DE VE L OPING AN AUST RAL IAN L IT HIUM BUSINE SS ASX : L - - PowerPoint PPT Presentation

DE VE L OPING AN AUST RAL IAN L IT HIUM BUSINE SS

ASX : L T R |Aug ust 2019

F

• r

war d L

• oking State me nts

T his Pre se nta tio n ma y inc lude sta te me nts tha t c o uld b e de e me d “fo r wa rd-lo o king sta te me nts”. Altho ug h the Co mpa ny b e lie ve s the e xpe c ta tio ns e xpre sse d in suc h fo rwa rd-lo o king sta te me nts a re b a se d o n re a so na b le a ssumptio ns, suc h sta te me nts a re no t g ua ra nte e s o f future pe rfo rma nc e a nd a c tua l re sults o r de ve lo pme nts ma y diffe r ma te ria lly fro m tho se e xpe c te d in the fo r wa rd-lo o king sta te me nts o r no t ta ke pla c e a t a ll.

No offe rto se ll or invitation to buy

T his Pre se nta tio n is no t, a nd sho uld no t b e c o nside re d to , c o nstitute a ny o ffe r to se ll, o r so lic ita tio n o f a n o ffe r to b uy, a ny se c uritie s in L io nto wn Re so urc e s L imite d, a nd no pa rt

• f this Pre se nta tio n fo rms the b a sis o f a ny c o ntra c t o r c o mmitme nt wha tso e ve r with

a ny pe rso n. L io nto wn Re so urc e s L imite d do e s no t a c c e pt a ny lia b ility to a ny pe rso n in re la tio n to the distrib utio n o r po sse ssio n o f this Pre se nta tio n fro m o r in a ny jurisdic tio n.

Disc laime r

Whilst c a re ha s b e e n e xe rc ise d in pre pa ring a nd pre se nting this Pre se nta tio n, to the ma ximum e xte nt pe rmitte d b y la w, L io nto wn Re so urc e s L imite d a nd its re pre se nta tive s:

• ma ke no re pre se nta tio n, wa rra nty o r unde rta king , e xpre ss o r implie d, a s to the

a de q ua c y, a c c ura c y, c o mple te ne ss o r re a so na b le ne ss o f this Pre se nta tio n;

• a c c e pt no re spo nsib ility o r lia b ility a s to the a de q ua c y, a c c ura c y, c o mple te ne ss o r

re a so na b le ne ss o f this Pre se nta tio n; a nd

• a c c e pt no re spo nsib ility fo r a ny e rro rs o r o missio ns fro m this Pre se nta tio n.

Compe te nt Pe r son State me nt

T he I nfo rma tio n in this re po rt tha t re la te s to Mine ra l Re so urc e s fo r the Ka thle e n Va lle y Pro je c t is e xtra c te d fro m the ASX a nno unc e me nt “Ka thle e n Va lle y L ithium Re so urc e jumps 353% to 74.9Mt @ 1.3% L i2O” re le a se d o n the 9th July 2019 whic h is a va ila b le o n www.ltre so urc e s.c o m.a u. T he I nfo rma tio n in this re po rt tha t re la te s to Me ta llurg y fo r the Ka thle e n Va lle y Pro je c t is e xtra c te d fro m the ASX a nno unc e me nt “Hig hly e nc o ura g ing re sults fro m initia l me ta llurg ic a l te st wo rk a t the Ka thle e n Va lle y L ithium-T a nta lum Pro je c t, WA” a nd “Ka thle e n Va lle y L ithium Re so urc e jumps 353% to 74.9Mt @ 1.3% L i2O” re le a se d o n the 12th No ve mb e r 2018 a nd 9th July 2019 re spe c tive ly whic h a re a va ila b le

• n

www.ltre so urc e s.c o m.a u. T he I nfo rma tio n in this re po rt tha t re la te s to the Sc o ping Study fo r the Ka thle e n Va lle y Pro je c t is e xtra c te d fro m the ASX a nno unc e me nt “Ka thle e n Va lle y Sc o ping Study c o nfirms po te ntia l fo r ro b ust ne w WA lithium mine de ve lo pme nt” re le a se d o n the 29th Ja nua ry 2019 whic h is a va ila b le o n www.ltre so urc e s.c o m.a u. T he I nfo rma tio n in this re po rt tha t re la te s to E xplo ra tio n Re sults fo r the Ka thle e n Va lle y Pro je c t is e xtra c te d fro m the ASX a nno unc e me nts “L a te st drilling e xte nds thic k, hig h- g ra de zo ne a t Ka thle e n Va lle y furthe r no rth a s stro ng a ssa y re sults c o ntinue ”, “Spe c ta c ula r inte rc e pt o f 90m @ 1.3% L i2O a t Ka thle e n Va lle y” a nd “Wo rk c o mme nc e s

