INFINITY METALS LIMITED — Investor Presentation 2019

May 12, 2019

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Proactive Investors CEO Sessions
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Australia – May 2019

INFINITY LITHIUM Developing lithium production in Europe to power a renewable future

Disclaimer

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For Consideration

• This presentation has been prepared by Infinity Lithium Corporation Limited “Infinity Lithium”. This document contains background information about Infinity Lithium current at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

• This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sales of shares in any jurisdiction.

• This presentation does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities involve risks which include (among others) the risk of adverse or unanticipated market, financial or political developments.

• To the fullest extent permitted by law, Infinity Lithium, its officers, employees, agents and advisors do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise are accepted.

• This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Infinity Lithium. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law, Infinity Lithium does not undertaken any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions, or circumstances on which any such forward looking statement is based.

• The Production Target referred to in this announcement is based on 91% Indicated Resources and 9% Inferred Resources for the life of mine life covered under the Study. In accordance with the twenty four (24) year mine plan incorporated into the Study, the first three (3) years of production (covering payback period) will come 96% from Indicated Resources.

• The Study is based on the material assumptions outlined in the ASX announcement 29 November 2018. These include assumptions about the availability of funding. While the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Study will be achieved. To achieve the potential mine development outcomes indicated in the Study, additional funding will be required. Investors should note that there is no certainty that the Company will be able to raise funding when needed however the Company has concluded it has a reasonable basis for providing the forward looking statements included in this announcement and believes that it has a “reasonable basis” to expect it will be able to fund the development of the San Jose lithium deposit.

• Infinity is not aware of any new information or data that materially affects the information included in this ASX release, and Infinity confirms that, to the best of its knowledge, all material assumptions and technical parameters underpinning the resource estimates in this release continue to apply and have not materially changed.

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Infinity Lithium Corporation

Disclaimer

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Competent Persons Statement

• The information in this report that relates to Exploration Targets and Mineral Resources is based on the information compiled by Mr Patrick Adams, of Cube Consulting Pty Ltd (Perth). Mr Adams has sufficient relevant professional experience with open pit and underground mining, exploration and development of mineral deposits similar 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 JORC Code He has visited the project area and observed drilling, logging and sampling techniques used by Infinity Lithium in collection of data used in the preparation of this report. Mr Adams is an employee of Cube Consulting Pty Ltd and consents to be named in this release and the report as it is presented.

• The information in this report that relates to Exploration Results is based on the information compiled or reviewed by Mr Adrian Byass, B.Sc Hons (Geol), B.Econ, FSEG, MAIG and an employee of Infinity Lithium. Mr Byass has sufficient experience 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 JORC Code. Mr Byass consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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Infinity Lithium Corporation

Electric mobility From Wait and See mode to Action mode

Batteries Alliances & Long term Supply – Strong Exposure to Asia

Europe Could Become The #2 Largest Market For Battery Metals

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INTRODUCTION

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Europe To Become #2 Largest EV Maker In The World

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EU & Governments Start To Intervene & Protect The Region

There is no material lithium mining and no lithium refining in Europe

Infinity’s fully integrated lithium chemical project is needed

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Infinity Lithium Corporation

San Jose Lithium Project

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Europe #2 Largest Market For EVs, Batteries & Lithium

Fully Integrated Lithium Project, From Mining To Chemicals

PFS Due In June/July

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EU To Support Development Of Lithium Production

Moved To 75% Ownership Of The Project

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NPV (10) $717M IRR (pre-tax) 51% Pay back 3 2.3y

Infinity Lithium Corporation

“VW capable of building 50 million electric vehicles ” “Last generation of combustion engines to be launched in 2026 ”

“ Lithium is the irreplaceable element of the electric era”

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“Volkswagen has set itself the goal of promoting lithium production in Europe ”

1- Strong Demand Outlook For Lithium

Electric Vehicles are expected to take over Internal Combustion Cars by the mid-2030s

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• “ Volkswagen expects to build 22 million cars on its electric

• vehicles platforms by 2028 ”

Electric vehicles are not the entire story : many E-mobility applications but also Energy Storage Systems are powering lithium growth

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Powered by battery growth, lithium demand is set to increase 8 times between today and 2030

