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ASX:MMA Maronan Silver Project A Scalable, High-Leverage Silver Development Project 18 February 2026 Presenter: Andrew Barker – Exploration Manager
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INVESTOR PRESENTATION | FEBRUARY 2026 PEA Investor Deck| Sept 2025 IMPORTANT NOTICES AND DISCLAIMER GENERAL These presentation materials and the accompanying verbal presentation (together, the Presentation Materials) have been prepared by Maronan Metals Limited (Company) as at 18/02/2026 and statements are current only as at that date. Information in the Presentation Materials remains subject to change without notice. The Company has no responsibility or obligation to inform you of any matter arising or coming to its notice, after the date of this document, which may affect any matter referred to in this document. By receiving the Presentation Materials, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer. It is the responsibility of all recipients of these Presentation Materials to obtain all necessary approvals to receive these Presentation Materials and receipt of the Presentation Materials will be taken by the Company to constitute a representation and warranty that all relevant approvals have been obtained. Unless otherwise indicated, all images, tables and charts included in the Presentation Materials relate to the Maronan Project. NOT AN OFFER These Presentation Materials are for information purposes only. The Presentation Materials do not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law. The Presentation Materials also do not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities. In particular, these Presentation Materials do not constitute an offer to sell or a solicitation to buy, securities in the United States of America. NOT INVESTMENT ADVICE The Presentation Materials are not investment or financial product advice (nor tax, accounting or legal advice) and are not intended to be used for the basis of making an investment decision. Recipients should obtain their own advice before making any investment decision. SUMMARY INFORMATION The Presentation Materials do not purport to be all inclusive or to contain all information about the Company or any of the assets, current or future, of the Company. The Presentation Materials contain summary information about the Company and its activities which is current as at the date of the Presentation Materials. The information in the Presentation Materials is of a general nature and does not purport to contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement or other offering document prepared in accordance with the requirements of Australian law or the laws of any other jurisdiction, including the United States of America. While reasonable care has been taken in relation to the preparation of the Presentation Materials, none of the Company or its directors, officers, employees, contractors, agents, or advisers 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 document. No Limited Party represents or warrants that this document is complete or that it contains all information about the Company that a prospective investor or purchaser may require in evaluating a possible investment in the Company or acquisition of shares 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, for any loss arising from the use of or reliance on information contained in this document 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, this document including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom. JORC CODE The information in the Presentation Materials relating to exploration results, exploration targets, mineral resources and ore reserves has been reported by the Company in accordance with the 2012 Edition of the ‘Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves’ (JORC Code) and is extracted from the ASX announcement “Updated Mineral Resource Estimate – Amended” released on 6 June 2025, ASX announcement “Maronan Starter Zone Preliminary Economic Assessment” released on 23 September 2025; and ASX announcements “Maronan infill drilling intersects thick interval of ore-grade silver-lead mineralisation including “Bonanza” 1520g/t silver intercept” released on 7 August 2024; ”Strong widths and grades keep coming with infill drilling on the starter zone” released on 25 September 2024; “Update – consistent results build more confidence in the Maronan Project” released on 11 November 2024; “Drilling Continues to Deliver High Value Intercepts at the Maronan Project” released on 6 March 2025; and ”High Grade Copper-Gold intercepts among the final batch of assays from the Maronan Project Drill Program” released on 9 April 2025. These announcements are available on the Company’s website at www.maronanmetals.com.au. The Company confirms that it is not aware of any new information as at the date of the Presentation Materials that materially affects the information included in the Presentation Materials and that all material assumptions and technical parameters underpinning the estimates in the Company’s previous announcement[s] continue to apply and have not materially changed. FORWARD LOOKING STATEMENTS Certain statements contained in the Presentation Materials, including information as to the future financial or operating performance of the Company and its projects, are forward looking statements. 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. 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, recipients 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 document 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. 2 2
