ALCHEMY RESOURCES LIMITED — AGM Information 2022

Nov 28, 2022

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Annual General Meeting Presentation November 2022 | ASX:ALY

www.alchemyresources.com.au

DISCLAIMER

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Disclaimer

This presentation has been prepared by Alchemy Resources Limited ( Alchemy or the Company ). This document contains background information about Alchemy current at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

This presentation is for information purposes only. Neither this presentation nor the information in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdictions. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such a jurisdiction.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

To the fullest extent permitted by law, Alchemy and its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Alchemy. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under any applicable law and the ASX Listing Rules, Alchemy does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation of any changes in events, conditions or circumstances on which any such forward looking statement is based.

Competent Person’s Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr James Wilson, who is the Chief Executive Officer of Alchemy Resources Limited and holds shares and options in the Company. Mr Wilson is a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (‘JORC Code 2012’). Mr Wilson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources at the Hermes South Gold Deposit is based on information compiled by Mr Stephen Hyland, a geological consultant working for Superior Gold Inc. Mr Hyland is a Fellow of The Australasian Institute of Mining and Metallurgy, and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (‘JORC Code 2012’). Mr Hyland consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The West Lynn and Summervale estimates were completed by Stephen Godfrey of Resource Evaluation Services, who is a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Godfrey is a Fellow of the Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists, and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (‘JORC Code 2012’). Mr Godfrey consents to the inclusion in this report of the matters based on his information in the form and context in which it appears .

The information in this report that relates to the Mineral Resources at West Lynn is based on information announced to the ASX on 19 February 2019 (West Lynn Ni-Co), 19 June 2019 (Summervale Al2O3) and 31 July 2020 (Hermes South Au). Alchemy confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply.

The information in this report that relates to Karonie Mineral Resources is based on information compiled by Richard Maddocks, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Richard Maddocks is an employee of Auranmore Consulting. Richard Maddocks has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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’. Richard Maddocks consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

1

Investment Snapshot

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Advanced Gold, Base and Battery metals in WA & NSW

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KARONIE, Western Australia (ALY 100%)

• Lithium bearing pegmatites recently discovered

• Dominant land position adjacent to existing mines

BRYAH, Western Australia (ALY 20%)

• Exploration: Sandfire Resources (ASX: SFR)

• Development: Hermes South (TSX-V:SGI)

LACHLAN, New South Wales (ALY 80% / DVP 20%)

• Yellow Mountain – High grade Cu-Au

• West Lynn – Advanced High Purity Alumina, Ni-Co Resources

• Overflow – High grade Au-Pb-Zn in proximity to existing mines

2

Corporate Overview

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CAPITAL STRUCTURE	CAPITAL STRUCTURE
SHARES ON ISSUE	1.17b
MARKET CAP@ 2.7c	$32M
CASH(30/09/2022)	~$1.44m1
ENTERPRISE VALUE	$29M
MAJOR SHAREHOLDERS
NORTHERN STAR RESOURCES	6.6%
BOARD & MANAGEMENT	6.0%
LOWELL RESOURCES FUND	3.9%
TOP 20	41%

BOARD & MANAGEMENT

NON-EXECUTIVE CHAIRMAN

LINDSAY DUDFIELD JAMES WILSON LIZA CARPENE ANTHONY HO CARLY TERZANIDIS

Geologist, +40 years experience, Exec Director Jindalee Resources, NED Energy Met

CHIEF EXECUTIVE OFFICER

Geologist, +20 years experience, formerly analyst for prominent WA broking houses

NON-EXECUTIVE DIRECTOR

Former Company Secretary Northern Star, NED Mincor Resources and RLF Agtech

NON-EXECUTIVE DIRECTOR

Chartered Accountant, NED Australian Agricultural Projects and Mustera Property Group

COMPANY SECRETARY Corporate Advisor, 20 years experience, formerly Manager Corporate Finance for prominent WA broking house

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1 As at 30 September 2022 – Additional $5.5m capital raising completed (before costs) – refer to ALY ASX Announcement 11 October 2022

