Base Resources (BSE) Africa Down Under Presentation summary

Strategic combination and growth profile

• Merger with Energy Fuels creates a leading global critical minerals group focused on REEs, uranium, and mineral sands, enhancing market capitalisation, liquidity, and funding capacity.

• Immediate premium for shareholders and continued exposure to the Toliara Project, with improved access to development funding and reduced equity dilution.

• Value addition through processing Toliara monazite at White Mesa Mill, supporting supply to North American and European EV manufacturers.

• Asset and commodity diversification reduces risk and provides protection against downturns in individual commodities.

• Enhanced opportunity to secure strategic US government funding support at potentially lower cost.

Energy Fuels and Base Resources asset portfolio

• Energy Fuels holds a US$718 million market cap, US$171 million in cash and securities, and no debt as of June 2024.

• White Mesa Mill in Utah is the only fully licensed, operating conventional uranium mill in the US, with over 40 years of operation and new REE separation capacity.

• Portfolio includes producing, standby, and pre-production uranium and vanadium assets in the US, plus joint venture and development interests in mineral sands and rare earths globally.

• Base Resources' Kwale operation in Kenya is closing in December 2024, with a focus on post-mining land use and community transition.

• Asset base spans the US, Brazil, Madagascar, and Australia, covering uranium, vanadium, ilmenite, rutile, zircon, and monazite.

Toliara Project highlights

• Toliara is a world-class mineral sands project in Madagascar, with a 38-year mine life and staged ramp-up from 13Mtpa to 25Mtpa.

• Project produces ilmenite, rutile, zircon, and monazite (a rich REE source), with monazite as a by-product from mineral sands processing.

• Large, high-grade deposit contains 13 of the USGS list of 50 critical minerals; NPV10 of US$2 billion, IRR 32.4%, and average annual EBITDA of US$371 million.

• Peak annual production: 1.3Mt ilmenite/rutile/zircon and 26.1kt monazite; LOM free cash flow of US$10.6 billion.

• Development timeline targets FID 14 months after fiscal terms are agreed, with first shipments of ilmenite in early 2028 and monazite by mid-2028.