances at Endeavour Mining. Previously worked for Noranda, Falconbridge, Placer Dome Ugo Landry-Tolszczuk, CFA - Chief Financial Officer: Former Director of Operations Windiga Energy; CFO AYA Gold & Silver. Previously worked at the Canadian Department of National Defense and Research in motion. Raphaël Beaudoin, P.Eng. - Vice-President, Operations, Metallurgy and Process Design: Former plant metallurgist at the Minto Mine; Chief metallurgist Nunavik Nickel - Elias J. Elias (LL.L., LL.B.), VP Legal, Corporate Affairs Former legal advisor for SEMAFO and General Counsel for Windiga Energy; M&A for a national Canadian firm and then as legal counsel at Gildan Activewear. - Dr. Marc-Antoine Audet, BSc, MSc and Ph.D (Geology), P.Geo Founder, Director (Lead Geologist): Founder President & CEO of Sama Resources; Former Director of International Exploration at Xstrata Nickel; Director of Exploration at Falconbridge www.srgmining.com | TSX.V SRG Mining for tomorrow#11La Mancha Investment 11 "La Mancha has seen significant successes in the gold industry, and this investment in SRG is a logical continuation of the Fund's strategy to invest in commodities necessary to shift the energy system away from one dominated by hydrocarbons. The supply-demand dynamics for clean, future facing 2 metals and minerals could mean we are at the dawn of a new commodity supercycle. La Mancha is pleased to support SRG with this initial investment and, depending on the outcomes of the development programme, there is the potential for up to C$50 million in subsequent financings to fund SRG through to production." Transaction Overview (March 2022) 19.9% interest for C$12.5M Right to nominate two Directors to the SRG Board Anti-dilution rights up to 19.9% la mancha ENDEAVOUR MINING HORIZONTE MINERALS PLC AS ALTUS STRATEGIES A Strong Endorsement from A Sophisticated Mining Investor www.srgmining.com | TSX.V SRG SRG Battery Minerals Mining for tomorrow#12Partners, Technical Consultants & Advisors SRG Battery Minerals 12 la mancha DRA SGS pwc C SGL GROUP THE CARBON COMPANY ProGraphite EEM IMPACT together more future dorfner McGill N BBA New Tigers Consulting SAMA RESOURCES epoch resources JOHNSTON-SEQUOIA SRG Feasibility Study Has been Prepared by World-Leading Consultants www.srgmining.com | TSX.V SRG CORIS BANK INTERNATIONAL Mining for tomorrow#13Vertical Integration Strategy 13 OPERATING MARGIN GRAPHITE CONCENTRATE ~$1,200/T + PHASE I 米 PHASE II $ SRG Battery Minerals Feasibility Study on first phase of development completed, Updated FS underway Discussions underway to finance construction capital expenditure (debt & equity) Target to produce approximately 100ktpa of high-purity flakes in concentrate Binding offtake agreement in place for initial years of production Construction of shaping, purification and coating facility in US / UK / Europe Target to produce 50ktpa of active anode material and purified jumbo flakes, sourcing production from Guinea Develop partnerships to secure processing IP, develop marketing strategy and navigate QA/QC with OEMS DE-RISKING THROUGH PARTNERSHIPS CSPG ~$7,500/T FINANCIAL PARTNER Source: Benchmark Mineral Intelligence (+80 mesh, 94-95%), Fastmarkets EU INDUSTRIAL PARTNER TECHNOLOGY PARTNER Mine-to-Market Solution to Create Leading Non-Chinese AAM Supplier www.srgmining.com | TSX.V SRG Mining for tomorrow#1414 Lola Graphite Project Mining License Guinea AFRICA Samoe Nzérékoré Yalenzou Bounouma N2 Womey 5 1 2 Laine LIQUE DE GUINEE 1 Gueassou 1 7.5 km 3.5 km 5.9 km 2 3 Mining Permit (#22709) SRG Mining Inc. 94 km² Lola Graphite Project Exploration Permit (#23178) SRG Mining Inc. 92 km² Gogota Nickel-Cobalt Project "Zone Stratégique" Guinea Ministry of Mines 99 km² LIBERIA "Zone Stratégique" 4 LIBERIA Hou N'Zoo Yarmein GUINEE GUINEA 5 Guinea Ministry of Mines 100 km² Exploration Permit (#22573) AIS Int'l Guinee SAS 100 km² Existing Resource Base Grab samples, pitting and trenching Significant Exploration Potential to the North and South www.srgmining.com | TSX.V SRG SRG Battery Minerals Mining for tomorrow#152. 