DELTA LITHIUM LIMITED — AGM Information 2022

Nov 24, 2022

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Annual General Meeting 2022

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ASX:RDT 25 November 2022

IMPORTANT NOTICE

Disclaimer and Competent Persons Statement

Disclaimer

Competent Persons Statements

This presentation by its nature contains summarised information. See Red Dirt Metals’ other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au for more information.

Within this presentation there may be certain forward-looking statements, opinions and estimates. These are based on assumptions and contingencies which are subject to change without notice and are not guarantees of future performance. Red Dirt Metals assumes no obligation to update such information. Recipients of this document are cautioned to not place undue reliance on such forward-looking statements.

To the extent permitted by law, Red Dirt Metals and its officers, employees, related bodies corporate and agents disclaim all liability, direct, indirect or consequential for any loss or damage suffered by a recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information.

This presentation may include aspirational targets. These targets are based on management’s expectations and beliefs concerning future events as of the time of the release of this presentation. Targets are necessarily subject to risks, uncertainties and other factors, some of which are outside the control of Red Dirt that could cause actual results to differ materially from such statements. Red Dirt makes no undertaking to subsequently update or revise the forwardlooking statements made in this release to reflect events or circumstances after the date of this release.

Exploration information in this Announcement is based upon work undertaken by Mr. Charles Hughes who is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM). Mr. Hughes has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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’ (JORC Code). Mr. Hughes is an employee of Red Dirt Metals Limited and consents to the inclusion in the report of the matters based on their information in the form and context in which it appears. Mineral Resource Estimates reported in this announcement have been previously prepared and disclosed by Red Dirt in accordance with JORC 2012 on 19 October 2022 to the ASX markets platform. The Company confirms that it is not aware of any new information or data that materially affects the information included in this market announcement. The Company confirms that the form and content in which the Competent Person's findings are presented here have not been materially modified from the original market announcement, and all material assumptions and technical parameters underpinning Mineral Resource Estimates in the relevant market announcement continue to apply and have not materially changed. Refer to www.reddirtmetals.com.au for past ASX announcements.

Authorised for release by David Flanagan, Executive Chairman of Red Dirt Metals Limited.

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Resolutions, proxies and voting

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RESOLUTION 1 – ADOPTION OF REMUNERATION REPORT

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To consider and, if thought fit, to pass with or without amendment, the following as a non-binding resolution:

‘"That, pursuant to and in accordance with section 250R(2) of the Corporations Act and for all other purposes, approval is given by Shareholders for the adoption of the Remuneration Report as contained in the Company’s Annual Report for the financial year ended 30 June 2022."

For	Against	Open	Abstain/Excluded
74,261,049 (95.72%)	2,914,443 (3.76%)	403,029 (0.52%)	14,351,017

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RESOLUTION 2 – ELECTION OF DIRECTOR – DAVID FLANAGAN

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To consider and, if thought fit, to pass with or without amendment, the following as an ordinary resolution :

‘That, for the purposes of clause 14.4 of the Constitution, Listing Rule 14.4 and for all other purposes, David Flanagan, a Director who was appointed as an additional Director on 29 August 2022, retires, and being eligible, is elected as a Director.’

For	Against	Open	Abstain/Excluded
91,162,132 (99.18%)	344,372 (0.37%)	413,029 (0.45%)	10,005

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RESOLUTION 4 – ELECTION OF DIRECTOR – TIM MANNERS

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To consider and, if thought fit, to pass with or without amendment, the following as an ordinary resolution :

‘That, for the purposes of clause 14.4 of the Constitution, Listing Rule 14.4 and for all other purposes,	‘That, for the purposes of clause 14.4 of the Constitution, Listing Rule 14.4 and for all other purposes,	‘That, for the purposes of clause 14.4 of the Constitution, Listing Rule 14.4 and for all other purposes,	‘That, for the purposes of clause 14.4 of the Constitution, Listing Rule 14.4 and for all other purposes,
Tim Manners, a Director who was appointed as an additional Director on 01 March 2022, retires, and
being eligible, is elected as a Director.’
For Against	Open	Abstain/Excluded
86,644,332 4,907,172	368,029	10,005
(94.26%) (5.34%)	(0.40%)

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RESOLUTION 5 – APPROVAL OF 7.1A MANDATE

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To consider and, if thought fit, to pass with or without amendment, the following as an special resolution :

‘That, for the purposes of Listing Rule 7.1A and for all other purposes, approval is given for the Company to issue up to that number of Equity Securities equal to 10% of the issued capital of the Company at the time of issue, calculate in accordance with the formula prescribed in Listing Rule 7.1A.2 and otherwise on the terms and conditions set out in the Explanatory Memorandum .’

