Century Global Commodities Corporation · TSX:CNT
Century Global Commodities — Investor Presentation (December 2025)
37 slides from Century Global Commodities's investor presentation, December 2025
Slide 1: Corporate Presentation – December 2025
Corporate Presentation – December 2025 C E N T U RY G L O BA L C O M M O D I T I E S C O R P O R AT I O N
Slide 2: Forward Looking Statement
Forward Looking Statement Except for statements of historical fact, this presentation contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “project”; “intend”, “believe”, “anti
Slide 3: Content
Content Corporate Highlights The Joyce Lake DSO Project Other Iron Ore Projects 3
Slide 4: Corporate Highlights
oO Corporate Highlights A 4X CENTURYGL@BAL
Slide 5: Decades of Canadian Iron Ore Development Track Record
2 Decades of Canadian Iron Ore Development Track Record 2005 (Bloom Lake) 2008 (Champion) 2011 (CNT IPO . . . ➔ 20Bt Fe) 2015 (Joyce BFS) 2022 (Update of BFS) 2026 (continuing EA) Joyce Lake + ▪ ~15% holding in CLM ▪ Founded Century to invest ~10% ▪ Century (CNT) went public in 2011 on ▪ Completed B
Slide 6: Total Multi-billion tonne Iron Project Value ~$5.3B
Total Mult-billion tonne Iron Project Value ~$5.3B 3 Most Advanced Projects at BFS or PEA stages High-volume Full Moon PEA: IRR 15%, NPV C$5.8B (pretax) Joyce Lake @ BFS (NI 43-101, 2022) (1) Pre-tax NPV8% C$357.2M Post-tax NPV8% C$184.6M Pre-tax/Post-tax IRR 27.72% / 20.01% Pre-/Post-tax Payback (y
Slide 7: Financial Highlights
Financial Highlights Share Structure (@ Feb 5, 2026) Financial Highlights – Dec 31, 2025 C$ M Directors, officers & major shareholder 49.1% (19.6%) & MinMetals (3.9%) 23.5% Cash 2.2 Other key shareholders 13.1% Public shareholders 14.3% Receivables, Prepaids, Inventories 5.8 Total 100% Trade Payable
Slide 8: Century Global: A Compelling Iron Ore Story
Century Global: A Compelling Iron Ore Story A near term production Joyce Lake DSO Project at BFS (with EIS under IAAC technical review) in a strong iron ore market at a market cap ~$4.1M with working capital* of $5.2M Joyce Lake is a high-grade low-cost (US$47.1/t FOB and $270.4M or $15/t capex); ca
Slide 9: Directors, Advisors and Management
Directors, Advisors and Management Sandy Chim, MBA, CA, CPA Dwight Ball Jionghui Wang, AusIMM Chair & CEO, | director of ASX, TSXV, AIM, Chief Technical Expert, China Minmetals Corp. | Vice-Chair | 13th former Premier of HKEx cos.| early shareholder of Champion, Former Chairman of Minmetals Exp. & D
Slide 10: The Joyce Lake Project
The Joyce Lake Project Simple bite size low capex intensity (US$11/t) quarry project of 2.5Mtpa output in a favourable cycle with a definitive study completed in December 2022 10
Slide 11: Green Features of the Joyce Project
Green Features of the Joyce Project (1) On-site, dry crushing-and-screening of ~60% iron (2) No Mine-site Tailings or Impoundment content ore which requires only a small plant using minimal power Joyce is not used for tailings impoundment Joyce (2) Similarly, ore concentration is unnecessary, and an
Slide 12: The Future of Canadian Iron Ore in a Decarbonizing World
The future of Canadian Iron Ore in a Decarbonizing World ~$450M New Development Investment 2 Labrador DRI Projects ▪ Two global majors that produce Vale invests in Iron Bear (➔75%) ~C$200M iron ore and steel have selected Canada as a future source of the Developing Direct ▪ Cyclone Metals Limited (A
Slide 13: Joyce 2022 Feasibility Key Parameters
Joyce 2022 Feasibility Key Parameters Definitive Feasibility Study Highlights Schefferville, Labrador Trough 24Mt M&I resources @~59% Fe + inferred of 0.83Mt 24Mt+ @>62 % Fe (1) 1 17.4Mt @~60% Fe reserves (2) (3) Joyce Annual production of ~1/3 lump & ~2/3 fines for 7+ yrs 2.5Mtpa (~5 yrs > Fe 61%,
Slide 14: Feasibility Study Resources and Reserves
Feasibility Study Resources and Reserves Joyce Lake open pit deposit Joyce Lake Joyce Lake Mineral Resources (1) 17.4Mt ~60% Fe reserve Cut-off Category Fe Tonnes Fe SiO2 Al2O3 Mn Tata Measured & Kawawachikamach 50% Fe1 23,970,000 58.63% 13.22% 0.54% 0.75% Indicated Matimekush Inferred 50% Fe1 830,0
