INFINITY METALS LIMITED — Capital/Financing Update 2020

Sep 15, 2020

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16 September 2020

Dear Shareholder

NOTICE TO INELIGIBLE SHAREHOLDERS OF NON-RENOUNCEABLE OFFER

We write to you as the registered holder of Infinity Lithium Corporation Limited (ASX: INF) ( Infinity or the Company ) shares as at today's date. As advised in the Company's ASX announcement dated 8 September 2020, Infinity is undertaking a non-renounceable pro rata offer to eligible shareholders of ordinary fully paid shares in the Company at an issue price of $0.07 per share on the basis of 1 new Share for every 8 Shares held at the record date, being 5.00pm (AWST) on 21 September 2020 ( Record Date ), together with 1 free-attaching Option for every 2 new Shares subscribed for ( Entitlement Offer ).

The Entitlement Offer will raise up to approximately $2.4 million (before costs).

Terms otherwise not defined have the same meaning as in the Prospectus dated on or about 16 September 2020.

Purpose of the Offer

Proceeds from the capital raising will strengthen the Company’s cash position and will principally be used towards completion of the feasibility study on the San José Lithium Hydroxide Project as well as working and other capital requirements. The Entitlement Offer is available to all Infinity shareholders ( Shareholders ) registered on the Record Date whose registered address is in Australia or New Zealand ( Eligible Shareholders ). The Entitlement Offer is not being extended to any Shareholders with addresses outside these jurisdictions.

Ineligible Shareholders

A Shareholder who has a registered address outside Australia or New Zealand ( Ineligible Shareholder ) will not be eligible to participate in the Entitlement Offer.

You are not eligible to participate in the Entitlement Offer and you will not be sent a copy of the Prospectus. This decision has been made pursuant to Listing Rule 7.7.1(a) of the ASX Listing Rules after taking into consideration the costs of complying with legal and regulatory requirements in jurisdictions outside Australia and New Zealand compared with the small number of Ineligible Shareholders and the number and value of New Shares to which they would otherwise be entitled.

For all enquiries concerning the Entitlement Offer, please contact the Company Secretary, by telephone on +61 8 6146 5325 and for all general shareholder enquiries, please contact Advanced Share Registry Services on (08) 9389 8033.

Infinity Lithium Corporation Ltd | ABN 52 147 413 956

Unit 32 22 Railway Road Subiaco WA 6008 Australia | PO Box 8187 Subiaco East WA 6008 Australia T: +61 8 6146 5325 | E: admin@infinitylithium.com | W: www.infinitylithium.com

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Yours sincerely

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Jonathan Whyte Company Secretary Infinity Lithium Corporation Limited

Infinity Lithium Corporation Ltd | ABN 52 147 413 956 Unit 32 22 Railway Road Subiaco WA 6008 Australia | PO Box 8187 Subiaco East WA 6008 Australia T: +61 8 6146 5325 | E: admin@infinitylithium.com | W: www.infinitylithium.com