MACA Limited advised that it has entered into a binding Memorandum of Understanding (`MoU') with Position Partners Pty Ltd. (`Position Partners') and SafeAI Inc. (`SafeAI'), with the parties agreeing to work collaboratively in relation to the deployment of autonomy to MACA's mining fleet. SafeAI is a global autonomous heavy equipment company focused on retrofitting heavy equipment for autonomous applications in mining and construction. The SafeAI team brings decades of combined experience in building some of the earliest autonomous mining and construction equipment, holds several patents on that technology and has deep expertise in developing critical safety protocols and technology for autonomous passenger cars, as well as development in advanced AI technology.

Position Partners is the distributor of SafeAI and provides positioning and machine control solutions for mining, construction and earthmoving activities. The MoU marks a significant milestone in the development and deployment of contractor autonomy and on MACA's pursuit of this exciting technology. Following a successful six month proof of concept trial at the Karlawinda operations, the roll out will now focus on the deployment of autonomy to a multiple truck environment, in addition to retrofitting various truck types at numerous site locations.

MACA made a modest investment in SafeAI in 2021 which has been validated by the successful proof of concept trial. The parties will work collaboratively on the deployment of autonomy and development of future applications, The MoU will provide MACA the first 100 SafeAI Autonomy Solutions in Australia, Each party will retain the rights to their respective Intellectual Property, Position Partners will provide operational and site support to MACA, The MoU is binding.