Announcement PDF Delivering your energy storage solutions April 2025 Disclaimer Critical Minerals Group Lim ited ACN 652 994 726 (CMG or the company) is the issuer of this presentation. Securities Disclaimer This presentation is for informational purposes o nly and does no t co nstitute an offer to sell, o r solicit to purchase, any securities. Reliance on Presentation A recipient of this presentation must m ake their own assessment of the matters contained herein and rely o n their o wn investi gations and judgment in making an investment in CMG. This presentation does not purport to contain all of the information a recipient o f this presentation may require to make an informed decision whether to invest in CMG. Specifically, this presentation does not purport to contain all the information that investors and their professional advisers would reasonably require to make an informed assessment of CMG’s assets and liabilities, financial position and performance, profits, losses and prospects. No Recommendation The information in this presentation is not a recommendation to acquire shares and does no t co nstitute financial advice. Any person who intends to acquire shares must conduct their own investigations, assessment and analysis of CMG and its operations and prospects and must base their investment decision solely on tho se investigations and that assessment and analysis. Prospective investors should consult their own legal, accounting, tax and financial advisers about an investm ent in CMG. JORC Statement The information in this presentation relating to Mineral Resources is extracted from the company’s ASX announcement titled ‘S ignificant Increase to Mineral Resource Estimate’ dated 10 May 2024 which is available to view on www.asx.com.au. The company confirms that it is not aware of any new informatio n or data that materially affects the information included in the o riginal market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to appl y and have not materially changed. The co mpany confirms that the fo rm and co ntext in which the Competent Perso n’s findings are presented have not been materially modified from the original market anno uncem ent. Production targets and forecast financial information The information in this presentation that relates to production targets and forecast financial information derived from a production target is extracted fro m the company’s ASX announcement dated 9 No vember 2023 (“Revised release of Scoping Study results”) available to view at www.asx.co m.au (Sco ping Study Announcement). The company confirms that all material assumptions underpinning the production targets and forecast financial information derived from production targets set out in the Scoping Study Announcement continue to appl y and have no t materially changed. Scoping Study cautionary statement The Scoping Study referred to in this presentatio n is based on the Scoping Study released by the company to ASX in the Scoping Study Announcement. The company advised that the Scoping Study has been undertaken to consider the development o f the Lindfield Vanadium Project. It is a preliminary technical and economic study of the potential viability of the Lindfield Vanadium project. It is based on lo w-level technical and economic assessments that are not sufficient to support the estimation of ore reserves. Further evaluation work and appropriate studies are required befo re the co mpany will be in a po sition to estimate any ore reserves or to pro vide an assurance of an economic development case. There is a low level of geological confidence associated with any Inferred Mineral Resources, and there is no certainty that further exploration work will result in the determinatio n of Measured or further Indicated Mineral Reso urces o r that the Production Schedule or p reliminary eco nomic assessm ent will be realised. The Scoping Study is based on the material assumptions o utlined in the Scoping Study Announcement. These include assumptions about the availability of funding. While the co mpany considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. To achieve the range of outcomes indicated in the Scoping Study, additional funding will be required. The com pany has a suppo rtive shareholder base and has successfully raised capital to progress the project in the past. However, investors should note that there is no certainty that the company will be able to raise the amount of funding required to develop the project when needed. It is also possible that such funding m ay o nly be available on terms that may be dilutive or otherwise affect the value of the co mpany’s existing shares. It is also possible that the company co uld pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the Lindf ield Vanadium project. If it does, this