Slide 1: Transformative Acquisition: Anchoring the West's Battery Supply Chain
SO W GO O D INC . N A SD A Q : SO WG A T RAN S F O R M AT IV E AC QU ISI T I O N ANCHORING TH E WEST'S BATTERY SUPPLY CHAIN A cq u i s ition o f the Nachu Grap h it e Project, on e o f the larges t h ig h - p u ri t y n a tural flak e grap h it e depos i ts outs i d e C h ina. ~US$10 7M US$ 1 .2B A
Slide 2: Important Information: Disclaimers & Forward-Looking Statements
IMP O R T AN T I N F O R MA T I O N D i scl a imers & Forward - L o o k ing St a tem e nts G e n e r a l . T h is p rese n ta t ion h as b een p re p ar e d b y S o w G o od In c . (t h e “C o m p a n y”, “Sow G o o d ” or “SOWG”) solely for i n forma t ional pu r p oses in c o n n ect ion w ith t h
Slide 3: Disclaimers: Mineral Estimates and Technical Disclosure
IMP O R T AN T I N F O R MA T I O N D i scl a imers & Forward - L o o k ing St a tem e nts Mine r a l Est i m a tes a nd T ec h ni ca l D isc l osu r e . All mi n er al reso u rce, mi n er al re serve , p ro du c t ion, NP V 10 , I R R, capital c os t a n d o p era tin g c os t figu re s c it ed h e
Slide 4: The Opportunity
T H E O PP O R T UN IT Y A US $ 1.2B N P V 10 A s set fo r ~ U S$ 1 07M in Pa p er. TH E T R ANSAC TIO N S ow Good a cqu ires 100 % o f Ry zon' s Ta n z an ian su b sidia ries, whi c h h o l d t h e N a ch u Grap h ite P ro je c t. T h e Com p a n y re p o s itions as a c ritic a l m in e rals a n d
Slide 5: The Investment Case: Why This, Why Now
T H E I N V ESTME N T CA SE Why This , Why N ow. A Rare Asset at a Rare Price Re ported p os t - tax NPV 1 0 of ~US$1.2B an d 51% IRR fo r ~US$ 1 07M o f SO WG pap e r — an ~ 1 1 x i m pli e d di f fe r e ntial if con f ir me d unde r S - K 130 0.* World - Class Geology 174 Mt JOR C 2012 r es ource
Slide 6: The Value Gap
T H E VA L U E G A P S O W G OO D IN C . / N AS D AQ: S O WG 5 ~US$ 1 0 7 M In . US$ 1 .2B Rep o rted Value Out . * W H A T S O W GOOD P A Y S ~$1 0 7M A LL - ST OCK A UD$15 0M paid in SOW G com m on s tock, l es s any Ryzon ne t d e bt at compl e tion. ~334M Co ns id e ration S har e s at 1 0 - day
Slide 7: Industry Backdrop: Graphite
I N D U ST R Y BAC K DR O P G r a p hite. T he L a rg e st M at e rial in a Battery. 25 - 30% O F L I - I O N C E LL W E I GH T is s ph e r ical g r a ph ite u sed in t h e a n o d e — t h e si n g l e la r gest com p o n ent of a L i - ion b at t e r y b y mass. CR IT I C A L MI N E R A L I N U .S.
