Energy Resources of Australia (ERA) Corporate Presentation summary

Jabiluka update

• Northern Territory Government decided not to renew the Jabiluka Mineral Lease (MLN1) based on Commonwealth advice; ERA is challenging this in Federal Court, with a final hearing set for 28 October 2024.

• An interim stay means MLN1 remains in effect pending further court orders.

• ERA claims denial of procedural fairness and natural justice in the lease renewal process.

• Commonwealth announced plans to work with traditional owners to incorporate Jabiluka into Kakadu National Park once the lease ceases.

Rehabilitation commitment

• ERA's main focus is comprehensive rehabilitation of the Ranger Project Area to enable potential incorporation into Kakadu National Park.

• Estimated rehabilitation spend from July 2024 to end-2027 is $986m, with a provision of $2,402m as of 30 June 2024 (discounted at 2.5%).

• Since 2019, $819m has been spent on rehabilitation, achieving milestones like Pit 1 backfill, tailings transfer, and stakeholder approvals.

• Rio Tinto appointed as manager for the rehabilitation project under a Management Services Agreement, aiming for cost savings and leveraging technical expertise.

• ERA is not expected to meet the original January 2026 rehabilitation deadline and has applied for an extension to its section 41 Authority.

ERA's liquidity position

• As of 30 June 2024, ERA holds $128m in cash, zero debt, and $126m in bank guarantees.

• $522m is held in the Ranger Rehabilitation Trust Fund, but drawdown requires government approval and is not expected soon.

• Without an equity raise, ERA is likely to breach its minimum cash reserve in Q4 2024 and deplete cash by early 2025.