Announcement PDF Globe Metals & Mining Limited ABN 33 114 400 609 45 Ventnor Avenue West Perth WA 6005 ASX: GBE +61 8 6118 7240 info@globemm.com globemm.com ASX Announcement 19 March 2024 Further metallurgical results on chlorination test work Highlights • Niobium/Tantalum successfully extracted and separated using environmentally sustainable chlorina�on refining. • Confirma�on that Niobium/Tantalum products contain no radia�on as the radioac�ve materials are removed in the refining process. • Successful extrac�on and separa�on of >94% of the key Rare Earth Elements (REE), as byproducts of the niobium and tantalum refining process. • Construc�on of Refinery Pilot Plant commenced for the produc�on of marke�ng samples for the finalisa�on of key off-take agreements. Globe Metals & Mining Limited (ASX: GBE) (“Globe” or “Company”) is pleased to announce the second part of the metallurgical results on the chlorina�on test work. As part of Globe’s metallurgical test work on the use of chlorina�on as a refining process for the recovery of Niobium, Tantalum, and other key metals from the Kanyika concentrate, Globe is con�nuing to conduct test work on concentrate produced in 2014. The first part of the metallurgical results on the extrac�on results of >99% for Niobium and Tantalum was announced on 27 October 2023. 1 The metallurgical test work is focused on two key steps – firstly, the extrac�on of metals from the Kanyika concentrate; and secondly, the separa�on of the metals (as chlorides) and subsequent purifica�on and oxida�on of the metals to high-purity saleable products. Extrac�on Test Work As announced on 27 October 2023 (results repeated below), Globe has conducted a baseline test followed by a series of kine�cs and op�misa�on tests. This culminated in tests (OR12 & OR13) showing above 99% extrac�on for both Niobium and Tantalum. The tests further demonstrate high extrac�on yields for other poten�ally marketable products, namely Titanium and Zirconium, with extrac�on yields of above 99% and 96% respec�vely. 1 Refer to ASX Announcement titled ‘Positive metallurgical test work results – correction’ made on 27 October 2023 Test OR1 OR12 OR13 Nb2O5 98,1% 99,9% 99,9% Extrac�on % Ta2O5 89,7% 99,8% 99,8% TiO2 99,4% 99,9% 99,9% ZrO2 53,2% 92,7% 95,9% Frac�onal Cooling Separa�on A�er the extrac�on of metals in the chlorina�on process, the metal chlorides leave the reactor as gases. The gases are systema�cally cooled down through controlled cooling causing elements to condense when they reach their respec�ve boiling points. Ini�ally uranium and thorium chlorides are condensed removing them from the gas stream. Subsequently iron and zirconium chlorides are condensed to a major extent. At a target condensa�on temperature of 250oC, a mixture of niobium, tantalum containing zircon and iron is condensed. Control over the target temperature is key to obtaining a high niobium chloride concentra�on in the condensate. In the table below, the predicted analysis of condensate at three temperatures is given. The two actual results show that the actual condensa�on temperature achieved was between 265oC and 270oC rather than the target 250oC. Given the very small laboratory apparatus, accurate temperature control is difficult. The resul�ng separa�on of niobium chloride was demonstrated to be very good with a chloride purity over 84%. If the 250oC had been achieved, this would have been >90%. KR01 Analyzed #1 Analyzed #2 Calculated 250oC Calculated 266oC Calculated 270oC NbCl5 86,0% 84,2% 90,2% 84,9% 83,1% TaCl5 3,5% 4,7% 3,4% 3,2% 3,1% FeCl3 2,4% 5,3% 1,6% 3,8% 4,6% ZrCl4 8,1% 9,1% 3,7% 8,1% 8,2% Purifica�on and Oxida�on The next step is to take the crude mixture of niobium and tantalum and purify it with dis�lla�on. The purified niobium chloride is expected to reach >99.9% during dis�lla�on. The very pure niobium chloride is then oxidised to produce a final niobium pentoxide product of >99.9% Nb2O5. Globe and TCM Research are currently working on this next phase of test work. No Radioac�vity in Intermediate Niobium/Tantalum Mixtures The test work confirmed that “no radioac�ve contamina�on was found in the niobium pentachloride desublima�on frac�on”. While this was expected, it has now been confirmed that the final niobium and tantalum products will not contain any radia�on. All uranium and thorium were precipitated before the condensa�on of the niobium/tantalum mixture. Rare Earth Extrac�on While Rare Earths make up a minor frac�on of the concentrate, they are s�ll present and an important economic by-product for Globe. 