Bayan Mining And Minerals Limited · ASX:BMM
Bayan Mining And Minerals — Investor Presentation (February 2026)
38 slides from Bayan Mining And Minerals's investor presentation, February 2026
Slide 1: Bayan Mining and Minerals Investor Presentation
Bayan Mining and Minerals Investor Presentation Figure: Mojave Desert, California ASX:BMM | February 2026 Bayan Mining and Minerals Limited | Investor Presentation | February 2026 | 1
Slide 2: Important Notice & Disclaimer
Important Notice & Disclaimer This document is confidential and may not be reproduced, redistributed or passed on, directly or indirectly. the date of this document. Certain statistical and other information included in this document is sourced from publicly available third party sources and has not
Slide 3: Corporate Information
Corporate Information 3 Bayan Mining and Minerals Limited | Investor Presentation | February 2026 | 3
Slide 4: Corporate Snapshot
Corporate Snapshot Capital Structure Board & Capital Structure Management Top 20 Shares on issue (as at 2 February 2026) 135,437,518 12,177,978 Shareholders 9% 62,805,066 Unlisted Options @ $0.30 (expiry 05/12/2026) 3,000,000 135m 46% Unlisted Options @ $0.40 (expiry 24/11/2028) 2,000,000 Shares on
Slide 5: Highly Experienced Team
Highly Experienced Team Strong Leadership, Technical and Commercial Experience Board of Directors Key Team Agha Shahzad Pervez, Non-Executive Chairman Nathan Kong, Chief Executive Officer An experienced mining executive with over 17 years’ experience spanning mine planning, feasibility studies and A
Slide 6: Portfolio of Strategic U.S. Assets and Technologies
Portfolio of Strategic U.S. Assets and Technologies The Right Metals. The Right Jurisdiction. Bayan Springs (Au, Ag) 4x Patents for REE processing technologies from the Colorado School of Mines Desert Star (REE) Exploration Project REE Technology Patents Bayan Mining and Minerals Limited | Investor
Slide 7: Desert Star Project & Rare Earths Processing Technologies
Desert Star Project & Rare Earths Processing Technologies Figure: Photo looking north-westerly toward outcropping metamorphic and felsic plutonic rocks at the Desert Star Project 7 Bayan Mining and Minerals Limited | Investor Presentation | February 2026 | 7
Slide 8: Desert Star Highlights
Desert Star Highlights Desert Star in the Mountain Pass District, California Bayan Mining and Minerals Ltd (BMM) has secured two packages of ‘Desert Star’ and land consisting of 117 federal lode claims across 9.75 km² in a ‘Desert Star North’ prospective rare earth elements (REE) corridor in Califor
Slide 9: Geology
Geology Desert Star Projects • Drill Ready: Drilling is targeted to commence in 2026 with approval from US Bureau of Land Management • REE-Prospective Terrain: Located in structurally uplifted Paleoproterozoic basement intruded by Mesoproterozoic alkaline and carbonatite bodies linked to REE mineral
Slide 10: Outstanding Geochemical Results
Outstanding Geochemical Results Desert Star Projects Outstanding REE Grades Identified: Initial reconnaissance sampling has returned outstanding Rare Earth Elements (‘REE’) assay at the Desert Star Project including4,5: Heavy Minerals Concentrate Samples 91,092 ppm TREO (Sample 19597) 14,935 ppm
Slide 11: Growing the Evidence Base
Growing the Evidence Base Integrated magnetics, gravity and 3D inversions tighten the target model Work completed • High-resolution airborne magnetics & gravity: District-calibrated magnetic and FALCON gravity datasets reprocessed and interpreted by technical advisor Bob Ellis (ex-Mountain Pass REE
