Aeon Metals : Ord Minnett East Coast Mining Conference - Presentation

Advancing Walford Creek Cu-Co Project

Ord Minnett

East Coast Mining Conference 30 March 2022

ASX: AML

Cautionary statement

This document has been prepared by Aeon Metals Limited (Aeon) for the purpose of providing a comprehensive 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 atwww.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.

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The Company

VISION

Making a difference - creating sustainable value by delivering key metals driving the low carbon future.

MISSION We are focussed on embracing innovative approaches to source energy metals responsibly and sustainably to enhance the prosperity of the community, the environment and our shareholders through discovering, developing and operating our assets to their fullest potential.

VALUES

Harnessing teamwork, recognising individual performance Accepting responsibility, relishing accountability Satisfying stakeholders, striving for personal satisfaction Showing respect, earning trust

BOARD

Paul Harris

Over 28 years' experience in financial markets and resources investment banking.

Previously MD, Head of Metals and Mining at Citi.

Dr Fred HessOver 40 years' experience in mining project development and operations in senior management roles across the Asia Pacific region. Former MD of ASX listed PanAust Ltd which was acquired by GRAM for A$1 billion in 2014.

Ivan Wong

Over 27 years' experience in running various businesses in Australia. Mr Wong has well established connections in China.

Andrew Greville

International mining executive with over 36 years' experience and a track record of success in business development, M&A, product marketing and strategy.

Investment highlights

Responsibly sourced	•	Our flagship Walford Creek Project is located in north-west Queensland, a Tier 1 jurisdiction for ethical sourcing of mineral products
future energy metals	•	Walford Creek is set to produce copper, cobalt, zinc, silver and nickel; key metals of the low carbon future
High-value metal	•	Total production of 590 kt CuEq and nameplate annual output of ~50 kt CuEq over an initial operating life of 14 years
end-products	•	Planned end products are a mix of high value refined metals and battery precursor nickel/cobalt sulphates
Highly leveraged to Cu	•	Globally competitive upfront capital intensity of ~US$15,000 per tonne annual CuEq and attractive AISC of US$2.0 - 2.2/lb CuEq
and Co prices	•	Ungeared, real, post-tax NPV8% of A$375 - 805 m with projected LOM net free cash flows of A$1,200 - 1,900 m
Defined study and	•	Scoping Study completed in June 2021; conventional open pit and underground mining with bulk flotation & leaching
development pathway	•
PFS due in Apr 2022
Substantial potential	•	Drilling program completed in 2021 - upgrade to Walford Creek Mineral Resource Estimate in March 2022
exploration upside	•	Proposed drilling campaign for 2022 to target resource extension and new target areas
Refreshed and enhanced	•	Experienced metallurgist, Dr Fred Hess, recently appointed MD & CEO (former MD of PanAust)
management team	•	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.

Extensive Queensland Tenement Package

Walford Creek Project (100%)

• • World class copper province

• • >90,000 m drilling over past 5 years

• • ~44 Mt polymetallic Mineral Resource underpins development

• • Significant near resource, fault bound, strike extension

• • Regional upside with >100 km strike of basin edge

• • A substantial copper/cobalt development

• • Highest grade significant cobalt deposit in Australia

Other North-West Queensland

• • Tenement package refined over last 3 years

• • Large IOCG system discovered 100km west of Mount Isa

• • Multiple drill ready targets

South-East

• • Large porphyry style geology

• • Close proximity to infrastructure

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