INFINITY METALS LIMITED — Investor Presentation 2020

Jun 22, 2020

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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

INFINITY LITHIUM – EUROPEAN LITHIUM HYDROXIDE PROJECT

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Europe to be the 2nd Infinity is a fully largest market for integrated and battery grade lithium sustainable project in after China Spain operation

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

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

2 1[st]

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Infinity Signs First Binding European Funding Deal

Multi-level Investment & : Collaboration Agreement

• Fund up to €800K for phase I pilot plant

• Support fundraising activities for phase II pilot plant, up to €2.4 million

• Assistance agreement to support in fundraising activities for up to €300 million

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OPEX before by-product Creating a new industry credit of $5,434/t¹ LiOH for Europe, generating at the bottom of the employment and global cost curve supporting the community

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

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The European Lithium-ion Battery Supply Chain

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Battery Manufacturing Chain
Battery Metals Battery Manufacturing Chain End-Users
Lithium Lithium Cathodes Battery Cells & Packs Electric Vehicles
Mining Conversion Western Players Asian Players Western Players Western Players
INFINITY
Consumer Electronics
LITHIUM
Integrated Project
? in the world
by 2025
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Infinity Lithium Corporation

Multitude Of Lithium-ion Factories Planned In Europe

Today <10GWh Tomorrow >500GWh Capacity announced

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Started 2010, 2.5GWh Start 2023, up to 35GWh 16GWh to start and ramp up to 30GWh To build Gigafactory starting in 2021 Start 2022, up to 10GWh

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Start 2022, 16GWh then 64GWh Start 2023, up to 24GWh

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Start 2020, up to 1GWh Lithium Project

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Infinity Lithium Corporation

Start 2021, up to 40GWh

Start 2023, up to 32GWh

Start 2024, up to 32GWh

Start 2021, up to 12GWh

Started 2018 6GWh later up to 70GWh

Start 2022, up to 100GWh

Start 2024, up to 10GWh

Start 2020,up to 24GWh

Started 2018 3GWh, later 15GWh Potential plant in Hungary Potential plant in Europe Potential plant in Germany

Euro e To Become The Second Lar est Consumer Of Lithium p g

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A fully integrated European Lithium-ion battery supply chain
will require more than the global production of lithium today
European Equivalent Lithium
Electric Car Battery Demand
M Production GWh Production Kt 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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Lithium Chemical Supply in 2019

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27%
55%
0%
10%
2%
4%
China Chile Argentina USA Other
Source: Benchmark Mineral Intelligence
China also produced 80%
of lithium hydroxide in 2019
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Headlines In The Last Two Months In Europe…

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Batteries & Cathodes

Electric Vehicles

• Europe eclipses China in EV investment

• EU’s battery mega-projects charge on despite virus

• EU Commission considers €100bn on euro transport package

• LG Chem secures €500M for Polish factory expansion

• France injects €8bn to fuel car industry revival

• Volkswagen builds battery factory in Salzgitter

• France ’s new €13K EV incentive most generous in Europe

• Daimler expands battery production starting in Germany

• Germany forces all petrol stations to provide electric car charging

• BASF confirms cathode production plans

• Germany rebuffs gasoline auto lobby with radical electric plan

• EIB signs €125M loan with Umicore for cathode materials in Poland

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• “To meet climate goals, EU will need 60 times more lithium by 2050” T.Breton, EU Market Commissioner

• Lithium tipped for EU list of critical raw materials

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Lithium

• Coronavirus puts European electric carmakers on alert over lithium supplies

• European Commission Supporting Sustainable Lithium Project in Europe and in Spain

• EU must engage in lithium standards or lose to China, EU’s Commissioner says

• “The coronavirus crisis showed vital supplies are exposed to disruption and Europe is extremely reliant on China to source these vital supplies. Vital supplies range from pharmaceuticals to lithium” T.Breton, EU Market Commissioner

• Electric Vehicles Take Off, Europe Plans ‘Battery Passport’ To Ensure Responsible Sourcing Of Materials

• Infinity Lithium Signs First Binding European Funding Deal

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Highly Fragmented Supply Chain & Carbon Footprint