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x8 2030
>2.2 Mt
2018
0.27 Mt
Source: Canaccord Genuity - Lithium | 2019 recharge
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Infinity Lithium Corporation

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* Automakers planned spending on EV technology over the next 5-10 years

*Regional split based on where automakers have their headquarters

100 Europe China USA Japan SK India 90 Lithium chemical production in 2018 0 ~ 150Kt ~14Kt 0 0 0 80 70 $160Bn $54Bn 60 $29Bn $24Bn $22Bn $6Bn 50 40 30 Source: Reuters 20 10 0

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2 - Strategically Located in Europe

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Europe to become #2 largest Electric Vehicles and lithiumion battery producer in the world

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2 2
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Europe will become the #2 largest consumer of battery metals such as lithium – but there is no lithium chemical production in Europe EC and EIB push to develop a strategic value chain for manufacturing EV LIBs inside Europe and want to secure access to lithium. They are committed to provide capital

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The San Jose project a low risk and strategically located source of lithium chemicals, able to supply end-users regionally with a light footprint

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Infinity Lithium Corporation

A Number of New Lithium-ion Factories Planned in Europe

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LIB Giga Factories
Capacity by 2025
600
300
0
Source: Benchmark Minerals
10
Infinity Lithium Corporation
GWh
China
US
Europe
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A Fully Integrated European Lithium-ion Battery Supply Chain

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The EU is pushing to have a fully integrated domestic supply chain, from producing EVs all the way back to producing raw materials. What would it mean for domestic lithium demand?

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European Electric Equivalent Battery Lithium Demand
Million Car Production GWh Production Kt LCE Equivalent
14 300 250
12
250
200
10
200
150
8
150
6
100
100
4
50
50
2
0
0 0
2017 2025 2030
2017 2025 2030 2017 2025 2030
Source: HSBC
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x16 times

San Jose Project (15kt/y)

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Notes: Electric cars include HEV, PHEV and EV. Average battery pack for EV is 33kWh in 2017, 45kWh in 2025 and 52kWh in 2030. PHEV average battery pack around 12kWh, HEV around 1kWh. LCE consumption per kWh averaging 0.9Kg.

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Infinity Lithium Corporation

European Battery Alliance Gathering Momentum

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• Infinity Lithium engaged with key European stakeholders at EBA250 with raw materials and chemical processing capabilities remaining a high priority for the European Commission, European Investment Bank, and major European automobile OEMs.

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• Primary and secondary raw materials remain a priority for the European Commission to address the gap in the existing value chain with no current capacity to refine battery chemicals.

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• Commitment to provide capital to facilitate growth EV market and European value chain participants.

• • Identified the significant gap in the market for battery chemicals and reinforced the EIB’s specific focus on “raw materials and refining facilities”.

• The ability to ethically source raw materials and consideration of CO2 emissions remains a priority for the European market.

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• “Volkswagen has set itself the goal of promoting lithium production in Europe in the medium term - there are relevant deposits in Central and Southern Europe, for example"

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Infinity Lithium Corporation

3 - Focusing On the Fastest Growing Chemical Product

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The cathode is a battery component which represents the largest cost of a battery cell and it is where lithium is used

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40%
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LCO NCA
By 2025
73%
NMC LFP
Source: UBS
33% Nickel
80%
Today Cobalt Tomorrow
Manganese
Lithium
Today Mid-2020
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There are different types of cathode but NMC (Nickel, Manganese, Cobalt) will dominate the industry

The NMC cathode is evolving and using more nickel and less cobalt to increase energy density better driving range

High nickel content cathodes require lithium hydroxide as opposed to lithium carbonate faster growth for hydroxide >30%py

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Infinity Lithium Corporation

New Cathode Investments – One More Step Towards Back Integration

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Cathode Investments in Europe

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Umicore is planning to build a cathode plant in Poland. The first phase of this investment is included in the € 660 million programme announced earlier this Umicore is due to start deliveries in late year. 2020.

BASF and Norilsk Nickel enter exclusive to on negotiations cooperate raw material supply for battery materials production in Europe. BASF intends to invest to €400 million in a first to build up step production plants for cathode materials in Europe.

Johnson Matthey expects to start production in 2021-22 in Poland of a battery material it has developed with improved performance and reduced cobalt content to contain costs.

