Slides
Page 1
ASXWC8 TABBA TABBA Definitive Feasibility Study Earlier Production Stronger Cash Flow Greater Value
Page 2
ASX WC8 Wildcat Resources Limited DISCLAIMER ASX 22 This presentation is dated 26 October 2026 and has been prepared by Wildcat Resources Ltd (Wildcat or WC8). The information in this presentation is a summary of WC8’s definitive feasibility study results and does not purport to be complete. The information in this presentation is current as at the date of this presentation (unless indicated otherwise) and remains subject to change without notice. This presentation is not a prospectus, product disclosure document or other offering document under Australian law or under any other law. It has been prepared for information purposes only. This presentation contains general summary information and does not take into account the investment objectives, financial situation and particular needs of any individual investor. It is not financial product advice and investors should undertake their own due diligence and obtain their own independent advice from qualified professional advisors having regarding to their objectives, financial situation and needs. Neither WC8 nor any of its related bodies corporate is licensed to provide financial product advice. Forward-Looking Statements and Information This presentation and information, opinions or conclusions expressed in the course of this presentation contain forward-looking statements regarding Wildcat and its subsidiaries (including its projects). Forward-looking statements include, but are not limited to, statements concerning WC8's planned exploration and development program(s), the production target and financial forecast information in this presentation, other results and assumptions of the definitive feasibility study (DFS), Mineral Resources and Ore Reserve estimates in this presentation and other statements that are not historical facts. When used in this presentation, the words such as “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “nominal”, “conceptual” and similar expressions are forward-looking statements. Forward- looking statements, opinions and estimates included in this presentation are based on assumptions and contingencies which are subject to change without notice. Although WC8 believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Such forecasts, projections and information are not a guarantee of future performance or future plans, and involve known and unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied in any forward-looking statement and deviations are both normal and to be expected. You are cautioned not to place undue reliance on those statements. There are a number of risks, both specific to WC8, and of a general nature which may affect the future operating and financial performance of WC8, and the value of an investment in WC8 including but not limited to title risk, renewal risk, economic and general market conditions, stock market fluctuations, price movements, regulatory risks, operational risks, reliance on key personnel, uncertainties relating to interpretation of exploration results, geology and resource estimations, native title risks, foreign currency fluctuations, uncertainties relating to the availability of/access to additional capital, infrastructure or environmental approvals, and mining development, construction and commissioning risk. WC8 expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, unless required to do so by law. Investors should note that there is no certainty that the Tabba Tabba Project (Project) will be feasible and there can be no assurance of whether it will be permitted, developed, constructed and commence operations, whether the DFS results will be accurate or whether WC8 will be able to raise funding when it is required (nor any certainty as to the form such capital raising may take, such as equity, debt, hybrid and/or other capital raising). It is also possible that such funding may only be available on terms that dilute or otherwise affect the value of WC8’s shares. It is also possible that WC8 could pursue other ‘value realisation’ strategies such as sale, partial sale, or joint venture of the Project. Investors are advised that the assumptions and inputs to the financial model may require review as project development progresses. While WC8 considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the production target or estimated outcomes indicated by the DFS (such as the financial forecasts) will be achieved. Given the various uncertainties involved, investors should not make any investment decisions based solely on the results of the DFS or the other content of this announcement. Mineral Resource and Ore Reserve estimates are necessarily imprecise and depend on interpretations and geological assumptions, minerals prices, cost assumptions and statistical inferences (and assumptions concerning other factors, including mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors) which may ultimately prove to be incorrect or unreliable. Mineral Resource and Ore Reserve estimates are regularly revised based on actual exploration or production experience or new information and could therefore be subject to change. In addition, there are risks associated with such estimates, including (among other risks) that minerals mined may be of a different grade or tonnage from those in the estimates and the ability to economically extract and process the minerals may become compromised or not eventuate. WC8’s plans, including its mine and infrastructure plans for the Project, are also subject to change. Accordingly, these are further reasons why no assurances can be given of whether the production target, financial forecasts or other forecasts aor other forward-looking statements or information in this announcement will be achieved. Competent Person’s Statements The information in this presentation that relates to Exploration Results for the Project is based on, and fairly represents, information originally reported in the company’s announcement titled “Tabba Tabba DFS Clears Pathway for Large-Scale Lithium Development" on 26 October 2026 and was compiled by Mr Torrin Rowe (Head of Geology and Exploration at Wildcat Resources Limited), a Competent Person who is a Member of the Australian Institute of Geoscientists (AIG). The information in this presentation that relates to open pit Ore Reserves for the Project is based on, and fairly represents, information originallyreported in the company’s announcement titled “Tabba Tabba DFS Clears Pathway for Large-Scale Lithium Development" on 26 October 2026 and compiled by Mr Jonathon Nortier (Technical Lead Open Pit Planning) of AMC Consultants Pty Ltd (AMC), a Competent Person who is a member of the Australasian Institute of Mining and Metallurgy (AUSIMM). The information in this presentation that relates to underground Ore Reserves for the Project is based on, and fairly represents, information originally reported in the company’s announcement titled “Tabba Tabba DFS Clears Pathway for Large-Scale Lithium Development" on 26 October 2026 and compiled by Ms Cailli Knievel (Technical Lead / Principal Consultant) of AMC Consultants Pty Ltd (AMC), a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy (AUSIMM). The information in this presentation that relates to Mineral Resources for the Project is based on and fairly represents information originally reported in the company’s announcement titled “Tabba Tabba DFS Clears Pathway for Large-Scale Lithium Development" on 26 October 2026 and compiled by Mr Lauritz Barnes (Consultant with Trepanier) and Mr Torrin Rowe (Head of Geology and Exploration at Wildcat Resources Limited). Mr Barnes is a member of both the Australian Institute of Geoscientists and the Australasian Institute of Mining and Metallurgy and is independent of Wildcat Resources Limited. Mr Rowe is a member of the Australian Institute of Geoscientists and is a fulltime employee and shareholder of Wildcat Resources Limited. The information in this presentation that relates to production targets for the Project is based on, and fairly represents, information originally reported in the company’s announcement titled “Tabba Tabba DFS Clears Pathway for Large-Scale Lithium Development" on 26 October 2026. A copy of the announcements referred to above are available at www.asx.com.au. WC8 confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. WC8 confirms that all material assumptions underpinning the product targets and forecast financial information derived from a production target included in the original market announcements continue to apply and have not materially changed. WC8 confirms that the form and context in which the competent persons findings have not been materially modified from the original announcements.
