Wildcat Resources Ltd. · ASX:WC8
Wildcat Resources — Investor Presentation (October 2026)
63 slides from Wildcat Resources's investor presentation, Oct 26, 2026
Slide 1: Tabba Tabba Definitive Feasibility Study
For personal use only TABBA TABBA Definitive Feasibility Study Earlier Production Stronger Cash Flow Greater Value ASXWC8
Slide 2: Disclaimer
DISCLAIMER ASX For personal use only 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 thi
Slide 3: DFS Key Metrics
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE DFS KEY METRICS For personal use only Base case economics at US$1,500/t SC6 FOB (real) Post-tax Post-tax NPVNPV 88 IRR Paybac
Slide 4: Corporate Snapshot
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE CORPORATE SNAPSHOT For personal use only S H ARES WC8 1,594M ASX CODE SHARES ON ISSUE TABBA TABBA ~$400M $76.1M Lithium MARKE
Slide 5: Board of Directors & Management
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE STRONG LEADERSHIP WITH DEVELOPMENT AND OPERATING EXPERTISE For personal use only Board of Directors & Management JEFF FIONA S
Slide 6: Tabba Tabba at a Glance
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE TABBA TABBA AT A GLANCE For personal use only Globally significant lithium resource strategically located in Western Australi
Slide 7: DFS Metrics
SECTION 02 For personal use only 02 DFS METRICS ASX | WC8 Wildcat Resources Limited 7
Slide 8: From PFS to DFS: What Has Changed
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE FROM PFS TO DFS: WHAT HAS CHANGED For personal use only TABBA TABBA DFS BRINGS FORWARD SIGNIFICANT PRODUCTION AND MATERIAL EA
Slide 9: Spodumene Pricing
SECTION 03 For personal use only 03 SPODUMENE PRICING ASX | WC8 Wildcat Resources Limited 9
Slide 10: Downside Protected, Upside Exposed
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE TABBA TABBA – DOWNSIDE PROTECTED, UPSIDE EXPOSED For personal use only Flat US$1,500/t Curve CATEGORY UNIT Flat US$1,250/t Fl
Slide 11: Spodumene Price Assumption
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE SPODUMENE PRICE ASSUMPTION For personal use only DFS Commodity Price Support (US$1,500/t FOB SC6 Real) $ 3,000 $ 2,750 Realis
Slide 12: NPV Sensitivity to Spodumene Prices
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE NPV SENSITIVITY TO SPODUMENE PRICES For personal use only DFS delivers ~A$1.5bn NPV8 at the conservative US$1,500/t base case
Slide 13: Strong Free Cash Generation Across the Price Cycles
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE STRONG FREE CASH GENERATION ACROSS THE PRICE CYCLES For personal use only Average annual post-tax free cash flow from payback
Slide 14: NPV Sensitivity to Key Project Assumptions
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE NPV SENSITIVITY TO KEY PROJECT ASSUMPTIONS For personal use only Project value is most sensitive to grade, recovery and marke
Slide 15: Global Lithium Supply and Demand Outlook
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE GLOBAL LITHIUM SUPPLY AND DEMAND OUTLOOK (MT LCE) For personal use only base case points to a structural lithium deficit afte
Slide 16: PFS vs DFS Comparison
SECTION 04 For personal use only 04 PFS VS DFS COMPARISON ASX | WC8 Wildcat Resources Limited 16
Slide 17: DFS Brings Scale Forward by 4 Years
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE DFS BRINGS SCALE FORWARD BY 4 YEARS For personal use only Spodumene Concentrate (kt) DFS Vs PFS DFS focused on accelerating p
Slide 18: Production Profile – The Core Value Driver
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE PRODUCTION PROFILE –THE CORE VALUE DRIVER For personal use only ~A$1.0bn Accelerated Free Cash Flow DFS VS PFS + ~1Mt SPOD CO
Slide 19: Free Cash Flows from Operations
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE FREE CASH FLOWS FROM OPERATIONS For personal use only DFS cash-flow profile is more finance-intensive upfront, but recovers m
Slide 20: PFS to DFS Pre-Production Capex
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE PFS TO DFS PRE-PRODUCTION CAPEX For personal use only DFS capital is only +13% vs PFS; A$140m expansion capital majority fund
Slide 21: AISC PFS vs DFS Movements
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE AISC PFS VS DFS MOVEMENTS For personal use only DFS AISC increases by only 8% vs PFS, with the uplift concentrated in mining,
Slide 22: Peer Comparison
SECTION 05 For personal use only 05 PEER COMPARISON ASX | WC8 Wildcat Resources Limited 22
