Announcement PDF ASX Announcement 23 November 2023 ASX: OD6 2023 Annual General Meeting Chair’s Address To our Shareholders, On behalf of the board of directors, I would like to acknowledge the Traditional Owners of the land upon which we meet to today, the Whadjuk People. Furthermore, I would like to acknowledge the Ngadju people and the Esperance Nyungar - the Traditional Owners of the land upon which we work. We pay our respects to the respective Traditional Owner groups and their elders, past, present and emerging. We also wish to thank the Traditional Owners and their representatives for their support on-country during the past year. I welcome our shareholders to this meeting, which is our second as an ASX listed company and introduce my fellow directors. Mr Piers Lewis, Dr Mitch Loan and Mr Brett Hazelden, our Managing Director. As many shareholders will be aware, our Company has continued to make impressive progress with exploration for Rare Earth Elements (REE) across our tenements, which encompass 4,828 square kilometres, in districts near Esperance in Western Australia. Having raised A$8 million at the end of the previous financial year we established a small, highly skilled team to manage a set of targeted exploration activities. This team ensured we completed the maiden drilling program at Splinter Rock within the first three months of the 2023 financial year. The results from that drilling program recorded outstanding REE assay levels, representing some of the highest grades and thickest clay-hosted rare earth intersections seen in Australia. In October 2022, the Company announced it had entered into an agreement with the CSIRO, supported through the Kick-Start Program, to generate an improved geochemical and geophysical understanding of the techniques needed to increase confidence in REE exploration. During that same month the Company commenced an airborne electromagnetic survey, across both its Grass Patch and Splinter Rock Projects, designed to enable future targeted drilling of high priority exploration areas. When this data was assessed, it strongly aligned with the initial drilling results and enabled the identification of 253 square kilometres of combined clay basin target areas. In January, OD6 Metals commenced a first pass reconnaissance drilling program at the Grass Patch Project which confirmed significant areas of high-grade, clay hosted earths with three main prospects identified for further follow up drilling. OD6 Metals Ltd Level 1, 50 Kings Park Road, West Perth, WA 6005 ACN 654 839 602 PO Box 277, North Beach, WA 6920 PO Box 2009, Esperance, WA 6450 The second half of the financial year also saw further drilling at Splinter Rock, to strengthen and expand on the earlier results. An initial metallurgical test work program, through the Australian Nuclear Science and Technology Organisation (ANSTO), recorded some excellent recoveries and provides a platform for our on-going metallurgical studies. Metallurgical engineering, along with innovative strategies for sustainable development, are key parts of our ongoing research and we are fortunate to have the assistance from several research providers including the CSIRO, Murdoch University, ANSTO and industry leading consultants. In striving towards the potential future development of our REE resources, OD6 Metals continues to pursue a disciplined approach to geometallurgy where we not only prioritise areas, tonnes and grade, but we move to also maximise value through a “Best of the Best” strategy. We are out to prioritise areas replete with all the characteristics required— tonnes, grade, thickness, strip-ratio, high metallurgical recovery and low reagent consumption. In July 2023 we achieved a key milestone, confirming a maiden Inferred Mineral Resource Estimate of 344 million tonnes at 1,308ppm Total Rare Earth Oxides (TREO) at 1,000ppm cut-off grade for the Splinter Rock Project.1 This remarkable outcome was achieved in less than a year from the start of the first drilling and is derived from less than five per cent of the targeted clay basin area, with on-going exploration now anticipated to further expand the known mineralised zones. Most recently, we announced outstanding drill results from our Phase 3 drilling program at the Centre and Prop Prospects. With the combination of clay thicknesses of up to 77m, grades well in excess of 1,000ppm TREO and consistency across several kilometres of width and length, these two Prospects continues to validate this globally significant discovery.2,3 