For	Against	Open	Abstain/Excluded
91,137,003 (99.23%)	343,633 (0.37%)	368,029 (0.40%)	80,873

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RESOLUTION 6 – RATIFICATION OF PRIOR ISSUE OF SHARES

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To consider and, if thought fit, to pass with or without amendment, the following as an ordinary resolution :

‘That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of	‘That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of	‘That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of
26,455,026 Shares on the terms and conditions set out in the Explanatory Statement."
For Against Open	Abstain/Excluded
87,676,879 359,447 368,029	3,525,183
(99.18%) (0.41%) (0.41%)

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RESOLUTION 7 – RATIFICATION OF PRIOR ISSUE OF OPTIONS

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To consider and, if thought fit, to pass with or without amendment, the following as an ordinary resolution :

‘That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of	‘That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of	‘That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of
2,496,266 Options on the terms and conditions set out in the Explanatory Statement."
For Against Open	Abstain/Excluded
91,051,019 429,490 368,029	81,000
(99.13%) (0.47%) (0.40%)

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RESOLUTION 8 – RATIFICATION OF PRIOR ISSUE OF OPTIONS

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To consider and, if thought fit, to pass with or without amendment, the following as an ordinary resolution :

‘That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of	‘That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of	‘That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of
170,400 Options on the terms and conditions set out in the Explanatory Statement."
For Against Open	Abstain/Excluded
91,066,876 413,633 368,029	81,000
(99.15%) (0.45%) (0.40%)

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RESOLUTION 9 – RATIFICATION OF PRIOR ISSUE OF OPTIONS

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To consider and, if thought fit, to pass with or without amendment, the following as an ordinary resolution :

‘That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of	‘That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of	‘That, for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of
5,000,000 Options on the terms and conditions set out in the Explanatory Statement."
For Against Open	Abstain/Excluded
91,051,019 429,490 428,029	21,000
(99.07%) (0.47%) (0.46%)

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RESOLUTION 10 – APPROVAL OF ISSUE DEFERRED CONSIDERATION SHARES

To consider and, if thought fit, to pass with or without amendment, the following as an ordinary resolution :

‘That, for	the purposes of Listing Rule 7.1 and for all other purposes, approval is given for the Company	the purposes of Listing Rule 7.1 and for all other purposes, approval is given for the Company	the purposes of Listing Rule 7.1 and for all other purposes, approval is given for the Company	the purposes of Listing Rule 7.1 and for all other purposes, approval is given for the Company	the purposes of Listing Rule 7.1 and for all other purposes, approval is given for the Company
to issue the Deferred Consideration Shares on the terms and conditions set out in the Explanatory
Statement.’
	For	Against	Open	Abstain/Excluded
	87,522,709	439,490	373,029	3,594,310
	(99.08%)	(0.50%)	(0.42%)

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RESOLUTION 11 – RE-ADOPTION OF INCENTIVE PERFORMANCE RIGHTS AND OPTIONS PLAN

To consider and, if thought fit, to pass with or without amendment, the following as an ordinary resolution :

'That, for the purposes of Listing Rule 7.2 (Exception 13(b)) and for all other purposes, approval is given for the Company to adopt an employee incentive scheme titled Incentive Performance Rights and Options Plan and for the issue of a maximum of 16,000,000 Securities under that Plan, on the terms and conditions set out in the Explanatory Statement.’