could materially reduce the company’s proportionate o wnership of the pro ject. The Scoping Study results contained in this presentation relate solely to the Lindfield Vanadium project and do not include Exploration T argets or Mineral Reso urces defined elsewhere. The company has concluded it has a reasonable basis fo r providing the fo rward-looking statements included in this presentation. Given the uncertainties invo lved, investors should not make any investment decisions based solely on the results of the Scopi ng Study. Fo rward Looking Statements This presentation co ntains ‘forward-looking statem ents’ that are based on the company’s expectations, estimates and pro jectionsas of the date on which the statements were made. These forward-looking statements may include, amo ng other things, statements with respect to prefeasibility and definitive feasibility studies, the com pany’s business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses . Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘pro ject’, ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘m ay’, ‘would’, ‘could’, ‘should’, ‘scheduled’, ‘will’, ‘pl an’, ‘forecast’, ‘evolve’ and similar expressions. Persons reading this presentation are cautio ned that such statements are only predictions, and that the company’s actual future results or performance may be materially different. Forward-looking statem ents are subject to known and unkno wn risks, uncertainties and other factors that may cause the company’s actual results, level of activity, performance or achievements to be materially different fro m those expressed o r im plied by such forward-looking information. Forward-looking information is developed based on assumptions about such risks, uncertainties and o ther factors set out herein. The forward-looking statem ents included in this presentation speak only as of the date of this presentation. Except where required by law or the ASX Listing Rules, the company does not intend to update or revise the forward-looking statements in this presentation in the future. Limited Responsibility for Information CMG m akes no representation about the likeliho od of a matter, about which a forward looking statement is made, occurring. CMG and its directors, employees, agents, advisers and consultants give no representation o r warranty to a recipient of this presentation as to the accuracy or completeness of the statements contained in this presentation o r in relation to any other matter; and to the full extent permitted by law, disclaim responsibility fo r and have no liability to a recipient of this presentation for any error or omission in or for any statement in this presentation. Competent Person Statements The information above that relates to Mineral Reso urce estimates is based on, and fairly represents, information co mpiled by Adrian Boyd, a Com petent Person, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Adrian Boyd is the Principal Geologist – Australia for John T Boyd Company. Adrian Bo yd has sufficient experience with the style of mineralisation and type of deposit under consideration, and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition o f the ‘Australasian C ode for Reporting of Exploration Results, Exploration T argets, Mineral Resources and Ore Reserves’. Adrian Bo yd consents to the inclu sion of the matters based on their information in the form and context in which it appears. The info rm ation above that relates to metallurgy and metallurgical test work is based on, and fairly represents, information co mpiled by Nicola Semler, a Com petent Person, who is a Member of the Au stralasian Institute o f Mining and Metallurgy (AusIMM). Nico la Semler is the Metallurgist and Chief Technical Officer – CMG. Nicola Semler has sufficient experience with the style of mineralisation and type of deposit under consideration, and to the activities undertaken to qualify as a Com petent Perso n as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Exploration T argets, Mi neral Resources and Ore Reserves’. Nicola Semler consents to the inclusion of the matters based o n their information in the form and context in which it appears. The information above that relates to mining engineering and mine planning is based o n, and fairly represents, information compiled by Gary Benson. Mr Benson BE is a Mining Engineer with 40 years of experience and is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Benson has sufficient experience, which is relevant to the style of mineralisation, geology and type of deposit under consideration and to the activity being undertaken to qualify as a competent person under the 2012 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012); Mr Benson is an Associate of Measured, is independent of CMG; and consents