• n Ka thle e n Va lle y Re so urc e upda te a s drilling c o ntinue s to de live r wide , hig h g ra de

lithium re sults” a nd “F urthe r spe c ta c ula r drill inte rc e pts re turne d fro m K a thle e n Va lle y” re le a se d o n the 9th Ma y 2019, 20th Ma y 2019, 3rd June 2019 a nd 24th June 2019 re spe c tive ly whic h a re a va ila b le o n www.ltre so urc e s.c o m.a u. T he I nfo rma tio n in this pre se nta tio n tha t re la te s to the E xplo ra tio n Re sults fo r the Bulda nia Pro je c t is e xtra c te d fro m the ASX a nno unc e me nts e ntitle d “Mo re stro ng a ssa ys c o nfirm sig nific a nt lithium disc o ve ry a t Bulda nia Pro je c t in WA”, “L io nto wn c o nfirms se c o nd sig nific a nt lithium disc o ve ry in WA with ne w thic k, hig h-g ra de hits a t Bulda nia ”, “Outsta nding ne w drilling re sults c o ntinue to e xpa nd lithium mine ra lisa tio n a t Bulda nia ”, “L io nto wn furthe r e xpa nds pro spe c tive lithium fo o tprint a t Bulda nia in WA’ s So uth-E a ste rn Go ldfie lds”, “L a te st a ssa ys c o nfirm lithium mine ra lisa tio n o ve r >1.3km strike le ng th a t the Bulda nia L ithium Pro je c t in WA”, “L io nto wn e xpa nds lithium fo o tprint a t Bulda nia in WA’ s So uth-E a ste rn Go ldfie lds”, “I nitia l a ssa ys e xte nd mine ra lise d tre nd a t Bulda nia ” a nd “F urthe r thic k lithium inte rc e pts fro m drilling a t Bulda nia ” re le a se d o n the 26th Ma rc h 2018, 19th Se pte mb e r 2018, 1st No ve mb e r 2018, 13th No ve mb e r 2018, 20th No ve mb e r 2018, 14th Ma rc h 2019, 22nd July 2019 a nd 29th July 2019 re spe c tive ly whic h a re a va ila b le o n www.ltre so urc e s.c o m.a u. T he Co mpa ny c o nfirms tha t it is no t a wa re

• f a ny ne w info rma tio n o r da ta tha t

ma te ria lly a ffe c ts the info rma tio n inc lude d in the o rig ina l ma rke t a nno unc e me nts a nd tha t a ll ma te ria l a ssumptio ns a nd te c hnic a l pa ra me te rs unde rpinning the e stima te s in the re le va nt ma rke t a nno unc e me nts c o ntinue to a pply a nd ha ve no t ma te ria lly c ha ng e d. T he c o mpa ny c o nfirms tha t the fo rm a nd c o nte xt in whic h the Co mpe te nt Pe rso n’ s finding s a re pre se nte d ha ve no t b e e n ma te ria lly mo difie d fro m the o rig ina l ma rke t a nno unc e me nts.

I mpo rta nt I nfo rma tio n

2

KALGOORLIE PERTH

Kathle e n Valle y L ithium Pr

• je c t
• We ste rn Austra lia
• Gra nte d Mining L

e a se s

• We ll funde d

L

• w Risk
• E

sta b lishe d mining re g io n

• Mo de rn infra struc ture

L

• c a tio n
• K

a thle e n Va lle y – 5th b ig g e st re so urc e in Austra lia

• 83% M&I

Qua lity

• 100%
• No third pa rty o b lig a tio ns

(e xc luding ro ya ltie s)

Owne rship

• K

a thle e n Va lle y PF S Q4 2019

• Ma ide n MRE

a t Bulda nia Oc t 2019

• E

xplo ra tio n upside

Go ing F

• rwa rd

A Ne xt Ge ne ra tio n L ithium Pro duc e r

Buldania L ithium Pr

• je c t

3

E L E CT RIC CHARGING ST AT IONS IN GE RMANY 2019

T he Undisputa b le Rise o f E le c tric Ve hic le s

“T he r e is no sign of slowing down...by 2040, we e xpe c t 57% of all passe nge r ve hic le sale s, and ove r 30% of the global passe nge r ve hic le fle e t, will be e le c tr ic .”

