Lion Rock Minerals Limited · ASX:LRM
Lion Rock Minerals — TZMI Congress 2025
34 slides from Lion Rock Minerals's conference presentation, Nov 12, 2025
Slide 1: From Discovery to Mineral Province in One Year
For personal use only Cameroon, West Central Africa M I N TA M O N A Z I T E & R U T I L E P ROJ E CT FROM DISCOVERY TO MINERAL PROVINCE IN ONE YEAR TZMI CONGRESS 2025 PRESENTATION ASX:LRM lionrockminerals.com.au ASX:LRM lionrockminerals.com.au 1
Slide 2: Important Notices
IMPORTANT NOTICES DISCLAIMERS COMPETENT PERSON’S STATEMENT – PREVIOUSLY RELEASED EXPLORATION RESULTS For personal use only This presentation contains certain statements which constitute “forward-looking statements”. These The information contained in this presentation that relates to Exploration Res
Slide 3: Minta Monazite & Rutile Project: Scale, High-Value Upside
MINTA MONAZITE & RUTILE PROJECT SCALE HIGH-VALUE UPSIDE For personal use only ~8,600km2 tenure Monazite Rare Earths with 5,000km2 currently indicating rutile prospectivity High-grade monazite with heavy In Cameroon, Central West Africa rare earths at Minta Est Strategic partner Direct access to road
Slide 4: From Acquisition to Mineral Province
FROM ACQUISITION TO MINERAL PROVINCE THE LION ROCK STORY IS JUST GETTING STARTED For personal use only OCT 2024 NOV 2024 FEB 2025 JUN 2025 JUN 2025 JUL 2025 AUG 2025 TZMI confirms Minta Reconnaissance Discovery: > 93% of TiO2 Discovery: Strategic premium-grade Acquisition program starts 4m @ 1.05% r
Slide 5: Minta Rare Earths & Rutile Project: Scale Rutile Discovery
MINTA RARE EARTHS & RUTILE PROJECT NIGERIA PROVINCE SCALE RUTILE DISCOVERY For personal use only Located in Cameroon, Central-West Africa Politically stable ,Commonwealth member, CAMEROON mining-friendly jurisdiction Large tenement package 8,600km2 of tenure, a rare large-scale rutile province Disco
Slide 6: What Is Titanium Used For
WHAT IS TITANIUM USED FOR For personal use only 8% Titanium 88% Metal TiO2 Pigment 4% Source: TZMI – NOT TO SCALE ASX:LRM lionrockminerals.com.au Welding 6
Slide 7: The Minta Est Project: High-Value Rare Earths
For personal use only T H E M I N TA E ST P ROJ ECT HIGH-VALUE RARE EARTHS ASX:LRM lionrockminerals.com.au 7
Slide 8: Price Differential: Rutile's Unique Value Proposition
PRICE DIFFERENTIAL RUTILE’S UNIQUE VALUE PROPOSITION For personal use only TITANIUM FEEDSTOCK PRICING BY GRADE (2024) Monazite $7000 / tonne 1,500 $1200 - $2000 / tonne NATURAL RUTILE US$ / TONNE FOB SYNTHETIC RUTILE 1,000 CHLORIDE SLAG SULFATE SLAG 500 CHLORIDE ILMENITE SULFATE ILMENITE $150 - $200
Slide 9: Rutile: Scarce, Green and Premium
For personal use only RUTILE SCARCE, GREEN AND PREMIUM ASX:LRM lionrockminerals.com.au 9
Slide 10: Minta Monazite & Rutile Project: First-Pass Results
MINTA MONAZITE & RUTILE PROJECT FIRST-PASS RESULTS Massive Scale For personal use only 12-month reconnaissance program, 750 holes completed • Holes at 1km x 10km • Hand auger – cheap, quick & effective 20km • Average depth of 4m ~5,000km2 explored - selected >1.5% HM for first-pass 20km assessment •
Slide 11: First-Pass Results
MINTA MONAZITE & RUTILE PROJECT NIGERIA FIRST-PASS RESULTS 76% of locations returned significant For personal use only rutile from first pass program Insitu grades of up to 2.2% total rutile Rutile assemblage up to 71% Averaging 0.8% rutile Average rutile Intercepts of assemblage of 22.8% 4.0m at 1.
