Future Metals Nl · ASX:FME
Future Metals Nl — Investor Presentation (February 2026)
30 slides from Future Metals Nl's investor presentation, Feb 6, 2026
Slide 1: West Australian PGM, Ni and Cu Opportunities
For personal use only | INVESTOR PRESENTATION West Australian PGM, Ni and Cu Opportunities FEBRUARY 2026 Panton PGM Project - Australia’s highest grade PGM deposit, compelling economics with accelerated development pathway Corporate Presentation - February 2026 1 1
Slide 2: Disclaimer
Disclaimer For personal use only 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 Mi
Slide 3: Corporate Overview
Corporate Overview For personal use only FME $32.6M Share Price Chart | ASX ASX Code Market Cap $0.08 10,000,000 3.4 cents $29.8M $2.8M $0.07 9,000,000 8,000,000 Share Price Enterprise Cash $0.06 (30 Jan 2026) Value (31 Dec 2025) 7,000,000 $0.05 | INVESTOR PRESENTATION 6,000,000 Volume (ASX : AIM) S
Slide 4: Board & Management
Board & Management For personal use only BOARD OF DIRECTORS MANAGEMENT TEAM Patrick Walta (Non-Executive Chairman) Kelsey Crook (Exploration Manager) • Qualified metallurgist, mineral economist and board executive • Exploration and mine geologist, experienced at integrating geology, • Currently Exec
Slide 5: PGM Macro Environment
PGM Macro Environment For personal use only Platinum Supply By Country Palladium Supply By Country PGM Supply Global PGM supply dominated by South Africa, Russia and Zimbabwe (~85%) – unstable and geopolitically risky South African operations with aging infrastructure & deep mines – significant
Slide 6: Demand Growth across PGM's and Battery Metals (2025 – 2030)
Demand Growth across PGM’s and Battery Metals (2025 – 2030) For personal use only Platinum Palladium Rhodium Nickel Copper 4.8% 7.1% 4.6% 6.9% 6.5% | INVESTOR PRESENTATION ~CAGR 2025-30 ~CAGR 2025-30 ~CAGR 2025-30 ~CAGR 2025-30 ~CAGR 2025-30 PEM fuel cells Catalytic Vital for cutting Primari
Slide 7: PGM Pricing (platinum, palladium and gold)
PGM Pricing (platinum, palladium and gold) For personal use only PGM Pricing Gold has outperformed the market over the last two years peaking at ~US$5,600/oz Silver prices have also seen significant increases in the last 12 month, peaking at ~US$120/oz In last 12 months platinum has outperform
Slide 8: Panton PGM Project Snapshot (December 2023 Scoping Study)
Panton PGM Project Snapshot (December 2023 Scoping Study) For personal use only 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 Aust
Slide 9: Panton PGM Project: Strategic Location and Infrastructure
Panton PGM Project: Strategic Location and Infrastructure A well serviced and active mining region For personal use only Port Facilities Hydropower Multiple Mining (~3 hrs trucking Operations from Panton) | INVESTOR PRESENTATION FEBRUARY 2024 Sealed Airstrip Great Northern Highway 9
Slide 10: PGM Comparison
PGM Comparison Panton has the potential to become a top 5 PGM producer in the western world For personal use only ~85% of PGM production Panton represents an incredibly scarce high-grade PGM asset outside of South Africa derived from high sovereign risk jurisdictions (South Africa, Western World P
Slide 11: Panton PGM Project: FY26 Strategic Initiatives
Panton PGM Project: FY26 Strategic Initiatives Panton is on track to become a long life, globally significant PGM operation For personal use only Focus on platinum potential of the project with updated Mineral Resource Estimate with RPEEE consideration as the starting point Assessment of the rhodium
Slide 12: Savannah Plant Opportunity
Savannah Plant Opportunity Savannah Process Plant For personal use only • Savannah plant is owned by Panoramic Resources, a private company 100% owned by Zeta Resources • Zeta Resources is the largest shareholder in Future Metals (12.6%) and has signed an MoU with Future Metals to investigate the op
Slide 13: Scoping Study: Panton Deposit
Scoping Study: Panton Deposit Panton is the highest grade PGM and chromite deposit in Australia with significant expansion potential For personal use only Focus of the Panton Scoping Study2 Panton Total Mineral Resource Estimate Panton Total Mineral Resource - Reef & High-Grade Dunite Panton Total M
Slide 14: Scoping Study: Mining Overview
Scoping Study: Mining Overview For personal use only 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 w
Slide 15: Processing & Marketing Overview
Processing & Marketing Overview Panton flowsheet built on >200 batch scale flotation tests and pilot scale flotation and leaching testwork For personal use only Scoping Study Recovery Assumptions Conventional crush, grind and flotation to produce PGM Reef Dunite Total concentrate from separate tra
