INFINITY METALS LIMITED — Capital/Financing Update 2020

Sep 15, 2020

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Non-Renounceable Entitlement Offer

Infinity Lithium Corporation Limited (‘Infinity’ or ‘the Company’) is pleased to announce a non-renounceable pro rata offer ( Entitlement Offer ) of 1 new fully paid ordinary share ( Share ) for every 8 Shares held on 21 September 2020 ( Record Date ), at an issue price of $0.07 per new Share, together with 1 free attaching option exercisable at $0.12 each for every 2 new Shares subscribed for, to raise up to approximately $2.4 million (before costs).

The Entitlement Offer is available to all shareholders registered at 5.00pm (WST) on the Record Date whose registered address is in Australia or New Zealand ( Eligible Shareholders ) and is on the same terms as the recently completed placement announced on 8 September 2020, where the Company raised $2.2 million (before costs) through placing 31,428,571 Shares at an issue price of $0.07 per Share. The Company is also proposing to issue 1 free attaching option to the placement participants exercisable at $0.12 each for every 2 Shares subscribed for, subject to the receipt of shareholder approval. A general meeting seeking the necessary shareholder approval for the issue of the free-attaching options to the placement participants will be convened shortly.

Subject to the satisfactory completion of the Entitlement Offer, funds raised are intended to be used towards completion of the feasibility study on the San José Lithium Project as well as working and other capital requirements.

Shortfall

Eligible Shareholders also have the opportunity to subscribe for any securities that are not subscribed for under the Entitlement Offer pursuant to the Shortfall Offer subject to such applications being received by the Closing Date. Please refer to the allocation policy as described in the Company's prospectus dated 16 September 2020 for further details.

ASX Release 16 September 2020 ASX: INF FRA: 3PM

Project highlights

2[nd] Largest JORC hard rock lithium deposit in the EU

Strategically located in Spain, Europe to be the 2[nd] largest market for battery grade lithium

1st lithium project to secure EIT InnoEnergy Funding

Uniquely fully integrated project with mine and adjacent conversion plant

Low carbon footprint and sustainable operation

Corporate Directory

Ryan Parkin

Managing Director & CEO

Adrian Byass

Non-Executive Chairman

Remy Welschinger Non-Executive Director

Prospectus

The Entitlement Offer under the Prospectus is scheduled to close at 5.00pm (AWST) on Monday, 12 October 2020 . Eligible Shareholders wishing to participate in the Entitlement Offer and Shortfall Offer must apply for new securities before this time in accordance with the instructions set out in the accompanying Prospectus. More information regarding the Entitlement Offer will be set out in the Prospectus, to be mailed to Eligible Shareholders shortly.

The Entitlement Offer is non-renounceable and therefore your Entitlements will not be tradeable on the ASX or otherwise transferable.

Contact

Level 3, 22 Railway Road Subiaco WA 6008

T: +61 (8) 6146 5325 E:admin@infinitylithium.com W: www.infinitylithium.com W: www.sanjosevaldeflorez.es

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Infinity Lithium Corporation Limited ACN 147 413 956

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Indicative Timetable

Key dates for the Entitlement Offer are set out below. The dates are indicative only and the Company reserves the right to vary them, subject to the requirements of the ASX Listing Rules.

Event	Date
Lodgement of Prospectus with ASIC Lodgement of Prospectus and announcement of Entitlement Offer and Shortfall Offer with ASX	Wednesday, 16 September 2020
Shares quoted on an “EX” basis	Friday, 18 September 2020
Record Date for determining Entitlements	Monday, 21 September 2020
Prospectus and Entitlement and Acceptance Form dispatched to Eligible Shareholders and Company announces that this has occurred	Thursday, 24 September 2020
Last day to extend Closing Date	Wednesday, 7 October 2020
Closing Date (5pm AWST)*	Monday, 12 October 2020
Securities quoted on a deferred settlement basis	Tuesday, 13 October 2020
Announcement of results of Entitlement Offer	Thursday, 15 October 2020
Anticipated date for issue of the Securities under the Entitlement Offer Company lodges an Appendix 2A with ASX applying for quotation of the new Securities (before 10am AWST)	Monday, 19 October 2020
Anticipated date for commencement of new Securities trading on a normal settlement basis	Tuesday, 20 October 2020

• Subject to the ASX Listing Rules, the Directors reserve the right to extend the Closing Date for the Entitlement Offer. Any extension of the Closing Date will have a consequential effect on the anticipated date for allotment and issue of the securities.

Authorised for release by the Board. For further inquiries please contact;

Ryan Parkin CEO, Managing Director T: +61 (8) 6146 5325 E: rparkin@infinitylithium.com

Infinity Lithium Corporation Limited ACN 147 413 956

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About Infinity Lithium

Infinity Lithium is an Australian listed minerals company who is seeking to develop its 75% owned San José Lithium Project in Spain. The fully integrated industrial Project is focused on the production of battery grade lithium chemicals from a mica feedstock that represents the EU’s 2[nd] largest JORC compliant hard rock lithium deposit.

The Project provides an essential component in the EU’s development of a vertically integrated lithium-ion battery supply chain. The availability of critical raw materials and the production of battery grade lithium hydroxide in the EU is essential to ensure the long-term production of lithium-ion batteries for electric mobility and the transition of the burgeoning EU’s automotive industry to electric vehicle.

Infinity Lithium Corporation Limited ACN 147 413 956 Error! Unknown document property name.