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The lithium inside you car travels more than 50,000km before you even start driving*

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Lithium Lithium
Carbonate Hydroxide Cathodes Cells Battery Pack EV End
Customer
400Km 9,700Km 450Km 16,000Km
7,000Km 18,000Km
Chile USA Japan South Korea USA USA Europe
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End
Customer
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16,000Km Europe

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Regional integration dramatically reducing carbon footprint

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Lithium
Feedstock Cathodes Cells & Battery Pack EV End Customer
Hydroxide
1-3Km
Spain Europe
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Potentially <1/10 of existing carbon footprint

*Note: This is only one example of many supply paths possible across the supply chain.

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raw materials
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The EU’s push for battery raw materials self-sufficiency

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• European Commission “ Develop a strategic value chain for manufacturing EV LIBs inside Europe” - “Secure access to raw materials such as lithium ”

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

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

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• The EIB is committed to provide capital and changed their energy lending policy in November and included mining operation for critical raw materials such as lithium

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• Lithium is expected to enter the EU list of critical raw materials later this year because of its strategic importance to the automotive industry

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• “

• • Commission Vice President Maros Šefčovič Lithium is on

• European Infinity planning producing lithium hydroxide in Spain […] Automakers should be very interested in this project ”

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Infinity Lithium Corporation

EU Is Getting Organized To Support Lithium Investment

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European Union
European Commission
Launched
Funds
in 2017
Management
European
EIT InnoEnergy
& Funds Battery Alliance
Management Launched
& Funds in 2019
Business Investment
Platform
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European Battery Alliance (EBA):

• Includes the European Commission, the EIB and key industry stakeholders such as automakers, battery and cathode producers

• EBA’s goal: create a competitive and fully integrated chain in and a

• battery manufacturing Europe prevent technological dependence on Asia

InnoEnergy (EI):

• EBA’s industrial stream led by European Investment group EI

• EI invests European funds into sustainable energy projects

• Invested so far >€700M in selected projects & facilitated the raise of more than €1.7Bn of funds

Business Investment Platform (BIP):

• EBA launched the BIP with a stated goal to accelerate transactions between financial institutions and industrial projects included in the lithium-ion battery value chain

• • Goal: shorten time to investment, reduce risk for the investee, & reduce investment risk for the investor

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Infinity Lithium Corporation

Infinity Becomes 1st Project To Secure EU Funding

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EU Binding Deal In 6 points

1. Investment: InnoEnergy to fund up to €800K in INF to support the development of phase I of Infinity’s pilot plant

2. Support fundraising activities for phase II of INF’s pilot plant from both public and private funds (estimated between €1.6-€2.4M )

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Feedstock Pilot Plant Pre-Selected
(Mica) Phase I & II EU Off Takers
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3. Full Project Financing: InnoEnergy will assist Infinity in securing full project financing including both equity and debt , as previously demonstrated through successful assistance in project funding within the EU lithium-ion battery supply chain

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CAPEX
€100M €200M
€280m
Equity Debt
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*Pre-Production CAPEX Including Contingency

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Infinity Becomes 1st Project To Secure EU Funding

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EU Binding Deal In 6 points

4. Off take Agreement: Through the European Battery Alliance network , InnoEnergy will support and facilitate negotiations with European off-takers

The EBA network includes >400 participants covering the entire battery value chain from active materials to cell manufacturing, battery making to electric vehicles production

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5. Licensing & IP: Participate in the design of a license scheme for the technology developed through the test work and applicable to other EU lithium projects and deposits

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6. Advisor & EU Board Members: Advisor appointed who mobilizes InnoEnergy’s ecosystem to support the development of the project and bring external senior European & Spanish representatives to the leadership of Infinity

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Infinity’s Fully Integrated & Sustainable Lithium Project

Strategically Located in Extremadura, Spain

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The San Jose Valdeflorez Lithium Project is located ~280km from Madrid in the region of Extremadura. The project open pit development is in a narrow valley directly to the east of the town of Caceres.

