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Investor Presentation JULY 2025 ASX:WTM For personal use only
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ASX:WTM 2 Investment Highlights High Calibre Discovery Team Experienced team with a track record of discovery Strategic Position in Major Gold-Copper District Majors actively exploring and investing Expanding Drilling to Trigger Discovery Events and Resource Definition Rapid low-cost growth through the drill bit Well-Funded and Supportive Register Strong foundation for value creation Creating value for our stakeholders through discovery Exploring For World-Class Gold-Copper Deposits Creating value for our stakeholders through discovery Spur Project Azura Project Stavely-Stawell Project Discovery ‘Proof of Concept’ Achieved Epithermal - porphyry gold - copper mineralisation at margins of fertile intrusive complex For personal use only
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ASX:WTM - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 $- $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 $0.45 $0.50 Volume (m) Price (A$/share) Gladstone Mining 9.1% North American Institutions 8.0% Regal Fund Management 5.5% iCopper Pty Ltd 4.8% Top 20 Shareholders 50.7% 234M Shares on Issue (ASX Code: WTM) 11.2% Board and Management (fully diluted) $0.29 Share price (17 July 2025) $67.7M Market Capitalisation $9M Cash at bank (27 May 2025) $0.8M1 Listed Investment LSE:TGR Analyst Coverage 1. 6,546,556 TGR Ordinary shares at spot price, £0.0625, AUD/GBP 0.51 3 Corporate Overview 12 Month Share Price Performance Significant Shareholders Feb 2025 2nd drill rig mobilised Oct 2023 Acquisition of Spur Project Dec 2024 $0.5m Placement to Strategics 0.038 Aug 2024 $5m placement 0.25 May 2025 $8.4m placement 0.275 May 2025 3rd drill rig mobilised Jul 2024 High-grade gold 57m @ 2.50g/t Au, 0.11% Cu from 115m May 2025 Porphyry copper-gold 196m @ 0.54% CuEq For personal use only
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ASX:WTM 4 Experienced Leadership Team Technical team with a track record of discovery Peter Duerden Managing Director Geologist and Mining Executive with over 25 years’ experience and a track record of developing successful discovery strategies with juniors and majors, including roles at Newcrest Mining Limited and Alkane Resources Limited Dr. Andrew Stewart Non-Executive Chairman Geologist with over 25 years’ experience in project generation, mineral exploration and capital markets. Andrew has held senior technical and management roles within Ivanhoe Mines, Oxiana, Vale and Xanadu Mines, where he has been involved in several globally significant green-fields discoveries Dr. Darryl Clark Non-Executive Director A mining executive with over 30 years of experience discovering, building and operating mines. Previous roles at Cameco, Vale, BHP, Ivanhoe Mines, SRK and currently the SVP Exploration and Resource Development at Maaden Naomi Scott Non-Executive Director Lawyer with extensive experience across the mining industry including as a senior business development manager with Anglo American, legal compliance, risk analysis and M+A support For personal use only
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ASX:WTM 5 Why Macquarie Arc Home of World-Class Gold-Copper Deposits Total metal endowment from Harris et al 2020, CMOC 2023, Evolution 2023, Alkane 2023, Regis 2023 1 Blue Ocean Equities Research Note 2024 Australia’s Premier Porphyry Terrain ▪ Hosts world-class gold-copper mines ▪ High value gold-rich porphyry & epithermal deposits Majors Investing in Mining and Exploration ▪ A$1.6Bn in mining M&A and A$300m in JVs since 20231 ▪ Newmont, Goldfields, AngloGold, Evolution, Fortescue Recent Discovery Success ▪ Deployment of modern exploration techniques ▪ Boda-Kaiser Deposit (ASX: ALK) ▪ Cowal GRE-Dalwhinnie (ASX: EVN) ▪ Recognition of upper-level near-surface signatures Excellent Infrastructure ▪ Paved roads, rail lines, airports, power etc. ▪ Low-cost exploration For personal use only
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ASX:WTM 6 Cadia – Spur District Strategic Mineral District - Focus of Majors Surrounded by Majors ▪ Recent investments by Newmont, Goldfields ▪ Strategic land position Untapped Geological Potential ▪ Macquarie Arc multi-phase intrusive complexes ▪ Key stratigraphic position - Late Ordo-Silurian rocks Limited Modern Exploration ▪ Historically underexplored, the district is now undergoing systematic exploration using advanced techniques For personal use only