Slide 15: Quarrying with Dry Crush/Screen (Non-winter months only)
Quarrying with Dry Crush/Screen (Non-winter months only) 1. Simple quarry style dry crushing and screening during non- 1 winter months to produce lump and fines 2. Fines are transported during non-winter months 3. Lump is dried from 4% to 2% moisture and stockpiled at site during non-winter months a
Slide 16: Simple 2.5Mtpa Quarry Operation: Opex FOB = ~US$47/t
Simple 2.5Mtpa Quarry Operation: Opex FOB = ~US$47/t Dry crushing & screening with lump dried in summer to enable all-year transportation Mining & Crushing / Screening / G&A = US$21.36/dmt Mining: US$11.9/dmt Crush & screen: US$3.55/dmt G&A: US$5.91/dmt Sinter Fines Lump Ore Open-Pit Mining Crush &
Slide 17: Joyce 2022 Feasibility Economics Summary
Joyce 2022 Feasibility Economics Summary Subtotals Subtotals Product Operating Cost US$/dmt C$/dmt Initial Capital Cost US$M C$M (US$M) (C$M) Mining $ 11.90 $ 15.46 Mine & Plant Crushing Plant $ 2.86 $ 3.72 Mine Preparation $ 15.90 $ 20.65 Drying Plant $ 0.69 $ 0.89 Processing Plant $ 9.71 $ 45.87 $
Slide 18: Joyce (DFS) - Kami (PFS) KPI Comparison
Joyce (DFS) - Kami (PFS) KPI Comparison Joyce (JDI/Century Global) Kami (Champion Iron) (1) (2) 3-year trailing average 3-year trailing average price (1) (3) Fixed base Price Scenario (1) (4) C$M (/t) US$M (/t) C$M (/t) US$M (/t) C$M (/t) US$M (/t) Feasibility study issued December 2022 March 2024 R
Slide 19: Complete Transportation Infrastructure
Complete Transportation Infrastructure Capesize bulk carrier accessible ports available to ship to seaborne markets Rail Port of Sept Iles Tsh (TSH) ▪ 2 deep-water year-round ports at Sept-Iles iueti ▪ 597 km rail operated by common carriers connected to Joyce for shipping to China & Europe n Rail (
Slide 20: Projected Joyce Project Development Timeline
Projected Joyce Project Development Timeline Year ✓ Major Milestones - Achieved Year ➢ Milestones to Complete - Projected 2008 ✓ Joyce Lake deposit discovered 2025 ➢ IAAC transitioned the Joyce Project from CEA-2012 to be under IAA-2019 legislation, with JDI now waiting for IAAC 2013 ✓ Project regis
Slide 21: Promising DSO Resource Expansion Targets
Promising DSO Resource Expansion Targets Target Substantive Exploration Work Summary Lac Sans Chef ▪ 1400 m x 600m mineralization zone 10 km NW of Joyce ▪ Lac Sans Chef with massive hematite outcrops; TFe > 62% ▪ Sub-synclinal closure with strong gravity anomalies as o 10Km north of Joyce Joyce ▪ 20
Slide 22: Century's Other Iron Ore Projects
Century’s Other Iron Ore Projects Multi-billion tonne advanced projects at preliminary economic assessment stage in the same region for future expansion 22
Slide 23: World-class Multi-Billion-Tonne Advanced Canadian Iron Projects
World-class Multi-Billion-Tonne Advanced Canadian Iron Projects Ranging from BFS to PEAs (short and long-term development) ~C$100M invested High-volume Full Moon PEA: Flagship high-grade Joyce Lake BFS: High-volume Duncan Lake PEA: IRR 15%, NPV C$5.8B (pretax) IRR 27.7%, NPV C$357M (pretax) IRR 20%,
Slide 24: World-class multi-billion tonne iron ore resources
World-class multi-billion tonne iron ore resources Item DSO Taconite Magnetite Total Joyce Black Bird Full Moon1 Hayot Duncan1 Total Century’s ownership 89.7% 100% 100% 100% 68% Most Recent Report BFS Resource PEA Resource PEA 17.4 Mt P&P2 reserves (Fe %) - - - - 17.4 Mt (59.94%) 24.0 Mt3 M&I2 resou
Slide 25: Counter-cyclical food distribution business unit with ten years of growth
Counter-cyclical food distribution business unit with ten years of growth from start-up at 20+% GP generating ~HK$6M (>C$1M) monthly sales achieving $429K segment profit YTD Solid growing food marketing business focusing on brand-marketing quality meat and egg products from Europe and Australia to H
Slide 26: Value Fundamentals of Century
