Future Metals Nl · ASX:FME
Future Metals Nl — RIU Explorers Conference February 2024
23 slides from Future Metals Nl's conference presentation, Feb 15, 2024
Slide 1: Panton PGM-Ni-Cr Project
For personal use only FEBRUARY 2024 | INVESTOR PRESENTATION Panton PGM-Ni-Cr Project Australia’s highest grade PGM deposit, compelling economics & timed for development with the next price upcycle RIU Explorers Investor Presentation - February 2024 1 Outcropping high grade Reef at the Panton PGM Pro
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared as a summary only and does not contain all information about Mineral Resources Future Metals NL’s (“Future”, “FME” or the “Company”) assets and liabilities, financial position and The information in this document that relates to Mineral Resources has be
Slide 3: Significant leverage opportunity to the next PGM price upcycle
Future Metals: significant leverage opportunity to the next PGM price upcycle High-grade, scalable deposit to underpin long-life, low capital planned operations via: Location Advantage Australia’s highest o 37.2Mt @ 3.3 g/t PdEq1 for 3.9Moz (Reef & High Grade Dunite), including: grade PGM deposit
Slide 4: Scoping Study: Panton on track to become a long life globally significant operation
Scoping Study: Panton on track to become a long life globally significant operation Projected 2nd quartile AISC producer, ability to deliver operating margin through the commodity price cycle Mining Valuation Scenarios4 Base Case 5yr Avg PGM Price Case ~9 years LOM NPV8 (pre-tax / post) A$250m / 153
Slide 5: PGM Producer Comparison
PGM Producer Comparison Panton has the potential to become a top 5 PGM producer in the western world Western World PGM Producers ~85% of PGM production PGM Production (koz) derived from high sovereign 450 risk jurisdictions (Sth Africa, 400 Russia & Zimbabwe) 350 For personal use only 300 Majori
Slide 6: Mining Overview
Mining Overview Utilising conventional long haul open stoping - WA labour market has strong experience in mining method Open Pit and Underground Mine Design Scoping Study Mining Profile kt Ore Mined - By Resource Classification PGM3 Grade (g/t) Starter Pits 1,400 4.50 Portals 4.00 1,200 For personal
Slide 7: Processing & Marketing Overview
Processing & Marketing Overview Panton flowsheet built on >200 batch scale flotation tests and pilot scale flotation and leaching testwork For personal use only FEBRUARY 2024 | INVESTOR PRESENTATION Conventional crush, grind and flotation to produce PGM Recoveries Offtake concentrate from separate
Slide 8: Regional Exploration Strategy
Regional Exploration Strategy Significant Ni-Cu-PGM discovery potential within trucking distance of Panton to complement development plans East Kimberley has frontier discovery potential For personal use only Future Metals’ holds 176km2 granted tenement package IGO Ltd has consolidated a 15,25
Slide 9: Regional Exploration - Eileen Bore
Regional Exploration - Eileen Bore Two additional untested, drill- ready targets at Eileen Bore For personal use only with confirmed nickel copper sulphides at surface FEBRUARY 2024 | INVESTOR PRESENTATION Eileen Bore: structurally analogous to the shallow Copernicus Deposit (0.825Mt 9 @ 1.24% N
Slide 10: Why invest in Future Metals?
