#1The Motzfeldt Project Southern Greenland One of the Largest Undeveloped Niobium- Tantalum-Rare Earth Deposits in the World Stallion Resources Limited Investor Presentation (December 2020)#2DISCLAIMER This presentation is made on behalf of Stallion Resources Limited ("the Company"). This presentation does not constitute an admission document relating to the Company nor does it constitute or form part of any offer or invitation to purchase or subscribe for, or any solicitation of any such offer to purchase or subscribe for, any securities in the Company nor shall this presentation or any part of it, or the fact of its distribution form the basis of or be relied on in connection with, any contract therefor. No reliance may be placed by any person for any purpose whatsoever on the information or opinions contained in this presentation or on the completeness, accuracy or fairness thereof. 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The distribution of this presentation in some jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about and observe any such restrictions. 1 (EM)#3MOTZFELDT SNAPSHOT: WORLD-CLASS POTENTIAL Multi-element deposit (Tantalum, Niobium, Zirconium and Rare Earths) increases value and reduces commodity risk 340mt Total Inferred Mineral Resource (2012 Mineral Resource Statement) ☐ Contained Metal Inventory of 1,564,000 t ZrO2 (@ 0.460%), 629,000 t Nb2O5 (@ 0.185%), 41,000 t Ta₂O5 (@0.012%) and 884,000 t TREO (@ 0.260%) Infrastructure Advantages: 10km to transport hub of Narsarsuaq (harbour and international airport) Cost-sharing potential with Kvanefjeld and Kringlerne projects Narsarsuaq town 2 (EM)#4MOTZFELDT & THE GARDAR PROVINCE: "ELEPHANT COUNTRY" FOR RARE EARTHS Kvanefjeld 575 M lbs U308, Narsarsuag Nunataaq and 2.24 Mt Zn 10.3 Mt TREO Kringlerne 4.3 Bt @ 1.8% ZrO, 0.5% LREE and 0.2% Nb20, 0.15% HREE igaarsuit Igaliku Eqault Alluitsup Amitsoq Nanortalik MOTZFELDT MOTZFELDT 340 Mt @ 0.46% Zr02, 0.185% Nb205, 0.012% Ta205 and 0.26% TREO 父 Nalunaq Tasiusaql Map data ©20 Motzfeldt (One of Largest Nb-Ta-REE Deposits in the World) Kvanefjeld and Kringlerne (World-Class REE Deposits) Amitsoq (World-class graphite grades) Nalunaq (Gold Mine: (367,000 oz) 3. (EM)#5GREENLAND: A MINING-FRIENDLY JURISDICTION Narsarsuaq International Airport (only 10 km from the Motzfeldt Project) Autonomous country with self-rule since 1979, but also a constituent country within Kingdom of Denmark the Supportive authorities committed to resource extraction Mining Code overseen by Mineral Licensing and Safety Authority (MLSA) Established local mining economy: logistics, training, services Advanced mining projects including rare earths, zinc-lead, anorthosite, gold and rubies. ilmenite, 4 (EM)#6HUGE SECTOR VALUATIONS IN NB-TA-REES Market Cap Name CBMM CMOC Commodity Other assets Niobium Private N/A Niobium $11.4 Billion (HK:3993) Copper, Cobalt, Gold, Phosphate Pilbara Minerals Tantalum $907 Million (ASX:PLS) Lithium NioCorp Niobium $125 Million Scandium, Titanium (TSX:NB) Global Advanced Tantalum Private N/A Metals (GAM) Lynas Corporation REES A$1.63 Billion N/A Parties Asset Purchase Price Date Anglo American (Seller) All Anglo's Niobium $1.7 Billion Oct 2016 CMOC (Buyer) and Phosphate Assets IAMGOLD (S) Niobec Niobium Mine $530 Million