San Jose Valdeflorez

Gigafactory Cathode Plant Lithium Project

Multitude Of Lithium-ion Factories Planned in Europe

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2. 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), Probable Reserves 37.2Mt

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1.6Mt
LCE
LCE: Lithium Carbonate Equivalent
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To operate for 30 years , including 19 years of mining but only depleting <50% of JORC resource

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To produce around 15,000t¹ of lithium hydroxide battery grade per year

(1) During the first 10 years of operations.

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

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2. A Large And Long-Term Asset Supporting EV Growth

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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

18

3. A Uniquely Fully Integrated Lithium Project

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

Today, >95% of lithium hard rock production is exported to China for conversion into lithium chemicals

San Jose is an industrial project where the mine and the chemical operation are adjacent:

• No shipping

• No import duties on feedstock

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2017 Rock
Source: Canaccord Genuity
2025 Rock
Li Production Capacity
8,000km
2km
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• No third-party converters

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3. A Uniquely Fully Integrated Lithium Project

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Mining Strip ratio Ore ROM Beneficiation Kiln Roasting Conversion
Total tonnes 0.43:1 Moved feed to (Flotation) Feed (Sulphate) (Hydromet)
moved ex pit from pit plant
Probable Reserves
100% Stockpiled Hydromet
Recovery
53.3Mt 20Mt 79.6%
37.2Mt 37.2Mt 66.5% 16.6Mt
2.8Mt/y
1.25Mt/y 1.25Mt/y 0.553Mt/y LiOH
70%
357,015kt
14,994t/y¹
1.3% Li2O
0.82%¹ Li2O 17Mt 0.82%¹ Li2O
Straight Reagents Reagents
Resources
feed
Total:
Beneficiation
111.2Mt
Reject Roast Tailings
0.61% Li2O
Crushed Rock Clay
Rock
(sand size)
Precipitate Tailings
Waste
Tailings Tailings 0.3Mt
16.2Mt
22.2Mt
14.5Mt
Rehabilitation Rehabilitation Rehabilitation ¹ 1 [st] 10 years of production averages
20
O
2
0.63% Li
59Mt
30%
Indicated:
O
2
0.59% Li
Mt
52.2
Inferred:
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A Uniquely Fully Integrated Industrial Lithium Project

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Pre-Production Capital Expenditure
Including Contingency
$309M
Contingency
Other
Other
Processing
4%
83%
Contingency
Processing
13%
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Conversion Plant (Processing):

• 83% of the total investment

• Majority of jobs – 155 direct positions

• No visibility from Caceres

• Using common fertilizer and recycling it as opposed to sulphuric acid usage like in China

• Dry stack tailings & continuous rehabilitation

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3. A Uniquely Fully Integrated Lithium Project

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Mining Transport Refining
Mining Truck Upgrade Roasting Leaching Purification Alunite Lithium Purification LiOH
(Beneficiation) Stage Sulphate Battery
Grade
2017 Recycling
Same process for both
Scoping Study
Li2CO3 or LiOH up to here
Li Carbonate
Li2CO3
Battery
Grade
2019
Same process for both tech battery
Pre-Feasibility Improvement of all process steps: mining, grade LiOH
Study LiOH beneficiation, roasting, leaching, recycling, etc.
LiOH
2020/21
Technical
Alunite Stage
Feasibility Study Grade
Improvement of all process steps: mining,
Li Hydroxide beneficiation, roasting, leaching, recycling, etc.
LiOH
Battery
Grade
22
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Ongoing Test Work To Deliver BG Lithium Hydroxide

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Phase 1 Bench Scale

• Target: Produce 400-600g of Battery Grade Lithium Hydroxide and deliver sample to selected off-takers for testing & validation

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Phase 1: €800K financed by EU funds

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Pre-Selected EU Off Takers

Feedstock Pilot Plant (Mica) Phase I

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Phase 2 Pilot Plant

• Target: Produce 2-4kg of Battery Grade Lithium Hydroxide and deliver sample to selected offtakers for testing & validation

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Phase 2: up to €2.4M, IE to support fund raising activities

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Pre-Selected EU Off Takers

Feedstock Pilot Plant (Mica) Phase I

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A PFS Validating Strong Economics

