ALTURA LITHIUM NEW SIGNIFICANT SUPPLY TO THE BATTERY MARKET IN 2018 - - PowerPoint PPT Presentation

SLIDE 1

1

Highly Confidential

ALTURA LITHIUM

NEW SIGNIFICANT SUPPLY TO THE BATTERY MARKET IN 2018

RESOURCES DRIVING SUPPLY TO THE BATTERY REVOLUTION JUNE 2018

INVESTOR UPDATE

SLIDE 2

2

Highly Confidential C h a r g i n g f o r w a r d w i t h L i t h i u m

DISCLAIMER

This presentation has been prepared by Altura Mining Limited (“Altura” or the “Company”). It should not be considered as an invitation or offer to subscribe for or purchase any securities in the Company or as an inducement to make an invitation or offer with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. This presentation is provided on the basis that none of Altura nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the presentation and nothing contained in the presentation is, or may be relied upon as, a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The presentation contains forward looking information and prospective financial material which is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties, and may differ materially from results ultimately achieved. All references to future production, production targets and resource targets and infrastructure access are subject to the completion of all necessary feasibility studies, permitting, construction, financing arrangements and infrastructure-related agreements. Where such a reference is made, it should be read subject to this paragraph and in conjunction with further information about the Mineral Resources, Ore Reserves and Exploration Results, as well as the Competent Persons' Statements. All persons should consider seeking appropriate professional advice in reviewing the presentation and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the presentation nor any information contained in the presentation or subsequently communicated to any person in connection with the presentation is, or should be taken as, constituting the giving of investment advice to any person.

SLIDE 3

3

Highly Confidential

CONTENTS

1 2

3 4 5 6 7 8 9

Introduction Project Overview Corporate Project Update Financial Analysis Offtake Regional Exploration Lithium Market Fundamentals Summary Appendices

Ideally located in the gateway to North Asian Markets

SLIDE 4

4

Highly Confidential

Section 1

INTRODUCTION

SLIDE 5

5

Highly Confidential

ALTURA INVESTMENT HIGHLIGHTS

1

• Low risk, low cost, low capex and long life, with excellent

metallurgy

2

• Existing port and road infrastructure, with proximity to end

users in Asia

3

• Less than 2 months to first spodumene sales in a strong

market

4

• Capital spent and offtake contracted, with Stage 2 DFS

completed in April 2018

5

• Driven by the EV “mega trend” and clean energy storage

demand

6

• Based on forecasts from Stage 1 production and from the

Stage 2 DFS

7

• More than 16,000 hectares of highly prospective tenements

with targets identified

8

• Strong project development credentials

World Class Project Tier One Jurisdiction Near Term Production Stage 1 Derisked Positive Market Outlook Attractive Valuation Exploration Upside Highly Experienced Team

SLIDE 6

6

Highly Confidential

INTRODUCTION

Pardoo

Port Hedland

Marble Bar Karratha Onslow Pannawonica Paraburdoo Tom Price Wittenoom Newman Nullagine

Pilgangoora

Feeding the lithium supply chain in H2 2018

• ASX-listed company Altura Mining Limited (“Altura” ASX:AJM) owns 100% of the

Pilgangoora Lithium Project (the “Project”)

• The Project is located in the Pilbara region of north west Western Australia, an

established mining region that is well serviced by existing infrastructure

• Stage 1 of the Project is currently in commissioning stages, and is expected to

produce approximately 220,000 tpa of spodumene concentrate SC6 (circa 30,000 tpa LCE)*

• Stage 2 of the Project (DFS complete) involves a doubling of production to

approximately 440,000 tpa spodumene concentrate SC6 (circa 60,000 tpa LCE) with expected commissioning in Q1 2020*

• Combined Stage 1&2 NPV (@10% discount rate) of A$835m based on Stage 2 DFS

assumptions and pricing on 34.2Mt ore reserve estimate*

• Concentrate will be transported ~130kms by existing road infrastructure for export

via an existing multi-user berth in Port Hedland

• A minimum of 200,000 tpa is contracted until 31 December 2022, with 100,000

tpa to each partner (Lionergy and J&R Optimum) on market-based terms with a pricing floor and cap for 3 years Project Location

Perth

* Refer to ASX Announcements 26 September 2016, 24 October 2017 and 30 April 2018

SLIDE 7

7

Highly Confidential

Section 2

PROJECT OVERVIEW

SLIDE 8

8

Highly Confidential

PROJECT SNAPSHOT

Altura’s Pilgangoora project is fully permitted from mine to port with first shipment planned for Q3 2018

(1) Refer to ASX Announcement 30 April 2018 (2) Excludes Stage 1 Capex

PRODUCTION PROFILE

Description Units Stage 1 Stage 1&2(1)

Run Rate Production SC6 kt p.a. 220 440 Mine Life (on Reserves) Years 23 13 Development Capex A$m 151 119(2) LOM Sustaining Capex (Real) A$m 31 31 LOM C1 Cost (Real) A$/t 356 324 LOM Total Cash Cost (Real) A$/t 428 400 Ore Mined (Reserves) Mt 34.2 34.2 LOM Grade % Li2O 1.04% 1.04% Waste Mt 106.2 106.2

SLIDE 9

9

Highly Confidential

Section 3

CORPORATE

SLIDE 10

10

Highly Confidential Capital Structure (22nd June 2018) AUD Shares on Issue 1,819.9m Share Price $0.315 Market Capitalisation $573m Cash(1) $63m Debt(1) $144m Enterprise Value $654m

COMPANY OVERVIEW

Major Shareholders In Company (%) Furui Holdings Limited (Shaanxi J&R) 16.81% Allan Buckler (Shazo Holdings Pty Ltd) 10.71% Terry Smith 10.15% Directors(2) 16.02% Top 20 62.3% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 0.00 0.10 0.20 0.30 0.40 0.50 0.60

12 MONTH SHARE PRICE PERFORMANCE

(1) As per 26 April 2018 Quarterly Announcement

Share Price (A$) Volume (m)

(2) Excludes J&R shareholding

SLIDE 11

11

Highly Confidential 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 0.00 0.10 0.20 0.30 0.40 0.50 0.60

CORPORATE HISTORY

Share Price (A$) Volume (m)

26-Apr-16 Binding off-take agreement signed with Lionergy for 100ktpa spodumene concentrate 11-Apr-16 Pilgangoora stage 1 feasibility study released highlighting NPV of A$382m and 12+ year mine life 8-Nov-16 Subscription and co-