Page 3
ASX WC8 Wildcat Resources Limited DFS KEY METRICS 3 Base case economics at US$1,500/t SC6 FOB (real) Post-tax NPV8 A$1,503m 28.4% 3.8 years Pre-production Capex A$774m Expansion Capital Year-3 A$53m required3 Production concentrate SC5.5 279 ktpa Stage 1 ~600 ktpa Stage 2 (year 3) Project Life ~15 years Operating costs C1 US$570/t | AISC US$709/t VALUATION BASIS Spodumene price Discount rate Foreign Exchange US$1,500/t SC6 FOB flat 8% real, post-tax AUD:USD 0.70 Functional Area Unit Costs NPV8 to Capex ratio 1. $/t ore mined, excludes preproduction mining costs 2. $/t ore processed 3. Remainder self-sufficient from project cashflows Mining A$61/t¹ | Processing A$32/t² Payback (post-tax) 3.8 years Post-tax NPV8 ~A$1.5bn 1.94x NPV8 to Capex ratio 1.94x NPV8 to Capex ratio Capital intensity SC6 A$1,662/t 28.4% IRR (post-tax) INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 4
ASX WC8 Wildcat Resources Limited $0.60 ~$400M MARKET CAP AT 25c $76.1M CASH AT BANK (30 Sep 2026) WC8 ASX CODE TABBA TABBA Lithium $1.21 $0.80 S H A R E S MT ADRAH Gold CORPORATE SNAPSHOT 4 $1.30 73.5MT @ 1.0% Li2O 770,000 oz @ 1.1g/t Au $0.80 $1.00 $1.60 R E S E A RC H COV E RAG E 1,594M SHARES ON ISSUE 44 INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 5
ASX WC8 Wildcat Resources Limited JEFF ELLIOTT NON-EXECUTIVE CHAIRMAN o +30 yrs exploration, mining and business management experience o Former MD of international mining consultants CSA Global o Co-founder of several successful private companies across mining services MATTHEW BANKS EXECUTIVE DIRECTOR o Joint founder of Wildcat Resources o Has been involved in many value accretive transactions including Spectrum Metals and Delta Lithium o Joint founder of Rumble Resources o Background in finance and key market facing executive SAMUEL EKINS NON-EXECUTIVE DIRECTOR o Geologist with 20+ yrs of exploration and mining experience o Led Wildcat at the time of acquisition to discovery o Involved in business development and project generation JAIRO BERNAL CHIEF FINANCIAL OFFICER JOINT COMPANY SECRETARY o 25 yrs global experience in lithium and energy transition across Australia and International Markets o Executed large acquisition and project finance strategies o Former SQM Asia Pacific Finance executive and NED of Azure Minerals Ltd TORRIN ROWE GEOLOGY MANAGER o Experienced geologist with specialised experience in progressing greenfields projects to pre-mining in several jurisdictions o Recipient of AMEC drill hit of the year and exploration manager of the year o Completing Masters in LCT mineralisation in the Pilbara FIONA VAN MAANEN NON-EXECUTIVE DIRECTOR o 30 yrs of experience in accounting, financial management, corporate governance and M&A transactions o Former CFO & Company Secretary of Metals X o NED of Westgold Resources, Pantoro Resources and Hot Chili Limited o Certified Practicing Accountant JAMES DORNAN PROJECT DIRECTOR o 15+ years mining & resources experience in environmental approvals & technical studies o Key member in the ~A$1.70B sale of Azure Minerals o Ex Project Development Manager Azure Minerals Ltd. AJ SAVERIMUTTO MANAGING DIRECTOR o 25+ yrs of corporate and mining operational experience o Former Mine Manager of the Grasberg Mine o Mining engineer and accountant o Extensive involvement in ASX companies and NED of Grange Resources STRONG LEADERSHIP WITH DEVELOPMENT AND OPERATING EXPERTISE 5555 Board of Directors & Management INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 6
ASX WC8 Wildcat Resources Limited TABBA TABBA AT A GLANCE 6 Key DFS Metrics Mining • Open Pit 79% Ore Tonnes • Underground Mining 21% Ore Tonnes • Leia and Luke Spodumene Deposits Only • 308Mt Total Tonnes Moved Processing • 46.2Mt Milled @1.00% Li₂O • 100% Flotation of Ore • 75.6% Li₂O Recovery¹ Production • 279Kt Stage 1 • ~600Kt Stage 2 in Year 3 • 6.2Mt @5.5% Li₂O Concentrate Produced Timing • First Concentrate Q1 CY2029 Economics • post-tax NPV8 of A$1.5bn; post-tax IRR 28.4% and 3.8 years payback (at SC6 FOB US$1,500/t) 1, Recovery observed in laboratory testwork Globally Significant Tier 1 Project Strategic pilbara location • Western Australia: established regulatory framework • ~80 km by road to Port Hedland • Near Pilgangoora and Wodgina lithium operations • Close to Asian battery markets Permitting and Licences • 73.5 Mt @ 1.0% Li₂O Mineral Resource • Large-scale hard-rock lithium (Spodumene) project • 94% Indicated resource • Excellent recoveries and low iron content • Bolt Cutter and large exploration tenure in the Pilbara • Previously Mined for Tantalum in 2015 • Resources on granted Mining Leases • Permitted Water licence • Project access road on granted miscellaneous lease INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH Globally significant lithium resource strategically located in Western Australia’s established Pilbara mining region
Page 7
ASX | WC8 Wildcat Resources Limited 7 DFS METRICS S E C T I O N 0 2 02
Page 8
ASX WC8 Wildcat Resources Limited FROM PFS TO DFS: WHAT HAS CHANGED TABBA TABBA DFS BRINGS FORWARD SIGNIFICANT PRODUCTION AND MATERIAL EARLY CASHFLOWS Year 3 Stage 2 (~600ktpa) vs Year 7 in the PFS 4 years earlier to full scale >600ktpa from 2031 vs 2035 +A$657m cumulative FCF by 2035 Additional to PFS ~6.2Mt LOM concentrate broadly unchanged PFS (July 2025) DFS (October 2026) What it means Production ramp Stage 2 in Year 7 >600ktpa from 2035 Stage 2 in Year 3 >600ktpa from 2031 Materially earlier cash flow and market exposure Operating platform Staged scale-up ~295ktpa Stage 1 Single larger platform ~600ktpa Stage 2 Front-loads tonnes and simplifies the production story Mine plan Sequential OP / UG less early UG Integrated OP + UG UG brought forward Faster ramp-up and smoother plant feed Plant design optimistation 3-stage crushing 2-stage tails thickening 2-stage crushing 1- stage tails thickening Capex A$687m pre-production A$87m expansion (FCF) A$774m pre-production A$140m expansion (only A$53m required) +A$87m up front for materially faster delivery; expansion mostly funded from cash flow Operating costs C1 US$541/t AISC US$658/t C1 US$570/t AISC US$709/t Competitive cost base; stronger IRR and payback on a like-for-like price KEY TAKEAWAY The DFS increases value by bringing scale forward – shorter ramp-up, earlier cash flow and better capital intensity 8 Simpler crushing circuit Reduced thickener CAPEX INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 9
