Sembehun Project Feasibility and Market Dynamics

Contents Contents 1 Key Management 2 3 4 Demerger Overview Introduction to Sierra Rutile Area 1 Operations Sembehun Project 5 6 ESG Commitment 7 Investment Highlights Appendices History of Sierra Rutile Sierra Rutile Limited Page 4 5 11 18 24 27 B A conventional mining and processing operation Current Market Dynamics Balance Sheet & Rehabilitation Support E TZMI Pricing - Sembehun PFS F G Mineral Resource & Ore Reserve Estimates Competent Persons' Statement 30 31 32 33 34 36 37 H Risks 38

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