These results materially expand the extent of the current footprint of high-grade mineralisation, offering real and substantial potential for resource expansion. During this month of November we have also continued provide detail on the state of the art work being conducted at CSIRO4 and ANSTO.5 This work continues to expand on our identified clay basins and channels plus validates our proposed processing route whilst providing confidence in future potential project economics. OD6 Metals is continuing to conduct research and development into all aspects of the project including how to efficiently provide what is required for large scale development including, studies into producing reagents onsite and utilising the excellent renewable energy resources available to the Esperance district. This R&D work recently saw a $962k Tax Offset6 being received which continues to show the Federal government’s support for this critical mineral industry.. Our Environmental, Social and Governance (ESG) approach, initiated during the past 12 months, remains a crucial aspect of how we operate. Our ESG aims are to minimize our environmental impact, look after our people, grow with our communities and create value for our stakeholders. “Splinter Rock Maiden Mineral Resource” dated 18 July 2023 “Phase 3 Drill Results Significantly Expand Prop Potential” dated 21 September 2023 3 “Standout Grades and Thickness Confirmed at Centre Prospect” dated 9 November 2023 4 “Metallurgical Tests Results Conform Low Acid Consumption” dated 7 November 2023 5 “Modelling Revels Major Extensions to REE Basins” dated 15 November 2023 6 “Research and Development Tax Offset Funds Received” dated 20 November 2023 1 2 2 As always, our activities are underpinned by high standards of business ethics, governance and regulatory compliance, along with acting with integrity to responsibly deliver future rare earth resources for a low carbon future. I am proud to again state that OD6 Metals fulfilled each of the short-term commitments made in the 2022 Prospectus and our project at Splinter Rock continues to exceed our expectations. On behalf of the Board, I would like to record our appreciation for the support of our loyal shareholders as, despite the significant achievements of the past year, everyone on our team understands there remains a great deal more to do. Critical minerals exploration, discovery and development is crucial for a world in an energy industry transition. Australia is set to provide a globally significant role in this future. OD6 Metals, is at the vanguard of this future with some of the most extensive and highest-grade clay-hosted REE deposits in Australia. Lastly, again on behalf of the Board, I congratulate everyone involved in contributing to the OD6 Metals story and we look forward to sharing the exciting journey ahead. Thank you. Dr Darren Holden Chair 3 Australian Critical Rare Earth Minerals AGM Presentation 23 November 2023 ASX I OD6 1 Important Information Disclaimer This presentation has been prepared by OD6 Metals Ltd (ACN 654 839 602) (OD6) and is current as at the date of this document. The information contained in this presentation is for informational purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. The presentation has been prepared without considering the investment objectives, financial situation or needs of any particular person. Before making an investment decision, you should consider, with or without the assistance of a financial adviser, whether an investment is appropriate considering your particular investment needs, objectives and financial circumstances. Past performance is no guarantee of future performance. Any securities that may be issued by OD6 should be considered speculative and there is no guarantee implied or explicit that there will be a return on the capital invested or that any dividend will be paid or that there will be an increase in the price or value of OD6’s shares in the future. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of OD6, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault of negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness or any forecasts, prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. Competent Person Statement The information contained in this presentation that relates to the Mineral Resource estimation is based on information reviewed by Mr Jeremy Peters who is a Fellow of the Australasian Institute of Mining and Metallurgy and a Chartered Professional Geologist and Mining Engineer of that organisation. Mr Peters is a Director of Burnt Shirt Pty Ltd, consulting to OD6 and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Peters consents to the inclusion of the data in the form and context in which it appears. Forward Looking Statements Certain statements contained in this presentation, including information as to the future financial or operating performance of OD6 and its projects, are forward looking statements. Such forward looking statements: • may include, among other things, statements regarding incomplete and uncertain proposals or targets, production and prices, operating costs and results, capital expenditures, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions; • are necessarily based upon several estimates and assumptions that, while considered reasonable by OD6, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; and • involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forwardlooking statements. OD6 disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward looking statements. All forward looking statements made in this presentation are qualified by the foregoing cautionary statements. Recipients are cautioned that forward looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward looking statements due to the inherent uncertainty therein. No representation is made that, in relation to the tenements the subject of this presentation, OD6 has now or will at any time in the future develop further resources or reserves within the meaning of the Australian Code for Reporting of Exploration Results, Mineral resources and Ore Reserves (The JORC Code). No New Information This document contains information extracted from ASX market announcements reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (2012 JORC Code) and available for viewing at https://www.od6metals.com.au/investors/asx-announcements/. OD6 confirms that it is not aware of any new information or data that materially affects the information included in any original ASX market announcement. 2 Globally Significant Clay Hosted Rare Earth Discovery 100% owned project areas in one of the world’s great mining countries • 344Mt @ 1,308ppm TREO Inferred Resource at a 1,000ppm cut off grade at Splinter Rock • MagREO represent an average of ~23% of TREO grade • Thick 10-80m intersections • High 61% average acid leach recoveries • Average 16 kg HCl/t ore with multiple zones at 6-10 kg HCl/t ore • 400km2 of clay basins mapped by an Airborne electromagnetics (AEM) survey • In a first-class location, close to port, roads and essential infrastructure TREO (Total Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 MagREO (Magnet Rare Earth Oxide) = Nd2O3 + Pr6O11 + Tb4O7 + Dy2O3 % Magnet REO = (MagREO / TREO)*100 3 The Premier Australian Clay-hosted REE Project Already 450k tonnes of contained TREO with 103k tonnes of high value MagREE Enterprise value (A$M) Rare Earth Element Deposits (bubble size reflected contained TREO) 3,000 Meteoric 2,500 419 Targeting Mineral Resource expansion based on recent phase three drilling results High valuation re-rate potential based on TREO grade and potential Mineral Resource tonnage expansion 2,000 1,500 Brazilian Rare Earths OD6 tonnage and grade curve China MEK Longnan 1,000 500 ABX WC1 275 OD6 HRE AR3 IXR VTM China Xunwu Tantalus Serra Verde 42 China Xinfeng 0 0 100 200 300 400 500 600 90 700 Resource Tonnage (Mt) 800 900 1,000 18 17 17 14 10 5 4 MEI BRE VMM MEK AR3 VTM KTA OD6 ABX WC1 HRE TREO Grade (ppm) Aclara Refer to Appendix A for calculation and reference details Source: Adapted from Euroz Hartleys Research Report, Company Reports, Phillip Hellman, Sharemarket Market Capitalisation 4 What does an Economic Project Look Like? Most analysts in the sector are using 5Mtpa for a key reason – REVENUE Clay volume treated (tpa) TREO Metallurgical (ppm) recovery TREO produced (tpa) MagREO produced % @23% (tpa) payable AUD;USD Revenue p.a. @ US$50/kg TREO Key Value Drivers 10,000,000 1,500 60% 9,000 2,070 70% 0.65 A$484M Grade >1,000 ppm TREO 7,500,000 1,500 60% 6,750 1,553 70% 0.65 A$363M MagREO Content >20% 5,000,000 2,000 60% 6,000 1,380 70% 0.65 A$323M Treatment Rate > 4 Mtpa 5,000,000 1,500 60% 4,500 1,035 70% 0.65 A$242M Mine Life >20 years 5,000,000 1,000 60% 3,000 690 70% 0.65 A$161M Resource Size >150 Mt 5,000,000 800 60% 2,400 552 70% 0.65 A$129M Recovery >50% 4,000,000 800 60% 1,920 442 70% 0.65 A$103M Low Stripping Ratio 3,000,000 800 60% 1,440 331 70% 0.65 A$ 77M 2,000,000 800 60% 960 221 70% 0.65 A$ 51M Low Reagent Usage / Cost 1,000,000 