Sierra Rutile Investor Presentation

Area 1 Assets & Experience Substantially De-risk Delivery Low execution risk Sierra Rutile Risk Factor Community Relationships Marketing Export Infrastructure Sembehun Development ✓ Mining Licence and over 50 years of operating history ✓ Sierra Rutile has a long history of filling the world's high- quality chloride pigment feedstock requirements as well as being qualified by leading aerospace grade titanium sponge and welding consumable producers Sierra Rutile has exclusive use of an existing owner- operated port Typical Greenfield Industrial Minerals Project ? Need to develop community relationships given licencing requirements and significant environmental disturbance ? Need to grow overall market or pull customers away from established supply channels without having the benefit of an established reputation and known product ? May require either significant investment in a new facility or multi-user negotiation Construction Extensive regional operating experience and trained local workforce ? Construction management at a new location frequently gives rise to unexpected costs Geological / Mining / Recovery Assumptions ✓ Extensive understanding of the geology/ processing, given similarity to Area 1 ? Incorrect geological /mining/recovery assumptions may result in reduced cash flow Funding Sierra Rutile Investor Presentation | ASX: SRX ✓ Hybrid funding involving extension of (and cashflows from) existing operations ? Project Finance with onerous covenants and reserve accounts. 12

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