Mrg Metals Limited · ASX:MRQ
Mrg Metals — Investor Presentation (February 2026)
31 slides from Mrg Metals's investor presentation, February 2026
Slide 1: Building a High-Grade Critical Minerals Company Specialising in Rare Earths
Building a High-Grade ASX: MRQ Critical Minerals Company Specialising in Rare Earths Corporate Presentation MRG Metals Limited | February 2026
Slide 2: A High-Grade Critical Minerals Company
A High-Grade Critical Minerals Company MRG Metals’ strategy is to build a diversified portfolio Adriano–Fotinho REE Corridor with multiple high-quality projects advancing in parallel • 37/37 auger holes with visible heavy minerals & four alluvial REE zones confirmed • Emerging district-scale rare ea
Slide 3: Corporate Overview & Upcoming 6 Month Catalysts
Corporate Overview & Upcoming 6 Month Catalysts Stock Info The Garies High-Grade Rare Earth Project ASX Code: MRQ Q1 CY26: Completion of a small drilling programme estimate & Competent Market Cap: $13.3M Person’s Report Q2 CY26 Complete Aerial Geophysics (magnetics and radiometrics) to ident
Slide 4: The Garies Project Overview
The Garies Project Overview The Garies Project is building one of the world’s highest-grade rare earth projects in South Africa. Garies REE Project Permit of The company holds a district-scale package - 275 km² of granted and ~ 85km2 with a ~190km2 applied for tenements containing monazite-hosted ra
Slide 5: Garies Project Led By World-Class Industry leaders
Garies Project Led By World-Class Industry leaders Jacob Deysel Ian Egan Colin Rothnie Director Chair Snr. Geologist 25+ years experience 40+ years experience 35+ years experience Previous experience Previous experience Previous experience Mineral Deposits Limited ASX: MRQ | mrgmetals.com.au | The G
Slide 6: Early Data Shows Strong Potential
Early Data Shows Strong Potential High Grade Bulk Sample: 4.85% TREO Monazite content: ~8% with 60% TREO - DrillTarg REE distribution: Feb 2025 Surface Bulk Sample ideal for magnetic separation Magnet metals rich: Nd+Pr = 24.1%, Dy+Tb = 1.4% of TREO Recent drilling indications of Exceptional
Slide 7: Rare Earth Market Context & Potential Element Value
Rare Earth Market Context & Potential Element Value Element Indicative Market Key Recent reports indicate that Nd-Pr prices have Group Value Applications surged to ~$123 per kg, exceeding the $110 per kg Praseodymium– Permanent magnets price floor established in a 2025 deal between US$108,655/T Ne
Slide 8: De-risking of Geology and Metallurgy
De-risking of Geology and Metallurgy Work Already Indicative Roadmap 23 Mineralised Exploration Targets Completed Axiom Preliminary Exploration Aeromagnetic Environmental Commercial Economic Technical Surveys Assessment Development Assessment Report on 3 Targets Initiated Submission Commences Feb’ 2
Slide 9: Simple, Scalable Processing Flow Concept for Monazite Concentrate Recovery
Simple, Scalable Processing Flow Concept for Monazite Concentrate Recovery Open-pit surface operation: low strip ratio Mining Blast, load and haul Simple, Chemical-Free Monazite Processing Pathway Concept Crushing & Screening Primary and secondary crush: 1-2mm max. Potential low-strip, open-
Slide 10: District Scale Potential Adriano–Fotinho Rare Earth Corridor
District Scale Potential Adriano–Fotinho Rare Earth Corridor
Slide 11: Potential District Scale Rare Earth Corridor
Potential District Scale Rare Earth Corridor MRG is rapidly advancing a highly prospective rare earth corridor at Adriano and Fotinho, where early exploration indicates the potential for a district-scale system Work to date has increased confidence that the corridor hosts both alluvial REE deposits
Slide 12: Adriano–Fotinho: Forward Work Program & Upcoming Catalysts
Adriano–Fotinho: Forward Work Program & Upcoming Catalysts Pegmatite Assays (SGS South Africa) Results expected March 2026 Objective: confirm presence of REE-bearing minerals (monazite/xenotime) Key milestone: Confirm potential primary hard-rock REE source Alluvial HMC Assays (Scientific Servi
Slide 13: Planned Uranium & Rare Earth Exploration
Planned Uranium & Rare Earth Exploration
Slide 14: Olinga (11005L) – Uranium & Rare Earth Exploration Licence
Olinga (11005L) – Uranium & Rare Earth Exploration Licence Licence Expands MRG’s Critical Minerals Portfolio Strengthens MRG’s diversified critical minerals footprint alongside Adriano & Fotinho. Provides exposure to the rapidly strengthening uranium market, underpinned by nuclear power growth.
