ADVANTAGE LITHIUM CORP. CAUCHARI JV LITHIUM PROJECT INVESTOR - - PowerPoint PPT Presentation

TSX-V: AAL

ADVANTAGE LITHIUM CORP

ADVANTAGE LITHIUM CORP. CAUCHARI JV LITHIUM PROJECT

INVESTOR PRESENTATION

November 2019

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DISCLAIMER

Cautionary Note Regarding Forward-Looking Information Certain information contained in this presentation constitutes “forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "is expected", "intends", or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Advantage that involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. The forward-looking statements included in this presentation are made as of the date of this presentation and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or

• therwise, except as expressly required by applicable securities legislation.

The PFS completed in 2019 and referred to in this presentation has been prepared by independent consultants FloSolutions and Worley with the required Qualified Person review and approval. 2

Highlights

 Advantage Lithium Corp. is a publicly-traded company on the TSX-V

Exchange with symbol AAL

 2016: agreement with Orocobre to acquire 75% interest in the Cauchari JV

property plus 100% interest in other exploration-stage properties

 2017: Phase 1 drill program commences at Cauchari JV (28,000ha)

 Increased Inferred Resource defined

 2018: Preliminary Economic Assessment (PEA) completed  2019: Resource Expansion to 4.8Mt LCE1 in M&I2 categories  November 2019: Preliminary Feasibility Study (PFS) published

 Proven & Probable Reserve: 1.02Mt LCE  Sufficient for a long-life project  Economic Viability established  Optional Start-up Scenarios

Notes 1: Lithium Carbonate Equivalent. 2: Measured & Indicated

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Successful Track Record

 21 diamond drill and rotary holes completed by AAL since 2017*  Technical and economic viability established with a 2P reserve base (CIMM definitions and NI43-101 Disclosure Standards)  Permitting well advanced  Brine chemistry similar to nearby Olaroz deposit, compatible for conventional extraction process  Regional infrastructure allows for accelerated development  Partnership with Orocobre provides experience background

*Note: excludes 2011/12 6-hole campaign by others

Q4, 2017 Phase 1 Drilling Completed Q3, 2018 Updated Inferred Resource & PEA Q1, 2019 M&I Resource Expansion

Q4, 2019 PFS & 2P Reserve

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Summary

 Project located in heart of Argentine Lithium Triangle

 Exploration success from inferred resource to 2P Reserve in 30 months  Large M&I1 Mineral Resource Base established = 4.8Mt LCE2  Proven & Probable Reserves = 1.02Mt LCE based on PFS  Long Life Asset  Upside to Resources and Reserves  Excellent infrastructure & Access  November 2019: Preliminary Feasibility Study (PFS) completed to Canadian NI43-101 standards of disclosure  PFS demonstrates the project’s technical and economic viability  Positive NPV with operating costs in low quartile

Note 1: Measured & Indicated (CIMM standards) Note 2: LCE = Lithium Carbonate Equivalent

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General Location NW Argentina

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Strategic Location Close to Infrastructure

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Geological Setting

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Typical Pumping Test

Surface Hydrogeology

Source: November 2019 PFS and Updated Resource, April 2019

Resource Open to Depth SE Sector Cross-Section

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Drill holes did not reach Deep Sands Limit Source: November 2019 PFS and Updated Resource, April 2019

Preliminary Feasibility Study Highlights

 2P Mineral Reserves of 1.02Mt of LCE grading 480 mg/l Li  Sufficient for 25,000kpta Battery Grade LCE production over 30 years  Positive Economic Parameters & Valuation (after tax basis): US$ 671 million NPV at 8% discount rate IRR of 20.9 %  INITIAL CAPEX & OPEX: US$ 446 million Initial CAPEX Average OPEX of US$ 3,560/tonne LCE  Upside on Resources/Reserves: Conversion of ~1 Mt of Inferred resources in the lower sand units into M+I resources West Fan M&I of ~900,000t contained LiCE not modelled as reserve yet

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Mineral Reserves

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 Reserves Derived from M&I of 4.8 Mt LCE