Slide 16: Opportunities: Resource Upgrade & Growth
Opportunities: Resource Upgrade & Growth For personal use only 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 dril
Slide 17: Scoping Study: Panton on track to become a long life globally significant operation
Scoping Study2: Panton on track to become a long life globally significant operation Projected 2nd quartile AISC producer, ability to deliver operating margin through the commodity price cycle For personal use only Mining2 Valuation Scenarios2 Base Case 5yr Avg PGM Price Case ~9 years LOM NPV8 (pre-
Slide 18: Panton PGM Project: Derisking Project
Panton PGM Project: Derisking Project Panton presents a low-risk option on a PGM play For personal use only Resource Large resource (92.9Mt) with only 10% included in Scoping Study. High grade core of 10.8Mt at 5.6g/t PGE for Infill and resource extension drilling 2.0Moz PGE planned Mining Leases Pa
Slide 19: Potential Development Timeline and Forward Work Programme
Potential Development Timeline and Forward Work Programme For personal use only The development timelines FID Production are dependent on the outcomes of the Savannah 2026 2027 2028 2029 assessment and business PFS / FS case development. FEED Studies and | INVESTOR PRESENTATION Development Construct
Slide 20: Alice Downs Corridor: Eileen Bore
Alice Downs Corridor: Eileen Bore For personal use only Significant Cu-Ni discovery potential Eileen Bore, located within 20 km of the Panton Project, forms part of the Alice Downs Corridor Drilling results indicate the presence of broad zones of disseminated and net-textured copper and nickel s
Slide 21: Alice Downs Corridor: Further Exploration Potential
Alice Downs Corridor: Further Exploration Potential For personal use only Multiple Targets along 18km mineralaised trend Confirmed copper-nickel sulphide mineralisation targets including Eileen Bore and Salk Projects as well as the Palamino Project (held under Octava JV) Broad zones of dissemina
Slide 22: Contact
Future Metals For personal use only | INVESTOR PRESENTATION Contact FEBRUARY 2024 Keith Bowes keith@future-metals.com.au 22
Slide 23: Panton JORC 2012 Mineral Resource
1 Refer Appendix palladium equivalent (PdEq) calculation 2 Refer to Panton Resource Upgrade announcement on 23 October 2023 Panton JORC 2012 Mineral Resource 3 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
Slide 24: Competent Persons Statement
Competent Persons Statement For personal use only Mineral Resources The information in this document that relates to Mineral Resources has been extracted from the ASX announcement titled: “Resource Upgrade Defines Panton Impressive Grade & Scale”, 26 October 2023. This announcement is available to v
Slide 25: Palladium Equivalent Calculation
Palladium Equivalent Calculation For personal use only 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
Slide 26: 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 For personal use only Description Key Outcome Change in flotation reagents (analogous to Elimination of hydrometallurgical flowsheet (‘Panton Process’) Flotation Mt Keith Ni
Slide 27: PGM Producer Comparison
PGM Producer Comparison4 Panton has the potential to become a top 5 PGM producer in the western world For personal use only Western World PGM Producers ~85% of PGM production derived from high sovereign risk jurisdictions (South Africa, Russia & Zimbabwe) Majority of western world PGM production
Slide 28: Mining Leases and Tenure
Mining Leases and Tenure For personal use only Project Location Tenement Area Interest at end of Quarter M80/103 8.6km2 100% Panton PGM-Ni Project Western Australia M80/104 5.7km2 100% M80/105 8.3km2 100% Panton North (OCT JV) Western Australia E80/5455 8 BL - | INVESTOR PRESENTATION Alice Downs Cor
Slide 29: Delivering Value Through Sustainable Development
Delivering Value Through Sustainable Development Future Metals is committed to growing value for shareholders while maintaining high ESG standards For personal use only Creating a positive case study for Environmental stewardship community engagement in the East Minimise impact where possible; fro
Slide 30: Peer Benchmarking References
Peer Benchmarking References Peer Benchmarking References - Global PGM Producers For personal use only PGM Production Project Company Stage Source (koz) Stillwater & East Boulder Sibanye-Stillwater Operating 425 2024 Annual Report Lac des Iles Impala Canada Operating 237 Annual Report ended June 202
Future Metals NL — Investor Presentation (February 2026) on 6ix