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Feb 09, 2024 252 likes •535 views

M A RC H 2 0 1 9 A SX : LTR De ve lo ping T wo Qua lity Ha rd Ro c k L ithium De po sits in We ste rn Austra lia L ithium a nd Ba tte ry Me ta ls Co nfe re nc e Pe rth, We ste rn Austra lia 1 I mpo rta nt I nfo rma tio n F or war

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SLIDE 1

1

De ve lo ping T wo Qua lity Ha rd Ro c k L ithium De po sits in We ste rn Austra lia

M A RC H 2 0 1 9 A SX : LTR

L ithium a nd Ba tte ry Me ta ls Co nfe re nc e Pe rth, We ste rn Austra lia

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SLIDE 2

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I mpo rta nt I nfo rma tio n

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 ward-lo o king sta te me nts”. Altho ug h the Co mpa ny be lie ve s the e xpe c ta tio ns e xpre sse d in suc h fo r ward-lo o king sta te me nts a re b a se d o n re a so na ble a ssumptio ns, suc h sta te me nts a re no t g ua rante e s o f future pe rfo rmanc e and a c tual re sults o r de ve lo pme nts ma y diffe r ma te rially fro m tho se e xpe c te d in the fo rwa rd-lo o king sta te me nts o r no t ta ke pla c e a t a ll.

No offe r to 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 an 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 o 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 bility 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 nsibility o r lia bility 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 nsibility 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 Info rma tio n in this re po rt tha t re la te s to the Sc o ping Study fo r the K a 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 “K a 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 ble o n www.ltre so urc e s.c o m.a u. T he Info 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 K a 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 “Ma ide n 21 millio n to nne L ithium-T a nta lum Mine ra l Re so urc e se ts stro ng g ro wth fo unda tio n fo r L io nto wn a t K a thle e n Va lle y” re le a se d o n the 4th Se pte mb e r 2018 whic h is a va ila ble o n www.ltre so urc e s.c o m.a u. T he Info rma tio n in this re po rt tha t re la te s to Me ta llurg y fo r the K a 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 al te st wo rk a t the K a thle e n Va lle y L ithium-T a nta lum Pro je c t, WA” re le a se d o n the 12th No ve mb e r 2018 whic h is a va ila ble o n www.ltre so urc e s.c o m.a u. T he Info rma tio n in this re po rt tha t re la te s to E xplo ra tio n T a rg e ts is e xtra c te d fro m the ASX a nno unc e me nt “Ma jo r re so urc e e xpa nsio n drilling pro g ra m c o mme nc e s a t K a thle e n Va lle y L ithium Pro je c t, WA” re le a se d o n the 29th Ja nua ry 2019 whic h is a va ila ble 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 ssays 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 ant 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 ralisa tio n a t Buldania ”, “L io nto wn furthe r e xpa nds pro spe c tive lithium fo o tprint a t Buldania in WA’ s So uth-E a ste rn Go ldfie lds”, “L a te st a ssa ys c o nfirm lithium mine ralisa tio n o ve r >1.3km strike le ng th a t the Bulda nia L ithium Pro je c t in WA” a nd L io nto wn e xpa nds lithium fo o tprint a t Buldania in WA’ s So uth-E a ste rn Go ldfie lds” re le a se d o n the 26th Ma rc h 2018, 19th Se pte mb e r 2018, 1st No ve mbe r 2018,13th No ve mb e r 2018, 20th No ve mb e r 2018 and 14th Ma rc h 2019 re spe c tive ly whic h are a vaila ble

  • 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 o 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 inal 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 inal ma rke t a nno unc e me nts.

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SLIDE 3

3

Ka thle e n Va lle y L ithium Proje c t

Ma ide n Mine ra l Re so urc e :

21.2Mt @ 1.4% L i2O and 170ppm T a 2O 5

  • 75% Me asure d and Indic ate d
  • L
  • c ate d on grante d mining le ase s
  • Close to e stablishe d infrastruc ture
  • Sc o ping study c o nfirms

po te ntia l fo r a c o mme rc ia lly ro b ust mining o pe ra tio n

  • Re so urc e e xpa nsio n drilling in

pro g re ss a ime d a t sig nific a ntly e xte nding mine life

  • Co mpre he nsive te st wo rk
  • ng o ing to o ptimise g ra de

a nd re c o ve rie s

  • F

e a sib ility studie s sc he dule d fo r c o mple tio n b y Q1 2020

1

Bulda nia L ithium Proje c t

2

L io nto wn’ s se c o nd lithium disc o ve ry:

up to 58m @ 1.2% L i2O in drilling

  • Mine ra lisa tio n c o nfirme d o ve r a

le ng th o f >1.3km a nd re ma ins

  • pe n
  • F

urthe r re so urc e de finitio n drilling to c o mme nc e Q1 2019

  • Ma ide n re so urc e e stima te Q2/ Q3

2019

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

Pr

  • je c ts str

ate gic ally loc ate d in the lithium- r ic h E aste r n Goldfie lds r e gion of We ste r n Austr alia