• peration agreement

signed with Optimum Nano raising A$41.6m 27-Feb-17 Pilgangoora project management plan approved by WA Government and on- site works commence 9-May-17 Contracts for plant construction, transport, logistics and power awarded at Pilgangoora 10-Jul-17 Binding off-take agreement signed with Optimum Nano for 100ktpa Spodumene Concentrate 30-Apr-18 Stage 2 Definitive Feasibility Study Released highlighting NPV of A$835m and 13+ year mine life (includes Stage 1) 13-Nov-17 Stage 2 scoping study results show production plant duplication is best expansion option 22-May-18 Process plant Commissioning – first

• re crushed

24-Oct-17 Increase in Reserve and Resource base supporting a 22 year mine life under Stage 1 DFS 28-Jul-17 Senior secured loan notes issue raises US$110m to fund construction and commissioning at Pilgangoora 26-Sep-16 Pilgangoora stage 1 DFS released highlighting NPV of A$411m and a 13 year mine life

SLIDE 12

12

Highly Confidential

Managing Director

James Brown

Executive Director, CFO

Paul Mantell

Non-Executive Director

Allan Buckler

Non-Executive Director

Zhao Tong

Non-Executive Director

Dan O’Neill

Mr Brown is a Mining Engineer with extensive mining experience and

• perational development. Mr Brown has

been Managing Director of Altura since September 2010, and previously was the Company’s General Manager. Previous to his role at Altura Mr Brown spent 22 years at New Hope Corporation (ASX:NHC) Mr Mantell is a qualified accountant and has in excess of 30 years in corporate experience in the mining and associated

• industries. This included 28 years at New

Hope Corporation, with the last 12 years as the Company’s Chief Financial Officer. Mr Buckler holds over 40 years experience in the mining industry which includes being a former Director and Chief Operations Officer at New Hope

• Corporation. Mr Buckler has been

directly responsible for the commercialisation of several projects which begun from resource identification all the way through to production Mr Zhao Tong brings over 25 years experience in the international trade of metals and minerals. Mr Tong has been the director of the Lithium Division of J&R Optimum, an offtake partner of Altura since October 2016 As an exploration geologist and founding director of current lithium producer Orocobre Limited (ASX:ORE), Mr O’Neill brings over 30 years’ experience in international mining across Australasia, Africa, Asia and North America. Mr O’Neill has served as a director of Altura since December 2008

BT Kuan

Mr Kuan has been a director of Altura since November 2007 and brings a wealth of experience in logistics, specifically the development and management of bulk handling and terminal operations. Mr Kuan is a qualified mechanical engineer

Non-Executive Director

BOARD & MANAGEMENT

Board and Management with a history of successful developments, strong

• perations and robust

dividend returns

BOARD

SLIDE 13

13

Highly Confidential

BOARD & MANAGEMENT

MANAGEMENT

Chief Operating Officer

Chris Evans

Mr Evans is an experienced civil engineer and project

• manager. Mr Evans has project management and

construction experience in Australia, South east Asia and the UK. Prior to commencing as COO at Altura, Mr Evans was Project Manager for the Mt Webber mine development in the Pilbara region of Western Australia for Atlas Iron, and delivered on an aggressive timetable for the project

General Manager Development

Marc Rowley

Mr Rowley is a seasoned management professional covering all phases of project lifecycles spanning from scoping studies through to commissioning and handover. With 15 years working in WA for a number of tier 1 engineering consultants, Mr Rowley holds experience in both small scale scoping studies and Definitive Engineering Studies on projects with a value over $1b. Mr Rowley has assumed the position of Project Director to take the Stage 1 study through to implementation and commissioning.

Maintenance Superintendent

Graham Austin

Mr Austin holds over 30 years experience on all fixed plant equipment and has been involved with greenfield and brownfield projects throughout Africa, Asia and Australia. Mr Austin has held various Maintenance Superintendent positions in the gold, copper and nickel mining processes Mr Austin begun his career in Zimbabwe, before moving to Botswana where he worked for various mining

• rganisations, then moving to Singapore taking up a position
• f Service Engineer with National Oilwell

Processing Superintendent

Brady Jenkins

Mr Jenkins is a Metallurgist with over twenty years experience in the Australian mining industry. He has extensive processing experience in a wide range of commodities including nickel, gold, mineral sands, coal and iron ore. In recent years Mr Jenkins has focused primarily on

• perational readiness, commissioning and ramp up of large

scale processing operations with tier 1 mining companies. Mr Jenkins has assumed the role of Commissioning Manager for the Pilgangoora project.

Processing Manager

Walter Madel

Mr Madel is a metallurgist and a mineral process engineering and design professional, with 17 years of practical processing engineering experience in a wide variety

• f minerals and metals on projects in Australia and

internationally, and also holds 10 years of experience in mineral plant operations. Mr Madel played a key role in the design of the processing plant and supporting infrastructure from conceptual and study stage through to detail design of the Pilgangoora project.

Registered Manager

Phil Robinson

Mr Robinson brings to Altura a solid background in Mining and Processing operations, working on a number of greenfield mining developments such as Atlas Abydos Mine and Arrium’s Southern Iron Project, with experience also working on a number of business transformation projects such as Cockatoo Island Redevelopment, Woodie Manganese Mine development, and Arrium’s redevelopment

• f its Whyalla group of Mines.

Mr Robinson is an experienced Mining Operations and Construction Manager with over 20 years experience.

SLIDE 14

14

Highly Confidential

Section 4

PROJECT UPDATE

SLIDE 15

15

Highly Confidential

PROJECT UPDATE

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Rapid progress – Greenfield site to production March 2017 June 2018

SLIDE 16

16

Highly Confidential

PROJECT UPDATE

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Pilgangoora Stage 1 delivering to timetable and budget

Operations and Maintenance Readiness – Progress

• Power station energised
• Reverse Osmosis (RO) plant commissioned
• 8 mega litre raw water dam on line to supply water to process plant
• High Pressure Grinding Rolls (HPGR) and Dense Media Separation

(DMS) systems complete

• On site laboratory operational and testing first samples
• Commissioning and performance testing of the Crushing Circuit

complete

• Product storage shed in Port Hedland constructed and ready to receive

spodumene concentrate for shipment

• All key processing plant staff recruited – owner operator model
• Steel fabrication complete
• Electrical installation works completed
• 100% of conveyors are in place

$0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 Millions Millions Planned Actual Cummulative Planned Cummulative Actual

Development Capex Profile (A$m)

SLIDE 17

17

Highly Confidential

COMMISSIONING PROGRESS

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Commissioning process progressing to plan

SLIDE 18

18

Highly Confidential

Section 5

FINANCIAL ANALYSIS

SLIDE 19

19

Highly Confidential

2.7x 2.8x 4.3x 7.9x 8.3x 15.7x 18.2x AJM TAW PLS KDR GXY LAC ORE

COMPARABLES ANALYSIS

.