800 60% 480 110 70% 0.65 A$ 25M Low Power Costs This is conceptual in nature, but is used as a basis for the 1,000ppm resource cut-off and the “reasonable prospects of eventual economic extraction” under JORC 5 Exceptional Phase 3 Drilling Success Real and substantial potential for Mineral Resource expansion Significant Results recently announced at Centre Prospect1 • 58 metres at 2,060ppm TREO (21.8% MREO) from 21 metres (SRAC0356) • 77 metres at 1,429ppm TREO (22.5% MREO) from 18 metres (SRAC0357) • 69 metres at 1,457ppm TREO (25.6% MREO) from 15 metres (SRAC0358) • 66 metres at 1,519ppm TREO (21.0% MREO) from 21 metres (SRAC0359) • 52 metres at 1,467ppm TREO (29.6% MREO) from 21 metres (SRAC0333) • 42 metres at 1,609ppm TREO (21.4% MREO) from 18 metres (SRAC0470) • 41 metres at 1,611ppm TREO (26.4% MREO) from 6 metres (SRAC0298) • 43 metres at 1,425ppm TREO (23.4% MREO) from 12 metres (SRAC0300) • 24 metres at 2,379ppm TREO (25.5% MREO) from 18 metres (SRAC0303) • 30 metres at 1,806ppm TREO (27.5% MREO) from 42 metres (SRAC0321) • 34 meters at 1,465ppm TREO (23.2% MREO) from 36 metres (SRAC0469) • 43 meters at 1,425ppm TREO (21.8% MREO) from 12 metres (SRAC0300) • 31 meters at 1,339ppm TREO (22.6% MREO) from 21 metres (SRAC0328) • 30 meters at 1,309ppm TREO (22.5% MREO) from 21 metres (SRAC0351) • 24 meters at 1,810ppm TREO (21.5% MREO) from 48 metres (SRAC0340) • 21 meters at 1,672ppm TREO (24.0% MREO) from 15 metres (SRAC0297) A$180k in co-funding provided by the WA Government flagship Exploration Incentive Scheme (EIS) 6 Inside Centre is a Thick High-Grade Area 2km x 1km, up to 69m thick, with grades of 1,400ppm to 2,200ppm TREO 7 2024 Infill and Regional Drilling Continue to focus on identifying the “Best of the Best” Forward program, 2024 exploration focus: • Infill drilling at Centre and Prop • Expansional/extensional drilling at Centre, Flanker and Scrum • Testing new regional drilling at Loosehead and Tighthead 8 Strong Metallurgical Results Identifying the best metallurgical areas • Very high metallurgical recoveries achieved using simple acid leach • Average 61% MagREO recovery (range 43-87%) at 20g/l HCl • Average 16 kg HCl/t ore with multiple zones at 6-10 kg HCl/t ore Centre Prospect Scrum Prospect 54% to 78% recoveries (average 62%) three samples 64% recovery from single sample • Extractions at 15 to 20 g/L HCl appear to be a balance point on recovery, acid strength and acid consumption. • Neodymium (Nd), Praseodymium (Pr), Terbium (Tb) and Dysprosium (Dy) have very similar recoveries • Screening of coarse-grained material expected to reduce leach material by 30-50% without appreciable loss of MagREO • >50 new samples at ANSTO with more to be added from Phase 3 drilling to identify “best of the best” areas Recoveries only reflect initial rare earth leaching, with further losses expected in precipitation, impurity removal, purification and drying. Prop Prospect 44% to 96% recoveries (average 71%) five samples Flanker Prospect 76% recovery from single sample 9 Acid Consumption and Reagent Costs Important to consider total reagent requirements, not just one step in the process • Vendor discussions confirm viability of potential site-based chlor-alkali facility • Indicative pricing for a chlor-alkali electrolyser is approximately £3M each (A$5.7M) • Chlor-alkali plant also provides a sodium hydroxide (NaOH) co-product which is utilised in impurity removal and precipitation of a final Mixed Rare Earth Product (MREC/H) • A single chlor-alkali electrolyser has the potential to produce 62ktpa HCl and 69ktpa of NaOH which, at an average consumption of 16 kg HCl / tonne of ore, is sufficient to treat ~4Mtpa of REE bearing clay 2H2O (l) + 2NaCl (aq) ----> H2 (g) + Cl2 (g) + 2NaOH (aq) H2 (g) + Cl2 (g) -----> 2HCl (g) Refer to publicly available information associated with a BICHLOR™ Electrolyser, 10 Clay-hosted REE Projects – what’s the difference? Processing steps are similar, mainly using different reagents and time OD6 Proposed Flowsheet Aclara & Meteoric Proposed Flowsheet No drill & blast No crushing No milling No flotation Key Points to Note OD6 Longer leach times = more tanks Both process use acid to lower the pH to 1 or 3-4 Both process need to neutralise the acid to remove impurities and produce a MREC/H Lower pHs have more impurities to remove Chloro-Alakli plant makes both acid and base onsite Ionic process needs multiple offsite produced reagents Reagents & Estimated Costs No high temperature cracking Hydrochloric Acid + Sodium Hydroxide No high $500/t