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0 6 4 2 12 10 00 8 Contained Nickel (Mt) 20 18.9 18 16 14 MERDEKA COPPER GOLD World Class Nickel Resource The SCM Mine is one of the world's largest nickel resources containing 13.8Mt of nickel and 1.0Mt of cobalt - this resource attracts downstream asset JV opportunities with leading players all along the battery value chain World Nickel Mines Overview - Top 25 Mines by Contained Nickel MERDEKA BATTERY MATERIALS 13.8 VALE 12.3 MBM's SCM mine has the 2nd largest nickel resource globally and the largest nickel resource in the world outside Russia TSINGSHAN 8.9 anTam 7.2 5.6 SCM (MBM) Indonesia Others 5.5 NICKEL 5.2 5.0 4.8 INDUSTRIES anTam 4.2 4.0 3.9 3.8 3.8 3.8 3.7 3.7 3.7 3.4 3.2 3.2 3.1 3.0 2.9 Norilsk SCM PT Vale Soroako Weda Bay FeNi Halmahera Dumont Kalgoorlie Nickel SLN Doniambo Crawford Source: Wood Mackenzie Turnagain Nc komis/Twin Metals Zebediela Jacaré Mindoro Goongarrie Terrafame Jinchuan Mount Keith Hengjaya Koniambo Gag Island Bahodopi Platreef San Felipe Cerro Matoso >50 TBP (Harita) 1.1 0.5 Key Takeaways Multi-decade mine life Large and shallow deposit can developed faster be 0.1 Right mix of limonite (77%) and saprolite (23%) for battery focused nickel processing (limonite is the raw material used in HPALS) close Large enough to ensure feedstock supply for multiple HPALS; proximity to near term HPAL commercialisation High future production potential (c.500ktpa Ni) In summary, MBM's downstream facilities are supported by stable ore supply for several decades and hence predictable long-term production and cash flow Kawasi Loji Lijikodolong 14

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