Firebird Metals Ltd. · ASX:FRB
Firebird Metals — Investor Presentation (November 2025)
29 slides from Firebird Metals's investor presentation, Nov 18, 2025
Slide 1: Concentrate to Cathode
For personal use only “Concentrate to Cathode” Advanced Lithium Manganese Battery Materials Developer 18 November 2025 ASX: FRB firebirdmetals.com.au A division of Firebird Metals Limited
Slide 2: Disclaimer
DISCLAIMER CAUTIONARY STATEMENT – SULPHATE FEASIBILITY STUDY This presentation contains summary information about Firebird Metals Limited (Firebird) (ABN 24 610 035 535) and is current as of 18th November 2025. The information in this presentation is of a general background and does not purport to b
Slide 3: Mn-Rich Future Vertically Integrated Battery Tech
Mn-Rich Future Vertically Integrated Battery Tech FIREBIRD METALS For personal use only Pioneering next-generation manganese- Maximizing margin capture through rich battery cathodes with superior “Concentrate to Cathode capability”. Company performance. Demand for energy storage (ESS) is surging Acc
Slide 4: Market Opportunity
For personal use only Market Opportunity ASX: FRB firebirdmetals.com.au 4
Slide 5: The Shift To Manganese-Rich Cathodes
The Shift To Manganese- Rich Cathodes Today For personal use only LFP Lithium Iron Phosphate (LFP) 80% of cathode market % Rising Mn Content 50 50 Manganese Content (%) 40 Emerging 30 25 LMFP Lithium Manganese Iron Phosphate (LMFP) rapid 20 20 adoption from 2028 15 10 0 0 LFP NMC Sodium Ion LMFP LMR
Slide 6: LMFP Has Taken Off
LMFP Has Taken Off Manganese-rich Outpace Other Cathode Mixtures LMFP Market growth For personal use only Source: CRU Battery Value Chain Service “Both GM and Ford have publicly announced plans to begin commercial production of LMR battery chemistries by 2029.” Source: Project Blue 2025 Source: Ford
Slide 7: Battery Energy Storage (ESS) Market is surging
Battery Energy Storage (ESS) Market is surging “Li-ion stationary storage demand driven by competitive ESS Market growth economics and desire for energy reliability.” For personal use only “CALB Group estimates global ESS battery shipments to reach 1,000GWh in 2026, up 67% YoY vs ~600GWh in 2025.” S
Slide 8: The BESS & LMFP Opportunity
The BESS & LMFP Opportunity LMFP Advantage For personal use only BESS Market Size LMFP uses less expensive metals 120 to produce higher density Market Size (USD BN) 105.96 prismatic batteries. This leads to: 100 80 ▪ more energy in an equivalent 60 size pack 50.81 ▪ lower overall costs and 40 37.23
Slide 9: Firebird Metals Technology Driven Value Proposition
For personal use only Firebird Metals Technology Driven Value Proposition ASX: FRB firebirdmetals.com.au 9
Slide 10: Concentrate to cathode value chain
For personal use only 1 2 3 4 5 Raw Input Materials (HPMSM) Cathode Active Mn-Rich Mn-Rich Materials (Mn conc.) & Precursor (pCAM) Materials (CAM) Battery Cell Battery Pack ASX: FRB firebirdmetals.com.au 10
Slide 11: Competitive Advantage: Our Team & IP
Competitive Advantage: Our Team & IP For personal use only Sector-leading expertise and propriety technology positions Firebird at the forefront of manganese innovation Sector-Leading Australian-Chinese Team Over 50 years of combined expertise in manganese and chemical sectors, unmatched in Western
Slide 12: Firebird Lab: Concentrate to Cathode
Our state-of-the-art pilot plant facility demonstrates Firebird Lab: Concentrate to Cathode complete integration from manganese concentrate to battery cathodes Multiple Manganese For personal use only Fully operational 3rd Party Regional Advantage since Dec 2023 Battery Testing for R&D Chemistry Cap
Slide 13: Firebird HPMSM Special Tech
Firebird HPMSM Firebird’s technical team brings extensive Manganese Conc. Special Tech commercial production experience For personal use only High-level HPMSM Process Flow Diagram Leaching Calcination Grinding Sustainable and Eco-Friendly The process is designed to be environmentally sustainable, en
Slide 14: Firebird's Strategic Value Proposition
Firebird Lab: Concentrate to Cathode Firebird's Strategic Value Proposition For personal use only Concentrate to Cathode R&D Lab • Vertically integrated from Mn concentrate to high-purity Mn chemicals • Feedstock agnostic technology • Capability to supply ALL types of manganese chemicals for current
Slide 15: Development Work Completed to Date
