Future Metals Nl · ASX:FME
Future Metals Nl — Technical Presentation (December 2023)
24 slides from Future Metals Nl's technical presentation, Dec 7, 2023
Slide 1: Panton Scoping Study Presentation
Panton Scoping Study Presentation Building a long-life, globally significant PGM operation Investor Presentation | December 2023
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: Investment Highlights
Investment Highlights Panton is now on track to become a long life, globally significant PGM operation Panton has potential to become one of the top PGM producers in the western world Near-term development opportunity leveraging >A$50m investment, technically de-risked and on granted Mining Leases C
Slide 4: Project Overview
Project Overview High-grade, scalable deposit to underpin long-life, low capital planned operations: Highest grade o 37.2Mt @ 3.3 g/t PdEq1 for 3.9Moz (Reef & High Grade Dunite - focus of Scoping Study), PGM Resource including: in Australia o Reef deposit of 10.8Mt @ 7.0g/t PdEq1 for 2.4Moz Tota
Slide 5: Strategic Location and Infrastructure
Strategic Location and Infrastructure A well serviced and active mining region Port Facilities Hydropower Multiple Mining (~3 hrs trucking Operations from Panton) DECEMBER 2023 | INVESTOR PRESENTATION Sealed Airstrip Great Northern Highway 5
Slide 6: Scoping Study Highlights - Robust Project Economics
Scoping Study Highlights4 - Robust Project Economics Panton delivers operating margin in all phases of the PGM price cycle and is highly leveraged toward a PGM price rebound 5yr Avg PGM Price Valuation Scenarios Base Case Case NPV8 (pre-tax / post) A$250M / 153 A$477m / 311 IRR (pre-tax / post) 26%
Slide 7: Western world PGM Projects
Western world PGM Projects PGM supply ex-South Africa and Russia is dominated by diversified majors ~85% of PGM production derived from high sovereign risk jurisdictions (Sth Africa, Russia & Zimbabwe) Other study-stage projects are large and low grade, with significant capital and permitting re
Slide 8: PGM Cost Curve Analysis
PGM Cost Curve Analysis Projected 2nd quartile AISC demonstrates Panton’s ability generate operating margin through the price cycle Current PGM basket price deep into the cost curve (~35% of mines loss making) - not sustainable Supply cuts underway and likely to drive strong price rebound Pant
Slide 9: Processing & Marketing Overview
Processing & Marketing Overview Panton flowsheet built on >200 batch scale flotation tests and pilot scale flotation and leaching testwork Scoping Study Recovery Assumptions Conventional crush, grind and flotation to produce PGM concentrate from Reef Dunite Total separate trains for Reef & Dunite
Slide 10: 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 11: 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 12: Mining Overview
Mining Overview Open Pit and Underground Mine Design Open pit mining will commence during plant construction ahead of transitioning to Portals Starter Pits underground mining Underground mining will be mechanised, capitalising on productivity and ability of world- class Western Australian mining
Slide 13: Development Timeline and Forward Work Programme
Development Timeline and Forward Work Programme FID Production The Company plans to 2024 2025 2026 2027 progress Panton swiftly PFS FS through the feasibility and FEED Studies and design stages in order to be DECEMBER 2023 | INVESTOR PRESENTATION Development Construction production-ready for the Pre
Slide 14: 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 15: Opportunities: Regional Exploration
Opportunities: Regional Exploration Significant Ni-Cu-PGM discovery potential within trucking distance of Panton to complement development plans East Kimberley has frontier discovery potential Future Metals’ holds 176km2 granted tenement package IGO Ltd has consolidated a 15,255km2 land positi
Slide 16: Why Invest in Future Metals?
Why Invest in Future Metals? Scoping Study demonstrates compelling project economics ‐ Globally significant PGM production ‐ Projected 2nd quartile All-In Sustaining Costs ‐ Significant free cash flow generation potential ‐ Potential multi-decade life ‐ Low capital intensity Near-term development po
Slide 17: Corporate Overview
Corporate Overview Share Price Chart | ASX and AIM FME $22.1M $0.08 $0.07 10,000,000 10,000,000 ASX | AIM Code Market Cap $0.07 9,000,000 9,000,000 $0.06 8,000,000 8,000,000 $0.06 5.1 cents $20.5M $1.6M 7,000,000 $0.05 7,000,000 $0.05 DECEMBER 2023 | INVESTOR PRESENTATION 6,000,000 6,000,000 Share P
Slide 18: Board & Management
Board & Management BOARD OF DIRECTORS MANAGEMENT TEAM Patrick Walta (Executive Chairman) Jardee Kininmonth (Managing Director and CEO) • Qualified metallurgist and mineral economist. Most recently Managing • Experienced corporate finance and mining professional Director of New Century Resources Ltd
Slide 19: PGM Macro Environment
PGM Macro Environment PGM Supply Platinum Supply By Country (2022) Palladium Supply By Country (2022) Global PGM supply dominated by Sth Africa, Russia and Zimbabwe (~85%) Sth African operations predominately 4th quartile on the cost curve with aging infrastructure & deep mines Russian supply
Slide 20: Chromite Concentrate Market
Chromite Concentrate Market Chromite Concentrate Price Chart (40-42% Cr2O3, South African) Stainless Steel Demand Driven Market Metallurgical chrome ore is the predominant form of global US$/t Total Chrome Ore Inventory at China Ports Chrome Concentrate 40-42% CIF(US$/t) Mt 350 4.5 production (Sou
Slide 21: Delivering Value Through Sustainable Development
Delivering Value Through Sustainable Development Future Metals is committed to growing value for shareholders while maintaining high ESG standards Creating a positive case study for Environmental stewardship community engagement in the East Minimise impact where possible; from Kimberley exploratio
Slide 22: 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 1 Pd Pt Au PGM3E Ni Cr2O3 PdEq Cu Co Pd Pt Au PGM3E Ni Cr2O3 P
Slide 23: 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 anno
Slide 24: Peer Benchmarking References
Peer Benchmarking References Peer Benchmarking References - Study-Stage PGM Projects Project Company Study Stage Release Date Source Gonneville Chalice Scoping 29 August 2023 Gonneville Nickel-Copper-PGE Project Scoping Study Marathon Generation Mining Feasibility 31 March 2023 Marathon 2023 Feasibi
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