Sierra Rutile 2023 Half Year Results Presentation

Inventories Significant asset able to be converted to cash as demand normalises GNN 55 US $m FINISHED GOODS 30 5 ווי Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 ORE STOCKPILES US $m 30 25 20 15 10 5322515 US $m HMC STOCKPILES 30 20 10 5 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Finished goods levels managed to meet sales demand. Deliberate building of ore stockpiles ahead of wet season to prevent inefficiencies encountered in 2022. Short term increase in heavy mineral concentrate (HMC) inventory as a result of power issues experienced at Mineral Separation Plant. Levels normalising during Q3 2023. Sierra Rutile 2023 Half Year Results Presentation | ASX: SRX Sierra Rutile 5

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