Announcement PDF ASX:ABX Delivering Materials for a Cleaner Future INVESTOR PRESENTATION NOVEMBER 2025 ASX:ABX DISCLAIMER This presentation has been prepared by ABx Group Limited ACN 139 494 885 (“ABx” or the “Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. This presentation contains forecasts and forward looking information. Such forecasts and information are not a guarantee of future performance, involving unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. ABx has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by applicable laws, ABx makes no representation and can give no assurance, guarantee or warranty, express or other implied, as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information, statement or opinion contained in this presentation. You should not act or refrain from acting in reliance on this presentation material. This overview of ABx does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to make an informed assessment of the company’s prospects. You should also conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation and making any investment decision. Competent Person Statement The information in this report that relate to Exploration Information and Mineral Resources are based on information compiled by Ian Levy who is a member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Levy is a qualified geologist and a director of ABx Group Limited. Mr Levy has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity, which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Levy has consented in writing to the inclusion in this report of the Exploration Information in the form and context in which it appears. 2 ASX:ABX 3 HIGHLY EXPERIENCED TEAM DR MARK COOKSEY JOYCELYN MORTON IAN LEVY GEOFF ATKINS XIAO LIANG Managing Director Non-Executive Chair Non-Executive Director Technical Advisor Principal Engineer ❑ More than 20 years with Rio Tinto and CSIRO ❑ Significant experience in developing and commercialising new processes in minerals and metals industry ❑ PhD in Chemical & Materials Engineering ❑ Over 30 years’ experience as an executive and director with Australian and international listed companies, including Argo Investments, ASC and Snowy Hydro ❑ Chair of the Audit, Risk and Compliance Committee for multiple boards ❑ Fellow and Life Member of CPA Australia, and former National President ❑ 30 years of senior management and geological experience with multiple commodities, including at WMC ❑ Previously CEO of Allegiance Mining and Director of Gloucester Coal ❑ Member of JORC for 11 years (4 years as Vice Chairman) and Federal President, Australian Institute of Geoscientists ❑ 25 years of project and corporate development experience ❑ Four years as Corporate Planning Manager at Lynas Corporation, where he oversaw the development of and implementation of the strategic planning process and the development of the Mt Weld Concentration Plant and Lynas Advance Materials Plant in Malaysia ❑ Over 15 years of expertise in chemical process innovation and intensification, including conceptual design, fundamental research, and process scale-up. ❑ With extensive leadership experience, he drives cutting- edge technology development and oversees successful planning and implementation of new technologies at ALCORE 4 ASX:ABX Heavy Rare Earths Supplying dysprosium and terbium from Tasmania into Western supply chains Clean fluorine chemical production Producing industrial chemicals from aluminium smelter by-product Near-term bauxite production Mining bauxite resources for the aluminium, cement and fertiliser industries Delivering materials for a cleaner future ASX:ABX RARE EARTHS: INVESTMENT PROPOSITION 5 ❑Highest proportion of dysprosium and terbium of any clay-hosted resource in Australia ❑ Extraction process already used