ASKARI METALS LIMITED

ASX Release 29 September 2022

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Askari Metals Limited Presentation at Singapore Mining Day

Askari Metals Limited (ASX: AS2) (“Askari Metals” or “Company”), an Australian based exploration company with a portfolio of battery metals (Li +Cu + REE) and precious metals (Au + Ag) projects across Western Australia, Northern Territory and New South Wales, is pleased to announce that the Company will be presenting at the Singapore Mining Day conference to be held in Singapore on Friday, 30 September 2022.

The Company will be presenting its Yarrie Lithium Project, Myrnas Hill Lithium Project, Barrow Creek Lithium Project and Red Peak Pegmatite Project.

A copy of the presentation is attached overleaf.

ENDS

For further information, contact:

Gino D’Anna Director M +61 400 408 878 [email protected]

Rod North, Managing Director Bourse Communications Pty Ltd M: +61 408 670 706 [email protected]

Johan Lambrechts Vice President – Exploration and Geology M +61 431 477 145 [email protected]

About Askari Metals Limited

Askari Metals was incorporated for the primary purpose of acquiring, exploring and developing a portfolio of high-grade battery (Li + Cu) and precious (Au + Ag) metal projects across Western Australia, Northern Territory and New South Wales. The Company has assembled an attractive portfolio of lithium, copper, gold and copper-gold exploration/mineral resource development projects in Western Australia, Northern Territory and New South Wales.

For more information please visit: www.askarimetals.com

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Caution Regarding Forward-Looking Information

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This document contains forward-looking statements concerning Askari Metals Limited. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.

Forward looking statements in this document are based on the Company’s beliefs, opinions and estimates of Askari Metals Limited as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

** This announcement is authorised by the executive board on behalf of the Company **

Askari Metals Limited ACN 646 034 460 I 17 Lacey Street, Perth WA 6000 I www.askarimetals.com

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Lithium and REE Exploration Northern Territory and Western Australia Clean Energy for the Future September2022

Disclaimer

This presentation has been prepared and issued by Askari Metals Limited (the “Company") to inform interested parties about the Company and its progress. The material contained in this presentation sets out general background information on the Company and its activities. It does not constitute or contain an offer or invitation to subscribe for or purchase any securities in the Company nor does it constitute an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for or purchase securities in the Company will be entered into on the basis of this presentation.

The information supplied is in summary form and does not purport to be complete. The Company, its directors, officers, employees, agents, affiliates and advisers have not verified the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent permitted by law, the Company makes no representation and gives no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this presentation.

You should neither act nor refrain from acting in reliance on this presentation material. This overview of the Company does not purport to contain all information that its recipients may require in order to make an informed assessment of the Company's prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy, and completeness of the information, statements and opinions contained in this presentation and when making any decision in relation to this presentation or the Company. The information in this presentation does not take into account the objectives, financial situations or needs of any particular individual. you should consider seeking independent professional advice based on your own objectives. To the extent permitted by law the Company, its directors, officers, employees, agents, affiliates and advisers exclude any and all liability (including, without limitation, in respect of direct, indirect or consequential loss or damage or loss or damage arising out of negligence) arising as a result of the use of anything contained in or omitted from this presentation.

All statements, other than statements of historical fact, included in the presentation, including without limitation, statements regarding forecast cash flows, future expansion plans and development objectives of the Company are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they involve subjective judgement, assumptions and analysis and are subject to significant risks, uncertainties and other factors, many of which are outside the control or, and are unknown to the Company. Accordingly, there can be no assurance that such statements or expectations will prove to be accurate and actual results and future events may differ materially from those anticipated or described in this presentation. Historic information is not an indication or representation about the future activities of the Company.

The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any information contained in this presentation reflect any change in expectations, events, conditions or circumstances on which that information is based.

This presentation is provided on a strictly private and confidential basis, to be used solely by the recipient. Neither this presentation nor any of its contents may be reproduced or used for any other purpose without the prior written consent of the Company. In accepting this presentation, the recipient agrees that it is provided solely for its use in connection with providing background information on the Company and that it is not used for any other purpose.

