Slide 1: Morien Resources Corp. 1Q25
TSX-V: MOX Morien Resources Corp. 1Q25 A Bulk Commodity Royalty Company Built on Steel & Stone
Slide 2: Disclaimer
Disclaimer The information in this presentation is provided as of June 2024, for information purposes only, and may constitute "forward-looking information" as defined under applicable securities laws. All statements in this presentation other than statements of historical fact, including those that
Slide 3: Morien - A Nova Scotia Prosperity Generator
Morien - A Nova Scotia Prosperity Generator Donkin Steelmaking Coal Mine Status: Idled MOX Royalty: 2% to 4% Operator: The Cline Group Mine Life: 25-years Black Point Aggregate Project Status: Advancing toward development MOX Royalty: Per-tonne (undisclosed) Operator: Vulcan Materials Corp. Mine Lif
Slide 4: Corporate Leadership
Corporate Leadership John Budreski Dawson Brisco Susanne Willett Mary Ritchie Beau White Executive Chairman Director, President, CEO Chief Financial Officer Director, Audit Chair Director Capital Markets and Professional geologist Qualified CPA, CA FCPA, CPA (extensive CPA, CA (royalty finance and e
Slide 5: Corporate Snapshot
Corporate Snapshot Capital Structure Ownership TSX-V: MOX As of Q4-2024 Institutional Basic shares o/s 51.3 mln Morien Mgmt The Cline Options 2.7 mln Group & Directors 8% 11% 12% Warrants nil Family Offices Fully diluted shares o/s 53.9 mln 7% Share price $0.24 52-week high / low $0.52 / $0.22 Retai
Slide 6: Unique Level of Business Discipline
Unique Level of Business Discipline Insider Ownership Corporate Overheads Shares Outstanding % Ownership (Management & Directors) $ Millions (General & Administrative) Millions, Total Common Shares 12% $1.20 60 +2.5x -17% 10% $1.00 50 8% $0.80 -41% 40 6% $0.60 30 4% $0.40 20 2% $0.20 10 0% $0.00 0 2
Slide 7: Among Lowest Share Count vs. Royalty Peers
Among Lowest Share Count vs. Royalty Peers Total Shares Outstanding of 27 TSX/TSXV Mining Royalty Companies 1 27 North American, publicly-traded mining royalty companies1, million shares outstanding > 200 180 160 140 120 100 80 60 40 20 0 * Company has completed a share roll back 7
Slide 8: Why We Are Different
Why We Are Different Shareholder Alignment Share buy backs; dividends; low corporate overheads; no debt High Demand Sectors Bulk commodities; steelmaking coal and aggregate (high demand, limited supply) Long-Life Assets 25-years (Donkin Mine); 75-years (Black Point project) Highly Experienced Operat
Slide 9: Donkin Coal Mine
Donkin Coal Mine
Slide 10: The Donkin Mine
The Donkin Mine The Cline Group $300+ Million 25 Years Owner/operator Capital investment Mine life Underground Met & Thermal Coal 2% to 4% Mine type Product mix Morien royalty
Slide 11: Coal Export Terminal - Sydney, Nova Scotia
Coal Export Terminal - Sydney, Nova Scotia WORLD-CLASS PORT WITH WORLD-CLASS ACCESS Short, 30-kilometre truck haul from Donkin mine to Sydney port Completion of $4.5 mln Canadian Coast Guard project to upgrade Harbour infrastructure to support larger Capesize vessels Port recently acquired a shiploa
Slide 12: Donkin's Transportation Advantage
Donkin’s Transportation Advantage Mine to Port Port to Market Kilometres %USD per tonne, Panamax size vessel Donkin Mine to Sydney Port 30 Cerrejon Mine (Colombia) to Puerto Bolivar Port 150 Bowen Basin (Australia) 250 to Hay Point Port US Appalachians to 275 to US East Coast Ports Alabama mines to
Slide 13: High Value Donkin Royalty
High Value Donkin Royalty Morien Royalty @ 1 Million Tonnes Per Year 4 Morien Royalty @ 3 Million Tonnes Per Year 4 Annual, $ CAD, Millions Annual, $ CAD, Millions $10 $25 $23 $8 $20 $6 $15 $6 $15 $4 $4 $10 $7 $2 $2 $5 $0 $0 $100/t $200/t $300/t $100/t $200/t $300/t Coal Price (CAD $ per tonne) Coal
Slide 14: Global Coal Markets
Global Coal Markets
Slide 15: Coal's Staying Power
