Australian Mines Limited · ASX:AUZ
Australian Mines — Investor Presentation (October 2026)
28 slides from Australian Mines's investor presentation, Oct 14, 2026
Slide 1: Scandium at an Inflection Point
rsonal use only Scandium at an Inflection Point Investor Presentation ASX: AUZ | October 2026 australianmines.com.au
Slide 2: Disclaimer & Important Notices
Disclaimer & Important Notices rsonal use only Important information: Australian Mines Limited (ASX: AUZ) (the “Company”) is the issuer of this presentation. This presentation is not a disclosure document for the purposes of Chapter 6D of the Corporations Act 2001 (Cth) (“Corporations Act”) and does
Slide 3: Scandium is at an Inflection Point
Scandium is at an Inflection Point Scandium is the critical mineral driven by Disruptive Technology Demand, NOT only reliant Supply Security Fears rsonal use only Supply exists as By-products Only Chicken and Egg Market requires government support for promising projects like Flemington 1 2 3 4 Why S
Slide 4: Why Scandium?
1 Why Scandium? China controls and licenses Rare Earths, Gallium and Antimony Western governments now pay to build supply of each of them Scandium has the same drivers, plus demand from new technology rsonal use only Where supply comes from Chinese export controls Western government money What drive
Slide 5: Scandium Demand Keeps Adding New Drivers
2 Scandium Demand Keeps Adding New Drivers Fuel Cells for AI datacentres take about 70% of Scandium today Fuel Cells 2008, RF Filters 2009, Memory 2019: each driver is a new technology Alloys, RF Filters and Memory chips add new demand on top rsonal use only Market has grown ~3x since 2019 (USGS) 15
Slide 6: Existing Supply Cannot Be Relied Upon
3 Existing Supply Cannot Be Relied Upon China refines >90% and licenses every form since Apr 2025 Every tonne is a by-product of someone else’s plant No buyer commits without supply, no mine is financed without a buyer rsonal use only Buyers do not design it in China controls existing supply >90% of
Slide 7: Flemington is at the heart of Scandium Hub
4 Flemington is at the heart of Scandium Hub Only three pure-play scandium projects exceed 300 ppm Sc, with Flemington the highest Resource Grade rsonal use only Presence of by-product supply places grade constraints Burra (RIO) Pure-play prospects need >300ppm to be cost competitive 35.6Mt at 405pp
Slide 8: Flemington: Commercial scale supported by resource
Flemington: Commercial scale supported by resource Flemington has sufficient resources for long-term high-grade production 120 Production Target* Grade (573 700 rsonal use only ppm initial 15 years, 556 ppm Production target (tpa Sc₂O₃) 28-year mine life supported by a 6.3 Mt @ 446 ppm over 28 Years
Slide 9: Scoping Study validates Flemington's potential
Scoping Study validates Flemington’s potential Geology expected to drive simple, high margin operations rsonal use only Low project development capex, US$125m Sensitivity Case US $ 3 ,000/k g S c 2 O 3 for Long-term, stable Sc 2 O 3 production 60 tpa, 28 years US$860m, 74% at Low expected operating
Slide 10: Flemington vs pure-play scandium projects
Flemington vs pure-play scandium projects High-grade resource, competitive peer positioning rsonal use only Flemington (AUZ) Syerston (SRL) Burra (RIO) Nyngan (SCY) DFS, 2016 DFS, 2018 Stage, Year Scoping, 2026 Feasibility, 2026 Undeveloped Undeveloped Update Pending Capex, US$m 125 120 48.1# 87.1#
Slide 11: Flemington is Significantly Undervalued
Flemington is Significantly Undervalued Adjacent to SRL, Higher Grade and already at Scale; 51x Market cap gap Establishes Rerating Potential rsonal use only Feasibility SRL Study AUZ Lockheed Offtake Option + US EXIM Options US$400m Flemington OSC Loan Conditional Market Cap, A$m log MRE +98% ~50×
Slide 12: AUZ is focused on closing the gap
AUZ is focused on closing the gap rsonal use only UPCOMING +70% Increase in MRE to Drilling Results Flemington PFS Offtakes 6.3 Mt @ 446 ppm Scoping Study Ongoing Mid Q1-27 Ongoing JAN 2025 APRIL 2026 NOW Q4 2025 Extended drilling recommenced, high-grade results AUZ | Australian Mines Limited Flemin
Slide 13: District scale gold in a proven tier 1 frontier
Photo used for illustrative purposes only and is not an estimate of mineralisation rsonal use only District scale gold in a proven tier 1 frontier Boa Vista 8.47 Mt @ 1.23 g/t Au for approx. 336 koz is a foreign/historical estimate and is not reported in accordance with the JORC Code (2012). A Compe
Slide 14: Recent drilling intersected thick zones of mineralisation