For	Against	Open	Abstain/Excluded
77,939,035 (93.45%)	5,037,448 (6.04%)	428,029 (0.51%)	8,525,026

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RESOLUTION 12 – RENEWAL OF PROPORTIONAL TAKEOVER PROVISIONS IN THE CONSTITUTION

To consider and, if thought fit, to pass with or without amendment, the following as a special resolution :

'That, for the purposes of section 136 (2) of the Corporations Act and for all other purposes, approval is	'That, for the purposes of section 136 (2) of the Corporations Act and for all other purposes, approval is	'That, for the purposes of section 136 (2) of the Corporations Act and for all other purposes, approval is	'That, for the purposes of section 136 (2) of the Corporations Act and for all other purposes, approval is
given for the Company to modify its existing Constitution by renewing clause 37 for a period			of 3 years
from the date of approval of this Resolution.’
For Against	Open	Abstain/Excluded
91,456,419 93,590	368,029	11,500
(99.50%) (0.10%)	(0.40%)

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RESOLUTION 13 – APPOINTMENT OF AUDITOR

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To consider and, if thought fit, to pass with or without amendment, the following as an ordinary resolution :

‘ That, for the purposes of section 327B of the Corporations Act and for all other purposes, KPMG having been nominated by a Shareholder and having consented in writing to act in the capacity of auditor, be appointed as auditor of the Company with effect from the close of the Meeting.’

For	Against	Open	Abstain/Excluded
91,474,004 (99.51%)	80,000 (0.09%)	368,029 (0.40%)	7,505

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RESOLUTION 14 – INCREASE IN TOTAL AGGREGATE REMUNERATION FOR NONEXECUTIVE DIRECTORS

To consider and, if thought fit, to pass with or without amendment, the following as an ordinary resolution :

'That, That, for the purposes of clause 14.8 of the Constitution, Listing Rule 10.17 and for all other	'That, That, for the purposes of clause 14.8 of the Constitution, Listing Rule 10.17 and for all other
purposes, Shareholders approve an increase of the total aggregate amount of fees payable	to non-
executive Directors from $300,000 per annum to $500,000 per annum in accordance with the terms
and conditions set out in the Explanatory Statement."
For Against Open Abstain/Excluded
78,059,201 5,041,291 368,029 8,461,017
(93.52%) (6.04%) (0.44%)

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Company Update

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Corporate Overview

Issued Capital

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332.8M $200M $18.7M
ORDINARY SHARES MARKET CAP CASH
At $0.60 As at 30 September 2022
Share Price History
$0.80 4,500,000
$0.70 4,000,000
3,500,000
$0.60
3,000,000
$0.50
2,500,000
$0.40
2,000,000
$0.30
1,500,000
$0.20
1,000,000
$0.10 500,000
$- 0
May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 Nov 22
Volume Close Price
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The Board and Executive team has proven capability creating shareholder value through the development of projects from exploration stage to production

The Red Dirt team has a proven history of bringing mines online

DIRECTORS

David Flanagan Executive Chairman James Croser Independent Non-Executive Director Tim Manners Independent Non-Executive Director Nader El Sayed Independent Non-Executive Director SIGNIFICANT SHAREHOLDERS Waratah Capital Advisors 10.04% TOP 20 SHAREHOLDERS 47.24%

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Fast Tracking to Development

Mt Ida Lithium Project currently advancing towards the target of becoming a Western Australian producing lithium mine

Future growth potential is strong with the recent acquisition of the highly prospective Yinnetharra Lithium Project

The Board and Executive team have been bolstered with significant mine development experience

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reddirtmetals.com.au

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Lithium Market Remains Buoyant

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Spodumene Prices CIF China
USD/Tonne
$10,000
$8,575
$9,000
$7,708 $8,000
$8,000
$7,017 $7,012
$6,586
$7,000 $7,830
$6,000
$6,841
$5,000
$4,000
$3,000
$2,000
$1,000
$-
Price - Mid^ Price - Spot
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• Demand fundamentals for Lithium remain strong, underpinned by global decarbonisation efforts

• Securing a reliable supply of Lithium is growing in importance for all downstream users

• Countries and companies are scrambling to secure lithium supply

• Significant offtake interest from a diverse range of global customers

Red Dirt’s primary goal is “Speed to Market”

^Source: Historical Prices Fastmarkets CIF China for SC6.0 mid-point

*Source: Pilbara Minerals Limited ASX announcements on implied SC6.0 CIF prices achieved via BMX auctions

