MINERAL COMMODITIES LTD – ELECTROMAGNETIC SURVEY RESULTS INDICATE GREAT NEW TARGETS AT MUNGLINUP GRAPHITE PROJECT

Mineral Products Ltd. (ASX: MRC or “the Company”) is pleased to announce the results of a high resolution helicopter-borne electromagnetic and magnetic survey of its Munglinup buildings in the Greater South Region of Western Australia.

The Munglinup Graphite Project is recognised by the Australian Government as a Critical Mineral Project and included in the Australian Critical Minerals Prospectus in 2020 and 2021 206-line kilometres of high-resolution aeromagnetic survey and associated data processing has identified that: (i) the known graphite deposits (Halberts Main, Halberts South, Whites, Harris, McCarthy) in M74/245 may be contiguous; (ii)	the known mineralisation may extent into E 74/565 to the east, and (iii)identified new geophysical anomalous zones in M74/245 and E 74/565 that may contain graphite mineralization

The Company has identified 12 priority targets for further evaluation. Areas with strong electromagnetic conductivity cover an area of ​​approximately 120 hectares, while known graphite deposits comprise a total area of ​​35 hectares. It intends to commence a 3,000m RC drilling program by the September quarter of 2022, designed to expand the resource base, convert inferred resources to higher grades and drill new anomalous geophysical areas. The plan will target the delineation of an updated mineral resource and ore reserve in accordance with the JORC (2012) code.

General director Jacob Deysel, commented: “The Xcite Airborne electromagnetic survey was very successful in identifying new conductive anomalies as a scout for potential mineralization adjacent to the Munglinup graphite deposits. We are excited about the results given the huge potential for increased resources at Munglinup and plan to develop an exploration program on the new targets to identify the extent of the mineralization for the second half of this year. EPA approvals to develop the project are expected early in the December quarter of 2022 and will significantly advance our goal of becoming the largest integrated supplier of graphite anodes.

Background

The Munglinup graphite deposits occur in a zone of Archean to Paleoproterozoic graphitic gneiss within a sequence of hornblende and hornblende-garnet gneiss in the Albany-Fraser Orogen. The rocks were widely folded around a WNW-ESE axis, with superimposed minor anticlines and synclines.

Small-scale complex folding and faulting are common in relatively incompetent graphitic rocks and host competent hornblendic gneisses appear to be less deformed. Munglinup’s resources (mineral resource of 7.99 million tonnes at 12.2% GCT and ore reserve of 4.24 million tonnes at 12.8% GCT)1 are open along strike and at depth. Past exploration has focused near surface and has been driven by targeting deposits that are quick and easy to exploit. The project is subject to a mining lease granted until 2031, in a designated mining reserve. Munglinup’s mine life (“LOM”) exceeds 14 years, based on a LOM throughput of 400 kt per year in years 1-6 and 500 kt per year in years 7-14, which translates to an average graphite concentrate production of 52 kt per year. The MRC has undertaken significant work for environmental approvals.

The Environmental Protection Authority (“EPA”) public review period took place in April and May 2021 and public responses were received from Department of Water and Environmental Regulation in June 2021. The summary of the submission document has been sent to the EPA and has been the subject of a formal agreement in July 2021. The company undertook additional ecological impact assessment and wildlife surveys to update EPA documents with all fieldwork completed in December 2021. The MRC is currently compiling additional documents for submission in April 2022. Final environmental permits are expected early in the December 2022 quarter.

In addition, the Company is continuing to develop its natural graphite purification process with the australia national scientific agency, CSIROunder the CRC-P2 project, partly funded by the Australian government, achieving excellent purities for Munglinup3 spherical graphite, with additional updates expected in the June quarter.

Contact:

Tel: +61 8 6373 8900

Email: [email protected]

On Mineral Products Ltd.

Mineral Products Ltd. (ASX: MRC) is a global mining and development company primarily focused on the development of high-grade mineral deposits in the mineral sands and battery minerals sectors. The Company is a leading producer of zircon, rutile, garnet and ilmenite concentrates through its Tormin mineral sands operation, located in the Western Cape of South Africa. In October 2019the Company has completed the acquisition of Skaland Graphite AS, owner of the richest producing flake graphite mine in the world and the only producer in Europe. The planned development of Munglinup Graphite Projectsituated in Western Australiabuilds 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.

Caution

This report may contain 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 several factors could cause the actual results or expectations to differ materially from the results expressed or implied by the forward-looking statements.