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Urban Mining: Securing Supply Chains for Critical Minerals Investor Presentation January 2026 ASX: ION iondrive.com.au #263C6C #10CC7C #0F7E78 #E7F5EE IONSolv —High-Value Recovery, Low Environmental Impact
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2 OVERVIEW IONSolv : A New Standard for Critical Mineral Recovery EXTRACT SEPARATE REUSE RECOVER IONSolvTM IONDRIVE: THE EXECUTION HUB Technology Moat IONSolv selective, low-cost, green chemistry Massive TAM Multi-billion $ opportunities Road to Cash Flow Targeting early revenues (0–2 yrs)Strong IP position with IONSolv platform Strategic Partners: Colt Recycling, Livium, PEM Aachen, TNO, Fraunhofer Modular alternative to smelting and refining across several metals
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3 OVER-CONCENTRATION OF PROCESSING IN ASIA IS SUPPLY CHAIN RISK FOR OTHER JURISDICTIONS CRITICAL-MINERAL PROCESSING IS CONCENTRATED IN ASIA Supply-Chain Dependence and Rising Demand Create Opportunity for Low-Impact Refining Processing Dominance Over 80 % of global refining for critical minerals is controlled by Asian operators Western Shortfall Rapid growth in EVs and renewable energy straining domestic supply chains, West vs. China tariffs, Asian market control Outdated Processing High cost, high waste, high environmental impact, low recovery, andcarbon-heavy Sovereign Push Rising Governments and OEMs want local supply chains to secure long-term capability THE HIGHEST-VALUE STEP (UPGRADING MOST CRITICAL MINERALS INTO CAM- ALIGNED MATERIALS) DOES NOT OCCUR IN AUSTRALIA / EU / US TODAY. IONDRIVE CAN CLOSE THIS GAP WITH LOCAL HIGH-VALUE OXIDE PRODUCTION. CRITICAL-MINERAL PROCESSING IS CONCENTRATED IN ASIA
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4 Sources: The global E waste monitor: https://ewastemonitor.info/the-global-eWaste-monitor-2024/ , : Gold recovery from waste: https://sustainenvironres.biomedcentral.com/articles/10.1186/s42834-022-00118-x , https://www.sciencedirect.com/science/article/abs/pii/S0956053X21006759 , https://cen.acs.org/environment/recycling/Electronic-waste-gold-mine-waiting/102/i23?utm *DES has extracted REE’s at bench scale only Economic Value of Metals from e-waste (Before Management) in USD billion (2022) e-waste documented as formally collected and recycled e-waste generation Electrical & Electronic Equipment placed on market 203020252020201520100 20 40 60 80 100 120 YEAR eWaste IN BILLION KG 13.8 62 96 82 120 GLOBAL MARKET UPSIDE “Only 22% of e-waste is formally recycled —leaving most metals lost to landfill and slag. Recovering these could strengthen domestic supply chains.” UNDER-RECYCLED & HIGH VALUE IONSolv : Unlocking the $91B E-waste Opportunity Metal composition of e-waste by mass Fe Al Cu Ni Zn High-value REEs are often lost to slag when Fe is smelted — IONSolv is an option to extract them “Beyond gold: IONSolv can recover REE’s before they’re lost* —with PCBs containing up to $36,000/tonne of recoverable metals.” Au 15 Fe 16 Cu 19 Ni 14 Al 11 Pd 8 Rh 2.3 Co 2.3 Zn 1 Ag 0.9 Other s Sb 0.3 Sn 1.4 DEMAND, MINING AND SEPARATION SUPPLY FOR LIGHT AND HEAVY RARE EARTH ELEMENTS (REEs) BY REGION, METAL CONTAINED, KILOTONNE, 2035 China (additions per historical growth) China North America Western Europe Middle East and Africa Asia-Pacific (excl. China) Rest of the world 0 50 100 150 LIGHT REEs Demand Mining Separation 0 5 2510 15 20 Largest heavy-REE resource outside of Asia-Pacific in Greenland, but mine start up times are 7-10 years HEAVY REEs Demand Mining Separation UNDER-RECYCLED & HIGH VALUE