Source: company disclosure. Galaxy production includes only Mt Cattlin (200ktpa SC6). Pilbara and Altura include Stage 2 expansions. Source: Company disclosures.

EV / CY 2020E EBITDA

Adjusted for Stage 2 Volumes

Source: Bloomberg broker consensus. Altura EBITDA assumes mid-point of guidance on previous page (A$139m) adjusted for Stage 2 expansion. Cash and debt per latest reported adjusted for any capital raisings post balance date (ORE, TAW). Share price at close 27 April 2018. Source: Company disclosure. Galaxy multiple does not include Sal de Vida or James Bay

112 65 33 30 28 23 21 18 13 8 PLS AJM NMX GXY ORE TAW KDR BCN LAC NMT 6 8 11 27 37 42 46 59 KDR (Earl Grey) AJM (Stage 1) PLS (Stage 1) ORE (Ph. 2) GXY (SdV) LAC (Olaroz) NMX (Whab.) BCN (Sonora)

Forecast 2020 Run Rate Production (ktpa LCE) Capital Intensity (US$’000 / t Li2O) EV / 2020 Run Rate Production (US$’000/t LCE) EV / CY 2020E EBITDA

8.8 9.8 11.1 12.1 13.6 26.3 27.5 27.6 31.5 AJM PLS NMX TAW NMT ORE KDR GXY LAC

SLIDE 20

20

Highly Confidential

VALUE UPSIDE

CHARGING FORWARD WITH LITHIUM | ASX : AJM

• Stage 2 DFS delivers NPV of A$835m (@10% discount

rate) as at 1 July 2018*

• Material project upside potential through exploration

targets extending asset life on the underexplored 16,000 hectare tenement package (only 600 hectares explored to date)

• Stage 2 DFS based on 34.2Mt Ore Reserve estimate

(excludes latest Ore Reserve estimate upgrade of 41.1Mt)*

• Opportunity for mine life extension via evaluation of

tenement package

Metric Units Stage 2 DFS Case* Pricing Scenario DFS Pricing Asset Life Years 13 NPV (10% discount) A$m 835 Ore Mined kt 34,214 Spodumene Concentrate Produced kt 4,755 LOM EBITDA A$m 2,473

* Refer to ASX Announcements 26 September 2016, 30 April 2018 and 28 May 2018

SLIDE 21

21

Highly Confidential

Section 6

OFFTAKE

SLIDE 22

22

Highly Confidential C h a r g i n g f o r w a r d w i t h L i t h i u m

• 100% owned subsidiary of Shenzhen-listed

Shaanxi J&R Optimum Energy

• Controls significant % Chinese battery market
• Producer of lithium power battery systems for

EV, large EV and static storage

• Customers include Dongfeng Motors, Sunlong

Bus, Dayun Group, FAW Group, Haw Tai Motors

• Producing +100,000 battery sets in 2017
• 2017 production of 5.6GW of batteries, ranking

No.3 in China

• Currently undergoing re-structuring to form

larger New Energy entity covering raw material integration

Lionergy

• 20+ years in Chinese lithium industry with

excellent reputations and connections

• Exploration, mine development, concentrate

sales and distribution

• Li2C03 and LiOH manufacturing and sales,

lithium metal & cathode manufacturing for Li-ion batteries

• Purpose built Li2C03 and LiOH conversion

plant substantially under construction in Ulanqab, Inner Mongolia

• Stage 1 capacity 120ktpa SC6 concentrate
• Stage 2 capacity 240ktpa SC6 concentrate

OFFTAKE PARTNERS

Offtake agreements for a minimum of 200ktpa from Stage 1 for five years

SLIDE 23

23

Highly Confidential C h a r g i n g f o r w a r d w i t h L i t h i u m

SUMMARY OFFTAKE TERMS

Term

• Five years from first shipment to occur after the mining commencement

date

Prices

• Prices to be mutually agreed annually by the Parties, having regard to:
• Spodumene indices (if available)
• Published company prices
• Weighted average price of comparable lithium products shipped from

Australian projects

• Movements in lithium carbonate prices
• Price floor of US$550/t and cap of US$950/t for the first 3 years
• Price adjustment formulas in place if Li2O content is above or below 5.5%

Li2O

Volumes

• Minimum annual contracted volume of 100,000 tonnes for each offtake for

a period of five years (200,000 tonnes minimum in total)

• Until the fifth anniversary of the first shipment, if Altura produces in excess
• f the confirmed annual quantity, then J&R agrees to buy and Altura agrees

to sell that additional product on the same terms as this offtake

Minimum of 200,000 tpa of production contracted for five years, with floor and cap pricing for 3 years Stage 1 - 220ktpa SC6 (circa 30ktpa LCE)

Lionergy Min 100ktpa J&R Optimum Min 100ktpa H2 2018 Lionergy Conversion Plant 120ktpa (Stage 1) H2 2019 Lionergy Conversion Plant 240ktpa (Stage 2)

Stage 2 - 440ktpa SC6 (circa 60ktpa LCE)

Lionergy / J&R Min 200ktpa New Offtake Available* Min 200ktpa H2 2019 Lionergy Conversion Plant 240ktpa (Stage 2) H1 2020 New Supply* 200ktpa (Stage 2)

* New offtake subject to J&R Optimum rights until 31 December 2022

SLIDE 24

24

Highly Confidential

Section 7

REGIONAL EXPLORATION

SLIDE 25

25

Highly Confidential

EXPLORATION TARGETS

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Defined high-impact prospects identified within Altura’s tenement package

SLIDE 26

26

Highly Confidential

NEAR FIELD EXPLORATION POTENTIAL

CHARGING FORWARD WITH LITHIUM | ASX : AJM

• The resource infill drilling and geological model reinterpretation work carried out in

2017 has identified the following potential exploration targets within the M45/1230 and M45/1231 tenements: 1. ‘Southern Ridge Deposit Area’ – located in the southeast corner of the M45/1231 tenement. This area requires infill drilling to improve geological understanding and grade definition. Area drilled in early 2018. 2. ‘H Pit Area’ – located at the southern end of the mining start-up area. A majority

• f this area has not previously been drilled due to access restrictions caused by

the steep slopes. Current mining will reduce the ‘H Pit’ to the 211mRL, which will create a large flat area for drilling. 3. ‘Stage 1 South Area’ – a high grade shoot located at the southern end of the Stage 1 mining area was identified during the recent drilling program. Further infill drilling is recommended in this area. 4. ‘Remainder of Planned Open Pit’ – the recent drilling also identified the need for closely spaced (20m x 20m grid) drilling in the remainder of the main deposit to improve geological understanding and grade definition which will minimise risk prior to future mining activities.

