Investor Presentaiton

CLARK SCOPING STUDY Scoping study has confirmed the potential to produce battery-grade manganese via Clark's separate development Taylor and Clark Deposits (looking south-west) Clark Deposit (NSR cut-off US$175/t) III SOUTH32 Proposed shaft locations Clark Deposit 55Mt Mineral Resource averaging 2.31% zinc, 9.08% manganese and 78g/t silver(a) • Mineralised from surface with the potential to share underground infrastructure with Taylor Separate processing circuit to Taylor required to produce battery-grade manganese Scoping study results(b) • • Confirmed a technically viable flowsheet to produce battery grade manganese: Manganese Sulphate Monohydrate; or Electrolytic Manganese Metal. Metallurgical test work has confirmed the hydrometallurgical flowsheet We are exploring partnerships across the battery materials supply chain Forward plan We will now complete a PFS for a potential underground mine development, focused on: increasing confidence in our technical and operating assumptions; customer opportunities; and integrated development options with Taylor, unlocking operating and capital efficiencies for both If the results are supportive, the Clark feasibility study may be combined with Taylor to examine the potential for a second stage development Taylor Deposit (NSR cut-off US$80/t) 0 10.5 km Notes: a. Refer to footnotes (slide 29) for additional disclosure. b. Refer to important notices (slide 2) for additional disclosure. SLIDE 21

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