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5 Industry-leading recoveries, higher-value outputs, and pilot construction underway; setting the stage for commercial validation in 2026. Batteries Lithium · Nickel · Cobalt · Manganese 98%+ recovery proven in lab trials — significantly higher than conventional processes (50–85%) OEM validation and product qualification to confirm battery-grade output Pilot commissioning and continuous operation targeted for Q1 2026 WHAT WE HAVE ACHIEVED From Proof of Concept to Commercial Deployment Solar & Magnets Silver · Silicon · Neodymium/Praseodymium Livium collaboration providing access to end-of-life solar panels and magnets Trials underway to recover of high-value silver and silicon e-waste & Electronics Rare Earth Elements · Copper · Gold · Silver IONSolv technology to be validated on (PCBs) under a SA grant Colt Recycling (US) partnership to recover REEs and precious metals from e-waste Graphite & Cobalt Battery-Grade Anode Material CSIRO project completion (Early2026) with results on graphite upgrading to battery- grade anode material Cobalt testwork with LAT66 to confirm recovery efficiency and feedstock scalability LAB PILOT FEED FID COMMERCIAL WHAT WE HAVE ACHIEVED
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6 NEAR-TERM FOCUS Execution Track Record, Value Still Ahead Delivering upcoming catalysts that build momentum into the Three Horizons of value creation. Bench-scale validation across e-waste, MHP & black mass EU consortium participation (PEM benchmarking, industry partners) AU Government grant secured for pilot program Partnerships: Colt Recycling, Elemental Group Pilot plant commissioning being finalised early 2026 Silver Recoveries from Solar Panels Rare Earth Recoveries from e-waste Other mining feedstock recovery results EXECUTED UPCOMING *Comprehensive list of peers can be found in the appendixs://cen.acs.org/environment/recyc2/i23?utm “Our ambition is to deliver value across all three horizons —creating early revenue, scaling into intermediates, and leading in global recycling —while compounding shareholder valueover time.” A MODULAR, LOW-FOOTPRINT EXTRACTION PLATFORM ENABLING MULTIPLE REVENUE VERTICALS Techno-economic evaluation completed for modular REE recycling. NEAR-TERM FOCUS
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7 STANDARD PROCESS IONSolv CLOSED-LOOP PROCESS HIGH-HEAT SMELTING CYANIDE/ACID/ KEROSENE & REFINING HIGH CAPEX BURDEN & ENVIRONMENTAL IMPACTS HIGH ENERGY HIGH REAGENT USE OFFSHORED PROCESSING LOW ENERGY NON-TOXIC LOW COST MORE ENVIRONMENTALLY-FRIENDLY REAGENTS RECYCLED, NOT WASTED Iondrive’s Closed-Loop Metal Recovery vs Legacy Methods CO2 CO2 36% LOWER CAPEX ADVANTAGE SOLVOMETALLURGY Iondrive Recovery ~98% PYROMETALLURGY ~50-85% metal recovery HYDROMETALLURGY ~50-85% metal recovery FROM HIGH-COST / ENVIRONMENTAL IMPACT RISK LOW-COST HIGH RECOVERY REAGENTS RECYCLED, NOT WASTED LOW SUSTAINABILITY
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8 IONDRIVE CONVERTS LOW-VALUE WASTE INTO HIGH-VALUE OXIDES (3–5×UPLIFT) Upgrading to High Value Oxides CHLORIDES HYDROXIDES OXIDES MECHANICAL SHREDDING OUTPUT BLACK MASS VALUE VERY LOW ELECTRO-THERMAL OUTPUT CHLORIDES VALUE LOW-MID HYDROMET OUTPUT SULFATES / HYDROXIDES / SOME CARBONATES VALUE MID MATERIALS MANUFACTURE OUTPUT pCAM / CAM / SOME HYDROXIDES VALUE HIGH IONSolv OUTPUT STRATEGIC-GRADEOXIDES (IRA/CRMA COMPLIANT) VALUE HIGHEST Iondrive unlocks the full value ladder —converting intermediates into strategic oxides that qualify for incentives, secure offtake eligibility, and deliver superior economics METAL CHLORIDE (US$/T) HYDROXIDE (us$/T) OXIDE (us$T) VALUE CAGR 2024-34 Nd 25,000 40,000 70,000 +45,000 8-10% Co 10,000 18,000 30,000 +20,000 7-9% Ni 9,000 14,000 22,000 +13,000 5-7% Li 6,000 10,000 16,000 +10,000 12% Dy 100,000 150,000 200,000 +100,000 10-12% Each upgrade stepadds 30-120% value uplift 2–5×UPLIFT = +$10–100K/T MID VALUE LOW VALUE Nd Co Ni Li Dy $1 in $2-$5 out CoNi FEEDSTOCK OPTIONS BATTERIES MAGNETS TAILINGSE-WASTE REE Sources for pricing table: Fastmarkets, LME, Benchmark Mineral Intelligence, USGS (2025) IONDRIVE CONVERTS LOW-VALUE WASTE INTO HIGH-VALUE OXIDES (3–5×UPLIFT)
