Contango : Muchesu Project Presentation – July 2023

MUCHESU COAL PROJECT

July 2023

JULY 2023

CONTANGO INVESTOR PRESENTATION

DISCLAIMER

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JULY 2023

CONTANGO INVESTOR PRESENTATION

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OVERVIEW

MUCHESU COAL PROJECT

UNLOCKING THE 2.6Bn TONNE RESOURCE INTO CASHFLOW

Coking Coal

First production of washed coking coal commenced in Q2 2023

First revenue expected in August 2023 with attractive margins

Further optimisation and expansion currently underway

Entered into new offtake with TransOre International FZE in July 2023 for sale of up to 240Ktpa

Potential for additional offtakes to utilise expected future increased wash plant capacity

Coke

Highest margin business

Target Mid-2024 to deliver coke production/sales

Building of coke batteries following finalisation of financing package with off-takers

Potential to develop and monetise additional by-products

JULY 2023

CONTANGO INVESTOR PRESENTATION

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STRATEGY

DELIVERING COAL INTO BUOYANT COAL MARKETS

• The macro demand and supply picture remains favourable for coking coal and coke, having seen record prices in 2022
• In 2022 global prices reached approx: $450/t for thermal coal, $600/t for coking coal and $650/t for coke
• Despite recent weakness, Contango expects to sell coking coal (ex- mine) for $120/t based on MMCZ benchmark and existing offtake, generating margins of $75-80/t

JULY 2023

• Contango commenced production of washed coking coal in May 2023 following installation and commissioning of wash plant
• A larger static screen was installed shortly after to improve production capacity
• 240Ktpa of washed coking coal under existing offtake
• Washed coking coal samples being sent to interested parties ahead of further formal contracts
• Reviewing funding options and infrastructure with respect to the manufacture of coke

CONTANGO INVESTOR PRESENTATION

• The company raised £7.5m through a placing (at 6p) in Q4 2022 to fund Muchesu into production and first sales from washed coking coal
• Entered an MoU with leading multi- national company in December 2022 with potential to fund both coking coal expansion and subsequent coke production
• Contango expects to finalise development strategies and partners in Q3 2023

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ROAD MAP

BECOMING A FULLY INTEGRATED PRODUCER OF COKE

Q1 2023

• Delivery of Wirtgen surface miner
• Opening of initial coking coal pit
• Installation of pilot coke plant

Q4 2022

• Funding for coking coal development
• MOU with leading multi-national
• Award of EIA

JULY 2023

Mid-2024

• Install coke batteries and produce coke

H2 2023

• Enlarged offtake signed
• First revenue received
• Production expansion
• Additional offtake and/or strategic transaction
• Finalise and commence coke development scenario

Q2 2023

• First production at Muchesu following installation of site infrastructure
• Grade control drilling to further optimise mine scheduling

CONTANGO INVESTOR PRESENTATION

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