Recent drilling intersected thick zones of mineralisation rsonal use only Lidar + Drone Magnetics High-resolution surveys to refine targets 2,800m Diamond Drilling Completed (2025/26) Min 6,000 m up to 10,000 m drilling program commencing Aug/Sep 2026 Enviro and Baseline Studies underway Secures: Ea
Slide 15: Primary Target VG1 - large and open in all directions
Primary Target VG1 - large and open in all directions Primary target VG1 rsonal use only 700m strike, 85m wide Soil anomaly +2 km x 350 m wide Coarse visible gold in outcrops Wide near surface gold intersections Underexplored, open in all directions 15 historical holes + 2,800m in 25/26 Drill-tested
Slide 16: Geology similar to West Africa and a proven mining jurisdiction
Geology similar to West Africa and a proven mining jurisdiction Tier 1, historical gold jurisdiction rsonal use only • 30+ Moz gold produced historically • Multiple active mines and developers Tocantinzinho TSX:GMIN Cuiu Cuiu 1.94 Moz (MI&I) TSXV:CBR Palito 1.19 Moz (I&I) AIM:SRB 546 koz (MI&I) Sao
Slide 17: Baixão Target: High-priority untested target
Baixão Target: High-priority untested target ~2km southwest of VG1 rsonal use only Up to 31.0 g/t Au High-grade rock-chip/grab sampling highlights potential beyond VG1 Large coherent footprint Interpreted target footprint of approximately 1.8 km x 1 km Multiple exploration vectors Coincident >50 ppb
Slide 18: Zé do Leicha Target: Large NE target
Zé do Leicha Target: Large NE target, historical workings and untested geology rsonal use only ~1.5 km Northeast of VG1 Target sits within the broader Boa Vista mineralised system ~2.8 km x ~1.5 km target area Defined by >50 ppb Au soil-panning anomaly and interpreted structural corridors Up to 5.6
Slide 19: Almir Target: Large historical mining centre
Almir Target: Large historical mining centre with under-tested NW–SE structures rsonal use only ~3 km x ~1.5 km target area Defined by >50 ppb Au soil-panning anomaly and interpreted NW–SE structures comparable to VG1 ~400 m x ~100 m historical open pit Water-filled open pit indicates substantial hi
Slide 20: Jair Target – High-grade target
Jair Target – High-grade target covering ~1.3 km × ~0.75 km, located ~4 km northwest of VG1 rsonal use only Up to 11.1 g/t Au Historical rock-chip/grab samples returned high-grade gold values High anomaly intensity Gold-in-soil panning anomalies include values up to 0.91 g/t Au Historical workings t
Slide 21: The AUZ Investment Case
The AUZ Investment Case Two Projects: Scandium and Gold rsonal use only Direct exposure to high-grade Right place, right time Valuation disconnect scandium • Scandium approaching an • 70x market-cap gap despite being • Highest-grade resource among the inflection point only two clear development lead
Slide 22: Corporate Overview
Corporate Overview Michael McNeilly Non-Executive Chairman CEO of Strata Investment Holdings plc (ex-Metal Tiger) since 2016; equity capital markets & corporate finance. NED of Cobre, Southern Gold & Armada. BA Int'l Economics. rsonal use only Andrew Nesbitt Managing Director 25 yrs in resources; ex
Slide 23: Australian Mines Limited
rsonal use only AUSTRALIAN MINES LIMITED | ASX: AUZ australianmines.com.au investorrelations@australianmines.com.au
Slide 24: Sources, References & Compliance
Sources, References & Compliance SOURCES — ASX ANNOUNCEMENTS & FILINGS ASX CAUTIONARY & COMPLIANCE STATEMENTS rsonal use only AUZ — 8 Jan 2025: Flemington MRE (M 3.12 Mt @ 455; I 3.02 Mt @ 441; Inf 0.15 Mt @ 371; headline Competent Person / Previously Reported Information. The information in this 6.
Slide 25: Sources, References & Compliance
Sources, References & Compliance SOURCES — ASX ANNOUNCEMENTS & FILINGS ASX CAUTIONARY & COMPLIANCE STATEMENTS rsonal use only M I Inf M+I M + I + Inf.* Peer Project Cautionary Statement: AUZ has no ownership, Project Reference koz economic interest or other interest in the third-party GoldMining Inc
Slide 26: References
References A. COMPANY ANNOUNCEMENTS AND FILINGS B. GOVERNMENT AND INSTITUTIONAL [1] Australian Mines (ASX: AUZ), 8 Jan 2025. Flemington Mineral Resource Estimate: 6.3 Mt at 446 ppm Sc at a 300 ppm cut-off, 98% Measured [16] US Geological Survey. Mineral Commodity Summaries: Scandium, 2020–2026 editi
Slide 27: References (continued)
References (continued) C. MARKET DATA, COMMENTARY AND TECHNICAL D. COMPANY ESTIMATES AND FIGURES [26] Project Blue; JOGMEC. Project Blue Scandium Market Service (indexed figures, 2025–26: about 70% of demand in solid oxide fuel cells; 90– [32] Company estimates. Figures described on a slide as an es
Slide 28: Australian Mines Limited
rsonal use only ASX: AUZ | AUSTRALIAN MINES LIMITED australianmines.com.au
Australian Mines — Investor Presentation (October 2026) on 6ix