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Rincon Lithium Project Overview

Tim Goldsmith (President and CEO) February 2019

The pathway to long life, low cost, industry changing lithium production

Forward looking statements

Forward Looking Statements This presentation contains forward-looking statements about Rincon Ltd. (“Rincon” or the “Company”) and its lithium project at the Salar del Rincon (“Rincon Project”). Forward looking statements are statements that are not historical facts and are based on certain assumptions relating, but not limited to: resource and reserve estimates, anticipated mining and processing methods for the Rincon Project, anticipated lithium recoveries, production and plant capacity rates, lithium grades, estimated capital costs, operating cash costs and total production costs, construction and supply of the necessary energy required, planned additional processing work and permitting, the timing for construction of phases of the commercial, type of lithium end product, and timing and availability of future funding. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. The forward-looking statements in this presentation are subject to various risks, uncertainties and other factors that could cause the Company’s actual results or achievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include, without limitation, risks related to uncertainty in the demand for lithium and pricing assumptions; uncertainties related to raising sufficient financing to fund the project in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company’s properties; uncertainties involved in the estimation of lithium reserves and resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risks related to the deployment of a new lithium processing technology; risk of accidents, equipment breakdowns and labor disputes or

• ther unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; and risks related to projected

project economics, recovery rates, and estimated NPV and anticipated IRR and other factors. These factors may cause the actual results of Rincon to differ materially from those discussed in the forward-looking statements and there can be no assurance that the actual results or developments anticipated by management will be realized or, even if substantially realized, that they will have the expected results on

• Rincon. Undue importance should not be placed on forward-looking information nor should reliance be placed upon this information. Rincon makes no

representation or warranty, express or implied, as to or endorsement of the accuracy or completeness of any information, statements or representations contained in this presentation. As a private company, Rincon is under no obligation and does not undertake to update this information at any particular time. Qualified Persons The mineral resource estimates, mineral reserve estimates and recovery rates are derived from the Company’s definitive feasibility study on the Rincon project prepared under NI 43-101 dated September 25, 2018 and with an effective date of September 2, 2018 (“2018 DFS”). The 2018 DFS was authored by Qualified Persons Jerry L. Aiken, B.S. Geology, Registered SME, Senior Associate Geologist, SRK Consulting; Terry Braun, P.E., M.S., Principal Consultant, SRK Consulting; Tyler Cluff, P.G. M.S., Senior Hydrogeologist, Piteau Associates; Douglas Collier, Fellow AusIMM, Principal Engineer, ANSTO; Hugh D Thompson, B. Eng. (Mining), FAusIMM, Prudentia Process Consulting; Jeff Osborn, BEng Mining, MMSAQP, Principal Consultant, SRK Consulting. Cautionary Note on Cost Estimations Capex and opex estimates are in accordance with NI 43-101 standards at the time of reporting.

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Company overview

• Rincon Ltd is 100% owned by funds managed by Sentient Equity Partners (SEP)
• Rincon Ltd owns the following assets;
• Rincon Lithium brine project in Argentina
• Natural Soda, Bicarbonate of Soda producer in Colorado, USA
• Turnkey Engineering in Sydney, Australia

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Rincon Lithium project overview – Location

Salta Office

• Located in the Lithium triangle - in the pro-mining province of Salta, Argentina
• Rincon owns 98% of tenements available on productive halitic core of the Salar del Rincon
• Recently completed compliant technical report NI 43-101 in September 2018 with SRK

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Rincon Lithium project overview - Characteristics

Main attributes of Salar del Rincón

• Catchment basin (2,767 km2)
• Alluvial fan (fresh water)
• Salar boundary (435 km2)
• Halitic core (232km2) has excellent transmissivity –

capable of sustaining long term grades of approx. 400 mg/L at volume Infrastructure – well serviced

• Sealed highways
• Railroad
• High voltage power line
• Gas pipeline
• Sufficient water
• Probable Mineral Reserve of ~1.1m tonnes Lithium Carbonate Equivalent (LCE)
• Measured & Indicated Resource of ~3.6 million tonnes LCE & Inferred Resource of~ 4.3 million tonnes LCE

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Rincon Lithium project overview – Direct extraction technology

BASIC FLOW SHEET Raw brine Directly pumped from salar Brine Treatment Up to 76% recovery of Li Removes impurities Precipitation Circuit Precipitates Lithium Compounds Regenerates reagents Carbonation Circuit Produces Lithium Carbonate Rincon has developed with ANSTO Minerals, an Australian Government Science Organisation, proprietary extraction technology which addresses high Mg:Li ratios and medium grade of Lithium in brine (~380mg/L) US$30M spent validating technology and building and operating a demonstration plant at Salar del Rincon 2014: Lithium Compound precipitation circuit built and successfully demonstrated at ANSTO Minerals, Lucas Heights 2015-2016: Membrane nano-filtration circuit trialled and installed at Salar del Rincon 2016-2017: Membrane circuit successfully operated at Salar del Rincon for 18 months, delivering recovery rates of up to 75% (industry standard previously 55%) 2017: Demonstration plant installed at Salar del Rincon and successfully producing battery grade lithium carbonate 2018: Certification of process technology and assumptions by ANSTO Completion of the Definitive Feasibility Study (DFS) & Technical report NI43-101 in September 2018 with SRK 2019: EIS for Commercial Plant approved by Salta’s Mining Authority 6

Demonstration Plant, Salar del Rincon, Argentina

Direct extraction from raw brine in less than 24 hours Consistent quality of battery grade lithium carbonate Opportunity for future expansion to also produce high quality lithium hydroxide Regenerates reagents Unit costs estimated at sub US$3,000/tonne LCE Lower environmental impact - no evaporation ponds

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Rincon Lithium project overview – Key extraction advantages

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Rincon Lithium project overview – Forecast cost curve position

Lithium Cash Cost Curve (US$/t LCE)1

• Rincon LCE units costs forecast sub US$3,000/t
• Production capacity of approximately 28 ktpa LCE p.a.