Slide 12: Why Processing Technology Matters
Why Processing Technology Matters Processing Technology is the Key Value Lever • REE value is largely created after mining – in beneficiation, leaching and separation rather than at the pit. • Legacy bastnaesite flowsheets at Mountain Pass delivered ~50–60% theoretical REE recovery using a complex t
Slide 13: Colorado School of Mines (Mines)
Colorado School of Mines (Mines) • Public R1 research university focused on applied science and engineering, widely recognized as a premier institution in mining, metallurgy and applied earths sciences. • Founded in 1874, with research spanning the full critical-minerals value chain – exploration →
Slide 14: Positioned To Drive U.S. REE Dominance
Positioned To Drive U.S. REE Dominance Leadership for Desert Star & Mines IP BMM’s U.S. Technical Leadership Team Robert (Bob) Ellis Consultant / Technical Advisor – Geophysics & Targeting Over 40 years’ experience in exploration geophysics, including more than 15 years with Molycorp Inc., where he
Slide 15: From Ore to High-Value Products
From Ore to High-Value Products REE Leach Recovery Improvement Legacy Flowsheet: Mines single-stage: ~50–60% ~90%+ High-Value REE Products Beneficiation – Gravity + Floatation Leaching – Single-Stage Yttrium & Heavy REE Upgrade • High purity REE Recovers more and higher- – IDA Resin products quality
Slide 16: Patent 1 – Advanced Systems and Methods for Leaching Rare Earths from Ore
Patent 1 – Advanced Systems and Methods for Leaching Rare Earths from Ore What it is Single-stage hydrochloric acid leach for bastnaesite concentrates Replaces legacy two-stage flowsheet (high-T HCl leach + caustic crack) For Desert Star, this offers: Developed and tested on Mountain Pass • Higher r
Slide 17: Patent 2 – Beneficiation of REE by Flotation & Gravity Concentration
Patent 2 – Beneficiation of REE by Flotation & Gravity Concentration What it is Integrated gravity + flotation flowsheet for bastnaesite ores Uses centrifugal gravity concentrators on ultra-fine bastnaesite + calcite concentrates Benefits for BMM: • Better carbonate (calcite) rejection Demonstrated
Slide 18: Patent 3 – Yttrium Upgrade Using IDA Functionalised Resin
Patent 3 – Yttrium Upgrade Using IDA Functionalised Resin What it is Iminodiacetic acid (IDA) functionalised ion-exchange resin Enabling: Designed for “selective exclusion” – avoids loading • Upgrading yttrium (and selected REEs) certain REEs to achieve separation in mixed REE in fewer steps, using
Slide 19: Patent 4 – Beneficiation of Rare Earth Elements Bearing Ancylite
Patent 4 – Beneficiation of Rare Earth Elements Bearing Ancylite What it is Flowsheet for ancylite-bearing, strontium rare earth carbonate ores and similar mineralogy. Uses hydroxamic-acid flotation (e.g. octanohydroxamic acid) with optional magnetic separation to selectively upgrade ancylite. Impro
Slide 20: Why the U.S. – Mining & Policy Tailwinds
Why the U.S. – Mining & Policy Tailwinds Exceptional infrastructure and a mining-friendly environment for project development Pro-Mining & Existing REE Infrastructure & Work Strategic Policy Capital Deployment Production Force Environment California’s Mojave Desert Access to grid power, interstate U
Slide 21: Bayan's Fit with U.S. Critical Minerals Strategy
Bayan’s Fit with U.S. Critical Minerals Strategy Desert Star + Mines patent suite aligned with U.S. “mine-to-magnet” goals. Policy Foundation Executive Order 13817 (2017) and subsequent federal initiatives formally designate critical minerals and rare earth elements as strategic assets and set U.S.