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ASX:WTM 7 Spur Gold – Copper Project District-scale land position Highly strategic district-scale land position ▪ 100% owned large tenure holding Large epithermal-porphyry corridor ▪ Multiple Macquarie Arc porphyry-intrusive complexes ▪ Numerous porphyry gold-copper and epithermal gold targets, extensive fertile sodic alteration signature Clear exploration strategy delivering results ▪ Targeting margins of fertile intrusive complexes ▪ 11m @ 10.82 g/t Au from 154m (SPRC002) ▪ 89m @ 1.73 g/t Au, 0.08% Cu from 115m (SPRC007) ▪ 196m @ 0.54% CuEq, 0.35% Cu, 0.23 Au g/t from 1m (BZD001) Two high value exploration targets ▪ Large epithermal gold ▪ Porphyry gold-copper For personal use only
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ASX:WTM 2024 1970s/1980s 1990s - 2016 2025 New Era Systematic Exploration • Ore Discovery P/L acquires Spur • 3D Modelling • Historical mining • 1860s alluvial mining • Small shafts and open pits on gold veins • Porphyry copper potential recognised • Anaconda, Billiton, Cyprus Gold • Targeting Intrusive-hosted porphyry setting • Golden Cross Resources • Commenced assessment of epithermal gold potential ASX:WTM• Clear exploration strategy targeting wallrock-hosted epithermal – porphyry setting • Compiled and digitised historical data • 22 holes / 3688m relogged • Spectral alteration mapping • Reprocessing geophysics • Ground magnetics/gravity/3D Seismic- ANT • Extensive multielement geochemical dataset • RC/DD drilling (90 holes for 19,000m) WTM Driving next Discovery Phase Pre-1970s 8 Spur Gold – Copper Project Project History Ridgeway wallrock porphyry discovery - 1996 Cadia Hill Mining Commences - 1998 2018 For personal use only
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ASX:WTM 9 Two High Value Targets – Epithermal Au – Porphyry Cu-Au Spur Gold – Copper Project Rapidly Demonstrating Scale & Grade in Spur Gold Corridor ▪ Epithermal Gold now defined along >1km strike, southern margin of Main Intrusive Complex ▪ Drilling to understand geometry and extent of the system + acquire multi-element porphyry vectors ▪ Well-positioned for continued expansion, ~20% of target area tested to date Similarities to Cowal Gold Corridor (ASX:EVN) ▪ Margin of multiphase intrusive complex ▪ Epithermal sulphide stringers + albite + hematite association ▪ Similar early intercepts to Cowal-Dalwhinnie Discovery: ▪ 7.5m @ 10g/t Au (1535DD330, ASX EVN 4 Sept 2018) ▪ 11m @ 10.82g/t Au from 154m (SPRC002, WTM) ▪ 89m @ 1.73g/t Au, 0.08% Cu from 115m (SPRC007, WTM) ▪ 86m @ 1.56g/t Au, 536ppm Cu from 85m (SD010, WTM) For personal use only
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ASX:WTM c m c m c m c m c m 10 Extensive Shallow Epithermal Gold at Surface SPD003 361.8m, subvertical pyrite stringers, 22g/t Au, 0.12% Cu (Epithermal) SPD001 221.3m, discrete narrow quartz + magnetite + pyrite vein, 3.6g/t Au (Epithermal) SPD003 419.8m, pyrite stringer stockwork/multiple vein sets associated with silica alteration, 1.42g/t Au (Epithermal) SD010 115.3m, quartz + ankerite + pyrite vein, 3.6g/t Au, 0.2% Cu (Epithermal) SD010 137.5m, Quartz–carbonate/ ankerite–pyrite ± chalcopyrite veins ± tellurides, sub vertical stringers, 124g/t Au, 1% Cu (Epithermal) o ASX WTM 10 April 2024 Spur Gold – Copper Project For personal use only
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ASX:WTM 11 Spur Gold – Copper Project Extensive Epithermal Gold at Surface, Rapidly Demonstrating Scale & Grade For personal use only
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ASX:WTM 12 SD010 196m, massive kspar + albite + silica + tourmaline alteration + pyrite-chalcopyrite stringers, 2g/t Au, 0.14% Cu (Alkalic lithocap Porphyry) SPD001 24.2m, hematite + epidote- pyrite skarn, 22m @ 1.92g/t Au from 11m, inc 5m @ 6.69g/t Au (Oxidised Retrograde Skarn) SPD001 253m, strong k-feldspar alteration (Inner Propylitic Porphyry Alteration) SPD001 265m, strong, vein-controlled, k-feldspar alteration (Inner Propylitic Porphyry Alteration) SD010 160m, massive hematite + silica (red-rock) alteration, pyrite- chalcopyrite stringers, 0.82g/t Au (Inner Prop Porphyry) cm cm Spur Gold – Copper Project Copper-Gold Porphyry Connection cm cm cm For personal use only