Jan 2015 Magris Resources (B) 5 EM#7MOTZFELDT: TARGETING STRATEGIC METALS ☐ Niobium (Nb₂05) Used for lightweight, resistant, super alloys Exceptional resistance Niobium-bearing steel used in many industries: Oil & gas pipelines, nuclear reactors, satellites, cars ($9 worth of niobium reduces car weight by 100kg and improves fuel efficiency by 5%) Projected CAGR of 5.90% during 2019-2024 (Sources: Niobec and Mordor Intelligence) ■ ◉ Tantalum (Ta₂05) Twice tensile strength of high-strength steels Electrical superconductor, critical component in electrical capacitors 60% produced in Rwanda/DRC US Dodd-Frank Act and EU conflict minerals laws strengthen non-conflict mineral countries as sources of Tantalum Roskill: Tantalum demand to grow at 4-5% pa to 2028 Zirconium (ZrO2) Very strong and malleable metal Lighter than steel, extremely resistant to heat and corrosion Nuclear reactors (90% of demand), component in abrasives and hardening agent in alloys, especially steel. USA and Australia account for 67% of worldwide production 9 EM#8MOTZFELDT: HIGH-VALUE RARE EARTHS - - - 18% of Aries Resource of 884,000 t TREO comprised of high value Neodymium, Praseodymium and Dysprosium Production in China peaked in 2010 when they produced 95% of the world's REES Increase in demand for REES has allowed for mines outside of China including the USA and Australia to restart REE production - - - Uses: electronic devices including computers, batteries, mobile phones, lighting and many renewable energy producers Neodymium/Praseodymium/Dysprosium: used in high-intensity permanent magnets for electric cars and wind turbines (~ 2t of REE per large turbine) Praseodymium: also an alloying agent for high-strength metals used in aircraft engines - The REE market is expected to grow at a CAGR of ~8% between 2019-2024 (Roskill) Neodymium demand is expected to show the greatest increase in demand due to its use in the rapidly growing EV market (Roskill) 7 EM#9ARIES DEPOSIT AT MOTZFELDT: JORC RESOURCE PLUS MULTIPLE EXPLORATION TARGETS Swaldale Rams Head Narsarsuaq Black Ram MOTZFELDT PROJECT KEY Exploration Licence Dorper MEL 2019/18 Resource Area High Priority Target Prospect Voskop Merino ARIES Romney Drysdale 8. (EM)#10HIGH PRIORITY RARE EARTH TARGETS Voskop: High-grade zone (over 1.2km) High TREO results with some samples at ~1% TREO (average 0.42% TREO) HREOS & Yttrium Oxide comprise ~18.8% of TREO ~0.2% Niobium, Tantalum 0.045% High Zirconium grades with some samples >2% ZrO2 average 0.87% Drysdale: High-grade zone (over 1.4 km) High TREO results with some samples at ~1% TREO (average 0.28% TREO) HREOS & Yttrium Oxide comprise ~16.8% of TREO Niobium 1.7%, Tantalum 0.08%, Zirconium 3.17% Voskop Merino ARIES Romney Drysdale TREO Basket Distribution (From Aries MRE) La203 0.24 Sm203 0.02 Ce203 0.39 Gd203 0.02 Pr203 0.04 Tb203 0.00 Nd203 0.12 Dy203 0.02 Sm203 0.02 Y203 0.12 6 (EM)#11COMPLETED ENGINEERING STUDY Previously completed engineering study for Aries concluded: ☐ Preliminary flotation trials indicate the niobium. and tantalum are amenable to flotation, with excellent recoveries □ Further products (Feldspar, REOs & Zircon) may be produced by secondary processing Hydrometallurgical/pyrometallurgical processing produces higher-grade product ☐ Key infrastructure