ALTECH BATTERIES LTD — Interim / Quarterly Report 2016

May 1, 2016

Altech Chemicals

Limited

QUARTERLY REPORT March 2016

Quarterly Report March 2016

Altech improves financials of HPA project with BFS update

Altech announced the results of an update to its Bankable Feasibility Study (BFS for the development of a 4,000tpa high purity alumina (HPA) processing plant at Johor, Malaysia.

Results from the BFS were originally announced on 29 June 2015 and since then the Company has worked to further refine the study. Key items of work included optimising the process flow sheet, refining equipment selection and pricing, the critical evaluation of key assumptions and operating parameters and an update of consumables' pricing and sourcing. As previously announced, the BFS review included the kaolin beneficiation plant being located in Malaysia, rather than on-site at Meckering, Western Australia. The updated BFS reports increases to NPV (US$358m[9] from US$326m[10] ); payback (3.7 years from 3.8 years); and IRR (33.3% from 30.3%). Total capex US$78.7m (from US$76.9m), opex per kg of final product at full rate of production US$9.07 (was US$8.14).

The sales price assumption for HPA is unchanged at US$23/kg (US$23,000/t ) foreign exchange rate assumptions USD:AUD 0.70 for capex (previously 0.78 ) and USD:AUD 0.80 for opex (was 0.90 ) . The discount rate applied to cash flows for the 30-year project life is now 9% (was 10% ) , reflecting a lower cost of debt financing due to the Company’s intended application for ~US$40m of German export credit finance from a total project debt estimated at ~US$60m.

Meeting with M+W Group and KfW IPEX-Bank in Stuttgart, Germany

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BFS Update – Key Financials Results	BFS Update – Key Financials Results
4,000tpa HPA Project	US$ (millions)
	Updated BFS	Original BFS
Project Capital Costs	78.7	76.9
Revenuep.a.	92.0	92.0
Operating Costsp.a.	36.3	32.6
EBITDAp.a.	55.7	59.4
Net Present Value(@9.0%)	357.5	326.1(at 10%)
Payback	3.7years	3.8years
IRR	33.3%	30.3%
NPV/Capex Ratio	4.54	4.24
Gross Margin on sales	61%	65%

BFS Update – Assumptions

4,000tpa HPA Project

		Updated BFS	Original BFS
Project Life		30years	30years
Annual HPAproduction(at full rate	)	4,000tpa	4,000tpa
USD:AUD(capex & construction)		0.70	0.78
USD:AUD (operations)		0.80	0.90
HPA Sales Price(per kg)		US$23.00	US$23.00
Discount Rate		9%	10%

Debt funding update HPA project

During the quarter the Company met with KfW IPEX-Bank (KfW) in Stuttgart, Germany to discuss the debt funding for its HPA project. Altech estimates that its proposed HPA project will support ~US$60m of debt. KfW is mandated to provide advisory and structuring services in relation to senior debt funding. Altech has since been working closely with KfW as part of the bank’s comprehensive due diligence process.

With KfW's support, Altech is finalising its formal application under the German export credit insurance guarantee scheme for ~US$40m of project debt. The application amount is based on Altech's estimate of the project capex that qualifies for ECA cover. The additional ~US$20m debt will be at standard commercial terms and interest rates. MD Iggy Tan said that Altech was delighted with the progress of the bank's due diligence. “We have a great banking partner in KfW IPEX-Bank; all things going well, we expect to advance to debt term sheets towards the back-end of this year. In parallel we are working with M+W Group to finalise the detailed design, complete permitting and secure off-take arrangements for the HPA plant's production – all of which will be requirements for debt draw-down”.

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Quarterly Report March 2016

HPA demand growth tied to lithium-ion batteries

Since appointing its inaugural sales and marketing manager (China Mr Martin Ma, Altech has developed a deeper understanding of the fast-growing utilisation of HPA for lithiumion battery separators . Mr Ma met with a number of Chinese battery separator producers during the quarter and a considerable level of interest in Altech's proposed HPA product was shown.

The use of HPA embedded in large format lithium-ion battery separators is growing rapidly. HPA is used to increase the battery's discharge rates; lower self-discharge; and lengthen lifecycles. HPA is also used to increase the separator shrinkage temperature and reduce flammability during thermal runaways. Lithium-ion battery producers are reporting battery usage of ~120g of HPA per kilowatt-hour (kWh).

