Southern Alliance Mining Ltd. · SGX:QNS
Southern Alliance Mining — Investor Presentation (March 2026)
43 slides from Southern Alliance Mining's investor presentation, March 2026
Slide 1: Southern Alliance Mining Investor Presentation
SOUTHERN ALLIANCE MINING Investor Presentation March 2026 11
Slide 2: Disclaimer
DISCLAIMER This presentation prepared by Southern Alliance Mining (the "Company“ or “SAM”) does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe for or buy any securities, nor the solicitation of any vote or approval in any jurisdiction, nor shall there
Slide 3: Contents
CONTENTS 1. Company Overview 4 2. Key Investment Highlights 9 3. Proposed Expansion Plans 21 4. Appendices: (i) Key Milestones 25 (ii) Iron Ore Segment 27 (iii) Rare Earth Segment 31 (iv) Gold Segment 41 3
Slide 4: Company Overview
COMPANY OVERVIEW 4
Slide 5: Company Overview
COMPANY OVERVIEW Listed on the Catalist of SGX-ST (ticker SGX: QNS) since June 2020, SAM is a diversified exploration & mining company that operates Malaysia’s first and only operational Rare Earth Element (“REE”) mine, alongside a high- grade iron ore mining operation as well as a potential gold de
Slide 6: Reserves & Resources Overview – Gerik Mine, Perak (Rare Earth)
COMPANY OVERVIEW Reserves & Resources Overview – Gerik Mine, Perak (Rare Earth) Summary of Mineral Resource and Ore Reserve as of 30 April 2025 Gross Attributable to License(1) and net attributable to MCRE Category Mineral Type Ore Tonnes SREO(2) Grade REO equiv. (Mt) (3) (g/t) (3) (kt) (3) Ore Rese
Slide 7: Reserves & Resources Overview – Chaah Mine, Johor (Iron Ore)
COMPANY OVERVIEW Reserves & Resources Overview – Chaah Mine, Johor (Iron Ore) Statement of Mineral Resources as of 31 July 2025 Mt Fe(%) SiO2(%) AI2O3(%) P2O5(%) Category Commentary Gross Attributable to Licence(1) and Net Attributable to SAM A comparison of the iron ore category to Indicated SAM gr
Slide 8: Key Financial Highlights
COMPANY OVERVIEW Key Financial Highlights SAM Group Financials Overview for FY2025 • Total revenue rose by 20% to RM199.0 mn in FY2025, mainly due to the new (RM’mn) contribution from bauxite sales Revenue EBITDA 220.0 199.0 • EBITDA of negative RM12.0 mn in FY2025 was mainly due to (i) substantial
Slide 9: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS 9
Slide 10: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS 1 Positioned to ride on growth tailwinds from the fast-growing REE sector 2 Quality REE operations remain scarce, with a significant time barrier to market 3 First & only REE mine in Malaysia with market-leading unit economics 4 A well-diversified portfolio with significant
Slide 11: Positioned to ride on growth tailwinds from the fast-growing REE sector
Positioned to ride on growth tailwinds from the fast-growing 1 REE sector Widening demand-supply gap for REE, particularly Heavy REE, is pushing prices upwards Market Value of REE Oxides (2024) REE Pricing Outlook (US$/Kg) Others (1) ’25 – ‘30 CAGR HREE is growing at a faster 11% Dy2O3 rate compared
Slide 12: Demand for REE rapidly increasing: green energy and defense
Positioned to ride on growth tailwinds from the fast-growing 1 REE sector Demand for REE is rapidly increasing, driven by the green energy transition alongside defense- related strategic demand Rising Adoption of Factors Regulatory Push for Electric Vehicles Global Shift towards Renewable Energy US
Slide 13: Quality REE operations remain scarce, with a time barrier to market
Quality REE operations remain scarce, with a significant time 2 barrier to market Countries are increasingly trying to establish their own REE supply chain to reduce reliance on China, which currently controls the global REE midstream China controls almost all of the De-globalisation leading to glob
Slide 14: Supply insufficient to meet global demand; most peers still exploring