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ASX:WTM Spur Gold – Copper Project Copper-Gold Porphyry Connection 13 ▪ Intermineral magmatic-hydrothermal breccias ▪ Late-stage Cu-Au mineralisation ▪ 84m @ 0.62% CuEq, 0.40% Cu, 0.26g/t Au from 29m (BZD001 - ASX WTM 5 May 2025) Porphyry Cu-Au mineralisation intersected at Breccia West o ASX WTM 5 May 2025 For personal use only
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ASX:WTM 14 Spur Gold – Copper Project Macquarie Arc Tier 1 Analogues Modified from Holliday et al 2002, Total metal endowment Newmont 2023, Harris et al 2020 EXPLORATION CRITERIA Cadia Valley ASX:NEM Spur Project ASX:WTM East Lachlan - Macquarie Arc - Central Molong Belt ✓ ✓ Margin of major multiphase intrusive complex ✓ ✓ Equivalent stratigraphic position in Late Ordovician-Silurian rocks ✓ ✓ kspar-albite-hematite- tourmaline/alkalic porphyry alteration associated with Au-Cu mineralisation ✓ ✓ Presence of oxidised skarn (oxidised ore fluids + preservation potential) ✓ ✓ EXPLORATION CRITERIA Cowal ASX:EVM Spur Project ASX:WTM East Lachlan - Macquarie Arc ✓ ✓ Margin of major multiphase intrusive complex ✓ ✓ Equivalent stratigraphic position in Ordovician-Silurian rocks ✓ ✓ Quartz–carbonate/ankerite–pyrite ± chalcopyrite veins ± tellurides. early-stage chlorite + albite + calcite ± epidote (propylitic) alteration ✓ ✓ Gold in epithermal veins/pyrite stringers ✓ ✓ Modified from Milojkovic et al 2022, Total metal endowment Evolution 2023 E46 E42 E41 GRE46- Dalwhinnie For personal use only
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ASX:WTM OTC:BTRYF ACTIVITIES SEPT QTR DEC QTR MAR QTR Drilling Relogging/sampling historic Metallurgical Testwork Target Definition, inc. geochem, geophys Research - CODES Estimates of times are indicative and are subject to change Ramping up Activity and Newsflow 15 Discovery Spur Gold-Copper Project Investment Tirupati GraphiteFor personal use only
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ASX:WTM 16 People: proven team of explorationists Project: strategic position in a world-class gold-copper province Exploration strategy delivering discovery events: ‘Proof of Concept’ achieved - explore margins of fertile intrusive complexes Expanding drilling to trigger ongoing discovery events and resource definition Well funded - Strong register: Solid cash position with strong register supporting immediate growth Expanding RC and Diamond Drilling Programs High value Epithermal Gold Multiple Exploration Fronts 2025 Upcoming Catalysts High value Porphyry Gold-Copper Target Definition – geophysics, mapping & surface drilling A World Class Discovery Opportunity in the Making For personal use only
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Contact Us Peter Duerden Managing Director E: info@waratahminerals.com T: +61 8 6148 1000 W: waratahminerals.com waratahminerals.com ASX:WTM For personal use only
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ASX:WTM ▪ Alkane 2023, Resource and Reserve Statement FY23, 13 September 2023 ▪ Blue Ocean Equities 2024., Research Note, 8 October 2024 ▪ CMOC 2023, China Molybdenum Company Limited, 2022 Annual Report, http://www.cmocinternational.com/ ▪ Evolution 2023, https://evolutionmining.com.au/reservesresources/ ▪ Evolution 2024, Cowal Site Visit Presentation, 20 June 2024, ASX ▪ Evolution Mining Limited. (2024). Annual mineral resources and ore reserves statement as at 31 December 2023. https://evolutionmining.com.au/wp-content/uploads/2024/02/2680687 -Annual-Mineral-Resources-and-Ore-Reserves- Statement.pdf ▪ Golden Cross Resources 7 February 2012, 10 February 2012, 16 March 2012, 3 April 2012, 16 March 2012, 21 May 2012, 29 January 2013 ▪ Halley, Dilles, Tosdal., 2015, Footprints: Hydrothermal Alteration and Geochemical Dispersion Around Porphyry Copper Deposits ▪ Harris, Cooke, Cuison, Groome, Wilson, Fox, Holliday, Tosdal., 2020. Geologic Evolution of Late Ordovician to Early Silurian Alkalic Porphyry Au-Cu Deposits at Cadia, New South Wales, Australia, SEG Special Publication 23 ▪ Holliday and Cooke 2007., Advances in Geological Models and Exploration Methods for Copper + Gold Porphyry Deposits "Proceedings of Exploration 07: Fifth Decennial International