26 Nov

AGM Presentation

2021: A year of changes Dr. Fred Hess MD & CEO This document dated 26 November 2021 has been prepared by Aeon Metals Limited ( Aeon ) for the purpose of providing a company and technical overview to interested analysts and investors. This document is not a prospectus, product disclosure statement or other offering document under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission or any other foreign regulator). Accordingly, this document is not, and does not constitute an offer or an invitation to acquire shares in Aeon or any other financial product. The contents of this document are for information purposes only and are presented in summary form. It should be read in conjunction with Aeon's most recent financial report and Aeon's other periodic and continuous disclosure information lodged with the Australian Securities Exchange, which is available at www.asx.com.au. This document reflects various technical and economic conditions at the time of writing, or projected future conditions based on an assessment of trends using currently available information. Given the nature of the resources industry, these conditions can change significantly over relatively short periods of time. Consequently, actual results and outcomes are likely to vary (whether more or less favourable) from those detailed in this document. Any statements, opinions, projections, forecasts or other material contained in this document ( Information ) is presented by Aeon for use only by the company or person to whom it is presented and do not constitute any commitments, representations or warranties by Aeon or its officers, agents, employees or associates. 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Cautionary statement 2 2021: A year of changes – the reality is really much brighter People New team members added Fred Hess appointed MD Pete Moorhouse appointed Exploration Manager Jeff Botting, appointed Project Manager Delivering renewed enthusiasm & fresh thinking Technical Flowsheet breakthrough a game changer Encouraging metallurgical testwork results High quality end products PFS Q1 2022 Towards DFS, FID, development, operation Exploration Positive Beauchamps IOCG drilling Mineral Resource Estimate upgrade Site in-fill drilling building greater confidence Hi-resolution geophysics surveys Many exciting new target areas generated Vardy dolomites – just the first? Funding OCP debt term extension to Dec 2023 Successful capital raise ~A$10 million Federal Govt. critical minerals funding support Green mining funding & investment support High quality end products with ESG credentials Qld resource industry development plan Commodity Prices Strong renewables focus Strong upwards price trends Our battery metals portfolio Cu, Co, Zn, Ni 2050 Nett Zero demand driver 3 Investment highlights 4 Responsibly sourced future energy metals • Our flagship Walford Creek Project is located in north-west Queensland, a Tier 1 jurisdiction for ethical sourcing of mineral products • Walford Creek is set to produce copper, cobalt, zinc, silver and nickel; key metals of the low carbon future High-value metal end-products • Total production of 590kt CuEq and nameplate annual output of ~50kt CuEq over an initial operating life of 14 years • Planned end products are a mix of high value refined metals and battery precursor nickel/cobalt sulphates Highly leveraged to Cu and Co prices • Globally competitive upfront capital intensity of ~US$15,000 per tonne annual CuEq and attractive AISC of US$2.0 – 2.2/lb CuEq • Ungeared, real, post-tax NPV 8% of A$375 – 805 m with projected LOM net free cash flows of A$1,200 – 1,900 m Defined study and development pathway • Scoping Study completed in June 2021; conventional open pit and underground mining with bulk flotation & leaching • PFS due in Q1 CY2022 with Feasibility Study in late CY2022 driving potential first production in CY2025 Refreshed and enhanced management team • Experienced metallurgist, Dr Fred Hess, recently appointed MD & CEO (former MD of PanAust) • Strong Board, technical team and leading external consultants Refer to Aeon’s ASX release of 30 June 2021 ( Walford Creek Revised Scoping Study Results ) for full details of the Revised Scoping Study (including the specific equation and assumptions utilised for calculation of CuEq volumes). Aeon confirms that all material assumptions underpinning the production target and forecast financial information within the Revised Scoping Study continue to apply and have not materially changed. Substantial potential exploration upside • Ongoing drilling program to expand and upgrade Walford Creek Mineral Resource Estimates (due early CY2022) • Geophysics has identified many new targets; plus regional Tier 1 copper exploration targets within under explored areas Apr 21 Jul 21 Oct 21 Jan 22 May 22 Aug 22 Nov 22 Environmental Impact Statement Land Access Agreements Prefeasibility Study Exploration Drilling Bulk Sulphide Flotation Optimisation POX Optimisation Mineral Resource Estimates Mine Optimisation Capex & Opex Estimates Economic Analysis Feasibility Study Detailed Engineering Capex & Opex Estimates Ore Reserves Estimate Economic Analysis PFS completed FS completed Proposed project timeline Refer to Aeon’s ASX release of 30 June 2021 ( Walford Creek Revised Scoping Study Results ) for full details of the Revised Scoping Study (including the specific equation and assumptions utilised for calculation of CuEq volumes). Aeon confirms that all material assumptions underpinning the production target and forecast financial information within the Revised Scoping Study continue to apply and have not materially changed. 5 Exciting new Walford Creek drill targets 6 Compelling investment rationale TIER 1 JURISDICTION Responsibly sourced future energy metals from a Tier 1 jurisdiction LIFE OF MINE Initial operating life of 14 years with substantial extension potential under evaluation DIVERSIFIED PORTFOLIO Diversified portfolio of high- value metal products for ethical supply chains DRILL TARGETS Exciting new hi-res geophysics-driven drill targets at Walford Creek ATTRACTIVE CASH COST Attractive forecast cash cost curve and AISC: US$2.0 - 2.2/lb CuEq PRE-FEASIBILITY STUDY PFS expected Q1 CY2022 with first production targeted for CY2025 EXPLORATION Extensive regional exploration upside and Isa West Tier 1 IOCG targets MINERAL RESOURCE ESTIMATES Heavily de-risked Mineral Resource Estimates: >80% Vardey + Marley in M&I SOLAR UTILISATION Sustainable development targeting a low carbon footprint via solar utilisation 1 4 2 5 3 6 7 8 9 7 Contact Dr Fred Hess Managing Director and CEO Aeon Metals Limited fred.hess@aeonmetals.com.au +61 7 5574 3830
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