Ann: Outstanding Cobalt, Nickel & Scandium Results, page-2

OUTSTANDING COBALT, NICKEL & SCANDIUM RESULTS

▪ Recent drill campaign highlights outstanding prospectivity & potential for future scandium resource▪ MTRC011DA returns sixth (6th) best cobalt intercept in Australia for 2022 (see Table 1)▪ Three discrete zones identified, including upper Ni-Co-Mn-Sc horizon; middle PGE horizon & lower Ni horizon ▪ Upper zone of high-grade nickel, cobalt & scandium mineralisation intercepted in recent drilling, including:

o MTRC011DA: 15.0 metres @ 0.45% Co, 0.91% Ni, 5.42% Mn & 40.9g/t Sc from 45.0 metres ▪ Lower zone of thick and continuous nickel mineralisation intercepted in recent drilling, including:

o MTRC009D: 21.8 metres @ 0.28% Ni & 49.8g/t Sc from 268.2 metres▪ Middle zone of highly anomalous PGE mineralisation intercepted in recent drilling, including:

o MTRC006D: 9.0 metres @ 0.14g/t 3E, 0.09% Ni & 0.02% Cu from 223.0 metres▪ Scandium is a critical mineral currently selling for US$930,930/t (oxide)1 & is essential for hydrogen fuel cells ▪ Assays still pending on 17 holes for upper zone, 4 holes for middle zone and 5 holes for lower zone▪ Options to consolidate the MTJV ownership structure to support an IPO are currently under review

Looking good