E L E CT RI C VE HI CL E OUT L OOK , BL OOMBE RG NE F , June 19

“L ithium: T he Ir r e plac e able E le me nt of the E le c tr ic E r a”

VOL K SWAGE N GROUP, Ma rc h 19

“Auto c ompanie s ar e spe nding $225 billion to de ve lop mor e than 200 ne w plug-in ve hic le s thr

• ugh 2023”

WAL L ST RE E T JOURNAL , Aug ust 19

Vo lkswa g e n c o mmit to b uild 22 millio n E V’ s a c ro ss 70 ne w mo de ls b y 2028

(Ma rc h 19)

2010: Just a fe w tho usa nd E

V’ s so ld

2018: +2 millio n so ld 2025: 10 millio n sa le s fo re c a st 2030: 28 millio n sa le s fo re c a st 2040: 56 millio n sa le s fo re c a st

(Blo o mb e rg NE F , June 19)

BMW pla ns to ha ve 25 E V mo de ls in 2023

(June 19)

T

• yo ta ta rg e t to

se ll 5.5millio n E V’ s a ye a r b y 2025

(June 19)

Vo lvo sa ys E V’ s will ma ke up to 50% o f its sa le s b y 2025 (April 18)

BE NCHMARK MI NE RAL F ORE CAST S:

“Glo b a l Ge o po litic s: T he ra c e fo r c le a n a ir…”

1

T a rg e t o f 30% pe ne tra tio n o f e le c tric ve hic le s sa le s b y 2030 Que b e c ta rg e ting 100% ze ro e missio ns b y 2050 CANADA

Global polic y state me nt by gove r nme nts suppor ting E V adoption (Be nc hmar k Mine r al Inte llige nc e – lithium for e c ast May 2019)

2

Pro po sa l to e nd ICE sa le s b y 2035.

Ge r many b y 2030. Co nsid e ra tio ns fo r E

U wid e b a n 2030 NORWAY + NE T HE RL ANDS

3

Pro po sa l to e nd ICE sa le s b y 2040 UK + F RANCE

4

T a rg e t o f 5% pe ne tra tio n o f e le c tric ve hic le sa le s b y 2020. 20% b y 2025. CHINA

5

Pro po sa l to e nd ICE sa le s b y 2030. INDI A

5

T a rg e t o f 30% pe ne tra tio n o f e le c tric ve hic le sa le s b y 2030 BRAZIL

5

KAT HL E E N VAL L E Y L IT HIUM PROJE CT

PERTH

1

JUL Y 2019 RE SOURCE

74.9Mt @ 1.3% L i2O and 140ppm T a 2O 5

83% Me a sure d a nd I ndic a te d 353% inc re a se o n ma ide n 2018 MRE

2

PF S sc he dule d fo r c o mple tio n Q4 2019

3 4

Pro je c t Ove rvie w

Conve ntional mining and pr

• c e ssing

5

Sc o ping Study (Ja nua ry 2019) o n ma ide n MRE c o nfirms po te ntia l fo r sta nda lo ne mining o pe ra tio n

6

T e st wor k c onfir ms ~6% DMS spodume ne c onc e ntr ate – fe asibility-le ve l te st wor k

• ngoing

Re so urc e is o pe n a lo ng strike a nd a t de pth

Kathle e n Valle y L ithium Proje c t

7

A Globally Signific ant L ithium De posit

R e fe r to Appe ndix on Slide 29 for Pe e r Compa rison Informa tion inc luding R e sourc e Cla ssific a tions 8

E a rl Gre y (WE S / SQM / K idma n) Gre e nb ushe s (T a liso n/ T ia nq i) Wo dg ina (Min Re s/ Alb e rma rle ) Mt Ma rio n (Min Re s/ Ga nfe ng ) Mt Ca itlin (Ga la xy) Pilg a ng o o ra (Altura ) Ba ld Hill (Allia nc e ) Wha b o uc hi (Ne ma ska )

0.70 1.20 1.70 2.20 2.70 50 100 150 200 250

L i2O Gr ade % Re sour c e MT Pilg a ng o o ra (Pilb a ra Mine ra ls)

Kathle e n Valle y We ste rn World | Spodume ne Dominant | T

• nne s x Grade | L

i2O Only

Ha rd Ro c k L ithium Ope ra tio ns a nd Adva nc e d Pro je c ts

De ve lopme nt Ope r ating

• 200

400 600 800 1,000 1,200 1,400 1,600

• 100

200 300 400 500 600 K idma n - E a rl Gre y E uro p e a n L ithium - Wo lfsb e rg Pie dmo nt - Pie dmo nt F ro ntie r - PAK Sa va nna h - Mina Do Ba ro sso L io nto wn Re so urc e s - K a thle e n Va lle y Critic a l E le me nts - Ro se Co re L ithium - F innis Sa yo na Mining - Authie r E nte rprise Va lue pe r T

• nne c o nta ine d L

i2O Co nta ine d L i2O (kt)

An Unde rva lue d Re so urc e

R e fe r to Appe ndix on slide 30 a nd 31 for Pe e r Compa rison Informa tion 9

Ha rd Ro c k L ithium De ve lo pe rs

We ste rn World | Spodume ne Dominant

Ha rd Ro c k L ithium De ve lo pe rs

E V / tonne L i2O Attr ibutable Conta ine d L i2O (Kt)