1. Total Hard Rock Saprolite Lola Graphite Project Completed NI 43-101 compliant Bankable Feasibility Study August 2019 by DRA Environmental and mining permit received from Government of Guinea 15 year mining permit awarded on Nov. 2019 for 94 Km2 Resource Estimate (1.65% Cg Cut-Off) 865,000 mN 547,000 m 864,000 MN 863,000 mN 862,000 mN Category Tonnes (Mt) Grade (%Cg) Contained (kt) Measured 6.84 4.39 300.3 861,000 mN Indicated 23.24 4.04 937.9 Inferred 1.20 3.81 45.6 860,000 mN Indicated 15.96 4.03 643.4 859,000 mN Inferred 3.05 3.73 113.8 Meas. & Ind. 46.03 4.09 1,881.6 858,000 mN Inferred 4.25 3.75 159.4 3. 4. Please refer to the technical report filed on SEDAR for full details. 15 Pit shell defined using 30-degree pit slope, $1,400/t of concentrate (96% Cg grade, 75% Cg plant recovery), $1.80/t mining cost, $8.00/t processing cost, $3.50/t G&A and $100/t of concentrate transport costs Mineral resources are not mineral reserves and have no demonstrated economic viability. The estimate of mineral resources may be materially affected by mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors Effective Date of Resource Estimate is June 18, 2019. www.srgmining.com | TSX.V SRG 8.2 Km Legend DDH 2013-17 DDH 2018 Deposit outline Measured Indicated Inferred Open along strike and at depth Mining for tomorrow 551,000 mE SRG Battery Minerals W E#164 The 4 Key Resource Qualities 1&2 Size Distribution & Grade 3 Flake Distribution & Grade Parameter Head Grade 4.3% Cg Overall Recovery 84.2% Mass Recovery 84.5% Concentrate Grade 96.8% Distr. Grade +48 mesh 17% 95.4% +80 mesh 28% 96.5% +100 mesh 9% 95.3% <100 mesh 47% 94.5% Reserve Estimate ICP Results Alkaline Roasting (July 2022) SP20 Purification Results PPM Limit ΑΙ 3.4 <20 Ca 15.1 25.0 Cr 4.5 <5 Cu 0.9 <5 Fe 16.7 <30 Ni 3.9 <5 Si 9.8 40 Final LOI 99.97% PSD (d90:d10) 2.6 Well below (very strict) limits, customers have own specs Proved - Oxide 6.67Mt 4.43% Cg Reserves Probable Oxide 20.89Mt 4.11% Cg Potential to Increase Grade Probable - Fresh Rock 14.50Mt 4.15% Cg Through Block Model Optimization Total Proven & Probable 42.06Mt 4.17% Cg Source: 2016 Lola Feasibility Study, ProGraphite 16 www.srgmining.com | TSX.V SRG Mining for tomorrow SRG Battery Minerals#17Flowsheet - Phase 1 - FEED Scrubber and Ball Mill Layout Scrubber feed section Stockpiling section 17 03.0m x 8.0m SCRUBBER SKID -02.1m x 6.0m BALL MILL SKID Mill Feed Arrangements HUPPER SCRUBBER COMPRESSORS Rotated Dryer OFFICES CONTREMOVABLE MONOVA E D 200 Orushing CONTROL ROOM View Angle Concentrate Bagging REMOVE REMOVABLE 扫 CR Process Flow Sheet Subject to Review Comminution and De-Sliming Rougher Flotation and Polishing Stage 1 1 Cleaner Flotation and 2&3 Cleaner Flotation Tailinge Thickening Polishing Stage 2 דאר Concentrato Dewatering Concentrate Drying Product Sizing & Packaging Reagent Services Water Services Air Services www.srgmining.com | TSX.V SRG SRG Battery Minerals Mining for tomorrow#1818 Feasibility Study Results Opex (LoM Avg.) Results (Post-Tax) Capex Direct Indirect Contingency Owner's Cost Total 2019 FS Sensitivity Analysis $88.5M Price $1,056 $1,189 $1,321 $1,453 $1,585 $16.6M Updated FS Q4 '22 Avg. $5.5M $123.1M Sensitivity (Post-Tax) $17M $22M $27M $32M $37M FCF NPV 8% $64M $11 Updated FS Q4'22 206M $253M IRR 13.7% 17.6% 21.2% 24.6% 27.8% Direct $470/t Transport $38/t Total $508/t Avg. Selling Price $1,321/t NPV $159M 8% IRR Pay-Back Mine Life Source: 2016 Lola Feasibility Study 1. All monetary amounts in USD Updated FS Q4 '22 - усато 29 years Highlights Construction period of 14 months, followed by 3 months commissioning and 3 months ramp-up Simple, open pit mining of 1.4Mtpa of fresh saprolite rock Low LoM average strip ratio of 0.69 ◆ Processing flow sheet based on conventional flotation circuit Export route by road through Liberia Concentrate divided into 4 standard-size fractions (+48 mesh, -48 + 80 mesh, -80 +100 mesh, and -100 mesh) www.srgmining.com | TSX.V SRG Mining for tomorrow SRG Battery Minerals#19Key Focus Areas & Opportunities 19 T RESOURCES ✰ Update of resource model to improve overall grade through dilution control Additional drilling campaign to increase reserves and resources along strike and at depth SRG Battery Minerals Increased plant production to 100ktpa graphite concentrate (from 50ktpa in 2019 FS) Trade-off between contract vs. owner mining Trade-off between processing soft saprolite rock vs. hard rock at depth UPDATED FS H2 2022 MINE & PLANT Potential to improve metallurgical recovery and product grade AAM PLANT Discussions with several leading technical consultants Advance offtake discussions ✰ Discussions on CSPG- IP technology GUINEA Advance discussions to secure plant location Financing & Offtake CSPG PEA Q1 2023 Deepen relationships with local, regional and national authorities Negotiate connection of Lola Graphite Project to national power grid and export permits Negotiate fiscal framework with the Republic of Guinea MINING CONVENTION H2 2022 2022-2023 Will be Pivotal Years for SRG www.srgmining.com | TSX.V SRG Mining for tomorrow#20ESG Principles 20 20 HSE Health, safety, and environmental leadership come first ✰ Target ZERO Recordable Incident Rate and ZERO Environmental Incident Rate Development in line with best practice health, safety and environmental standards PARTNERSHIPS Active engagement with national and regional stakeholders and local communities Community offices and radio programmes to increase awareness with stakeholders ❖ Sustainability framework guided by UN Sustainable Development Goals and ICMM AUDIT EDUCATION Lola Graphite products will have a single chain of custody back to the source Fully integrated mine-to-market solution post second transformation SRG Battery Minerals SRG 2019 SUSTAINABILITY REPORT LOLA GRAPHITE PROJECT Livelihoods Programs to build sustainable communities with food security and improve the living standards Literary Programs to contribution to schools in the local community Apprenticeships Programs to promote opportunities for skills training for young Guineans ESG Principles at the Core of SRG www.srgmining.com | TSX.V SRG Mining for tomorrow#21Appendix SRG Battery Minerals#22Flake Size Distribution Comparison 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 22 FLAKE SIZE DISTRIBUTION 0% Syrah (Mozambique) Battery Minerals Mason Graphite (Mozambique) (Canada) Sovereign (Malawi) Source: Company filings NextSource (Madagascar) +48/+50 +80 SRG (Guinea) Nouveau Monde (Canada) +100 -100 Mesh size www.srgmining.com | TSX.V SRG Triton (Mozambique) SRG Battery Minerals South Star (Brazil) Northern (Canada) Mining for tomorrow#23SRG Metallurgical Tests Metallurgical tests performed at ProGraphite and SGS Canada returned excellent results Battery Minerals 10 tonnes of material remains available for future testing by potential offtakers (40 clients have already tested the material) ProGraphite results summary: Main elemental impurities are Si, Al and Fe, typical for flake graphite. Impurities known to cause issues, such as S, Mn, or heavy metals, at very low levels. The combination of ash composition, crystallinity, oxidation resistance and purification behaviors makes this graphite very valuable for traditional markets and new applications (e.g. CSPG) SGS results summary: Recovery of 84% for a blend of fresh rock and saprolite ore Graphite particle size distribution 44% coarser than 80mesh 200t piloting was successfully completed in 2019 Flotation Testing Results 23 Flake Size (Mesh) Flake size (μm) Proportion (%) FC (%) +48 (Jumbo) 315 16.6% 95.4% 200 μm Mag- 24 X Signal A SE2 EHT -5.00 kV WD 7.3 mm +80 (Large) 27.5% SRG Graphite 24x microscope image 180 96.5% +100 (Medium) 8.8% 150 95.3% -100 (Fines) 47.1% -150 94.5% www.srgmining.com | TSX.V SRG Grenoble INP-CMTC Date 29 May 2017 Mining for tomorrow#241320 Graham boulevard, suite 132 Mont-Royal, Quebec Canada H3P 3C8 [email protected] TSX.V: SRG SRG Battery Minerals