Conference on Mineral Exploration" ▪ Holliday, Wilson, Blevin, Tedder, Dunham, Pfitzner, 2002., Porphyry gold -copper mineralisation in the Cadia District, eastern Lachlan Fold let, New South Wales, and its relationship to shoshonitic magmatism, Mineralium Deposita (2002) 37: 100–116 ▪ Milojkovic, Reid, Green, Clifford, Browne, Biggam, Fredericksen, Andrew, Barker, 2022. Geology of the Cowal Gold Mine and Discovery of the Dalwhinnie Ore Zone, Evolution Mining, https://geohug.rocks/ ▪ Newcrest 2021, Newcrest agrees to acquire Pretium Resources Mining, ASX, 9 November 2021 ▪ Newmont 2023, Mining Annual Mineral Resources and Ore Reserves Statement, https://operations.newmont.com/reserves-and-resources ▪ Phillips, G N (Ed), 2017. Australian Ore Deposits (The Australasian Institute of Mining and Metallurgy: Melbourne) ▪ Regis Resources 2023., Annual Mineral Resource and Ore Reserve Statement 20 June 2023 ▪ ASX WTM 23 January 2024 Spur drilling commences ▪ ASX WTM 10 April 2024 Epithermal and Porphyry Skarn Gold at Spur ▪ ASX WTM 24 May 2024 ANT Results ▪ ASX WTM 17 June 2024 Outstanding gold results from Spur East ▪ ASX WTM 2 July 2024 Further high-grade results from Spur ▪ ASX WTM 30 July 2024 High-grade results & drilling recommences at Spur ▪ ASX WTM 24 September 2024 Drilling opens multiple discovery fronts at Spur ▪ ASX WTM 19 November 2024 Dalcoath Extensions ▪ ASX WTM 20 January 2025 Spur Gold Zones Extended ▪ ASX WTM 24 March 2025 Drilling extends high grade gold ▪ ASX WTM 28 April 2025 Drilling Extends Spur Gold Corridor ▪ ASX WTM 5 May 2025 Porphyry Copper-Gold Intersected at Breccia West References 18 For personal use only
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ASX:WTM Forward Looking Statements This announcement contains “forward-looking statements” within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Waratah Minerals and any of its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Exploration potential is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Readers are cautioned not to place undue reliance on forward-looking statements and Waratah Minerals assumes no obligation to update such information. Competent Persons Statement Any references to Exploration Results, Ore Reserve and Mineral Resource estimations should be read in conjunction with the competent person statements included in the ASX announcements referenced in this presentation as well as Waratah Minerals’ other periodic and continuous disclosure announcements lodged with the ASX, which are available on the Waratah Minerals’ website. The information in this report that relates to Waratah Minerals’, Mineral Resources or Ore Reserves is a compilation of previously published data for which Competent Persons consents were obtained. Their consents remain in place for subsequent releases by Waratah Minerals of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent This is not a disclosure document. Any material used in this presentation is a summary of selected data, and any investor should refer to all Waratah Minerals Limited ASX releases and statutory reports before considering to invest in the company. Any forward- looking information in this presentation has been prepared on the basis of a number of assumptions that may prove not to be correct. Neither Waratah Minerals Limited, nor its officers, employees and advisors make or give any representation, warranty or guarantee in relation to this presentation. Waratah Minerals Limited reserves the right to update, amend or supplement the Information in this presentation at any time in its absolute discretion without incurring any obligation to do so. The information in this document that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Peter Duerden who is a Registered Professional Geoscientist (RPGeo) and member of the Australian Institute of Geoscientists. Mr Duerden is a full-time employee of Waratah Minerals Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Duerden consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears. Waratah Minerals confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed. Waratah Minerals confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. Previously Reported Information The information in this report that references previously reported exploration results is extracted from the Company’s ASX market announcements released on the date noted in the body of the text where that reference appears. The previous market announcements are available to view on the Company's website or on the ASX website (www.asx.