Mineral Commodities Ltd – Successful critical minerals grant application for the development of an Australian integrated battery ore anode business

Mineral Products Ltd. (ASX: MRC) (MRC) is delighted to announce that its application for funding under the Commonwealth Government’s Critical Mineral Acceleration Initiative (CMAI) has been successful.

The Commonwealth Government will contribute up to $3.94 million support the development of an integrated graphite ore-battery anode business based on MRC Munglinup Graphite Project in Western Australia

The grant directly supports Stage 1 of the overall project to develop an integrated oreto-battery anode materials business. Stage 1 includes: process optimization and pilot scale processing of PGM ore to supply concentrate to the downstream pilot plant.

Development, commissioning and operation of a downstream pilot plant including: o Optimization of the spheronization process (process for shaping graphite concentrate into flakes). o Purification of spherical graphite based on the HF-free purification process developed as part of the CRC-P project.1.2 o Development of a coating process to produce high margin coated purified spherical graphite (CPSG). o Electrochemical tests on batteries manufactured with CPSG.

Provision of larger-scale customer qualification samples to secure pick-up agreements.

Definitive Feasibility Study (DFS) on the development of integrated materials from ore to anode, including an updated MGP DFS aligned with qualification and commercialization.

Additionally, accelerating Stage 1 will help advance the development of the MGP as Stage 2 of the overall project. MRC’s Skaland Graphite AS operations and bench-scale downstream activities highlight the significant advantages of an integrated ore-to-battery anode approach to supplying anode materials from point from a technical point of view, quality management and commercial profitability. This approach enables optimization across the entire supply chain to consistently achieve the stringent product specifications required for sourcing graphite anode materials for lithium-ion batteries. The development of an integrated battery-powered ore anode business in this project is strongly aligned with the CMAI program objectives to: (a) assist Australian critical minerals projects to contribute to strategically important supply chains, and (b) support and reduce risk associated with critical development activities to help progress towards qualifying drawdowns and seeking debt financing to move into production

In particular, the downstream pilot plant operations and concentrate trials of MGP will support the acceleration of MGP development. The General Manager of MRC, Mr. Jacob Deysel said, “We are thrilled with the success of our Critical Minerals Acceleration Initiative grant application. This is an important program to support the added value and accelerated development of australia critical mineral resources and the MRC is proud to actively participate in the CMAI program. This is a very important step towards accelerating our active anode materials production strategy. This allows MRC to not only accelerate the advancement of our HF-free purification process developed as part of our CRC-P projectit also allows MRC to accelerate the development of our Munglinup Graphite Project. The grant will support our mine through the optimization of the overall value chain anode materials currently underway and will include graphite concentrate, spheronization, purification and coating to produce anode materials. Customer qualification of the anode material is in progress.

The CMAI project will de-risk our development to commercial scale and provide larger qualification samples that will support and secure off-take agreements. MRC has two Tier 1 graphite projects in the Munglinup Graphite Project in Western Australiaand the activities of Skaland Graphite in Norway. We are actively transforming these projects into integrated anode materials operations at the mine to diversify the supply of natural graphite-based anode materials with lower environmental impacts and increased shareholder value. We plan to announce an update on the CRC-P project and collaborating partners on this CMAI project shortly.

Contact:

Tel: +61 8 6373 8900

Email: [email protected]

On 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. In October 2019the Company has completed the acquisition of Skaland Graphite AS, owner of one of the highest quality operating lamellar graphite mines in the world and one of the only producers 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