Australian Strategic Materials : Investor Presentation

Providing an alternative, reliable, global supply of Critical Metals

26 April 2022

Disclaimer

This presentation contains certain forward-looking statements and forecasts, including possible or assumed reserves and resources, production levels and rates, costs, prices, future performance or potential growth of Australian Strategic Materials Ltd (the Company), industry growth or other trend projections. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Australian Strategic Materials Ltd. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.

This document has been prepared in accordance with the requirements of Australian securities laws, which may differ from the requirements of United States and other country securities laws. Unless otherwise indicated, all ore reserve and mineral resource estimates included or incorporated by reference in this document have been, and will be, prepared in accordance with the JORC classification system of the Australasian Institute of Mining, and Metallurgy and Australian Institute of Geosciences.

Competent Person

The information in this document that relates to the Ore Reserves and Mineral Resource Estimates of the Dubbo Project are extracted from the

Company's ASX Announcement dated 29 July 2020 titled "Information Memorandum and Demerger Booklet" available to view on the Company's website (www.asm-au.com) and www.asx.com.au and was completed in accordance with the guidelines of the JORC Code (2012).

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Ore Reserves and Mineral Resource Estimates in the relevant market announcement continue to apply and have not materially changed.

The Company confirms that the form and context in which the Competent

Person's findings are presented have not been materially modified from the original market announcement.

ASM Presentation Overview

• ❑ ASM: De-risking the global supply chain

• ❑ Delivering a vertically integrated solution

• ❑ Dubbo Project: strong financials

• ❑ Korean Metal Plant

• ❑ Our vision

• ❑ ESG: responsible stewardship

ASM: De-risking the Global Supply Chain

Global Bottleneck

Global supply chain:

Concentrated

Lacks transparency

Significant risk across all stages

Source: Roskill; Adamas Intelligence - Rare Earth Magnet Market Outlook Update - April 2021: Company Reports & Presentations

Upstream	Midstream	Downstream	End Use
Mining & Extraction	Separation & Refining	Metallisation & Alloying	Magnetisation & Forming

7%

1%

11%

17%

China 60%

4%

China legalUSAAustraliaChina illegalMyanmarRussia & Others

12%

1%

7%

China 80%

China legalMalaysiaChina illegalEstonia

7%

1%

China 92%

ChinaThailandJapanGermanyVietnam

7% 1%1%

3%

China 88%

ChinaUSAJapanOtherEurope

Delivering a Vertically Integrated Solution

Dubbo Project

• • Polymetallic resource - light and heavy rare earths, zirconium, niobium and hafnium

• • Project approvals issued

• • 20 year mine life producing metal oxides

Metallisation Business

• • High purity metals and alloys

• • Patented "green" metallisation process

• • Low capital intensity and easily expanded

High Tech Manufacturing

• • Diversified critical metals

• • Permanent magnet alloys

• • Product development to customer's specifications