2 During the chlorina�on process, the Rare Earths form chlorides in the form RECl3. These chlorides remain in the reactor residue. Rare Earth chlorides are water soluble. They will be washed out of the residue and concentrated by frac�onal precipita�on of impuri�es before being precipitated as a Rare Earth carbonate and sold as an important by-product. The results below are for a par�cular sample of residue that was washed and analysed for extrac�on. Under the opera�ng condi�ons, all the Rare Earths had a >94% extrac�on. GMM-32 Feed Material Feed Material Washed Residue Washed Residue Extraction Solution Extraction Solution Extraction Yield Units mg/kg mg mg/kg mg mg/l mg % Ce 3608,0 288,6 322,2 3,8 504,3 28,8 94,8 La 1266,7 101,3 104,9 1,8 167,3 9,6 95,2 Nd 1310,3 104,8 96,9 1,3 153,0 8,7 95,7 Pr 322,5 25,8 27,2 0,4 42,0 2,4 95,1 Upcoming Test Work Marketing Samples Based on these very encouraging results, Globe has already embarked on the produc�on of small-scale (gram scale) marke�ng samples during March 2024. The mixed niobium/tantalum chloride mixtures will be generated using the equipment used for the TCM laboratory tests described above. These mixtures will then be purified with a target of producing Standard Grade (>99.9% Nb2O5) samples to be distributed for marke�ng purposes. Pilot Plant Refinery The larger pilot plant refinery which is currently under construc�on at Resonant Group (Johannesburg, South Africa) is expected to be commissioned and opera�onal in April 2024. The pilot plant will be processing concentrate at a scale exceeding 10x that of the laboratory apparatus men�oned in this announcement. The aim of the pilot plant will be to produce very high purity 99.98% (op�cal grade) (kilogram scale) Niobium Pentoxide, which will be provided to Globe’s key off-takers to assess. Once the oxide product is produced, Globe will be very well posi�oned to finalise its discussions with key industry off-takers, a major step forward in the development of Globe’s Kanyika Project. The oxide market includes all oxide grades from Standard Grade up to op�cal grades of 99.98% niobium pentoxide, thus facilita�ng prices over US$50/kg. 3 Image: Distillation column for Globe’s Pilot Plant under construction at Resonant Group’s facility in Johannesburg, South Africa. 4 Grant Hudson, Globe’s CEO commented: “We are very pleased with the progress made in the metallurgical test work conducted so far. The successful floatation concentration of Kanyika ore, as announced recently, and the refinement of the concentrate through the environmentally conscious chlorination process, hold immense promise for Globe. Both the extraction and separation of all key metals have now been demonstrated as technically feasible, further bolstering our confidence in the process. We are very excited about the upcoming commissioning of the refinery pilot plant, and the production of high-purity marketing samples of niobium pentoxide, tantalum pentoxide, and rare earth element by-product for key industry off-take partners. This marks a major step forward in the development of our Kanyika project.” Project, ESG and Market Overview Kanyika has the poten�al to become the first new globally significant niobium mine in 50 years, with an average nameplate produc�on of 3,267 tonnes per annum (tpa) of niobium pentoxide, (Nb2O 5) and 136 tpa of tantalum pentoxide (Ta 2O 5) over the 27-year life of opera�ons. The Nb2O 5 and Ta2O 5 products will be high-specifica�on high-purity products with grades exceeding 99.5% and 99% respec�vely. Standard Niobium oxide is being used in the anodes of fast charging bateries (charging to 100% in less than 10 minutes). These bateries have applica�on in large vehicles that cannot afford excessive charging �me. These include haul trucks, trains, front-end loaders, underground mining machinery, etc. They