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Interim Results 2025 29 August 2025 Höh lake, Bayankhongor, Mongolia (HKEx: 975; OTCQX: MOGLF)
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DISCLAIMER By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: This document and its contents have been prepared by Mongolian Mining Corporation (the “Company”) and contains strictly confidential and proprietary information in relation to the Company. This document is only being made available on a confidential basis for the exclusive use of the person to whom it is addressed and may not be reproduced or transmitted to any other person. You and your representatives shall not cite this document, in whole or in part, at any time, in any manner or for any purpose without the prior written consent of the Company. The information in this presentation has been prepared solely for use at a non-deal investor meeting presentation and does not constitute a recommendation regarding the securities of the Company. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. Neither the Company nor any of the Company’s advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. Neither the Company nor any of the Company’s advisors or representatives will not assume any obligation to update the information herein after the date of this document. This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the information contained in this presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm. In addition, this Presentation may also contain “forward-looking” statements that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements, other than statements of historical fact contained in this Presentation including, without limitation, those regarding the Company’s future financial position and results of operations, strategy, plans, objectives, goals and targets, future developments in the markets where the Company participates or is seeking to participate and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “will”, “may”, “project”, “estimate”, “anticipate”, “predict”, “seek”, “should” or similar words or expressions, are forward-looking statements. The future events referred to in these forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company’s control, which may cause the actual results, performance or achievements, or industry results to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future and are not a guarantee of future performance. Such forward-looking statements speak only as of the date on which they are made. Accordingly, the Company does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. The Company makes no representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. You are cautioned not to place undue reliance on any forward-looking statements. This Presentation contains financial information regarding the businesses and assets of the Company and its consolidated subsidiaries. Such financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this Presentation should not be regarding as a representation or warranty by the Company, any of its affiliates, advisers or representatives or any other person as to the accuracy or completeness of such information’s portrayal of the financial condition or results of operations of the Company and should not be relied upon when making an investment decision. No consideration has been given to particular investment objectives, finances or needs of any recipient of this Presentation. This Presentation is not intended to provide and should not be relied upon for tax, legal or accounting advice, investment recommendations or advice or a credit or other evaluation of the Company or its securities. Recipients of this Presentation should consult their tax, legal, accounting or other advisers. All numbers in this presentation are approximate rounded values for particular items. 2
