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Investor Presentaiton

+ GRAPHITE IS FUNDAMENTAL TO EVERY LITHIUM-ION BATTERY: >1 kg of graphite / kWh » Graphite dominates half the lithium-ion battery For every tonne of lithium, 1.5 tonne of graphite is required » Anode material is a highly specialized and customized value- added product Every manufacturer has unique specifications NMG's Phase-1 facilities support product qualification thanks to commercial-scale equipment Natural and synthetic graphite are complementary in the anode composition - - Natural graphite is cheaper and greener than synthetic graphite Silicon introduction in anode limited due to swelling (3x) NMG's R&D program continuously explores means to enhance battery performance and develop next-gen materials » Industry technology development focused on cathode in part due to overall representation in battery cost Anode (-) Cathode (+) LFP Lithium 17% NMC Lithium 15% Nickel 29% Other 83% Manganese 29% Cobalt 27% Graphite >95% Graphite >95% Silicon/other <5% Silicon/other <5% NMG.com + NYSE: NMG | TSXV: NOU | FSE: NM9A Source: Pallinghurst-Traxys battery analysis. %s represent the proportions of cathode and anode in each battery respectively. NCA batteries contain 2% aluminium (not shown) +18+ PROPRIETARY & CONFIDENTIAL MMG
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