are also being used in bateries for handheld tools where fast charging is an advantage. High purity Niobium is an integral component of daily-use, energy-related, and specialty technologies such as superalloys (for example, for aircra� engines, rocket assemblies, etc), and superconduc�ng magnets (for example, for medical imaging devices, and nuclear power genera�on). The Kanyika Project aims to be a pioneering and environmentally sustainable niobium venture, priori�sing both innova�on and adherence to ESG principals. It has been shown to be a botom quar�le cost project and is designed to ensure the produc�on of “green niobium” in that its Scope 1 and Scope 2 carbon emissions will be of the lowest in the world, with hydroelectric and solar power domina�ng its power sources for both the mine site and the refinery. The very low carbon footprint is also supported by a unique closed-cycle chlorina�on refining process, which is transforma�ve for the industry. Authorisation for Release This announcement has been authorised for release by the Company’s Chief Executive Officer, Grant Hudson. For further information, please contact: Grant Hudson Chief Executive Officer +61 8 6118 7240 gh@globemm.com Paul Smith Chief Executive Officer Designate +61 8 6118 7240 paul.smith@globemm.com 5 About the Kanyika Niobium Project The Kanyika Niobium Project is located in central Malawi, approximately 55km northeast of the regional centre of Kasangu and is secured by Large-Scale Mining Licence No. LML0216/21 which grants the Company security of tenure and the right to mine niobium, tantalum, and deleterious uranium. Drilling programs totalling 33.8 kilometres of percussion and core drilling have defined the extent of mineralisa�on. Structured and progressive engineering studies have resulted in the current (JORC 2012) Mineral Resource Es�mate (refer below) and given rise to significant improvements and simplifica�ons in the process flowsheet. In addi�on, Globe has undertaken substan�al metallurgical op�misa�on work and commissioned the pilot plant design to demonstrate and further op�mise metallurgical processes. Metallurgical op�misa�ons studies have improved recoveries from 62% in 2012 to 75% presently, through novel patented metallurgical processes. The Kanyika opera�ons will produce a pyrochlore mineral concentrate that contains both niobium and tantalum in commercially valuable volumes to be shipped to a refinery for advanced processing into high purity materials. A Mineral Resource Es�mate for the Kanyika Niobium Project under the 2012 JORC guidelines was reported to ASX on 11 July 2018 as follows: Table 1: MRE for KNP using a 1,500 ppm Nb2 O5 lower cut Category Resource (Mt) Measured 5.3 Indicated 47 Nb2 O5 (ppm) Table 2: MRE for KNP using a 3,000 ppm Nb2 O5 lower cut Resource (Mt) Ta2 O5 (ppm) Category Nb2 O5 (ppm) Ta2 O5 (ppm) 3,790 180 Measured 3.4 4,790 220 2,860 135 Indicated 16.6 4,120 160 Inferred 16 2,430 120 Inferred 2.8 4,110 190 TOTAL 68.3 2,830 135 TOTAL 22.8 4,220 190 6 Mineral Resource Es�mates The informa�on in this report that relates to Mineral Resources is extracted from the report �tled “Kanyika Niobium Project – Updated JORC Resource Es�mate” released to the Australian Securi�es Exchange (ASX) on 11 July 2018 and available to view at www.globemm.com and for which Competent Persons’ consents were obtained. Each Competent Person’s consent remains in place for subsequent releases by the Company of the same informa�on in the same form and context, un�l the consent is withdrawn or replaced by a subsequent report and accompanying consent. The Company confirms it is not aware of any new informa�on or data that materially affects the informa�on included in the original ASX announcement released on 11 July 2018 and, in the case of es�mates of Mineral Resources, that all material assump�ons and technical parameters underpinning the es�mates in the original ASX announcement con�nue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original ASX announcement. Full details are contained in the ASX announcement released on 11 July 2018 �tled ‘Kanyika Niobium Project – Updated JORC Resource Es�mate’ available to view at www.globemm.com. 7