Investor Presentaiton

Development funding Strategic partnership process progressing though 2023 ☐ LA STRONG STRATEGIC ENGAGEMENT NUMEROUS FUNDING PRECEDENTS ■ Multiple expressions of interest from strategic partners/investors " Strong counterparty focus on PFS-level detail and key outcomes ■ Process running concurrently with PFS workstreams Potential partnership and strategic financing structures under consideration ■ ■ HORIZONTE MINERALS PLC TSX/LSE LISTED BRAZILIAN NICKEL PROJECT DEVELOPMENT STAGE1 PEA/SS completed August 2012 Initial PFS delivered March 2014 - market capitalisation of US$55M Total US$428.3M equity and US$671.2M debt raised in development funding MAdriatic Metals ASX/LSE LISTED BOSNIAN SILVER/ZINC PROJECT CONSTRUCTION STAGE1 PEA/SS completed November 2019 PFS delivered October 2020 - market capitalisation of US$307M Total US$162.5M equity and US$142.5M² debt raised in development funding ☐ ■ ■ SOUTHHARZ POTASH DANAKALI ASX LISTED ERITREA POTASH PROJECT (50%) DEVELOPMENT STAGE1 PEA/SS completed December 2010 PFS delivered March 2013 - market capitalisation of US$32M Total US$111.2M equity and US$200.0M debt raised in development funding Highfield Resources ASX LISTED SPANISH POTASH PROJECT DEVELOPMENT STAGE1 Resource defined October 2013 PFS delivered May 2014 – market capitalisation of US$70M Total US$133.2M equity, US$319.3M³ traditional debt and A$25M4 in convertible notes³ raised in development funding 1. 2. Data complied by Hannam & Partners based on publicly available information Includes a US$22.5M copper stream 3. Announced in March 2022, as yet undrawn 4. Announced in May 2023 AUGUST 2023 INVESTOR PRESENTATION 17

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