INFINITY METALS LIMITED — Investor Presentation 2020

Aug 31, 2020

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Corporate Presentation September 2020

ASX : INF FRA : 3PM

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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.

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.

Pre-Feasibility Study – Cautionary Statement

The Study referred to in this announcement is a preliminary technical and economic investigation of the potential viability of the San José Lithium Project. It is based on low accuracy technical and economic assessments, (+/- 25% accuracy) however is sufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage; or to provide certainty that the conclusions of the Study will be realised. Infinity is in Joint Venture (‘JV’) with Valoriza Mineria SA, a subsidiary of SACYR S.A. Infinity have independently engaged the services of Wave International Pty Ltd (‘Wave’) to assess the technical and economic viability with regards to producing battery grade lithium hydroxide under the San José Lithium Project. Whilst the Pre-Feasibility Study has yielded robust outcomes and provided independent perspective on the opportunity to produce battery grade lithium hydroxide, there is no guarantee that the JV will choose to adopt the outcomes of the study.

The Production Target referred to in this presentation is based on 100% Probable Reserves for the life of mine life covered under the Study. In accordance with the thirty (30) year mine plan incorporated into the Study, the first three (3) years of production (covering payback period) will come 100% from Probable Reserves.

The Study is based on the material assumptions outlined below and 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 José lithium deposit.

To achieve the outcomes indicated in this Study, initial funding in the order of US$309m (which includes a 15.3% contingency) will likely be required, and US$318m (including a 15.3% contingency) over the life of the Project. Investors should note that there is no certainty that Infinity will be able to raise funding when needed. Infinity holds a total of 75% interest in the San Jose Lithium Project, with Valoriza Mineria holding the balance of 25% interest. It is also possible that Infinity can pursue a range of funding strategies to provide funding options. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Infinity’s existing shares. It is also possible that Infinity could pursue other value realisation strategies such as sale, partial sale, or joint venture of the Project. If it does, this could materially reduce Infinity’s proportionate ownership of the Project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of this Pre-Feasibility Study.

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Infinity Lithium Corporation Limited

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Infinity Lithium: Investment Highlights

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1
Direct European financial
$24m
endorsement
2
Fully integrated &
sustainable EU project
First Binding
3
Strategic development
€800K
aligned to EU policy
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1 [st]
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Infinity Signs First Binding European Funding Deal

Direct investment of up to €800K Support fundraising activities: Phase II: Pilot plant up to €2.4m Project financing up to €300m

4 Long life and low cost lithium chemical production

The European Commission led European Battery Alliance is developing an EU strategic lithium-ion battery value chain & is focused on the critical deficiency in lithium chemicals supply

Direct European financial endorsement for the development of the fully integrated and sustainable San Jose Lithium Hydroxide Project highlights urgent EU response to imminent burgeoning demand for lithium chemicals

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San Jose Lithium Hydroxide Project Overview

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San Jose Lithium Hydroxide Project

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San Jose is a fully integrated and sustainable project in Spain

Producing 15Kt¹ of Lithium Hydroxide per year , able to power >10M Electric Vehicles

30-year production: total revenues US$6 Billion Pre-tax NPV at US$860M Pre-tax IRR at 42%

OPEX before by-product credit of US$5,434/t¹ LiOH at the bottom of the global cost curve

Creating a new industry for Europe, generating employment and supporting the community

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¹Average C1 cost over 10 years of production including ramp-up

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Infinity Lithium: InnoEnergy

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Infinity: The 1[st] Project To Secure EU Funding Through EIT InnoEnergy

$24m Direct Investment InnoEnergy to fund up to €800,000 (A$1.3m)

• InnoEnergy direct investment in Infinity Lithium under Project Agreement

• Funds used for phase one pilot plant test work with Project Partner Dorfner Anzaplan

• The test work forms essential component for class 3 Feasibility Study

• Production of battery grade lithium hydroxide samples for offtake verification

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Fundraising Support InnoEnergy to support and facilitate investment for up to €2.4m (A$4.0m)

• Funds used for phase two pilot plant test work with Project Partner Dorfner Anzaplan

• Production of battery grade lithium hydroxide samples for offtake verification

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Project Financing InnoEnergy to assist Infinity in securing full project financing for up to €300m (A$500m)

• Final investment decision: assist securing full project financing including both debt & equity

• Track record of facilitating and participation in funding other major EU lithium-ion battery projects

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Infinity Lithium: InnoEnergy

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EIT InnoEnergy Services & Support

Who Is EIT InnoEnergy?