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INFINITY LITHIUM PROJECT LITHIUM HYDROXIDE PRE-FEASIBILITY STUDY

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US$860M US$6Bn

IRR Pre-tax 42.3% CAPEX² (Pre-production) US$268M Capital Intensity $US16K/t Project Life 30 years Mine Life 19 years Strip Ratio 0.43:1

NPV ₁₀

Pre-tax

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Total Revenue From Lithium Hydroxide OPEX¹ˑ³

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US$5,434/t

Project Life Mine Life

Annual Production³ t 15,000t/y of lithium hydroxide

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• 2[nd] Largest Lithium Resource in the EU

1.6Mt LCE

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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4. Lithium Project Supported by Strong Economics

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

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$/t LIOH Lithium Hydroxide Cost Curve (2022, US$/t)
12,000
10,000 OPEX
SAN JOSE
$5,434¹
8,000
6,000
4,000
2,000
0
0 40 80 120 160 200 240 280
Cumulative Production (000t) Source: Canaccord 2019
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¹Average C1 cost over 10 years of production including ramp-up and C1 cost at nameplate capacity is US$5,043/t, without byproduct credits. Potential tin and boron credits are available and are being assessed in the ongoing optimization studies.

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4. Lithium Project Supported by Strong Economics

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$/t

LiOH Asia Weighted Average Price

22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 -

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$13,500/t in March
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Average Asia Import Price Average Asia Import Price Quarterly Benchmark Minerals LiOH CIF Asia

Weighed prices average for lithium hydroxide imports into Japan and South Korea from Chile, China, and the US. This represents 75% of the global LiOH trade and is mostly used in cathodes

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A Sustainable, Low Carbon Footprint Operation

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

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100% of our electricity requirement can be met by renewable energy

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Using fertilizer or safe reagents for processing, which are also recycled

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All reagents necessary for lithium processing available domestically

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

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Lowest strip ratio in the industry, minimum waste , all dry stack tailings, no slurry

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Full Environmental & Social Impact presentation available here: infinitylithium.com

27

San Jose Project Timeline

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Time 2020 2021 2022 2023
Offtake
Permitting
Financing
Bench & Pilot Plant
FS/DFS
Construction
Commission
Production
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28

Board of Directors & Management

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Adrian Byass Non-Executive Chairman

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Ryan Parkin Managing Director/CEO

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Vincent Ledoux Pedailles Executive Director

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Felipe Benjumea ​ Non-Executive Director

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Jonathan Whyte Company Secretary

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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

• MA Business

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

• • • • •

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

Appointed by the European Commission as a lithium expert to review the Critical Raw Material List

• 30 years in the renewable energy sector with experience in the development of industrial projects in 80 countries as Chairman. NASDAQ and IBEX experience

Currently on the Boards of hydrogen companies in Spain and USA and member of the Board of Trustees in Spanish Universities Awarded the Medal of Scientific Merit of the Center for Energy, Environmental and Technological Research (CIEMAT) and the Grand Cross of Naval Merit.

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

29

Infinity Lithium Corporation

Corporate Snapshot

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----- Start of picture text -----

Share Price [(1)] A$0.105
Shares on Issue [(2)] 238.8m
Options [(3)] 23.9m
Performance Rights [(4)] 6.3m
SARS [(5)] 10.0m
Market Capitalization [(6)] A$25.1m
Cash [(7)] A$1.0m
Debt Nil
Top 20 Shareholders 43%
Directors & Mgt 3.5%
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ASX Code INF FRA Code 3PM

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• (1) INF closing share price 18[th] June 2020

• (2) Related party shares to be issued subject to shareholder approval ~1.4m (refer to https://www.asx.com.au/asxpdf/20200424/pdf/44h79sg5hk0kfb.pdf)

• (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)

• (6) Undiluted

• (7) Cash balance 30 April 2020

Infinity Lithium Corporation

30

Summary

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First Project To Sign Binding European Funding Deal with InnoEnergy

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

A Large And Long-Term Asset Supporting EV Growth

A Uniquely Fully Integrated Lithium Project

San Jose Lithium Project Supported by Strong Economics Sustainable, Low Carbon Footprint Operation