Western Australia: Gold & Battery Metals Projects

A STRATEGIC POSITION IN A WELL-ENDOWED PRECIOUS METALS BELT

KARONIE – 100% ALY:

• 110km east of Kalgoorlie – 1,196km[2] tenement package

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LAKE REBECCA

• No previous exploration for Lithium

• 111koz Maiden Gold Resource released in September 2021[2]

LAKE REBECCA – 100% ALY:

• 570km[2] land package

KARONIE

• 6km West of Rebecca Project (ASX: RMS)

• 10km East from Carosue Dam operations (ASX: NST)

• Never explored for lithium despite favourable geology

• First pass exploration programs planned

Page 34

2 Refer to Alchemy Resources Limited ASX announcement dated 31 August 2021

Karonie: Lithium

Lithium & pathfinder anomalism identified

• Review of soil sampling data highlighted widespread lithium + pathfinder

• anomalism[3]

• The majority of the Karonie tenure lies adjacent to the prospective

“Goldilocks zone” for LCT bearing pegmatite formation

• The Karonie belt has never been explored for lithium until now

• 8km from Global Lithium (ASX:GL1) “Manna” deposit

• Initial ground truthing at Cherry/Hickory Prospects revealed numerous outcropping pegmatites adjacent to anomalies over 7.3km x 1.5km

• Very high pathfinder anomalism in rockchips[4] :

• Rubidium: 5880ppm (vs background 50ppm)

• Caesium: 221ppm (vs background 3ppm)

• Tantalum: 122ppm (vs background 0.15ppm)

• Tin: 40ppm (vs background 0.75ppm)

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3 Refer to Alchemy ASX announcement dated 22 April 2022 4 Refer to Alchemy ASX announcement dated 27 May 2022

5

Karonie: Lithium

A commanding land position in proximity to existing Lithium deposits

• ALY has majority granted tenure in proximity to Global Lithium (ASX:GL1) Manna Deposit

• Tenure secured on the east, west and

southern extents of the deposit

• 100% owned tenure sits in proximity to the

• Cardunia Granite – a potential “fertile parent granite” for LCT Mineralisation

• Never explored for Lithium

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6

Karonie: Lithium

Cherry & Hickory are “bullseye” drill targets

• Detailed infill soils identify multiple anomalies over 2km x 1.2km high tenor target zone[5]

• Zones remain open under thin surface cover to the North, East, South and West

• Drill Program completed in November 2022

• Multiple follow-up programs planned to test Pecan, Cherry and Mesquite

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5 Refer to Alchemy ASX announcement dated 21 September 2022

Karonie: Lithium

Recent drilling[6]

• Recent drilling outlined significant zones of pegmatites

• Multiple zones of pegmatites intercepted from 1m to 27m downhole (up to 20m true width)

• Assays pending

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Hole HYRC006 160m – 166m showing pegmatite intercept

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Refer to Alchemy ASX announcement dated 14 November 2022

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Karonie: Lithium

Thin alluvial cover masks any outcrop and anomalism

• Drill programs outlined Pegmatites under shallow transported cover

• No geochemical anomaly and no outcrop

• Detailed gravity programs being designed to test under shallow transported cover

• Results should assist in targeting

• Gravity surveys expected to commence in December 2022

• Follow-up exploration programs in early 2023

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Karonie: Lithium

Karonie Regional Exploration

Belt scale lithium prospectivity

• Regional soil geochemistry highlights “belt scale” potential[7]

• New Prospects generated - Red Oak & Alder which show coincident lithium and pathfinder anomalism

• Multiple regional targets to test within 60km area along strike from Cherry/Hickory

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7 Refer to Alchemy ASX announcement dated 13 September 2022

Lake Rebecca

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LAKE REBECCA - (ALY 100%)

• Strategic landholding in a multi-million ounce

• gold corridor

• 6km West of Ramelius (1.2Moz[8] ) Rebecca Project

• & 20km north of BRB (1.7Moz[9] )

• Dominant tenure along the Claypan Shear and

• Keith Kilkenny Fault zone

• Lithium/Gold exploration programs underway

• Heritage agreements completed

• Never assessed for lithium potential until now

8. Refer to Ramelius Resources ASX announcement dated 13 September 2022 9 Refer to Breaker Resources Ltd ASX Announcement 27 October 2022

