Leoric Presentation at Diggers and Dealers Conference

Introduction

• Leoric presented highlights of the last 12 months with the CER project.
• Significant project advancements and achievements made.

Location & Business Environment

• Location: Southern part of Min Jus, Brazil.
• Brazil offers exceptional support for mining projects, both from federal and state governments.
• Proximity: Close to Minas Gerais, a known mining center, and large town centers like Belo Horizonte and São Paulo.
  • São Paulo offers major infrastructure like the largest airport and port (Santos Port) in South America.

Financial Update

• Recently raised $41 million, providing a strong runway for future studies.

Infrastructure

• Posos Caldas: Well-serviced with companies like CBA and Alcoa.
• Excellent infrastructure, including grid power.

Mining Process

• Mining of clays involves no drilling or blasting, reducing costs.
• Process involves screening clays, putting them into solution, impurity removal, and precipitation.
• Low technical risk and capital cost due to simple flow sheet.

Production Profile

• High headroom due to low operating and capital costs.
• High-grade profile expected for first 4-5 years, with potential extension.
• Aims to reduce costs with increasing production.

Financial Metrics & Opportunities

• C1 cash costs around $7 for life of mine.
• Projected capex: $297 million, with a high contingency for unknowns.
• Optimization opportunities to reduce both capital and operating costs.
• High pre-tax NPV ($1.23 billion) and IRR (38%).

Mining Operations

• Sequential mining process with backfilling.
• Focus on high-grade, near-mine opportunities.
• Success with dry stack tailings, reducing environmental impact.

Metallurgy & Processing

• Emphasis on quality filtration and low technical risk.
• 740 million tons resource, with high-grade zones being prioritized.

Key Development Programs

• Pre-feasibility study 40% complete.
• Focus on opex and capex reduction.
• Separation process and test work underway.

Funding & Offtake

• Secured $250 million in funding.
• Partnerships with Brazilian and EU banks, and Neo Performance Materials.
• Interest from multiple stakeholders and grants.

Community Engagement

• High community support at 89%, vital for project success.

Conclusion

• The project is characterized by high-grade resources and strong financial metrics.
• Future updates anticipated to provide improved economic metrics and progress.