Competent Persons’ Statement

The information in this report that relates to Exploration Targets, Exploration Results or Mineral Resources is based on information compiled by Johan Lambrechts, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr. Lambrechts is a full-time employee of Askari Metals Limited, who 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. Mr. Lambrechts consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 2

Cor orate Sna shot p p

Shares on issue and market capitalisation
Shares on issue (ASX: AS2) (incl. escrowed holdings)	50,495,025
Share Price (as at 28 September 2022)	A$0.30
Market Cap (undiluted)	A$15.0 million
Other securities
Listed Options (ASX: AS2O)	12,579,567
Unlisted Options (various ex. prices)	3,161,250
Performance Rights	8,890,000


	Top shareholders
	10 Bolivianos Pty Ltd (entity controlled by Niv Dagan)	12.58%
	Mr Gino D’Anna	10.02%
	Top 20 Shareholders (Total)	49.30%

Other capitalisation metrics (as at 28 September 2022)	Other capitalisation metrics (as at 28 September 2022)
Cash (as at 30 June 2022)	A$4.4	million
Enterprise Value	A$10.6	million
Debt		Nil

	Board and Management
Robert Downey	Non-Executive Chairman
Gino D’Anna	Executive Director
Chris Evans	Lithium Technical Director
Johan Lambrechts	VP Geology and Exploration
Tsogo Amartavian	Exploration Manager
Paul Fromson	CFO and Company Secretary

Why? Askari Metals Limited

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▪ ▪ Committed to Australian focused developing its battery metals (Li + projects and REE) explorer – managing the leveraged to Company with strong global core ESG principles outlook for key in mind metals ▪ ▪ Strong framework Australia offers a for low-risk environmentally jurisdiction in a sustainable well regulated exploration environment

▪ Battery metals focused explorer and developer

High-Grade Li + REE

▪ Yarrie Lithium Project >1,700km[2] is located in the eastern Pilbara

▪ Myrnas Hill Lithium Project

Barrow Creek Lithium Project

▪ The world lithium market requires exponential growth in the next decade, but suffers from a lack of financing which will lead to lower supply - particularly in the next five years

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▪ High quality spodumene concentrate, suitable for conversion in high Nickel battery applications, is the next frontier of lithium demand as a global deficit in supply looms

Red Peak Pegmatite Project

Battery Metals – Cleaner & Greener

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Australian focused battery metals (Li + REE) explorer – leveraged to strong global outlook for key metals
Highly prospective projects in jurisdictions with proven geology and mineralisation
Yarrie Lithium Project, in the eastern Pilbara presents several high priority targets
Initial field program has identified 11 targets for auger and Aircore drilling
Myrnas Hill Lithium Project, in the eastern Pilbara is along strike of Kalamazoo and SQM
Extensive targets identified including one measuring 1.2km along strike
Barrow Creek Lithium Project in the Arunta Pegmatite Province, known for hosting significant LCT pegmatites
Sampling has identified LCT-Type pegmatites up to 817ppm Li2O with RC drilling to follow shortly
Red Peak Pegmatite Project is located in the Gascoyne Region of WA
REE mineralisation has been identified in sampling

Targeting Battery Industry Metals

Yarrie Lithium Project – significant footprint of >1,700km[2 ] in the highly prospective eastern Pilbara Lithium hotspot

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hyperspectral survey resulted in multiple high priority targets which have been field tested
soil sampling and rock sampling has generated 11 high-priority LCT pegmatite exploration targets which will be drill tested with soil auger and Aircore drilling
less than 30 km from GL1 Archer Lithium Deposit (Marble Bar Lithium Project) containing 10.5MT @ 1.0% Li2O
Myrnas Hill Lithium Project – 35km[2 ] sitting exclusively in the “Goldilocks Zone”
hyperspectral survey resulted in multiple extensive LCT pegmatite high priority targets which will be field tested shortly
high-priority LCT pegmatite target identified measuring 1.2km along strike – high gold potential as well
borders the DOM’s Hill (JV-SQM) and Pear Creek Lithium Projects owned by Kalamazoo Resources Limited (ASX: KZR)
Barrow Creek Lithium Project – 278 km[2 ] located in the world-class Arunta Pegmatite Province of Northern Territory - highly prospective for Lithium-Tin-Tantalum (Li-Sn-Ta) mineralisation
initial reconnaissance sampling has confirmed the presence of fertile LCT pegmatites up to 817ppm Li2O with associated elevated tantalum and caesium
hyperspectral survey identified numerous high priority exploration targets across the NW of the project and elsewhere – Phase II program completed; RC drilling planned to commence as soon as possible
5km long pegmatite corridor identified in the SE area of the Project
field program recently completed in the SC area of the Project – highly prospective, awaiting assay results
Red Peak Pegmatite Project – 350km[2 ] located in the Gascoyne Region of WA, highly prospective for Li + REE mineralisation
field exploration has identified numerous areas which are highly anomalous for REE mineralisation including elements of Lanthanum, Cerium, Praseodymium, Neodymium and Europium
auger sampling program planned for November 2022