HCl* + $0/t NaOH (Chlor-alkali onsite) pressure leach Ammonium Sulphate + Sulphuric Acid + Ammonium Bicarbonate # $350/t (NH4)2SO4 + $400/t H2SO4 + $250/t (NHNo high 4)HCO 3 temperature Consumption Rates are Key to Total Reagent Cost leach All projects will need Flocculants, Potable Water, other chemicals *Assuming renewable power, capital paid upfront # All figures are estimated current supplier pricing 11 Sustainably Creating Value Acting with integrity to responsibly deliver rare earth resources for a low carbon future Our sustainability priorities: ESG Our aim is to minimize our environmental impact, look after our people, grow with our communities and create value for our investors Workplace health and saftey and mental health Aboriginal engagement, heritage and Traditional Owners Business ethics RISK Regulatory compliance and change Flora and fauna Corporate governance and risk management 12 Using Green Power to Lower Operating Costs Source: https://pacificenergy.com.au/project/esperance-power-station/ Rare Earths are key to decarbonisation Our goal is to build a mine that minimises greenhouse gas emissions and long term power costs Ultimately Net Zero is the goal for what could be a multi-generational production facility Existing Esperance township 2x 4.5Mw Wind Turbines and 4MW Solar Farm 13 Pursuing The Best Of The Best A disciplined approach to maximising value Explore Design Evaluate • Identify high-grade, ‘sweet-spot’ REE zones • Optimise leach recovery and impurity removal • Aggressively grow Mineral Resources via latent scale potential • Remove coarse grain material to reduce acid consumption • Pursue “Best of the Best” grade, recovery, stripping ratio and acid consumption • Target thick areas with low strip ratio potential • Low cost exploration, high value for money • CSIRO collaboration • Produce a MREC with potential conversion to REO • Refine process with ANSTO • Integrate ChlorAlkali Benefits • Renewable energy sourcing – solar / wind • Existing Infrastructure – port, road • Deliver Scoping Study 14 OD6 Has Significant Growth Potential Upside potential compared to peers Comparison of Enterprise Value per MagREO tonne (A$ / tonne MagREO) 1,686 Strong foundation for growth potential 1,270 High potential for imminent Mineral Resource Estimate 976 957 952 Priority Inside Centre Prospect a highly prospective focus area 624 550 Further regional exploration scheduled with success to expand resource base 92 ABX MEI BRE Refer to Appendix A for reference details Key catalysts for relative value uplift relative to peers on per tonne MagREO basis AR3 IXR KTA VTM WC1 140 110 OD6 HRE Metallurgical optimisation ongoing with high recoveries and low acid consumption de-risking project flow-sheet and future economics 15 Corporate snapshot High calibre leadership team, tight capital structure and well-funded Capital Structure Price per share1 ASX: OD6 A$0.19 Total number of shares on issue2 102.45M Performance rights and options2 32.70M Market capitalisation (undiluted)1 A$19.46M Cash2 A$2.03M Debt2 A$0.00M Enterprise value1 A$17.43M Share Price History A$/share 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 Dr Darren Holden Mr Brett Hazelden Mr Piers Lewis Dr Mitch Loan NON-EXECUTIVE CHAIR MANAGING DIRECTOR NON-EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTOR Register Detail Founders (exc. Directors and Management) 40% 42% Directors and Management Institutions 5% 13% Retail / Other Jul 22 Sep 22 Nov 22 Jan 23 Mar 23 May 23 Jul 23 Sep 23 Nov 23 1. As at 14 November 2023 2. As at 30 September 2023. Refer to ASX announcement “Quarterly Activities and Cashflow Report” Note: 47,435,249 shares (46%) escrowed until 22 June 2024 16 Investment Highlights 1 Dominant land holding near Esperance port 100% interest in a vast tenement package with multiple rare earth mineralised prospects 2 Consumption of rare earth magnets expected to triple by 2035 3 Globally significant new maiden Mineral Resource Estimate declared 4 Strong metallurgical results 5 6 Targeting critical rare earth element materials 344Mt @ 1,308ppm TREO Inferred Resource utilising a 1,000ppm cut off grade Simple Acid Leach process with high recoveries of 60% and low acid consumptions Sustainably creating value Acting with integrity to responsibility deliver rare earth resources for a low carbon future Skilled board and management High calibre geological, metallurgical, project development and corporate professionals 17 Appendix ASX I OD6 Splinter Rock Mineral Resource Estimate At 1,000 ppm