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INVESTOR PRESENTATION | FEBRUARY 2026 GLOBAL RESOURCE 3 ASSET OVERVIEW STARTER ZONE PEA • 10-year project reaching 1.2Mtpa • NPV (Base Case at US$36/oz silver): $377M; IRR: 37%2 • Based on mining ~22% of Global Resource 1. ASX:MMA 06 June 2025 – Updated Mineral Resource Estimate – Amended. See Appendix 2 – Updated Resource Tables 2. ASX:MMA 23 September 2025 – Maronan Starter Zone Preliminary Economic Assessment • >65Mt of Inferred and Indicated Resources • 33Mt of Silver-Lead Resource & 32Mt of Copper- Gold Resource1 • 122Moz Silver 2Mt Lead 271Kt Copper 760Koz Gold1 Starter Zone supports a 10- year initial mine plan Global Resource provides expansion potential and longer- term optionality Scale, Quality and Development Optionality GROWTH FROM WITHIN • Planned Exploration Decline to drive Feasibility Studies • Enhancing the early mine plan • Resource conversion to build the indicated resource inventory
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INVESTOR PRESENTATION | FEBRUARY 2026 Cannington Dugald River Ernest Henry Mount Isa Eloise Maronan Rocklands Osborne Eva LOCATION Queensland, Australia – North West Minerals Province; a Tier-1 geological neighborhood and a state government supporting new mine development ESTABLISHED PERMITTING PATHWAYS Mineral Development Licence application well advanced with the proposed licence intended to support construction of an exploration decline as part of the Feasibility Study program. Mining Licence approvals commencing 2026 DEVELOPMENT FLEXIBILITY Optionality to develop a stand-alone processing facility or utilise nearby third-party processing capacity Location and infrastructure support a capital- efficient path to production 4 IN A DISTRICT THAT BUILDS MINES
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INVESTOR PRESENTATION | FEBRUARY 2026 EXPERIENCE THAT DELIVERS MINES 5 Robert Rutherford Non-Executive Technical Director Matthew Hine Non-Executive Director Simon Bird Non−Executive Chairman Richard Carlton Managing Director Dean Fredericksen Project Director Andrew Barker Exploration Manager Lindi Lochner Chief Financial Officer (starting Feb 2026) Mark Brown Compliance & Contracts Manager (starting Feb 2026) Ian Gebbie Company Secretary Proven Mine Development and Execution Experience DIRECTORSMANAGEMENT
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INVESTOR PRESENTATION | FEBRUARY 2026 1. 500,000 Employee Options expiring 21/12/26 @ $0.28; 6,200,000 Employee Options expiring 12/08/27 @ $0.30; 10,000,000 Director Options expiring 15/11/27 @ $0.275; 1,450,000 Employee Options expiring 14/11/28 @ $0.385; 6,000,000 Director Options expiring 28/11/28 @ $0.35 Substantial Shareholders Red Metal Limited 35.83% Perth Capital Pty Ltd 7.10% MGX Resources 5.02% Research Coverage Market Cap $120.7M Shares on Issue 251,447,060 Share Price (10 Feb 2026) 48c Cash (at 31 December 2025) $15.8M Enterprise Value $104.9M % held by substantial holders 47.95% Options1 24,150,000 Performance Rights 2,550,000 6 Commissioned by the Company under a paid agreement Capital SnapshotShare Price Chart ASX:MMA
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INVESTOR PRESENTATION | FEBRUARY 2026 BUILDING A STEP AT A TIME 7 EARLY CASHFLOW OPTIONALITY VIA TOLL TREATMENT Starter zone supports either a stand-alone plant or toll-milling through near-by, under utilised plant. It could be both SCALABLE PRODUCTION PROFILE PEA base case at 1.2Mtpa with potential to increase throughput through further conversion of the Global resource MULTI-METAL EXPOSURE ENHANCES STRATEGIC VALUE Silver-lead underpins near-term economics, with copper-gold optionality increasing over time Starter Zone 1. ASX:MMA 23 September 2025 – Maronan Starter Zone Preliminary Economic Assessment
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INVESTOR PRESENTATION | FEBRUARY 2026 STAND ALONE ONSITE PROCESSING TOLL TREATING CAPEX Stand alone: A$266m Toll Treating: A$98m NPV8 (Pre-Tax) A$377m A$362m IRR 37% 67% PAYBACK 4 years 2 years 1. ASX:MMA 23 September 2025 – Maronan Starter Zone Preliminary Economic Assessment AgEq AISC $30.18 $36.43 PEA base case assumptions: AUD/USD 0.67 Ag USD/Oz 36, Pb USD/t 2,100 Au USD/Oz 3,000, Cu USD/t 10,000 • 10-year project schedule with average steady state annual metal in concentrate: 3.0Moz silver, 38kt lead, 1.4kt copper, 3.8koz gold (5.4Moz Silver Equivalent) • EBITDA of $981m over the life of the starter zone project • Considers the same mining scenario as a stand-alone plant • EBITDA of $723m over the life of the starter zone project STARTER ZONE PEA SHOWS COMPELLING ECONOMICS Two Development Pathways Evaluated 8