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Follow Us
infinitylithium.com
sanjosevaldeflorez.es
Infinity Lithium
@Infinitylithium
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31

Infinity Lithium Corporation

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33

– 1. Lithium Projects in Europe Infinity On Top

1. Lithium Projects in Europe– Infinity On Top Company European Metals Infinity Lithium Savannah Res. Bacanora Keliber European Lithium Project Cinovec - Czech Republic San Jose - Spain Mino do Barroso - Portugal Zinnwald - Germany Several - Finland Wolfsberg- Austria Mineral Mica(Zinnwaldite) Mica(Zinnwaldite) Spodumene Mica(Zinnwaldite) Spodumene Spodumene Li2O (%) 0.40 0.82 1.04 0.7 1.16 1.0 Mine Underground Open pit Open pit Underground Open pit & Underground Underground Conversion Yes Yes No MiningOnly Yes Yes Yes Resources 7Mt LCE 1.6Mt LCE 0.71Mt LCE 0.66Mt LCE 0.29Mt LCE 027M.t LCE Stage PFS Published PFS Published Scoping Study Published FS Published DFS Published PFS Published End-product Li2CO3 orLiOH LiOH Spodumene LiF LiOH LiOH Opex $/t(before credits) 4,876 5,434 271 11,659* 5,358 7,160 By-product Calculated Tin,tungsten &potash Not calculated Tin & boron Not calculated Quartz & Feldspar Potassium sulphate Not calculated - Analcime sand &quartz-feldspar sand Not calculated Feldspar &Quartz Capex $483M $268M $109M $180M $370M $424M Project life 21y 30y 11y 30y 13y 10y Production 25,267tpy 15,000tpy 175,000tpy spod. 7,285tpy 12,000tpy 10,000tpy Capex/t ($/t) 19,100 16,200 n.a 24,708 30,800 42,400 European Funding NO YES NO NO NO NO Comment • High IronContent • Aggressive beneficiated feedstock at2.7% • Undergroundand siting across 2 countries • Numerousgreen credentials • Pure European focus • All infrastructureon site • Gas Pipelineadjacent • Export toChinathe only option today • Not integrated • LiF is asmall marketthat could have excess supply with a large project • Tobuy feedstockafter 13 years • Operate at7 different sites • High Capex • High Opex • Short life*	1. Lithium Projects in Europe– Infinity On Top Company European Metals Infinity Lithium Savannah Res. Bacanora Keliber European Lithium Project Cinovec - Czech Republic San Jose - Spain Mino do Barroso - Portugal Zinnwald - Germany Several - Finland Wolfsberg- Austria Mineral Mica(Zinnwaldite) Mica(Zinnwaldite) Spodumene Mica(Zinnwaldite) Spodumene Spodumene Li2O (%) 0.40 0.82 1.04 0.7 1.16 1.0 Mine Underground Open pit Open pit Underground Open pit & Underground Underground Conversion Yes Yes No MiningOnly Yes Yes Yes Resources 7Mt LCE 1.6Mt LCE 0.71Mt LCE 0.66Mt LCE 0.29Mt LCE 027M.t LCE Stage PFS Published PFS Published Scoping Study Published FS Published DFS Published PFS Published End-product Li2CO3 orLiOH LiOH Spodumene LiF LiOH LiOH Opex $/t(before credits) 4,876 5,434 271 11,659* 5,358 7,160 By-product Calculated Tin,tungsten &potash Not calculated Tin & boron Not calculated Quartz & Feldspar Potassium sulphate Not calculated - Analcime sand &quartz-feldspar sand Not calculated Feldspar &Quartz Capex $483M $268M $109M $180M $370M $424M Project life 21y 30y 11y 30y 13y 10y Production 25,267tpy 15,000tpy 175,000tpy spod. 7,285tpy 12,000tpy 10,000tpy Capex/t ($/t) 19,100 16,200 n.a 24,708 30,800 42,400 European Funding NO YES NO NO NO NO Comment • High IronContent • Aggressive beneficiated feedstock