Northvolt is also planning to build its cathodes in-house after they start their battery factory in Sweden.

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Infinity Lithium Corporation

4 - A Uniquely Fully Integrated Lithium Project

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Lithium is mostly produced from either brine-based deposits in South America or from hard-rock mineral deposits in Australia

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Rock Brine
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Hard-rock to dominate lithium production in the future: easier to operate, lower risk jurisdiction, cheaper to produce lithium hydroxide

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2017
Source: Canaccord Genuity
2025
Mine Production Capacity
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Today, majority of lithium hard rock production is exported to China for conversion into lithium chemicals

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8,000km
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San Jose is an industrial project where the mine and the chemical operation are adjacent:

• No shipping

• o No import duties on feedstock

• o No third party converters

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1km
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Infinity Lithium Corporation

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Integration: The Way Forward for Hard Rock Production

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1.6 Lithium Production by Sources 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 Lithium Chemicals - from Converted Rock Lithium Chemicals - Brine Hard rock to dominate mine supply response Easier mining jurisdiction, lower risk Preferred feedstock for lithium hydroxide

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However, mine production does not equal lithium chemical production

Source: Canaccord Genuity - Lithium | 2019 recharge

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Integration process for miners will improve efficiency
Today By 2025
Spodumene Conversion Spodumene Conversion
Tianqi Tianqi
Albemarle Albemarle
Galaxy Galaxy
Neometals/Min Neometals/Min
Res/Ganfeng Res/Ganfeng
Pilbara Pilbara
Altura Altura
Alliance Alliance
Wodgina Wodgina
Kidman Kidman
Minerals Resources & Albemarle SQM & Westfarmers Conversion in South Korea
LiOH
LiOH
LiOH
LiOH
LiOH
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Infinity Lithium Corporation

5 - A Large And Long Term Asset Supporting EV Growth

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Second largest lithium resource in the European Union JORC Resource 111.2Mt (Ind. 59Mt, Inf. 52.2Mt)

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2
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1.6Mt LCE

LCE: Lithium Carbonate Equivalent

To operate for 24 years , including 16 years of mining but only depleting <50% of JORC resource

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To produce around 15,000t of lithium hydroxide battery grade per year

Enough to power 10 Million Full Electric Vehicles over the life of the project

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Infinity Lithium Corporation

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Strategically Located in Extremadura, Spain

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Spain

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• 2 largest car manufacturer in Europe

• Proposes to veto the sales of ICE cars in 2040

• Promotes the manufacture of batteries for electric cars in Spain

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Extremadura

• Region of high poverty and unemployment

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Madrid
San Jose
Lithium Project
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• 2 largest lithium resources in Europe

• Drive to develop the industrial sector and mining proactive

• (230 mining projects)

• Infinity’s project to offer more than 200 direct jobs and another 1,000 supporting roles, as well as >US$1 Billion in tax for the region

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Infinity Lithium Corporation

Fully Integrated Project - From Mining to Lithium Hydroxide

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This is the maximum size of the pit after 16y of operations, the
size of the pit will increase gradually over the life of the project.
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Plan view of San Jose showing drilling, distribution of resources showing indicated (lime green), inferred (orange) against drill pattern

1.66Mt LCE

SAN JOSE MINERAL RESOURCE, REPORTED ABOVE 0.1% LI CUT-OFF

Classification	Tonnes (Mt)	Li(%)	Li~~2~~O (%)	Sn ppm
Indicated	59.0	0.29	0.63	217
Inferred	52.2	0.27	0.59	193
TOTAL	111.3	0.28	0.61	206

+90% Indicated Resources

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1

From Mining to Lithium Bearing Solution

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Mine
Crush
Separate
Transport
for
processing
Stage 1
2
Stage
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Conventional mining process to 75um
Crush & Mill
through multi-stage crushing and grinding
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<3km
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Processing
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Flotation used to separate micas with possible mag-separation upgrade to be further investigated

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Beneficiation
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Mixed with sulphate prior to roast. Roasting
residence time ~ 25 minutes 840 [O] C
Lithium sulphate created in roast process
Water Leach
leached in potable water
From this stage, the lithium-bearing
solution can be heated to increase Purification
concentration
Next stage Sulphate Recovery
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Mineralogy

Mica Quartz Tourmaline

Ore material is approximately equal parts lithium-bearing mica, quartz and tourmaline