to the inclusion in the report of the matters based o n his informatio n in the fo rm and co ntext in which it appears. The information in this announcement that relates to the exploration results, exploration targets and mineral resources for t he Company’s Lindfield Vanadium Project was first reported by the Company in the C ompany’s prospectus dated 25 May 2022 and ASX announcements dated 22 February 2023, 13 March 2023, 16 May 2023 and 10 May 2024. The Company co nfirms that it is not aware of any new information or data that materially affects the exploration results, exploration targets and mineral resources, and that all material assumptions and technical parameters underpinning these co ntinue to apply and have not materially changed. Where the C ompany refers to exploration results or mineral resources in this announcement (referencing previous releases made to the ASX), it confirms that it is not aware of a ny new informatio n or data that m aterially affects the information included in that announcement and all m aterial assumptions and technical parameters underpinning the exploration results or mineral resources estimate in that anno uncement co ntinue to apply and have not materially changed. The C ompany confirm s that the form and context in which the Competent Persons findings are presented have not materially changed from the original announcement. (2) Company overview Critical Minerals Group (CMG) is focused on energy storage solutions, leveraging vanadium flow batteries (VFBs) CMG’s model integrates upstream (mining), midstream (vanadium electrolyte production), and downstream (energy storage solutions) to create a complete value chain. The market-to-mine strategy ensures a balanced supply-demand dynamic and optimal pricing. Prioritising early cash flow and risk mitigation, we protect shareholder investments while enabling sustainable, demand-led growth. Pentoxide production Electrolyte manufacturing Vanadium mining & processing Battery Energy Storage System (BESS) solution Electrolyte manufacture Electron storage & distribution solutions + Power supply partnerships DEVELOPER SERVICES • Extraction • Electrolyte manufacture • Microgrid development • V2O5 processing • Quality testing • Stand-alone power supply development • Transport. • Storage and transport. • Rural and remote energy support. • Batteries and management systems supplier • Critical industries continuous power • Near-term cashflow. Market-to-mine strategy Upstream supply security • Vanadium pentoxide (V 2O5) production • Vanadium electrolyte (VE) manufacturing • By-products. Downstream value creation • Vanadium BESS solutions • Integrated supply chain • Commercial and industrial market. Sustainable delivery • Integrating ESG in business deliverables • Vanadium BESS powering CMG • Traditional Owner involvement. (3) Key highlights World class assets • Developing the first Vanadium Electrolyte Manufacturing facility in SEQ • The Lindfield Vanadium Project holds a JORC resource of 713Mt at 0.32% V₂O₅, positioning CMG as a major player in the global vanadium supply chain. Diversified income streams offering business flexibility • CMG’s vertically integrated business model spans the entire vanadium supply chain, targeting multiple revenue sources: • Vanadium pentoxide (V₂O₅) production Near-term cashflow • BESS solutions are on track to generate cashflow in 2026 • Vanadium electrolyte manufacturing on track to generate cashflow in 2026. • Vanadium electrolyte manufacturing for battery applications • Battery Energy Storage System (BESS) solutions. Strong strategic partnerships • Investors - Japanese conglomerate • QLD and Federal Government • EPC contractors • Battery and hardware manufacturers • Technical BESS solutions. Government and community support Growing market tailwinds • $2M Queensland Government grant to accelerate vanadium electrolyte production • Grid-scale energy storage is critical to Australia’s clean energy transition • $2.7M Federal Government funding to fast-track supply chain development • By 2050, AEMO forecasts that 88% of all storage will be long-duration (LDES) — an ideal fit for vanadium flow batteries • Strong backing from local, state, and federal governments. • CMG is committed to ESG leadership through vanadium recycling, circular economy initiatives, and local industry growth. (4) Proven ability to execute CMG has a clear direction for 2025 Recent achievements 2022 2022 ✓ IPO and $5M capital raised ✓ Idemitsu Australia becomes cornerstone investor ✓ First drilling program at Lindfield Vanadium Project. 2023 2025 Targets 2024 ✓ Scoping Study completed with positive results ✓ Successful placement and entitlement offer raising $4.2M ✓ Second drilling program completed ✓ Scott Winter appointed as CEO and Managing Director. 