• Altura holds five external exploration tenements including the E45/2287 tenement.

Detailed geological mapping carried out on this tenement in April 2017, identified a target area near the ‘Monster Deposit’ which is located on the neighbouring tenement held by Pilbara Minerals Ltd. Based upon the results of three exploration holes drilled in this area in October 2016 and the mapping data collected this year, further exploration potential exists in this target area.*

Infill drilling opportunities immediately adjacent to production operations offer low-risk reserve upside

* Refer to ASX Announcement 14 December 2017

SLIDE 27

27

Highly Confidential

RECENT RESULTS – SOUTHERN RIDGE

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Strong results from Southern Ridge drilling program supports resource conversion

Hole ID 4m @ 0.50% Li2O from 3-7m 9m @ 2.43% Li2O from 13-22m including 6m @ 2.88% Li2O from 15-21m P18RC0004 21m @ 1.22% Li2O from 37-58m including 8m @ 1.55% Li2O from 49-57m 41m @ 1.20% Li2O from 60-101m including 6m @ 1.44% Li2O from 63-69m including 13m @ 1.93% Li2O from 88-103m 17m @ 1.00% Li2O from 55-72m including 9m @ 1.34% Li2O from 56-65m 7m @ 1.12% Li2O from 75-82m including 13m @ 1.66% Li2O from 92-105m including 17m @ 1.71% Li2O from 117-134m 19m @ 2.05% Li2O from 144-163m including 10m @ 2.52% Li2O from 148-158m 21m @ 2.19% Li2O from 2-23m including 12m @ 2.65% Li2O from 8m 2m @ 1.37% Li2O from 43-45m 7m @ 1.69% Li2O from 51-58m P18RC0019 20m @ 1.29% Li2O from 0-20m including 10m @ 1.60% Li2O from 1m 7m @ 1.10% Li2O from 15-22m 5m @ 1.29% Li2O from 32-37m 2m @ 1.04% Li2O from 57-59m 7m @ 0.92% Li2O from 61-68m including 3m @ 1.58% Li2O from 65m P18RC0003 59m @ 1.34% Li2O from 77-136m P18RC0008 P18RC0006 P18RC0007 Mineralised Intersections P18RC0018 P18RC0021 Hole ID P18RC0024 22m @ 1.68% Li2O from 12-34m including 10m @ 1.76% Li2O from 12m 3m @ 1.34% Li2O from 18-21m 16m @ 1.46% Li2O from 28-44m including 9m @ 2.00% Li2O from 30m P18RC0029 43m @ 1.65% Li2O from 21-64m including 10m @ 2.13% Li2O from 23m including 15m @ 2.14% Li2O from 47m 18m @ 1.40% Li2O from 51-69m including 5m @ 2.68% Li2O from 51m 6m @ 0.79% Li2O from 77-83m 5m @ 1.03% Li2O from 94-99m 6m @ 1.94% Li2O from 113-119m including 3m @ 3.48% Li2O from 113m 12m @ 1.55% Li2O from 85-97m including 4m @ 2.19% Li2O from 85m 16m @ 1.30% Li2O from 101-117m including 7m @ 1.83% Li2O from 104m 4m @ 2.10% Li2O from 60-64m 16m @ 1.15% Li2O from 104-120m including 6m @ 1.48% Li2O from 104m 2m @ 1.02% Li2O from 128-130m 27m @ 1.62% Li2O from 90-117m including 8m @ 2.24% Li2O from 93m 25m @ 1.44% Li2O from 142-167m including 15m @ 1.73% Li2O from 143m 7m @ 1.00% Li2O from 131-138m 5m @ 0.79% Li2O from 139-144m 23m @ 1.14% Li2O from 148-171m including 5m @ 1.61% Li2O from 150m Mineralised Intersections P18RC0025 P18RC0031 P18RC0032 P18RC0033 P18RC0034 P18RC0035

• Numerous shallow and high-grade intersections recorded from a total of 4,654m of RC drilling in 44 holes*
• Impressive results for depth, grade and thickness

* Refer to ASX Announcements 13 March 2018, 10 April 2018 and 28 May 2018

SLIDE 28

28

Highly Confidential

UTARA PROSPECT

C h a r g i n g f o r w a r d w i t h L i t h i u m

High impact prospect located adjacent to Stage 1 and 2 facilities

• The Utara Prospect is located near the Monster Deposit, which is within a neighbouring

tenement held by Pilbara Minerals Ltd. Fractionated, spodumene-bearing pegmatite intrusions were observed and mapped within a section of the E45/2287 tenement. This section of the tenement overlaps into the main pegmatite field known to host Altura’s Pilgangoora Lithium Project (6.5km to the south) that is currently being developed

• The mapping work identified three separate occurrences of spodumene-bearing pegmatite.

One of these has already been drilled, and the other two are untested. Three drill holes were previously drilled by Altura in October 2016 and two of these holes intersected spodumene-bearing pegmatites*

• Exploration reverse circulation or RC drilling on a 50m by 50m staggered grid is planned for

the Utara Prospect in 2018. Holes averaging 50-100m deep and drilled perpendicular to the interpreted pegmatite strike orientations (angled at 60o declination) are planned for this

• prospect. These holes will be geologically logged and the pegmatite intersections will be

sampled and assayed. Pending the RC drilling results a series of twinned diamond core holes will be drilled in this prospect to confirm pegmatite dyke thickness and mineralisation

Hole ID Hole Type Easting Northing RL Dip Azimuth Hole Depth Depth Form Interval Length Li

2O%

Comments PNRC001 RC 698796.91 7675057.35 195.72

• 60

315 58 13 11 1.07

• Incl. 3m @ 1.88

Li2O% from 19m PNRC002 RC 698856.69 7675123.26 189.00

• 60

315 76 44 61 3 2 1.18 1.15

• PNRC003

RC 698888.05 7675089.43 189.26

• 60

315 106

• Pegmatite not

intersected

* Refer to ASX Announcements 14 December 2017

SLIDE 29

29

Highly Confidential

Section 8

LITHIUM MARKET FUNDAMENTALS

SLIDE 30

30

Highly Confidential

DEMAND OUTLOOK

CHARGING FORWARD WITH LITHIUM | ASX : AJM

• Between 2012 and 2017, global lithium demand increased

from 134kt LCE to 229kt LCE, at a CAGR of 11%. CRU forecasts that the rate of growth will accelerate to 18% during 2017-2022, with global lithium demand more than doubling to 526kt LCE