Infinity Lithium Corporation

42

2 Lithium Bearing Solution to Lithium Product

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Sulphate
Recovery
Raw LC Mix &
Addition of NaOH
Precipitation Crystallisation
-
Crystallisers The main
Bicarbonate
Purification capital cost increase area
Purification for LiOH over Li2CO3
Relatively consistent
mineralogy of hardrock
Lithium Lithium provides more consistent
composition of impurities and
Carbonate Hydroxide
thus plant optimisation when
going direct to LiOH
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Raw LC
Addition of Na2CO3
Precipitation
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Addition of CO2, and
recycling in multi-stages
of purification typically Bicarbonate
required to eliminate Purification
impurities using filter cake
and washing stages
repeated
Product drying and
Lithium
micronizing common to
Carbonate
both paths
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Infinity Lithium Corporation

Fully Integrated Project - From Mining to Lithium Hydroxide

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  - Sealed dual lane highway adjacent to the plant – connected by major arteries to Europe

• EU & Spain: Low investing risk

• 2nd Largest Lithium JORC in the EU

• Proven production process

• • • Low cost production

• • Brownfield project & long life Fully integrated to Europe project - potentially decades operation • Environmentally • Open pit – low risk, friendly water leach • Using safe reagents

• cheap bulk mining • LiOH Battery Grade

• • Very low strip • Preferred lithium chemical for ratio <1.2:1 cathode manufacturer

• • JORC well supported ~12km • Gas pipeline adjacent to the plant

• of drilling completed • Low temperature process

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Europe to be #2 largest EV market in the world and #2 largest Li-ion batteries producer

• 2.5h from Madrid via highway

• Chemical plant <3km away from the mine

• Extremadura – a proactive mining region

• No royalties or duties on the import of lithium concentrate

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Infinity Lithium Corporation

Cautionary Statement

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Production Target Cautionary Statement

• The Production Target referred to in this announcement is based on 91% Indicated Resources and 9% Inferred Resources for the life of mine life covered under the Study. In accordance with the twenty four (24) year mine plan incorporated into the Study, the first three (3) years of production (covering payback period) will come 96% from Indicated Resources.

• The Study is based on the material assumptions outlined in the ASX announcement 29 November 2018. These include assumptions about the availability of funding. While the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Study will be achieved. To achieve the potential mine development outcomes indicated in the Study, additional funding will be required. Investors should note that there is no certainty that the Company will be able to raise funding when

needed however the Company has concluded it has a reasonable basis for providing the forward looking statements included in this announcement and believes that it has a “reasonable basis” to expect it will be able to fund the development of the San Jose lithium deposit.

• Infinity is not aware of any new information or data that materially affects the information included in this ASX release, and Infinity confirms that, to the best of its knowledge, all material assumptions and technical parameters underpinning the resource estimates in this release continue to apply and have not materially changed.

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Infinity Lithium Corporation

6 - Lithium Project Supported by Strong Economics

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NPV (10) IRR (pre-tax) Pay back $717M 51% 2.3 years Lithium Hydroxide OPEX at the bottom of the cost curve for OPEX Cost Curve $5,343 lithium hydroxide at around $5,343/t 2022 Source: Cannacord

Lithium hydroxide battery grade price at an average of $14,896/t for the life of the project

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Starting CAPEX at US$288M with a low capital intensity of $19,200/t

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+
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Infinity Lithium Corporation

Global Lithium Hydroxide Cost Curve In 2022

Lithium Hydroxide Cost Curve (2022, US$/t)

$/t LIOH 12,000

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OPEX
SAN JOSE
$5,343
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10,000
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8,000

6,000

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4,000

2,000

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40 80 120 160 200

Source: Canaccord 2019

240 280

0

0

Cumulative Production (000t)

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Infinity Lithium Corporation

Scoping Study Project Economics* - Lithium Hydroxide

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(100% Project Basis)

*See Disclaimer slide

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Infinity Lithium Corporation
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7 - A Sustainable, Low Carbon Footprint Operation

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Integrated plant and proximity to end-markets lead to very low transport footprint , reducing CO2 emissions to a minimum

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Using fertilizer or safe reagents for processing

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Low water consumption , 40 times less than in brine production, most of the water is recycled