Slide 12: Minta Est - Unique Geology
MINTA MONAZITE & RUTILE PROJECT MINTA EST - UNIQUE GEOLOGY For personal use only Underlying mica shist shedding rutile Later stage granite intrusion shedding monazite, zircon and xenotime Identified by use of thorium radiometrics, solid geology maps and ground truthing CeO2 used to target for monazi
Slide 13: Minta Est Results
THE MINTA EST PROSPECT MINTA EST RESULTS For personal use only Best concentration of rutile results to date – up to 2.2% insitu rutile Across an area of ~400km2 Hosting assemblage of high-value monazite and zircon alongside rutile 20km $1800 / tonne 21% Zircon 36% Monazite 17% Rutile 20km $7000 / to
Slide 14: Monazite-Enriched Granite at Minta Est
THE MINTA EST PROSPECT MONAZITE-ENRICHED GRANITE AT MINTA EST Scale of granite intrusion ~250km2 - source of monazite / xenotime For personal use only Prospective for high-value assemblage Monazite Zircon Rutile Sample Assemblage Assemblage Assemblage ID (%) (%) (%) ME22S01 18.0 7.7 17.7 ME22S02 25.
Slide 15: Monazite & Xenotime
THE MINTA EST PROSPECT MONAZITE & XENOTIME High-Value Light & Heavy Rare-Earths For personal use only NdPr up to 22.5%, DyTb up to 2.7%, Sm up to 3.1% - Strong magnet REE basket - Yttrium anomalism (1.2%) and sustained Heavy rare- earth tail indicative of xenotime - Xenotime typically hosts high-gra
Slide 16: $8.6 Million Placement and 5% Cornerstone Investment
+ For personal use only $8.6 million placement 5% cornerstone investment Global leader in mineral sands + 85% titanium vertical integration + Rutile provides low-cost, resilient source in supply chain + Actively pursuing expansion in monazite-derived rare earth value chain ASX:LRM lionrockminerals.c
Slide 17: 5% Strategic Partnership: Tronox Global Reach & Rare-Earths Focus
5% STRATEGIC PARTNERSHIP TROX TRONOX GLOBAL REACH & RARE-EARTHS FOCUS NYSE Tronox Corporate Chloride Pigment Sulfate Pigment $3.1B 6 2024 Continents For personal use only Mineral Sands Revenue Operational Offices % Employee Distribution 6 Mineral Sand $564M Mines 2024 Adj. EBITDA 8* TiO2 Pigment Pla
Slide 18: Poised to Scale. Ready to Deliver.
For personal use only P OT E N T I A L A H E A D POISED TO SCALE. READY TO DELIVER. Roadside stop at random location on Minta Project with the Tronox team targeting rutile and monazite. ASX:LRM lionrockminerals.com.au 18
Slide 19: Board and Management: From Discovery to Execution
BOARD AND MANAGEMENT FROM DISCOVERY TO EXECUTION Key Management Non-Executive Board For personal use only ROBERT BOSTON NON-EXECUTIVE CHAIRMAN 3.06b ▪ +20 years’ experience in the resource industry in legal, corporate Shares on issue1 and marketing roles with top tier law firms, BHP Billiton, Rio Ti
Slide 20: Next Steps: Consistent Newsflow on the Road to Mineral Resource Estimate
NEXT STEPS CONSISTENT NEWSFLOW ON THE ROAD TO MINERAL RESOURCE ESTIMATE For personal use only Activity Nov Dec Q1 ’26 Q2 ’26 H2 ‘26 Ongoing Rutile Results Infill drilling of priority targets Monazite & Xenotime targeting at Minta Est Maiden Mineral Resource Estimate ASX:LRM lionrockminerals.com.au 2
Slide 21: For More Information
For personal use only FOR MORE INFORMATION CASPER ADSON Chief Executive Officer admin@lionrockminerals.com.au ASX:LRM lionrockminerals.com.au 21
Slide 22: Appendix
