Fortuna Metals Limited · ASX:FUN
Fortuna Metals — 121 Mining Investment Conference (May 2026)
18 slides from Fortuna Metals's conference presentation, May 12, 2026
Slide 1: Titanium: Discovery to Developer
ASX : FUN May 2026 TITANIUM For personal use only Discovery to Developer TITANIUM: Rutile TiO2
Slide 2: Important Information
Important Information Corporate Presentation Technical Information Forward-looking statements are subject to known and Readers are cautioned that the foregoing list is not The information contained in this presentation is This presentation includes disclosure of scientific and unknown risks, uncerta
Slide 3: Executive Summary: The Strategic Case
SUPPLY IN STRUCTURAL DECLINE Global natural rutile output has fallen ~44% from MALAWI Executive 2017's peak of ~800,000 tpa. The market tightening is structural, not cyclical. SOUTH EASTERN AFRICA Summary Increasing demand for titanium alloys in the global aerospace & defense industry. WORLD-CLASS G
Slide 4: Mkanda Malawi Titanium Opportunity
Mkanda Malawi Titanium Opportunity A globally significant rutile discovery + graphite + rare earths ASX : FUN Exploration Target: 180 - 240 Mt @ 0.86 - 1.0% rutile (only 4m depth). The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient explora
Slide 5: Titanium: Superior Properties for Advanced Industries
ASX : FUN 45% LIGHTER THAN STEEL Titanium Titanium alloys can be For personal use only three to five times Superior Properties for stronger than F22 RAPTOR IPHONE 15 PRO Advanced Industries stainless steel 40% titanium by weight Titanium exterior frame ~9000lb 2X as strong (tensile) STRENGTH-TO- COR
Slide 6: Natural Rutile TiO2 Benefits over Synthetic Rutile
Natural Rutile TIO2 (TITANIUM DIOXIDE) ASX : FUN Benefits > Syn Rutile The highest-purity titanium feedstock ⟶ lowest cost & lowest waste Syn rutile is pre treated hi titanium material (ilmenite & leucoxene) that is heated/leached to remove most impurities prior to the same Natural Rutile TiO₂ Grade
Slide 7: Record Defense spending driving demand for titanium
Record Defense spending ASX : FUN driving demand for titanium US Budget Authority - Total National Defense (US$m)1 ~100% increase F-22 Raptor ~39% titanium content For personal use only since 2021 1,600 V-35 Lightening II ~ 20% titanium content Air Force 1,200 Submarines - Large scale titanium faste
Slide 8: Future Demand of Humanoid Robots
Future Demand of Humanoid Robots Titanium is the backbone of high-performance humanoid robotics, particularly within the servos—the "joints" and "muscles" that drive movement. In these compact motors, For personal use only titanium is often considered irreplaceable, offering unrivaled strength-to-we
Slide 9: Metals Needed for Unlocking the Robot Revolution
Metals Needed for Unlocking the 200x times current 10,000,000,000 global annual titanium production Humanoid Robots Robot Revolution Note: current demand forecasts does not factor potential Humanoid market TITANIUM 200x MAGNETS 186x NdFeB LIITHIUM 14x GRAPHITE 13x For personal use only Elon Musk “10
Slide 10: Malawi: Exceptional Titanium Rutile Potential
Malawi ASX : FUN EXCEPTIONAL TITANIUM RUTILE POTENTIAL For personal use only Excellent Country Manager Cost advantage and scalability Geologist, engineers, environmental & Capital city of Lilongwe 30km to govt relations. Malawi - safe and stable project area accessed by bitumen jurisdiction roads &
Slide 11: Mkanda Malawi Titanium
Mkanda Malawi Titanium Major high grade rutile discovery over ~28km² - still open ASX : FUN Best results of*; 10m @ 1.66% rutile, (MHA0023) ended in 1.59% rutile mineralisation 10m @ 1.62% rutile (MHA0050) ended in 2.15% rutile mineralisation 10m @ 1.43% rutile (MHA0277) ended in 1.86% rutile minera
Slide 12: Mkanda Malawi Graphite
Mkanda Malawi Graphite ASX : FUN Major high grade graphite discovery & rare earths Best results of*; 6m @ 0.77% rutile, (MHA0049) with 4.93% TGC 10m @ 0.75% rutile, (MHA0007) with 4.16% TGC 10m @ 1.66% rutile, (MHA0023) with 2.74% TGC For personal use only 10m @ 1.62% rutile (MHA0050) with 2.34% TGC
Slide 13: Mkanda Malawi Titanium
Mkanda Malawi Titanium Multiple broader rutile anomalies that cover a total of approximately 52km² - with high grade core ~28km² Early stage exploration - asymmetric value with low discovery risk Scarce commodity (natural rutile high grade titanium feedstock) Tier-1 scale potential (globally signifi
Slide 14: The Kasiya Blueprint
The Kasiya Blueprint PROVEN VALUE CREATION IN MALAWI For personal use only The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimat
Slide 15: Workflow Achieved and Capital Structure
Workflow Achieved as of May 2026 ASX : FUN Acquisition announced High grade rutile discovery CAPITAL STRUCTURE September 2025 Market Cap (Undiluted) ($0.115)** ~$32.59M Expanded technical team to drive Site visit and setting up in- project through resource, feasibility Shares on Issue 283,412,271 Fo
Slide 16: Workflow Key Catalysts
Workflow Key Catalysts WORK STREAM & Q1 2026 Q2 2026 Q3 2026 Q4 2026 H1 2027 H2 2027 CATALYST Assays Hand Auger 2025 (Titanium, Graphite & HREE) For personal use only Bulk Metallurgical Sample Completed Exploration Target Completed In country Laboratory In Progress Bulk Met Sample Testwork In Progre
Slide 17: Board & Management
Board & Management Consultants ASX : FUN Assembling a mineral sands team that can deliver HILTON BANDA Country Manager Akatswiri Resources TOM LANGLEY Chief Executive Officer Geological consultancy with strong government and industry relations in Malawi Geologist 14 years in multi-commodity explorat
Slide 18: The Titanium Opportunity in Malawi
ASX : FUN May 2026 The Titanium Opportunity in Malawi For personal use only For more information Tom Langley Chief Executive Officer tom@fortunametals.com.au Peter Pawlowitsch Chairman Peter@gyoen.com.au
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