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INVESTOR PRESENTATION | FEBRUARY 2026 WHAT IS THE TRUE POTENTIAL? 9 Upside not reflected in the Starter Zone PEA Starter Zone is less than ¼ of Maronan’s Global Resource Opportunities to enhance the early mine plan Figure: Illustrative conceptual underground development and drilling schematic to demonstrate potential exploration pathways to realise the value of the Global Resource at Maronan Starter Zone N Growing the Indicated Resource Inventory to consider higher mining rate scenarios
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INVESTOR PRESENTATION | FEBRUARY 2026 MINERAL DEVELOPMENT LICENSE APPLICATION 2km 500m 10 1. ASX:MMA 11 March 2025 – Application Lodged For Mineral Development Licence
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11 INVESTOR PRESENTATION | FEBRUARY 2026 INDICATIVE DEVELOPMENT PATHWAY This slide sets out indicative timelines for drilling, technical studies and permitting milestones. There is no assurance the targets/milestones or timing will be achieved FY26 FY27 FY28 FY29 Dec 25 Mar 26 Jun 26 Sep 26 Dec 26 Mar 27 Jun 27 Sep 27 Dec 27 Mar 28 Jun 28 Sep 28 Dec 28 Mar 29 Jun 29 MDL Surface Drilling Boxcut Decline Underground Drilling Feasibility Study Mining Licence – Trucking Bulk Sample FID Ongoing UG Mining Process Plant Construction Optionality – Toll Treat Ore This slide sets out indicative timelines for drilling, technical studies and permitting milestones. There is no assurance the targets/milestones or timing will be achieved Surface Drilling Update MRE/PFS First Ore Reserve Mining Licence – Process Plant FID Key Milestones
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INVESTOR PRESENTATION | FEBRUARY 2026 INVESTMENT PROPOSITION 12 OPPORTUNITY High leverage to Silver with defined development pathway Robust Starter Zone economics with expansion upside Capital-Efficient development pathways (including toll treatment) Experienced team with track record of mine development Maronan offers high leverage to silver with clearly defined development milestones
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Real Silver. Real Scale For investor enquiries or further information, contact us today. Maronan Metals Limited Level 15, 323 Castlereagh Street, Sydney NSW 2101 www.maronanmetals.com.au | info@maronanmetals.com.au | +61 2 9281 1805 ASX:MMA)
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15• ASX:MMA 23 September 2025 – Maronan Starter Zone Preliminary Economic Assessment (Table 35 – page 71) APPENDIX 1: PRELIMINARY ECONOMIC ASSESSMENT Base Case Silver Price US$/oz 28.0 32.0 36.0 44.0 48.0 52.0 Silver Price A$/oz 41.8 47.8 53.7 65.7 71.6 77.6 NPV8% A$M 215 296 377 537 618 700 IRR % 26 32 37 47 52 56 Annual EBITDA A$M 95 113 130 164 181 199 LOM EBITDA A$M 736 858 981 1,226 1,348 1,470 LOM Free Cash Flow A$M 438 560 683 927 1,050 1,172 Payback (from project start) Yrs 4 4 4 3 3 3 Starter Zone Project Sensitivity to Silver Price
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16* ASX:MMA 06 June 2025 – Updated Mineral Resource Estimate - Amended Silver-Lead Sulphide Resources Tonnes Grade Grade Contained Lead Contained Silver JORC 2012 Mt Lead Silver Tonnes Million Oz (at >3% Lead Cut-off) % g/t Starter Zone Indicated 5.3 5.2 116 275,000 19.6 Starter Zone Inferred 6.9 4.8 109 335,000 24.2 Starter Zone Indicated + Inferred 12.2 5.0 112 610,000 43.8 Outside Starter Zone Inferred 21.0 6.5 106 1,370,000 70.9 Global Indicated plus Inferred 33.1 6.0 108 1,970,000 114.5 APPENDIX 2: ASX:MMA 06 JUNE 2025 UPDATED MINERAL RESOURCE* SILVER-LEAD
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17* ASX:MMA 06 June 2025 – Updated Mineral Resource Estimate - Amended Starter Zone Inf+Ind Resources Tonnes Grade Grade Grade Grade Contained Lead Contained Silver Contained Gold Contained Zinc JORC 2012 Mt Lead Silver Gold Zinc Tonnes Million Oz Oz Tonnes (at >3% Lead Cut-off) % g/t g/t % Starter Zone Indicated + Inferred 12.2 5.0 112 0.1 0.14 610,000 43.8 39,000 17.7 APPENDIX 2: ASX:MMA 06 JUNE 2025 UPDATED STARTER ZONE MINERAL RESOURCE* SILVER-LEAD
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18* ASX:MMA 06 June 2025 – Updated Mineral Resource Estimate - Amended Mineralisation Types Tonnes Grade Grade Grade Contained Contained Contained >0.4% Copper Cut-off Mt Copper Gold Silver Copper Gold Silver % g/t g/t tonnes Oz Million Oz Leached Inf+Ind 1.1 0.79 0.71 9 9,000 26,000 0.3 Transitional Inf+Ind 2.3 0.63 0.45 7 14,000 33,000 0.5 Fresh Inf+Ind 28.6 0.87 0.64 7 248,000 591,000 6.6 Total 32.0 0.85 0.63 7 271,000 649,000 7.4 Global Copper-Gold Resource APPENDIX 2: ASX:MMA 06 JUNE 2025 UPDATED MINERAL RESOURCE* COPPER-GOLD
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19 Gold-Only Tonnes Grade Contained >1g/t Gold Cut-off Mt Gold Gold JORC 2012 g/t Oz Inferred (Fresh) 1.8 1.24 72,000 * ASX:MMA 12 March 2024 – Maronan Resource Review APPENDIX 2: ASX:MMA 12 MARCH 2024 MINERAL RESOURCE* GOLD-ONLY