Magnetite Mines Ltd. · ASX:MGT

Magnetite Mines — Shareholder Meeting (November 2025)

18 slides from Magnetite Mines's shareholder meeting presentation, Nov 26, 2025

1. Slide 1: AGM Presentation

   AGM Presentation Annual General Meeting of Shareholders Wednesday, 26 November 2025

2. Slide 2: Important Notice and Disclaimer

   Important Notice and Disclaimer IMPORTANT NOTICE ADDITIONAL INFORMATION The purpose of this presentation is to provide general information about Magnetite This presentation should be read in conjunction with MGT’s Annual Report at 30 June Mines Limited ("MGT"). It is not recommended that any person

3. Slide 3: 2025 Progress

   2025 Progress Advancing Razorback & multi-commodity exploration Strategic Partnering  MGT and JFE Shoji Australia have a non-binding agreement to negotiate a transaction for DFS funding in exchange for offtake rights.1  MGT is engaging other potential strategic partners in alignment with JFE ‘s pr

4. Slide 4: Steel industry transition

   Steel industry transition Momentum driven by commitments to downstream EAF steelmaking 5-year 62% Fe iron ore price IRON ORE PRICING  62% Fe benchmark index remained strong and stable through 2025, outperforming market expectations and contradicting downside forecasts.  Razorback’s 68.5% Fe DR-gra

5. Slide 5: Razorback partnering

   Razorback partnering Securing strategic partners essential to developing Razorback JFE SHOJI AUSTRALIA  JFE and Magnetite Mines are in ongoing discussions in support of securing a second investment partner to complete a binding transaction.  This includes a potential extension to the current Heads

6. Slide 6: Razorback water supply

   Razorback water supply Working with government to secure multi-user infrastructure for the Braemar BASE CASE  Desalination plant at coast near Port Pirie, buried pipeline to site.  Currently included in Project’s robust economics.11 GOVERNMENT ENGAGEMENT  ISA’s 2025 Infrastructure Strategy recomm

7. Slide 7: Razorback power supply

   Razorback power supply ElectraNet “NTx” preferred transmission line routing to pass near Razorback PROJECT ELECTRICTY GRID CONNECTION  MGT has actively engaged with the SA Government and the state’s transmission network operator, ElectraNet, to advocate for new high-voltage electricity transmission

8. Slide 8: Multi commodity exploration strategy

   Multi commodity exploration strategy Taking advantage of favourable market conditions 5-year gold price Prime Minister Anthony Albanese and US President Donald J Trump in the White House, Oct 20, 2025 Supportive policy developments Source: https://tradingeconomics.com/commodity/gold  Landmark $US8.

9. Slide 9: Multi-commodity exploration program

   Multi-commodity exploration program Assessing existing 2,000km2 tenements to maximise shareholder value MUSTER DAM IRON ORE PROJECT Gold/Copper prospectivity Tapley Hill Formation Copper prospectivity Boucault RAZORBACK IRON ORE Volcanics PROJECT Rare Earths prospectivity Clay-hosted mineralisation

10. Slide 10: Rare Earth Elements (REE) identified at Ironback Hill

    Rare Earth Elements (REE) identified at Ironback Hill Maiden discovery announced on 19 August 2025  Near-surface REE mineralisation confirmed from re-assayed Ironback Hill archived drill samples.  Hosted in shallow clay horizons aligned with creek systems, supporting efficient follow-up.  Signifi

11. Slide 11: Rare Earth Elements 2026 drilling program

    Rare Earth Elements 2026 drilling program Testing scale and extent of clay-hosted REE mineralisation DRILLING PROGRAM OVERVIEW  Planned scout drilling: Additional assay results support a scout air-core drilling program of approximately 1,000–2,000m in early 2026.  Targets defined: drilling to targ

12. Slide 12: Gold and copper prospectivity

    Gold and copper prospectivity Phased, low-cost exploration to test local prospectivity Gold/Copper prospectivity Tapley Hill Formation Copper prospectivity Boucault Volcanics  Geological target: Tapley Hill Formation on Manunda North  Geological target: Boucault volcanics. Copper mineralisation te

13. Slide 13: CSL Australia joins Green Iron SA

    CSL Australia joins Green Iron SA Enhancing capability to deliver a fully integrated supply chain from mine to market Green Iron SA plans to transform the strategic location of Port Pirie into a green iron production & export hub5,6  Development of the Razorback Iron Ore Project  Delivery of 5Mtpa

14. Slide 14: Razorback approvals

    Razorback approvals Mining Lease Proposal (MLP) submitted for a 5Mtpa production facility The Razorback MLP journey Long-term EPBC Impact Tenement Statutory Stakeholder baseline Act assessment MLP consent Validity assessment- Response Tenement engagement submission assessment document grant studies

15. Slide 15: Next steps

    Next steps 1. Seek to finalise 2. Progress Mining 3. Work with SA 4. Follow up REE, binding Lease Proposal Government to copper and gold transaction with (MLP) support a prospectivity on JFE Shoji and assessment and desalinated water current second partner land access supply solution tenements negot

16. Slide 16: References

    References 1. ASX Announcement - 08/07/24 Heads of Agreement with JFE Shoji Australia Pty. 2. ASX Announcement - 30/06/25 Razorback Project Update 3. ASX Announcement - 26/03/25 Razorback Project Mining Lease Proposal Lodged 4. ASX Announcement - 24/11/25 Razorback Mining Lease Validity Assessment F

17. Slide 17: Contact

    Contact gemma.brosnan@magnetitemines.com Director, External Affairs +61 8 8427 0516 www.magnetitemines.com 17

18. Slide 18: Appendix: Mineral Resources and Reserves

    Appendix 1 Mineral Resources and Reserves7,12,13,14 Razorback Iron Ore Project1,4* (Razorback & Iron Peak deposits combined) Classification Tonnes (Mt) Mass Rec % Fe % SiO2 % Al2O3 % P% LOI % Magnetite % Indicated 1,973 15.01 17.75 48.59 8.19 0.18 5.55 14.04 Inferred 1,864 15.09 17.02 49.28 8.38 0.1

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