Investor Presentaiton

RR PEA HIGHLIGHTS Robust Project Economics Updated PEA Highlights Based on PFS-Stage 2 (2022) Using HCI Leaching Process¹ Product ▷ >99% MgO >98% MgO Mg Ingot Unit US$ US$ US$ US$ US$ US$ US$ M $2,500 $2,200 $1,800 $2,000 $1,500 $1,000 $6,000 NPV 10% PreTax $ Million $1,715 1,189 $882 $1,185 821 $438 $1,636 IRR Pre Tax % 72% 62% 48% 71% 53% 33% 53% NPV 10% After Tax $ Million $1,243 $844 $616 $848 $577 $291 $1,139 IRR after Tax % 55% 48% 38% 54% 41% 26% 41% Initial Capex $ Million $325 $325 $325 $250 $250 $250 $275 LOM Average Annual tonnes 250K 250K 250K 250K 250K 250K 50K MgO Production LOM average Annual MM tonnes 300 300 300 300 300 300 Mineralization Mined LOM Strip Ratio Waste:Ore 0.8 0.8 0.8 0.8 0.8 0.8 0.8 Mine Life Years 43 43 43 43 43 43 43 Payback Years <2 <3 <3 <2 <3 <3 <2 Net After Tax Income $ Million $174 $152 $122 $145 $110 $73 $219 Year 1 1 Sensitivity analysis based on MgO product price per tonne WHY.V | October, 2022 11

View entire presentation