Slides
Page 1
I M A R C 2 0 2 6 · S Y D N E Y Oman. Copper. Alara. Three strategic themes Peter Lee, Executive Chair Alara Resources Limited (ASX: AUQ) 27 October 2026 | www.alararesources.com
Page 2
I M A R C 2 0 2 6 | S Y D N E Y | O M A N · C O P P E R · A L A R A I M P O R T A N T I N F O R M A T I O N Disclaimer This document (“Presentation”) has been prepared by Alara Resources Limited (“Alara” or “the Company”). You should read this disclaimer carefully before reading or making any other use of this Presentation or any information contained in this Presentation. This Presentation is intended solely for use by the party to whom Alara provides the Presentation. By accepting this Presentation, you represent and warrant that you are a sophisticated or professional investor pursuant to section 708 of the Corporations Act (Cth) (“Corporations Act”) and are entitled to receive this Presentation in accordance with the restrictions, and agree to be bound by the limitations, contained within it. This Presentation does not constitute an offer,invitation, solicitation or recommendation with respect to the subscription, purchase or sale of any security in the Company, nor does it constitute financial product advice. The information contained in this Presentation is of a general nature for information purposes only and does not purport to be complete or comprise all of the information which a prospective investor may require in evaluating a possible investment in the Company. Before making an investment decision, you should make your own enquiries and investigations and consider whether it is a suitable investment for you in light of your own investment objectives, financial situation and particular needs, having regard to the merits or risks involved. This Presentation does not constitute a prospectus, product disclosure statement or other disclosure document under Australian law (including for the purpose of the Corporations Act) or under any other law. This Presentation has not been filed, registered or approved by regulatory authorities, including the Australian Securities and Investment Commission, in any jurisdiction. The distribution of this Presentation (including an electronic copy) outside Australia may be restricted by law. If you come into possession of this Presentation, you should observe such restrictions and seek your own advice on such restrictions. Any non-compliance with these restrictions may contravene applicable securities laws. This Presentation and the information contained within it is strictly confidential and is intended for the exclusive use and benefit of the recipient. Distribution of the Presentation to any person other than the recipient and those persons retained to advise the recipient, who agree to maintain the confidentiality of this material and be bound by the limitations outlined herein, is unauthorised. The Presentation may not be copied, reproduced, disseminated, quoted or referred to, in whole or in part, for any purpose, without the express written consent of the Company. By receiving this Presentation, you agree to keep the information confidential, not to disclose any of the information contained in this Presentation to any other person and not to copy, use, publish, record or reproduce the information in this Presentation without the prior written consent of the Company, which may be withheld in its absolute discretion. While reasonable care has been taken in relation to the preparation of this Presentation, none of the Company and its related entities, its advisors or their respective members, directors, officers, employees, contractors, agents, advisers or representatives nor any other person (“Limited Party”) guarantees or makes any representations or warranties, express or implied, as to or takes responsibility for, the accuracy, reliability, completeness or fairness of the information, opinions, forecasts, reports, estimates and conclusions contained in this Presentation. No Limited Party represents or warrants that this Presentation is complete or that it contains all information about the Company that a prospective investor may require in evaluating a possible investment in the Company. To the maximum extent permitted by law, each Limited Party expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence or otherwise, for any loss howsoever arising from the use of or reliance on information contained in this Presentation including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from or errors in, this Presentation including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom. Certain statements in this Presentation constitute forward looking statements and comments about future events. The Company has not carried out an audit or verified any of the information contained herein. Any projections and forecasts contained in this Presentation, including the Company's expectations about the performance of its businesses, involve significant elements of subjective judgement and analysis which may or may not be accurate. Such forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Actual future events may vary materially from the forward looking information on which those statements are based, and although the Company has attempted to take into account important factors that could cause actual costs, performance or results to differ materially, there may be other factors that cause costs or performance of