Based on the information gathered by Mr Ma, combined with published Chinese government data about its targeted growth in electric vehicles (EV's), Altech has forecast potential HPA use by Chinese lithium-ion battery manufactures (refer graph below).

The graph shows a low, middle and high forecast of usage. In the middle case, HPA demand is forecast at about 3,936tpa by 2020, which is roughly the annual production capacity of Altech's proposed Malaysian HPA plant.

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The forecast demand does not consider Korea (currently the world's 2nd largest lithium-ion battery manufacturer), Japan (3rd largest), Taiwan, or Tesla's Gigafactory in the USA.

The global push for EVs and energy storage is underpinning growing demand for lithium-ion batteries. To encourage EV adoption worldwide, government ownership policies and initiatives are being implemented such as the International Energy Agency’s Electric Vehicles Initiative, which aims to have 20 million EVs (including hybrid cars) on the road by 2020. Also, growth in lithium-ion battery demand from the electricity storage (solar energy) market is reportedly expected to exceed 30% p.a.

Altech forecast of Chinese HPA demand used in lithium-ion battery separators

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Quarterly Report March 2016

Altech signs off-take agreement with Mitsubishi for all HPA production

Subsequent to quarter end the Company executed a 10 year offtake sales arrangement (Agreement) with Mitsubishi Corporation’s Australian subsidiary, Mitsubishi Australia Ltd (Mitsubishi) for 100% of the HPA production from the Company’s proposed Malaysian HPA plant. The Agreement appoints Mitsubishi as the exclusive buyer of the full 4,000tpa production capacity and will commence on the date of first shipment of final HPA product. The contracted sale quantities will mirror Altech’s proposed HPA plants’ production ramp up and account for 100% of planned production. Under the Agreement both parties have set specific off-take sales target quantities, which will be at prevailing market prices.

Altech managing director, Mr Iggy Tan said that securing the offtake arrangement with Mitsubishi is an integral step towards securing project financing. “The 10 year off-take arrangement for the sale of 100% of Altech’s HPA production is a significant milestone and a strong vote of confidence in the Company, the HPA project and the team working to bring it to fruition.

“Altech’s 4,000tpa HPA plant will position the Company not only as one of the world’s largest producers of HPA, but also as one of the world’s lowest cost producers”, Mr Tan concluded.

Off-take sales target quantities

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Altech finalises agreement for HPA plant site – Johor, Malaysia

During the quarter the Company finalised a lease agreement with Johor Corporation securing a ~4Ha plot of land in the Tanjung Langsat Industrial Complex, Johor, Malaysia for its proposed HPA processing plant.

The agreement is a 30-year lease with an option to extend for an additional 30 years (standard terms for land in the industrial complex). As previously announced, the Company selected Johor as the location for its proposed HPA plant based on significant economic and developmental benefits, including the ready availability of required consumables such as hydrochloric acid, limestone, quicklime, electrical power and natural gas – all at highly competitive prices. The availability of skilled labour, proximity to an international container port and international airports (Johor Bahru and Singapore) and the various investment incentives on offer were additional benefits.

Feedstock for the HPA plant will be sourced from the Company's 100%-owned kaolin deposit at Meckering, Western Australia. About 41,000tpa of kaolin ore will be shipped via the port of Fremantle, Western Australia to the Tanjung Pelepas container port, Johor, Malaysia. Operating costs for the proposed HPA plant in Malaysia are anticipated to be ~40% lower compared to an equivalent plant in Western Australia. The s hipping of Altech's HPA product from the Tanjung Pelepas container port to nearby Asian markets will provide both cost and delivery time advantages too.

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Tanjung Langsat Industrial Complex, Johor, Malaysia
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Quarterly Report March 2016

M+W Group appointed as EPC contractor

During the quarter Altech appointed M+W Group (M+W) as its engineering, procurement and construction (EPC) contractor for the HPA project; the appointment follows a comprehensive design hand-over meeting held at M+W's Stuttgart headquarters in March 2016.

M+W's appointment marks the formal commencement of the final detailed engineering design phase of the Company's HPA project, in preparation for the commencement of construction. “ We are delighted by the opportunity of being part of this new state - of - the - art chemical facility” said Mr Robert Savarese, Head of M+W Group Global Chemicals Business Development .