2025 2025 • ✓ Significant increase to Mineral Resource Estimate Secure further funding through government grant opportunities (ARENA, QUAD) • ✓ Awarded $4.8M in grants/incentives combined from all levels of government Establish licensing agreement with battery manufacturers and preferred supply agreements • ✓ Exploration permits granted for Lindfield North and Lara Downs Complete pilot plant test work for the Lindfield Vanadium Project • Delivery of pre-feasibility and bankable feasibility study for the Lindfield Vanadium Project • Sign up potential customers for BESS scoping studies and convert into BESS projects • Complete the design and construction of the Vanadium Electrolyte Facility to commence operations in Q1 2026 • Achieve coordinated project status and relevant state and federal approvals for Lindfield Vanadium Project. ✓ Site secured for Vanadium Electrolyte Manufacturing Facility ✓ Lindfield Pilot plant test work commenced ✓ Coordinated Project Status application submitted for Lindfield Vanadium Project ✓ Established BESS business strategy. (5) Market opportunity CMG is positioned to capitalise on a growing total addressable market (TAM) with a proven technology and market leading resource Global Australia Demand established Annual installed VFB utility-scale and commercial and industrial battery deployment energy capacity by region, all application segments, World markets 2022–2031 Grid-scale, long duration battery storage (LDES) is imperative Vanadium battery deployment 15GWh total operational, in construction and announced By 2050 AEMO forecast that: China 2023 • • 49GW/646GWh of dispatchable storage will be required to support 58GW of new grid scale solar, 69GW of wind power generation. • Completed 3GW VFB Gigawatt factory Beijing Xingchen New Energy Technology Co., Ltd • Announced 240MW/960MWh Wontai Power • 88% of all storage will be long-duration (LDES) — suited to vanadium flow batteries. Under construction 100MW/600MWh China Vanadium Energy Storage/Shanghai Electric • Announced 100MW/500MWh Panzhihua China Power Investment New Energy Co., Ltd • Announced 50MW/300MWh Jiangsu Linyuan Group • Announced 70MW/280MWh SPIC Hubei Changyuan New Energy Co., Ltd Case study • • Source: Gunjan, P; Chavez, M; Power, D; 2022, Vanadium Redox Flow Batteries – Identifying Market Opportunities and Enablers, Guidehouse Insights (commissioned by Vanitec) Guidehouse_Insights-Vanadium_Redox_Flow_Batteries.pdf China 2024 — Announced 100MW/800MWh, Maymuse, Hebei NSW alone requires 2GW/16GWh of long duration storage by 2030. CMG’s Lindfield Project is expected to produce V2O5 sufficient to generate approx. 1GWh per year. California, USA 2023 — Under construction 20MWh project South Australia 2023 — Completed 8MWh battery China Q4 2022 • Commenced operation 100MW/400MWh in Dalian • Commenced operation 6MW/36MWh in Zongyang Japan Q2 2022 — Commenced operation 17MW/51MWh in Hokkaido Hardware manufacturing facilities Korea 2023 — Constructed H2 Inc 330MWh/yr manufacturing and planning a 1GWh facility Vancouver 2023 — Opened Invinity 200MWh capacity manufacturing facility USA 2023 — Announced Sumitomo Electric will create 400MWh manufacturing facility. (6) CMG clearly defining its target customers and an achievable growth pathway Opportunities for long duration batteries • CMG has identified its target customer applications • Enhancing economic efficiency of renewable energy • Load balancing and enhancing grid resilience • Power security and reliability • Continuous power supply • Lowering diesel usage. • Staging its BESS implementation from low complexity, repeatable kWh applications to larger MWh installations. • Projects range from 250kWh to 40MWh providing a market for CMG in the short to medium term. (7) Integrated business model CMG creating an integrated supply chain Delivering energy storage solutions to customers SUPPLY CHAIN Pentoxide production Vanadium mining & processing Electrolyte manufacturing Electrolyte manufacture Battery Energy Storage System (BESS) solution Electron storage & distribution solutions + Power supply partnerships DEVELOPER SERVICES • Extraction • V2O5 processing • Transport. • Electrolyte manufacture • Quality testing • Storage and transport. • Microgrid development • Stand-alone power supply development • Rural and remote energy support • Batteries and management systems supplier • Critical industries continuous power • Near-term cashflow. Market-to-mine strategy (9) Battery Energy Storage System (BESS) solutions BESS services offering Vanadium Flow BESS Solutions CMG has developed a total package solution for renewable assets using vanadium batteries (VFB) from funding to install and operations The total battery solution Progress to date Customer engagement Project origination and commercial agreements Discussions have