Slide 22: From Lab to Plant – Development Roadmap
From Lab to Plant – Development Roadmap Phase 1 Phase 2 – Bench Phase 3 – Pilot Build and Phase 4/5 – Studies → Partnering and Set up validation Trials Permitting → Construction: • Finalise exclusive IP licence • Optimise beneficiation • Procure/construct pilot units • Launch full permitting; delive
Slide 23: Key Takeaways
Key Takeaways • Integrated Mines patent suite covering beneficiation, bastnaesite leaching, resin-based 4 Patents separation and ancylite flowsheets, exclusively licensed to Bayan. • The patented bastnaesite leach flowsheet is designed to lift theoretical REE recovery from ~50–60% → ~90% ~50–60% to
Slide 24: Growing Industrial Demand for Rare Earths
Growing Industrial Demand for Rare Earths Rare earths essential in multiple high growth applications 4.5kg Rare Earth Demand by Application (REO tonnes) Electric / Hybrid Vehicles of REE in each hybrid Vehicle 291,142 CAGR: 3.7% Conventional Vehicles 32,545 21,534 Wind Turbines 200kg of REE per wind
Slide 25: The REE Supply Chain
The REE Supply Chain Increasing investment to create a Western supply chain RoW EU RoW EU India EU Japan Australia 7% Japan 1% Malaysia 1% 1% 1% 1% 5% 9% 7% 11% Myanmar 11% China Finished Permanent China Mining Processing China China 60% 91% REE Metals 87% Magnets 94% USA 13% Investment in REE Inves
Slide 26: Nevada Projects
Nevada Projects Bayan Springs Projects Figure: Nevada, USA 26 Bayan Mining and Minerals Limited | Investor Presentation | February 2026 | 26
Slide 27: Location Overview
Location Overview First class geology and proximity to infrastructure Project located in the prolific Carlin Trend, Historic mining one of the world’s most productive locations region for significant gold and silver discoveries The region’s geology is marked by extensive epithermal systems and favou
Slide 28: Project Highlights
Project Highlights Indicators underscore potential for hosting high-value projects across its sites Nevada Historic Near multiple Gold exposure mining strength mining region major projects Projects staked and Nevada is a well- Tenements are part of Proximity to established acquired against a establi
Slide 29: Bayan Springs Project
Bayan Springs Project Strong results from the first reconnaissance campaign Project adjacent to Sun Silver’s (ASX:SS1) Maverick Bayan Springs Springs Project, with a JORC Inferred Resource of ~195.7 North (Ag, Au) million tonnes at 67.25 g/t silver equivalent, contained 423.2 million ounces Ag Eq1 P
Slide 30: Bayan Springs Geology
Bayan Springs Geology NW-trending structural corridor in the Carlin Trend • Tier-1 Carlin Setting: Bayan Springs South sits within NE Nevada’s prolific Carlin Trend, ~10 km north of Kinross’ Bald Mountain Mine and east of the historic Bellview Au–Ag–Pb deposit, in a well-established mining corridor
Slide 31: Geochemical Results
Geochemical Results Coherent gold + pathfinder footprint across East & South Zones (Phase Two) • Rock Chips: up to 8.25 g/t Au (East) and 0.664 g/t Au (South). • Soils: 147 samples define coherent anomalies to 0.311 g/t Au with multiple >0.10 g/t Au. • Pathfinders: As >250 ppm, Sb to 96.2 ppm, Tl &
Slide 32: Growing the Evidence Base
Growing the Evidence Base CSAMT imaging de-risks drilling by mapping alteration corridors + feeder structures Work completed • CSAMT program: eight E–W lines across East & South Zones; acquisition ~12 days, reporting within ~10 days; executed by KLM Geoscience with interpretation by Technical Adviso
Slide 33: Drill Targeting
Drill Targeting Three priority targets defined — Southern | Western | Eastern Southern Target (core focus) • Broad coherent CSAMT anomaly interpreted as an alteration corridor along NNW trend with NE structures; expected to receive majority of Phase 1 drilling metres. Western Target (structural sadd
Slide 34: Gold Market Rationale - Price and Volume
Gold Market Rationale - Price and Volume Consistent gold demand driving gold price increases Au (LHS) and Ag (RHS) Spot Price (USD/oz) Gold Demand (Moz) 6,000 US$5,293/oz Au 120 US$112/oz Ag 5,000 5,000 100 4,500 1,080 Significant price increases related to demand for 4,000 1,050 1,086 450 4,000 inv
Slide 35: Ontario and Quebec Projects
Ontario and Quebec Projects 35 Bayan Mining and Minerals Limited | Investor Presentation | February 2026 | 35
Slide 36: Ontario Projects
Ontario Projects The portfolio comprising Arrel and Portfolio of highly Barbara Lake exploration projects prospective ground covering 45.1km2 of highly prospective for lithium ground for lithium1 Portfolio is in a world-class lithium World-class jurisdiction in the Thunder Bay North jurisdiction Min
Slide 37: Quebec Projects
Quebec Projects ~21km2 of claims, 100% owned by BMM Established mining located in the centre of the La Grande region Greenstone Belt in the James Bay Region of Quebec1 The Corvette North and Corvette Northwest Projects are located approximately 10 km north of Patriot Battery Metals' Corvette Proximi
Slide 38: For further information, please contact:
For further information, please contact: Nathan Kong Chief Executive Officer Tel: +61 8 6188 8181 E: nathan.kong@bayanminerals.com.au Fadi Diab Non-Executive Director E: fadi.diab@bayanminerals.com.au Figure: Mojave Desert, California Bayan Mining and Minerals Limited | Investor Presentation | Febru
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