ASX | WC8 Wildcat Resources Limited 9 SPODUMENE PRICING S E C T I O N 0 3 03
Page 10
ASX WC8 Wildcat Resources Limited TABBA TABBA – DOWNSIDE PROTECTED, UPSIDE EXPOSED 10 CATEGORY UNIT Flat US$1,250/t Flat US$1,500/t Base case Flat US$$2,000/t Curve Fastmarkets1 Flat US$2,500/t Spodumene Price - FOB US $/t $1,250 $1,500 $2,000 Avg. $2,328 $2,500 FX – AUD:USD $ 0.7 0.7 0.7 0.7 0.7 Free Cash Flows (post-tax) A$m 2,202 3,533 6,196 7,540 8,859 NPV 8% Real (post-tax) A$m 765 1,503 2,971 3,539 4,438 IRR (post-tax) % 19.0% 28.4% 44.7% 43.9% 59.4% NPV8 /Pre-Production Capex ratio 1.00x 1.94x 3.84x 4.57x 5.73x Capital Intensity (fully developed (SC6) A$/t 1,662 1,662 1,662 1,662 1,662 PAYBACK (After Tax) Years 5.6 3.8 2.7 3.0 1.9 C1 Cash Cost US$/t 570 570 570 570 570 All-In Sustaining Cost US$/t 693 709 740 755 771 Pre-Production Capex A$m 774 774 774 774 774 Expansion Capex A$m 140 140 140 140 140 Peak Neg Cash Flow A$m (947) (827) (723) (754) (663) Expansion ($140M) Funded from Free Cash Flows A$m 33 87 All All All 1. Fastmarkets Base Case Q3:2026 INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 11
ASX WC8 Wildcat Resources Limited $ 500 $ 750 $ 1,000 $ 1,250 $ 1,500 $ 1,750 $ 2,000 $ 2,250 $ 2,500 $ 2,750 $ 3,000 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 SPODUMENE PRICE ASSUMPTION 11 Realised Prices Forecast Prices US$1,500/t SC6 FOB Real Selected as a defensible long-term base case √ Below recent market prices √ In line with broker consensus √ Below independent long-term Analyst forecasts US$2,328/t Avg1. Analyst 2 US$1,634/t Avg. Analyst 1 US$2,017/t Avg. Median US$1,880/t Avg. Brokers’ Consensus US$1,500/t LT from 20312 1. Source: Fastmarkets Base Case Q3:2026 2. Broker’s consensus based on Spodumene price forecast from 20 equity research analysts and investments banks INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH DFS Commodity Price Support (US$1,500/t FOB SC6 Real)
Page 12
ASX WC8 Wildcat Resources Limited NPV SENSITIVITY TO SPODUMENE PRICES 12 DFS delivers ~A$1.5bn NPV8 at the conservative US$1,500/t base case, with material upside to market forecasts $765M $1,503M $2,971M $3,539M $4,438M $1,250 DFS Case ($1,500/t flat) US$2,000 flat Fastmarkets Base (Avg $2,328/t US$2,500 flat NPv8 A$ NPV8 Sensitivity to Spodumene Price A$ For every US$100/t movement on the spodumene price the NPV8 moves by ~A$295m A$1.5bn DFS base case Flat US$1,500/t A$3.0bn Flat US$2,000/t ≈ Fastmarkets low case A$3.5bn Fastmarkets base curve Average US$2,328/t A$4.4bn Flat US$2,500/t NPV8 real, post-tax. NPV 1. Source: Fastmarkets Q3:2026 1 INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 13
ASX WC8 Wildcat Resources Limited 13131313 STRONG FREE CASH GENERATION ACROSS THE PRICE CYCLES Low-cost operations translate directly into strong through-cycle cash generation. Average annual post-tax free cashflows from payback. Cash flows are before financing costs. Flat-price scenarios use US$/t SC6 FOB in real 2026 terms; the Fastmarkets scenario uses its forecast price curve. A$448m per year at DFS base US$1,500/t flat A$840m per year on Fastmarkets Base curve, avg US$2,328/t A$327m per year at US$1,250/t Cash positive in the downside Average annual post-tax free cash flow from payback of A$448m at the DFS base price, rising to A$840m/yr on Fastmarkets FREE CASH FLOW $327M/yr $448M/yr $690M/yr $840M/yr $933M/yr US$1,250/t US$1,500/t: DFS Base case US$2,000/t Fastmarkets base case US$2,500/t Average annual Post-tax cashflows at various Spodumene prices (A$) INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 14
ASX WC8 Wildcat Resources Limited NPV SENSITIVITY TO KEY PROJECT ASSUMPTIONS 14 NPV8 (Post-tax, A$m) Project value is most sensitive to grade, recovery and market assumptions; downside cases remain strongly positive ● High impact Recovery, Grade, FX and spodumene price: ±A$600M to A$900M ● Medium impact Discount rate and opex: ±A$300m to A$500m ● Low impact Capex: ±A$100m – well-defined estimate 710 596 926 839 1,205 1,177 1,400 2,301 2,173 2,281 2,164 1,866 1,827 1,605 $0 $500 $1,000 $1,500 $2,000 $2,500 Recovery +/- 15% Grade +/- 15% FX Rate -/+ 15% Commmodity Price +/- 15% Discount Rate +/- 2% OPEX +/- 15% CAPEX +/- 15% $1,503M INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 15
ASX WC8 Wildcat Resources Limited 15151515 base case points to a structural lithium deficit after 2028 — aligned with Tabba Tabba market entry Demand growth is increasingly supported by both EVs and energy storage, while execution risk reduces the effective supply pipeline. Lithium market balance shifts into a widening structural deficit Fastmarkets base-case market balance, Mt LCE -3.2 -2.7 -2.2 -1.7 -1.2 -0.7 -0.2 0.3 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Mt LCE TABBA TABBA first production 2029 base-case deficit by 2040 Market deficit is modest at start-up, then deepens materially through the 2030s Demand growth has two durable engines Fastmarkets lithium demand outlook 1.34Mt 2025 5.5Mt 2040 4.1x total lithium demand ~62% EV share of 2040 demand Primary demand anchor 1.45Mt ESS demand by 2040 ~28.5% of total demand 40–50% of announced spodumene capacity to 2030 may not arrive on schedule Probability-weighted pipeline supports the tightening balance Tabba Tabba is positioned to enter the market as structural deficits emerge, supported by EV + ESS demand and a risked supply pipeline. 1 5 GLOBAL LITHIUM SUPPLY AND DEMAND OUTLOOK (MT LCE) INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH ~2.9Mt
Page 16
ASX | WC8 Wildcat Resources Limited 16 PFS VS DFS COMPARISON S E C T I O N 0 4 04
Page 17