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9 ONE TECHNOLOGY –MANY OPPORTUNITIES Iondrive Revenue Pathways HIGH-VALUE OUTPUTS from e-waste from batteries Cu Au Pd REE Ti REE Li Ni Co Mn FEEDSTOCK SOURCES E-waste (Urban Mining) Source: Large recyclers (Colt) Mining Intermediates Source: tailings, concentrates, refinery intermediates Battery Materials Source: black mass, end-of-life EV/ESS batteries IONDRIVE PROPRIETARY PROCESSING IONSolv Processing Plant Recovered Metals & Oxides from mining intermediates EV & Battery Supply Chain END MARKETS / CUSTOMERS Clean Energy & Defence Electronics & Urban Mining GATE FEES METAL SALES LICENSING / JVsREVENUE ONE TECHNOLOGY –MANY OPPORTUNITIES
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10 Capturing Value in a combined $236B Market Battery Recycling (Base) Mineral Processing (MHP) E-waste COMMERCIALISATION PATHWAYS Commercialisation Tracks with Soaring Metal DemandMARKET SIZE USD BILLIONS 2025 2027 2029 2031 20352033 0 50 100 150 200 IONDRIVE COMMERCIAL ENTRY POINT (FOR E-WASTE IONDRIVE COMMERCIAL ENTRY POINT (FOR MINING) IONDRIVE COMMERCIAL ENTRY POINT (FOR BATTERY RECYCLING) $117B$120B$130B$140B$151B$162B $174B $182B $205B $215B $236B Disclaimer:The markets and timelines shown are Iondrive’s ambitions, not predictions. Numbers are indicative(rounded TAM estimates) based on internal analysis and third-party sources as atSeptember 2025. This is not guidanceor financial product advice; actual results depend on funding, permitting, partners, technology scale-up and market conditions. Starting market size and growth is based on information on slide 4. COMMERCIALISATION PATHWAYS
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11 2 YEAR/ MILESTONES 2025 2026 2027 2028 2029 2030 3 4 5 6 7 8 9 TRL Battery recyclinge-waste MHP intermediates PEERS $100-500M PEERS $600-3B Bench-scale validation across e-waste, MHP & black mass EU consortium participation (PEM benchmarking, industry partners) AU Government grant secured for pilot program Partnerships: Colt Recycling, Elemental Group, Balchem Pilot plant commissioning & first runs (end 2025) Early commercial revenues from e-waste streams Grant funding outcomes –US & EU clean tech programs Licensing/JV discussions (MHP intermediates) Black mass pretreatment results & EU regulatory alignment EXECUTEDUPCOMING Continuous e-waste processing Modular Rollout Continuous processing Small scale plant Modular Rollout Pilot Commence Demo plant Full scale commercial IONSolv progresses from TRL 3 → 6 via small scale commercial deployment, advancing toward TRL 9 through modular commercial rollout Small scale plant revenue VALUE PHASES Building Value Across Three HorizonsCommercialising across three verticals. As execution compounds, peers* at similar stages have re-rated significantly. *Comprehensive list of peers can be found in the appendixs://cen.acs.org/environment/recyc2/i23?utm PEERS $200-700M VALUE PHASES