at2.7% • Undergroundand siting across 2 countries • Numerousgreen credentials • Pure European focus • All infrastructureon site • Gas Pipelineadjacent • Export toChinathe only option today • Not integrated • LiF is asmall marketthat could have excess supply with a large project • Tobuy feedstockafter 13 years • Operate at7 different sites • High Capex • High Opex • Short life*	1. Lithium Projects in Europe– Infinity On Top Company European Metals Infinity Lithium Savannah Res. Bacanora Keliber European Lithium Project Cinovec - Czech Republic San Jose - Spain Mino do Barroso - Portugal Zinnwald - Germany Several - Finland Wolfsberg- Austria Mineral Mica(Zinnwaldite) Mica(Zinnwaldite) Spodumene Mica(Zinnwaldite) Spodumene Spodumene Li2O (%) 0.40 0.82 1.04 0.7 1.16 1.0 Mine Underground Open pit Open pit Underground Open pit & Underground Underground Conversion Yes Yes No MiningOnly Yes Yes Yes Resources 7Mt LCE 1.6Mt LCE 0.71Mt LCE 0.66Mt LCE 0.29Mt LCE 027M.t LCE Stage PFS Published PFS Published Scoping Study Published FS Published DFS Published PFS Published End-product Li2CO3 orLiOH LiOH Spodumene LiF LiOH LiOH Opex $/t(before credits) 4,876 5,434 271 11,659* 5,358 7,160 By-product Calculated Tin,tungsten &potash Not calculated Tin & boron Not calculated Quartz & Feldspar Potassium sulphate Not calculated - Analcime sand &quartz-feldspar sand Not calculated Feldspar &Quartz Capex $483M $268M $109M $180M $370M $424M Project life 21y 30y 11y 30y 13y 10y Production 25,267tpy 15,000tpy 175,000tpy spod. 7,285tpy 12,000tpy 10,000tpy Capex/t ($/t) 19,100 16,200 n.a 24,708 30,800 42,400 European Funding NO YES NO NO NO NO Comment • High IronContent • Aggressive beneficiated feedstock at2.7% • Undergroundand siting across 2 countries • Numerousgreen credentials • Pure European focus • All infrastructureon site • Gas Pipelineadjacent • Export toChinathe only option today • Not integrated • LiF is asmall marketthat could have excess supply with a large project • Tobuy feedstockafter 13 years • Operate at7 different sites • High Capex • High Opex • Short life*	1. Lithium Projects in Europe– Infinity On Top Company European Metals Infinity Lithium Savannah Res. Bacanora Keliber European Lithium Project Cinovec - Czech Republic San Jose - Spain Mino do Barroso - Portugal Zinnwald - Germany Several - Finland Wolfsberg- Austria Mineral Mica(Zinnwaldite) Mica(Zinnwaldite) Spodumene Mica(Zinnwaldite) Spodumene Spodumene Li2O (%) 0.40 0.82 1.04 0.7 1.16 1.0 Mine Underground Open pit Open pit Underground Open pit & Underground Underground Conversion Yes Yes No MiningOnly Yes Yes Yes Resources 7Mt LCE 1.6Mt LCE 0.71Mt LCE 0.66Mt LCE 0.29Mt LCE 027M.t LCE Stage PFS Published PFS Published Scoping Study Published FS Published DFS Published PFS Published End-product Li2CO3 orLiOH LiOH Spodumene LiF LiOH LiOH Opex $/t(before credits) 4,876 5,434 271 11,659* 5,358 7,160 By-product Calculated Tin,tungsten &potash Not calculated Tin & boron Not calculated Quartz & Feldspar Potassium sulphate Not calculated - Analcime sand &quartz-feldspar sand Not calculated Feldspar &Quartz Capex $483M $268M $109M $180M $370M $424M Project life 21y 30y 11y 30y 13y 10y Production 25,267tpy 15,000tpy 175,000tpy spod. 7,285tpy 12,000tpy 10,000tpy Capex/t ($/t) 19,100 16,200 n.a 24,708 30,800 42,400 European Funding NO YES NO NO NO NO Comment • High IronContent • Aggressive