>3x Inc re ase in MRE supports pote ntial for large r pit

Me asur e d Indic ate d Infe r r e d NORT H SOUT H Sc oping Study Pit Conc e ptual E xpande d Pit

10

>3x Inc re ase in MRE supports pote ntial for large r pit

Me asur e d Indic ate d Infe r r e d

11

F

• rwa rd Pla n a nd Sc he dule

06

Me ta llurg ic a l T e stwo rk Optimisa tio n / Mining Studie s Re so urc e Drilling / Upda te d MRE PF S (inc luding initia l Re se rve Sta te me nt Othe r studie s / pe rmitting

MIL E ST ONE

DF S (sub je c t to pe rmitting / a c c e ss)

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2019 2020

12 12

PF S – Pro g re ss to Da te

Wa te r

E nviro nme nt Ge o te c hnic a l

3 x Bor e s

~26,000 sulphur assays & flora / fauna surve ys

Drill Core

• Go o d Qua lity
• Po te ntia l supply o n ML

s

• De wa te ring no t a n issue
• F

a vo ura b le to po g ra phy

• Minima l a c id fo rming ro c ks
• Othe r ta iling s like ly to b e b e nig n
• No ra re o r e nda ng e re d spe c ie s

ide ntifie d

• No pit wa ll sta b ility

issue s ide ntifie d

13

Me ta llurg y a nd F lo wshe e t

Cur r e nt PF S T e st Wor k Re sults

• 6.2% L

i

2O fro m DMS c o nc e ntra te

• 41% L

i

2O re c o ve re d to DMS c o nc e ntra te

• 15% ma ss re je c tio n fro m 2-sta g e DMS
• F

lotation te st wo rk in pro g re ss

Sc oping Study (2018) T e st Wor k Re sults

• 5.9% L

i

2O fro m DMS c o nc e ntra te

• 36% ma ss re je c tio n with two sta g e DMS
• 5.5% L

i

2O fro m flo ta tio n c o nc e ntra te

• Pre d ic te d 79% L

i

2O re c o ve ry

• L
• w iro n (<0.5% F

e 2O 5)

• Pre limina ry T

a 2O 5 c o nc .

High pr ior ity on ge tting me tallur gy and pr

• c e ssing r

ight

14

Sc o ping study pre pa re d b y L yc o po dium Mine ra ls Pty L td

Ja nua r y 2019 Study – He a dline Me tr ic s

NPV(8%, re a l, po st ta x) A$421M (Ra ng e o f A$316 to A$526M) IRR 38% Pa yb a c k <3 ye a rs F re e Ca sh F lo w A$762M Ave ra g e Ca sh F lo w ~A$100M pe r a nnum Pla nt Ca pa c ity 2Mtpa (L i & T a ) Annua l Pro duc tio n ~360kt SC6 L OM SC6 PRICE A$900 (US$650/ t) F OB L OM Ope x ~A$428/ t SC6 Ca pe x ~A$232M

Sc o ping Study o n ma ide n MRE suppo rts po te ntia l to de ve lo p a sta nda lo ne L ithium Mining a nd Pro c e ssing Ope ra tio n

15

~25,000m RC drill pro g ra m c o mple te d H1 2019 T hic k (>45m), hig h g ra de , “fe e de r” zo ne disc o ve re d b y la te st drilling . Mine ra lisa tio n e xte nde d fo r >300m a lo ng strike a nd do wn dip o f o pe n pit indic a te d b y Sc o ping Study Syste m o utc ro ps, e xte nds do wn dip fo r >1km a nd

• ve r >1km strike

Ope n to the NW a nd do wn dip

Re so urc e Upside

48m @ 1.4% Li2O 26m @ 2.0% Li2O 26m @ 1.6% Li2O 52m @ 1.4% Li2O 30m @ 1.6% Li2O 90m @ 1.3% Li2O 51m @ 1.2% Li2O 83m @ 1.5% Li2O 48m @ 1.5% Li2O 74m @ 1.3% Li2O 25m @ 1.4% Li2O 62m @ 1.2% Li2O

Open

Drill Section

43m @ 1.7% Li2O 45m @ 1.7% Li2O 27m @ 1.5% Li2O 34m @ 1.4% Li2O

1 2 3 4 5

KAT HL E E N VAL L E Y DRIL L PL AN

16

L ate st dr illing e xte nds mine r alisation down dip and along str ike

Conceptual open pit based on maiden resource and scoping study Conceptual open pit based on maiden resource and scoping study