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12 IONDRIVE TEAM Global Experience in Mining, Technology, and Commercialisation Michael McNeilly Chair -BA Econ Chief Executive Officer of Strata Investments Holdings Plc.(Substantial shareholder of ION). Extensive experience in listed companies and is currently NED of ASX-listed Cobre Limited. Sits on several private company Boards within the Strata Investments Tiger Group. Past Board appointments include MOD Resources Limited (up to acquisition by Sandfire in November 2019), Metal Capital Limited, Greatland Gold Plc and Connemara Mining Plc. Dr Duncan Turner NED –PhD (Electrometallurgy) Processandtechnologyspecialistwithsenior leadershipexperienceinengineeringdesignand commercialisationofbattery,precious,andbasemetals applications,,includingroleswithTalgaGroup,Core Resources,ZincOx,andasDirectorandMetallurgical ConsultantatMetprocConsultancyServices. DrTurnerisaco-developeroftheAlbionProcess,an oxidativeleachingtechnologycommercialisedglobally forrefractorygoldandbasemetalapplications. PhDinelectrometallurgyandisaco-authorofmultiple technicalpapersandco-inventoronseveralpatents. Andrew Sissian NED –CPA, Macc, Bcom (Finance) Seasoned corporate and capital markets executive and CPA. CEO of leading international technology company Procon Telematics, teams in India, US, AU/NZ. Extensive listed experience, including directly as a Cofounder and NED of Cobre Limited, (ASX: CBE). Previous institutional banking and equity roles with NAB in Australia and Shanghai and Wilsons Advisory. Adam Slater NED -BA Three decades of invaluable experience in the commodities industry. Led the development of the commodity division at CWT Limited, a company listed on the SGX, from 2007 to 2018. Pivotal to the growth in the CWT commodities division, which accounted for over 80% of Group revenues (S$12 Billion out of S$14 Billion) and in excess of50% of the Group’s profits. Current primary focus towards venture capital, contributing his expertise to multiple company boards and advisory committees. Hugo Schumann NED -CFA, MBA (INSEAD), SEP (Stanford) Current CEO –USA, Elemental Holding –Leading the U.S. arm of a global metals recycling and refining leader. Current Founder & CEO –EverMetal –Leading the world’s first dedicated PE backed investment platform for critical metals recycling. Former CEO –Silver, Hindustan Zinc –Led one of the world’s largest silver producing businesses. Former CFO –Jetti Resources –Scaled copper extraction technology to commercial deployment backed BHP and Freeport. Ray Ridge CFO & Company Secretary BA(Acc), CA, GIA(cert) A senior financial and commercial professional with over 30 years experience across a diverse range of industries. CFO and capital markets experience with four other ASX listed companies, with two in technology commercialisation. Previous roles include National GM Commercial in a large global engineering firm (now WSP Global) and CFO of the agricultural products division of Elders Limited. Lewis Utting Chief Executive Officer BAppSc, GAICD Former Managing Director and CEO of ASX listed SciDev Ltd, driving rapid growth and shareholder returns. Previously BASF Global Business Development and R&D manager for Mining. 20 years experience in business management servicing chemical, mining, water treatment, and oil & gas industries. Expertise in technology commercialization, capital markets, and strategic partnerships. Appointed 19 January 2026, formerly the Commercial Director for Iondrive since November 2024. Dr Ebbe Dommisse Technical Consultant B.Eng (Chem) MSc PhD MBA GAICD Seasoned professional with over 25 years of commercialising technologies, execution, and manufacturing. Previously served as the COO at Circa Group, an Australian startup that commercialised a biochemical process from lab-scale to commercial scale. Formerly serving as CEO for Iondrive since February 2024to 19 January 2026. Nowengaged full time to 19 April 2026 in a technical capacity and thereafter available as required on an ad hoc consulting basis. Dr Jack Hamilton remainsasaDirectoruntilhisretirementon 31 January 2026.