ASX WC8 Wildcat Resources Limited DFS BRINGS SCALE FORWARD BY 4 YEARS 17 114 310 511 596 531 593 587 594 586 640 632 510 - - 219 281 281 284 370 386 523 555 574 593 629 649 606 185 - 100 200 300 400 500 600 700 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Kt DFS PFS DFS: Stage 2: year 3 Spodumene Concentrate (kt) DFS Vs PFS PFS: Stage 2: year 7 DFS focused on accelerating production for early cashflow generation • Cumulative Production ~1Mt brought forward by 2035 Vs PFS. • Stage 2 is accelerated from Year 7 to Year 3, sustaining approximately 530–640ktpa through the core operating years. • Total LOM production remains broadly unchanged at ~6.2Mt, with the value uplift driven by earlier tonnes DFS VS PFS + ~1Mt SPOD CONC. Production brought forward by 2035 4.5Mtpa STAGE 2 Accelerated by 5 years Concentrate production +128kt Increased cumulative concentrate production +318kt Peak annual uplift in 2032 INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 18
ASX WC8 Wildcat Resources Limited PRODUCTION PROFILE –THE CORE VALUE DRIVER 18 ~A$1.0bn Accelerated Free Cash Flow Source: DFS and PFS annual spodumene concentrate production profiles (calendar years). Shaded area = DFS production above thePFS profile. +318kt INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH DFS VS PFS + ~1Mt SPOD CONC. Production brought forward by 2035 4.5Mtpa STAGE 2 Accelerated by 5 years Concentrate production +128kt Increased cumulative concentrate production +318kt Peak annual uplift in 2032
Page 19
ASX WC8 Wildcat Resources Limited FREE CASH FLOWS FROM OPERATIONS 19 ~A$1.0bn Incremental FCF 2029–2035 vs PFS 2 years Earlier cumulative positive FCF DFS 2032 vs PFS 2034 A$827m Peak cumulative deficit vs PFS A$687m +A$657m Higher cumulative FCF by 2035 DFS vs PFS 0 line DFS cash-flow profile is more finance-intensive upfront, but recovers materially faster than the PFS -827 -1000 -600 -200 200 600 1000 A$M Axis Title PFS cumulative FCF DFS cumulative FCF Max Neg $827m Cumulative post-tax free cash flow (A$m) – PFS vs DFS Positive cash flow 2 years earlier TAKEAWAY The DFS accelerates cash flow through mining the orebody faster for modest additional upfront capex, achieving positive cumulative FCF two years earlier and delivering ~A$1.0bn more FCF by 2035 • by 2035 ~A$1.0bn Additional FCF 2029–2035 from first production Vs PFS Construction period PFS 12 months DFS 18 months ~A$1.0bn INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 20
ASX WC8 Wildcat Resources Limited PFS TO DFS PRE-PRODUCTION CAPEX 20 A$774m DFS capital A$687m PFS + A$88m net uplift +13% Increase vs PFS Only A$87m net initial-capital increase A$140m Expansion capital Growth capital to support ~600ktpa ramp- up A$827m DFS + Expansion capital What drives the change +A$69m Inflation Escalation of PFS cost base ~10%(CPI, labour, fuel) +A$87m Accelerated mine plan Pre-strip and UG Dev brought forward from Year 7 to Year 3 +A$140m Expansion capital mostly funded from free cashflows Growth capital required to ramp to ~600ktpa +69 +87 +140 -68 -87 687 774 827 300 350 400 450 500 550 600 650 700 750 800 850 900 950 1,000 PFS Capex Inflation Advanced Pre-strip and Underground Dev. Savings due to tenement acquisition DFS Capital Expansion Capex Funded from free cashflows DFS Capex + Expansion A$m PFS to DFS Capex Bridge (A$m) -A$68m Savings on tenement acquisition Shorter haulage on 27 Million bcm during pre-production $53m3 Only additional funding required for expansion 1 1. Additional Strip and early commencement of UG to reach 4.5MT in Year 3 2. E45/2364 adjoining tenement to mining leases 3. Only $53m Funding required 2 3 Funding required for expansion INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH DFS capital is only +13% vs PFS; A$140m expansion capital majority funded from free cashflows
Page 21
ASX WC8 Wildcat Resources Limited AISC PFS VS DFS MOVEMENTS 21 13 12 1 3 7 15 658 709 PFS AISC Mining Processing Maintenance G&A Transport RoyaltiesSustaining CapitalDFS AISC US$/t PFS AISC to DFS AISC Bridge (US$/t) - • AISC increases from US$658/t to US$709/t, a relatively contained uplift given inflation, labour rates and fuel price increase • Mining (+US$13/t), processing (+US$12/t) and sustaining capital (+US$15/t) account for majority of increase. • Other cost movements are modest, with maintenance broadly flat and only limited increases in G&A, transport and royalties. CONTRACT RATES, FUEL, FLIGHTS AND ACCOMMODATION REAGENTS, POWER AND PEOPLE CONTRACT RATES AND FUEL ($35 per WMT) HIGHER LITHIUM PRICE UNDERGROUND SUSTAINING AND OTHER - INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH DFS AISC increases by only 8% vs PFS, with the uplift concentrated in mining, processing and sustaining capex
Page 22
ASX | WC8 Wildcat Resources Limited 22 PEER COMPARISON S E C T I O N 0 5 05
Page 23
ASX WC8 Wildcat Resources Limited CAPITAL INTENSITY VS PEERS 23 Capital Intensity Per Tonne (SC6 basis, A$/t)1 1 79% of Ore from Single Pit Simple mining operation with small UG contribution driving capital efficiency 2 Economies of Scale The 4.5Mtpa processing rate combined with clean homogenous orebody drives high concentrate output 3 Infrastructure Advantage Proximity to Port Hedland and connection via sealed Marble Bar road eliminates need for airstrip and costly enabling infrastructure Minimal requirement for ore sorters “Against our peers, Tabba Tabba’s capital efficiency is industry leading” - AJ Saverimutto 1. Reference table in appendix Brownfield vs Greenfield $1,621 $1,662 $1,760 $2,099 $2,344 $2,818 $3,905 $4,900 Kathleen Valley Expansion Tabba Tabba DFS Greenbushes P2000 NAL Expansion P2000 + Expansion Mt Holland Expansion Mt Marion Expansion INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 24
ASX WC8 Wildcat Resources Limited BENCHMARKING COSTS AGAINST THE AUSTRALIAN MINING INDUSTRY 24 Open Pit Tabba Tabba A$/t mined Underground Tabba Tabba A$/t mined INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH Mining cost assumptions include contingency and sit above benchmark trends for Australian operations Source: AMC Consultants mining cost benchmarking (October 2026), incorporating Wildcat’s Tabba Tabba DFS cost estimates; underground costs include sustaining capital development.