Why invest in Future Metals? Compelling Project Economics Significant Upside Opportunities: Globally significant PGM production Resource upgrades & growth Projected 2nd quartile All-In Regional discoveries to be Sustaining Costs incorporated into development Significant free cash flow plan
Slide 11: Contact
Future Metals For personal use only Contact FEBRUARY 2024 | INVESTOR PRESENTATION Patrick Walta patrick@future-metals.com.au 11
Slide 12: Corporate Overview
Corporate Overview Share Price Chart | ASX and AIM FME $13.2M $0.08 $0.07 10,000,000 10,000,000 For personal use only ASX | AIM Code Market Cap $0.07 9,000,000 9,000,000 $0.06 8,000,000 8,000,000 $0.06 2.9 cents $9.3M $3.9M $0.05 7,000,000 7,000,000 $0.05 FEBRUARY 2024 | INVESTOR PRESENTATION 6,000,
Slide 13: Board & Management
Board & Management BOARD OF DIRECTORS MANAGEMENT TEAM Patrick Walta (Executive Chairman) Jardee Kininmonth (Managing Director and CEO) • Qualified metallurgist and mineral economist. Most recently Managing • Experienced corporate finance and mining professional Director of New Century Resources Ltd
Slide 14: PGM Macro Environment
PGM Macro Environment PGM Supply Platinum Supply By Country (2022) Palladium Supply By Country (2022) Global PGM supply dominated by Sth Africa, Russia and Zimbabwe (~85%) South African operations predominately 4th quartile on the cost curve with aging infrastructure & deep mines For personal us
Slide 15: Chromite Concentrate Market
Chromite Concentrate Market Chromite Concentrate Price Chart (40-42% Cr2O3, South African) Stainless Steel Demand Driven Market Metallurgical chrome ore is the predominant form of global US$/t Total Chrome Ore Inventory at China Ports Chrome Concentrate 40-42% CIF(US$/t) Mt 350 4.5 production (Sou
Slide 16: Panton Deposit
Panton Deposit Panton is the highest grade PGM and chromite deposit in Australia with significant expansion potential Focus of the Panton Scoping Study Panton Total Mineral Resource Estimate Panton Total Mineral Resource - Reef & High-Grade Dunite Panton Total Mineral Resource - Reef Mass PGM3E3 Ni
Slide 17: Panton Grade Advantage
Panton Grade Advantage Panton is the highest grade undeveloped PGM asset in the western world Panton represents an incredibly scare high-grade PGM asset outside of South Africa Western World PGM Developers For personal use only PGM3E Grade (g/t) Reef Only Total Grade High Grade 5.6 Reef + High FEBRU
Slide 18: Opportunities: Resource Upgrade & Growth
Opportunities: Resource Upgrade & Growth Study includes just 26% of Reef & High Grade Dunite MRE – average annual free cash flows of A$72m demonstrate upside of mine life additions from Reef Block Model upgrading Resource and extending Mineralisation open at depth with drillhole on largest step-
Slide 19: How Panton Metallurgy Has Been Unlocked
How Panton Metallurgy Has Been Unlocked Scoping Study built upon Future Metals’ systematic de-risking of key value drivers Description Key Outcome Change in flotation reagents (analogous to Elimination of hydrometallurgical flowsheet (‘Panton Process’) Flotation Mt Keith Ni ops) to achieve 20-35
Slide 20: Scoping Study Assumptions
Scoping Study Assumptions Price Scenarios Base Case2 5yr Avg PGM Price Case Pt US$/oz 1,285 1,400 For personal use only Pd US$/oz 1,400 2,115 Au US$/oz 2,000 1,870 Rh1 US$/oz 4,450 12,450 FEBRUARY 2024 | INVESTOR PRESENTATION PGM4E Basket Price US$/oz 1,556 2,200 Ni US$/t 20,000 20,000 Cr2O3 (40-42%
Slide 21: Panton JORC 2012 Mineral Resource
Panton JORC 2012 Mineral Resource Category Mass Grade Contained Metal No cut-off grade has been applied to reef mineralisation and a cut-off of 0.9g/t PdEq has been applied to the Bulk Dunite mineralisation and 1.4g/t PdEq cut-off to the Pd Pt Au PGM3E Ni Cr2O3 PdEq1 Cu Co Pd Pt Au PGM3E Ni Cr2O3 Pd
Slide 22: Palladium Equivalent Calculation
Palladium Equivalent Calculation Palladium Metal Equivalents Metal recoveries used in the palladium equivalent (PdEq) calculations for each element are based on metallurgical test work undertaken to date at Panton. It should be noted that palladium, platinum and chromite grades reported in this Pres
Slide 23: Peer Benchmarking References
Peer Benchmarking References Peer Benchmarking References - Global PGM Producers PGM Production Project Company Stage Source (koz) Stillwater & East Boulder Sibanye-Stillwater Operating 421 2022 Annual Report Lac des Illes Impala Platinum Operating 272 Annual Report ended June 2023 Integrated Nickel
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