Quality REE operations remain scarce, with a significant time 2 barrier to market Supply is expected to be insufficient to meet global demand over the next 2-3 years, given majority of REE peers are still in exploration phase, with run-rate production expected only from 2028 onwards 11 / 22 Companie
Slide 15: First & only REE mine in Malaysia with market-leading unit economics
First & only REE mine in Malaysia with market-leading unit 3 economics SAM is the only Southeast Asian company that provides investors exposure to the rapidly growing REE sector, with a producing & highly profitable operation Historical Financial Performance of MCRE Rare Earth Price (Rebased) 2023 –
Slide 16: Ionic-clay deposit cost advantages versus primary ore
First & only REE mine in Malaysia with market-leading unit 3 economics SAM’s ionic-clay rare earth deposit offers significant cost advantages compared to primary ore deposits that its competitors operate, allowing for superior margins & higher ESG standards Ionic-Clay Rare Earth Primary Ore In-situ
Slide 17: MCRE capex per unit and HREE composition versus peers
First & only REE mine in Malaysia with market-leading unit 3 economics MCRE boasts one of the lowest capex per unit(2) cost in the industry, alongside one of the highest compositions of HREE reserves Annual Capital Spend LTM EBITDA LTM Net Profit per Unit Payable NdPr Resources(3) TREO(3) NdPr Compo
Slide 18: A well-diversified portfolio with significant growth catalysts
4 A well-diversified portfolio with significant growth catalysts The distinct growth opportunities within each of the Company’s mineral assets provides a strong foundation in the coming years Value Chain & Operational Expansion and Exploration Technological Enhancement o Currently operating 2 out of
Slide 19: Leading ESG Practices
5 Leading ESG Practices SAM is a leader in sustainable mining, leveraging advanced technology and strategic partnerships to minimise environmental impact while supporting the global green transition Sustainable Extraction Global Leadership & ESG Compliance & & Innovation Community Engagement Environ
Slide 20: Seasoned management team with >65 years of experience in mining
Seasoned management team with >65 years of experience 6 in mining Steered by a high-calibre executive team, the leadership combines deep technical expertise in mineral extraction with a proven track record of strategic business diversification Dato' Teh Teck Tee | Non-Executive Non- Dato' Sri Pek Ko
Slide 21: Proposed Expansion Plans
PROPOSED EXPANSION PLANS 21
Slide 22: Proposed Expansion Plans
PROPOSED EXPANSION PLANS Gold Rare Earths • Expedite exploration activities based on existing dataset so as to • Expansion of operations establish ore body • Conduct exploration and • Investment into mining and evaluation activities 30% processing infrastructure to facilitate production and sale of
Slide 23: Thank You
THANK YOU Investor enquiries: emily@gem-comm.com 23 23
Slide 24: Appendices
APPENDICES 24
Slide 25: Key Milestones
KEY MILESTONES 25
Slide 26: Key Milestones
COMPANY OVERVIEW Key Milestones June 2020: April 2023: September 2024: August 2025: IPO on SGX MOU for REE assets Issuance of Summary IQPR MOU with Universiti Malaya Successfully listed on SGX MOU to acquire two rare earth New resource and reserve statement with Non-binding MOU signed with Universit
Slide 27: Iron Ore Segment
IRON ORE SEGMENT 27
Slide 28: Iron Ore Overview
IRON ORE Overview 9.4 mn tonnes Involved in the exploration, mining, Chaah Mine is located in Johor, Total iron ore production from Chaah processing and sale of HIGH-GRADE iron Malaysia Mine since inception to 31 July 2025 ore and other minerals Level -137 1.034 12.7 metres reduced level mn tonnes m
Slide 29: Underground Mining
UNDERGROUND MINING Successfully transitioned to underground mining in the Northern Zone Open pit mine at Chaah Mine Underground mining tunnel Ventilation system Crushing plant at Chaah Mine 29
Slide 30: Production in FY2025