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COMPANY OVERVIEW Corporate information 3 Board diversity Public float 45.42% MCS & associates 38.28% Kerry Group & associates 7.09% CGIC & associates 9.21% Substantial shareholders, holding more than 5%. Long-term supportive shareholder base Shareholders holding less than 5%. Board diversity Female 30% Independent 50% (as at 30 Jun 2025) ‘B+’, Stable ‘B2’, Stable Mongolian Mining Corporation (“MMC” or the “Company”) was the first to offer its shares internationally via its 2010 listing on the HKEx and is the largest internationally listed private mining company in Mongolia. Operating since 2009, the Company has recently prioritised business expansion and diversification, investing in gold, copper, and other non-ferrous metals to strengthen its portfolio and long-term growth strategy. 975 MOGLF ‘C’ Climate change: ‘B’Water security: Externally verified Certified GHG Emissions: (Scope 1, Scope 2, Scope 3)
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Resources 2 1,032 Mt Above 300m 695Mt Below 300 m 337 Mt Reserves 2 612 Mt Coking 583 Mt Thermal 29 Mt Marketable reserves 3 369 Mt Coking 268 Mt Middling/ Thermal 101 Mt Notes: 1. Pro-forma total resources and ROM coal reserves. Due to rounding, discrepancy may exist between sub -totals and totals. Rounding rules refer to ‘Clause 25 of the JORC Code (2012). 2. Includes Measured, Indicated and Inferred Resource category as at 31 December 2024. 3. Includes Proved and Probable Reserve category as at 1 January 2025. 4. Pro-forma total resources and reserves prepared in accordance with NI 43 -101 and CIM standards. Sources: ( i) Bayan Khundii Project Updated Feasibility Study NI 43 -101 Technical Report, 2023 (erdene.com), (ii) Altan Nar Project NI 43 -101 Technical Report, 2021 (erdene.com). 5. White Hill copper deposit, Mineral Resource Statement as at 30 June 2024, Gold resources 1,192 Koz Silver resources 3,542 Koz Gold reserves 514 Koz Silver reserves 221 Koz Resources and Reserves 1 Resources and Reserves 4 Cu (kt) Au (Koz) Ag (Koz) Zn (kt) Measured 28 14 556 7 Indicated 130 34 1,555 41 Inferred 26 4 148 8 Total 185 52 2,258 55 Mineral resource estimate 5 COMPANY OVERVIEW Mining assets 4 Gold & metals The Company is 50% equity holder of Erdene Mongol LLC (“EM”), which holds two mining licenses, including Bayan Khundii (“BKH”), and one exploration license. Development of the BKH mine commenced in 2023 as a greenfield project, with first gold production expected in the third quarter of 2025. Coking coal The Group is the sole fully integrated washed coking coal producer and exporter in Mongolia. Ukhaa Khudag (“UHG”) mine, producing since 2009, is owned and operated by Energy Resources LLC, an indirect wholly owned subsidiary of MMC. Baruun Naran (“BN”) mine, producing since 2012, is operated by Khangad Exploration LLC, majority owned subsidiary of MMC. Copper & non-ferrous metals The Company is 50.5% equity holder of Universal Copper LLC (“UCC”). UCC is an exploration company focused on copper and other non-ferrous metals. UCC holds three minerals exploitation special permits, including White Hill deposit, located in Bayankhongor aimag (province), Mongolia.
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Notes: 1. TSM published results: https://mining.ca/companies/mongolian -mining-corporation/ 2. The “C” score is result of not having GHG emissions targets. The Company is currently in process of setting science based Int erim and Carbon Neutrality targets. 3. Indigenous section was not scored, as the Company’s operations do not affect any Indigenous populations. Scorecard 2024-2025 The Mining Association of Canada’s Towards Sustainable Mining (“TSM”) standard is a globally recognized sustainability program that supports mining companies in managing key environmental and social risks. In July 2024, the Group underwent an external verification of its self-assessment scores. The verified scores are shown below and is also reported publicly at the website of the Mining Association of Canada. The Company will undergo its second external verification in 2027, up until such, we will perform a self assessment on an annual basis. SUSTAINABILITY Towards sustainable mining 1 5 