beneficiated feedstock at2.7% • Undergroundand siting across 2 countries • Numerousgreen credentials • Pure European focus • All infrastructureon site • Gas Pipelineadjacent • Export toChinathe only option today • Not integrated • LiF is asmall marketthat could have excess supply with a large project • Tobuy feedstockafter 13 years • Operate at7 different sites • High Capex • High Opex • Short life*	1. Lithium Projects in Europe– Infinity On Top Company European Metals Infinity Lithium Savannah Res. Bacanora Keliber European Lithium Project Cinovec - Czech Republic San Jose - Spain Mino do Barroso - Portugal Zinnwald - Germany Several - Finland Wolfsberg- Austria Mineral Mica(Zinnwaldite) Mica(Zinnwaldite) Spodumene Mica(Zinnwaldite) Spodumene Spodumene Li2O (%) 0.40 0.82 1.04 0.7 1.16 1.0 Mine Underground Open pit Open pit Underground Open pit & Underground Underground Conversion Yes Yes No MiningOnly Yes Yes Yes Resources 7Mt LCE 1.6Mt LCE 0.71Mt LCE 0.66Mt LCE 0.29Mt LCE 027M.t LCE Stage PFS Published PFS Published Scoping Study Published FS Published DFS Published PFS Published End-product Li2CO3 orLiOH LiOH Spodumene LiF LiOH LiOH Opex $/t(before credits) 4,876 5,434 271 11,659* 5,358 7,160 By-product Calculated Tin,tungsten &potash Not calculated Tin & boron Not calculated Quartz & Feldspar Potassium sulphate Not calculated - Analcime sand &quartz-feldspar sand Not calculated Feldspar &Quartz Capex $483M $268M $109M $180M $370M $424M Project life 21y 30y 11y 30y 13y 10y Production 25,267tpy 15,000tpy 175,000tpy spod. 7,285tpy 12,000tpy 10,000tpy Capex/t ($/t) 19,100 16,200 n.a 24,708 30,800 42,400 European Funding NO YES NO NO NO NO Comment • High IronContent • Aggressive beneficiated feedstock at2.7% • Undergroundand siting across 2 countries • Numerousgreen credentials • Pure European focus • All infrastructureon site • Gas Pipelineadjacent • Export toChinathe only option today • Not integrated • LiF is asmall marketthat could have excess supply with a large project • Tobuy feedstockafter 13 years • Operate at7 different sites • High Capex • High Opex • Short life*	1. Lithium Projects in Europe– Infinity On Top Company European Metals Infinity Lithium Savannah Res. Bacanora Keliber European Lithium Project Cinovec - Czech Republic San Jose - Spain Mino do Barroso - Portugal Zinnwald - Germany Several - Finland Wolfsberg- Austria Mineral Mica(Zinnwaldite) Mica(Zinnwaldite) Spodumene Mica(Zinnwaldite) Spodumene Spodumene Li2O (%) 0.40 0.82 1.04 0.7 1.16 1.0 Mine Underground Open pit Open pit Underground Open pit & Underground Underground Conversion Yes Yes No MiningOnly Yes Yes Yes Resources 7Mt LCE 1.6Mt LCE 0.71Mt LCE 0.66Mt LCE 0.29Mt LCE 027M.t LCE Stage PFS Published PFS Published Scoping Study Published FS Published DFS Published PFS Published End-product Li2CO3 orLiOH LiOH Spodumene LiF LiOH LiOH Opex $/t(before credits) 4,876 5,434 271 11,659* 5,358 7,160 By-product Calculated Tin,tungsten &potash Not calculated Tin & boron Not calculated Quartz & Feldspar Potassium sulphate Not calculated - Analcime sand &quartz-feldspar sand Not calculated Feldspar &Quartz Capex $483M $268M $109M $180M $370M $424M Project life 21y 30y 11y 30y 13y 10y Production 25,267tpy 15,000tpy 175,000tpy spod. 7,285tpy 12,000tpy 10,000tpy Capex/t ($/t) 19,100 16,200 n.a 24,708 30,800 42,400 European Funding NO YES NO NO