Both proje c ts are e ithe r wholly-owne d or L iontown has 100% of the re le vant mine ral rights

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SLIDE 4

4

W ESTERN A USTRA LIA

K AT HL E E N VAL L E Y L I T HI UM PROJE CT

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SLIDE 5

5

Sc o ping Study Suppo rts Po te ntia l T

  • De ve lo p A Sta nda lo ne

L ithium Mining a nd Pro c e ssing Ope ra tio n

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

Ba se Ca se 2Mtpa (L i & T a ) NPV(8%, re a l, po st ta x) A$421M

(Ra ng e o f A$316 to A$526M)

I RR 38% Pa yb a c k <3 ye a rs Mine L ife 9 ye a rs Ave ra g e L OM Ope x ~A$428/ t c o nc . (ne t o f T a c re dits) Annua l Pro duc tio n ~360kt c o nc e ntra te L OM Spo dume ne Pric e A$900 (US$650/ t) F OB Ca pe x ~A$232M

Open Pits

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SLIDE 6

6

F ina nc ia l Se nsitivity – Ro b ust Pro je c t

444 449 481 510 518 571 588 398 393 358 331 323 301 253

200 250 300 350 400 450 500 550 600 Ta Recoveries (40-60%) Capital Cost Flex (+/-15%) Li Recoveries (74-84%) Operating Cost Flex (+/-15%) Li Grade Flex (+/-10%) Exchange Rate (AUDUSD$0.80-0.64) Spodumene Base Case Price (US$550-750/t)

NPV (A$M)

Kathleen Valley Project - NPV Sensitivity Analysis (A$M)

A$421M Base Case

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SLIDE 7

7

<3 Ye a r

Pa yba c k Pe r iod

Sc o ping study sug g e sts L ife o f Mine fre e c a sh flo w o f ~A$762M

(400) (200)

  • 200

400 600 800 1,000

Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10

A$ Revenues and Net Cashflows (After Tax)

Revenue A$m Net cashflow after tax A$m Cumulative net cashflow after tax A$m

A$M

Ca sh F lo w Pro file

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SLIDE 8

8

Ca sh F lo w Pe r Ye a r

A$M

  • 300
  • 250
  • 200
  • 150
  • 100
  • 50

50 100 150 200 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10

Net Cashflow After Tax A$M per Year

Sc o ping study sug g e sts a ve ra g e fre e c a sh flo w o f >A$100M pe r ye a r

Y1

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SLIDE 9

9

Re so urc e s a nd Mining

Global r e sour c e 21.2Mt @ 1.4% L i2O and 170ppm T a 2O 5 75% Me asur e d and Indic ate d Sc oping study Pr

  • duc tion

T ar ge t of 15.7Mt @ 1.26% L i2O and 154ppm T a 2O 5 Conve ntional ope n pit mining and pr

  • c e ssing

F avour able loc ation c lose to e stablishe d infr astr uc tur e Ac c e ss to wor ld- c lass e xpe r tise and wor k for c e Ope n pits lar ge ly c onstr aine d by limit of data

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SLIDE 10

10

Me ta llurg y And F lo wshe e t – Pre limina ry T e st Wo rk Co nfirms a Sa le a b le L i2O Co nc e ntra te Ca n Be Pro duc e d

K e y o utc o me s

  • 5.9% L

i2O fro m DMS c o nc .

  • 36% ma ss re je c tio n fro m 2-sta g e DMS
  • 5.5% L

i2O fro m flo ta tio n

  • L
  • w iro n (<0.5% F

e 2O 3)

  • Pre dic te d 79% L

i2O re c o ve ry

  • Pre limina ry T

a 2O 5 c o nc . Pre limina ry re sults uno ptimise d a nd ve ry e nc o ura g ing Additio na l te st wo rk in pro g re ss o n a furthe r 4 to nne s o f sa mple Hig h prio rity pla c e d o n g e tting me ta llurg y rig ht

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SLIDE 11

11

Ne xt Ste ps – Unlo c king F urthe r Va lue

:

  • ~16,000m RC drilling pro g ra m in

pro g re ss

  • T

e sting imme dia te e xte nsio ns o f b lo c k mo de l

  • T

a rg e ting a dditio na l 8.5 – 16Mt @ 1.2 – 1.5% L i2O*

  • Po te ntia l to sig nific a ntly inc re a se mine

life

  • Optimise unit pro c e sse s to pro duc e

6% L i2O c o nc e ntra te

  • Co nfirm ta nta lum re c o ve ry
  • Pro vide sa mple s fo r po te ntia l o ffta ke

pa rtne rs

*T

he po te ntia l g ra de a nd to nna g e o f the e xplo ra tio n ta rg e t re fe rre d to a b o ve is c o nc e ptua l in na ture a nd the re ha s b e e n insuffic ie nt e xplo ra tio n to e stima te a Mine ral Re so urc e . It is unc e rta in if furthe r e xplo ra tio n will re sult in the e stima tio n o f a Mine ral Re so urc e . Se e Appe ndix fo r full e xpla na tio n o f a ssumptio ns use d to e stima te ra ng e s.