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Mt Ida Lithium Project

• Mt Ida represents a new lithium province with considerable scope for exploration growth

• Maiden Mineral Resource Estimate of 12.7Mt @ 1.2% Li2O completed within 12 months

• Located on existing granted Mining Leases, Heritage surveys completed - no additional surveys required, environmental studies completed

• Drilling and other works ongoing to support Scoping Study and Pre-feasibilities to begin shortly

Red Dirt Metals is focused on delivering an accelerated path to market, timing is critical to maximise value

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Sister Sam Pegmatite

• The Sister Sam (SS) Pegmatite underpins the MRE, with 5.7Mt @ 1.3% Li2O

• Large thick tabular LCT pegmatite with high spodumene content and excellent Li2O grades, high grade core

• Pegmatites outcrop with high Li grades commencing 55m below weathered cap

• No internal waste, potential to be very selective during future mining operations

• Exploration efforts are focused on discovering repeats of the SS pegmatite

• Initial metallurgical studies indicate amenability to DMS and flotation

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MRE within 12 months from first drillhole

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• Maiden resource achieved that provides critical mass to progress development planning

• Sister Sam forms the bulk of the resource, with contributions from Timoni and Sparrow

• Upcoming drilling to concentrate on converting Inferred resources to Indicated in Q4 2022

• Heritage approval in place, saving considerable time in development pathway

Block Models with Ind (Red) + Inf (Blue)

• Results from recent regional Aircore drill programme pending

Resource Category	Cut-off grade (Li2O%)	Li2O	Li2O	Li2O	Ta2O5
		Tonnes (Mt)	Grade (Li2O%)	Li2O (Kt)	Grade (Ta2O5 ppm)
Indicated	0.55	3.3	1.4	45	246
Inferred		9.3	1.1	102	193
Total		12.7	1.2	148	207

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Multiple pegmatite “zones” identified at Mt Ida

POTENTIAL FOR ADDITIONAL GROWTH THROUGH REGIONAL EXPLORATION

• Sister Sam, Timoni & Sparrow deposits remain open at depth

• Inferred resources are expected to be upgraded into Indicated categorisation to underpin PFS

• Potential increase in size with additional drilling currently underway

• Planned extensional drilling aiming to find repeats of LCT pegmatite mineralisation

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Yinnetharra Lithium Project

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• The Project includes six tenements covering an area of 520km[2]

• Large high tenor lithium geochemical anomaly delineated, open in all directions around current prospects

• Initial drill programme underway

• 7km of outcropping pegmatites mapped containing Spodumene

• Thick intervals of up to 35m have been previously intersected

• Heritage clearance already approved

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Drilling will focus
in this area over
defined LCT
pegmatites
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Yinnetharra Lithium Project

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• 44 LCT pegmatites mapped

• 34 historical holes drilled to 80m vertical depth

• Drilling commenced mid November to confirm LCT mineralisation

• 15 diamond holes completed by end of December

• Substantial campaign in 2023 planned

• Drilling will test width, depth and grade of mineralisation

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Next Steps

Mt Ida Lithium Project

• Investigation of Direct Shipping Ore (DSO) pathway

• Scoping Study to delineate development options underway

• Aiming for fast-track production to take advantage of buoyant Lithium prices

Yinnetharra Lithium Project

• Initial Yinnetharra drilling commenced within 6 weeks of acquisition

• Extensive regional and local prospects require aggressive first pass drill programme throughout 2023

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Unlocking Resources for a Greener Future

SPEED TO MARKET FOCUS

• Global demand for lithium remains strong, supply options remain limited; therefore, market shortages are likely to persist

• The Mt Ida discovery represents a new lithium province – 12.7Mt @ 1.2% Li2O drilled within 12 months of project acquisition

• We are in a race to develop, produce and deliver to market – granted Mining Lease and Heritage approval gives a significant head start

• Yinnetharra offers additional exploration upside and future growth

• Strong balance sheet with $18.7m cash (30 September 22)

• The Red Dirt team has a proven history of bringing mines online

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ASX:RDT

reddirtmetals.com.au