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Hard Rock Brine
Spain South America
x40 water
consumption
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All reagents necessary for lithium processing available domestically as opposed to importing them from thousands of kilometers away

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Infinity Lithium Corporation

Summary

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• 1- Strong Demand Outlook For Lithium 2- Strategically Located in Europe

• 3- Focusing On the Fastest Growing Chemical Product 4- A Uniquely Fully Integrated Lithium Project 5- A Large And Long Term Asset Supporting EV Growth 6- San Jose Lithium Project Supported by Strong Economics 7- Sustainable, Low Carbon Footprint Operation

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Infinity Lithium Corporation

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San Jose Project Timeline

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2018 2019 2020 2021 2022
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Study
Permitting
Financing
Construction
Commissioning
Production
Scoping Study
PFS DFS
LiOH
50% Ownership
Moved to 75% Option for 100%
Ownership Ownership
Offtakes & Equity Investment Negotiations
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Infinity Lithium Corporation

Board of Directors & Management

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Kevin Tomlinson Non Executive Chairman

Ryan Parkin Managing Director/CEO

Adrian Byass Executive Director

Vincent Ledoux Pedailles Executive Director

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MSc Geol, Grad Dip Finance & Investment

• +30 years experience in mining and finance within the Toronto, Australian, and London stock markets

• Background in project finance, development, and mining experience includes previous roles as Managing Director at Westwind Partners/Stifel Nicolaus and as a board member of Medusa Mining

• Currently on Boards of Centamin (LSE.CEY and dual TSX.CEE listed) and Cardinal Resources (ASX.CDV)

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CA ANZ BComm Accounting & Finance

BSc Geol Hons, B. Econ

MA Business

• Background in consulting and research in the petrochemical industry, specialty chemicals, industrial minerals, base and minor metals

• +15 years experience in corporate development, accounting and finance in both listed and unlisted companies

• +20 years in the mining industry both in listed and unlisted entities globally, Non-Executive and Executive Director of various listed and unlisted mining entities, which have successfully transitioned to production in bulk, precious and specialty metals around the world

• Currently on Board of non-listed mining industry entity

• Led the Lithium & Battery Metals team at IHS Markit and involved in the lithium industry since the early 2010’s starting with Talison Lithium

Robert Orr CFO & Company Secretary

• Currently on Boards of ASX phosphate, zinc and nickel companies.

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David Valls Technical Manager - Spain

Chartered Accountant

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• ASX and AIM Board experience

BSc Geology

• +10 years in the mining and exploration industry in Europe and Africa as technical manager in the development of base and energy metals projects

• Acted as Chief Financial Officer and Company Secretary for a number of ASX listed companies, with over 30 years’ experience in public practice and commerce.

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Infinity Lithium Corporation

Momentum Builds For Infinity Lithium

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55.93% INF
EMH
ORE
GXY
1 [st] November 1 [st] May
2018 2019
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31

Infinity Lithium Corporation

Corporate Overview

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ASX Code INF
FRA Code 3PM
Share Price A$0.091 [1)]
Shares on Issue 190.17m
Market Capitalization A$17.5m
Cash A$1.6m [(2)]
Debt Nil
(1) Closing share price 1st May 2019
(2) As at 31 [st] March 2019
Top 20 Shareholders 37.9%
Directors & Mgt 3.6%
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Board of Directors & Management Kevin Tomlinson Non Executive Chairman Ryan Parkin Managing Director/CEO Adrian Byass Executive Director Vincent Ledoux-Pedailles Executive Director Rob Orr CFO & Company Secretary David Valls Project Manager (Spain)

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4

Discover More About Infinity Lithium

Talk to us toda y

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Ryan Parkin Managing Director & CEO rparkin@infinitylithium.com

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Vincent Ledoux Pedailles Executive Director Corporate Strategy vlp@infinitylithium.com

Visit our website www.infinit lithium.com y

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• Latest Presentations

• • Video Interviews

• Latest News

• Industry Insights

• • Project details

• • Etc.

