Mineral Commodities Ltd – CRC-P Project Completion and CSIRO Collaboration Update

Mineral Products Ltd. (ASX: MRC or the Company) is pleased to announce the successful completion of the Cooperative Research Center Projects (CRC-P)3 project with australia national scientific agency, CSIROand Doral molten materials.

CSIRO performed 534 purification tests as part of the scaled-up CRC-P project, including 84 latch cycle tests to simulate industrial processing. Testing was performed on Munglinup and Skaland materials in various forms including flake graphite concentrate, micronized flakes, spherical graphite and spheronized fines. The project achieved battery grades (minimum 99.95% purity) for Munglinup and Skaland4 spherical graphites with typical product recoveries of 90%. Generally, Munglinup material is slightly easier to purify, with 0.01% higher (absolute) purity in the process. The CSIRO-The process developed avoids the use of non-environmentally friendly HF acid.

The process was developed from first principles independently by CSIRO in sixteen stages of development, including optimization and scaling, and associated reporting. MRC is delighted to be able to continue its partnership with the expert CSIRO team on the development of an ecologically sustainable purification process within the framework of the CMAI5 pilot project. The collaboration with CSIRO will be expanded in the CMAI project to include the optimization of the graphite spheronization (shaping) process and the scale-up of the carbon coating to produce high-margin CPSG, further enhancing Australian capabilities in this area of the critical mineral supply chain. CSIRO will also perform electrochemical tests on the electrodes of lithium-ion batteries produced from CPSG. The CMAI project will enable MRC to provide larger quantities of customer qualification samples to secure MRC off-take agreements and CSIRO are currently in the process of formalizing the partnership agreement under the CMAI grant agreement. MRC will also engage the Australian METS sector to: pilot concentrate production, optimize the Munglinup Definitive Feasibility Study (DFS) and deliver an integrated DFS of materials from ore to anode in under the CMAI project for commercial scale production. The first samples of CSIRO The mini pilot plant developed under the CRC-P project has been supplied to Mitsubishi with positive feedback. The mini-pilot is currently generating additional samples for customer evaluation to further support Mitsubishi’s strategic collaboration agreement and provide samples to Traxys to support the kidnapping agreements. Other near-term activities include pre-engineering for key CMAI pilot plant equipment and further evaluation of optimization activities identified in the CRC-P project.

The General Manager of MRC, Mr. Jacob Deysel said: “As discussed, we are delighted with the success of our grant application under the Critical Minerals Acceleration Initiative. We look forward to expanding our collaboration with The CSIROs expert team to pilot scale-up production of graphitic anode materials using concentrates from Skaland and Munglinup. We will also engage the wider Australian METS sector to deliver an updated Munglinup DFS aligned with the RFQ and modular plant design based on recent trials, as well as an integrated Ore-Anode Materials DFS based on our Munglinup Graphite project. This will support the acceleration of Munglinup’s development”.

Contact:

INVESTORS & CORPORATE MEDIA

Jacob Deysel

Managing Director and CEO

Such. : +61 8 6373 8900

Email: [email protected]

Fletcher Hancock

Company Secretary

Such. : +61 8 6373 8900

Email: [email protected]

About Mineral Products Ltd.:

Mineral Products Ltd. is a global mining and development company primarily focused on the production of high quality mineral sands and natural flake graphite from operations in South Africa and Norway. The Company is a leading producer of zircon, rutile, garnet, magnetite and ilmenite concentrates through its Tormin mineral sands operation, located in the Western Cape of South Africa. The Company owns and operates the Skaland Graphite operation in Norwaythe richest producing lamellar graphite mine in the world and the only producer in Europe. The planned development of Munglinup Graphite Projectsituated in Western Australia, builds on the acquisition of Skaland and is a further step towards an integrated downstream value creation strategy that aims to capitalize on the rapidly growing demand for sustainably manufactured lithium-ion batteries. In April 2022the company released its five-year strategic plan 2022-20266 to define and implement its aspiration to become a leading diversified vertically integrated producer of graphitic anode materials and value-added mineral products with a commitment to operate with a focus on the environment, sustainability and governance.

Caution

This announcement contains forward-looking statements. All forward-looking statements reflect management’s current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. It should be noted that a variety of factors could cause actual results or expectations to differ materially from the results expressed or implied by the forward-looking statements. These forward-looking statements are not guarantees of future performance and involve unknown risks and uncertainties, many of which are beyond MRC’s control. This may cause actual results and developments to differ materially from those expressed or implied. These risks include, but are not limited to, economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of approvals, regulatory risks, operational risks, reliance on key personnel, estimates of ore reserves and mineral resources, native title, foreign currency fluctuations, exploration risks, mine development, construction and commissioning. Forward-looking statements in this announcement speak only as of the date of posting and are subject to any continuing obligations under applicable laws or regulations, MRC does not undertake to publicly update or revise any of forward-looking statements in this announcement or to advise of any change in events, conditions or circumstances on which such statement is based. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this announcement.