Re sour c e Gr

  • wth

Me ta llur g y

KATHLEEN’S CORNER (NW) KATHLEEN’S CORNER (SE) MT MANN

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SLIDE 12

12

De ve lo pme nt Pro duc tio n

2018

2019

Hig h Gra de Compa re d With Most Pe e rs - Plus Pote ntia l to Grow

* Re so urc e s a s a t 24 Ja nua ry 2019 (So urc e d fro m c o mpa ny we b site s)

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SLIDE 13

13

I nve stme nt Ca se

Ac tive , we ll se rvic e d mining re g ion Re sourc e upside – 16,000m RC drilling prog ra m in prog re ss Conve ntiona l mining a nd proc e ssing F urthe r fe a sibility studie s ong oing Robust, hig h g ra de re sourc e Strong foc us on optimising re c ove rie s – furthe r te st work in prog re ss Ve ry e xpe rie nc e d, we ll- c re de ntia le d ma na g e me nt te a m F irst world loc a tion a nd e xpe rtise

Hig hly po sitive fina nc ia l o utc o me s fro m Sc o ping Study - o nly no n-c o mmitte d spo dume ne re so urc e in Austra lia .

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SLIDE 14

14

W ESTERN A USTRA LIA

BUL DANI A L I T HI UM PROJE CT

slide-15
SLIDE 15

15

Outc ro pping , fre sh, spo dume ne -re la te d mine ra lisa tio n 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 >1.3km 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) 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 L io nto wn ha s 100% o f the lithium a nd re la te d me ta l rig hts* Pa rt o f la rg e r, 600km2 stra te g ic la nd ho lding

*Se c ure d via a n a g re e me nt with We stg o ld Re so urc e s whic h ho lds ro ya lty rig hts

Bulda nia I s Stra te g ic a lly L

  • c a te d in a L

ithium-ric h Mine ra l Pro vinc e

Sig nific a nt lithium disc ove ry

T

  • tal land position ~600km 2
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SLIDE 16

16

Mine ra lisa tion fre sh from surfa c e a nd ope n a long strike a nd a t de pth F urthe r de finition drilling pla nne d a s pre c ursor to ma ide n Mine ra l Re sourc e e stima te

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

Drill section

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 29m @ 1.3% Li2O

  • incl. 9m @

1.7% Li2O 32m @ 1.1% Li2O

  • incl. 9m @

1.3% Li2O 22m @ 1.1% Li2O

  • incl. 10m @

1.4% Li2O 11m @ 1.4% Li2O

  • incl. 3m @

2.0% Li2O 14m @ 1.7% Li2O

  • incl. 11m @

2.0% Li2O 10m @ 1.6% Li2O

  • incl. 4m @

2.1% Li2O 30m @ 1.4% Li2O

  • incl. 9m @

1.6% Li2O

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SLIDE 17

17

Drilling E xte nds Mine ra lisa tio n At Anna T

  • So uth E

a st – Syste m Re ma ins Ope n

Anna L

  • ng Se c tion (L
  • oking NE

) NW 39m @ 1.6% Li2O

  • incl. 13m @

2.1% Li2O 29m @ 1.2% Li2O

  • incl. 9m @

1.7% Li2O 10m @ 1.6% Li2O

  • incl. 4m @

2.1% Li2O 32m @ 1.1% Li2O

  • incl. 9m @

1.3% Li2O 58m @ 1.2% Li2O

  • incl. 16m @

1.7% Li2O 25m @ 1.2% Li2O

  • incl. 5m @

2.0% Li2O 13m @ 1.0% Li2O 30m @ 1.4% Li2O

  • incl. 9m @

1.6% Li2O 14m @ 1.7% Li2O

  • incl. 11m @

2.0% Li2O 11m @ 1.4% Li2O

  • incl. 3m @

2.0% Li2O

200m

SE

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SLIDE 18

18

Multiple undrille d spodume ne pe g ma tite s

Bulda nia is Pa rt o f a L a rg e (~600km2) L a nd Po sitio n Hig hly Pro spe c tive F