Yarrie Lithium Project, WA (AS2 – 100%)

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▪

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1,711km[2] within the highly prospective region of Pilbara, Western Australia

East of Kalamazoo Resources / SQM JV Marble Bar Lithium Project

Located less than 30 km north of GL1 Archer Lithium Deposit containing 10.5Mt @ 1.0% Li2O

Outcropping pegmatites remain untested by exploration with no drilling completed

Soil and rock sampling program completed – 11 highpriority targets generated

Soil auger and shallow Aircore drilling is planned

Yarrie Lithium Project: Hyperspectral Survey

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▪ Hyperspectral survey identified multiple high priority exploration targets across the tenement area

▪ Major structures directly along strike from GL1 Archer Deposit warrant accelerated exploration

Significant target located on the northern tenement area

▪ Major targets have been identified, with one area measuring a staggering ~88km[2]

▪ Multiple outcropping pegmatites have been identified

Yarrie Lithium Project: Target Generation

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A review of the geology revealed several structures and geological formations which may have acted as potential conduits for lithiumbearing mineralising fluids
Initial geological reconnaissance identified cross-cutting pegmatite dykes in the southern part of the project
Several sub-parallel dolerite (mafic) dykes and other mapped ultramafic units were also identified as targets
The contact boundaries of granitic units and areas from aerial photography believed to contain pegmatite dykes were also identified as targets

Yarrie Lithium Project: Phase I Exploration

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▪

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Phase I project-wide lithium exploration program resulted in more than eleven (11) target areas being generated, of which five (5) are considered high-priority based on the underlying geology, sampled anomalism and structural features

Target areas are based on identified lithium and LCT-type pegmatite pathfinder minerals from the collection of stream sediment samples, soil samples and rock samples

Target areas correlate with hyperspectral survey results and the surface geological mineralisation model developed by the Company

129 Rock Samples and 238 Stream Sediment Samples were collected from all nine tenements
Multiple pegmatites were mapped

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Yarrie Lithium Project: Phase II Planned Exploration

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Phase II exploration campaign designed to identify more detailed mineralisation trends related to the lithium mineralisation
Soil Auger and shallow Aircore drilling grids have been designed across each of the five (5) priority targets, with further exploration to take place as soon as practicable
Auger soil sampling has proven to be a very effective exploration tool in the eastern Pilbara assisting in the recent discovery of extensive lithium mineralisation

Myrnas Hill Lithium Project, WA (AS2 - 100%)

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Highly prospective for LithiumTin-Tantalum (Li-Sn-Ta) mineralisation
Located ~ 50km from the worldclass Pilgangoora Lithium Mine (ASX. PLS) – similar geological setting with target host rocks strongly analogous to that of the nearby world-class Pilgangoora and Wodgina Lithium Mines
Located adjacent to KZR / SQM JV at DOM’s Hill Lithium Project and KZR Pear Creek Lithium Project – recent exploration success by KZR has identified broad highly anomalous soil sample results and high-grade rock chip sample results
Sits exclusively within the LCT Pegmatite “Goldilocks Zone”

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Myrnas Hill Lithium Project: Hyperspectral Targeting

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▪ Hyperspectral Survey identified numerous high-priority exploration targets ▪ The Hyperspectral survey generated target maps for minerals related to LCT pegmatites and compared them to known Lithium-TinTantalum (Li-Sn-Ta) occurrences in the region as an indicator for potential lithium mineralisation

On-ground exploration will commence as soon as practicable to field test the targets

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Myrnas Hill Lithium Project: Hyperspectral Targeting

Hydrogen target map was used in conjunction with the “LCT Pegmatite Target Map” to identify initial exploration targets on the Myrnas Hill Lithium Project
High definition satellite imagery has also identified a dyke-like feature which correlates with the hyperspectral target maps
Major high-priority target measures 1.2km along strike

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Barrow Creek Lithium Project, NT (AS2 – 100%)

