Sembehun Project Feasibility and Market Dynamics

Sembehun Project Sierra Rutile Limited Sierra Rutile will be focused on advancing its Sembehun Project, representing one of the largest and highest grade natural rutile deposits in the world. Sembehun One of the largest and highest-grade natural rutile deposits in the world. . Phased development approach to: - leverage the significant Area 1 existing infrastructure in place; and integrate the development of Sembehun with the remainder of operations at Area 1. • This approach contemplates Sembehun to be developed in two phases, minimising Sembehun pre-production capital expenditure and maximising Sierra Rutile's ability to utilise cash flows generated from Area 1 to assist in funding the development of Sembehun. • The Sembehun June 2022 PFS completed with the assistance of specialist consultant, Hatch, recommends that a DFS commence by Q3 of 2022. • The DFS is expected to take approximately 12 months to complete which would allow Sierra Rutile to reach a final investment decision for Sembehun in late 2023. 850000 000006 950000 Location & Size 700000 FREETOWN 750000 800000 ML2134 Sembehun Area Deposits ML2134 ML2134 Mine Area 1 Deposits HM Resources SR Mining Lease ML 2134 244453v02 ML2134 850000 FREE TOWN MAP EXTENT FREE TOWN GUL AFRICA 20 km WGS 1984 UTM Zone 28N 19

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