commercially for several decades Team Experienced and capable Supply Shortage Massive demand growth for rare earths Mineralogy & REE Distribution No acid required for processing Balance of light and heavy REE Pathway to Production Co-located bauxite project at final stages of approval Jurisdiction Commercial forest plantation in Australia Infrastructure Less than 50 km to industrial centre and enabling infrastructure ASX:ABX DEEP LEADS RARE EARTH PROJECT Size Cut-off (ppm TREO-CeO2) Mean TREO (ppm) Mean TREO-CeO2 (ppm) DyTb3 (%TREO) 89 Mt2 350 844 652 4.3% Holes drilled Metres drilled (m) Metres assayed (m) From (m) To (m) 1,077 9,742 3,843 4.2 12.0 ❑ Upgraded to 89 Mt announced May 20241 ❑ Over 10-fold increase in 12 months ❑ Resource based on only 29% of identified mineralised outline1 ❑ May 2025: Temple Bar discovery, 50 km east of Deep Leads4 1ABX ASX Announcement, 2 May 2024 241 Mt inferred, 42 Mt indicated and 6 Mt measured 3DyTb = Dy2O3 + Tb4O7 4ABX ASX Announcement, 7 May 2025 6 ASX:ABX 1.Resource Size and Grade • Amount of Nd and Pr • Amount of Dy and Tb 3. Product Composition • Proportion of Nd and Pr • Proportion of Dy and Tb • Proportion of impurities 2. Processing Cost • Cost of raw materials, labour and utilities • Proportion of Nd and Pr recovered • Proportion of Dy and Tb recovered 7 ECONOMICS OF MIXED RARE EARTH CARBONATE PRODUCTION FROM IONIC ADSORPTION CLAY ORE Ionic Adsorption Clay (IAC) Ore Leaching and Precipitation Mixed Rare Earth Carbonate (MREC) Production Cost Production Cost Product Value ASX:ABX DEEP LEADS: AMONG THE HIGHEST Dy AND Tb GRADES Sources: See Appendix 1 ❑ ABx has among the highest Dy and Tb grades of any clay- hosted deposit containing a significant proportion of ionic rare earths Source: Benchmark Minerals, October 2025. DDP = Delivered Duty Paid, CIF = Cost, Insurance and Freight paid 8 Rare earth Rare earth type Feature Neodymium (Nd) Praseodymium (Pr) Light Provide magnetic strength Dysprosium (Dy) Terbium (Tb) Heavy Retain magnetic strength at high temperatures ❑ Dy and Tb are very high value, particularly outside of China Rare earth DDP China CIF Europe Nd-Pr oxide US$74/kg US$82/kg Dy oxide US$230/kg US$950/kg Tb oxide US$966/kg US$3,550/kg ASX:ABX 9 PATHWAY TO PRODUCTION: RAPID PROJECT ADVANCEMENT Extensive exploration for bauxite in northern Tasmania 2021 2022 2023 2024 Commenced exploration drilling for rare earths on existing exploration leases Re-analysis of previous bauxite assay results Re-assaying of existing samples for rare earths 2020 First ANSTO metallurgical results, indicating ionic adsorption clay Signed MoU with Ucore Maiden rare earths resource estimate Most recent resource estimate: 89 Mt1 at 844 ppm TREO EL27/2022 and EL28/2022 exploration leases granted Mining of bauxite at Bald Hill 2010 - 2019 2025 New rare earths province discovered in EL27/2022 ASX:ABX 10 PERMITTING Mining (2016) Rehabilitated mine site (2017) ❑ ABx mined bauxite in northern Tasmania from 2014 to 2020, and sold the product to cement and fertiliser plants. Customer demand is ongoing1 ❑ Similar bauxite resource overlays Deep Leads rare earth resource ❑ Bauxite mining operations will expose rare earth mineralisation and potentially enable rare earths project to be fast tracked ❑ Bauxite sales will provide cashflow for funding rare earths development ❑ Bauxite mining licence application submitted ❑ EPA approved Environmental Permit ❑ Planning permit application approved by Meander Valley Council, subject to some conditions 1ABx ASX Announcement, 11 September 2023 Images of Bald Hill Project near Campbell Town, Tasmania ASX:ABX 11 PATHWAY TO PRODUCTION: STRATEGIC & OFFTAKE PARTNERSHIPS Offtake Interest ❑ Executed MOU1 for offtake and potential investment with Ucore, who is undertaking technology transfer from demonstration