13m @ 1.7% Li2O 12m @ 1.4% Li2O 31m @ 1.7% Li2O 8m @ 2.0% Li2O 13m @ 1.6% Li2O 12m @ 1.8% Li2O 24m @ 1.2% Li2O 23m @ 1.0% Li2O 83m @ 1.5% Li2O

17

13m @ 1.9% Li2O

NE SW

Ac tive , we ll se rvic e d mining re g io n ~75Mt @ 1.3% L i2O a nd 140ppm T a 2O 5 Stro ng me dium to lo ng te rm o utlo o k fo r lithium Po sitive Sc o ping Study – PF S pe nding Co nve ntio na l mining a nd pro c e ssing Pro b a b le lo ng life mine F irst wo rld lo c a tio n a nd e xpe rtise E xpe r ie nc e d, we ll-c r e de ntiale d manage me nt te am Go o d e xplo ra tio n upside T he only non-c ommitte d spodume ne r e sour c e in Austr alia

K a thle e n Va lle y I nve stme nt Ca se

18

BUL DANIA L IT HIUM PROJE CT

PERTH

1

Outc ro pping , fre sh, spo dume ne - re la te d mine ra lisa tio n

2 3

Pro je c t Ove rvie w

Mine ra lisa tio n a t Anna e xte nde d to the SE unde r sha llo w c o ve r – strike le ng th >1.4km a nd o pe n Simila r g e o lo g y to the Mt Ma rio n a nd Ba ld Hill lithium de po sits (71Mt a nd 26Mt re spe c tive ly)

4

Go o d infra struc ture – lo c a te d o n E yre Hig hwa y ~30km e a st o f K a lg o o rlie - E spe ra nc e ra ilwa y

5

L io nto wn ha s 100% o f the lithium a nd re la te d me ta l rig hts

6

Pa rt o f la rg e r, 600km 2 stra te g ic la nd ho lding

Bulda nia is L

• c a te d in a

L ithium-Ric h Mine ra l Pro vinc e

Signific ant lithium disc ove ry

Buldania Proje c t

20

L a rg e L ithium (Spo d ume ne ) Mine ra lise d Pe g ma tite De fine d a t the Anna Pro spe c t

Mine r alisation fr e sh fr

• m sur

fac e and ope n along str ike and at de pth

21

13m @ 1.0% Li2O 25m @ 1.2% Li2O

• incl. 5m @

2.0% Li2O 58m @ 1.2% Li2O

• incl. 16m @

1.7% Li2O 39m @ 1.6% Li2O

• incl. 13m @

2.1% Li2O 32m @ 1.1% Li2O

• incl. 9m @

1.3% Li2O 12m @ 1.2% Li2O

• incl. 4m @

1.7% Li2O 30m @ 1.4% Li2O

• incl. 9m @

1.6% Li2O 35m @ 1.2% Li2O

• incl. 18m @

1.7% Li2O 42m @ 1.0% Li2O

• incl. 14m @

1.4% Li2O 29m @ 1.3% Li2O

• incl. 9m @

1.7% Li2O 11m @ 1.4% Li2O

• incl. 3m @

2.0% Li2O 14m @ 1.7% Li2O

• incl. 11m @

2.0% Li2O 25m @ 1.1% Li2O

• incl. 9m @

1.8% Li2O 20m @ 1.1% Li2O

• incl. 14m @

1.3% Li2O 23m @ 1.0% Li2O

• incl. 6m @

1.4% Li2O 15m @ 1.3% Li2O

• incl. 10m @

1.5% Li2O

2019 drill hole Proposed drill hole Previous drill hole

12m @ 1.6% Li2O

• incl. 9m @

1.9% Li2O

F ur the r dr illing in pr

• gr

e ss as pr e c ur sor to maide n Mine r al R e sour c e e stimate

22

Me tallur gic al studie s foc use d on optimising gr ade and r e c ove r ie s

PF S sc he dule d for c omple tion Q4 2019

Catalysts for Continue d Re -Rating

Kathle e n Valle y L ithium Pr

• je c t

E xplor ation dr illing Re gional e xplor ation and disc ove r y dr illing Maide n Mine r al Re sour c e Oc t 2019 Pr e liminar y me tallur gic al te st wor k

Buldania L ithium Pr

• je c t

1 2

23

L e a de rship a nd K e y F ina nc ia ls

Ma na g ing Dire c to r

Da vid Ric ha rds

• +35 ye a rs
• Disc o ve re d multi-

millio n o unc e Ve ra Na nc y Go ld De po sits Cha irma n

T im Go yde r

• +40 ye a rs
• E

xe c utive Cha irma n Cha lic e Go ld Mine s

• Ma jo r Sha re ho lde r

No n-E xe c utive Dire c to r

Cra ig Willia ms

• +40 ye a rs
• F
• unde r a nd CE

O o f E q uino x Mine ra ls

Antho ny Cipria no

• +30 ye a rs
• F
• rme r Se nio r Pa rtne r

a t De lo itte s No n-E xe c utive Dire c to r

Ste ve n Cha dwic k

• +40 ye a rs
• Dire c to r o f

L yc o po dium Mine ra ls No n-E xe c utive Dire c to r

ASX CODE L T R Sha re s o n Issue ~1,689M Ma rke t Ca pita lisa tio n ~$203M (AT 12.0CPS) Ma jo r Sha re ho lde r T im Go yde r~17% T