With offices in Malaysia and Singapore, M+W will be responsible for the EPC of the Malaysian portion of the Company's HPA project . Assuming the success of Altech's ECA cover application, M+W will play an important role in the management of all equipment and service suppliers as they are highly experienced in managing projects with ECA cover.

Altech's managing director, Iggy Tan said “M+W Group brings vast construction experience and knowledge to the project. With a strong presence in Asia, and specifically Malaysian project construction experience, the use of M+W's local Singapore and Malaysian offices for cost effective construction with detailed design in Germany is a perfect combination for us.”

M+W Group's wafer fab design and construct project for Siltronic Samsung, Singapore

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M+W Group's headquarters in Stuttgart, Germany

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1st Silicon (Malaysia) wafer fab M+W Group design and construct project

Quarterly Report March 2016

Grade-control drilling at Meckering

The Company conducted a grade-control drilling program at its Meckering kaolin deposit during the quarter. The aircore drill program commenced on 31 March 2016 at Altech's 100%-owned tenement E70/3923, which is located over private freehold land approximately 130km east from Perth, Western Australia.

The grade-control drilling program will assist the Company in planning its future Meckering mining operation. The proposed Meckering operation will provide kaolin feedstock for the Company's HPA plant at Johor, Malaysia.

At Meckering, the Company is planning to mine ~120,000t of kaolin every three years on a campaign basis with each campaign lasting two months. The raw kaolin will be stockpiled then containerised into standard shipping containers at the rate of ~41,000tpa and transported to Johor, Malaysia for processing into HPA at the proposed plant.

Drilling samples from Meckering drill program

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Drill holes up to 30m showing extensive kaolin

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Aircore drilling rig at Meckering

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Quarterly Report March 2016

$ 2 m capital raising update

During the quarter the Company raised a total of $2 million: $1.2m via a placement of shares to several professional and sophisticated investors @ 8.6c per share; and $744,000 via a share purchase plan (SPP) with 250 shareholders participating @ 8.6c per share. The funds raised will be applied to finalising the detailed design of Altech’s proposed HPA plant in Malaysia; finalising debt funding for the project; and for general working capital purposes.

Altech managing director, Mr Iggy Tan said, “ T he Company is most appreciative of the strong support shown by our shareholders for the SPP, which follows on from the support of predominantly new shareholders for the share placement. The Company is in ongoing discussions with various other potential investors that were unable to meet the timeline to participate but remain interested to make an investment in Altech", he concluded.

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Kaolin mining rights agreement

During the quarter the Company terminated an agreement with Dana Shipping and Trading S.A. (Dana), which granted Dana the exclusive right to mine up to 10Mt of kaolin from the Company’s 100%-owned Meckering kaolin deposit. The Company subsequently received notice of Dana's legal challenge to its termination of the Mining Rights Deed, as announced 29 March 2016. Altech will continue to keep shareholders informed of any developments.

DJ Carmichael Report

Altech featured in an ‘initial coverage’ research report titled ' Unique opportunity in high-tech chemicals ' by Perthbased stockbroking firm DJ Carmichael, which was released on 26 February 2016. The author of the report is Mr Paul Adams, Head of Research. The report provides a Speculative Buy r ecommendation for the Company and a risked valuation of $0.41 a share.

Schedule of Tenements

As per ASX Listing Rule 5.3.3, the Company held the following tenements (exploration and mining leases) as at 31 March 2016:

Tenement ID	Registered Holder	Location	Project	Grant Date	Interest start ofquarter	Interest end ofquarter
E70/3923	Altech Meckering Pty Ltd	WA Australia	Meckering	30/11/10	100%	100%
EPM18375	Altech Chemicals Ltd	QLDAustralia	Constance Range	27/04/12	100%	100%
E70/4341	Australian Mineral Sands	WA Australia	Beenup	16/01/13	100%	100%
E70/4643	Australian Mineral Sands	WA Australia	SW Titanium	25/03/15	100%	100%
E70/4713	Altech Chemicals Ltd	WA Australia	Southdown	9/06/15	100%	100%
E70/4718	Canning Coal Pty Ltd	WA Australia	Kerrigan	01/12/15	100%	100%
M70/1334	Altech Chemicals Ltd	WA Australia	Meckering		100%	100%
E70/4785	Canning Coal Pty Ltd	WA Australia	Meckering		100%	100%
E70/4786	Canning Coal Pty Ltd	WA Australia	Meckering		100%	100%
E70/4784	Altech Meckering Pty Ltd	WA Australia	Meckering		100%	100%
E70/4781	Canning Coal Pty Ltd	WA Australia	Green Range		100%	0%
E70/4782	Yilgarn Iron PtyLtd	WA Australia	Green Range		100%	0%