Listen to us at conferences

Social Media

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@InfinityLithium

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And many more…

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INFINITY LITHIUM Developing lithium production in Europe to power a renewable future

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Appendix

35

March News The European Li-ion Battery Supply Chain

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Electrive SK Innovation plans to build new battery Reuters Volkswagen accelerates electric push as core brand margin slips plant in Europe, the major EV market Audi Jaguar Land Rover ramps up UK Germany releases extra Audi planning for Telegraph Electrive investment in electric drive €180M to fund electric buses around 30 EVs by 2025 Electrive Finland: Valmet plans large scale battery production

Europe must build world's best Reuters batteries to save jobs: German minister Autonews Volvo CEO predicts huge increase in plug-in hybrid sales

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Electrive

Bloomberg

German Car Industry to Invest $45 Billion in Electric Vehicles

Spain subsidizing electric Electrive mobility with €45 million

Six Consortia want to build battery cells in Germany Porsche S&P Germany: Porsche to invest Infinity increases €600M to build electric Macan ownership of the San Jose Lithium Europe: Honda to electrify project to 75% Hondanews all vehicles as of 2025 Infinity Lithium Corporation

SK Innovation Hungary: SK Innovation starts construction of 2nd battery factory Electrek VW threatens to exit important automaker lobbying group over electric vehicle policies

VW

Volkswagen & Northvolt form European Battery Union

36

April News The European Li-ion Battery Supply Chain

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Reuters Johnson Matthey to build cathode material plant in Poland

Volkswagen has set itself the goal of promoting lithium Volkswagen production in Europe in the medium term - there are relevant deposits in Central and Southern Europe, for example

VW “Without battery plant it does not El Mundo make sense to do electric in Spain”

The West Positive test work results for Australian Infinity lithium project

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PV Magazine

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Italy offers incentives for Evs

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Lotus announces ‘world’s first full Electrek electric British hypercar

Europa

MEPs approve new CO2 emissions limits for trucks

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Electrek

Ford

Ford presents European electrification plans

EU parliament approves Bloomberg higher CO2 reductions

The world’s first 24-hour Ultra Low Emission Zone goes live in London Electrek Electrive Paris fights smog with biggest ever EU electric Kia considers EV bus purchase, 800 e-buses to replace diesel production in Europe Daimler starts building new Daimler battery sub-plant Infinity Lithium Corporation

European Commission “Battery materials and specifically lithium chemical supply within Europe has been identified as imperative.”

Bloomberg

Large electric vehicles in the #EU will become cheaper from traditional ICE cars from 2022

37

2018-2019 Key Agreements & Investments in the Lithium-ion Battery Supply Chain

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Li-ion Cells & Components

Lithium

EV Makers

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Ganfeng

North America Lithium Nemaska

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Soft Bank

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Ganfeng

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Kidman

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Tianqi

AMG

Ganfeng

Pilbara Galaxy

Bacanora Orocobre

Ganfeng

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Kidman
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Sigma
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Desert Lion
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Hanwa
Toyota
Tsusho
Mitsui
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7

Many Paths to Market but Integration & Proximity is Key

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1- South America to Asia

Brine

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Chile Arg.

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• Regulators controlling sales & Production quotas

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• Low Li2CO3 production cost

• • But additional conversion costs for LiOH $$$

• Li2CO3 converted internationally to LiOH

• • Additional conversion & freight costs $$$

• Water rights

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• High political and

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economic risk

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• Remote & harsh climate

• Up to 40% royalties in Chile $$$

• • Increase cost of production by ~50%*

• • New export taxes in Argentina $$$

• Weather dependant

• High re-agents & logistics costs $$$

• Living organism , etc.

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38

Infinity Lithium Corporation

* Using an average selling price of US$13,500

Many Paths to Market but Integration & Proximity is Key

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1- Australia to Asia

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Environmental
penalties &
Shutdowns
•
Mining friendly
• Hazardous Tax $$
Low political and
chemicals
economical risk 8,000 km $ Non-integrated Freight $
• Small royalties $ Feedstock $$$
Ex-China
Spodumene
Import Energy Domestic
Integrated
intensive
duties $
Aus.
•
Remote
•
Logistics Trucking $ Limited domestic re- Energy costs $$ Freight $
costs $
agents availability $
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39

Infinity Lithium Corporation

Many Paths to Market but Integration & Proximity is Key

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3 – Europe to Europe

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NO
• NO
Mining friendly region
Import
Domestic re-agents
• Low risk Royalties
duties available
San Jose
Spain
1-3km
Integrated NO
• Gas pipeline
Low strip ratio
• trucking adjacent Export
Open pit
taxes
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40