• p 20 Sha re ho lde rs

~42% Ca sh (a s a t 12-Aug -19) ~A$15.8M (+ ~A$1.4M)*

Co rpo ra te Sna psho t Sha re Pric e – ASX: L T R (AU$)

*An a dditio na l ~A$1.4M will b e a dde d to the c a sh b a la nc e sub je c t to Sha re ho lde r a ppro va l to issue Pla c e me nt Sha re s to the Dire c to rs a t a pric e o f $0.12 pe r Sha re (a s pre vio usly a nno unc e d).

24 $0.00 $0.02 $0.04 $0.06 $0.08 $0.10 $0.12 $0.14 $0.16

APPE NDIX

K a thle e n Va lle y Pro je c t Additio na l I nfo rma tio n

K a thle e n Va lle y Mine ra l Re so urc e E stima te – July 2019

26

Cut-off gr ade (L i2O) Re sour c e Cate gor y Million T

• nne s

L i2O (% ) T a 2O 5 (ppm)

0.5 Me a sure d 17.6 1.3 160 Ind ic a te d 42.2 1.3 140 Infe rre d 10.1 1.1 150

Sub-T

• tal

69.9 1.3 150

0.7 Ind ic a te d 2.5 1.4 120 Infe rre d 2.5 1.3 110

Sub-T

• tal

5.0 1.4 110 T

• tal

74.9 1.3 140

Cut- Off L i2O Ope n pit pote ntia l a bove 200mR L Unde rg round pote ntia l be low 200mR L

Mt L i2O (%) T a 2O 5 Mt L i2O (%) T a 2O 5 0.3 70.2 1.3 150 5.1 1.4 110 0.4 70.1 1.3 150 5.1 1.4 110

0.5 69.9 1.3 150

5.1 1.4 110 0.6 69.3 1.3 150 5.1 1.4 110

0.7

68.1 1.3 150

5.0 1.4 110

0.8 65.6 1.3 150 4.9 1.4 110 0.9 61.8 1.3 150 4.7 1.4 110 1.0 56.4 1.4 150 4.4 1.4 110

Sc o ping Study – K e y Pa ra me te rs And Assumptio ns

Pa r a me te r Ge ne r a l a nd E c onomic

Disc o unt ra te (re a l, po st ta x) 8% Spo dume ne c o nc e ntra te pric e US$650 pe r to nne F OB T a nta lum c o nc e ntra te pric e (c o nta ine d T a 2O 5) US$71 pe r po und F OB

E xc ha ng e r a te – AUD/ USD

0.72

Mining a nd Pr

• duc tion

Ave ra g e L ife -o f-Mine strip ra tio 8.24:1 Pro c e ssing ra te 2Mtpa L ife -o f-Mine Pro duc tio n T a rg e t 15.7Mt o re Ave ra g e L i2O g ra de (dilute d) 1.26% Ave ra g e T a 2O 5 g ra de (dilute d) 154ppm L i2O re c o ve rie s 79% T a 2O 5 re c o ve rie s 50% Spo dume ne c o nc e ntra te g ra de 5.6% T a nta lite c o nc e ntra te g ra de 30% Mo isture c o nte nt o f c o nc e ntra te 13%

Pa r a me te r Cost Assumptions

L OM a ve ra g e o pe n pit mining c o sts ($/ t o re mine d) A$37.72 L OM a ve ra g e pro c e ssing c o st ($/ t o re mille d) A$19.32 L

• g istic s a nd tra nspo rt

($/ t c o nc e ntra te ) A$75.65 Ge ne ra l a nd a dmin ($/ t o re mille d) A$6.01 We ste rn Austra lia Sta te ro ya lty 5% Othe r ro ya ltie s 3% g ro ss sa le s a nd $0.5/ t o re mine d Co rpo ra te ta x ra te 30% E stima te d o pe ning ta x lo sse s a va ila b le A$25M

27

A$M $M

Re ve nue s

2,802

Ope rating c osts

(1,236)

Capital e xpe nditure

• pre -produc tion
• sustaining

(232) (25)

Royaltie s

(232)

Corporate tax

(315)

