Ann: Investor Presentation, page-7

Argonaut did very well out of all and unfortunately probably a lot of their insto clients & traders & also some A1M shareholders got into the DRM IPO, and owning all of the significant copper assets(Jericho and the large recently amalgamated Chimera ) & exploration ground we wanted to be invested in (esp Peake and Denison wildcat large copper potentials JVd with Oz Minerals seeking Prominent Hill or Ernest Henry type huge economic resources) —-
ie. All the major assets spun on separately from the ADN takeover- needed to be rebooted with funds, all done too cheaply at 25c and obscenely low EV.

Argonaut said we were ‘lucky ‘ to get the IPO away.. it was oversubscribed by 2x !
Without much effort or trying on part of Argonaut in having to sell the IPO as they saw themselves doing.

As ex MEP shareholders we had to line up with everyone else to apply for DRM shares ongoing- though did have priority in allocations & received the maximum allocation wherever possible . Basically you had to apply and pay for over $60000 worth to have chance to receive $30000 maximum allocation new DRM shares in the IPO, no matter your previous MEP holdings.

Then MEP shareholders who wanted to rebuild their holdings, we needed to buy DRM on market after relaunch.

They (Argonaut) postured as if they were doing everyone a favour managing the recapitalisation of Demetallica and copper assets notably Jericho + much larger area Cloncurry assets- combined from decades of acquisitions and exploration :

•BHP discovery Eloise in 1986 about, & development to mine, •was acquired by Amalg in about 1996+ .
•Mergers occurred with other assets + Eloise— and greater holdings owned then into new merged company- the combined BreakawayResources , by early 2000s.

There was a vertical wall collapse in Eloise ~ 2008/2009 & the downturn, and Eloise was shuttered for several years.
Breakaway must have been just bobbing along through these years though held considerable, the greater Eloise area tenements exploration potential ground .
In 2012 they sold the Eloise mine alone- I think mining had been re-started , a bit of an uncertain re-start perhaps ? & then they sold Eloise to the mine contractors who now know Eloise very well. (They are now A1M largest or second largest shareholders. FMR? )



Meanwhile-
• the first Minotaur Exploration company Minotaur Resources had discovered Prominent Hill ~ 2000.
• Oxiana acquired Minotaur Resources , and then
• merged with Zinifex , and
•Oz Minerals was born —with Prominent Hill as their major flagship company making asset .

In about 2004 ? Oz Minerals- OZL —
Spun out ALL of their exploration assets into a new Minotaur - Minotaur Exploration, our MEP.
Some of the original team geologists responsible for and attributed with Prominent Hill discovery aboard- Tony Belperio and another board member also I think.
•MEP - had its own exploration tenements- from Oxiana / Zinifex or wherever + cash.

MEP- had ability to consider their options broadly - and a very ambitious exploration team , company with OZL as ongoing as the major shareholder & keen to have MEP be an exploration arm for OZL longterm pipeline and for resources discovery and expansion.

MEP geological team- identified that Queensland is most underexplored in Australia and overall Australia very underexplored compared to the rest of the developed western countries potential geological discoveries
And no 1 for them- Cloncurry-Mt Isa greater region and across the top of northern Qld.
(Also still the large potentials in SA- although difficult.)

They particularly identified Cloncurry and the greater Eloise tenements held by Breakaway Resources- and in 2013 in the copper lows :
•MEP, Minotaur Exploration merged with Breakaway Resources ( now being sans actual Eloise mine ) - all now MEP combined.
A friendly merger , terms never made public and the Breakaway chairman joined the MEP board.

MEP - spun out , ex Breakaway Resources minor resources - the WA nickle small nickle resource into Auroch who then attempted to build a larger nickle base of holdings.
I think MEP shareholders might have got Auroch shares ? Or had opportunity to apply for them.
MEP sold the Auroch shares once they were released from escrow in 2019 ? — and used to purchase Windsor and Pyramid + to fund ongoing work Jericho and development and geophysics Peake & Denison.
The SA kaolin assets were given into a JV with newly emerged Andromeda- ADN & James Marsh aboard as CEO. He had done a lot of keen work on defining the Halloysite- Kaolin resources- from about 2008? - working for as consultant, the then new MEP , in early defining of all resources held by Minotaur Exploration.
MEP had elected to not develop the kaolin, internally decided by the board as being not economic to do so after scoping work through a number of years until ? 2013 ?
James Marsh was very keen on the world class - leading global Halloysite resources- and the rest is history with ADN.
MEP supported the giving of the JV into ADN under James appointed as the MD with their intentions to define and develop the assets.