Page 25
ASX WC8 Wildcat Resources Limited 2ND QUARTILE COST - 1ST QUARTILE MARGINS 25 INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH By 2035, with ramp-up behind it, Tabba Tabba is expected to move into the second quartile of the spodumene cost curve • US$1,300/t implied margin • Competitive worldwide • Below higher- cost African supply
Page 26
ASX | WC8 Wildcat Resources Limited 26 CAPITAL EXPENDITURE S E C T I O N 0 6 06
Page 27
ASX WC8 Wildcat Resources Limited PRE-PRODUCTION CAPEX 27 A$774m pre-production capex is concentrated in core plant and mining scope; enabling effective works to begin as soon as practically possible and at scale. A$774m Total pre-production capex DFS initial capital A$507m Plant + pre-prod mining ~65% of total A$611m Including NPI ~79% of total A$49m Contingency Capital mix by major category A$m and % of total A$774m Process plant A$338m 44% Pre-production mining A$169m 20% NPI A$104m 15% Owners cost A$66m 9% Contingency A$49m 7% Water supply A$19m 2% OP & UG mining A$19m 2% Other A$10m 1% Top 8 Largest packages represent 53% of pre-production capex as per below Open pit mining (contractor) A$125m EPCM A$61m Construction – SMP A$42m Construction – civil concrete A$39m Site labour A$37m Construction – E&I&C A$35m Village A$35m Process plant – site wide A$32m Remaining A$355m is spread across NPI, owner costs, contingency, water/mining support and smaller plant packages Costs are supported by detailed quotes and tenders, providing high degree of confidence INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 28
ASX WC8 Wildcat Resources Limited PRE-PRODUCTION CAPEX DETAIL $774M $66M Owners Cost $169M Pre-Pod Mining $338M Process plant $104M NPI $49M Contingency $19M Water supply Mngmt $19M OP & UG Mining $10M Other • $61M - EPCM • $42M – Construction Steel Mechanical Platework • $39M – Construction Civil Concrete • $35M - Construction – Electrical & Instrumentation Controls E&I&C • $32M - Process Plant - Site Wide • $17M - Switchrooms • $16M - Construction - Modularisation Package (Supply) • $13M - Water Treatment Plant • $9M - LIMS and WHIMS • $8M – Owner’s cost • $7M – Ball Mill • $6M – Flotation Cells and Blowers • $6M - NPI • $3M – Thickeners • $3M - Regrind Mill • $2M - Slurry Pumps • $2M – Mill Liners • $37M – Other items lower than $2M • $130M – Open Pit Mining (Contractor) 1 Mar-28 • $39M – Underground Mining (Contractor) 1 May-28 • 10% contingency (Process Plant + NPI) • $35M - Village • $28M – Mine service area • $18M – Indirect Costs • $14M – HV Electrical Infrastructure • $6M – External Infrastructure • $3M – Other • $37M – Site Labour (Mining, processing, construct, camp, H&S, Environment, etc • $15M – Fuel; $5M NPI infrastructure; $5M support activities; $4M corporate Ovh • $15M TSF; $2.3M offplot piping; $1.4M water dams; $0.3M other • $8M Open pit mobilisation; $6M early works, mine services $1.4M, $1.0 explosive magazine; $2.6M other • $5M temporary facilities; $4M Technical team; $1M Training fund 28 INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 29
ASX | WC8 Wildcat Resources Limited 29 FUNDING S E C T I O N 0 7 07
Page 30
ASX WC8 Wildcat Resources Limited FUNDING STRATEGY S I M U L T A N E O U S F U N D I N G W O R K S T R E A M S Offtake / Strategic Capital Prepayment, strategic investment and product-linked financing; leveraging uncontracted offtake. ADVISER Asset Partnering Minority asset-level partner to unlock capital, strategic relationships and technical capability. ADVISER Debt Tier-1 banks, government lenders, ECAs and structured debt to optimise cost of capital. ADVISER Equity Supplementary option where value-accretive; not the primary funding pathway. ADVISER SELECTIVE / CONDITIONAL OPTIMISED FUNDING SOLUTION TABBA TABBA WHY TABBA TABBA IS FINANCEABLE 1 100% uncontracted offtake Flexibility to structure product commitments around financing. 2 Strong project fundamentals Long-life resource, competitive cost position and robust economics. Staged development Stage 1 cash flow supports the planned Stage 2 expansion. 4 Multiple funding pathways Offtake, partnering and debt pursued in parallel and underway 5 Experienced financial advisers Macquarie Capital and BurnVoir progressing their workstreams. OBJECTIVE: COMPETITIVE FUNDING | MINIMISE DILUTION | PRESERVE OFFTAKE FLEXIBILITY | OPTIMISE COST OF CAPITAL Macquarie Capital and BurnVoir have been appointed as financial advisers and are actively progressing their respective funding workstreams in parallel to advance the financing options available to Wildcat. INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH Simultaneous funding workstreams to secure a competitive financing solution while preserving project value 3
Page 31
ASX WC8 Wildcat Resources Limited DEBT PROCESS ADVANCING INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH Targeting up to 60% gearing through parallel lender workstreams TARGET FUNDING MIX Target: up to 60% and long-tenor ~40% Debt funding target Optionality: strategic offtake, asset partnering, royalty or residual equity) LENDER ENGAGEMENT TO FUNDING COMMITMENTS ENGAGEMENT Government funds Commercial banks ECAs Non-bank lenders +25 entities UNDERWAY Financing Process ITR1 & legal due diligence 90% VDR2 launch NEXT MILESTONES Lenders’ due diligence Site visits Terms negotiations TARGET OUTCOME Credit Approvals Indicative target only. Final gearing and funding commitments remain subject to due diligence, terms and approvals. 1. ITR – Independent Technical Report 2. VDR – Virtual Data Room
Page 32
ASX WC8 Wildcat Resources Limited OFFTAKE PROCESS ADVANCING INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH 100% uncommitted today. A clear allocation target for both stages. CURRENT POSITION 100% offtake uncontracted TARGET ALLOCATION STAGE 1 STAGE 2 Target offtake allocation Spot sales COMMERCIAL WORKSTREAMS ADVANCING IN PARALLEL Counterparty engagement TARGET OUTCOME Binding agreements Target offtake, uncontracted sales, prepayment and strategic investment remain subject to agreement and market conditions ENGAGEMENT Converters Battery makers OEM’s Trading houses UNDERWAY Structure commercial terms Technical information, VDR1 launch NEXT MILESTONES Offtakers’ due diligence Site visits Structure commercial terms (price, quantity, premiums, tenor, prepayment) 1. VDR – Virtual Data Room
Page 33
ASX WC8 Wildcat Resources Limited 45 MIN BY LIGHT VEHICLE from Port Hedland 2 HRS 15 MIN Regular commercial flights to Perth BULK PORT World’s Largest export terminal MAJOR MINING HUB Extensive services and infrastructure ~80km TO PORT HEDLAND Short road-haul distance to a global export gateway #1 BULK EXPORT PORT Port Hedland is the world’s largest bulk export port Established PILBARA ACCESS Highways, contractors, mining services and workforce TABBA TABBA STRATEGIC LOCATION FOR GLOBAL MARKETS 33 INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 34
ASX | WC8 Wildcat Resources Limited 34 PATHWAY TO PRODUCTION S E C T I O N 0 8 08
Page 35
ASX WC8 Wildcat Resources Limited PROJECT POSITIONED FOR FID IN 1H2027 35 Pre Final Investment Decision Workstreams Permitting Finalise offtake agreements Ordering critical long lead itemsAward EPCM Recruitment of project execution teamFinalise funding arrangements INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH Wildcat, well positioned to deliver project on schedule Schedule: Indicative timing only
Page 36
ASX | WC8 Wildcat Resources Limited 36 MINING S E C T I O N 0 9 09
Page 37