For personal use only APPENDIX IMAGE: Drying of samples in Cameroon, ready for processing. ASX:LRM lionrockminerals.com.au 22
Slide 23: Rutile: A Scarce Commodity in a Big Market
RUTILE: A SCARCE COMMODITY IN A BIG MARKET Global Demand for Titanium Feedstock: 2020 - 2033 Global Rutile Supply: 2010 - 2033 For personal use only 0.8 12 10 0.6 TiO2 units (Mt) TiO2 units (Mt) 8 0.4 6 Years 4 0.2 2 Source: TZMI *Precedence Research - Titanium Market Size, Share, and Trends 2024 to
Slide 24: Oversize Rutile Mineralisation
OVERSIZE RUTILE MINERALISATION POTENTIAL TO SIGNIFICANTLY INCREASE RUTILE GRADES For personal use only Early test work has shown oversize rutile nuggets are easily processable, with no deleterious elements Not currently included in reported HM <1mm >1-2mm >2mm >10mm oversize oversize oversize Confir
Slide 25: Titanium Feedstock Processing Routes
TITANIUM FEEDSTOCK PROCESSING ROUTES RUTILE, THE MOST EFFICIENT ROUTE TO END-USE For personal use only ASX:LRM lionrockminerals.com.au 25
Slide 26: Rutile Supply Scarcity Drives Exploration into Unconventional Locations
THE MINTA RUTILE PROJECT RUTILE SUPPLY SCARCITY DRIVES EXPLORATION INTO UNCONVENTIONAL LOCATIONS For personal use only CAMEROON & MALAWI Residual Rutile Mineralisation Minta's mineralisation is hosted in soft, free-digging saprolite rock, from surface down, within a rutile- CAMEROON enriched, residu
Slide 27: Welcome to Cameroon
For personal use only W E LC O M E TO C A M E RO O N A STABLE, DEMOCRATIC NATION IN CENTRAL WEST AFRICA ASX:LRM lionrockminerals.com.au 27
Slide 28: Cameroon: Stable, Underexplored & Open for Business
CAMEROON STABLE, UNDEREXPLORED & OPEN FOR BUSINESS For personal use only Member of the Commonwealth with a modern mining code (adopted 2024) based on Western frameworks : ▪ 10% free carry to the state upon Mining License ▪ 20% VAT Recent mining license granted to Canyon Resources (ASX: CAY) (bauxite
Slide 29: Infrastructure
INFRASTRUCTURE POWER ROAD TRAIN PORT - ALL WITHIN REACH For personal use only ASX:LRM lionrockminerals.com.au 29
Slide 30: Cameroon: A Great Place to Operate
CAMEROON A GREAT PLACE TO OPERATE For personal use only ASX:LRM lionrockminerals.com.au 30
Slide 31: Other Projects
For personal use only OTHER PROJECTS ASX:LRM lionrockminerals.com.au 31
Slide 32: Other Projects: Cameroon Uranium
OTHER PROJECTS: CAMEROON URANIUM For personal use only KITONGO & LOLO URANIUM PROJECTS Location Cameroon, West Africa Combined Area Approximately 2,400 km² across six exploration permits Historical Exploration: ▪ Initially explored in the 1970s ▪ Kitongo and Lolo Projects acquired by Mega Uranium Lt
Slide 33: Other Projects: Australia
OTHER PROJECTS: AUSTRALIA For personal use only GREEN ROCKS PROJECT GREEN ROCKS PROJECT MINERALISATION Green Rocks Yendon Kaolin-REE Project (WA) Project (Victoria) Focus Focus YENDON PROJECT Gold and Copper High Purity Alumina (HPA), kaolin and rare earth elements (REEs) Source: Refer ASX announcem
Slide 34: Appendix 1: Table of References for Data
APPENDIX 1: TABLE OF REFERENCES Company Iluka Project Balranald Country Australia Reference https://www.iluka.com/media/acojfqzt/ore-reserves-and-mineral-resources-as-at-31-december-2024.pdf FOR DATA Sierra Rutile Sembehun Sierra Leone https://sierra-rutile.com/media/gozho5sg/sierra-rutile-full-year