Ann: Quarterly Activities Report, page-2

Looking good on all fronts…

Butcherbird Manganese Operations, WA• Production up 22% on last quarter to 62.2kt, with sales up 218% to 62.4kt helped by inventory destocking.• Cashflow positive quarter achieved, driven by improved production and sales.• Installation of secondary feeder in February 2023 has significantly debottlenecked front end feed rates in processing plant resulting in an immediate and material throughput improvement.• Improved March production highlighted by achievement of 24-hour record production of 1,859t, well above 1,000 tpd nameplate.• Cash margin per tonne substantially increased at increased production rates following installation of the secondary feeder as unit cashcosts are reduced due to higher volumes.• Plant uptime campaign continues, to further improve plant availability through maintenance system enhancements.

High Purity Manganese (HPMSM) Project• HPMSM Feasibility Studies in final stages of completion and peer review, due for release this month.• Activities for next quarter to include Evaluation of engineering construction contractor proposals, permitting applications and site based surveyso Major packages early commencement of engineering design and awarding of front-end engineering design (FEED) contract.• Definitive agreements signed with global automaker Stellantis to supply of HPMSM for Stellantis’ EV battery requirements.

ESG• Supersmart Energy delivers cradle to gate independent Life Cycle Assessment (LCA) on E25’s HPMSM process.• Assessment covers Scope 1,2 and 3 emissions including mining and concentration facilities in WA and the proposed USA-basedHPMSM processing plant.• E25 HPMSM calculated to produce ~1.7kg of CO2 for every 1kg of HPMSM, approximately 67% lower than current producers in China.• Approximately 67% lower than competitors in China and up to