Ann: Strategic Collaboration with Mitsubishi Chemical Corporation, page-2

Wow this is fantastic news.

The parties have been discussing potential collaboration to undertake European anode
production and supply, resulting in the MOU. Phase 1 of the agreement is considerably
advanced with MRC conducting engineering design for the Anode Plant with a Final
Investment Decision expected in Q3 2022. (Within 4 months)

The CEO and Managing Director of Mineral Commodities, Mr Jacob Deysel said,

“Mitsubishi Chemical Corporation have significant experience and expertise in the
production, qualification and marketing of anode materials which makes them the perfect
collaborative partner to build our European Sustainable Graphitic Anode production
strategy, initially based on Skaland Graphite natural graphite concentrate. With our Phase
1 Toll Manufacturing Agreement, we will gain early entry and invaluable experience in the
anode materials supply chain. The Phase 2 business collaboration provides the
opportunity to leverage MCC’s expertise and our natural graphite operations at Skaland
and environmentally sustainable purification technology for Europe’s first vertically
integrated ore-to-anode materials business”.

The material terms of the MOU are outlined below:
Phase 1 - Toll Manufacturing Agreement
From the date of the MOU, MCC and MRC will in good faith progress the negotiation of
the Manufacturing and Supply Agreement with the intention to execute the agreement
prior to the planned FID in Q3 2022. = Within the next 4 months

Phase 2 – Business Collaboration
(a) MRC will provide samples of MRC’s purified natural flake graphite and purified
spherical graphite to MCC and MCC will conduct technical investigation and
determine the qualification of such samples provided by MRC.

(b) After completion of the technical investigation conducted by MCC, MCC and
MRC will negotiate and agree on the form of the collaboration for the commercial
arrangement to co-operate and profit share in the commercialization,
manufacturing and sale of active anode materials for sale to Cell Manufacturers
in Europe.