$24m Offtake

• Through the European Battery Alliance network, InnoEnergy will support and facilitate negotiations with European offtakers

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Licensing & IP

• Participate in license scheme for technology developed and applicable to other EU mica lithium deposits

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Advisory & Support

• Advisor appointed to utilise EBA network and provide services in project advancement

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Funds

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Funds

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European Commission launched EBA in Oct 2017 to create competitive and fully integrated battery manufacturing chain in Europe

EBA250 : Annual market value is estimated at €250 billion from 2025 onwards

EIT InnoEnergy manages EBA industrial development EBA250 programme

EBA launched BIP in Sept 2019: €70bn investment in batteries is required in the EU by 2023

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The EU’s Push For Battery Raw Materials Self-Sufficiency

Maros Šefčovič VP European Commission & EBA

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The EU is focused on requirement to extract raw materials, process and retain critical battery materials that are urgently required for the European lithium-ion battery supply chain

“ Infinity Lithium is planning on producing lithium hydroxide in Spain […] Automakers should be very interested in this project ”

“ Unless we develop our own mining & refining capacity , the EU will continue to be in great part dependent on foreign supplies”

Andrew McDowell VP European Investment Bank

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Šefčovič said new EU rules will include sustainability guidelines, regarding the responsible sourcing of raw materials, a low carbon footprint and reduced waste during production. It will also apply to Chinese suppliers to EU automakers.

Šefčovič notes the critical need to “Develop a strategic value chain for manufacturing EV lithium-ion batteries inside Europe” - “Secure access to raw materials such as lithium”

European Commission will propose new environmental standards for batteries: an effort to outgreen China & offer local producers a way to differentiate their production from Asian competitors.

EIB Vice President McDowell expects to set aside at least €1 billion a year in loans for battery . projects within the 27-country bloc over the next four years

The EIB identified the significant gap in the market , reinforcing their focus on “ raw materials and refining facilities ”

The EIB has changed their energy lending policy in November and included mining operation for critical raw materials such as lithium

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EU Policy Driving Mass EV Adoption

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COVID-19 has highlighted ‘deglobalization’ trend in the lithium supply chain

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EU’s Green Deal was announced in the midst of this COVID crisis:

• EU’s economic recovery aligned to transforming the EU’s economy for a sustainable future through investment in digital, renewable energy and environmentally sustainable projects.

• The mass adoption of electric vehicles is essential as part of their strategy

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Low
Interest
Loans
€360bn
Grants
€390bn
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The EU is committed to a target Net Zero Carbon 2050 target

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Strict regulations on emissions are driving EU companies to be at the forefront of lithium-ion battery value cain investments

Auto manufacturers in the EU are not expected to meet the new 95g/km CO2 target and could face fines amounting to more than €20 billion[(1) ] in both 2021* and 2022 .

EU Investment Dwarfs China

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(1) Source: Autovista Group

Source: S&P Global

*Highest-polluting 5% of new cars registered in 2020 are excluded from the 2021 fines calculations

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EU Lithium-ion Battery Value Chain

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European Automakers want to de-risk their supply chain

Hard Rock Resource

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• Concerns over limited availability of critical battery metals and concentration in a small number of countries such as China

• Europe will be the 2nd largest lithium chemical consumer in the world, but no lithium plants have been built yet

Chemical Conversion

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Cathode Production

Lithium-ion Battery Cell Production & Assembly

Electric Vehicles

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Infinity Lithium: Lithium Market & EU Focus

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Forecast EU Lithium-ion Battery Cell Production: 2[nd] Largest Global Market

Forecast EU $24mLithium-ion : 2029 Equivalent[(2)] Battery Cell Production[(1)] 20m EVs >390kT LCE

EU policy is accelerating demand for EVs

A fully integrated European Lithium-ion battery supply chain will require more than the global production of lithium today

Lithium hydroxide is required in high nickel content cathodes used in EVs

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• Europe is forecast be the 2[nd] largest producer of • Electric vehicles

• Lithium-ion batteries

• Cathodes

– Europe currently produces no lithium hydroxide the EV industry remains at risk with China producing more than 80% of lithium hydroxide globally in 2019

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(1) Source: Benchmark Mineral Intelligence

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Infinity’s Fully Integrated & Sustainable Lithium Project

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San Jose Lithium Hydroxide Project

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Lithium hydroxide chemicals production in the EU Fully integrated and sustainable project in Spain Second largest hard rock lithium resource in the EU JORC Resource 111.2Mt (Ind. 59Mt, Inf. 52.2Mt), Probable Reserves 37.2Mt Strategically important long life and low cost project 30 years production of battery grade lithium hydroxide – 15ktpa[(1) ] 19 year mine and stockpile activity – depleting <50% JORC Resource

Sustainable project focus aligned to EU policy and funding European Battery Alliance developing an EU strategic lithium-ion battery value chain and unlocking financial support

Transport

Refining

Mining

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Mining Truck Upgrade Roasting Leaching Purification (Beneficiation)

