Fortuna Metals Limited · ASX:FUN
Fortuna Metals — Investor Presentation (October 2025)
30 slides from Fortuna Metals's investor presentation, Oct 23, 2025
Slide 1: Mkanda & Kampini Rutile Project
ASX: FUN Mkanda & Kampini Rutile Project Malawi www.fortunametals.limited
Slide 2: Corporate Presentation disclaimer
ASX:FUN Corporate Presentation The information contained in this presentation is provided by Fortuna Metals Limited (“Fortuna”) and its related bodies corporate (the “Group”) for background informational purposes only. The information in this presentation is not investment advice, is not intended to
Slide 3: The Opportunity
The Opportunity ASX:FUN Low geological risk in a tier one rutile province Targeting a tier one rutile-graphite deposit from surface with historical results demonstrating high titanium potential Significant landholding covering 658km2 of prospective geology covering ~70km of strike - the same geology
Slide 4: Board & Management
Board & Management ASX:FUN Experienced board with track record of value creation Tom Langley Peter Pawlowitsch Brian Thomas David Frances CEO Non-Executive Chairman Non-Executive Director Non-Executive Director Geologist 12+ years in multi-commodity 20+ years capital markets, 35+ years experience as
Slide 5: Project Location
Project Location ASX:FUN Excellent regional infrastructure Malawi - safe and stable jurisdiction. Recent peaceful election 2.5hr flight from Johannesburg to Lilongwe Capital city of Lilongwe 30km to project area accessed by bitumen roads & extensive road network across project area >90% of area is c
Slide 6: Geology
Geology ASX:FUN Newly recognised residual (eluvial) style of rutile mineralisation Sovereign Metals have discovered a major new style of rutile mineralisation at their Kasiya Project ~15km away. Key characteristics of Kasiya include; Mineralisation is highly enriched at surface generally ~ 1.5 - 2.0
Slide 7: Geology
Geology ASX:FUN Exploration advantages of eluvial style mineralisation Rutile mineralisation is shallow (from surface to 25m depth) Laterally extensive and demonstrates >multiple km’s continuity Allows for wide spaced drill patterns to be completed quickly over large areas Low geological risk - focu
Slide 8: The largest rutile deposit in the world - next door
The largest rutile deposit in the world - next door Sovereign Metals (ASX:SVM) - Kasiya 2021 2021 Kasiya Inferred Resource June 20211 644Mt @ 1.01% rutile (0.7% cut-off, Inferred) including a high-grade component of 137Mt @ 1.41% rutile (1.2% cut-off, Inferred) Mineral resource estimate covered 49km
Slide 9: The largest rutile deposit in the world - next door
The largest rutile deposit in the world - next door Sovereign Metals (ASX:SVM) - Kasiya Kasiya is the world’s largest rutile deposit and second largest flake graphite deposit; 1.8Bt @ 1% Rutile and 1.4% Graphite (TGC%)¹ SVM have proven the rutile mineralogy 96% TiO2 with premium specifications & 100
Slide 10: Phase 1 exploration
Phase 1 exploration ASX:FUN Reconnaisance first principles exploration Phase 1 soil sampling (232 samples) completed Mkanda phase 1 hand auger drilling completed (63 holes for 581m) Graphite and Kyanite observed consistently in geological logging of field samples, both are a good indicator for the l
Slide 11: Phase 2 exploration
Phase 2 exploration ASX:FUN Planning to delineate major rutile resource - speed to market Continuous drilling FY2026 Consistent assay results to be reported over next 12 months Kampini phase 1 hand auger (58 holes) commenced huge untested area of favourable geology Mkanda phase 2 hand auger (~200 ho
Slide 12: Preliminary XRF Results
Preliminary XRF Results ASX:FUN Encouraging titanium values Recently completed drill hole (MHA0006) twinned one of the best historical drillholes that recorded 10m @ 1.35% TiO2 (MGHA0737) Correlation between MHA006 pXRF results and MGHA0737 historical titanium values assists with identifying potenti
Slide 13: Critical Minerals for the US and EU