Barrow Creek Lithium Project covers an area of 278km[2] in the Northern Arunta Pegmatite Province of Central Northern Territory

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Highly prospective for Lithium-Tin-Tantalum (LiSn-Ta) mineralisation

▪

Initial reconnaissance sampling has confirmed the presence of fertile LCT pegmatites with elevated lithium (Li), tantalum (Ta) and caesium (Cs)

Hyperspectral survey has identified numerous high priority exploration targets across the NW of the project and elsewhere

▪

Borders exploration licences with similar geology held by:

▪

Lithium Plus
Hosts historic Barrow Creek TinTantalum workings
Core Lithium Limited (ASX. CXO) (market capitalisation ~$1.5Bn)
Hosts several Tin-Tantalum occurrences

Boasts year-round access via the Stuart Highway, supporting low-cost exploration

▪

Barrow Creek NW Area: Phase I Exploration

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▪

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Identified outcropping LCT-type pegmatites up to 817ppm Li2O identified

▪ Demonstrating exploration in the right geological formations with fertile LCT pegmatites identified, supporting the prospectivity of the Barrow Creek project area

Identified a Mineralised Zone of 950m x 500m, which remains open in all directions and where multiple LCT-type pegmatites were identified
Significant Exploration potential remains

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Barrow Creek NW Area: Hyperspectral + Phase I Field Program

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Sampling demonstrated elevated results for Caesium (Cs), Tantalum (Ta), Rubidium (Rb) and Niobium (Nb) – essential trace elements in the LCT pegmatite structures

▪

The sampled Li-Cs-Rb enriched pegmatites are considered part of zoned LCT pegmatite swarms

Warrants an accelerated and more focused exploration effort
Phase II field program completed
Shallow Aircore and RC drilling campaign planned, awaiting approval from the NT Government

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Barrow Creek NW Area: Phase II Exploration (Soil Samples)

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Phase II detailed soil sampling campaign completed at the NW project area identified significant surface strike extensions of the fertile pegmatite zones

Results identified zones of elevated Lithium mineralisation associated with Caesium and Tantalum

Associated Lithium pathfinder minerals such as Tin, Rubidium and Niobium are also further indicating fertile LCT pegmatites

Mineralised Zone has been extended to an area of 2.8km x 1.9km which remains open in all directions and where multiple LCT-type pegmatites were identified

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Barrow Creek NW Area: Phase II Exploration (Rock Samples)

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Phase II detailed rock sampling campaign validated the interpreted strike extension of fertile pegmatite zones

▪

Interpreted lithium mineralisation strike length extended to 3km

▪ ▪

Results identify elevated lithium anomalism associated with Caesium and Tin as well as the pathfinder elements of Rubidium, Niobium, Beryllium and Gallium

Pegmatite minerals identified confirm the presence of a potentially significant mineralised LCT formation

▪

Mineralised Zone remains open in all directions where it is interpreted that the mineralised pegmatites extend beneath shallow cover

▪

Barrow Creek SE Area: Phase III Exploration

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▪

Tested exposed pegmatites with 69 rock samples collected over a 6.2 km strike length

A zone of outcropping and subcropping pegmatites have been mapped and sampled along a 5km corridor

The Southern area of pegmatites (Area “A”) returned results including 212 ppm Li (456 ppm Li2O)
The Central area of pegmatites (Area “B”) returned results including 174 ppm Li (375 ppm Li2O)
The Northern area of pegmatites (Area “C”) consists of numerous large pegmatite dykes

The results indicate a correlation between Lithium and several of its indicator minerals

Barrow Creek SC Area: Phase IV Exploration

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▪

Sampling campaign completed at the SC area designed to identify and sample outcropping pegmatites in a previously unexplored area

Significant 2km x 1km pegmatite field identified
Multiple pegmatites were investigated and sampled
Pegmatites vary in width from 5m plus at surface, expected to swell at depth
Significant Tourmalinite mineralisation identified in pegmatites estimated to consist of greater than 70% tourmaline intersected by quartz veins

Presence of tourmaline can be associated with Sn-W mineralisation, pathfinders to lithium mineralisation

139 rock samples were collected – awaiting results

Red Peak Pegmatite Project (AS2 -100%) – REE + Li

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▪

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Located 130km NW of Meekatharra in the Gascoyne region of WA