• 93% of the total demand growth will be from battery

applications and electric vehicles (EVs) alone will account for 80% of the total demand growth. By 2022, lithium consumption in EVs will reach 54% of total lithium consumption compared to just 3% in 2012

• Lithium demand from industrial applications and portable

electronics is expected to increase at a relatively slow, but steady, CAGR of 2.8% and 4.8% respectively between 2017 and 2022

Worldwide lithium compounds and metals consumption is expected to achieve an 18% CAGR between 2017 and 2022

Global Lithium Compounds and Metals Demand, 2012-2022 (kt LCE)

134 153 170 188 209 229 296 351 408 463 526 200 400 600 2012A 2013A 2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E Lithium Demand (kt LCE) EVs Glass & Ceramics Other industrial applications Other eTransportation Portable electronics Lubricating Grease Energy storage devices CAGR: 11% CAGR: 18% 22% 28% 20% 8% 12% 9% 1% 54% 14% 10% 8% 7% 4% 3%

Global Lithium Compounds and Metals Demand by End Use

2017A 2022E

Source: CRU estimates from Gangfeng IPO Documentation

SLIDE 31

31

Highly Confidential

DEMAND OUTLOOK

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Market continues to misjudge and revise demand estimates upwards as true extent of EV mega trend becomes apparent

Broker Consensus Pricing Outlook

Source: Broker estimates from SC6 Citi, Bell Potter, Morgan Stanley, Macquarie, Canaccord, Hartleys, Bailieu Holst, CRU Source: Broker Estimates for LCE UBS, Bell Potter, Deutsche Banke, Citi, Bailieu Holst, Canaccord, Cormark Securities, BMO, Roskill, JPM, Eith Capital, Numis, Macquarie, MorganlStanley Hartleys 200 400 600 800 1000 5000 7000 9000 11000 13000 15000 2017 2018 2019 2020 2021 2022 2023 2024 2025 SC6 Price US$/t LCE Price US$/t Broker LCE Forecast Broker SC6 Forecast 200 400 600 800 1000 2017 2018 2019 2020 2021 2022 2023 2024 2025 LCE kt Broker Consensus Demand Broker Consensus Supply Broker Global Surplus

Broker Global Demand and Supply Outlook

Year 2016 Forecast 2017 Forecast % Increase 2016 209 214 2 2020 359 453 26 2025 534 778 46

Deutsche Bank LCE Demand Forecast

In 2017 Deutsche Bank revised its Global LCE demand forecast in 2025 up 46% from its 2016 forecast

SLIDE 32

32

Highly Confidential

Resources by Country, 2017

LITHIUM SUPPLY

CHARGING FORWARD WITH LITHIUM | ASX : AJM

The lithium market is predominantly served by 3 main countries being Australia, Chile and Argentina. Australia is characterised by mined lithium and the Chile and Argentina by

• brines. China has both brines and mined lithium

Two-thirds of the world’s lithium reserves are found in Chile (the world’s largest lithium producer), Bolivia and Argentina, in what is known as the ‘Lithium Triangle’. Bolivia has a number of large lithium salar deposits that have high Mg:Li ratios, making processing and lithium extraction uneconomic. Australia currently has a dominant spodumene presence globally About half of current lithium production stems from Western Australian open pit mines extracting spodumene, and then concentrating the ore via beneficiation (dense media separation, flotation, etc.). The end spodumene concentrate is then sold to converters (essentially in China) to further upgrade the raw concentrate to carbonate and hydroxide end lithium applications (7.5-8 tonnes of acceptable spodumene concentrate is typically required for one tonne of lithium carbonate or hydroxide)

The lithium market is predominantly served by 3 main countries – Australia, Chile and Argentina

Source: Company Reports, Industry Reports, Deutsche Bank

Global Lithium Supply by Country (kt LCE)

23,000 35,000 48,000 60,000 2,000,000 2,700,000 3,200,000 7,500,000 3,000,000 6,000,000 9,000,000 Zimbabwe United States Brazil Portugal Argentina Australia China Chile Reserves in metric tons Country 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Chile 94 107 119 131 137 137 137 137 Australia 159 252 315 336 346 345 345 342 Argentina 37 38 59 83 106 136 153 173 China 37 42 45 47 48 50 50 55 US & Mexico 6 6 6 6 16 21 29 36 Others 13 17 26 31 46 51 66 71 Total (kt LCE) 346 461 570 633 698 739 779 814 % Growth 35% 22% 17% 11% 11% 7% 5% 4%

SLIDE 33

33

Highly Confidential

Section 9

SUMMARY

SLIDE 34

34

Highly Confidential

ALTURA INVESTMENT PROPOSITION

1

• Feeding the lithium supply chain from H2 2018

2

• Stage 1 offtake fully secured until 2022

3

• Robust Stage 2 DFS completed to double production

4

• Southern Ridge delivering exploration success, Utara drilling

planned

5

• Low risk, low cost, long life and attractive valuation based on

forecast production Near-term Production Offtake Secured Expansion Potential Exploration Upside Value Proposition

SLIDE 35

35

Highly Confidential

APPENDICES

SLIDE 36

36

Highly Confidential

PROJECT LOCATION AND INFRASTRUCTURE

CHARGING FORWARD WITH LITHIUM | ASX : AJM

• Altura’s Pilgangoora mine is located

approximately 130km by road from Port Hedland in Western Australia’s north west

• Permanent camp (acquired from Roy Hill) is

located 20 minutes west from Altura’s mine site near the intersection of the Great Northern Highway and Wodgina Access Road

• Well served by transport infrastructure –

connected to Port Hedland by the Great Northern Highway, NW Coastal Highway and Wodgina Access Road

• Port Hedland International Airport offers

daily connections to Perth, and connections to other key Australian capital cities

• Onsite power infrastructure to comprise

dual fuel-capable diesel and gas generators for both stages provided by KPS under a BOO contract

Pilgangoora is located close to established transport and export infrastructure

SLIDE 37

37

Highly Confidential

PORT – EASTERN OPERATIONS

• QUBE has been contracted to handle transport, storage and export logistics for
• Altura. QUBE will export produced spodumene concentrate through the Eastern

Operations facilities at Port Hedland

• The Eastern Operations facilities have historically been used to export copper

concentrate from the Telfer, Nifty and DeGrussa operations

• In April 2018 the DEWR approved the application by the Pilbara Ports Authority

to export up to 610,000 tonnes of spodumene concentrate annually

• Total approved throughput from the Eastern Operations are limited to 1.17Mtpa

(560,000 tonnes of Cu concentrate and 610,000 tonnes of spodumene concentrate)

• Qube owns or operates the majority of load out and storage infrastructure at the

Eastern Operations. Spodumene will be stored at Qube’s new storage shed in Wedgefield (~15km from port)

Equipment Owner Operator 5x Conveyors

(Map: BC01, BC02, BC02A, CV12, CV21)

12 x Conveyors (inc. 2 x mobile)

(Map: BC03, CV01 through CV10, MC01, MC02)

MAFI Truck, Crane, Rotabox attachment Metals X Cu Shed Newcrest Cu Sheds Wedgefield Storage (off site)

Wedgefield Storage Eastern Operations ~15km

SLIDE 38

38

Highly Confidential

CONTRACTORS AND WORKFORCE

• QUBE has been contracted to provide logistics and

transport services for Pilgangoora

• The scope of the work for the contract includes:
• Loading product at Pilgangoora Mine Stockyard.
• Product Transport in side tipping road trains to

Port Hedland.