challenges can be met: Access road from shore of Motzfeldt Sound to primary processing plant Site mill within mountain to avoid costly weatherproofed facilities HT power line across Qororssuaq Valley Reasonable economic reasons exist to progress Motzfeldt through full feasibility study NB: Metal prices at time of study (per metalary.com): Ta205 = $114k p/t (adjusted for inflation) - Cf 2018 price = $152k p/t (33% higher); Nb205 = $31k p/t (adj.) - Cf 2018 price = $42k p/t (35% higher). Motzfeldt Sound Qororssuaq Valley#12MINING/PROCESSING FLOW SHEET Cross Section of Operational Plan for Motzfeldt: NOT TO SCALE Primary Processing Plant (Crusher and Mill) Filtration and drying plant Secondary Processing Plant Barge E Waste Dump 1500m AMSL Open Pit Mine Orepass 900m AMSL Mill Crusher SEA FOX BAY - MOTZFELDT SØ POTENTIAL PORT LERJELV VALLEY LOCATION Coarse Ore Crush & Screen 1.8km Mill (to a 150 micron product) Cyclone Flotation (To produce pyrochlore conc.) Hydro/Pyro metallurgy MOTZFELDT SYENITE Final Products 11 (EM)#13TRANSPORT/SHIPPING ROUTES Brattahlid O Narsarsuaq SEA GLACIER 15 km GLACIER 16 km 2 km LAKE RESOURCE GLACIER Image Landsat Copernicus Good Aries Transport Routes (Aerial View) 12 (EM)#14TRANSPORT/SHIPPING ROUTES SEA Brattablid Narsarsage 16 km Aries Transport Routes (Elevation) LAKE 8km RESOURCE 13 (EM)#152019 FIELD PROGRAMME: ARIES BULK SAMPLING Ta₂O 001000 6785000.0x 1.00000 20.00000 1.00000 RGR 192 223 223 20.00000 50.00000 50.00000 10000000 100.00000 200 00000 200.00000 999.999.00000 RGB 192 255 255 AGD 0 255 0 RGB 127 179 15 RGB 255 104 32 AGO 25500 6784500QY 57009. 0783000.QY 175.0009 10075 4 3010 2 Bulk Sampling of Aries Deposit: 1.5 tonnes of material collected from four locations NB: Map shows modelled Ta205 grades. Red symbols: Bulk samples; Black polygon: resource area. 14 EM#16ARIES DEPOSIT: SIGNIFICANT UPSIDE POTENTIAL 600.0x ] 1200.0Y 100 m PSR 017 PREDLAGA Above: cross-section of Aries Deposit (mineralisation open to south and east. Highest grades in red. Left: historic drill core photographed and sampled during field programme (August 2019) 15 (EM)#172019 FIELD PROGRAMME: VOSKOP SAMPLING ALL_2011_ROCK_CHIP_RESULTS by Ta_ppm_Protrace 500 to 3,000 (8) 250 to 500 (32) 150 to 250 (51) 100 to 150 (39) 50 to 100 (85) 0 to 50 (398) N GLACIER 1-2 more profiles in this area Current glacier front (approx.) Limit of mineralisation? kilometres Search for footwall in: this area Infill samplingin these gaps Follow stream to the NE (beyond licence area) to check outcrop with XRF and confirm northern extent of mineralisation Above (Voskop Sampling Plan); Right (Voskop Sampling Campaign - August 2019) 16. EM#182019 SUMMER FIELD PROGRAMME Nates: srk exploration, 14351 Oam 20 10 Large Pebbles Very Large Pebbles 70 A srk exploration Left: Aries Bulk Sampling; Centre: Voskop Rock Chip Samples; Right: Voskop Sampling (August 2019) 17 (EM)#19FORTHCOMING WORK PROGRAMMES Extension drilling at Aries Deposit to increase JORC Resources Drilling programme at Voskop targeting higher- grade REES Mineralogical and metallurgical studies to refine grades and products Pre-Feasibility Study (PFS) to update process routes, infrastructure and revenue potential 18 EM#20CONTACT DETAILS Email: info@stallion resources.com Telephone: +44 (0)203 950 0725 19