commenced with commercial buildings, remote mines, a sugar mill, a data centre and a remote community council CMG Project scoping studies Feasibility, demand forecasting, risk analysis, equipment selection CMG has engaged a partner on a live scoping study CMG, Partners Technical design Energy asset design, battery, and PV Two partners have been identified and initial discussions are underway Partners Economic modelling Assessing battery size, duration, BMS CMG has the internal capacity CMG EPC management Construction and delivery of asset CMG has close relationships with two preferred suppliers for EPC services CMG Supply items Vanadium electrolyte, vanadium battery, solar panels, inverter Battery, electrolyte and inverter relationships being secured CMG, Partners Software supplier Battery management system, energy management system Building preferred supplier list Partners Funding/PPA Funding options — ownership, lease, finance CMG engaging financiers that can offer a range of funding options CMG, Partners Operations and maintenance Ongoing maintenance of asset CMG has two preferred suppliers in place for O&M services CMG, Partners CMG Battery Solution Provider ( 11 ) BESS services offering Unit and scale economics Downstream BESS solutions installation targets CMG plans to use the V2O5 production to manufacture vanadium electrolyte and then use this entire production in vanadium battery installations. Supply chain production per annum 10,000t of V2O5 68m litres vanadium electrolyte 1.3 GWh vanadium battery storage capacity BESS is expected to generate cashflow by 2026 Case Study: Design and install vanadium battery CMG can be flexible with its commercial model Asset 2MW, 16 MWh (8-hour battery) Design and management CapEx Dry battery + Electrolyte Assembly/install/margin/other Total (installed CapEx) Total • Asset lease/rent • Vanadium electrolyte leasing/rent • Margin derived from delivering project related services — design, procure, engineering, procurement and construction (EPC), operations and maintenance (O&M). ~ $1000 / kWh ~$16.0 million Case study is for illustrative examples ( 12 ) Vanadium electrolyte manufacturing Vanadium electrolyte manufacturing facility Highlights • • • • • • $2M Queensland Government Treasury grant 1 million litres vanadium electrolyte — approx 20 MWh V2O5 initially sourced from third party supplier, then from CMG Lindfield project production Existing Logan warehouse facility can support expansion up to 5x Major testing, qualification lab on site Production and cashflow anticipated in 2026. Samples of Vanadium Electrolyte at different oxidation states Phase 1 Development and commissioning • • Design and construct Commissioning plant and early operations. Phase 2 Steady state vanadium electrolyte (VE) operations • • 1 million litre production Sales anticipated to be approximately $5-7M pa. Phase 3 Expansion VE operations • • • Planned expansion within three years (market dependent) Expansion to 10 million litres (approx. 200MWh) capacity pa Sales anticipated to be approximately $50-70M pa. Vanadium Electrolyte facility in the City of Logan, South East Queensland ( 14 ) 12-MONTH PLAN Midstream — 12-month development plan Planning Phase • • • Secured QLD Treasury grant funding $2 million for 1 million litres , 20 MWh capacity facility Awarded — EPC contract to Sedgman and technology partner Van-Tech (UK) Secured manufacturing site location warehouse 1,443 m2 — (warehouse capable of expansion to 5x capacity). Complete Design and construction • • • FEED design phase underway with completion expected in Q2 2025 Procurement and construction expected to commence in Q2 2025 through Q1 2026, commissioning expected in Q1 2026 Engaging with UNSW, QUT, UQ, AMBC to assist in impurity management. In progress Commission • Operations expected to commence in Q1 2026 with commissioning ramp up to 1 million litres pa. Operational Product qualification Customer engagement Expansion planning Planned Q1 FY26 • • CMG will operate with internal personnel — chemical, electrical, manufacturing experience Initially V2O5 sourced from third party (Glencore, Largo), then by CMG V2O5 when mine in production. • Early engagement with suppliers of V2O5 to ensure adequate quality and minimal impurities, Glencore V 2O5 in lab being analysed Q1 2025 CMG have spec requirements from battery manufacturers (Invinity, Sumitomo, Cellcube), and will pre-qualify VE in commissioning and initial operations. In progress • • • CMG building relationships with battery manufacturers (Invinity, Sumitomo, Cellcube) Discussing offtake and supply arrangements with battery manufacturers Discussing potential partnerships for Australian market battery assembly. In progress • • Initial production capable of 20MWh pa Expansion to 5x or 10x driven by market demand and negotiated offtake agreements. Growth timing drives Lindfield V2O5 production Expansion plans include Australia and international plant locations. Planning • • ( 15 ) Midstream — Unit and scale economics Vanadium electrolyte manufacturing facility 1 million litres pa capacity — 20 MWh pa Phase 1 Commissioning and initial operations • Increase production to 1 million litres pa rate over commissioning period • Maintain production at 1 million litres pa thereafter (market dependent) • V2O5 sourced from third party (Glencore, Largo) – market pricing. 