Development Work Design and equipment selection is complete. LMFP test work at our China pilot plant is ongoing, with samples being prepared for customer distribution. The next step is to construct Completed to Date an Australian Demonstration Plant (ADP) to support future commercial LMFP developmen
Slide 16: Australian Demonstration Plant
For personal use only Australian Demonstration Plant ASX: FRB firebirdmetals.com.au 16
Slide 17: Next Steps: Australian Demonstration Plant (ADP)
Next Steps Australian Demonstration Plant (ADP) For personal use only • Firebird in discussions with 2 of only 3 Global HPMSM manufacturers who are interested in our technology. • Firebird to develop Australia’s first demonstration-scale, end-to-end, high purity battery materials facility. • The ADP
Slide 18: Proven Team
Proven Team Executive Chairman CEO Special Advisor to Board For personal use only Evan Cranston Ron Mitchell Ken Hoffman Mr. Cranston is an experienced mining Mr. Mitchell has more than 25 years’ Mr. Hoffman was formerly Global Head executive, with a background in experience in senior commercial, of
Slide 19: Investment Snapshot
Investment Snapshot Unique LMFP Technology Global Technology Platform For personal use only Positioned in a rapidly growing Scalable IP model designed in China, owned manganese-rich cathode market with in Australia, deployable worldwide $0.135 163.69 M proprietary processing Share Price (11 Nov 2025
Slide 20: Sustainability & ESG Commitment
Sustainability & ESG Commitment Firebird is committed to responsible mining and chemical For personal use only production practices with transparent ESG standards Low-Carbon Process Our kiln technology reduces energy consumption by 70%, while our 5th- gen crystalliser cuts energy usage by 50% compar
Slide 21: Firebird: At The Forefront Of Battery Cathode Innovation
For personal use only Pioneering Mn-Rich Tech Proprietary Technology Australian-owned, delivering world- Multiple patents and proprietary Firebird: class LMFP technology as EVs shift to manganese-rich batteries know how with significant cost and energy saving innovations At The Forefront Of Battery
Slide 22: Thank you
For personal use only A division of Firebird Metals Limited Thank you Ron Mitchell Chief Executive Officer ron.mitchell@firebirdmetals.com.au firebirdmetals.com.au ASX: FRB ASX: FRB firebirdmetals.com.au 22
Slide 23: Oakover Project
Oakover Project Strategic resource securing long-term manganese supply for our battery materials For personal use only Oakover provides the future upstream security for our manganese PORT HEDLAND chemicals business, with favorable geology, near-surface deposits and metallurgical testing confirming b
Slide 24: Appendix 1: China Lab Test Results
For personal use only Appendix 1: China Lab Test Results ASX: FRB firebirdmetals.com.au 24
Slide 25: FRB LMFP – Reducing pCAM Cost by >17%
FRB LMFP – Utilising HPMSM Expertise Reducing pCAM Cost by >17% Without For personal use only crystallisation of HPMSM, MnSO4 solution is used directly Nova Milling Sintering Jet milling LMFP products LMFP Battery Spray drying co-precipitation process pCAM • Direct MnSO₄ solution utilization: Elimin
Slide 26: FRB LMFP Key Performance
FRB LMFP Key Performance Parameter FRB Results Industry Technical Significance For personal use only Standard Impurity content (K, Na, Ca, Mg, ≤ 100 ppm ≤ 150 ppm Inactive impurities—especially magnetic metals—reduce specific capacity and energy density and Cu, Zn, Pb, Ni) (Low impurity) may serious
Slide 27: FRB LMFP Testing Results
FRB LMFP Testing Results Discharge Specific Firebird Results Targeting Chinese Industry Standard Capacity (T/CIAPS0029—2023) For personal use only 0.1 C 156 mAh/g > 160 mAh/g 150 mAh/g 1C 136 mAh/g >140 mAh/g 130 mAh/g >150 batches completed in total, Button Battery tests Results exceed Chinese indu
Slide 28: Industry-leading cost position
Industry-leading cost position Lowest energy Advanced process consumption engineering HPMSM OPEX Advantage use only Firebird maintains the lowest OPEX among global US$579/t1 manganese sulfate producers Proprietary technology advantages Strategic China production base Capital Intensity US$/10,000t Of
Slide 29: Addendum - Benchmarking Manganese Sulphate Developers
Addendum - Benchmarking Manganese Sulphate Developers Euro Manganese Firebird Metals Source: Element 25 Train 1 Source: Source: (ASX:EMN, TSXV: EMN, (ASX: FRB) ASX Announcement (ASX: E25) ASX Announcement ASX Announcement OTCQB: EUMNF) For personal use only Study Complete Feasibility Study Feasibili
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