Ref. Ares(2021)6044578 - 05/10/2021 Update on Canadian Policies and Priorities June 21, 2021

2 Canada’s Mining Industry: Post - Pandemic Recovery • The mining industry saw sharp declines in demand and       Prices of most minerals and metals have recovered the commodity prices at the beginning of the pandemic.                       losses from the start of the pandemic, although uncertainty around economic recovery and • There were several major closures and curtailments of       the potential for variants in many countries continues mines throughout Canada.                                                       to weigh on stable operations. • The mining industry has mostly recovered, with some notable exceptions, such as the diamond industry. • Junior exploration companies saw much of their early work season cancelled due to COVID-19 restrictions, but have since recovered, with support of extended flow- through share spending timelines. Source: S&P Global Market Intelligence

VISION: Canada is the Leading THE CANADIAN MINERALS AND METALS PLAN (CMMP)                                                                                                                            Mining Nation ADVANCING THE ECONOMIC                         PARTICIPATION OF                                                    SCIENCE, DEVELOPMENT AND                  INDIGENOUS                                                          TECHNOLOGY AND                                                                GLOBAL COMPETITIVENESS                  PEOPLES                          THE ENVIRONMENT                    INNOVATION                             COMMUNITIES                            LEADERSHIP Canada’s business and             Increased economic              The protection of Canada’s         A modern and innovative                Communities welcome                    A sharpened competitive edge innovation environment for the    opportunities for Indigenous    natural environment underpins a    industry supported by world-           sustainable mineral                    and increased global leadership minerals sector is the world’s    Peoples and supporting the      responsible, competitive           leading science and                    development activities for the         for Canada most competitive and most         process of reconciliation       industry. Canada is a leader in    technology—across all phases           benefits they deliver attractive for investment                                         building public trust, developing  of the mineral development tomorrow’s low-footprint mines     cycle and managing the legacy of past activities PAN-CANADIAN                      INDIGENOUS PROCUREMENT           RE-IMAGINE NOAMI:                 INNOVATION CHALLENGES:                 IMPROVE MINERAL                        CANADA BRAND FOR GEOSCIENCE STRATEGY:              CONFERENCES: Convene             Refreshed mandate to focus        Launch of a series of innovation       LITERACY: Develop a pan-               MINING: Develop and Develop a collaborative, PGS that conferences (in various regions) on remediating legacy mines,      prize challenges that advances         Canadian mineral literacy hub as       champion a Canada Brand for leverages next generation         on Indigenous procurement in     improving assurances at new       Canadian technology and take           a point of access for new and          Mining to bolster Canada’s technology and big data to        mining in partnership with       mines, adapting to climate        advantage of global opportunities      existing resources on Canada’s         standing as an exploration and responsibly develop Canada’s      Indigenous                       change, and enabling              in: Water treatment; Mining value      mining sector. Host the                mining power, promote trade geological resources.             LOCAL PROCUREMENT                innovative practices and          from waste; Tailings; and,             “Canadians of Mining” Campaign         and foreign direct investment, *AREA OF COLLABORATION*           CHECKLIST: Develop a             technologies.                     Indigenous knowledge                   with portraits and testimonies of      attract talent, and promote the checklist to help increase       *RESEARCH PROJECT*                                                       people involved in the industry.       world’s most innovative MSS CRITICAL MINERALS procurement opportunities for                                                                                                                    industry. STRATEGY: Develop an all-                                          MINING VALUE FROM Canadian critical minerals and    Indigenous businesses            WASTE: Conduct analysis of battery value chain                                                potential FPT legislative, regulatory and policy barriers       NEXT STEPS                                                                    www.minescanada.ca to the development and                            Fall implementation of mining value from waste projects.                             2021                2022                   2023               2024                    2025 Action Plan 2021      Action Plan 2022                                                 Action Plan 2025

4 Canada’s Critical Mineral List - 2021 • GoC released Canada’s Critical Minerals List on March 11, 2021 • Canada’s Critical Minerals List – 31 minerals 1. Essential to Canada’s economic security; 2. Required for Canada’s transition to a low-carbon economy; and 3. A potential sustainable source for our partners. • The list provides greater certainty and predictability to industry, investors, provinces and territories and Canada’s international partners on Canada’s mineral priorities • Will enable targeted policy actions to address pressure points in critical minerals supply chains and secure growth opportunities

