Mitchell Services : Noosa Mining and Investment Conference Presentation

NOOSA MINING AND INVESTMENT CONFERENCE

JULY 2022

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ASX:MSV

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DISCLAIMER

This investor presentation has been prepared by Mitchell Services Limited ("the Company").

Information in this presentation is of a general nature only and should be read in conjunction with the Company's other periodic and continuous disclosure announcements to the ASX, which are available at: www.asx.com.au.

This presentation contains statements, opinions, projections, forecasts and other material ("forward-looking statements") with respect to the financial condition, business operations and

competitive landscape of the Company and certain plans for its future management. The words

anticipate, believe, expect, project, forecast, estimate, likely, intend, should, could, may, target, plan and other similar expressions are intended to identify forward-looking statements. Such forward-looking statements are not guarantees of future performance and include known and unknown risks, uncertainties, assumptions and other important factors which are beyond the Company's control and may cause actual results to differ from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Any forward-looking statements contained in this document are qualified by this cautionary statement. The past performance of the Company is not a guarantee of future performance. None of the Company, or its officers, employees, agents or any other person named

in this presentation makes any representation, assurance or guarantee as to the accuracy or

likelihood of fulfilment of any forward-looking statements or any of the outcomes upon which they

are based.

The information contained in this presentation does not take into account the investment

objectives, financial situation or particular needs of any recipient and is not financial product advice. Before making an investment decision, investors should consider their own needs and situation and, if necessary, seek independent professional advice.

Mitchell Services Limited's financial statements comply with International Financial Reporting

Standards (IFRS). This presentation may include certain non-IFRS performance measures including EBITDA, EBIT, Gearing ratio, Gross Debt, Net Debt and Return on Invested Capital (ROIC). These measures are used internally by management to assess the performance of the business. Non-IFRS measures have not been subject to audit or review and should not be considered as an alternative to an IFRS measure of profitability, financial performance or liquidity.

To the maximum extent permitted by law, the Company and its directors and advisers of both give no warranty, representation or guarantee as to the accuracy, completeness or reliability of the information contained in this presentation. Further, none of the Company, it officers, agents or employees of accepts, to the extent permitted by law, any liability for any loss, claim, damages, costs or expenses arising from the use of this presentation or its contents or otherwise arising out of, or in connection with it. Any recipient of this presentation should independently satisfy themselves as to the accuracy of all information contained herein.

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AGENDA

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1. Market profile
2. Fast facts
3. Overview
4. Revenue and earnings growth into FY23
5. MSV is returning funds to shareholders
6. Debt profile
7. Strong cash generation in FY23
8. Why invest in Mitchell services?
9. Summary

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MARKET PROFILE

ASX INFORMATION

ASX Stock Symbol	MSV
Shares Issued	225,401,769
Share Price (at 12/07/2022)	A$0.375
Market Capitalisation	A$84.53m

SHAREHOLDERS

18.4%	-	Mitchell Group
7.2%	- Dream Challenge Pty Ltd
5.4%	- Washington H Soul Pattinson
69%	-	Other

BOARD OF DIRECTORS

Nathan Mitchell	Executive Chairman
Scott Tumbridge	Executive Director
Peter Miller	Non-Executive Director
Robert Douglas	Non-Executive Director
Neal O'Connor	Non-Executive Director
Peter Hudson	Non-Executive Director

EXECUTIVE MANAGEMENT TEAM

Andrew Elf	Chief Executive Officer
Greg Switala	CFO & Company Secretary

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FAST FACTS - BUSINESS UPDATE

RIGS		EXPERIENCED EMPLOYEES

100 750+

FY22 REVENUE GUIDANCE
$200M-$220M	INDUSTRY LEADING
FY22 EBITDA GUIDANCE	SAFETY PERFORMANCE
AND CULTURE

$31-$35M

50+ YEARS BRAND HISTORY

CIRCA 90% OF

REVENUE IS FROM

GLOBAL MINING

MAJOR CLIENTS