Slide 8: Critical Mineral Status
CR IT I C A L MI N E R A L ST A T U S E v ery We s tern Gover n me n t A gr e es. G r a p hite I s C rit ical. U .S. G E O L OGI C A L S U RV EY C R ITI C AL MINE R AL Natural graphite on e v e ry US G S Fin a l Lis t of Critica l Mine rals s ince 201 8 . Formall y d es ignated unde r the En e rgy A
Slide 9: Government as a Tailwind
GO V E RN ME N T A S A T A ILWI ND Wa s hin g ton Has Mov e d Fr o m Stu d ying the Pro b lem to F u n d ing the S o lut i o n . E X E C UTIVE ORD E R S 2017 EO 1381 7 Fede ral S tr a te g y on Cr i t i ca l M i ne rals Or de r e d a fe de ral st r at eg y to r e duce r e li a nce on f o r e i g n c
Slide 10: Demand-Side Mandates
DEMA N D - SID E MA N D A TES S o ur c ing Rules T h at F o rce E V B u yers Off China. ~70% C HINESE SH AR E OF GLO BA L N A TU RA L F L A KE G RA PHITE M I NE P R ODUC TIO N >95% C HINESE SH AR E OF GLO BA L SPHE R I CA L/CO A TED A NO D E P R O C ESSING CA P A C ITY U . S . Inflation Reduction Ac
Slide 11: Supply / Demand: A Structural Deficit
S U PP LY / D E MA N D A S truct u ral Deficit — And It ' s G r owin g . F OR E C A S T FL AKE GRA PHIT E SUPPL Y D EFI CIT B a l an ce o f o p er at i o n (t o nn es) — p r o bab le and h i gh l y p r o bab le U NME T F OR E C A S T D EM AND T O 204 0 C u m u l at i v e a dd i t i o nal s upp l y r
Slide 12: The Asset: Nachu Graphite Project
T H E A SSET Nac h u. A W o rl d - C l ass Fla k e G r a p hite Pr o ject. NACHU GRA PHIT E P R O J E C T Ruan g w a D is t r i ct , L i ndi Region, Sou t he r n T a nzania STATU S BFS COMPLETE Bank a ble Fe as i bil i ty St udy compl e ted (20 22, J ORC 201 2) ; all principal pe rmits se cur ed.* P
Slide 13: Location: Strategic Access, Existing Infrastructure
L O CA TI O N Strate gic Acc e ss. Existing Infrastru c ture. ~2 0 km from the to w n of R uang w a ~2 2 0 km se aled/u nse aled road to the d ee p - w at e r port of Mtwara ~3 0 km² Spe cial Mi ning Lice nce SM L 550 / 2015 ten eme nt ar e a WATER + G R ID Mb wem kuru Ri ve r s upply; national grid
Slide 14: Resources & Reserves
R ES OU RC E S & R ESE R V ES *So u rce: R yz o n A S X A nn o un ce m e nts 1 F eb 2016 ( res o u rce s ) a nd 27 S e p 2022 ( reser v es), p re pa red und er JORC C o d e 2012 — n o t S - K 1300; h ist o ri cal estim a tes n o t i nd e p e nd e nt l y v erifie d b y So w G oo d. S O W G OO D IN C
Slide 15: Differentiated Processing: 98.5%+ Purity
D IFFE R E N TI A TE D P RO C ESSI N G 9 8 .5%+ P urit y. No Chemic a l P u ri f icatio n . No chemi c al purific a tion 98.5 – 99.0% T G C c o nc e nt r ate fr o m fl otat i on alo ne — avo i d i n g HF a n d ca us t i c le ac hi ng . Lower thermal treatment <1,000 Σ C v s . tra d i t i o n al 2,00
Slide 16: Product Strategy: Three Flake Sizes
P RO D U C T ST RA TE GY T h ree Fla k e Siz e s. T h ree E n d - Mark e t Anc h ors. 9% O F OU TP U T SU P E R JUM B O ~2 3 ktpa SI Z E + 5 00 μ m , + 3 5 m esh P URI T Y u p t o 9 8 .5 % T G C KEY M A R KE T S Aero s p a c e, c om p os i t e s , nich e m arke t s 32% O F OUT P U T JUM B O ~7 5 ktp
Slide 17: Reported Project Economics
R EP O R TE D P ROJE C T E CONOMI C S P o te n tial N e a r - T e rm P a yb a c k . 5 1 % I R R .* P O ST - TA X NP V ₁₀ $1.2B at 10% di s count pe r Ryzon 2022 BF S U pdate I R R 51% Internal rate of r e turn pe r Ryzon I N IT I A L CA PE X $ 3 94M to fir s t production pe r Ryzon P A YBAC K ~ 19 m
Slide 18: Commercial Anchor: Binding Tier-1 EV Offtake