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13 Proven High-Recovery Technology The IONSolv platform achieves extremely high recovery rates (~98%) for critical minerals such as Li, Ni, Co and Mn —a step-change over conventional smelting or acid processes Large & Growing Addressable Markets Multi-billion-dollar opportunities across three verticals —e-waste, EV battery recycling, solar panels and mineral processing —with supply deficits and regulatory pressure creating urgent demand Strategic Partnerships & Valuation Re-Rating Potential Backed by partners (Colt, Elemental, PEM/RWTH Aachen, Livium Ltd), with ASX and global peers re-rating 5–10x at similar milestones —highlights potential upside if Iondrive executes Early Cashflow Pathway Near-term revenue potential (0–2 years) from e-waste recovery de-risks the business model and supports scaling into higher-value verticals Validated Economics & Scalability Independent benchmarking and engineering studies confirm strong commercial viability, with materially lower CAPEX/OPEX and industrial scalability One Platform, Many Verticals Modular IONSolv platform adaptable to multiple recovery pathways, potential to create value across three horizons: early e- waste revenues, battery intermediates, and longer-term critical minerals/black mass INVESTMENT SUMMARY Positioned for Scale & Potential Value Uplift INVESTMENT SUMMARY
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14 CORPORATE STRUCTURE OPTIONS/PERFORMANCE RIGHTS Regal Funds Management ~7.4% Terra Capital ~8.0% Strata Investment Holdings Plc ~12.2% Ilwella Pty Ltd ~9.2% SUPPORTIVE STRATEGIC SHAREHOLDERS (>5%)-per most recent substantial holder notices * As at30 September 2025, being the most recent quarterly report lodged with the ASX. Ordinary Shares 1268.2m Share Price (16January 2026) AUD$0.045 Market capitalisation AUD$55.8m Cash* AUD$4.0m* Enterprise Value (EV) ~AUD$51.74m Various inclDirectors, employees & consultants 75,800,000 Performance Options (Exec LTI) 30,625,000 Performance Rights (Exec LTI) 50,625,000 IONDRIVE Capital Structure VALUATION UPLIFT ALONG THE COMMERCIALISATION PATH This chart compares battery recycling and advanced materials companies — by their estimated valuation (Y-axis), development stage (X-axis), and capital scale or market impact PILOT STAGE PILOT COMMERCIAL STAGE COMMERCIAL SCALE MTM Critical Universal M Titomic Amaero IperionX $530 $80 $160$200 $400 $250 $300 $170 $600 $100 0 0 400 800 1200 1600 2000 2400 Valuation (AUD M) Capital Raised $15 IONDRIVE AT PILOT STAGE —EARLY REVENUE PROOF POINTS PEERS AT COMMERCIAL SCALE —RE- RATED BY 5–10X Talga Group $230 $92 Altilium Group $40 3 $66$60 $AUD M SHARE PRICE (6 months)
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15 Forward looking statements This document contains certain forward-looking statements that involve risks and uncertainties. Although we believe that the expectations reflected in the forward-looking statements are reasonable at this time, we can give no assurance that these expectations will prove to be correct. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements due to many important factors, risks and uncertainties including those risks detailed from time to time in the Company’s announcements to the ASX including, without limitation, risks that the technologies are not commercially viable, provisional patents may not result in successfully granted national patents, others may independently develop similar or improved technologies or design around patents or patent applications, or that granted patents will provide meaningful protection or competitive advantages. All reasonable efforts have been made to provide accurate information, but the Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of this presentation, except as may be required under applicable laws. Recipients should make their own enquiries in relation to any investment decisions from a licensed investment advisor. Deep Eutectic Solvent (DES) technologies, including the Iondrives platform, have not yet been demonstrated at full industrial scale. The metals and application areas shown in this presentation are based on feasibility studies conducted by third parties, including