theCompany’s activities or results not to be as anticipated, estimated or intended. Forward looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. Given these uncertainties, you are cautioned to not place undue reliance on any forward looking statement. Subject to any continuing obligations under applicable law, the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this Presentation to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any such statement is based whether as a result of new information, future events or otherwise. Past performance is not indicative of future performance and no guarantee of future returns is implied or given. Nothing contained in this Presentation nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of the Company. No Limited Party or any other person makes any representation, or gives any assurance or guarantee that the events expressed or implied in any forward looking statements in this Presentation will occur. All dollar values are in Australian dollars, unless otherwise stated. This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. This Presentation may not be distributed or released in the United States. Securities in the Company have not been, nor will be, registered under the U.S. Securities Act of 1933, as amended ("U.S. Securities Act") or the securities laws of any state or other jurisdiction of the United States. Accordingly, the securities in the Company may not be offered or sold, directly or indirectly to, persons in the United States or persons who are acting for the account or benefit of a person in the United States unless they have been registered under the U.S. Securities Act (which the Company has no obligation to do so or procure) or in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable U.S. state securities laws. 2
Page 3
I M A R C 2 0 2 6 | S Y D N E Y | O M A N · C O P P E R · A L A R A 0 1 · O M A N I S S T R A T E G I C O M A N · C O P P E R · A L A R A At the nexus of trade – then and now O M A N E U R O P E E A S T A S I A S Y D N E Y · I M A R C Z A N Z I B A R I N D I A Historic trade (18th–19th C) Today’s connections T H E N A maritime trading empire • Rival to Portugal and Britain across the Arabian Sea, Gulf and Indian Ocean • Gold, ivory and labour from Africa via Zanzibar; spices from India N O W A stable, neutral gateway • Just south of the Strait of Hormuz – largely insulated from regional instability • Trusted host of Gulf diplomacy • Open for business and endowed with rich natural resources • Ports and air links serving Europe, Asia and Africa 3
Page 4
I M A R C 2 0 2 6 | S Y D N E Y | O M A N · C O P P E R · A L A R A 0 2 · O M A N I S S T R A T E G I C O M A N · C O P P E R · A L A R A Visionary leadership turned an oil shock into a plan to diversify – with mining as a pillar A sovereign vision: Oman Vision 2040 1970 Sultan Qaboos Modernisation, neutrality and a generation of infrastructure investment 2015–16 Oil downturn Hydrocarbons 68.2% of government revenue; mining & quarrying just 0.5% of GDP 2020 Sultan Haitham bin Tarik Accession to the throne; reform and fiscal discipline 2021 Vision 2040 launched Diversify beyond hydrocarbons – mining, tourism, agriculture, fisheries, logistics V I S I O N 2040 D I V E R S I F I C A T I O N P I L L A R S Mining Copper, gold, chromite and industrial minerals Tourism Mountains, coastline and heritage Agriculture & fisheries Food security and exports Logistics Sohar, Duqm and Salalah ports; SEZs O M A N I N 2026 BBB– S&P investment-grade rating, outlook stable (affirmed Sep 2026) 3.7% Real GDP growth projected for 2026 (IMF), up from 2.4% in 2025 +8.1% Total FDI to OMR 31.4bn, end-2025 vs end-2024 (NCSI) 30 yrs Tax holidays of up to 30 years in Duqm SEZ, Salalah and Al Mazunah free zones Sources: IMF Article IV concluding statement (17 Jun 2026); S&P Global Ratings (Sep 2026); NCSI (Apr 2026); Central Bank of Oman/ USGS Minerals Yearbook 2016; CMS Guide to Oman’s economic and free zones; oman2040.om. 4
Page 5
I M A R C 2 0 2 6 | S Y D N E Y | O M A N · C O P P E R · A L A R A 0 3 · O M A N I S S T R A T E G I C O M A N · C O P P E R · A L A R A Not the sand bowl you expect M O U N T A I N S A B O V E 3 , 0 0 0 M R U G G E D C O A S T L I N E , A Z U R E S E A W O R L D- C L A S S H O S P I T A L I T Y A N C I E N T F O R T I F I C A T I O N S W A D I S A N D V A L L E Y S Muscat · ~5.5 million people · 309,500 km² · Oman Air– a hub linking Europe, Asia and Africa 5
Page 6
I M A R C 2 0 2 6 | S Y D N E Y | O M A N · C O P P E R · A L A R A 0 1 · C O P P E R I S S T R A T E G I C O M A N · C O P P E R · A L A R A Structural demand meets a concentrate market already in deficit – and record-low treatment charges show it Copper: essential – and harder to find 28 Mt Global refined copper consumption in 2025; +25% (~7 Mt) by 2040 I E A ~25% Primary supply shortfall vs requirements by 2035 I E A –US$297 Spot TC per dmt (Sep-26) – a record low as buyers compete for scarce concentrate C R U 1.8% Average Chilean concentrate export grade, down 1.8% from 26.5% in 2025 to 24.7% Cu C R U W H A T I S D R I V I N G D E M A N D Data centres & AI ~400 kt a year of new copper demand on average over the next decade Grids & renewables Transmission, storage and generation are copper- intensive Electric vehicles Several times the copper of a combustion vehicle Urbanisation Housing, wiring and infrastructure in emerging markets C O N C E N T R A T E S C A R C I T Y – S P O T T R E A T M E N T C H A R G E S ( U S $ / d m t ) -320 -240 -160 -80 0 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Miner-to-trader Trader-to-smelter Sources: Chilean export grades, Jan–Jul; IEA Global Critical Minerals Outlook 2026; BloombergNEF (Aug 2025). Negative TCs mean miners/traders receive, rather than pay, treatment charges. 6
