Ann: AUZ partners with SK Innovation to develop Sconi Project, page-2

• Signed off-take agreement term sheet with leading global electric vehicle battery manufacturer SK Innovation for 100% of the cobalt and nickel production from Sconi Cobalt-Nickel-Scandium Project in Queensland
• Initial agreement for 7-year period with a further 6-year extension option with quantities of agreed offtake volumes of 12,000 tonnes per year of cobalt sulphate and 60,000 tonnes per year of nickel sulphate
• Collaborating with SK Innovation to optimise Bankable Feasibility Study on the Sconi Project
• Assistance from SK Innovation in optimization of Sconi’s processing plant and mining operation through sample validation at battery level for hybrid and electric vehicles (xEV) is expected
• Australian Mines’ Sconi partner, Korean-headquartered SK, is the world’s 57th largest company with annual revenue in excess of US$120 billion
• Option agreement for SK Innovation to acquire up to 19.9% of Australian Mines’ ordinary shares
• Confirms Sconi Project’s status as Australia’s most advanced project of its type and Australian Mines as a leader in the Australian cobalt sector
• Sconi Project is held 100% by Australian Mines