Covers an area of approximately 350km[2]

has been extensively mapped with at least eleven (11) significant pegmatites identified

▪ many of the pegmatites have been mapped with strike lengths in excess of 3km and between 150m and 200m wide

prospective for Rare Earth Elements + Lithium

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Red Peak Pegmatite Project: REE Sampling Program

Field exploration has identified numerous areas which are highly anomalous for REE mineralisation including elements of Lanthanum, Cerium, Praseodymium, Neodymium and Europium
Neodymium and Europium are classified as “Critical” according to the US Department of Energy Classification
Red Peak project is located less than 15 km east of Krakatoa Resources Limited (ASX: KTA) Mt Clere REE Project

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SampleID	La_ppm	La_ppm	La_ppm	Ce_ppm	Ce_ppm	Ce_ppm	Ce_ppm	Pr_ppm	Pr_ppm	Pr_ppm	Pr_ppm	Pr_ppm	Pr_ppm	Nd_ppm	Sm_ppm	Sm_ppm	Sm_ppm	Sm_ppm	Sm_ppm	Sm_ppm	Sm_ppm	Sm_ppm	Sm_ppm	Eu_ppm	Eu_ppm	Eu_ppm	Eu_ppm
AS202527	173			284				30.3						103	11.								4	2.55
AS201996			121				153						18.7	58					6.6					2			.1
AS201989		94.6					152						20.3	70.1	10							.1				1.55
AS202659		87.2					154					16.3		47.5					6.55							1.65
AS202512		82.9					137				14			46.8					6.2							1.35
AS201994		79.8					144				13.6			41.1					5.9							1.5
AS202666		76.1					142						19	66.3	12.5											1.25
AS201819		66.6				116					13.4			49.5							9.3					1.45
AS202000		62.4				99.1					12.1			40					6.1							1.7
AS202660		55.2				111					12.4			43.3					7.15							1.25
AS201801		52.4				80.6					11.4			47						8.6				2.			05
AS202525		49.7				82.5				9.6				35.4					5.55							1.4
AS202554		43.4			51.7				7.5					24.9			3.25									1.35
AS202549		41.7				87.9			7.85					26.6			3.95									1.35
AS202540		38.6			57.2				6.25					20.7		2.5										1.3
AS202543		36.7			62.7				7.7					28.9				4.75							0.85
AS201992		35.5			63.7				6.7					24.6			3.6									1.3
AS202536		35.2			55.6				6.3					21.7			3.45								0.8

Note 1 - Green highlights are samples above the background Note 2 - Red highlights are samples above 2 x background

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Red Peak Pegmatite Project: Hyperspectral Targeting

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Multiple exploration targets were identified using known REE occurrences to characterise the spectral signature of potential REE indicators within the area

▪

Helium is a critical REE indicator because it is derived from the decay of uranium, which is often associated with REE occurrences and deposits

▪

Talc is used to represent clays that may potentially host REE mineralisation since the area is known for its clay based REE mineralisation

▪

Historical exploration by BHP Minerals and Astro Mining in the 1990s confirmed the presence of enriched monazite sands almost 30 years ago

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Investment Summary

Australian Focused

Clean Energy Focus

▪ Battery metals (Li – + REE) explorer leveraged to strong global outlook for key metals

▪ Commitment to future exploration and development in a practical and environmentally sustainable

manner

▪ Australia offers a low-risk jurisdiction in a well regulated environment

▪ Core ESG principles adopted to ensure adherence to global best practices

Battery Metals supercycle

▪ Timing, location and commodity - coming out of bottom of Lithium cycle – ideal time to continue exploration & develop battery metals projects

▪ Exposure to lithium + REE exploration

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Demand Deficit

▪ Adoption of EVs around the globe means Lithium and Tantalum are in demand – supply deficit predicted by 2023

Contacts

For further information, please contact: Mr Gino D’Anna Executive Director Askari Metals Limited E: [email protected] M: +61 400 408 878

Mr Rod North, Managing Director Bourse Communications Pty Ltd E: [email protected] M: +61 408 670 706

Mr Johan Lambrechts VP Exploration and Geology Askari Metals Limited E: [email protected] M: +61 431 477 145

AI assistant

ASKARI METALS LIMITED Investor Presentation 2022

64428_rns_2022-09-28_a2bdca2a-032a-4f10-88d5-51ec5f91b151.pdf