L ife of Mine Proje c t F re e Cash flow

762

Main Are a Capital (A$M) T re atme nt Plant

82.8

Re age nts & Plant Se rvic e s

9.5

Infrastruc ture – ge ne ral

39.9

Mining

6.1

Contrac tor and Construc tion Indire c ts

18.6

Subtotal

156.9

Manage me nt Costs

20.6

Owne rs Costs

14.4

Subtotal

35.0

Continge nc y

40.3

Proje c t T

• tal

232.2

L ife o f Mine F ina nc ia ls Ca pita l Co sts Summa ry

Sc o ping Study – L

• M F

ina nc ia ls And Ca pita l E xpe nditure

28

Sc o ping Study – Pro duc tio n And Co sts

169 348 351 357 356 372 355 356 149 616 468 552 434 433 377 438 310 191 701 570 660 537 520 468 525 391 293

• 100

200 300 400 500 600 700 800

• 50

100 150 200 250 300 350 400

Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10

Opex (A$t/conc)

• Conc. Production (kt)

Production and Costs

Spodumene Concentrate Production FOB Opex net of Tantalum credits (A$/t) FOB Opex no Tantalum (A$/t)

29

Sc o ping Study – Gra de Pro file s

• 1.20%

1.23% 1.24% 1.26% 1.26% 1.32% 1.26% 1.26% 1.42%

• 133

163 174 169 142 156 142 133 189

• 20

40 60 80 100 120 140 160 180 200

• 0.20%

0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Tantalum Grade (ppm Ta2O5) Lithium Grade (%Li2O)

LOM Lithium and Tantalum Grade Profile

30

Sc o ping Study – Pro duc tio n Cla ssific a tio n

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0.5 1 1.5 2 2.5 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Tonnes (Mt)

Production Classification by Year

Unclassified Inferred Indicated Measured Percentage Inferred

31

Pe e r Co mpa riso n I nfo rma tio n – Mine ra l Re so urc e E stima te s

Compa ny Proje c t Sta g e Me a sure d Mt Indic a te d Mt Infe rre d Mt Globa l MR E Mt MR E Gra de Informa tion Sourc e Pilba ra Mine ra ls

Pilg a ng o o ra Ope ra ting 22.8 112.8 90.4 226 1.3

ASX Anno unc e me nt, 17 Se pt 2018 - http:/ / www.pilb a ra mine ra ls.c o m.a u/ site / PDF / 2235_0/ Pilg a ng o o ra Re se rve a ndRe so urc e Upg ra de

We sfa rme rs / SQM / Kidma n

E a rl Gre y De ve lo pme nt 66 106 17 189 1.5

ASX Anno unc e me nt, 19 Ma rc h 2018 - https:/ / wc se c ure .we b link.c o m.a u/ pdf/ K DR/ 01963105.pdf

T a lison / T ia nqi

Gre e nb ushe s Ope ra ting 0.6 117.9 2.1 120.6 2.4

NI 43-101 T e c hnic a l Re po rt 2012 - http:/ / www.g o lde ndra g o nc a pita l.c o m/ g re e nb ushe s-lithium-mine /

Mine ra l R e sourc e s a nd Albe ma rle

Wo dg ina Ope ra ting 177 59.9 236.9 1.2

ASX Anno unc e me nt, 23 Oc to b e r 2018 http:/ / c lie nts3.we b link.c o m.a u/ pdf/ MI N/ 02037855.pdf

Ga la xy R e sourc e s

Mt Ca ittlin Ope ra ting 2.2 9.9 4.6 16.7 1.28

ASX Anno unc e me nt 23rd Ja n 2019: https:/ / www.a sx.c o m.a u/ a sxpdf/ 2019012 3/ pdf/ 4420zn6jk8tl0q .pdf

Mine ra l R e sourc e s L td a nd Jia ng xi Ga nfe ng

Mt Ma rio n Ope ra ting 22.70 48.7 71.3 1.37

ASX Anno unc e me nt, 28th Oc to b e r: https:/ / www.ne o me ta ls.c o m.a u/ re po rts/ 2018-10-31-1697-MI NMtMa rio .pdf

Altura Mining

Pilg a ng o o ra Ope ra ting 8.7 38 3.8 50.5 1.01

Inve sto r Pre se nta tio n, 21 Ma rc h 2019: https:/ / a ltura mining .c o m/ wp- c o nte nt/ uplo a ds/ 2019/ 03/ 1912571.pdf

Allia nc e Mine ra l Asse ts L td

Ba ld Hill Ope ra ting 14.4 12.1 26.5 1.0

Inve sto r Pre se nta tio n, Ma rc h 2019: http:/ / www.a llia nc e mine ra ls.c o m.a u/ wp