ASX WC8 Wildcat Resources Limited LEIA PEGMATITE – THICK AND HOMOGENOUS 37 3D Cross sections of Leia pegmatite mined during various stages of the Open Pit, showing continuous thickness and homogeneity INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH 1% Li2O grade with low dilution Shallow and thick orebody – simple single open pit mining Low Iron contamination in orebody – key to recovery & concentrate grade Low Dilution | Favourable mining geometry | Low iron content
Page 38
ASX WC8 Wildcat Resources Limited LAYOUT & INFRASTRUCTURE 38 Project Infrastructure • 501-person permanent camp • 600kl Bulk fuel storage facility • 5.5Ml Mining Raw Water Dam • Explosives Storage Facility • Hybrid power station to be implemented under BOO • Tailings in the form of Integrated Waste Landform Existing Camp An 80-person camp is already in place to support early works, further camp expansion works will be carried out for construction readiness Minesite sits 80km from Port Hedland with daily commercial flights – no need for airstrip INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 39
ASX WC8 Wildcat Resources Limited DFS PHYSICALS SCORECARD – LEIA AND LUKE 39 DFS integrates open pit + underground supply to deliver 6.2Mt of concentrate, with Stage 2 ramp-up in Year 3 A high-grade, blended mine plan supports stable plant feed through the core operating period while preserving flexibility across ore sources. TONNES MINED 48.3Mt Open Pit and Underground TONNES MILLED 46.2Mt @1.00% Li₂O Integrated mill feed RECOVERY 74% Actual Lab recovery 75.7% but conservatively kept at 74% in DFS CONCENTRATE 6.2Mt Produced @ 5.5% STRIP RATIO 8.01:1 D F S P H Y S I C A L S Open pit ore 38.1Mt 305.1Mt waste | 8.0 strip ratio Underground ore 10.2Mt 3.2Mt waste Integrated mine plan: open pit + underground What the mine plan delivers Stable feed ~4–4.5Mtpa through the core mill feed operating period Blended sources OP and UG supply coordinated to protect plant throughput Earlier scale Stage 2 in Year 3 accelerates the ramp to ~600ktpa ORE SUPPLY 79% 21% INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 40
ASX WC8 Wildcat Resources Limited MINING 40 UNDERGROUND 10.2 Mt ore • Sublevel open stoping • Cemented rock fill • Multiple portal access OPEN PIT 38.1 Mt ore • 8:1 strip ratio • Five-stage pit • Starter pit minimises upfront capital 48.3 Mt ORE MINED | OPEN PIT + UNDERGROUND | ~4 –4.5 Mtpa CORE MILL FEED Integrated open pit and underground mine plan supporting a rapid production ramp-up and consistent plant feed grades INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 41
ASX WC8 Wildcat Resources Limited TOTAL TONNES MINED 41 Planned mining ramp up establishes ROM stocks and operating flexibility through commissioning. PRE-PRODUCTION MINED 27.3 Mt Total pre-production movement FY2028 MOVEMENT 6.0 Mt Initial mining movement PEAK MINING RATE 48.1 Mtpa Peak annual tonnes mined in FY2031 PRE-PRODUCTION OUTCOME PLANT-READY ORE INVENTORY LIFE OF MINE 343 Mt MINED INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH 0 5 10 15 20 25 30 35 40 45 50 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 Mt TOTAL ANNUAL TONNES MINED Pre Production Mining Total Mined $54/t Ore¹ OPEN PIT $125/t Ore¹ UNDERGROUND $8.2/t¹ MATERIAL MOVED 1.Considers Diesel Price $1.31/l after rebate Building ore inventory ahead of first production
Page 42
ASX WC8 Wildcat Resources Limited ORE MINED OPEN PIT AND UNDERGROUND 42 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 KT Ore Mined Open Pit (Kt) PFS vs DFS OP Ore Mined - DFS Cummulative OP Ore Mined - PFS Cummulative - 2,000 4,000 6,000 8,000 10,000 12,000 2027202820292030203120322033203420352036203720382039204020412042 KT Ore Mined Underground (Kt) PFS vs DFS UG Ore Mined - DFS Cummulative UG Ore Mined - PFS Cummulative UG comes forward in parallel to OPEN PIT (reducing reliance on just OP) +4% Open-pit ore mined DFS vs PFS total +4% Underground ore mined DFS vs PFS total Earlier Mining inventory release Supports faster ramp-up Open pit front loads early tonnes Value Driver is timing, not tonnes The DFS mining plan is a scheduling and integration improvement — bringing OP and UG inventory forward to enable earlier scale, rather than relying on a materially larger ore inventory. INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH DFS mines similar total tonnes but brings both open pit and underground inventory forward to support earlier production scale
Page 43
ASX | WC8 Wildcat Resources Limited 43 PROCESSING S E C T I O N 1 0 10
Page 44
ASX WC8 Wildcat Resources Limited . EXTENSIVE METALLURGICAL TESTWORK 44 PRELIMINARY TESTWORK • Defining the flowsheet • 100% of ore flotation flowsheet confirmed AVERAGE RECOVERY 74.6% PRELIMINARY FEASIBILITY STUDY • Variability testwork • 100% of ore flotation flowsheet confirmed • Flotation feed particle size testwork • Site water used in testwork DEFINITIVE FEASIBILITY STUDY • 2,325m diamond core drilled specifically for DFS metallurgical testwork • Drilled future mine plan (Year 0 – 2, 3 – 5, 5+) • Ore sorting testwork • Site water used in testwork AVERAGE RECOVERY 75.7% AVERAGE RECOVERY 74.0% A$15m+ TESTWORK INVESTMENT Invested across the PFS and DFS metallurgical programs. 5.1 Tonnes CUMULATIVE DIAMOND CORE PROCESSED IN TESTWORK Core used for representative metallurgical sampling INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH 3 stages of testwork to optimise flow sheet
Page 45
ASX WC8 Wildcat Resources Limited PROCESSING FLOWSHEET 100% FLOTATION 45 ROM PRIMARY AND SECONDARY CRUSHIN Rejects stockpile MILLING CRUSHED ORE STOCKPILE PARTICLE SORTING ```` TAILINGS HANDLING TSF MAGNETIC SEPARATION FLOTATION FINAL CONCENTRATE LOADOUT ```` CONCENTRATE THICKENING AND FILTERING REGRIND DESLIME Conventional flotation circuit with ore sorting, proven unit operations and built-in operating flexibility XRT + laser sorting removes lower-value material ahead of milling; conventional grinding, magnetic separation, desliming and flotation produce SC5.5 Concentrate 5.5% Li₂O Target concentrate grade 74% LOM model recovery 75.7% Metallurgical testwork recovery 10% Target product moisture KEY DESIGN CRITERIA Crushing 2-stage, closed-circuit secondary | jaw + 70” cone Sorting XRT + laser | one sorter | -45 +10 mm fraction Milling Primary ball mill with pebble recycle | 12.1 kWh/t Magnetic separation LIMS 1,450 Gauss | WHIMS nominal 3,000 Gauss Flotation Single rougher + 2 cleaners | Grind P80 180µm | 16.2% mass pull | 87.6% stage recovery Concentrate handling Common thickener + one belt filter per train WHY THIS MATTERS 1 Ore sorting removes lower-value material before grinding, reducing downstream load. 2 Conventional unit operations and 100% flotation simplify commissioning and scale-up. INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 46
ASX WC8 Wildcat Resources Limited REGRIND CIRCUIT 46 An independent scavenger regrind circuit provides a dedicated pathway to treat part of the flotation stream to recover material otherwise reporting to recleaner tails. 50–70% Recleaner tails demonstrated as scavengable +4.7% Improvements in overall Li₂O recovery with regrind circuit INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH Dedicated recovery pathway providing grade protection and operational flexibility KEY REGRIND CIRCUIT BENEFITS Recovery protection Additional recovery pathway for material otherwise reporting to recleaner tails. Grade protection Supports final concentrate quality when liberation performance or feed characteristics vary. Feed flexibility Provides a response pathway for problematic or harder feed stocks. Additional recovery opportunity Demonstrated ability to recover material contained within recleaner tails streams.