Rincon’s proprietary extraction technology is forecast to produce LCE at 1st quartile unit costs

Forecast 1st quartile unit costs

Source CIBC

Rincon Lithium project overview – Strong community support

Rincon has successfully engaged with local communities to foster understanding of its corporate

• bjectives and has developed a strong social licence to operate
• Rincon currently employs approximately 120 people across its Salta office and at the Salar del Rincon
• Rincon has been an employer of choice since 2009
• Support for local communities to build businesses around the Rincon operation (catering, transportation etc.)
• Rincon has wide community support
• Good relations and wide support from both the Salta Provincial and Argentine Federal Governments
• Our direct extraction process has a lower environmental impact than traditional evaporation methods

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Rincon Lithium project overview – Investment highlights

Ownership of project 100% Mineral reserve (probable) ~1.1m tonnes of LCE Mineral resource (measured and indicated/inferred) ~3.6m/~4.3m tonnes of LCE Project development to date Demonstration plant commissioned and operational Project documentation stage DFS & Technical report NI 43-101 completed Estimated all in development costs ~US$600m (excluding w/c & on costs) Estimated annual production lithium carbonate Up to 28ktpa of battery grade LCE Estimated unit costs Less than US$3,000/t of LCE Mine life ~30 years Community engagement Strong and welcoming – 120+ employees Sustainability Advantageous extraction method - lower impact

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Rincon Ltd Rincon Ltd. Melbourne Office Level 2 15 – 19 Claremont Street South Yarra VIC Australia 3121 E | info@rinconltd.com W | rinconltd.com

Rincon Ltd Ben McCormick Level 1, Building 10, 658 Church Street Richmond VIC, Australia 3121

Additional information

Resource & Reserve (Full disclosure)

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Table 1 – Mineral Resource Estimate, Recoverable Lithium as Metal, effective September 2, 2018

See appendix for footnotes and additional information

Resource & Reserve (Full disclosure)

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Table 2 - Salar del Rincón Lithium Reserve Estimate, Effective Date September 2, 2018

See appendix for footnotes and additional information

Appendix Resource & Reserve reference

Table 1 – Mineral Resource Estimate, Recoverable Lithium as Metal, effective September 2, 2018

(1) Average specific yield is approximated by the weighted average of individual lithologic specific yield estimates for each stratigraphic unit. Each estimate of specific yield is based on physical testing of representative core samples, short-term (e.g., 1 to 3 days) and/or long-term (30 days) brine extraction tests. (2) Average thickness identified for entire stratigraphic unit, not redefined by depth boundaries of Measured, Indicated, or Inferred Resource. (3) Assigned cut-off grade for the brine process is 200 mg/L. (4) Total brine volume is not equivalent to the total extractable brine volume. Brine extraction via engineered production wells is a function of the hydraulic properties (e.g., conductivity, saturated thickness and continuity) of each stratigraphic unit within the brine resource areas as well as the overall water balance for the hydrogeologic basin. These properties are simulated in a 3-dimensional numerical model which allows estimation of the extractable brine resource as declared in the Mineral Reserve Statement. (5) LCE calculated as a multiple (5.34) of the estimated lithium as metal value. (6) All mineral resources are inclusive of mineral reserves. (7)

• Mr. Jerry Aiken, P.G., R-SME, is an associate of SRK. He is an independent “Qualified Person” for purposes of NI 43-101 and he supervised the preparation of and verified the

above Mineral Resource Estimate, including the underlying sampling, analytical, test and production data. Data was verified by, among other things, multiple site visits and data audits. (8) Mineral Resources which are not Mineral Reserves do not have a demonstrated economic viability as of the date of this Technical Report. (9) Table entries are rounded to reflect the precision of the estimate and differences may occur due to this rounding.

Table 2 - Salar del Rincón Lithium Reserve Estimate, Effective Date September 2, 2018

(1) Estimated by 46% rejection rate of lithium mass during brine beneficiation, and subsequent 60% re-capture of re-infiltrated lithium in reject brine. 54%+(46% x 60%). (2) Recovery estimate provided by Turnkey. (3) In situ recovery factor estimated by drawdown calculated by the dynamic model. High transmissivity and bowl-shaped geometry are conducive to dewatering the unit. (4) In situ recovery factor estimated by drawdown calculated by the dynamic model. Production from black sand units enhance drainage from overlying units. (5) In situ recovery factor estimated according to Houston, 2011. (6) In situ recovery factor estimated by analytical solution for wellfield using BS-Series aquifer parameters. (7) Massive halite unit is defined entirely as an Inferred resource. Production potential from the unit is low, owing to its competent crystalline matrix and low permeability. General a) Assigned cutoff grade of 200 mg/L Li. b) The cut-off grade at which Li extraction is no longer economic is varied based on a number of recovery and cost factors including the geologic formation from which the extraction is occurring, the concentration of deleterious elements such as magnesium in the raw brine, raw brine pumping/processing capacity in the lithium plant and the lithium pricing assumptions. c)

• Mr. Tyler Cluff, P.G., is an employee of Piteau Associates. He is an independent “Qualified Person” for purposes of NI 43-101 and he supervised the preparation of and verified the

above Mineral Reserve figures, including the underlying sampling, analytical, test, and production data. Data was verified by among other things, a site visit. d) Table entries are rounded to reflect the precision of the estimate and differences may occur due to this rounding.

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