• Construction and operation of a product

storage shed in Port Hedland.

• Transport to port and ship loading using the

patented RotaboxTM system.

• Truck fleet size expected to be 3 during Stage 1 and

5 following Stage 2 expansion

Camp Services Mining Services Construction & Processing Logistics and Transport

• Swift Networks contracted for an initial 12

month period to provide telecommunications and entertainment at camp

• Cater Care to supply catering services to the

camp

• Security contractor to provide 1 person for

security services on-site

• Five year agreement to provide mining, drilling and

blasting services

• Mobilisation commenced in March 2017
• Workforce expected to be 43 people in June 2018

(Stage 1) and up to 93 people for Stage 2 Key Activities & Services

• Construction of mining infrastructure including the TSF

and ROM Area

• Mine haul roads
• Drill & Blast
• Load and haul production mining of ore and
• verburden
• Up to 60 staff on site during construction

Fleet Details (construction)

• 3 x D10 Dozers, 4 x CAT 785 Dump Trucks, 6 x 777

Dump Trucks, 1 x 85t Excavator, 1 x 14H Grader, 2 x Articulated Dump Trucks, 2 x Drill Rigs onsite Fleet Details (operations)

• Two excavator units (EX2500 and EX1200);
• Up to 6 CAT 785 haul trucks with 2 CAT777 trucks for

ancillary work

• EX1200 used as backup when more movement

capacity is needed

Power

• Kalgoorlie Power Systems (KPS), a subsidiary
• f Pacific Energy will build, own and operate

an 11MW power station on site

• Contract commenced 1 December 2017 and

runs for an initial 5 year period

• Diesel generators which can be converted to

dual fuel to use gas

• Altura has elected to build, own and operate the

processing infrastructure at Pilgangoora.

• 18 mining, 59 processing, 34 maintenance and 5

mine admin staff estimated to be employed by Altura during stage 2 steady state operations

• Civmec was contracted for all concrete, civil, SMP

and EC&I works for the full construction of the processing plant

• DRA completed plant design
• Falck to provide medical and emergency services (2

persons on-site)

• NPJV , a JV between the Njamal Peoples

Benevolent Trust and Pilbara Resource Group contracted to provide 6-15 persons during construction phase

• Terra Firma (subsidiary of The GO2 People)

provided construction services for Mining Operations Centre, which is currently fully

• perational and occupied by Altura and NRW

workforce

Manning expected to peak at 364 during Stage 1 construction and 480 during Stage 2 construction. Steady state circa 250

Laboratory Services

• Exploration drilling services provided by MT Magnet

Drilling, specialising in diamond core and RC drilling

• Four permanent Altura staff dedicated to

exploration

Exploration

• Contract awarded to Intertek and nearing

completion of construction

• 6 people operating Lab from June 2018

SLIDE 39

39

Highly Confidential

PROJECT RESERVES AND RESOURCES

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Material and well-defined reserve position. 81% resource to reserve conversion achieved.

The increased estimate has added a minimum two years life to the project and will be incorporated into the Stage 2 expansion that was the subject of a recent robust Definitive Feasibility Study (see ASX release 30 April 2018). The revised estimate, which followed the completion of a drill program in the Southern Ridge Deposit area, has also increased

• verall

confidence in the project inventory by classification “The resource and reserve upgrade was extremely positive and in line with Altura’s strategy

• f

systematically increasing the resource inventory.” “The exploration and development team have delivered some outstanding results that will not only add confidence to the existing operation but underpin the planned Stage 2 expansion to 440,000 tonnes per annum production.” The material change in the Mineral Resource estimate is a result of the infill and confirmatory drilling improving the geological interpretation of the deposit and significantly reducing the risk associated with the categorisation of Measured and Indicated Resources. This improved confidence has resulted in a conversion

• f 81% of the Mineral Resources to Ore Reserves.

May 2018 Upgrade

Altura Pilgangoora Ore Reserve Estimate (May 2018)

JORC Category Cut-off Li2O% Tonnes (Mt) Li2O% Fe2O3 Li2O Tonnes Proved 0.43% 8.3 1.14% 2.13 94,000 Probable 0.43% 32.8 1.03% 1.90 338,000 Total 0.43% 41.1 1.05% 1.95 432,000

Altura Pilgangoora Mineral Resource Estimate (May 2018)

JORC Category Cut-off Li2O% Tonnes (Mt) Li2O% Fe2O3 Li2O Tonnes Measured 0.40% 8.7 1.12% 2.14 97,000 Indicated 0.40% 38.0 1.00% 1.93 380,000 Measured & Indicated 0.40% 46.7 1.02% 1.97 477,000 Inferred 0.40% 3.8 0.92% 1.96 35,000 Total (Meas, Ind & Inf) 0.40% 50.5 1.01% 1.96 512,000

* Refer to ASX Announcement 28 May 2018

SLIDE 40

40

Highly Confidential

SITE LAYOUT OVERVIEW

CHARGING FORWARD WITH LITHIUM | ASX : AJM

• Layout of mine support infrastructure has been developed using the general

topography of the site and the location of the processing facility to allow ease of access between facilities

• The main access road brings external traffic into the mine and provides access to the

mine operations centre, laboratory, power plant (for fuel deliveries), workshop and product haulage

• Separate site roads will be used for heavy vehicles and light vehicles

Key Non Processing Facilities

• Mine Operations Centre: constructed and currently in use, and appropriately sized

for Stage 2 operations. MOC includes offices, meeting rooms, reception, kitchenette facilities, storage and other items

• Water Treatment: potable water supplied by a water treatment facility located at the

Stage 1 and Stage 2 plants. Waste water is treated via a leach-drain system to the NW of the Stage 2 plant

• Power Plant: Stage 2 will include a duplication of the Stage 1 power facilities (see

Slide 46 for further details)

• Communications: fibre optic connection to accommodation camp, with a microwave

transmitter connecting to site. This is the basis for phone and data connections. Site wide communications are UHF 2-way radio and 2-way digital

• Accommodation Camp: Operational with occupancy of c. 365 persons

Key Changes for Stage 2 Required

• Waste dump and TSF expanded due to extra capacity required – requires movement
• f explosives magazine and entrance road

Several infrastructure items have already been sized for a Stage 2 expansion.

