Investor Presentaiton

RECORDED A$63.4M EBITDA IN 1H 2021 Revenue A$ million A$ million $2,000 21.2% $1,500 $1,000 Revenue and GP Margin 23.4% 25% 18.9% 14.9% 20% 12.3% 13.8% 15% 1,510 10% $500 988 1,027 785 5% 387 451 0% $0 $400 $300 $200 $100 $0 -$100 FY2017 FY2018 FY2019 FY2020 1H2020 1H2021 Group Adjusted EBITDA (1) A$63.4m A$53.1m FY2017 FY2018 FY2019 FY2020 1H2020 1H2021 Mining Smelting Trading Associates D&A Others GP Margin 1H 2021 Revenue and EBITDA Growth . Global recovery with increased demand, leading to significant price recovery for ferroalloys Solid operations in spite of ongoing COVID- 19 restrictions and temporary stoppage Segment Breakdown • Higher contribution from smelting segment with improved ferroalloy prices in spite of temporary suspension at the Sarawak Plant Consistent contribution from distribution and trading Negative contribution from mining segment due to marginally higher mining and production costs in the final year of mining, exacerbated by significantly higher freight costs M *Adjusted EBITDA is defined as operating profit before depreciation and amortisation, impairment write-back/expense, net finance costs, income tax, and other non-cash items. Adjusted EBITDA is not a uniformly defined measure and other companies in the mining industry may calculate this measure differently. Consequently, the Group's presentation of Adjusted EBITDA may not be readily comparable to other companies' disclosures. 5

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