Panasqueira Tungsten-Tin Mine Presentation

DOWNSTREAM AT A GLANCE Key Factors & Financial Summary PROJECT SUMMARY Phase I (financed & in construction) Phase II Expected start of production 2024 2026/2027 WO3 production ~2,300 mtu ~4,750 mtu Recovery 85% 85% Phase II + Tungsten Oxide (TO) plant 2026/2027 Tungsten Oxide gets produced from Sangdong concentrate Recovery 97% Revenue p.a. (@APT $350/mtu) ~ US$ 64m ~ US$ 130m ~ US$ 291m* Operating Expenses (OPEX) p.a. - US$ 27m ~ US$ 53m ~ US$ 204m* Post-Tax Cash Flow p.a. ~ US$ 24.1m ~ US$ 54.7m ~ US$ 63.7m Initial Capex ~ US$ 75m ~ US$ 65m ~ US$ 136.5m STRATEGIC IMPORTANCE South Korea is now within the Top 10 defense manufacturers & is continuing to extend its production Process WaterTank 02 TK-050 Fallings Feed Tank 02-TK-020 Filter Feed Pumps 03-01-020/011 Transher Conver 02-CO-030 Vacuum Disc Mer IS FH07520 A ALMONTY fin Fitrate Receivers 02-AB-010/020 Binder Dosing Pumps 02-PL-020/C21 HIGH DEMAND FROM GLOBALLY IMPORTANT MANUFACTURERS BASED IN SOUTH KOREA (17) LG ே SAMSUNG Semiconductors & Batteries Batteries SK Tungsten Gas Bindce Tak 02 TH 020 Overflow Faste Mixe 02-M-010 Paste Hoppers 02-4(P-050/0120 Pasar Bockfill Pump 012-130 ΚΙΛ HYUNDAI KIA MOTORS Automotive *Contains intercompany Revenue/Opex of ~ US$ 72m, due to sales of WO3 conc. From Sangdong to Tungsten Oxide Plant 17

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