Investor Presentaiton

HIsmelt technology Commercialisation achieved Operations at Molong, Australia Started up in 2016 for a capital cost of $250m with a • design rate of 600kt/yr using hematite Currently producing at design rate of 50,000t per month @ 99% availability using Australian hematite Can be increased to 100,000t per month via higher purity feed e.g. C-Fines, and higher oxygen injection 524,000t produced in 2021, includes 1 month offline due to COVID • Production cost lower than local blast furnaces Low levels of Si and P in pig iron - sold as high-purity pig iron (HPPI) to foundries with a $100/tonne premium vs BF pig iron ASX PRESENTATION MAGNUM MINING & EXPLORATION MOLONG HISMELT PLANT APPALACHIAN IRON PAGE 6

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