Coal’s Staying Power 90% 120 mln Tonnes Record Demand 90% of all metal produced in the Projected steel coal gap in The world consumed 8.7 billion world in 2023 was steel supply-demand by 2040 tonnes of coal in 2023, a third, consecutive all-time high Essential 300 mln Tonnes It takes 0.7 tonnes of s
Slide 16: Global Coal Demand Hits Another All-Time High
Global Coal Demand Hits Another All-Time High Global Coal Demand 7 Billion Tonnes 9.0 Thermal Coal Metallurgical Coal 8.0 Steelmaking Coal 1.1 Bt 0.3 Bt US$175/t 7.0 2023 Total 2022 Seaborne Dec 16, 2024 6.0 Production Trade Spot Price 5.0 4.0 3.0 Thermal Coal 2.0 7.6 Bt 1.1 Bt US$115/t 1.0 2022 Tot
Slide 17: Net Zero Reality
Net Zero Reality Fossil Fuels Share of Global Energy Global Fossil Fuel Consumption Exajoules 100% 86% 82% 700 600 80% 4% decrease 500 55% increase 60% 400 40% 300 Net Zero 200 20% Goal 100 0% - 1997 2022 2050 1997 2022 17
Slide 18: A Significant Supply-Demand Gap
A Significant Supply-Demand Gap Global Seaborne Metallurgical Coal Global Seaborne High Energy Thermal Coal Supply-Demand Imbalance Supply-Demand Imbalance Million tonnes 13 Million tonnes 13 140 Million Tonne Supply 120 Million Supply Supply Gap Tonne Supply Demand Demand Gap Source: Wood MacKenzie
Slide 19: Black Point Aggregate Project
Black Point Aggregate Project
Slide 20: Black Point Aggregate Project
Black Point Aggregate Project Vulcan Materials $90-$120 Million 75-Years Owner/operator Initial capital cost Mine life 2025 U.S. East Coast Per-Tonne Potential construction start Target market Morien royalty
Slide 21: Vulcan Materials Snapshot
Vulcan Materials Snapshot ▪ Headquartered in Birmingham, Alabama ▪ 12,000 employees at >400 aggregate facilities ▪ Largest aggregate producer in the U.S.; sold 212 mln tonnes in 2023 ▪ C$40 bln market cap ▪ C$10.7 bln total revenues in 2023 ▪ Included in the 2023 Fortune 500 21
Slide 22: Black Point Project Snapshot
Black Point Project Snapshot ▪ Estimated granite resource exceeds 250 million tonnes ▪ Granite is high-quality “Class-A” construction aggregate ▪ Mine life of 75 years ▪ Very limited overburden ▪ Property sits on deep water ▪ Project contemplates a 3-5 mln tonne per year quarry and deep-water marine
Slide 23: Black Point Approvals and Consultation
Black Point Approvals and Consultation ▪ During Q4-2024, Vulcan submitted its application for Black Point’s Industrial Approval (“IA”) to the Nova Scotia Department of Environment and Climate Change (“ECC”). ▪ The IA is considered one of the last remaining permit-related milestones before site devel
Slide 24: Vulcan's Preliminary Black Point Timeline
Vulcan’s Preliminary Black Point Timeline 24
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Slide 26: United States Aggregate Demand
United States Aggregate Demand United States Aggregate Demand 15 Aggregate Industry Snapshot Billions of tonnes An irreplaceable and high-demand commodity 7.7 Tonnes 2.5 2.0 Average annual aggregate consumption per American 15 1.5 1.0 $45 Billion Size of the U.S. aggregate industry based on 2022 rev
Slide 27: The Case For Morien Resources
The Case For Morien Resources
Slide 28: Unique Level of Shareholder Alignment
Unique Level of Shareholder Alignment Capital Allocation Going Forward Simplified model for illustrative purposes Dividend • To be paid quarterly • Shall increase commensurate with increased royalties from the Donkin Mine Treasury Regrowth • Capital preservation • Balance sheet protection • Highly a
Slide 29: Morien is More Business Than Mining
Morien is More Business Than Mining Cash-In, Cash-Out Model Clear track record of wealth redistribution to shareholders; dividends and buy backs Shareholder Alignment 11% ownership, low corporate overheads, no debt High Demand Sectors Bulk commodities; coal and aggregate (high demand, limited supply
Slide 30: Q&A Contact: Dawson C. Brisco
Q&A Contact: Dawson C. Brisco e: dbrisco@morienres.com c: 902-403-3149