Value Fundamentals of Century (1) Large gap between the sum of the parts & a market cap of $4.1M $185M post-tax NPV8% in feasibility study at a post-tax NPV Joyce Lake DSO project at BFS High-grade / low cost price of US$124.95/t 62% (Feb 21 – Jan 26 average at ~US$122/t.) $185M @US$124.95/t Fe 62%
Slide 27: An Award-Winning Team and Project
An Award-Winning Team and Project 2014 2014 2016 Gold Business Excellence Silver Award in Professional, Explorer of the Year Award Scientific and Technical Services Canadian Institute of Mining Newfoundland Branch George Ogilvie, President of Rt. Hon. Jean Chrétien EVP Peter Jones receiving CIM - Ne
Slide 28: Global Seaborne Iron Ore Market
Global Seaborne Iron Ore Market 28
Slide 29: Current Global Seaborne Iron Ore Market
Current Global Seaborne Iron Ore Market US$ 5-Year Iron Ore Seaborne Market Trend 240 TSI Fe 62% Daily Spot Price (US$) CFR China Trend (5 Years to Jan 2026) 210 5 years average US$/t Feb 2021 – Jan 2026 122.08 180 150 120 90 60 Closing Price Feb 5, 2026: US$100.99 30 TSI Fe 62% Spot Price CFR China
Slide 30: Seaborne Iron Ore Market since Inception (2009)
Seaborne Iron Ore Market since Inception (2009) Stable China demand (>1Btpa) under tight oligopolistic supply (>1Btpa) sustained LT Ave. US$103-123/t 240 210 180 US$100.99/t Feb 6, 2026 spot 150 120 Cyc le trend-b and 90 60 Joyce Lake feasibility study FOB cash cost US$47.2/t 30 Iron Ore Seaborne Ma
Slide 31: Steel Demand underpinned by Strong Economic Fundamentals
Steel Demand underpinned by Strong Economic Fundamentals China contributes 21% global GDP growth > G7 (20%) & USA (12%) in 2024-2029 (IMF, April 2024) 2,000,000 China’s iron ore import grew from 3.5% of 80% IMF World Economic Growth 77.50% 2023 2024 2025 (April 2024 in %) world (14Mtpa in 1989) to >
Slide 32: An Effective Oligopoly
An Effective Oligopoly 4 Major Producers Supplying ~70% of the Market occupying the first 3 quartiles of the cost curve $30,000 $26,940 1,146,252 1,145,964 1,107,011 1,164,974 1,200,000 840,168 1,106,906 1,067,496 1,092,728 1,057,980 1,094,243 795,792 1,043,153 $25,000 1,000,000 Big 3 Big 4 $21,801
Slide 33: New normal price levels in a sellers' (oligopolistic) market
New normal price levels in a sellers’ (oligopolistic) market where demand has all the time remained stable & strong ➔ Demand grew steadily during the Combined Big 4 Annual Production vs Chinese Steel Output and Iron Ore Spot Price CFR China (1990, 2000, 2006, 2011-2024) bottom after a short pause $1
Slide 34: Price collapsed at the bottom on supply expansions (NOT demand)
Price collapsed at the bottom on supply expansions (NOT demand), but it increases rapidly even when the oligopolistic structure stabilized and supply and demand is rather balanced . . . The basic advantages of concentrated Combined Big 4 Annual Production vs Chinese Steel Output upstream supply: and
Slide 35: Big 4's FOB cash cost are very competitive ~US$16-30/t
Big 4’s FOB cash cost are very competitive ~US$16-30/t . . . Delivering great EBITDA on flat shipments paying record dividends. . . No reason for expansion Annual Cash Cost US$/t (FOB) (2011-2024) Total Big 4 Volume vs EBITDA (2011-2024) Total Big 4 Dividends (2011-2024) Total Big 4 Dividend Payout
Slide 36: Big 4 Valuation Metrics
Big 4 Valuation Metrics High dividend yield (~3-9%) from exceptional profits from iron ore operations contribute to current market capitalizations of the Big 4 (2) (1) Iron Ore Dividend Market Cap (in billions) Big 4 Stock Price PE Ratio Sale (Mtpa) Yield (%) A$/BRL US$ Rio Tinto (RIO:AX) A$149.98 2
Slide 37: China's Iron Ore Demand Remains Stable
China’s Iron Ore Demand Remains Stable 2024 Global Seaborne Iron Ore 2024 Global Seaborne Iron Ore 2024 Iron Ore Consumed in Supply/Export = 1,600Mt Demand/Import = 1,600Mt China = 1,520Mt Domestic Ex-Big 4 Ex-China import Supply 499.41 360 Mt 280Mt Mt 31.2% 22.5% 18.4% Big 4 China's iron ore China'
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