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Altech Chemicals

Limited

Company Snapshot

Altech Chemicals Limited (ASX:ATC) ABN 45 125 301 206

FINANCIAL INFORMATION (as at 31 March 2016) Share Price: Shares: Unlisted Options: Performance Rights:* Market Cap: Cash:

$0.092 154m 6.1m 17.2m $14.2m $0.6m

DIRECTORS: LUKE ATKINS LLB Chairman IGGY TAN B.Sc MBA GAICD Managing Director PETER BAILEY B.Sc(Hons) Elect.Eng MIEE C.Eng Non-executive Director DAN TENARDI Non-executive Director PRINCE YA'ACOB BIN TUNKU TAN SRI ABDULLAH Non-executive Director UWE AHRENS Alternate Director SHANE VOLK BBus (ACC) GradDip (ACG) CSA Company Secretary & CFO

ADDRESS: Suite 8, 295 Rokeby Road, Subiaco, Western Australia, 6008 T: +61 8 6168 1555 F: +61 8 6168 1551

*Subject to vesting conditions

Appendix
5B Mining
exploration
entity
and
oil
and
gas
exploration
entity
quarterly
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Rule
5.5

Appendix 5B

Mining exploration entity and oil and
gas exploration entity quarterly
report

Introduced
01/07/96
Origin
Appendix
8
Amended
01/07/97,
01/07/98,
30/09/01,
01/06/10,
17/12/10,
01/05/2013

Name
of
entity

ALTECH CHEMICALS LIMITED
ABN 45 125 301 206	Quarter ended (“current quarter”)
45 125 301 206	31 March 2016

**Consolidated

statement
of
cash
flows**

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other – Research & Development tax incentive Net Operating Cash Flows	Current quarter $A’000	Year to date (9 months) $A’000
	- (19) (523) - (332) - 4 - - -	- (42) (1,418) - (1,032) - 15 - - 851
	(870)	(1,626)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	- - (6) - - - - - -	- - (9) - - - - - -
	(6)	(9)
	(876)	(1,635)

• See
  chapter
  19
  for
  defined
  terms.

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exploration
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1.13 Total operating and investing cash flows (brought forward)	(876)	(1,635)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Net financing cash flows	478 - - - - -	1,661 - - - - -
	478	1,661
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end ofquarter	(398) 999	26 575
	601	601

Payments
to
directors
of
the
entity,
associates
of
the
directors, related
entities
of
the
entity
and
associates
of
the
related
entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		141
		-
1.25	Explanation necessaryfor an understandingof the transactions
	Director remuneration

**Non-­‐cash

financing
and
investing
activities**

• 2.1 Details
  of
  financing
  and
  investing
  transactions
  which
  have
  had
  a
  material
  effect
  on consolidated
  assets
  and
  liabilities
  but
  did
  not
  involve
  cash
  flows

• See
  chapter
  19
  for
  defined
  terms. Appendix
  5B
  Page
  2

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Mining
exploration
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and
oil
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quarterly
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• 2.2 Details
  of
  outlays
  made
  by
  other
  entities
  to
  establish
  or
  increase
  their
  share
  in
  projects
  in which
  the
  reporting
  entity
  has
  an
  interest

**Financing

facilities
available**

Add
notes
as
necessary
for
an
understanding
of
the
position.

• 3.1 Loan
  facilities 3.2 Credit
  standby arrangements

	Amount available	Amount used
	$A’000	$A’000

**Estimated

cash
outflows
for
next
quarter**

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	10
	600
	-
	340
Total	940

**Reconciliation

of
cash**

Total Reconciliation of cash		940
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other –Security Deposit (Exploration Tenement)	598	996
	-	-
	-	-
	3	3
Total: cash at end of quarter(item 1.22)	601	999

• See
  chapter
  19
  for
  defined
  terms.