1 Dependent on source of V205 Phase 2 Phase 3 Steady state operations 10x expansion steady state operations Production 1 million litres pa rate, 20 MWh Production 10 million litres pa rate, 200 MWh CapEx AUD$6.5M CapEx AUD$40-50M OpEx AUD$3.5–5.5/litre1 OpEx AUD$3.2-5.5/litre1 Indicative Revenue AUD$7/litre, $7million pa Indicative Revenue AUD $7/litre, $70M pa Margin AUD$1.5-3.5/litre1 Margin AUD$3.5/litre Phase 4 Potential expansion beyond • Expansion in Australia greater than 10x facility • Expansion to USA and Europe to 10 million litre pa facility. ( 16 ) Pentoxide production Lindfield Vanadium Project Upstream — Linfield V205 resource Overview and assets Large scale resource • Mineral Resource estimate of 713Mt, 491Mt Indicated at 0.32% V2O5, 3.4% Al2O3 and 130ppm Mo. 72% less than 20m depth. Simple operations • • 4 Vanadium tenements • • • • Lindfield EPM Lindfield North EPM Winmoor EPM Lara Downs EPM 100% 100% 100% 100% Low strip ratio shallow mining <20m Flat, consistent, simple, low capital mining equipment. Ideal location • Close to infrastructure, services, Julia Creek, main highway and rail, power and water. Low risk regulatory • Low risk jurisdiction for approvals with Government support. 1 Mine and Processing Julia Creek 2 Vanadium Electrolyte Manufacturing Plant South East Queensland ( 18 ) Upstream — Development plan • • • • Drilling Upgrade MRE Pre-feasibility Environmental Impact Statement (EIS) studies • Pre-feasibility • Bankable Feasibility Study • Bulk Sample • EIS/Mining Lease application • • • • • QRCUF Trial Reserves defined EIS approval FID Lindfield Funding arrangement 2023/24 2025 2026 • Defining the resource, commencing feasibility studies and firming up the processing metallurgy • Commence development approval process with environmental studies • Engagement with government and industry stakeholders to source support – funding, approvals, resources. • Operating pilot scale testing of vanadium, finalising the Bankable Feasibility Study and engineering to refine operating and capital costs • Extracting bulk sample from Lindfield • Completing environmental studies, submitting EIS application. • Achieving development approval for Lindfield mine • Processing bulk sample through QRCUF demonstration facility in Townsville • Reaching Financial Investment Decision (FID) and arranging development funding and offtake arrangements. • Detailed Design • Procurement • Construction 2027 • Construction • Commission • Pre-qualify with offtake partners 2028 • Commencing EPC design, procurement and Construction of mine and processing facility • Pre-qualifying Lindfield V2O5 with offtake partners, battery customers. • Commission • Steady State Operations • Sales 2029 • Commissioning and steady state production of V 2O5 • Integrating supply with CMG vanadium electrolyte manufacturing. ( 19 ) Lindfield Vanadium Project* 10,000 Tonne V2O5 The Project has the technical and financial attributes to potentially develop a successful 4 million tonne per annum run of mine (ROM) vanadium mine producing 10,000 tonne of V2O5 as well as 400 tonne of molybdenum trioxide. $400M capital cost $510M NPV Estimated direct capital costs (excluding indirect costs, EPCM, owners’ costs and contingency). Assuming AUD$31/kg 98.5% V₂O₅, USD$57.5/kg 99% MoO3 , FX of $0.68 and Royalty Rate 2.5%. 17 %IRR Equivalent to 1.3GWh of energy. Potential after-tax IRR of approximately 17%, from the vanadium pentoxide and molybdenum trioxide product streams. Low OpEx cost Long mine life Strong revenue Continuous production of V2O5 at approx. C1 AUD$14-16/kg. With the opportunity to expand life of mine (LOM) with potential upside in resource subject to further evaluation. Revenue from external V2O5 sales or internal use to manufacture electrolyte. Molybdenum production cost lower due to its treatment as a by-product from the vanadium stream. Approx Revenue $310-350M pa. Strong margin Market price AUD$31/kg C1 Production cost AUD$14-16 Margin AUD$15-17/kg. * See ASX Release – “Resource Upgrade” –16 May 2023. See ASX Release – “Revised Release of Scoping Study Results” - 9 November 2023. ( 20 ) Combined integrated solution Energy Storage Solutions Combined integrated solution Pentoxide production Vanadium mining & processing