Minnesota Commitment | Global Opportunity

Investor Presentation Minnesota Commitment Global Opportunity Shortfall in Long-Term Nickel Supply 250 200 150 100 Global Nickel Supply-Demand Imbalance alti Surplus Contained Ni 0 -50 -100 -150 50 (kt) 2010 Deficit 2012 2014 2016 2018 2020 2022 2024 Source: Wood Mackenzie, Global Nickel Long-Term Outlook 2020 POLYMET MINING ווי 2030 Demand projected to exceed global supply by 2028 China accounts for nearly 60% of total demand due to dominant position in stainless and accelerating demand for EV batteries By 2040, battery precursors will account for 37% of global nickel production 2026 2028 18

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