Note: Reference point for the reserve is wellfield discharge to the evaporation ponds before process recovery. See PFS report for full set of notes to the Reserve Statement

 LOM Wellfield Pumping Profile

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Product Mix and Pricing

Year Technical Grade Tpa Battery Grade tpa Total tpa 1 5,000 5,000 2 5,000 12,000 17,000 3 1,500 18,500 20,000 4-18 25,000 25,000 19-25 21,000 21,000 26-30 20,000 20,000 31 8,000 8,000 Total 11,500 660,500 672,000

 Technical and Battery LCE Grade Product Mix  Roskill Price Forecasting

A weighted average price of US$ 12,162 per tonne of lithium carbonate Battery Grade was used

• ver the life of mine.

Note: Process Recovery 66%

Project Economics Key Metrics

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• Battery Grade Lithium Carbonate Product
• Li Price /Operating cost Margin
• Ramp up rate

Key Drivers

After Tax Before Tax NPV IRR NPV IRR US$ million % US$ million % 6% $959 20.9 $1,609 26.2 8% $671 $1,158 10% $468 $841

Initial CAPEX, MUSD

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Item US$ Million

Direct Capital Costs $318

Brine wellfield $13 Evaporation Ponds $120 Liming Plant $8 Lithium Carbonate Plant $60 General Services including power supply $88 Infrastructure $30

INDIRECTS $53

Contingency (20%) $74

TOTAL CAPEX $446

Competitive OPEX

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Cauchari JV Opex Ranking in Lowest Quartile (AISC Basis)

Note: AISC = All In Sustaining Cost

Community Relations A Corporate Commitment

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COMMUNITY RELATIONS SHARED VALUES CORPORATE IDENTITY BUSINESS MODEL

COMMUNITY- COMPANY RELATIONS CULTURAL RESPECT

SHARED VALUES Win-Win Growth

SUSTAINABILITY: SOCIAL, ENVIRONMENTAL, CULTURAL Y ECONOMIC Dedication to a business strategy based on both social and economic value-added for the communities where we operate Environmental protection is a primary consideration A key directive is commitment to inclusive and sustainable development based on global UN principles and human rights

Richard Seville Non-Executive Director

• Director of Orocobre Ltd., previously

CEO until late 2018

• Richard is a mining geologist and

geotechnical engineer and has over 30 years’ experience in exploration, development and production. Rick Anton Non-Executive Director

• General Counsel and Joint Company

Secretary at Orocobre.

• Rick is a practicing lawyer with over 30

years’ experience in both corporate and commercial law. David Sidoo Non-Executive Director

• Track record of advancing resource

companies from start-up to sale.

• Appointed to the Order of British

Columbia (2016).

• One of founding shareholder of

American Oil & Gas (sold to Hess Corp in a stock transaction). Miguel Peral Director & VP Exploration

• Professional geologist with 10 years

experience focused on Lithium Brine deposits.

• Lead role in the discovery of the Salar

de Olaroz which he saw to production as part of Orocobre’s executive team. Dave Cross CFO, Director

• Mr. Cross is a CPA, CGA and has over 21

years of accounting experience.

• He has extensive knowledge of

complex accounting and reporting formats in both oil and gas of specialty minerals sectors. Callum Grant Director and Interim CEO

• Professional geologist/engineer with
• ver 40 years experience and a broad

perspective of the minerals industry in Argentina.

• Project expertise from exploration to

production in a wide range of commodities including the Lithium Triangle of NW Argentina.

Directors

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References

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Website: www.advantagelithium.com Sedar Filings:  2019: Preliminary Feasibility Study, published November 29th.  2019: Updated and Upgraded Resource to Measured & Indicated categories  2018: Preliminary Economic Assessment (PEA)  2018: Updated Inferred Resource  2016: Initial Inferred resource

CONTACT INFORMATION

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Head Office 789-999 West Hastings St. Vancouver BC, Canada V6C-2W2 Email info@advantagelithium. com Phone 604 423 4499 OFFICE