Alunite Lithium Purification Stage Sulphate

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Recycling
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LiOH Battery Grade

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PFS Validates Strong Economics

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INFINITY LITHIUM PROJECT LITHIUM HYDROXIDE PRE-FEASIBILITY STUDY

NPV ₁₀ Pre-tax US$860M IRR Pre-tax 42.3% Total Revenue From US$6Bn CAPEX² (Pre-production) US$268M Lithium Hydroxide OPEX¹ˑ³ US$5,434/t Capital Intensity $US16K/t Annual Production³ Project Life 30 years t 15,000t/y of lithium hydroxide Mine Life 19 years 2[[nd]] Largest Lithium 1.6Mt LCE Strip Ratio 0.43:1

Annual Production³ t 15,000t/y of lithium hydroxide 2[[nd]] Largest Lithium 1.6Mt LCE Resource in the EU

100% Project Ownership Basis

• 1) Average C1 cost over 10 years of production including ramp-up and C1 cost at nameplate capacity is US$5,043/t, without by-product credits. Potential tin and boron credits are available and are being assessed in the ongoing optimization studies.

• 2) Excludes contingency. Total pre-production CAPEX including contingencies US$309m

• 3) First 10 years of production

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Test Work: Phase One Underway to Produce Samples

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2017: Scoping Study Battery grade Li2CO3

Production of Lithium Same process for both Li2CO3 or LiOH Sulphate

Production of tech grade Same process for both technical & battery grade LiOH lithium hydroxide

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2019: PFS Tech grade LiOH

2020: Commence Feasibility Study

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Bench scale optimization & production of battery grade samples

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Funded by EIT InnoEnergy: Total funding commitment €800,000; tranche 1 payment received

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Test work underway at Dorfner Anzaplan facilities in Germany: Infinity on site in July 2020: optimisation and production of samples underway Next Steps: Engagement with EU technology & off-takers to verify battery grade LiOH

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San Jose Project Timeline: PFS 2019

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||||||
|---|---|---|---|---|
|Time|2020|2021|2022|2023|
|Offtake|
|Permitting|
|Financing|
|Bench & Pilot Plant|
|Feasibility Study|
|Construction|
|Commission|
|Production|

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Project Alignment to EU Strategic Objectives

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Ticking Many Boxes - The European Green Deal

Linking To The Green Deal Across The Entire Process

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No feedstock shipping
Use of fertiliser instead of
sulphuric acid
Reagent and water
recycling
Domestic availability of
reagents
Dry stack tailings, ongoing
rehabilitation
100% Electricity from
renewable sources
Producing lithium
supporting EV
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Summa Summary

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First Project To Sign Binding European Funding Deal with InnoEnergy

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Infinity is Strategically Located to Support Strong Demand Outlook For Lithium In Europe

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A Large And Long-Term Asset Supporting EV Growth

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A Uniquely Fully Integrated Lithium Project

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San Jose Lithium Project Supported by Strong Economics Sustainable, Low Carbon Footprint Operation Project Aligned to EU Strategic Objectives

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Follow Us infinitylithium.com sanjosevaldeflorez.es Infinity Lithium @Infinitylithium

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Share Price[(1)] A$0.09 Shares on Issue[(2)] 244.4m Options[(3)] 30.5m Performance Rights[(4)] 3.1m SARS[(5)] 5.0m Market Capitalization[(6)] A$22.0m Cash[(7)] A$0.6m Debt Nil Top 20 Shareholders 43% Directors & Mgt 4.6%

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Appendix 1: Corporate

ASX Code INF FRA Code 3PM

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• (1) INF closing share price 28[th ] August 2020

• (2) Appendix 2A 3[rd] August 2020

• (3) Includes ~ 12.6m options from last placement (refer to www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=02226262) and 715k related party options to be issued subject to shareholder approval (refer to https://www.asx.com.au/asxpdf/20200424/pdf/44h79sg5hk0kfb.pdf)

• (4) Performance Rights expiry 31 December 2020 (refer to Notice of Meeting dated 25 October 2019)

• (5) Share Appreciation Rights (refer Notice of Meeting dated 25 October 2019) Undiluted

• (6)

• Cash balance 30 June 2020: Appendix 5B https://www.asx.com.au/asxpdf/20200731/pdf/44l1qt3krgdwhk.pdf

• (7)

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Infinity Lithium Corporation

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Appendix 2: Board of Directors & Management

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Adrian Byass Non-Executive Chairman

Ryan Parkin Managing Director/CEO

Remy Welschinger​ Non-Executive Director

Jonathan Whyte Company Secretary

David Valls Technical Manager - Spain

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• BSc Geol Hons, B. Econ

• +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

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

• ASX and AIM Board experience

• CA ANZ

• BComm Accounting & Finance

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

• • Currently on Board of non-listed mining industry entity

• Cass Business school

Experienced finance and European commodities executive with more than 13 years experience in leading major global bank European office commodities and fixed income