scale to commercial scale rare earth oxide separation in North America, with financial support from US Department of Defense and Canadian government Strategic Investor Interest ❑ Engaging with deep-pocketed long-term investors with strategic interest in rare earths supply chain Government Support ❑ Engaged with the Australian and Tasmanian governments’ critical minerals strategies – potential for the company to receive financial support Ucore RapidSX demonstration plant in Kingston, Canada 1ABx ASX Announcement, 4 September 2024 ASX:ABX 12 DEEP LEADS: OUTSTANDING JURISDICTION AND LOCATION ❑ Deep Leads located in recently harvested commercial hardwood plantation, close to town of Launceston and Bell Bay port ❑ Australian supply highly attractive to global customers ❑ ABx has conducted exploration and mining in region for over 10 years Deep Leads Commercial plantation forest area in Tasmania, Australia ASX:ABX 13 SIGNIFICANT INFRASTRUCTURE LOCALLY AVAILABLE Infrastructure Transport Less than 20 km to major highway Less than 100 km to deepwater Bell Bay port Labour Less than 50 km to Launceston (pop 65,000) Water High availability in Tasmania Energy Close to major transmission lines Greater than 90% of Tasmania energy demand generated by renewables1 12018-23, Open Electricity ASX:ABX 14 ANTICIPATED PROJECT MILESTONES Project Activities 2025 2026 2027 2028 2029 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Resource Drilling Metallurgical Studies Engineering Studies Environmental Approvals Demonstration Project Commercial Project 15 ASX:ABX Heavy Rare Earths Supplying dysprosium and terbium from Tasmania into Western supply chains Clean fluorine chemical production Producing industrial chemicals from aluminium smelter by-product Near-term bauxite production Mining bauxite resources for the aluminium, cement and fertiliser industries Delivering materials for a cleaner future 15 16 ASX:ABX 16 Rapidly growing demand for renewable energy Significant traditional markets Aluminium fluoride Aluminium smelting HCFC Refrigerants Hydrogen fluoride Metal treatment PTFE Wire insulation, bearings Fluorine Chemical Applications PVDF Li-ion batteries (separators and electrodes) Lithium hexafluorophosphate Li-ion batteries (electrolytes) Hydrogen fluoride Graphite purification STRONGLY INCREASING DEMAND FOR FLUORINE “From 2025 to 2035, fluorine demand for energy applications will increase from 5% to 22% of total fluorine demand” US DOE Critical Minerals Assessment, 2023 ASX:ABX 17 SUPPLY SHORTAGE: LIMITED SUPPLIES OF FLUORSPAR Increasing fluorspar prices Source: Asian Metal Government recognition Critical Minerals Lists Fluorspar USA Europe Japan Canada Fluorine Australia “In 2035, fluorspar demand will exceed current supply by 40-70%” US DOE Critical Minerals Assessment, 2023 ASX:ABX 18 NEW FLUORINE SOURCE AVAILABLE: ALUMINIUM SMELTER BY-PRODUCT Aluminium fluoride (AIF3) Aluminium Smelter Aluminium smelter bath (50%) Waste refractories (50%) Fluorine process flow in aluminium smelters ❑ Fluorine is an essential chemical for aluminium smelting ❑ 50% of fluorine leaves aluminium smelting process as aluminium smelter bath by-product Source: S.J. Lindsay, Bath generation and management, 10th Australasian Aluminium Smelting Technology Conference, 2011 Increasing global surplus of aluminium smelter bath ❑ New smelter → short term bath demand → long term bath surplus ASX:ABX Exemplary demonstration of circular economy 19 ALCORE PROCESS Smelter bath Aluminium smelting Aluminium fluoride AIF3 Hydrogen fluoride HF e.g. Metal treatment, graphite purification Fluorocarbons Metal sulfates e.g. Refrigerants, lubricants Low technical risk ❑ Process is adaptation of existing commercial process to produce hydrogen fluoride from fluorspar ASX:ABX 20 SIGNIFICANT COST ADVANTAGE OF