Slide 23: Capital Intensity vs Peers
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE CAPITAL INTENSITY VS PEERS For personal use only Capital Intensity Per Tonne (SC6 basis, A$/t)1 79% of Ore from 1 Single Pit
Slide 24: Benchmarking Costs Against the Australian Mining Industry
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE BENCHMARKING COSTS AGAINST THE AUSTRALIAN MINING INDUSTRY For personal use only Mining cost assumptions include contingency a
Slide 25: Quartile Cost – Quartile Margins
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE 2 QUARTILE COST - 1 QUARTILE MARGINS ND ST For personal use only By 2035, with ramp-up behind it, Tabba Tabba is expected to
Slide 26: Capital Expenditure
SECTION 06 For personal use only 06 CAPITAL EXPENDITURE ASX | WC8 Wildcat Resources Limited 26
Slide 27: Pre-Production Capex
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE PRE-PRODUCTION CAPEX For personal use only A$774m pre-production capex is concentrated in core plant and mining scope; enabli
Slide 28: Pre-Production Capex Detail
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE PRE-PRODUCTION CAPEX DETAIL For personal use only • $61M - EPCM • $8M – Owner’s cost • $42M – Construction Steel Mechanical P
Slide 29: Funding
SECTION 07 For personal use only 07 FUNDING ASX | WC8 Wildcat Resources Limited 29
Slide 30: Funding Strategy
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE FUNDING STRATEGY For personal use only Simultaneous funding workstreams to secure a competitive financing solution while pres
Slide 31: Debt Process Advancing
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE DEBT PROCESS ADVANCING For personal use only Targeting up to 60% gearing through parallel lender workstreams TARGET FUNDING M
Slide 32: Offtake Process Advancing
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE OFFTAKE PROCESS ADVANCING For personal use only 100% uncommitted today. A clear allocation target for both stages. CURRENT PO
Slide 33: Tabba Tabba Strategic Location for Global Markets
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE TABBA TABBA STRATEGIC LOCATION FOR GLOBAL MARKETS For personal use only ~80km TO PORT HEDLAND Short road-haul distance to a g
Slide 34: Pathway to Production
SECTION 08 For personal use only 08 PATHWAY TO PRODUCTION ASX | WC8 Wildcat Resources Limited 34
Slide 35: Project Positioned for FID in 1H2027
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE PROJECT POSITIONED FOR FID IN 1H2027 For personal use only Wildcat, well positioned to deliver project on schedule Schedule:
Slide 36: Mining
SECTION 09 For personal use only 09 MINING ASX | WC8 Wildcat Resources Limited 36
Slide 37: Leia Pegmatite – Thick and Homogenous
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE LEIA PEGMATITE – THICK AND HOMOGENOUS For personal use only Low Dilution | Favourable mining geometry | Low iron content 1% L
Slide 38: Layout & Infrastructure
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE LAYOUT & INFRASTRUCTURE For personal use only Minesite sits 80km from Port Hedland with daily commercial flights – no need fo
Slide 39: DFS Physicals Scorecard – Leia and Luke
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE DFS PHYSICALS SCORECARD – LEIA AND LUKE For personal use only DFS integrates open pit + underground supply to deliver 6.2Mt o
Slide 40: Mining
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE MINING For personal use only Integrated open pit and underground mine plan supporting a rapid production ramp-up and consiste
Slide 41: Total Tonnes Mined
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE TOTAL TONNES MINED For personal use only Building ore inventory ahead of first production Planned mining ramp up establishes
Slide 42: Ore Mined Open Pit and Underground
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE ORE MINED OPEN PIT AND UNDERGROUND For personal use only DFS mines similar total tonnes but brings both open pit and undergro
Slide 43: Processing
SECTION 10 For personal use only 10 PROCESSING ASX | WC8 Wildcat Resources Limited 43
Slide 44: Extensive Metallurgical Testwork
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE EXTENSIVE METALLURGICAL TESTWORK For personal use only 3 stages of testwork to optimise flow sheet PRELIMINARY TESTWORK AVERA
Slide 45: Processing Flowsheet
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE PROCESSING FLOWSHEET 100% FLOTATION For personal use only Conventional flotation circuit with ore sorting, proven unit operat