PRODUCTION IN FY2025 Significant increase in production volume achieved due to investments in underground mining UNDERGROUND MINING • FY2025 Iron Ore Concentrate sales volume +22% yoy • FY2025 Crushed Iron Ore sales volume +350% yoy • Currently extractions are substantially focused in Northern Zone
Slide 31: Rare Earth Segment
RARE EARTH SEGMENT 31
Slide 32: MCRE Highlights
MCRE HIGHLIGHTS About MCRE Resources Sdn Bhd SAM owns a 40% stake in MCRE Resources Sdn Bhd, the first and only operational REE mine in Malaysia 84 mn tonnes Involved in the exploration, Headquartered in Kuantan, mining, processing and sale of Malaysia with its mine located Total reserves of MCRE’s
Slide 33: MCRE Highlights: Key Milestones
MCRE HIGHLIGHTS Key Milestones May 2017: January 2021: January 2023: Collaboration of Exploration Activities Proprietary Mining License Export License Established a strategic partnership (PML) Granted an approved permit November 2018: May 2022: with China Nonferrous Metal (Guilin) Granted PML approv
Slide 34: MCRE Highlights: Key Strengths
MCRE HIGHLIGHTS Key Strengths STRONG POSITION MULTI-YEAR GROWTH PROSPECTS Malaysia’s rare earth mining pioneer with REE is used across various industries like exclusive partnership rights with strategic partners semiconductor as well as the renewable energy in China industries ensuring growing deman
Slide 35: MCRE Highlights: Financial Highlights
MCRE HIGHLIGHTS Financial Highlights Financial Position Non-current Assets RM’000 Audited RM’000 Audited As at 31 Jul 2024 As at 31 Jul 2025 As at 31 Jul 2024 As at 31 Jul 2025 Current assets 63,215 50,377 Property, plant and 20,381 30,644 equipment Current liabilities (68,914) (27,191) Mine Propert
Slide 36: Green Mining Technique
MCRE HIGHLIGHTS Green Mining Technique In-Situ Leaching (“ISL”) Method Overview ISL involves leaving the ore where it is in the ground, and recovering the minerals from it by dissolving them and pumping the pregnant solution to the surface where the minerals can be recovered In-situ Environmental Ma
Slide 37: What Are REEs and Why Should We Care?
WHAT ARE REEs AND WHY SHOULD WE CARE? REEs are used across various hi-tech and green industries About Rare Earth Elements (REEs) 17 REEs o The rare earth refer to a group of metallic elements, including 15 lanthanide elements as well as scandium (Sc) and yttrium(Y) , totalling 17 elements o The rare
Slide 38: Concept of Ionic Clay Rare Earth (ICRE)
CONCEPT OF IONIC CLAY RARE EARTH (ICRE) In Situ Leaching Methodology for ICRE Deposits Precipitation Process Weathering Profile of REE-rich Granite Filtering Procoss Rare Earth 1 2 3 Carbonate INJECTION OF LEACHING PROCESS HIGH LEACHING SOLUTION Leaching Solution CONCENTRATION Water + Ammonium React
Slide 39: Rare Earth Oxide Price Trend
RARE EARTH OXIDE PRICE TREND REE prices have been driven up by growing demand and geopolitical policies Rare Earth Price (Rebased) 250 200 150 100 50 0 1 Feb 2021 1 Feb 2022 1 Feb 2023 1 Feb 2024 1 Feb 2025 1 Feb 2026 NdPr Dy Tb Source: AsianMetal, February 2026 39
Slide 40: Latest News on REE
LATEST NEWS ON REE Minimal impact on SAM and MCRE • Export controls on REE producers • Foreigners who use Chinese technology for processing are required to comply • MCRE sells RE Carbonates to China to be further processed into RE Oxides • Minimal impact on MCRE sales 40
Slide 41: Gold Segment
GOLD SEGMENT 41
Slide 42: Our Gold Asset - Tenggaroh
OUR GOLD ASSET - TENGGAROH Promising progress witnessed at the Tenggaroh Gold Prospect Zoning of Potential Areas of Mineralisation Strategy: ✓ Establish an in-house assay laboratory 21.04% of the assay results ✓ Additional exploration drilling activities to confirm the presence of gold showed minera
Slide 43: Tenggaroh Mine Gold Exploration
TENGGAROH MINE Gold Exploration Drilling activities at mine shaft Gold mineralisation in rock Core sampling results 43
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