5 Budget 2021 • $36.8 million over 3 years, starting in 2021-22, with $10.9 million in remaining amortization, to support targeted research and development for upstream critical minerals processing and battery precursors and related materials engineering. • $9.6 million over 3 years, starting in 2021-22, to Natural Resources Canada to create the Critical Minerals Centre of Excellence. The Centre will coordinate federal policy and programs, and work with provincial/territorial governments, Canadian industry, and with allied foreign governments to stimulate the development of Canadian critical mineral value chains. In Millions           2021-22       2022-23        2023-24          Total Critical Minerals Center of         $2.5          $3.6           $3.5           $9.6 Excellence Critical Minerals R&D              $8.70         $24.20         $14.80         $47.70

6 Critical Minerals Centre of Excellence (CMCE) Role and Responsibilities                                  Key Activities • Leading development of the Canadian Critical Minerals • Provide national policy advice and analysis in      Strategy collaboration with provinces and territories and  • Ensuring Canada’s policy and regulatory frameworks industry                                            support sector and industry growth while unlocking downstream opportunities • Represent the Government of Canada interests       • Partnering with other countries to diversify global supply and objectives internationally in bilateral and     chains with a heightened focus on the US, Japan, EU, multilateral fora                                   UK and South Korea • Supporting investment attraction • Coordinate programmatic support for Canadian projects in collaboration with other federal     • Improving industry access to federal programmatic partners, other levels of government and            support and facilitating strategically important critical minerals projects strategic partners • Enhancing FPT, indigenous and industry engagement • Lead the development of a three year                 and project coordination Research and Development plan in • Execution of R&D programming to advance critical collaboration with key partners, other levels of    mineral processing government, industry

Critical Minerals R&D $48M over three years for upstream critical minerals processing, battery precursors and materials engineering Battery minerals         Mineralogical transformation into battery chemicals, achieve battery grade (lithium, nickel, cobalt,    specifications at lower cost/energy, impurity removal/control, metallurgical graphite, vanadium …)        optimization of yield; primary sourcing; internal and external R&D, pilots Inventory of critical minerals from waste sources, process development for recovery, Mining Value from        repurpose and recycling of critical minerals; mineral and post consumer waste Waste             sourcing; internal and external R&D, pilots and prize challenge(s) Magnet value chain R&D for cost-competitive production of REE. Alternative Clean tech and other processing and separation options, piloting and demonstration of successful value chains (REE, technologies; primary sourcing; internal and external R&D, pilots and demos niobium)

Mines to Mobility – Building a Battery Ecosystem in Canada • Canada’s Mines to Mobility Initiative leverages mineral resource wealth to build an end-to-end battery innovation and industrial ecosystem • The Mines to Mobility Initiative aligns with Canada’s strengthened climate plan A Healthy Environment and a Healthy Economy o $8 billion Net Zero Accelerator will catalyze innovations in the development of Canadian electric vehicle production and support a battery innovation and industrial ecosystem • We are making strategic investments, working with provincial and territorial governments and engaging industry and other stakeholders to: o   Leverage strategic advantages in natural resources o   Build all segments of the battery supply chain o   Attract manufacturing mandates o   Foster battery-related research, development and commercialization MINERAL                        BATTTERY COMPONENTS,                         MATERIAL     BATTERY TECHNOLOGY BATTERY METAL                       MANUFACTURING OF EXPLORATION                         CELLS AND PACKS                          RECYCLING/   RESEARCH, DEVELOPMENT PROCESSING                         EVS & PARTS SUPPLY & MINING        & PRECURSORS      MANUFACTURING                        CIRCULAR ECONOMY & COMMERICALIZATION

9 Provincial & Territorial Activities Alberta          New and Modern            Saskatchewan                   April 2021 Presentation of Minerals Strategy                                        Saskatchewan's Rare Earth Processing Facility to EU Member States Quebec’s Plan for the Quebec                                          Ontario                   Ontario’s Critical Minerals List Development of Critical and Strategic Minerals Developing Inventory of Yukon Critical Minerals Potential