• Currently on Board of AIM company and unlisted companies

• Chartered Accountant

Extensive corporate, company secretarial and financial accounting experience, predominantly for listed resource companies. Previously worked in the investment banking

• 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

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Appendix 3: Global Lithium Market Outlook

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• Global lithium supply imbalance forecast by 2025 – sooner for the EU

• Europe currently produces no lithium hydroxide – the EV industry remains at risk with China producing more than 80% of lithium hydroxide globally in 2019

Lithium Raw Materials Supply & Demand[(1)]

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2031
2025 2.1mt
2020 930kt
300kt Total
Demand
3.0mt
Lithium
Carbonate
Equivalent
(LCE) Secondary supply
1.5mt
Possible additional tonnes
Probable additional tonnes
Highly probable additional tonnes
Operational supply
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Lithium Chemical Supply 2019[(1)]

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produced 80% of lithium hydroxide in 2019

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(1) Source: Benchmark Mineral Intelligence

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Appendix 4: Large And Long-Term Asset

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San Jose Mineral Resource, Reported Above 0.1% Li Cut-off

Parameter	Amount	Li%	Li2O	Sn
	Mt		(%)	ppm
Resource:
Indicated	59.0	0.29%	0.63	217
Inferred	52.2	0.27%	0.59	193
TOTAL	111.3	0.28%	0.61	206

Estimated using Ordinary Kriging methodology.

Note:

Small discrepancies may occur due to rounding.

JORC Table 1 included in an announcement to the ASX released on 23 May 2018: “Lithium Resource and Open Pit Upgrade”. Infinity confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

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x2 – Potential to double

Lithium (Li) mineralisation is commonly expressed as either lithium oxide (Li2O) or lithium carbonate (Li2CO3) or Lithium Carbonate Equivalent (LCE). Lithium Conversion: 1.0% Li = 2.153% Li2O

PFS based 100% on Indicated Resources

1.0% Li = 5.32% Li2CO3

1.0% Li2CO3 = 0.880% LiOH.H20

Infinity Lithium Corporation

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Appendix 5: Lithium Production From Mica

Germany was the first country to convert mica into lithium chemicals back in the 50’s

Today, there are at least 4 conversion sites in China converting mica into lithium chemicals, and they all have plans to increase capacity.

In 2018, production was 9,000t of LCE and grew to 25,000t of LCE in 2019 (+166%yoy )

BASF , the largest chemical producer in the world, has concluded an MOU for an offtake of lithium hydroxide with Desert Lion who will be processing Mica into lithium chemicals

Fortescue Metals Group, the fourth largest iron ore producer in the world with AUD9Bn revenues in 2018, has applied for tenements in Portugal for potential lithium extraction, most likely from Mica

A large majority of EU ’s lithium resource are mica based.

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Keliber

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Appendix 6: Lithium Production From Mica Map

Identified Lithium Resource in the EU

Spodumene 12%

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Mica 88%
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Savannah
Infinity
Lithium
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Bacanora European Metals European Lithium

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Appendix 7: Sustainable, Low Carbon Footprint

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Beneficiation
Hardrock
Spodumene Mica
Other Processes Chinese Spodumene Converters Infinity & Others
Available
Fertilizer
35min 1,100°C $$$ $$ within the
Ca2+ K2SO4 EU
Roast Roast Roast
Fe2+ 20min 840°C
Non
Hazardous Environmentally
Environmentally
friendly
Acid friendly Water
Leach Sulphuric Acid
Leach Leach
Lithium Sulphate Li2SO4
Soda Caustic Available
Precipitation Mix & Crystallisation within
Ash Soda
Spain
Purification Purification
Lithium Carbonate Li2CO3 Lithium Hydroxide LiOH 25
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Appendix 8: Sustainable, Low Carbon Footprint

• All reagents available domestically

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

• Roasting process uses safe reagents such as potassium sulphate

• Leaching process uses water which is almost entirely recycled

• Chemical plant <3km away from the mine

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

• • Light footprint

• Very low strip ratio 0.43:1

• Low temperature process (840C) and short (20min) requiring less energy

• Minimum waste

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• Spodumene mines have strip ratio over 4-10:1

• 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

  • volumes of sulfuric acid , a • Heavy footprint hazardous and polluting chemical

• <8,000km away in China

• Future chemical plants in Australia will still be 200400km away from mine

• Leaching also involves sulfuric acid • Reagents often need to be imported from thousands of kilometers away

• Brine operations in South America require very large amounts of water in extremely dry locations

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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.

• Water rights and environmental issues

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Infinity Lithium Corporation