C OMM E R CI A L A N C HOR B i n d ing Tie r - 1 E V Of ftake I n Pla c e.* TIE R - 1 E V + ES S M AN UF AC TU R ER BINDING OF F TA K E Per Ry z o n , o n e o f the worl d ' s l a r g est E V ma nufa ct u rers an d a major c o nsume r o f g r aph ite fo r Li - i o n ba ttery p r o d u cti on . I F T
Slide 19: Permits & Fiscal Regime
PE R MITS & FI S CA L R E G IME Mining Lice n ce + 1 0 - Year T a x E x em p tion.* U r ane x T a n z an ia L t d ( U T L ) HOL D E R OF SPE CI A L MI N I N G LI C E N C E SM L 550/2015 Ŷ Ŷ Ŷ Na ch u m in e a n d ex t ra c t i o n pl a n t wi l l ope ra t e u n de r UTL S ML 5 50 / 2015 g ra n t ed
Slide 20: Path Forward: From Signing to First Production
P A T H F O R W AR D Fr o m Signin g T o First Pr o d u ctio n . 1 A P R 2026 AN N OUN CE 2 T A R G ETE D 2026 PRO XY & APPR O VAL S 3 POS T - A PP R O VA LS CL OSIN G 4 N E A R - TE R M S - K 1300 TRS 5 MI D - TE R M O FF TAK E & FID 6 B E YOND FID CO N ST RUCTI O N & F IRS T PRO DUCTI O N 1 . AN N
Slide 21: Transaction Structure: Key Terms of the Share Purchase Agreement
T R A N S A C TI O N ST R U C T U R E Key Term s of the S hare P u rc h ase Agre e me n t. ST R UC TU RE S O W GOO D INC . (NASDAQ : S O W G ) A cqu i ź res 100% T A R G E T S ( T AN Z A N I A N S UB S I D I AR I E S OF R Y Z O N ) URA NE X T AN Z AN IA LTD S p ec ial Mining Lice n c e SML 550/2015
Slide 22: Management Commentary: Voices on the Transaction
MA N A G EME N T C OMM E N T A R Y Voices o n the Tra n sa c tion. “ T oday m arks t he be ginni n g of S o w Good’s t ransf o r m a t ion in t o a critical m in era l s and ba t ter y ano d e co m pany. T he Nachu P roje c t i s , in o u r vi ew , one of t he p r e m i e r unde v el op e d graph i
Slide 23: The Combined Company: From Consumer Products to Critical Minerals
TH E C O M B INE D C O M PANY From Cons u mer Pr o du c ts to Cri tical Minerals. Primar y Focus: Nachu Graphite Adva n ce Nac h u t o ward F i n al I n ve st m ent Deci s i o n a n d c o n st r u ct i o n . Co m m i ss i o n an i n depend ent S - K 1300 t ech n i c al rep o rt s u m m ary as a nea
Slide 24: Key Risks: What Investors Should Weigh
K E Y R IS K S Wh a t I nv e stors S h o u ld Weig h . Technic a l Verification All Ryzon me trics are JO R C 2012 hi s torical e s ti m at e s ; S - K 1 3 00 v e ri f i c ation by an ind epende nt quali f i ed pe r son may di f fe r m at e rially from amo unts pr ese nted. Offtake R e - Confirmatio
Slide 25: Appendix: Cautionary Note Regarding Mineral Estimates
A PPE N DIX Cautio n ary Note Regar d ing Min e ral E stimates. G e n e ral . Th is p r ese n t a t ion c o n t ai n s r ef e r e n ce s t o mi n e ral r es o u r c e a n d mi n e ral r eser v e est i m a tes , ec o n omi c a n alys es , a n d o t h e r t ec hn i c al in format ion p r e p a r e d b
Slide 26: Appendix: JORC Code vs. S-K 1300
S A PPE N DIX JORC Code 20 1 2 vs. S - K 1 3 0 0 . Th e JOR C Co d e 2012 is a n inter na ti o na l l y rec o gn i z ed rep o rting c o d e r eq u ired fo r A u s tr a l ia n - l i s t e d c o mp an ies. As a n S E C reg i s tr a nt, S o w Go o d is req u ired to rep o rt mineral resource an d mi n
Slide 27: Let's Build the Western Supply Chain
SO W GOOD INC. LET'S BUILD TH E WESTERN SUPPLY CHAIN. NA S D AQ: SOWG B u il din g a Wes t er n - al i g n ed critic a l mine r al s a n d b a ttery suppl y c h ain.. CO NT A CT Sa m Goldberg Ch ief Ex ec u tive Off i c er, S o w Go o d In c . sg o l d b erg @ s o w g oo d i n c . c o m / www .s owg