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements Metal equivalents for drilling and exploration results have been calculated at a copper price of US$4/lb, gold price of US$2500/oz. Individual grades for the metals are set out in the presentation and ASX announcements. No metallurgical recovery work has been completed on the project; however, recoveries have been assumed to be like that reported as target LOM copper and gold recoveries for the nearby Cadia Valley Operations and reported at 80.3% for Au and 85.2% for copper by Newcrest. Source - Cadia expansion & Lihir recovery improvement projects approved. Market release 9th October 2020. The copper equivalent (CuEq) calculation represents the total metal value for each metal, multiplied by the conversion factor, summed and expressed in equivalent copper percentage with a metallurgical recovery factor applied. Copper recovery used was 85%, gold recovery 80%. Copper equivalent (CuEq) grade values were calculated using the following formula: CuEq = Cu (%) + Au (g/t) * 0.911459 * 0.94117. In the opinion of the Company, all elements included in the metal equivalent calculations have a reasonable potential to be sold and recovered based on current market conditions and the Company’s operational experience. Important Notice This ASX Announcement does not constitute an offer to acquire or sell or a solicitation of an offer to sell or purchase any securities in any jurisdiction. In particular, this ASX Announcement does not constitute an offer, solicitation or sale to any U.S. person or in the United States or any state or jurisdiction in which such an offer, tender offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and neither such securities nor any interest or participation therein may not be offered, or sold, pledged or otherwise transferred, directly or indirectly, in the United States or to any U.S. person absent registration or an available exemption from, or a transaction not subject to, registration under the United States Securities Act of 1933 Disclaimer, Compliance & Cautionary Statements 19 For personal use only
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Appendices waratahminerals.com ASX:WTM For personal use only
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ASX:WTM 21 Geological Model Modified from Cooke et al 2007, Halley et al 2015 Porphyries form in clusters over several kilometres and are vertically extensive Alteration halos occur in distinct zones / strong upper-level sodic signature Epithermal gold overlies porphyry gold-copper - a direct exploration target and indicates preservation of the system Macquarie Arc porphyries hosted at margin of fertile multiphase intrusive complex Macquarie Arc porphyries commonly show a strong structural control ‘pencil porphyries’ Spur Gold – Copper Project For personal use only
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ASX:WTM Spur Gold – Copper Project Fertile intrusions linked to epithermal- porphyry gold-copper mineralisation 22 ▪ Multielement geochemistry identifies fertile intrusions at margin of main intrusive complex coincident with epithermal gold mineralisation Sr/Y vs SiO2 - Loucks, 2014, V/Sc vs Sc - Halley, 2020, P2O5 vs MgO – Crawford et al, 2007 For personal use only
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ASX:WTM 23 ▪ Multielement geochemistry identifies fertile Macquarie Arc ‘Phase 4’ intrusions at margin of main intrusive complex ▪ Magmatic geochemistry trends follow those seen at major Macquarie Arc Au-Cu deposits Sr/Y vs SiO2 - Loucks, 2014, V/Sc vs Sc - Halley, 2020, P2O5 vs MgO – Crawford et al, 2007 Spur Gold – Copper Project Macquarie Arc Correlations For personal use only
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ASX:WTM 24 Spur Gold – Copper Project Spur historic vs new Waratah dataset ▪ New multielement geochemistry identifies fertile Macquarie Arc ‘Phase 4’ intrusions at margin of main intrusive complex ▪ Upgrades prospectivity based on historic understanding Sr/Y vs SiO2 - Loucks, 2014, V/Sc vs Sc - Halley, 2020, P2O5 vs MgO – Crawford et al, 2007 For personal use only