Infinity Lithium Corporation

Carbon Footprint - Lithium What is likely to happen when you buy a luxury EV in Europe The lithium inside you car travels more than 50,000km before you even start driving*

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Lithium Lithium
Cathodes Cells Battery Pack EV End
Carbonate Hydroxide
Customer
400Km 9,700Km 450Km 16,000Km
7,000Km 18,000Km
Chile USA Japan South Korea USA USA Europe
Integration – dramatically reducing the carbon footprint
Lithium
Feedstock Cathodes Cells & Battery Pack EV End
Hydroxide
Customer
Potentially
<1/10 of
existing carbon
1-3Km footprint
Spain Europe
26
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*Note: This is only one example of many supply paths possible across the supply chain.

San Jose: A low Carbon Footprint & Sustainable Project

• All reagents available domestically

• Very small water requirement and most of the water is recycled

• Roasting process uses safe reagents such as sodium sulphate

• Chemical plant <3km • Leaching process uses water which away from the mine is almost entirely recycled

• Able to supply end-users regionally, only a few hundred kilometers away

• • Light footprint

• Very low strip ratio <1.2:1

• Low temperature process (840C) and short (25min) requiring less energy

• Minimum waste

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• Spodumene mines have strip ratio over 4-6:1

• Spodumene roasting is energy intensive (1,100C) and longer (35min)

• The lithium inside your car can travel more than 50,000km before you even start driving

• More waste

• Chemical plant • Roasting in China involves large even start driving

• • <8,000km away Future chemical plants in in China volumes of hazardous and polluting sulfuric acid , a chemical • Heavy footprint Australia will still be 200• Leaching also involves sulfuric acid 400km away from mine • Brine operations in South America • Reagents often need to be require very large amounts of water imported from thousands of in extremely dry locations kilometers away

• • Water rights and environmental issues

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San Jose is a unique fully integrated lithium project, offering the

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European lithium-ion battery industry in Europe a long term, large, and sustainable source of supply.

27

Infinity Lithium Corporation

Cathode Technology Evolution Leading To Shift In Lithium Demand

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NMC – a leading technology evolving
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Nickel
Manganese
Cobalt
Lithium
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• NMC is set to dominate the industry

• The NMC cathode itself is evolving and using more nickel

• • NMC 622 & 811 but also NCA require lithium hydroxide

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Lithium Demand: Carbonate vs. Hydroxide
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• Lithium hydroxide demand is growing faster than lithium carbonate and most of the recent investments in lithium chemical plants have been in lithium hydroxide production

Source: BNEF, Canaccord

Source: Canaccord Genuity - Lithium | 2019 recharge

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Infinity Lithium Corporation

41

Cathode Evolution: Nickel-rich NMC to Dominate the Industry

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Lithium Hydroxide Preferred

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EV Battery Chemistry Mix Preferred
100%
3%
7% 5%
9% Other
90%
21% 21%
80%
LFP
22%
70%
NCA
6%
21%
60%
6% 36% 93%
50% NCM 811
Market
40% 22% Share by
NCM 721
30% 48% 2025
20% NCM 622
37%
29%
10%
NCM 111
6%
0%
2018 2021 2025
Source: UBS
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14

Infinity Lithium Corporation

Lithium Prices – Spot and Trade In Asia

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Lithium Carbonate Asia Price

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$/t
22,000
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
-
Average Asia Import Price Benchmark Minerals Li2CO3 CIF Asia
Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19
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Lithium Hydroxide Asia Price

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$/t
22,000
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
-
Average Asia Import Price Benchmark Minerals LiOH CIF Asia
Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19
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• Combining Japan, South Korea and China clearly shows the upward trend during the last three years

• Clear disconnect with reported spot prices which have now moved under or near contract prices

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44

Infinity Lithium Corporation

San Jose Lithium Project - Joint Venture Structure

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Infinity Lithium
Corporation Limited
100%
Tonsley Mining Pty
Valoriza Mineria
Ltd
100%
Extremadura Mining
Tecnolgia
Extremena Del Lito
25%
75% S.L.
Option to
move to
San Jose Lithium
100%
Project
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Infinity Lithium Corporation

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