Page 47
ASX WC8 Wildcat Resources Limited CONSERVATIVE RAMP UP ASSUMPTIONS 47 CONSERVATIVE RAMP UP 100% feed by Month 10; ~91% availability by Month 10–12 SIMPLER FLOWSHEET 100% flotation design reduces processing complexity RECOVERY UPSIDE 74% modelled vs 75.7% demonstrated in testwork CRUSHING → GRINDING → 100% FLOTATION → SPODUMENE CONCENTRATE Note: The Actual Lab Recovery trend is shown 1.6 percentage points above the 74% lithium recovery profile, consistent with the 75.7% recovery achieved through metallurgical testwork. INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH 0 50 100 150 200 0 1 2 3 4 5 6 7 8 9 10 11 12 Kt Months Commissioning Mill Throughput Capacity
Page 48
ASX | WC8 Wildcat Resources Limited 48 LICENCE TO OPERATE S E C T I O N 1 1 11
Page 49
ASX WC8 Wildcat Resources Limited APPROVALS PATHWAY 49 PROJECT APPROVALS Parallel State and Commonwealth assessment pathways targeted to support project delivery. EP APPROVAL WA environmental approval pathway SUBMITTED: Q2 CY2026 REGULATORY ASSESSMENT Assessment period and information requests EPBC APPROVAL Commonwealth environmental approval pathway SUBMITTED: Q2 CY2026_ REGULATORY ASSESSMENT Assessment period and information requests TARGETING MAJOR APPROVALS Q2 CY2027 ENVIRONMENTAL APPROVALS SUPPORT SITE DEVELOPMENT AND PROJECT EXECUTION READINESS Indicative timing only. Approval timing remains subject to regulatory assessment and information requirements. TARGETING EARLY WORKS APPROVAL Q1 CY2027 EARLY WORKS APPROVAL EARLY WORKS REGULATORY ASSESSMENT Assessment period and information requestsSUBMISSION EXPECTED: Q4 CY2026 Commonwealth & WA Government Approval INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 50
ASX WC8 Wildcat Resources Limited TRADITIONAL OWNER ENGAGEMENT – NYAMAL NYAMAL PEOPLE • Native Title Agreement (NTA) • Signed December 2025 • NTA includes a working group to provide input into the design, development and operation of the project HERITAGE PROTECTION AGREEMENT • Heritage Protection Agreement included in the Native Title Agreement • Covers all current and future tenure on Nyamal country EXTENSIVE SURVEYS COMPLETED • Granted project tenure footprint has been surveyed 50 INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 51
ASX WC8 Wildcat Resources Limited PROJECT ACCESS SUPPORTED BY GRANTED TENURE Granted tenure secures the project access corridor INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH DEVELOPMENT OPTIONALITY L45/846 and L45/848 provides a proposed access road for future logistics planning and operational flexibility. GRANTED TENURE The existing access road is secured through existing granted tenure ESTABLISHED EXISTING ACCESS Project access extends north from the project via L45/329
Page 52
ASX | WC8 Wildcat Resources Limited 52 GROWTH S E C T I O N 1 2 12
Page 53
ASX WC8 Wildcat Resources Limited SPODUMENE, PETALITE AND TANTALUM “THE COMBINED CASE” 53 Post-tax NPV8 A$1,503m 28.4% 3.8 years Pre-production Capex Spodumene A$774m Petalite & Tantalum Capex (FCF) A$159m Production Spodumene SC5.5 ~ increase to 657ktpa Petalite SC4.15 ~45ktpa Tantalum ~ 900tpa Project Life ~15 years Combined Operating costs C1 US$534/t | AISC US$673/t VALUATION BASIS Spodumene price Discount rate Foreign Exchange US$1,500/t SC6 FOB flat 8% real, post-tax AUD:USD 0.70 Functional Area Unit Costs NPV8 to Capex ratio 1. $/t ore mined, excludes preproduction mining costs 2. $/t ore processed Mining A$61/t¹ | Processing A$32/t² Payback (post-tax) 4.1 years Post-tax NPV8 ~A$1.65bn 1.94x NPV8 to Capex ratio 1.77x NPV8 to Capex ratio Additional Free Cash to DFS A$327M29.4% IRR (post-tax) Petalite price (Technical grade) US$1,435/t SC6 FOB flat Tantalum price US$150/lb FOB flat INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 54
ASX WC8 Wildcat Resources Limited SPODUMENE, PETALITE AND TANTALUM “THE COMBINED CASE” 54 CATEGORY UNIT Spodumene Only DFS Case¹ Combined Plants PFS Case² Difference Total Production Spodumene Kt 6,202 6,340 +138 Strip ratio r 8.01: 1 6.84: 1 -1.17 Free Cash Flows (post-tax) A$m 3,533 3,861 +328 NPV 8% Real (post-tax) A$m 1,503 1,648 +145 IRR (post-tax) % 28.4% 29.4% +1.0% NPV8 /Pre-Production Capex ratio 1.94x 1.77x -0.17 PAYBACK (After Tax) Years 3.8 4.1 +0.3 Spodumene C1 Cash Cost US$/t 570 534 -$36 All-In Sustaining Cost US$/t 709 673 -$36 Pre-Production Capex A$m 774 774 - Stage 2 Expansion Capex A$m 140 140 - Peak Neg Cash Flow A$m (827) (827) - Stage 2 Expansion ($141M) funded from Free Cash Flows A$m 87 87 - Petalite and Tantalum Plant Capex funded from free cashflows) A$m 0 159 +159 1. Spodumene price US$1,500t 2. Spodumene price US$1,500t, Petalite price US$1,435t, Tantalum price US$150lb INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 55
ASX WC8 Wildcat Resources Limited OPERATING COST BUILD-UP 55 Operating Costs (FOB) Petalite & Tantalum Upside ▪ A$327M free cashflows contribution ▪ C1 Operating Cost of US$534/t and AISC of US$673/t ▪ Net by-product credits of US$36/t reduces C1 by 6% ▪ Significant upside with increasing Spodumene price A$/t SC5.5 US$/t SC5.5 A$/t SC5.5 US$/t SC5.5 Mining 472 330 472 330 Processing 237 166 237 166 Maintenance 19 13 19 13 G&A Costs 47 33 47 33 Mine Site Cash Costs 775 542 775 542 Transport 40 28 40 28 Net By-Product Credits - - (52) (36) C1 Costs 815 570 763 534 Royalties 131 91 131 92 Sustaining Capital 67 48 67 47 AISC 1,013 709 961 673 Spodumene Only Combined case Incl. Petalite & Tantalum INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH
Page 56