Site Layout – Stage 2 Final Design

SLIDE 41

41

Highly Confidential

MINING OVERVIEW

CHARGING FORWARD WITH LITHIUM | ASX : AJM

* Refer to ASX Announcement 30 April 2018

Method Summary

• Mining is undertaken using conventional bulk mining methods, utilising hydraulic excavators, dump

trucks and drill and blast, coupled to a ROM stockpile. Ore is trucked directly from the blasted faces to the ROM stockpile and fed to the primary crusher using a Front-End Loader (FEL).

Operating Overview

• Stage 1 will see the mining operation on 12 hr shifts working a permanent day shift operation. This

will minimise any dilution as well as reduce the amount of manning needed for the mining operation. With the expansion to Stage 2 additional movement will be required and will result in a night shift being added to the roster.

Processing Through-put

• The Stage 1 and Stage 2 process plants are designed for a 1.54 Mtpa each giving a total throughput

capacity of 3.08Mtpa to produce 440,000tpa of Spodumene concentrate at 6% Li2O *. The maximum planned total material movement, including waste, stockpile reclaim and direct delivery of ore to the ROM ore pad is 15.4 Mtpa. The mining operation will continue for approximately 13 years (excluding life extension)

Overburden

• The organic topsoil component of the overburden will be removed, segregated and stockpiled

separately at designated areas or at a distance to ultimate pit edges for easy rehabilitation of the final WRD slopes.

Final Pit Design

SLIDE 42

42

Highly Confidential

MINING PLAN - OVERVIEW

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Unit Make Number Replacement

Primary Loading Unit Hitachi EX2500 1 Jan 2021 Backup & Support Excavator Hitachi EX1200 1 n.a. Primary Dump truck CAT 785C 6 Jun 2022 Secondary Dump Truck CAT 777 2 n.a. Water truck WT8WH-H 1 n.a. Grader Caterpillar 16-X 1 Jan 2021 Track Dozer CAT D10 1 Jan 2021 Blast hole drill rig Atlas Copco ROC T-45 2 n.a. Front end loader CAT 988 1 n.a.

Mining Equipment Selected – Owned by NRW

Stage Total Ore (Mt) Li2O (%) Waste (Mt) Total Rock (Mt) Strip (W:O) Hill 0.2 1.14 1.4 1.6 7.0x Stage 1 2.9 1.14 7.5 10.4 2.6x Stage 2 2.5 0.99 5.2 7.7 2.1x Stage 3 2.5 1.18 6.7 9.2 2.7x Stage 4 17.7 1.04 52.4 70.1 3.0x Stage 5 7.5 0.98 31.6 39.0 4.2x Stage 6 1.0 0.97 1.4 2.4 1.4x Total Tonnes 34.2 1.04 106.2 140.4 3.1x

• Mining plan involves seven stages, with total ore mined of

34.2Mt and waste of 106.2Mt (strip ratio 3.1x)

• Overall mine production rate indicate that one 250t excavator

will be sufficient to ensure target production is met. A 130t payload truck size is selected to match primary loading equipment

• Support fleet will consist of track dozers, graders, hydraulic

excavators and water truck

• Workforce numbers are expected to increase from 43 in Stage 1

to 94 in Stage 2 (NRW contract workforce estimate)

Physicals by Mine Plan Stage NRW Mining Workforce

Stage 1 vs Stage 2

43 94 Jun-18 Jan-22

Salary Staff Excavator Operators Truck Operators Dozer Operators Other Operators Maintenance Drill & Blast

* Refer to ASX Announcements 30 April 2018

SLIDE 43

43

Highly Confidential

PROCESSING PLANT LAYOUT (Stage 1&2)

The process design is as per Stage1 and is summarised as

• Two stage modular crushing and dry screening

circuit;

• HPGR tertiary crushing to produce a -6mm crushed

product size;

• Dense Media Separation (DMS) on the coarse 6 x

1mm fraction producing a coarse spodumene product;

• Mica removal prior to processing using up-current

classification technology;

• Milling and flotation circuit to produce an on-grade

fine spodumene product; and

• Magnetic separation to remove contamination from

the coarse and fine concentrate.

Duplication of Stage 1 plant provides a low-risk and cost-effective expansion option

SLIDE 44

44

Highly Confidential

PROCESS FLOWSHEET

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Key Components

• Modular Crushing Plant
• Mica Removal & Feed Preparation
• Primary and Secondary DMS
• Milling and Flotation
• Tailings Storage Facility (TSF)

* Refer to ASX Announcement 30 April 2018

SLIDE 45

45

Highly Confidential

METALLURGY – CARBONATE CONVERSION

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Excellent results from conversion testing, with lithium carbonate purity exceeding key benchmarks

Primary LC Refined LC (Low Purity) Refined LC (High Purity) FMC Battery Grade Chinese Battery Grade ppm ppm ppm ppm ppm Al 3 2 2 10 2 As 2 2 2

• B

2 2 2

• Ca

94 2 2 400 25 Cr 2 2 2

• Cs

3 2 2

• Cu

5 5 5 5 2 Fe 8 2 2 5 2 K 25 11 10 5 10 Li 184,271 209,091 231,060

• Mg

16 2 2

• 10

Mn 25 25 25

• 5

Mo 2 2 2

• Na

1,023 175 88 500 20 Ni 5 5 5 6

• P

28 13 16

• Pb

2 2 2 1 5 Rb 25 2 2

• S

804 12 12 334 10 Si 12 12 12

• 40

Sr 25 2 2

• Zn

25 25 25 5

• Cl

25 54 25 100 20 Fe 80 54 40

• Li2CO3 (%)

99.59 99.84 99.97 99.50 >99.9 Element Decrepitation Bake Leach Purification (Stage One) Purification (Stage Two) Softening Ion Exchange (RIP) Evaporation (Concentration) Primary Li2CO3 Precipitation Bicarbonation Ion Exchange Refined Li2CO3 Precipitation EXTRACTION PURIFICATION PRIMARY LC LC REFINING

Conventional Spodumene Processing Flowsheet

Evap.