Slide 46: Regrind Circuit
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE REGRIND CIRCUIT For personal use only Dedicated recovery pathway providing grade protection and operational flexibility An in
Slide 47: Conservative Ramp Up Assumptions
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE CONSERVATIVE RAMP UP ASSUMPTIONS For personal use only SIMPLER FLOWSHEET 100% flotation design reduces processing complexity
Slide 48: Licence to Operate
SECTION 11 For personal use only 11 LICENCE TO OPERATE ASX | WC8 Wildcat Resources Limited 48
Slide 49: Approvals Pathway
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE APPROVALS PATHWAY For personal use only EARLY WORKS TARGETING EARLY WORKS APPROVAL Commonwealth & WA Government Approval REGU
Slide 50: Traditional Owner Engagement – Nyamal
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE TRADITIONAL OWNER ENGAGEMENT – NYAMAL For personal use only NYAMAL PEOPLE • Native Title Agreement (NTA) • Signed December 20
Slide 51: Project Access Supported by Granted Tenure
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE PROJECT ACCESS SUPPORTED BY GRANTED TENURE For personal use only ESTABLISHED EXISTING ACCESS Project access extends north fro
Slide 52: Growth
SECTION 12 For personal use only 12 GROWTH ASX | WC8 Wildcat Resources Limited 52
Slide 53: Spodumene, Petalite and Tantalum: The Combined Case
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE SPODUMENE, PETALITE AND TANTALUM “THE COMBINED CASE” For personal use only Post-tax Post-tax NPVNPV 88 IRR Payback (post-tax)
Slide 54: Spodumene, Petalite and Tantalum: The Combined Case
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE SPODUMENE, PETALITE AND TANTALUM “THE COMBINED CASE” For personal use only Spodumene Only Combined Plants CATEGORY UNIT Diffe
Slide 55: Operating Cost Build-Up
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE OPERATING COST BUILD-UP For personal use only Operating Costs (FOB) Combined case Incl. Spodumene Only Petalite & Tantalum A$
Slide 56: Bolt Cutter Central – Potential to Extend Life
DFS SPODUMENE PFS VS DFS PEER CAPITAL PATHWAY TO LICENCE TO INTRODUCTION FUNDING MINING PROCESSING GROWTH METRICS PRICING COMPARISON COMPARISON EXPENDITURE PRODUCTION OPERATE BOLT CUTTER CENTRAL – POTENTIAL TO EXTEND LIFE For personal use only Bolt Cutter Project Location • ~10kms From Tabba Tabba.
Slide 57: Summary: Key Value Drivers
SUMMARY KEY VALUE DRIVERS For personal use only RIGHT LOCATION RIGHT ASSETS RIGHT TEAM o Tier-1 Pilbara, 80km from port o Tabba Tabba - Impressive size, o Track record of value creation o Camp and haul road in place scale and quality o Proven discovery and o Commanding land position o DFS earlier pr
Slide 58: Appendix
SECTION 13 For personal use only 13 APPENDIX ASX | WC8 Wildcat Resources Limited 58
Slide 59: DFS Specialist Advisers
APPENDIX DFS SPECIALIST ADVISERS For personal use only Experienced specialist advisers engaged across the key workstreams supporting delivery of the Tabba Tabba DFS MINE, RESOURCE & ENVIRONMENT ENGINEERING & PROJECT DELIVERY Mine planning, technical review and Engineering, design integration and pro
Slide 60: DFS Risk Assessment
APPENDIX DFS RISK ASSESSMENT For personal use only Risk All Study Execution Operations Total Extreme 2 1 2 2 7 High 1 - 12 11 24 Medium 5 - 3 6 14 Low - - - - - Total 8 1 17 19 45 Qualitative Grouping of TTP Risks Stages Financial Failure to achieve the early works activities. Financial Project OPEX
Slide 61: Resource and Reserve Base
APPENDIX RESOURCE AND RESERVE BASE For personal use only 73.5Mt @ 1.0% Li₂O Mineral Resource with 94% Indicated and a 48.3Mt Probable Ore Reserve JORC Resource and Reserve snapshot RESERVE CONVERSION Tonnes Li2O Ta2O5 Fe2O3 Li2O Classification (Mt) (%) (ppm) (%) (t) ~66% of the Mineral Resource conv
Slide 62: Capital Intensity per Tonne (SC6 Basis)
APPENDIX CAPITAL INTENSITY PER TONNES (SC6 BASIS, A$/T) For personal use only Capital cost Production $/dmt (SC6 Project Company Type (A$m) (SC6 equiv) Equiv.) Source Link Kathleen Valley ASX Announcement https://announcements.asx.com.au/asxp Expansion Liontown Brownfield 389 240 1,621 30 Sep 2026 d
Slide 63: Thank You
For personal use only THANK YOU Earlier Production, Stronger Cash Flow and Greater Value [email protected] www.wildcatresources.com.au ASXWC8
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