8 11

Karonie: Gold

A traditional gold province for many decades…

• Adjacent to the SLR:ASX Aldiss Mining Operation (currently operating)

• Maiden 111,100oz Resource released in mid-2021[2]

• 100% owned gold near surface resources at Taupo, KZ5 and Parmelia

• High resolution drone magnetics flown in 2021 outlined numerous targets

• Historic RAB drilling at Karonie East did not penetrate younger cover

• Drill testing discovered mineralisation at Karonie East where previous

• explorers did not

• Further work planned at Challenger, Western Brown and Gilmore in 2023

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12

Bryah Basin Joint Ventures (ALY 20%)

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10 Refer to Alchemy ASX announcement dated 24 February 2015 11 Refer to Alchemy ASX announcement dated 8 May 2019

13

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New South Wales Projects: Cobar Basin & Lachlan Fold Belt (ALY 80%: DVP 20%)

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HIGH QUALITY PROSPECTS:

• MELROSE (IRGS Au-Cu)

• YELLOW MOUNTAIN (Cu-Au porphyry, VMS)

• Land access agreements well advanced

• OVERFLOW (high grade Au + base metals)

• WEST LYNN / SUMMERVALE

• HPA and Nickel Cobalt Resource

• 6.6Mt @ 20.8% Al2O3 (HPA)13

• 21.3Mt @ 0.84% Ni, 0.05% Co[12]

12 Refer to Alchemy Resources Limited ASX announcement dated 19 February 2019 13 Refer to Alchemy Resources Limited ASX announcement dated 19 June 2019

14

New South Wales Projects

• NSW Projects in Joint Venture with Develop Global (ASX:DVP)[14]

• Alchemy 80% interest and operator of JV

• YELLOW MOUNTAIN (High grade Cu-Au) – not drilled since 1986

• MELROSE (IRGS Au-Cu) – Proximal to Mineral Hill Mine

• OVERFLOW (high grade Au + base metals) – Resource within trucking

• distance to existing infrastructure (Hera, Mineral Hill)

• WEST LYNN: Large, easily accessible shallow High Purity Alumina and Nickel Cobalt Resources proximal to major roads and infrastructure.

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14 Refer to Alchemy Resources Limited ASX announcement 18 February 2022

15

NSW Projects – Yellow Mountain Mine Prospect

Extensive historic workings not drilled since 1986

• :

• Historic drilling intercepts[15]

• 52m @ 0.54g/t Au, 0.31% Cu, 35g/t Ag, 1.15% Pb and 1.28% Zn

• 40m @ 0.49g/t Au, 0.34% Cu 29g/t Ag, 1.18% Pb, 1.81% Zn

• Grab samples of 7.15% Cu, 6.4% Pb in mullock stockpiles at

• surface[16]

• Drill testing in 1H 2023 pending access approvals

• Heritage clearance surveys completed

• Land Access Agreements nearing completion

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15 Refer to Alchemy Resources ASX Announcement 9 June 2019 16 Refer to Alchemy Resources ASX Announcement 2 August 2021

16

NSW Projects – Overflow

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OVERFLOW

• 20km north of Yellow Mountain

• Best historic intercepts[17]

• 6m @ 7.6g/t Au, 3.6% Zn, 1.6% Pb

• 10m @ 4.4g/t Au, 3% Zn, 1.3% Pb

• Mineralisation traced over 700m strike

• Open down plunge

• Drill testing planned in CY2023

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17 Refer to Alchemy Resources ASX Announcement 14 December 2020

17

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NSW Projects – WEST LYNN

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WEST LYNN HPA-Ni-Co

• Advanced critical metals

• Positive metallurgical test-work completed in 2019[19]

• HPA Product achieved – requires additional test work

• to achieve 4N quality

• HPA Deposit sits above Ni-Co Resource and could be

mined concurrently

• Strategic Review underway[18]

18 Refer to Alchemy Resources ASX Announcement 10 February 2022 19 Refer to Alchemy Resources ASX Announcement 19 June 2019