REPLACING FLUORSPAR WITH SMELTER BATH ❑ ALCORE process produces same hydrogen fluoride product using a much lower cost feed material ❑ Aluminium smelter bath is a good quality material (low impurities) Potential for significant profit margin A rare opportunity that is financially, strategically and environmentally attractive Utilities, labour, etc Other raw materials Fluorspar Utilities, labour, etc Other raw materials Smelter bath 21 ASX:ABX VISION FOR CLEAN FLUORINE CHEMICALS PRODUCTION BUSINESS Production Expansion Construct similar plants overseas Value-adding Enable Australian fluorochemical industry COMMERCIALISATION GROWTH Construct plant in Tasmania to produce hydrogen fluoride and aluminium fluoride from aluminium smelter by-product 21 ASX:ABX 22 PATHWAY TO PRODUCTION: PROJECT DEVELOPMENT First plant planned for Bell Bay, Tasmania $3.15m Federal Government MMI grant1 2019-22 2023-24 2024-26 Critical process steps demonstrated2 ❑ At facility leased from Rio Tinto at reduced rate4 ❑ $1m conditional loan from Tasmanian Government5 ❑ Orders placed for all key equipment6 ❑ Legacy equipment removed from site7 ❑ Produce saleable hydrogen fluoride for evaluation by customers ❑ Determine design and operating parameters for commercial plant ALCORE has first mover advantage Laboratory 300g bath NSW $2m (lab) Batch Pilot 3kg bath NSW $50k Continuous Pilot 20kg/h bath Tasmania $3m Commercial Stage 1 200kg/h bath 860t/y HF Tasmania $16m Commercial Stage 2 4,400kg/h bath 20,000t/y HF Tasmania $90m Achieved target fluorine recovery3 1ABX ASX Announcement, 26 June 2025 2ABX ASX Announcement, 24 October 2022 3ABX ASX Announcement, 4 June 2024 4ABX ASX Announcement, 19 December2024 5ABX ASX Announcement, 15 January 2025 6ABX ASX Announcement, 9 April 2025 7ABX ASX Announcement, 15 October 2025 ✓ ✓ ASX:ABX BATCH PILOT REACTOR PERFORMANCE 4 kg crushed bath and 6 kg H2SO4 97% of fluorine extracted from bath as HF (two stage process) 23 ASX:ABX CONTINUOUS PILOT PLANT – BELL BAY, TASMANIA ALCORE Pilot plant Bell Bay aluminium smelter Location ❑ Leased from Rio Tinto at reduced rate1 ❑ Orders placed for all key equipment. Most of the specialised equipment is being fabricated by experienced overseas suppliers2 ❑ Expect equipment to be delivered late 2025 to Q1 20263 Facility 24 1ABX ASX Announcement, 15 January 2025 2ABX ASX Announcement, 9 April 2025 3ABX ASX Announcement, 15 October 2025 ASX:ABX ANTICIPATED PROJECT MILESTONES Project Activities 2025 2026 2027 2028 2029 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Continuous Pilot Plant Engineering Studies Environmental Approvals Commercial Stage 1 Plant Commercial Stage 2 Plant 25 26 ASX:ABX Heavy Rare Earths Supplying dysprosium and terbium from Tasmania into Western supply chains Clean fluorine chemical production Producing industrial chemicals from aluminium smelter waste Near-term bauxite production Mining bauxite resources for the aluminium, cement and fertiliser industries Delivering materials for a cleaner future 26 ASX:ABX INVESTMENT PROPOSITION 27 ❑ Global shortage of bauxite leading to significantly higher prices ❑ ABx has pathway for near term production in Australia Team Experienced and capable Grade & Mineralogy Trihydrate bauxite Supply shortage Severe global bauxite supply constraints Infrastructure Less than 200km to export ports Jurisdiction Australia Pathway to production Have previously mined bauxite in Australia ASX:ABX 28 ❑ Bauxite price delivered from Guinea to China increased more than 50% from September 2024 to January 2025 Country Factor China Many small mines closed for not meeting safety and environmental standards Guinea Government acting to limit bauxite exports, e.g. Emirates Aluminium can no longer export China Bauxite resource depletion Source: Asian Metal SEVERE GLOBAL BAUXITE SUPPLY