Iondrive in some cases, and should not be interpreted as proof of commercial outcomes. Not an offer of securities This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with ASIC) or any other law. This Presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any sharesnor does it constitute financial product or investment advice nor take into accountyour investment objectives, taxation situation, financial situation or needs. An investor must not act on the basis ofany matter contained in this Presentation but must make its own assessment of the Company and conduct its own investigations and analysis. Before making an investment in the Company, a prospective investor should consider whether such an investment is appropriate to their particular investment objectives and financial situation and seek appropriate advice, including legal, taxation and financial advice appropriate to their jurisdiction and circumstances. United States and Other jurisdictions The Company’s securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act), or under the securities laws of any state or other jurisdiction of the United States. Accordingly, the Company’s securities may not be offered or sold, directly or indirectly, within the United States or to, or for the account orbenefit of, U.S. Persons (as defined in Regulation S under the Securities Act as amended). This Presentation may not be distributed within the United States or to any person in the United States This Presentation may only be accessed in other jurisdictions where it is legal to do so. IONDRIVE Disclaimer
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Lewis Utting, CEO CONTACT US ASX: ION iondrive.com.au info@iondrive.com.au Ray Ridge, CFO & Co-Sec info@iondrive.com.au Jane Morgan, Investor Relations jm@janemorganmanagement.com.au
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APPENDIX ASX: ION iondrive.com.au
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Sources: Ascend Elements Equity and Valuation data from S&P Capital IQ. https://ascendelements.com/ Sources: cylib Equity and Valuation data from dealroom.co. https://www.cylib.de/ Sources: DEScycle Equity and Valuation data from dealroom.co. https://www.descycle.com/ Sources: Investing.com for Exchange Rates to AUD at date of transactions 18 Market Comparisons CAPITAL AND VALUATION SUPPORT 0 500 1000 1500 2000 2500 0 200 400 600 800 1000 1200 Pre & Post Money Valuation AS$mn A$ Million Equity Raise Pre & Post Money Valuation (RHS) FOUNDED 2015 Series A Expand Pilot Series B First 10,000tpa Plant Series C Two Additional 10,000tpa plants Series D For Capacity Expansion Battery recycling based on a largely conventional hydrometallurgical process 0 20 40 60 80 100 120 140 0 5 10 15 20 25 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Enterprise Value A$mn A$ Million Equity Raise Valuation Low-High Range (RHS) Seed / Pre Series A Design Pilot Series A Demo Plant Recycling of electronic waste using a similar DES process to extract precious metals. FOUNDED 2018 0 100 200 300 400 500 600 0 10 20 30 40 50 60 70 80 90 100 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Enterprise Value A$mn A$ Million Equity Raise Valuation Low-High Range (RHS) Seed Scale Up and Pilot Planning Seed -II Pilot Plant Series A Industrial Scale Plant Battery recycling utilising a similar Lithium extraction method as ION, combined with traditional extraction methods for Cobalt, Nickel and Manganese. FOUNDED 2022 Breakthrough technologiesin Metal and Battery Recycling are attracting strong capital support and increasing valuationspre and post pilot ASX Listed Peers Converting titanium scrap to titanium powder CY 2025 first revenue expected from small scale demonstration plant Flash Joule Heating for critical mineral extraction Pilot Plant construction FY 2025 DES for critical mineral extraction Pilot Plant construction FY 2025
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1919 IONDRIVE References Wood study: ASX 15thJuly 2024 PFS:ASX 1stNovember 2024 PEM Aachen University Benchmarking Study: ASX 1stNovember 2024 Rho Motion Report: ASX 25thMarch 2024 BMI Report: ASX 19thFebruary 2025 Model Answer Economic Modelling: ASX 19thFebruary 2025 IONDRIVE