18

Indicative Exploration Timeline – strong pipeline of news flow*

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KARONIE(ALY 100%)	Q3 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023
Aircore & RC drilling	Gilmore - Gold		Cherry/Hickory RC Drilling	Follow-	up drilling
Lithium gravity surveys
Lithium Regional soils
BRYAH BASIN JVs(ALY 20%)
Superior Gold JV (Hermes South Exploration)
Sandfire JV Aircore / RC Drilling
COBAR BASIN & LACHLAN FOLD BELT (ALY 80%)
Yellow Mountain Land Access
Yellow Mountain & Melrose Drilling
Overflow Drilling
LAKE REBECCA (ALY 100%)
Tenement Access Agreements
Targeting study / Reconnaissance sampling
Soil Sampling / Aircore Drilling

19

* The indicative timetable is based on ALY’s current intentions and from company announcements regarding Joint Venture interests, is indicative only and is subject to change

Alchemy – Investment Thesis

Enterprise Value ~$29m highly leveraged to exploration success KARONIE / LAKE REBECCA (WA)

LCT Pegmatite Potential – accelerated exploration programs in progress

111koz Au Resource adjacent to existing operations, close to infrastructure and milling

BRYAH BASIN (WA)

SFR & Superior Gold JVs free carried to production

WEST LYNN / SUMMERVALE

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Battery Metals optionality – advanced HPA and Nickel-Cobalt projects in proximity to

infrastructure

LACHLAN / COBAR BASIN (NSW)

Multiple untested high tenor Cu-Au porphyries at Yellow Mountain

Overflow – Hera style high grade gold and base metals

20

Appendix 1: Mineral Resources

Table A: Hermes South Joint Venture Indicated and Inferred Mineral Resource Estimate (compliant with the JORC Code 2012 guidelines)

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Hermes South Tonnes (Mt) Grade (g/t Au) Au (Ounces)
Indicated 1.29 1.7 72,000
Inferred 0.95 1.4 42,000
Total 2.24 1.6 114,000
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Notes:

• Joint Venture resource estimate reported on a 100% basis (Superior Gold 80%, Alchemy Resources 20%).

• Top-cuts were applied to the drill hole composite file prior to grades being interpolated

• A lower cut-off of 0.6 g/t Au was used to report the resource

• All figures rounded to reflect the appropriate level of confidence (apparent differences may occur due to rounding)

• Refer to Alchemy ASX announcement dated 8 May 2019

Table B: West Lynn Project Inferred Ni-Co Mineral Resource Estimate (compliant with the JORC Code 2012 guidelines)

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Deposit Tonnes (Mt) Ni % Co % Al % Fe %
West Lynn 14.7 0.85 0.05 2.4 20.2
Summervale 6.6 0.82 0.04 2.4 19.7
TOTAL 21.3 0.84 0.05 2.4 20
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Notes:

• A lower cut-off of 0.6 g/t Au was used to report the resource

• All figures rounded to reflect the appropriate level of confidence (apparent differences may occur due to rounding)

• Refer to Alchemy Resources Limited ASX announcement dated 19 February 2019

Table C: Summervale Inferred Alumina Mineral Resource Estimate (compliant with the JORC Code 2012 guidelines)

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Deposit Tonnes (Mt) Al2O3% Fe2O3% K2O% Na2O% TiO2% SiO2%
Summervale 6.55 20.8 2.8 1.79 0.43 1.15 64.2
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Notes:

• A lower cut-off of 18% Al2O3 was used to report the resource

• All figures rounded to reflect the appropriate level of confidence (apparent differences may occur due to rounding)

• The grades are not screened/beneficiated figures

• Refer to Alchemy Resources Limited ASX announcement dated 19 June 2019

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Appendix 1: Mineral Resources

Table D: Karonie Project Inferred Resource

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Notes:

• All figures rounded to reflect the appropriate level of confidence (apparent differences may occur due to rounding)

• • Refer to Alchemy ASX announcement dated 31 August 2021

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ENQUIRIES:

CONTACT: JAMES WILSON, CEO

E: james@alchemyresources.com.au

P: 08 9481-4400

W: alchemyresources.com.au