* Refer to ASX Announcement 16 January 2018

SLIDE 46

46

Highly Confidential

ACCOMMODATION

C h a r g i n g f o r w a r d w i t h L i t h i u m

Well located, equipped and serviced accommodation camp

• The accommodation consists of 365 rooms, with cleared space for a

further 176 rooms if future expansion is required. All central infrastructure at the village is sized for a room capacity of 500 personnel.

• Central facilities contained within the village include:
• Dining room & Kitchen
• Wet Mess & Beer Garden
• Recreation room
• Sports Court
• Golf driving Nets & Putting facility
• Administration centre
• First Aid facility
• Maintenance facility
• The village is strategically located on the Great Northern Highway and on

the Western side of the Turner River meaning that it will not be cut off from a supply or evacuation point of view during the cyclone season. Altura sees a significant strategic advantage in having its accommodation village remote from the Mine site, on the Western side of the Turner River and within easy reach of Port Hedland

SLIDE 47

47

Highly Confidential

POWER PLANT

C h a r g i n g f o r w a r d w i t h L i t h i u m

• KPS were selected as the preferred supplier for the power station

for Stage 1. The power station has been constructed and a contract is in place

• Power generators will have dual fuel capability pending

availability of gas supply

• It is envisaged that KPS will supply the same for Stage 2 and on

the same cost basis

• The Stage 2 power plant will mirror that from Stage 1, and will

consist of:

• 9 x 850kW diesel generators contained within a steel

fabricated engine hall;

• 2 x 850kW diesel generators standby/spare for

redundancy

• 2 x 110kl diesel storage tanks supplying a day tank;
• Oil and station fuel tankage within a bunded area; and
• Electrical distribution via 11kV switchgear, with control

systems to be housed in a separate air conditioned segregated switch room

• Supporting electricals have been designed based on power supply
• f 11kV from the power plant

MCC Designation Transformer Rating Connected Load Operating Load kVA kW kVA kVA 1 Primary Crushing and Screening 1,600 1,161 1,351 683 2 Crushed Ore Storage, HPGR Crushing, Secondary and Tertiary Screening 2,000 1,803 2,066 1,164 3 Flotation and Primary DMS 1,600 1,150 1,392 927 4 Ball Mill n.a. 1,400 1,700 1,366 5 Milling Classification, Flotation and Reagents 2,000 1,699 1,951 1,175 6 Coarse Product & Fines Handling 1,600 1,084 1,266 742 7 Plant Services 1,600 1,100 1,308 632 TOTAL 9,397 11,034 6,689

Power Plant Demand and Designation

BOO contract with an experienced regional power operator

SLIDE 48

48

Highly Confidential

TRANSPORT

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Key Logistics Overview

• Spodumene concentrate will be hauled from

the mine site to the storage facility near Wedgefield by double combination road trains

• Distance from mine site to storage is 127km
• Stage one storage consists of 3 cells

providing 30,000t of capacity, with Stage 2 expected to require at least 5 cells with 50,000t total capacity

• Product is loaded into Qube Rotaboxes for

transport from the storage facility to port using triple combination road trains

• Exports via number 2 berth at Port Hedland

QUBE has been engaged to handle all transport and logistics

MINE SITE TO STORAGE OVERVIEW

Stage 1 & 2 Shipment Size (t) t 35,000 Distance (km) km 32.0 Cycle Time (hrs) hrs 1.0 Delivery Window (hrs) hrs 21.3 Trips Per Day no. 20.0 Tonnes per Trip t 77.3 Fill Efficiency % 0.9 Actual Load t 71.9 Trips per Shipment no. 487.0 Number of Trucks Required no. 6.0 Time to Load Vessel (hrs) hrs 104.2 Stage 1 Stage 2 Round Trip (km) km 254 254 Annual Tonnes t 215,000 430,000 Volume Per Month t 17,917 35,833 Payload (t) t 67 67 Fuel Efficiency % 98.0% 98.0% Actual Load (t) t 66.0 66.0 Daily Demand t 638.0 1,276.0 Daily Trips Required no. 10 19 Trips Per Month no. 272 543 Capability Delivery Window (hrs) hrs 21.3 21.3 Trip Time (hrs) hrs 4.1 4.1 Trips per Day per Truck no. 4.0 4.0 Average Days Per Month days 28 28 Fleet Size (Demand) no. 2.4 4.8 Fleet Size (Actual) no. 3.0 5.0 Redundancy % 19% 3%

STORAGE TO PORT QUBE ROTABOX SYSTEM

SLIDE 49

49

Highly Confidential

PORT HEDLAND AIRPORT

C h a r g i n g f o r w a r d w i t h L i t h i u m

Established international airport with connections to key Australian capital cities.

Port Hedland International Airport is a modern and well-serviced airport that provides a welcoming gateway to the Pilbara and the North West of Australia and a direct link to the world’s largest bulk tonnage export port. With up to 50 commercial flights per week offering direct services to Bali (Sat), Brisbane (Tue) and Perth (daily). The Airport welcomes approximately 350,000 passengers annually. Port Hedland International Airport is also home to International Freight services, Charter and flight training facilities, a dedicated Heliport facility and the region’s Royal Flying Doctor Service. Port Hedland International Airport has two runways and an interconnecting taxiway. The main runway (Runway 14/32) is 2500m long and 45 m wide. It is used for regular passenger transport and is suitable for aircraft up to 100,000kgs (MTOW). The second runway (Runway 18/36) is only for general aviation aircraft limited to 5,700kg (MTOW). It is 1,000m long and 18m wide.

Key Carriers Key Routes

Charter flights only

SLIDE 50

50

Highly Confidential C h a r g i n g f o r w a r d w i t h L i t h i u m

COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Results and the Mineral Resource for the Pilgangoora lithium deposit is based on information compiled by Mr Stephen Barber. Mr Barber is a Member of the Australasian Institute of Mining and Metallurgy. Mr Barber is the Senior Resource Geologist at Altura Mining Limited and has sufficient experience that is relevant to the style of mineralisation under consideration and to the activity of mineral resource estimation to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore

• Reserves. Mr Barber consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to the Ore Reserve for the Pilgangoora lithium deposit is based on information compiled by Mr Quinton de Klerk. Mr de Klerk is a Fellow of the Australasian Institute for Mining and Metallurgy. Mr de Klerk is a Director and Principal Consultant of Cube Consulting Propriety Limited and has sufficient experience that is relevant to the activity of ore reserve estimation to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr de Klerk consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcements on 26 September 2016, 14 December 2017, 13 March 2018, 10 April 2018, 30 April 2018 and 28 May 2018.

CHARGING FORWARD WITH LITHIUM | ASX : AJM

SLIDE 51

51

Highly Confidential

ASX:AJM

CHARGING AHEAD WITH ALTURA LITHIUM