Lion Rock Minerals (LRM) Company presentation summary

Project overview and discovery

• Minta Rutile Project in Cameroon achieved province-scale rutile discovery within one year, with mineralisation confirmed over 2,750km² and a 100% hit rate in all drill holes to date.

• The project covers 8,600km² of tenure, with 2,750km² indicating rutile prospectivity and direct access to road, rail, ports, and hydropower.

• Mineralisation is hosted in soft, free-digging saprolite rock, contrasting with traditional sand-hosted deposits.

• Early exploration used broad-spaced, cost-effective drilling, confirming high-grade zones and rutile nuggets.

• Ongoing drilling and infill programs are planned to further define resource grade and scale.

Resource, grade, and mineralogy

• Targeting ~1% in-situ rutile grade, with initial discovery holes reporting up to 1.05% rutile and 1.57% heavy minerals (HM) over 4m.

• Oversize rutile nuggets unique to Minta show up to 98.6% TiO2 and are suitable for all major end-use markets.

• Heavy mineral assemblage is rutile-dominant (>60-70%), valued at six times higher than typical ilmenite-dominant deposits.

• Monazite-rich zones at Minta Est show up to 73% monazite in HM, with strong rare earth element (REE) content.

• Conventional mineral sands processing methods can separate rutile, monazite, and zircon.

Market dynamics and strategic positioning

• Rutile is a scarce, premium titanium feedstock with the lowest carbon footprint, critical for decarbonisation and high-tech industries.

• Global rutile supply is in acute shortage, accounting for only ~5% of titanium supply, with strong and rising prices.

• Rutile commands a significant price premium over other titanium feedstocks, with prices ranging from $1,100–$2,200/t FOB.

• Titanium demand is forecast to grow at a 6.5% CAGR, driven by aerospace, medical, and advanced manufacturing sectors.

• Minta’s rutile is suitable for all major end-use markets, including pigment, titanium metal, and welding rods.