Slide 1: Developing the Highly Strategic Wuudagu Bauxite Project
DEVELOPING THE HIGHLY STRATEGIC WUUDAGU BAUXITE PROJECT CORPORATE PRESENTATION MARCH 2026
Slide 2: Important Notice
Important Notice Information Purposes Only This presentation has been prepared and issued by VBX Limited (“VBX” or the “Company”) to provide general information about the Company. The information in this document is in summary form and should not be relied upon as a complete and accurate representat
Slide 3: Acknowledgement of Country
Acknowledgement of Country We acknowledge the traditional owners of the land and sea which make up the Wuudagu and Takapinga project areas, and recognise their continuing connection to land, water and culture. We value and appreciate the strong relationships we have developed at Wuudagu and intend t
Slide 4: Executive Summary
Executive Summary • 100% interest in the Wuudagu Bauxite Project in Western Australia Highly Strategic • Favourable location, logistics and product quality Project • Targeting completion of DFS and financing in mid 2026, approvals and first production in 2027 • Aluminium is a key metal that is criti
Slide 5: Company Overview
COMPANY OVERVIEW
Slide 6: Company Overview
Company Overview Tight capital structure and significant board and management investment • Established in 2013, based in Perth, Australia BOARD OF DIRECTORS Name Role • Listed on the ASX in June 2025 George Lloyd Non-Exec Chair • Focussed on the development of bauxite export Ryan de Franck Managing
Slide 7: Board and Management
Board and Management Experienced and motivated team in place to deliver Wuudagu into production George Lloyd Ryan de Franck Vivienne Powe Richard de Franck NON-EXEC CHAIR MANAGING DIRECTOR NON-EXEC DIRECTOR NON-EXEC DIRECTOR Over 40 years of resource industry and Over 20 years of resource industry O
Slide 8: Socially and Environmentally Responsible
Socially and Environmentally Responsible Traditional Owner engagement and participation is a core value of the company • Working with Wunambal Gaambera at Wuudagu since 2016 Kalumburu (2021 census) • Seeking to have a positive impact on the local community that lasts 388 well beyond our on-site pres
Slide 9: Wuudagu Bauxite Project
Sa @vBx ~ WUUDAGU BAUXITE PROJECT se
Slide 10: Wuudagu Bauxite Project
Wuudagu Bauxite Project Near term bauxite export operation producing an attractive low silica product • 100% owned by VBX WUUDAGU PROJECT LAYOUT • Key product grade and logistical advantages • PFS (2025) on Wuudagu C Deposit only CAPE 11 KM - 63Mt Indicated Resource, 10 year life PANAMAX TRANSHIPPIN
Slide 11: Project Development Concept
Project Development Concept Standard operating methods to deliver a structural cost advantage 1 2 3 Surface Mining Beneficiation Staged Rehabilitation Flat orebody, low strip ratio Low silica content product Minimising environmental impact 6 5 4 Transhipment Marine Loading Road Haulage ~10km to load
Slide 12: Attractive Wuudagu Product Grade
Attractive Wuudagu Product Grade Low silica content and high alumina to silica ratio desirable to end users 20 ATTRACTIVE TO CBIX1 Benchmark – 5% Guinean END USERS Bauxite Index1 Avg. Wuudagu PFS Product Grade 15 45.4% Al2O3 & 3.6% SiO2 Alumina to Silica Ratio Wuudagu CBIX1 Benchmark – 10x 10 Austra
Slide 13: Industry Leading Cost Curve Position
Industry Leading Cost Curve Position Product quality and efficient logistics provide structural cost advantage and margin protection • Close proximity to the coast Short road haulage • Near shore deep water Short jetty length and transhipping distance • Protected deep water bay Flexibility to load a
Slide 14: Strong PFS (2025) Results – Wuudagu C
Strong PFS (2025) Results – Wuudagu C Highlighted our near term, low capital intensity and high margin opportunity KEY PRELIMINARY FEASIBILITY STUDY (2025) METRICS PRE-TAX8 NPV PRE-TAX IRR PAYBACK PERIOD A$821 M 136 % 16 MONTHS PRODUCTION MINE LIFE CAPEX 3.5 MTPA 10 YRS A$125 M AVG. PRICE1 AISC AVG.
Slide 15: 108% increase in M&I Resource to 132Mt
108% increase in M&I Resource to 132Mt Wuudagu G, the second largest plateau area at 6.6km2, remains undrilled PLATEAU AREA SUMMARY PLATEAU AREA MAP Plateau km2 M&I MRE1 Mt Wuudagu B 2.9 21.0 Wuudagu C 10.7 74.8 Wuudagu D 1.8 16.7 Wuudagu E 0.7 6.7 Wuudagu F 1.9 12.7 Total 18.0 131.9 A Wuudagu G 6.6
Slide 16: Improved Beneficiation Recoveries
Improved Beneficiation Recoveries Successful DFS metallurgical optimisation test work delivers improved beneficiation results • Wuudagu bauxite is highly amenable to beneficiation +3.35MM MASS RECOVERY – PFS VS DFS TEST WORK through simple, industry standard methods 75 72.9 69.7 Mass Recovery (%) •
Slide 17: Offtake and Financing
Offtake and Financing Strong interest in securing Wuudagu bauxite product marketing and offtake rights • Versatile, low silica product with attractive +3.35MM WUUDAGU BAUXITE PRODUCT blending characteristics • Best suited to high temperature digestion, can be used as low temperature or sweetening ma
Slide 18: Native Title and Heritage Approvals
Native Title and Heritage Approvals Strong support from Wunambal Gaambera for the development of Wuudagu • Native Title, Heritage Protection and Mineral Exploration Agreement signed in 2016 • Mining Agreement Negotiation Protocol signed in 2019 - Established the process, timing and budget for finali
Slide 19: Environmental Approvals
Environmental Approvals Wuudagu is being assessed by the EPA and DCCEEW under a public review process as an accredited assessment EPA / EPA / DCCEEW Scoping Review Assessed DCCEEW Referral Document Document Approval Dec 2019 Feb 2020 Jun 2021 Early 2026 Early 2027 • Baseline level 2 dry and wet seas
Slide 20: Near Term Wuudagu Production
Near Term Wuudagu Production Clear pathway to project approvals and first production in 2027 Offtake & Geology Metallurgy Engineering Approvals Financing 2016-26 2018-26 Mid 2026 H2 2026 Early 2027 • +1,100 holes and • +30 bulk samples • DFS planned to • Positive • Western Australia +9,000m of drill
Slide 21: Summary
Summary Advanced • 131.9Mt M&I Mineral Resource Project • Targeting completion of expanded DFS mid 2026 Status • Clear pathway to project approvals and first production in 2027 High Quality, • High grade, low silica beneficiated product of 45.4% Al2O3 and 3.6% SiO2 High Margin • PFS (2025) demonstra
Slide 22: Appendices
APPENDICES
Slide 23: JORC (2012) Mineral Resource Estimate
JORC (2012) Mineral Resource Estimate MINERAL RESOURCE ESTIMATE FOR THE WUUDAGU BAUXITE PROJECT Category Plateau Tonnes M Al2O3 % SiO2 % Fe2O3 % LOI % Measured B 14.1 39.5 13.0 22.8 19.9 C 27.8 39.9 12.5 23.3 19.8 Sub-Total 41.9 39.8 12.7 23.1 19.8 Indicated B 6.9 39.2 13.7 22.7 19.6 C 39.4 39.4 14.
Slide 24: Ryan de Franck, Managing Director
RYAN DE FRANCK MANAGING DIRECTOR RYAND@VBX.LIMITED