Page 7
I M A R C 2 0 2 6 | S Y D N E Y | O M A N · C O P P E R · A L A R A 0 1 · A L A R A I S S T R A T E G I C O M A N · C O P P E R · A L A R A A pure-play copper explorer, developer and producer – ASX-listed, operating in Oman ~2,500 km² of the Samail Ophiolite Belt ~25% of Oman’s highly prospective ophiolite belt 2 Mining licences: Al Wash-hi Majaza and Daris 3A5 12 Copper-gold targets defined at Block 22B (Oct 2026) 51% Al Wash-hi Majaza AHRL Producing mine and 1 Mtpa concentrator – flagship asset 51% Mullaq AHRL ~41 km², 10 km east of the plant – mapping & rock-chip sampling 51% Al Ajal AHRL Licence renewal and Mining Licence application in progress 27.5% Block 22B AHML ~1,448 km² – first modern HeliTEM survey (6,132 line-km) 50% Daris (Block 7) Daris JV ~587 km² – 3A5 Mining Licence granted Aug 2025 10% Awtad (Block 8) Awtad JV ~497 km² – maiden drilling, 1.04% Cu over 1.5 m 7
Page 8
I M A R C 2 0 2 6 | S Y D N E Y | O M A N · C O P P E R · A L A R A 0 2 · A L A R A I S S T R A T E G I C O M A N · C O P P E R · A L A R A Delivered into production in 2024; sustained production above 1 Mtpa nameplate throughout FY26 Explorer, developer and producer A L W A S H- H I M A J A Z A M I N E A N D C O N C E N T R A T O R · A H R L 51 % Above nameplate 1 Mtpa plant consistently 5–10% above nameplate Zero LTIs 1,583,974 safe man-hours in FY26 Trafigura offtake Reliable offtake; dispatched via Sohar Port 66 parcels shipped ~79,200 WMT, ~14,200 t Cu since first shipment in June 2024 Concentrate sold by quarter (WMT) 2,242 1,688 6,152 6,539 7,837 8,603 10,596 7,859 11,169 15,199 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Record September 2026 quarter 15 parcels · ~15,199 WMT · 2,952 t Cu – 42% above the prior record (Jun-26) R E C O R D Sales are shipped parcels and differ from production due to timing of shipments. Jun-24 quarter reflects a single month of shipments. Cumulative figures are Parcels 1–66 to 12 Oct 2026 (Parcel 66: ~1,287 WMT, ~227 t Cu, ASX 13 Oct 2026), approximate, 100% basis. 8
Page 9
I M A R C 2 0 2 6 | S Y D N E Y | O M A N · C O P P E R · A L A R A 0 3 · A L A R A I S S T R A T E G I C O M A N · C O P P E R · A L A R A From ramp-up to profitable, above-nameplate production – Alara’s first full-year profit FY26: a milestone year A$135.3m Revenue and income ▲ 145% on FY25 (A$55.3m) A$19.7m Net profit after tax A$38.7m turnaround on FY25’s A$19.0m loss A$27.4m Cash at 30 June 2026 ▲ 120% on FY25 (A$12.4m) Zero Lost Time Injuries 1,583,974 safe man-hours in FY26 42,844 WMT Concentrate produced 8,071 t copper contained; above nameplate all year 30 Concentrate shipments 38,228 WMT via Sohar Port, incl. first parcel to India 6,132 line-km Geophysics First modern AEM survey over ~1,448 km² Block 22B 15,504 m Exploration Diamond drilling; open along strike and at depth 7.70 Mt Probable Ore Reserve ~8 years at 1.0 Mtpa (SRK audited) Financial figures are consolidated (Group); operating figures are Al Wash-hi Majaza, 100% basis. Ore Reserve per MROR statement as at 30 June 2026 (ASX, 14 October 2026). HeliTEM survey completed 4 July 2026. Source: AUQ FY26 Annual Report. 9
Page 10
I M A R C 2 0 2 6 | S Y D N E Y | O M A N · C O P P E R · A L A R A 0 4 · A L A R A I S S T R A T E G I C O M A N · C O P P E R · A L A R A A mining pioneer in Oman, creating value across the pit-to-port value chain Shared vision T H E A L H A D E E T H A T E A M · A L W A S H- H I M A J A Z A 255 People employed across Alara JV companies (FY26) 33% Omanisation rate – and growing A$126.0m Receipts from customers in FY26 For Oman and our communities • Jobs, training and local procurement from pit to port • Royalties and taxes to the Government of Oman • Open engagement with villages near our operations For our partners • Omani JV partners: Al Tasnim Group, Al Hadeetha Investment Services • Trafigura life-of-mine offtake; first consignment to India (Kutch Copper) • AHRL cash generation strengthening the JV For our shareholders • First full-year profit; basic EPS of 1.41 cents • Total equity up from A$2.4m to A$25.6m • Entitlement Offer oversubscribed (~A$4.95m vs A$3.84m target) 10
Page 11
I M A R C 2 0 2 6 | S Y D N E Y | O M A N · C O P P E R · A L A R A O M A N + C O P P E R = A L A R A Enriching lives. Delivering value. Consider Alara as a prudent approach to owning copper production in Oman O M A N A great place to do business Stable, neutral and strategically located – and committed to mining under Vision 2040 + C O P P E R An essential element Structural demand, constrained supply – a long-term commodity = A L A R A Copper, in Oman A cash-producing flagship, ~2,500 km² of concessions and a growing pipeline FY 27 P R I O R I T I E S Sustain safe production above nameplate and lift recoveries Interpret Block 22B HeliTEM data and rank twelve prospects Drill-test near-mine extensions to grow reserves and mine life Convert AHRL cash generation into a stronger Group balance sheet شكرا ً· T H A N K Y O U We explore. We discover. We mine. We deliver. Scan to learn more www.alararesources.com 11