  • r L

ithium

  • 377km2 a re a lo c a te d 4km to the so uth

a nd a lo ng strike o f the Bulda nia Pro je c t

  • Up to 1.8% L

i2O re c o rde d fro m re c o nna issa nc e ro c k c hip sa mpling

NORCOT TPROJE CT

  • 163km2 a re a lo c a te d imme dia te ly

no rth we st o f the Bulda nia Pro je c t – c o ve rs strike e xte nsio n o f Anna tre nd

  • ~20km strike le ng th o f pro spe c tive

stra tig ra phy

  • Multiple spodume ne - be a ring

pe g ma tite s up to 800m long a nd 20m wide ma ppe d

  • Assa y va lue s up to 3.0% L

i2O

KIL L AL OE PROJE CT

slide-19
SLIDE 19

19

  • +35 ye a rs

e xpe rie nc e

  • Disc o ve re d multi-

millio n o unc e Ve ra Na nc y Go ld De po sits ASX CODE L T R SHARE S ON ISSUE ~1,528M MARK E T CAPIT AL I SAT I ON $33.6M (AT ~2.2CPS) MAJOR SHARE HOL DE R T IM GOYDE R ~18% T OP 20 SHARE HOL DE RS ~50% CASH ~A$7.5M

A Pro ve n, E xpe rie nc e d Bo a rd

T IM GOYDE R Cha irma n DAVID RICHARDS Ma na g ing Dire c tor CRAIG WIL L IAMS Non- E xe c utive Dire c tor ANT HONY CIPRIANO Non- E xe c utive Dire c tor ST E VE CHADWICK Non- E xe c utive Dire c tor

Co rpo ra te Sna psho t

(Pe nding c o mple tio n o f Ca pita l Ra ising a nno unc e d 14-F e b -2019)

  • +40 ye a rs

e xpe rie nc e

  • F
  • unde r a nd CE

O

  • f E

q uino x Mine ra ls

  • +30 ye a rs

e xpe rie nc e

  • F
  • rme r Se nio r

Pa rtne r a t De lo itte s

  • +40 ye a rs

e xpe rie nc e

  • E

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

  • +40 ye a rs

e xpe rie nc e

  • Dire c to r o f

L yc o po dium Mine ra ls

slide-20
SLIDE 20

20

Ca ta lysts fo r Re -Ra ting

Str

  • ng ne ws flow

Ma ide n Mine r a l Re sour c e : Q2/ Q3 2019 Re sour c e Upg r a de : Q1/ Q2 2019 Re g iona l e xplor a tion a nd disc ove r y dr illing Ka thle e n Va lle y L ithium Pr

  • je c t

Bulda nia L ithium Pr

  • je c t

04

05 06

Pr

  • g r

e ssing towa r ds Sc oping Study Me ta llur g ic a l studie s foc use d on optimising g r a de a nd r e c ove r ie s

slide-21
SLIDE 21

21

APPE NDI X

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

slide-22
SLIDE 22

22

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

slide-23
SLIDE 23

23

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

slide-24
SLIDE 24

24

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)

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SLIDE 25

25

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

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SLIDE 26

26

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

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SLIDE 27

27

E xplo ra tio n T a rg e t Pa ra me te rs a nd Assumptio ns

T he g ra de a nd to nna g e ra ng e s re fe rre d to a b o ve a re c o nc e ptua l in na ture a nd the re ha s b e e n insuffic ie nt e xplo ra tio n to e stima te a Mine ra l Re so urc e . It is unc e rta in if furthe r e xplo ra tio n will re sult in the e stima tio n o f a Mine ral Re so urc e .

Par ame te r Mt Mann Kathle e n’s Cor ne r (NW) Kathle e n’s Cor ne r (SE ) Rationale

Combine d strike le ng th of pe g ma tite s

700 – 800m 300 200

Ba se d o n pre vio us drilling a nd e xtra po la tio n o f b lo c k mo de l use d in pre pa ra tio n o f ma ide n Mine ra l Re so urc e E stima te (re le a se d 4th Se pte mb e r 2018) Ave ra g e c umula tive true width

12 – 20m 12 -18m 10 - 15m

Down Dip e xte nt

100 – 125m 250 – 350m 500 - 600m

Spe c ific g ra vity

2.75 2.75 2.75

Me a sure d fro m dia mo nd c o re drilling T

  • ta l tonna g e

2.3 – 5.5Mt 2.5 – 5.2Mt 4.1 – 5.0Mt

Strike x width x dip x S.G Ave ra g e g ra de

1.2 – 1.5% 1.2 – 1.5% 1.2 – 1.5%

Ba se d o n ma ide n Mine ra l Re so urc e E stima te

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SLIDE 28

28 OF F ICE

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