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oil
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**Changes

in
interests
in
mining
tenements
and
petroleum
tenements**

Tenement reference and location Nature of interest (note (2)) Interest at beginning of quarter Interest at end of quarter 6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements and petroleum tenements acquired or increased Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates.	Tenement reference and location Nature of interest (note (2)) Interest at beginning of quarter Interest at end of quarter 6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements and petroleum tenements acquired or increased Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates.	Tenement reference and location	Tenement reference and location	Nature of interest (note (2))	Nature of interest (note (2))	Interest at beginning of quarter	Interest at beginning of quarter	Interest at end of quarter
	Total number		Number quoted		Issue price per security (see note3) (cents)		Amount paid up per security (see note3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	154,365,782		154,365,782
	3,700,000		3,700,000		1,950,000 at nil per share (vest of employee perf. rights) 1,750,000 at nil per share (vest of director perf. rights)		Fully paid Fully paid
7.5 +Convertible debt securities (description)

• See
  chapter
  19
  for
  defined
  terms.

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7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor) Performance Rights (employees & directors) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	2,500,000 1,000,000 1,000,000 1,000,000 600,000 17,300,000	- - - - - -		Exerciseprice $0.10 $0.20 $0.25 $0.30 $0.20 nil	Expirydate 30-June-2016 18-Dec-2017 18-Dec-2017 18-Dec-2017 31-Jan-2017
	1,950,000 1,750,000	1,950,000 1,750,000		nil nil	4-01-2016 18-03-2016
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

Compliance statement

• 1 This
  statement
  has
  been
  prepared
  under
  accounting
  policies
  which
  comply
  with accounting
  standards
  as
  defined
  in
  the
  Corporations
  Act or
  other
  standards acceptable
  to
  ASX
  (see
  note
  5).

• 2 This
  statement
  does
  / ~~does not~~ * (delete
  one) give
  a
  true
  and
  fair
  view
  of
  the matters
  disclosed.

29
April
2016 Sign
here: ............................................................
Date:
............................ ~~(Director/~~ Company
Secretary) Shane
Volk Print
name: .........................................................

• See
  chapter
  19
  for
  defined
  terms.

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exploration
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exploration
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quarterly
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Notes

• 1 The
  quarterly
  report
  provides
  a
  basis
  for
  informing
  the
  market
  how
  the
  entity’s activities
  have
  been
  financed
  for
  the
  past
  quarter
  and
  the
  effect
  on
  its
  cash position.
  An
  entity
  wanting
  to
  disclose
  additional
  information
  is
  encouraged
  to do
  so,
  in
  a
  note
  or
  notes
  attached
  to
  this
  report.

• 2 The
  “Nature
  of
  interest”
  (items
  6.1
  and
  6.2)
  includes
  options
  in
  respect
  of interests
  in
  mining
  tenements
  and
  petroleum
  tenements
  acquired,
  exercised
  or lapsed
  during
  the
  reporting
  period.
  If
  the
  entity
  is
  involved
  in
  a
  joint
  venture agreement
  and
  there
  are
  conditions
  precedent
  which
  will
  change
  its
  percentage interest
  in
  a
  mining
  tenement
  or
  petroleum
  tenement,
  it
  should
  disclose
  the change
  of
  percentage
  interest
  and
  conditions
  precedent
  in
  the
  list
  required
  for items
  6.1
  and
  6.2.

• 3 Issued
  and
  quoted
  securities The
  issue
  price
  and
  amount
  paid
  up
  is
  not required
  in
  items
  7.1
  and
  7.3
  for
  fully
  paid
  securities .

• 4 The
  definitions
  in,
  and
  provisions
  of, AASB
  6:
  Exploration
  for
  and
  Evaluation
  of Mineral
  Resources and AASB
  107:
  Statement
  of
  Cash
  Flows apply
  to
  this
  report.

• 5 Accounting
  Standards ASX
  will
  accept,
  for
  example,
  the
  use
  of
  International Financial
  Reporting
  Standards
  for
  foreign
  entities.
  If
  the
  standards
  used
  do
  not address
  a
  topic,
  the
  Australian
  standard
  on
  that
  topic
  (if
  any)
  must
  be
  complied with.

==
==
==
==
==

• See
  chapter
  19
  for
  defined
  terms. Appendix
  5B
  Page
  6

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