• c o nte nt/ uplo a ds/ 2019/ 03/ 02088109.pdf

Ne ma ska E xplora tion

Wha b o uc hi De ve lo pme nt 17.0 20.6 16.1 53.7 1.45

We b site , 18th June 2019: https:/ / www.ne ma ska lithium.c o m/ e n/ wh a b o uc hi/ lithium-re so urc e s-re se rve s/

32

Pe e r Co mpa riso n I nfo rma tio n – De ve lo pe rs Cha rt

33 Pe e r lithium c ompa ny de posit (De ve lope rs) Sta g e Mt (Attributa ble ) L i2O% E nte rprise Va lue pe r T

• nne

c onta ine d L i2O Ma rke t Ca p ($Am) 17/ 7/ 19 E

• st. Ca sh

($Am) E V ($Am) 17/ 7/ 19 Conta ine d L i2O (kt) (Attributa ble ) Kidma n - E a rl Gre y PF S

94.5 1.50 524 769 25 744 1,417

E urope a n L ithium - Wolfsbe rg PF S

11.0 1.0 410 48 3 45 110

Pie dmont - Pie dmont Sc oping Study

27.9 1.11 281 118 31 87 310

F rontie r - PAK PF S

10.4 1.82 264 52 2 50 189

Sa va nna h - Mina Do Ba rosso Sc oping Study

27.0 1.06 248 85 14 71 286

L iontown R e sourc e s - Ka thle e n Va lle y Sc oping Study

74.9 1.30 202 200 3 197 974

Critic a l E le me nts - R

• se

F S

34.7 0.92 175 60 4 56 320

Core L ithium - F inniss DF S

9.6 1.35 156 32.3 12 20.3 130

Sa yona Mining - Authie r DF S

20.9 1.01 47 12 2 10 211

Pe e r Co mpa riso n I nfo rma tio n – De ve lo pe rs Cha rt

Compa ny Proje c t Sta g e Me a sure d Mt Indic a te d Mt Infe rre d Mt Globa l R e sourc e Mt R e sourc e Gra de Informa tion Sourc e (Attributa ble ) E urope a n L ithium

Wo lfsb e rg De ve lo pe r 2.9 3.4 4.7 11 1

Co rpo ra te Pre se nta tio n, Ma rc h 2019 - https:/ / e uro pe a nlithium.c o m/ wp- c o nte nt/ uplo a ds/ 2019/ 03/ 190322- E uro pe a n-L ithium- Pre se nta tio n_Wide sc re e nF I NAL _Co mpre sse d.pdf

Kidma n

E a rl Gre y De ve lo pe r 33 53 8.5 94.5 1.5

ASX Anno unc e me nt, 19 Ma rc h 2018 - https:/ / wc se c ure .we b link.c o m.a u/ pdf/ K DR/ 01963105.pdf

Sa va nna h

Min Do Ba ro sso e t a l De ve lo pe r 6.6 8.4 12 27 1.06

AIM Anno unc e me nt, 31 Ma y 2019 - https:/ / www.sa va nna hre so urc e s.c o m/ c ms/ wp- c o nte nt/ uplo a ds/ 2019/ 05/ Po rtug a l- Upda te -1.pdf

Pie dmont L ithium

Co re De ve lo pe r 13.9 14 27.9 1.11

ASX Anno unc e me nt, 25 June 2019 - https:/ / d1io 3yo g 0o ux5.c lo udfro nt.ne t/ _a e e 37e d4f1b 7c 04614de a 0a 7b 549e 5c 2/ pi e dmo ntlithium/ db / 336/ 2543/ pdf/ 190625 +-+Re so urc e +Upda te _F ina l.pdf

F rontie r

PAK De ve lo pe r 1.2 7.3 1.9 10.4 1.82

www.fro ntie rlithium.c o m

Critic a l E le me nts

Ro se De ve lo pe r 31.9 2.8 34.7 0.92

NI 43 101 T E CHNI CAL RE PORT NOVE MBE R 29, 2017 - https:/ / www.c e c o rp.c a / wp- c o nte nt/ uplo a ds/ ro se -43- 101_re vise d_no ve mb e r_2017.pdf

Core L ithium

F inniss De ve lo pe r 1.09 1.91 6.6 9.63 1.35

Inve sto r Pre se nta tio n, 21 Ma y 2019 "Be yo nd 10 Millio n T

• nne s" -

https:/ / wc se c ure .we b link.c o m.a u/ pdf/ C XO/ 02107382.pdf

Sa yona

Authie r De ve lo pe r 6.58 10.6 3.76 20.94 1.0

ASX Anno unc e me nt, 24th Se pt 2019, http:/ / sa yo na mining .c o m.a u/ wp/ wp- c o nte nt/ uplo a ds/ 2018/ 09/ ASX24Se p18_ Authie r-Pro je c t-E xpa nde d-JORC-Ore - Re se rve sRe so urc e .pdf

34

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