cutoff grade Prospect Category Australia’s highest grade and largest clay hosted MRE Delineated from less than 5% of identified target area Tonnes (Mt) TREO (ppm) Pr6O11 (ppm) Nd2O3 (ppm) Tb4O7 (ppm) Dy2O3 (ppm) MagREO MagREO (ppm) (% of TREO) Centre Inferred 149 1,423 71.2 244.6 2.6 14.1 329 23.1 Scrum Inferred 120 1,222 57.7 208.1 2.7 14.7 283 23.2 Flanker Inferred 42 1,246 58.9 210.9 2.9 16.0 288 23.2 Prop Inferred 33 1,180 49.9 179.4 2.3 12.9 244 20.7 Total Inferred 344 1,308 62.5 220.2 2.6 14.5 300 22.9 The Mineral Resource estimate has been reported by an independent Competent Person in accordance with the provisions of the JORC Code TREO (Total Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 MagREO (Magnet Rare Earth Oxide) = Nd2O3 + Pr6O11 + Tb4O7 + Dy2O3 % Magnet REO = (MagREO / TREO)*100 For full Mineral Resource estimate details refer to OD6 ASX announcement 18 July 2023, “Maiden Mineral Resource Estimate”. OD6 is not aware of any new information or data that materially affects the Mineral Resource estimate included in that release. All material assumptions and technical parameters underpinning the Mineral Resource estimate in that release continue to apply and have not materially changed. 19 Splinter Rock Mineral Resource Estimate Focused on quality over quantity of resource P A quality MRE targeting the Best of the Best grade, recovery, strip ratio, acid consumption Cut-off grade (ppm TREO) Tonnes (Mt) TREO (ppm) Contained TREO MagREO (k tonne) (ppm) MagREO (% of TREO) Contained MagREO (k tonnes) 400 1,141 869 992 198 22.7 225 600 838 1,006 842 230 22.9 192 800 583 1,140 664 262 30.0 152 1,000 344 1,308 450 300 22.9 103 1,200 196 1,471 288 338 22.9 66 1,400 105 1,625 171 372 22.9 39 For full Mineral Resource estimate details refer to OD6 ASX announcement 18 July 2023, “Maiden Mineral Resource Estimate”. OD6 is not aware of any new information or data that materially affects the Mineral Resource estimate included in that release. All material assumptions and technical parameters underpinning the Mineral Resource estimate in that release continue to apply and have not materially changed. Final recovered tonnes will be significantly less than the contained tonnes stated and subject to ongoing metallurgical testwork. 20 MRE TREO Value and Distribution Nd, Pr, Dy, Tb represent ~90% of potential contained value TREO REE value TREO % distribution Tb4O7 Dy2O3 MagREO is ~90% of value Pr6O11 Nd2O3 Distribution 54.7% Nd2O3 16.8% 15.0% Pr6O11 4.8% 10.4% Dy2O3 1.1% 9.0% Tb4O7 0.2% 2.6% Gd2O3 1.5% 1.8% CeO2 44.3% 1.7% Lu2O3 0.1% 1.6% Y2O3 5.9% 0.8% La2O3 21.2% 0.8% Ho2O3 0.2% 0.7% Er2O3 0.5% 0.3% Eu2O3 0.4% 0.2% Yb2O3 0.5% 0.2% Sm2O3 2.4% 0.1% Tm2O3 0.1% Nd2O3 MagREO Value La2O3 Y2O3 Pr6O11 1,308 ppm TREO CeO2 TREO (Total Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 MagREO (Magnet Rare Earth Oxide) = Nd2O3 + Pr6O11 + Tb4O7 + Dy2O3 Note: Contained value is based on spot pricing sourced from Adamas Intelligence “ Rare Earth Pricing Quarterly Outlook” Q2 2023. The chart is illustrative only of where rare earth economic value will be primarily derived from. 21 Appendix A Peer calculations and reference details Company ASX Measured: Indicated: Inferred Market capitalisation code Ratio (Mt) (A$) Net cash (A$) Enterprise value (A$) OD6 Metals OD6 0 : 0 : 344 A$ 17M A$ 3M A$ 14M Splinter Rock Maiden Mineral Resource, 18 July 2023 Quarterly Activities Report September 2023, 30 October 2023 Investor Presentation, 18 July 2023 Meteoric Resources MEI 0 : 0 : 409 A$ 428M A$ 9M A$ 419M Quarterly Activities Report September 2023, 31 October 2023 Caldeira REE Project Maiden Mineral Resource, 1 May 2023 Victory Metals VTM 0 : 0 : 250 A$ 20M A$ 3M A$ 17M North Stanmore Initial Mineral Resource Estimate, 2 August 2023 Quarterly Activities Report September 2023, 26 October 2023 West Cobar Metals WC1 0 : 39 : 151 A$ 6M A$ 1M A$ 5M Salazar Clay-REE Resource Quadruples, 9 August 2023 Quarterly Activities Report September 2023, 31 October 2023 Krakatoa Resources KTA 0 : 40 : 61 A$ 18M A$ 1M A$ 17M KTA Delivers Maiden Rare Earth Mineral Resource, 21 November 2022 Quarterly Activities Report September 2023, 30 October 2023 Australian Rare Earths AR3 1 : 63 : 38 A$ 30M A$ 12M A$ 18M Koppamurra resource up 25% & 40% Indicated Resource Increase, 3 April 2023 Quarterly Activities Report June 2023, 27 October 2023 Meeka Metals MEK 0 : 0 : 98 A$ 43M A$ 1M A$ 42M High-Grade Rare Earth MRE at Circle Valley, 14 June 2023 Quarterly Activities Report September 2023, 31 October 2023 ABX Group AB