ASX WC8 Wildcat Resources Limited BOLT CUTTER CENTRAL – POTENTIAL TO EXTEND LIFE 56 Bolt Cutter Project Location • ~10kms From Tabba Tabba. Stage • Pre-resource. Mineralised pegmatites over 2.3km Intercepts • 20.0m @ 1.70% Li2O from 43.0m (BCRC002) (12.0m est. true width) • 12.8m @ 2.02% Li2O from 45.3m (BCDD001) (est. true width) • 12m @ 1.65% Li2O from 90m (BCRC034) (est. true width) • 12.0m @ 1.30% Li2O from 39.0m (BCRC003) (est. true width) • 14.0m @ 1.25% Li2O from 40.0m (BCRC007) (est. true width) Geology • Granite Hosted • Shallow ~25-30° westerly dipping • Maiden resource targeted for Q4, 2026 Metallurgy • Sighter testwork delivered an average lithium recovery of 82.5% for a 5.66% Li2O spodumene concentrate Potential for satellite pit as part of the Tabba Tabba Project Bolt Cutter Scoping Increase LOM Increase Production Bolt Cutter Exploration Bolt Cutter Resource INTRODUCTION DFS METRICS SPODUMENE PRICING PFS VS DFS COMPARISON PEER COMPARISON CAPITAL EXPENDITURE FUNDING PATHWAY TO PRODUCTION MINING PROCESSING LICENCE TO OPERATE GROWTH Other Exploration targets to fill in the Hub and Spoke Model and Increase Production profile
Page 57
ASX WC8 Wildcat Resources Limited KEY VALUE DRIVERS 57 S U M M A R Y RIGHT LOCATION RIGHT ASSETS RIGHT TEAM DFS ADVANCES TABBA TABBA TOWARDS BECOMING AUSTRALIA’S NEXT LARGE SCALE LITHIUM PRODUCER o Tabba Tabba - Impressive size, scale and quality o DFS earlier production, stronger cashflow and greater value o Growth engines upside beyond DFS: Bolt Cutter, Chewy Hun & Hutt o Strong Cash position $76.1M (30 Sep 26) o Tier-1 Pilbara, 80km from port o Camp and haul road in place o Commanding land position o Proven regional discovery success (3 discoveries in 3 yrs) o Track record of value creation o Proven discovery and development expertise o Deep capability across financing and project delivery
Page 58
ASX | WC8 Wildcat Resources Limited 58 APPENDIX S E C T I O N 13 13
Page 59
ASX WC8 Wildcat Resources Limited DFS SPECIALIST ADVISERS 59 MINE, RESOURCE & ENVIRONMENT Mine planning, technical review and environmental studies ENGINEERING & PROJECT DELIVERY Engineering, design integration and project delivery support METALLURGY & TESTWORK Process development, laboratory testing and flowsheet support COMMERCIAL, FUNDING & MARKET Financial advice, funding strategy and market pricing inputs TABBA TABBA SPECIALIST EXPERTISE | INDEPENDENT TECHNICAL INPUT | INTEGRATED DFS DELIVERY A P P E N D I X Experienced specialist advisers engaged across the key workstreams supporting delivery of the Tabba Tabba DFS
Page 60
ASX WC8 Wildcat Resources Limited DFS RISK ASSESSMENT 60 Risk All Study Execution Operations Total Qualitative Grouping of TTP Risks Stages Extreme 2 1 2 2 7 High 1 - 12 11 24 Medium 5 - 3 6 14 Low - - - - - Total 8 1 17 19 45 Financial Failure to achieve the early works activities. Financial Project OPEX/ CAPEX impacts Project profitability. Project delivery Inability to develop and achieve the Project execution schedule Financial Project design and execution does not deliver required product concentrate production in line with projected schedule. Financial Inadequate working capital to support the operations through to sustained operational revenue stream (positive free cash flow generation). External External influences prevent or delay Project execution Regulatory Delays to obtaining all required permits. A P P E N D I X
Page 61
ASX WC8 Wildcat Resources Limited Classification Tonnes (Mt) Li2O (%) Ta2O5 (ppm) Fe2O3 (%) Li2O (t) Mineral Resource1 73.5 1.00 65 0.65 731,200 Indicated 69.1 1.01 64 0.64 698,400 Inferred 4.4 0.75 74 0.79 32,800 Ore Reserve2 48.3 0.97 60.2 1.17 467 Open Pit - Probable 38.1 0.99 62.4 1.07 378 Underground -Probable 10.2 0.94 51.9 1.52 90 1) Tabba Tabba JORC (2012) Mineral Resource as at April 2026 (using a 0.45% Li₂O cut-off). 2) Tabba Tabba Lithium 2026 Ore Reserve of 48.3Mt at 0.97% Li₂O. RESOURCE AND RESERVE BASE 61 73.5Mt @ 1.0% Li₂O Mineral Resource with 94% Indicated and a 48.3Mt Probable Ore Reserve JORC Resource and Reserve snapshot RESERVE CONVERSION ~66% of the Mineral Resource converted 48.3Mt Probable Ore Reserve / 73.5Mt Mineral Resource High-confidence base 94% of the Mineral Resource is in the Indicated category Mine-plan support 48.3Mt Probable Reserve provides a substantial development base Upside remains Further resource growth potential beyond the current reserve base KEY TAKEAWAY Tabba Tabba combines scale, geological confidence and substantial reserve base, positioning the project for DFS completion, project funding and construction readiness. A P P E N D I X
Page 62
ASX WC8 Wildcat Resources Limited 62626262 CAPITAL INTENSITY PER TONNES (SC6 BASIS, A$/T) Project Company Type Capital cost (A$m) Production (SC6 equiv) $/dmt (SC6 Equiv.) Source Link Kathleen Valley Expansion Liontown Brownfield 389 240 1,621 ASX Announcement 30 Sep 2026 https://announcements.asx.com.au/asxp df/20260930/pdf/074pr28p6zvy9m.pdf Tabba Tabba DFS Wildcat Greenfield 9141 5501 1,662 DFS October 2026 Refer to Tabba Tabba DFS ASX Release Greenbushes Talison Brownfield 880 500 1,760 ASX Announcement 31 October 2024 https://www.igo.com.au/site/pdf/d65392b 9-70b7-4d30-a4f7- 4406ef852c85/Greenbushes-Chemical- Grade-Plant-3-Update.pdf P2000 PLS Brownfield 1,900 905 2,099 ASX Announcement 16 October 2026 https://announcements.asx.com.au/asxp df/20261016/pdf/075d3fqyk9803q.pdf NAL Expansion Elevra Brownfield 367 156 2,344 ASX Announcement 7 September 2024 https://api.investi.com.au/api/announce ments/elv/cef3b56d-33e.pdf P2000 + Expansion PLS Brownfield 2,550 905 2,818 ASX Announcement 16 October 2026 https://announcements.asx.com.au/asxp df/20261016/pdf/075d3fqyk9803q.pdf Mt Holland Expansion Wesfarmers/SQM Brownfield 1,360 348 3,905 ASX Announcement 22 July 2026 https://www.wesfarmers.com.au/docs/de fault-source/asx-announcements/mt- holland-lithium-expansion-final- investment-decision- 20260721222532.pdf?sfvrsn=f024a8bb_0 Mt Marion Expansion MinRes/Ganfeng Brownfield 490 100 4,900 ASX Announcement 26 May 2026 https://clients3.weblink.com.au/pdf/MIN/ 03093542.pdf 1 Total Preproduction Capex A$774M and Expansion capex $140M; full production SC5.5 of ~600ktpa (SC6 equivalent ~550ktpa) A P P E N D I X
Page 63
ASXWC8 info@wildcatresources.com.au www.wildcatresources.com.au THANK YOU Earlier Production, Stronger Cash Flow and Greater Value