MEP- under Glenn Little as head geologist by 2015 - discovered Jericho.
Excellent extensional resources , same chemistry and along strike and continuing at depth both ends- ultimately kilometres of resource (4+ kms continuous) and more shallow than Eloise.
Tony Belperio still on the board.

Jericho been the main asset and why we have been and were here since 2015/16 .
MEP- risk averse as ever - did all Cloncurry exploration in conjunction with OZL - in JVs.
After a ceo change OZL and OZL major acquisition of Avanco in Brazil and their decision to focus absolutely on optimal development of Prominent Hill + Brazil mine. Jericho further drilling went slower through 2018-2019 , also compounded then by major flooding Cloncurry in region in 2019 & covid in 2020.
It was frustrating.
However OZL and MEP undertook district and hugely broad geophysical overview - the greater Mt Isa -NT , and Cloncurry region seeking to determine best targets to explore.
The ground surrounding Barbara was explored- JV with OZL and then rejected as not largely economic- now owned by a newly IPOd Larvotto in 2021. A1M own the residual Larvotto shares as part payment. A lot of prospects rejected throgh years.

And then when Peake and Denison concept drilling could have progressed and occured and further final drilling Jericho in train- ADN launched takeover of MEP.( script off - for the Kaolin assets, not the copper assets- to be retained in holding company the to be formed Demetallica)

DRM- Demetallica - prior to IPO launch last year-
In full circle-
Along the way since 2015 -
MEP had formed JVs surrounding Eloise- in broad scale greater area- with Sandfire (SFR) as well as OZL ongoing.
MEP held a lot of land area- but in JVs , combined ownership with both OZL ( MEP large shareholder since inception) & SFR.

During 2019 - with the ADN takeover impending- and SFR with larger fish to fry now internationally and OZL focused on tier one assets - though both respecting MEP ongoing as exploration company: fully gave in their share of Eloise-Cannington area tenements- to MEP.
For shares ongoing in MEP.

Suddenly SFR were second largest shareholder MEP.
OZL still major shareholder.
They effectively acquired shares then in ADN, and ultimately DRM ongoing although diluted on a 1:20 basis.
OZL ensured to gain rights to participate additionally to DRM launch in the weeks after IPO relaunch- and put in further major millions of capital for shares DRM at ~ 27c . (equivalent to 35c shareprice A1M now )

SFR have sold out since , when the A1M takeover occurred
OZL remain. Which is about the right outcome .

However- despite protestations hugely downplaying Jericho & completely ignoring the greater Sandy creek/ huge map area with drilling results and exploration conducted since way back in the 1980s when BHP held the lot - pre Sandfire & Oz minerals interests in the past decade —

** The total land holdings acquired with DRM (from MEP/ Breakaway/ Oz spun out exploration tenements proceeds of sales and realisation of gains through years);
and combined greater regional exploration held by OZL/ MEP and SFR - originally also BHP ground as Eloise was —
is now totally in A1M.

AIC should have acknowledged the history more.

DRM has been crucial for A1M. Ensuring Eloise now longlife & high grade ++ shallow !
The previous owners Eloise- now large holders A1M as took shares in the launched A1M as payment for Eloise and they continue to operate the mine ( Eloise was also closed again by in 2014- and only restarted in 2021? Possibly 2019?) — but in full cooperation with Minotaur- MEP allowed the neighbours to drill holes from the Eloise side in and under MEP Jericho resources side- to absolutely confirm continuation of the Eloise resources , and same chemistry exactly .. and actually.. increasing higher copper grades deeper in Jericho- MEP then held resource.

Noone was flying blind when takeover was launched for DRM by A1M- with haste when drilling delays occurred due to unseasonal rails central Australia and Cloncurry last May- June .
And the massive overall market downturn had happened the overall markets and copper price fell into July 2022.
Plus the IPO shares were still being churned and shares not to tightly held yet again in DRM by fundamental holders.
Board and management were under veil of silence as negotiations had begun behind the scenes + drill results were awaited from Jericho and Peake and Denison(with OZL)

Definitely a heist occurred for DRM shares - though AIC and the major shareholder had likely wished to launch in 2021 before A1M launched but would have been stimied by the ADN developing earlier action for MEP.

Argonaut- represented MEP in the takeover by ADN. And the new IPO relaunch DRM. Arguably could have been far better handled with respect to Minotaur holders very long followed interests.
And then- Argonaut represented A1M for the takeover of DRM by AIC !
(posting before losing )

I can post the history more definitively maybe another time - but much was written in DRM prior to the successful takeover here by A1M. They have acquired a very extensive exploration history with very valuable large tenement holdings- in the Cloncurry region as well as North Qld, and Sth Australia.