Protocols 2024 (external verification) 2025 (self assessment) Safe, Healthy and Respectful Workplace (updated protocol) Commitments & accountability AAA AAA Planning & implementation AAA AAA Psychological Safety and Respectful Behaviour - A Training, behaviour & culture AAA AAA Monitoring & reporting AAA AAA Performance B B Biodiversity Commitments & accountability AAA AAA Planning & implementation AAA AAA Reporting AAA AAA Water Stewardship Governance A A Management A A Watershed-scale planning AA AA Reporting & performance A A Climate Change Corporate Management A A Facility Management AA AA Facility performance targets & reporting 2 C C Preventing Child & Forced Labour Preventing forced labour Y Y Preventing child labour Y Y Protocols 2024 (external verification) 2025 (self assessment) Indigenous & Community COI Identification B AA Effective COI engagement & dialogue AA A Indigenous 3 - - Impact & benefit management B B COI response mechanism AA A Crisis Management & Communication Planning Facility Management & preparedness Y Y Review Y Y Training Y Y Corporate Management & preparedness Y Y Review Y Y Training N N Tailings Management Policy & Commitment C C Accountability & Responsibility C C System & Emergency Preparedness C C OMS Manual C C Management Review C C Equitable, Diverse, and Inclusive Workplace (new protocol) Leadership and strategy (Corporate) - C Advancing equity diversity and inclusion (Facility) - C Monitoring, Performance, and Reporting (Facility) - C
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INDUSTRY OVERVIEW Regional market trends Global steel production 0 500 1,000 1,500 2,000 1990 1995 2000 2005 2010 2015 2020 (Mt) Others China India Source: Fenwei Digital Information Technology Co., Ltd, Ministry of Coal – India, World Steel Association. China coking coal India coking coal 0 200 400 600 800 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (Mt) Import Production 0 50 100 150 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (Mt) Import Production 47% 53% 43% 57% 21% 79% 9% 91% 89% 39% 8% 53% 2% 9% 6
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228 238 1H2024 1H2025 Seaborne coking coal prices China coking coal prices 200 1,700 3,200 4,700 Aug-15 Aug-17 Aug-19 Aug-21 Aug-23 Aug-25 EXW Jingtang (mid vol) FOR Tangshan FOR Liulin #4 EXW Baotou 50 250 450 650 Aug-15 Aug-17 Aug-19 Aug-21 Aug-23 Aug-25 FOB Aus (low vol) FOB Aus (mid vol) CFR North China (low vol) (CNY)(US$) China coking coal import 22.3 26.1 45.6 57.4 55 64 103 122 52.8 2021 2022 2023 2024 1H2025 China coking coal import 1H2025 24.8 (47%) Mongolia 14.8 (28%) Russia 2.9 (6%) USA 5.4 (10%) Canada 3.8 (7%) Australia 1.2(2%) Others INDUSTRY OVERVIEW Coking coal 1 7 Source: Fenwei Digital Information Technology Co., Ltd, Platts. China crude steel 472 454 Production Consumption China coke Production China coking coal Production Consumption Consumption Note: 1. China industry figures expressed in million tonnes. 499 515 1H2024 1H2025 238 237 242 249 1H2024 1H2025 289 296
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Australia Russia China Others USA Canada Global gold production (2024: 3,661) Global gold consumption (2024: 4,624) Central banks InvestmentJewelry Technology +1.1% +0.5% +2.6% -4.1% -1.9% -8.2% +3.7% +24.3% +6.7% (t) 2,307 380 330 284 192 158 -7.2% 1,182 1,089 326 2,027 (t) INDUSTRY OVERVIEW Gold 8 Source: World Gold Council, Bloomberg, Mongolbank. 9.3 7.9 7.4 7.8 5.9 11.5 15.0 10.5 8.7 20.8 22.9 17.9 16.5 2021 2022 2023 2024 2025 (t) 2H 1H Bank of Mongolia gold purchase Gold price (US$/oz) 1,000 2,000 3,000 4,000 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 $3,365.9 (25-Aug-25) $1,976.9 (03-Aug-20)
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9 ROM coal production 6.7 5.7 1.7 1.4 8.4 7.1 1H2024 1H2025 (Mt) BN UHG Coal processing 4.4 4.3 0.3 4.7 4.3 1H2024 1H2025 (Mt) Secondary product Primary products Sales volume 4.0 3.3 0.2 0.9 4.2 4.2 1H2024 1H2025 (Mt) Others Washed coking coal products Washed coking coal products 2.0 1.0 0.3 MASHCC SSCCHCC OPERATIONAL PERFORMANCE Coking coal