Slide 15: Fully-Funded 2 Billion Tonne Titanium Dioxide Project
Fully-Funded 2 Billion Tonne Titanium Dioxide Project
Slide 16: Titanium Dioxide Project Overview
Titanium Dioxide Project Overview MRG Metals has defined a JORC Resource of over 2 billion tonnes at its Corridor Sands Titanium Dioxide Joint Venture, (with further upside) from a JORC Exploration Target. The project (fully-funded) is targeted to commence production in March 2027 & is located 10 km
Slide 17: JV Partner Is Targeting to Commence Production in 2027
JV Partner Is Targeting to Commence Production in 2027 MRG has made significant progress toward achieving 800,000 tpa production, with the first US$3 million JV tranche already being deployed, with MRG holding 30% of the project. Mining Licence Environmental Initial Mining Procurement & Grants Secur
Slide 18: US$50 Million Drag-Along Clause
US$50 Million Drag-Along Clause Sinowin Corridor Sands Joint Venture Sinowin JV includes a binding drag-along clause for the potential acquisition of MRG’s equity at a minimum of US$50 million This figure represents a significant premium, approximately 6x MRG’s current market capitalisation, off
Slide 19: Rising Demand for Titanium Creates Opportunity
Rising Demand for Titanium Creates Opportunity Surging demand for titanium dioxide (TiO₂) pigment and MRG MOZAMBIQUE ASSETS titanium metal has created a strategic window for MRG Metals. ILMENITE RUTILE ZIRCON US$ US$ US$ MRG’s deposit has a resource base that provides a multi- 300+/T 1,200+/T 1,
Slide 20: Board & Management Structure - MRG
Board & Management Structure - MRG Andrew Van Der Zwan Shane Turner Christopher Gregory Kobus Badenhorst Chairman & Non-Executive Non-Executive Director & Independent Non-Executive Country Manager – Exploration, Director Company Secretary Director Mozambique BA Chemical Engineering (with Honours) Ch
Slide 21: Company Contact - MRG
Company Contact - ASX: MRQ MRG Andrew Van Der Zwan Chairman & Non-Executive Director +61 (0) 400 982 987 [email protected] mrgmetals.com.au
Slide 22: Appendices
Appendices Pa 3 a
Slide 23: Garies in Proximity With High-Grade Deposits
Garies in Proximity With High-Grade Deposits Close to World’s Highest Grade REE Mine Neighbour Secured US$20m Gov Funding Garies is ~70km from the “Steenkampskraal Monazite Mine”, Garies is in close proximity to the Zandkopsdrift Rare Earth one of the world's highest-grade rare earth deposits Pr
Slide 24: Strategic Timing: Garies Poised to Fill the NdPr Gap
Strategic Timing: Garies Poised to Fill the NdPr Gap Unmatched Grade per Tonne – Garies Positioned to Bridge Global Supply Decarbonisation Accelerated Growth NdPr supply and demand Garies Opportunity: Garies has the potential to provide a Western-aligned source of NdPr, plus heavy rare earths (Dy,
Slide 25: Exploration Upside & Clear Pathway to Production
Exploration Upside & Clear Pathway to Production Phase 1: Phase 2: Phase 3: Phase 4: Modular Phase 5: Small drilling Pilot Production DFS and Throughput Downstream REO Programme & Increase Capacity Growth Integration Estimate Resource Size Expansion • Small Resource Estimate • Pilot production → • D
Slide 26: Exploration To Date
Exploration To Date Mineralised outcrop - DrillTarg Mineralised outcrop - Karkuip Mineralised outcrop - Ryshoek One of five identified Garies Mineralised Outcrops One of five identified Garies Mineralised Outcrops One of five identified Garies Mineralised Outcrops DrillTarg Mineralised Outcrop and M
Slide 27: 275 km² Footprint – District-Scale Growth Ahead
275 km² Footprint – District-Scale Growth Ahead Garies REE Project covers a total 275 km² of granted and applied for tenements applied 275 km² Rare Project Tenure & for across Northern Cape Earth Exploration Investment Easily accessible by road; ~344 km from Saldanha Bay deep-water port Hub – On
Slide 28: Titanium Dioxide JV Structure
Titanium Dioxide JV Structure Hong Kong-based JV company, Terriland JV Company Ownership: Sinowin Lithium (SLC) 70%, MRG Metals 30% Overview Expected to deliver revenue in the next 12-18 months Initial SLC investment of US$6 million; MRG is free carried Fully Funded Initial funds for the f
Slide 29: Linhuane Licence Adds Significant Value To the JV
Linhuane Licence Adds Significant Value To the JV The Licence was granted in May 2025 by the Mozambique Mining Department (INAMI), reflecting regulatory support and a secure foundation for long-term development. The Linhuane project is fully funded, with development to commence when it is added
Slide 30: Sinowin Lithium
Sinowin Lithium Backed by world-renowned mining investor Sinowin has delivered a US$86.5m exit from a project in Canada. Sinowin’s significant investment showcases the high-value potential of the Mozambique Titanium Project. Proven Track Record In December 2017, Sinowin acquired 60% equity of
Slide 31: JV Partners Detailed Production Plan
JV Partners Detailed Production Plan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 26 26 26 26 26 26 26 26 26 26 26 26 27 27 27 27 27 27 Environmental Impact Assessment… RAP (Resettlement Action Plan) Operating Permit FEED (Front-End Engineering Design) Building Materials P