2 St George Mining Limited Annual Report 2024 Chairman’s Letter St George continues to build out its portfolio of critical metals projects with a new exciting commodity added to our portfolio – niobium Dear Shareholders, On behalf of the Board of St George Mining, I am pleased to present this Annual Report for the 2024 financial year. It has been a busy year for the Company even if adverse market conditions mask some of the significant progress we have made to establish a foundation from which to drive future shareholder value creation. During the year, St George continued to progress our portfolio of critical metals projects with a focus on lithium, nickel, copper and rare earths. We also added another exciting commodity to our portfolio – niobium – both through exploration targets at our Destiny Project in Western Australia and the potential acquisition of the Araxa Project in Brazil. Market conditions for lithium and nickel deteriorated significantly during the year and had a major impact across the entire value chain of these two commodities. Notwithstanding the prevailing market conditions, lithium and nickel remain important commodities for the decades-long energy transition underway and we are confident that positive investor sentiment will return for these commodities. This confidence is also held by the strategic partners we welcomed into the Company during the year, either on the share register or as partners in some of our exploration projects. These partners, like St George, retain a firm eye on long-term opportunities for value creation. When the positive sentiment returns, St George will be in a strong position. In the meantime, we have adjusted the focus within our portfolio by prioritising our niobium and copper opportunities without forfeiting the long-term potential of our lithium and nickel assets. At our Destiny Project in Western Australia, we have identified carbonatite targets that have the potential to host niobium mineralisation. These are exciting greenfields exploration targets – we expect to carry out maiden drilling at these targets in the second half of calendar year 2024. These early stage niobium targets are complemented by the advanced high-grade niobium Araxa Project in Minas Gerais, Brazil. The Araxa Project boasts more than 500 historic intercepts of plus 1% niobium, with mineralisation starting from surface. The Araxa Project is located in an established mining region – like Western Australia, the Brazilian state of Minas John Prineas
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