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CONSTRUCTION PROGRESS BKH mine Process Plant 99.9% 2023.08.08 – 2025.05.30 HV/LV Workshop 99.3% 2023.07.22 – 2025.05.19 Heating Plant 100.0% 2023.10.12 – 2025.02.24 Chemical Storage 100.0% 2024.03.31 – 2025.02.24 Warehouse 100.0% 2024.03.13 – 2024.02.26 Laboratory 100.0% 2023.09.19 – 2025.02.26 Grinding Station 100.0% 2023.09.25– 2025.04.12 Crusher & Conveyor 100.0% 2023.08.22 – 2025.04.30 Control Room 100.0% 2024.06.24 – 2025.02.22 Substation 100.0% 2024.05.15 – 2025.02.21 Waste Water Treatment 100.0% 2024.06.02 – 2025.03.24 10 Total progress 99.9% as at 24 Aug, 2025
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MMC and Erdene Resource Development signed investment and strategic alliance agreements related to 50% equity stake in EM Investment Agreement and Strategic Alliance Under the oversight of the Joint Steering Committee early works were commenced Construction preparation Proven and Probable Reserves of 513,700 ounces gold at an average grade of 4.o g/t gold Feasibility study update Following completion of conditions precedent to the Closing, MMC’s shareholding became effective Transaction closing Jan 2024Aug 2023Apr 2023Jan 2023 May 2025 Mine was commissioned by relevant authorities and overburden removal commenced Mine commissioning Jun 2025 Process plant and supporting facilities were commissioned by relevant authorities Plant & infrastructure commissioning Jul 2025 Cyanide and other chemicals permits were granted Chemical permit granted Aug 2025 Dry and wet commissioning were conducted, and processing plant trial runs commenced Dry & wet commissioning Sep 2025 First gold pour and sale to Mongolbank and commercial banks First gold expected 4Q2025 Processing plant output to reach 7 Koz of gold per month Production at full capacity Projected output BKH TIMELINE From greenfield to production 29.0 Koz 85.0 Koz 6.0 Koz 7.6 Koz GoldSilver 2025 2026 11
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Notes: 1. UHG and BN combined average cost. 2. Total transportation costs divided by all transported products. 3. Includes mining, processing, handling, transportation, logistics, fees and other costs. 4. Blended average selling price under all delivery terms. 1H25: MV HCC: $123.2, HV HCC: $97.0, SSCC: $90.2, MASHCC: $50.1, Middlings: $37.4 1H24: MV HCC: $174.2, SSCC: $134.9, MASHCC: $56.6, Middlings: $13.9. 5. Earnings before interest, taxes, depreciation and amortisation adjusted by share option expenses, one -off items and other non- cash items. Mining cost 1 12 13.8 14.1 5.4 5.3 19.2 19.4 1H2024 1H2025 (US$/ROMt) Non-cash Cash Processing cost 2.8 3.7 1.5 1.6 4.3 5.3 1H2024 1H2025 (US$/ROMt) Non-cash Cash Transportation cost 2 16.2 14.7 0.516.5 15.2 1H2024 1H2025 (US$/t) Non-cash Cash Operating cash cost at DAP GM 3 52.2 50.3 10.2 4.9 62.4 55.2 7.9% 6.0% 1H2024 1H2025 (US$/t) Royalty DAP GM cash cost Effective royalty rate FINANCIAL OVERVIEW Cost & profitability Revenue and ASP 4 EBITDA 5 270.1 94.1 1H2024 1H2025 (US$ m) 541.1 346.6 $128.9 $82.0 1H2024 1H2025 (US$ m) Revenue ASP (US$/t)
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Balance sheet As at 30 Jun 2025 Net current assets $113 m Total assets $2,314 m Total equity $1,374 m 13 FINANCIAL OVERVIEW Balance sheet & liquidity Cashflow 1H25 Year end cash 31-Dec-2024 Investing activities Pre-stripping US$(55) m Acquisition Capex – Coking coal US$(28) m US$(9) m Financing activities SN net proceeds & repayment US$104 m Interest US$(18) m Period end cash 30-Jun-2025 US$141 m US$(118) mUS$93 m Operating activities Capex – Gold & metals US$(29) m US$104 m Share buyback US$(12) m Bank loan – Gold & metals US$30 m US$220 m As at 30 Jun 2025 Debt (principal amount) $400 m Senior notes $350 m Bank loan – Gold & metals $50 m Interest income US$3 m
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Mongolian Mining Corporation 16F Central Tower, Sukhbaatar District Ulaanbaatar 14200 Mongolia www.mmc.mn investor@mmc.mn THANK YOU Khongoryn els, Umnugobi, Mongolia