CONSTRAINTS ASX:ABX 29 ABX BAUXITE RESOURCES ❑ 89 million tonnes, all in Australia Only major resources shown 1ABX ASX Announcement, 18 June 2018 2ABX ASX Announcement, 31 May 2012 3ABX ASX Announcement, 8 November 2012 Location State Resource (Mt) Al2O3 (wt%) SiO2 (wt%) Inferred Indicated Total Binjour1 QLD 14.2 22.8 37.0 36.2 14.6 Taralga2 NSW 17.5 20.4 37.9 39.2 5.2 DL1303 TAS 5.7 0 5.7 37.9 11.0 ASX:ABX 30 SUNRISE BAUXITE PROJECT, QUEENSLAND ❑ 37 Mt resource1 ❑ Investigating DSO option to commence operations ❑ Product planned to be 42%Al2O3, 5.2% SiO2 ❑ Use common user infrastructure at Bundaberg port ❑ Approval possible in 12 months ❑ Possible to commence mining during 2026 ❑ Full production anticipated to be 1.2 mt/y 1ABX ASX Announcement, 18 June 2018; 14 Mt inferred and 23 Mt indicated ASX:ABX 31 DL130 PROJECT - TASMANIA 1ABX ASX Announcement, 11 September 2023 2ABX Quarterly Report to 30 June 2024, 31 July 2024 ❑ Five-year cement-grade bauxite supply agreement signed with Adelaide Brighton Cement Limited1 ❑ Formal agreement secured with all landholders2 ❑ EPA approved Environmental Permit ❑ Planning permit application approved by Meander Valley Council, subject to some conditions Bald Hill ❑ Mined cement and fertiliser grade 2015-20 ❑ Fully rehabilitated ASX:ABX 32 STRATEGIC INVESTMENT TO DEVELOP BAUXITE PROJECTS ❑ Good Importing International (GII) ❑ Invest up to $5.4m in two stages to acquire up to 75% interest in Sunrise Bauxite Project (QLD)1 ❑ $2.7m Stage 1 payment received2 ❑ Exclusive option to invest up to $4.8m to acquire up to 75% interest in Taralga & Penrose Projects (NSW)1 ❑ Tasmania assets remain 100% ABx, targeting cement and fertiliser markets 1ABX ASX Announcement, 12 September 2025 2ABX ASX Announcement, 9 October 2025 ASX:ABX 33 ANTICIPATED NEWSFLOW Project 2025 2026 Q4 Q1 Q2 Heavy rare earths Clean fluorine chemical production (ALCORE) Near-term bauxite production • Drilling assay results • MREC sample • Column leach tests • Economic studies • Drilling assay results • Drilling assay results • DL130 project approval • Sunrise project development progress • Sunrise project development progress • DL130 project commencement • Pilot plant progress • Pilot plant equipment delivery • Pilot plant assembly • Pilot plant commissioning ASX:ABX 34 www.abxgroup.com.au Suite 2, Level 11, 385 Bourke St Melbourne VIC 3000 Australia Phone: +61 3 9692 7222 E: investors@abxgroup.com.au Mark Cooksey Managing Director and CEO E: mcooksey@abxgroup.com.au ASX:ABX 35 APPENDIX 1 Company Project Country Stage Study Level Resource (Mt) Grade (TREO) (ppm) Tb4O7 (ppm) Dy2O3 (ppm) Cut-off grade (TREO-CeO2) (ppm) Reference Mt Type Brazilian Critical Minerals Ema Brazil Exploration Scoping 248 Indicated 759 16 5001 BCM ASX Announcement Table 2 21 Feb 2025 695 Inferred 701 16 Meteoric Resources Caldeira Brazil Exploration PFS 37 Measured 2,983 5 26 1,0001 MEI ASX Announcement Table 2 15 Apr 2025 629 Indicated 2,668 5 24 832 Inferred 2,097 4 19 Devex Resources Kennedy Australia Exploration - 150 Inferred 1,000 3.7 22 325 DEV ASX Announcement Table 2 4 Jul 2024 Viridis Mining and Minerals Colossus Brazil Exploration PFS 1 Measured 2,605 5 28 1,0001 VMM ASX Announcement Table 1 22 Jan 2025 329 Indicated 2,680 5 28 163 Inferred 2,162 4 22 ABx Deep Leads Australia Exploration - 5.6 Measured 998 6.6 39 350 ABX ASX Announcement Table 1 2 May 2024 41.6 Indicated 856 5.2 31 41.4 Inferred 811 5.0 30 1Cut-off grade is TREO (ppm) The figures provided are the most recent reported by each company, and at the desired reported cut-off grade provided by each company’s headline numbers. Each resource model contains its own economic and geological assumptions not represented in this table. Resource sizes and grades vary depending on the cut-off used by the specific company.