Critical Minerals for the US and EU Natural Rutile and Graphite Both rutile and graphite are critical to the world economy Titanium and natural graphite have been classified as critical raw materials by the US and EU due to combination of their scarceness and China-controlled supply chains¹ JPMorgan
Slide 14: Rutile - tightening market
Rutile - tightening market ASX:FUN Natural rutile global supply deficit and future demand increasing -50% Source: TZMI Source: TZMI Source: TZMI Source: TMZI
Slide 15: Rutile - premium titanium
Rutile - premium titanium ASX:FUN Natural rutile significant competitive advantages Sources: TZMI, Sovereign Metals, Iluka Source: Crux Investor Research https://www.cruxinvestor.com/posts/chinas-output-cuts-tighten-rutile-supply-adds- pressure-to-tio2-prices Source: TMZI
Slide 16: Rutile Peers
Rutile Peers ASX:FUN Significant potential to add value through discovery Sovereign Metals Sierra Rutile Lion Rock Minerals DY6 Metals Fortuna Metals Market Cap $498m N/A ~$160m ~$23.5m ~$38.3m Country Malawi Sierra Leone Cameroon Cameroon Malawi Ownership 100% 100% 80% 100% 100% Landholding Size ~7
Slide 17: Upcoming Newsflow
Upcoming Newsflow ASX:FUN Proposed work program and key catalysts* CAPITAL STRUCTURE (post acquisition) Acquisition announced - 11 September 2025 Market Cap (Undiluted) ($0.15.5)** ~$38.33M Site visit and setting up in-country exploration team Phase 1 soil sampling - September 2025 Shares on Issue 2
Slide 18: For more information
ASX:FUN For more information TOM LANGLEY Chief Executive Officer tom@fortunametals.com.au
Slide 19: Appendix: Preliminary XRF Results
Appendix ASX:FUN Preliminary XRF Results Cautionary note: The Company cautions that titanium assays alone should not be considered a proxy for, or a substitute for complete rutile determination. Whilst rutile is expected to be the dominant titanium species, titanium assays alone on raw samples canno
Slide 20: Power, Water, Road, Rail, Port - path to market
Appendix ASX:FUN Power, Water, Road, Rail, Port - path to market
Slide 21: Malawi
Malawi ASX:FUN Warm heart of Africa Mining sector recognised as an industry of economic importance Lindian - Illuka strategic partnership, US$20m loan to develop the Kangankunde REE project Malawi’s economic development strategy focus on attracting investors to three sectors: Sovereign - Rio Tinto (
Slide 22: Nacala Corridor
Nacala Corridor ASX:FUN Excellent Logistics Connecting to Global Markets Nacala Logistics Corridor (rail, road & port) vital to landlocked nations of Malawi and Zambia connecting to the deepest port on the east African seaboard 22 million tonnes per annum capacity ~18mtpa coal and 4mtpa general carg
Slide 23: Rutile - premium titanium
Rutile - premium titanium ASX:FUN Titanium feedstock processing routes Note: Prices quoted are in $US/tonne FOB basis Source: TZMI
Slide 24: Other Projects
Other Projects ASX:FUN Australia
Slide 25: Gascoyne Rare Earths
Gascoyne Rare Earths Discovery to resource within 24 months Rare earths (REE’s) hosted in the Yangibana Ironstones within the Durlacher Supersuite Rocks 14,000 metres of drilling completed on Lyons project Initial Inferred Mineral Resource Estimate completed on Lyons 11, 12 and 13 (ASX Release 25th
Slide 26: Murraydium Rare Earths
Murraydium Rare Earths Ionic clay hosted REE’s Targeting Ionic Clay hosted REE’s in the South East of South Australia Australian Rare Earths (ASX : AR3) have a REE Resource at Koppamurra on neighbouring tenement Koppamurra Resource and new AR3 prospect Frances hosted in the same Loxton Parilla Sands
Slide 27: JORC Code, 2012 Edition – Table
Appendix 2 JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)
Slide 28: JORC Code, 2012 Edition – Table
Appendix 2 JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)
Slide 29: JORC Code, 2012 Edition – Table
Appendix 2 JORC Code, 2012 Edition – Table 1 Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)
Slide 30: JORC Code, 2012 Edition – Table
Appendix 2 JORC Code, 2012 Edition – Table 1 Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) CAUTIONARY STATEMENT This announcement has been prepared by Fortuna Metals Limited. The document contains background Information about Fortun
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