NO NO Comment • High IronContent • Aggressive beneficiated feedstock at2.7% • Undergroundand siting across 2 countries • Numerousgreen credentials • Pure European focus • All infrastructureon site • Gas Pipelineadjacent • Export toChinathe only option today • Not integrated • LiF is asmall marketthat could have excess supply with a large project • Tobuy feedstockafter 13 years • Operate at7 different sites • High Capex • High Opex • Short life*	1. Lithium Projects in Europe– Infinity On Top Company European Metals Infinity Lithium Savannah Res. Bacanora Keliber European Lithium Project Cinovec - Czech Republic San Jose - Spain Mino do Barroso - Portugal Zinnwald - Germany Several - Finland Wolfsberg- Austria Mineral Mica(Zinnwaldite) Mica(Zinnwaldite) Spodumene Mica(Zinnwaldite) Spodumene Spodumene Li2O (%) 0.40 0.82 1.04 0.7 1.16 1.0 Mine Underground Open pit Open pit Underground Open pit & Underground Underground Conversion Yes Yes No MiningOnly Yes Yes Yes Resources 7Mt LCE 1.6Mt LCE 0.71Mt LCE 0.66Mt LCE 0.29Mt LCE 027M.t LCE Stage PFS Published PFS Published Scoping Study Published FS Published DFS Published PFS Published End-product Li2CO3 orLiOH LiOH Spodumene LiF LiOH LiOH Opex $/t(before credits) 4,876 5,434 271 11,659* 5,358 7,160 By-product Calculated Tin,tungsten &potash Not calculated Tin & boron Not calculated Quartz & Feldspar Potassium sulphate Not calculated - Analcime sand &quartz-feldspar sand Not calculated Feldspar &Quartz Capex $483M $268M $109M $180M $370M $424M Project life 21y 30y 11y 30y 13y 10y Production 25,267tpy 15,000tpy 175,000tpy spod. 7,285tpy 12,000tpy 10,000tpy Capex/t ($/t) 19,100 16,200 n.a 24,708 30,800 42,400 European Funding NO YES NO NO NO NO Comment • High IronContent • Aggressive beneficiated feedstock at2.7% • Undergroundand siting across 2 countries • Numerousgreen credentials • Pure European focus • All infrastructureon site • Gas Pipelineadjacent • Export toChinathe only option today • Not integrated • LiF is asmall marketthat could have excess supply with a large project • Tobuy feedstockafter 13 years • Operate at7 different sites • High Capex • High Opex • Short life*
Company	European Metals	Infinity Lithium	Savannah Res.	Bacanora	Keliber	European Lithium
Project	Cinovec - Czech Republic	San Jose - Spain	Mino do Barroso - Portugal	Zinnwald - Germany	Several - Finland	Wolfsberg- Austria
Mineral	Mica(Zinnwaldite)	Mica(Zinnwaldite)	Spodumene	Mica(Zinnwaldite)	Spodumene	Spodumene
Li2O (%)	0.40	0.82*	1.04	0.7	1.16	1.0
Mine	Underground	Open pit	Open pit	Underground	Open pit & Underground	Underground
Conversion	Yes	Yes	No MiningOnly	Yes	Yes	Yes
Resources	7Mt LCE	1.6Mt LCE	0.71Mt LCE	0.66Mt LCE	0.29Mt LCE	027M.t LCE
Stage	PFS Published	PFS Published	Scoping Study Published	FS Published	DFS Published	PFS Published
End-product	Li2CO3 orLiOH	LiOH	Spodumene	LiF	LiOH	LiOH
Opex $/t(before credits)	4,876	5,434*	271	11,659***	5,358	7,160
By-product	Calculated Tin,tungsten &potash	Not calculated Tin & boron	Not calculated Quartz & Feldspar	Potassium sulphate	Not calculated - Analcime sand &quartz-feldspar sand	Not calculated Feldspar &Quartz
Capex	$483M	$268M**	$109M	$180M	$370M	$424M
Project life	21y	30y	11y	30y	13y	10y
Production	25,267tpy	15,000tpy*	175,000tpy spod.	7,285tpy***	12,000tpy	10,000tpy
Capex/t ($/t)	19,100	16,200	n.a	24,708***	30,800	42,400
European Funding	NO	YES	NO	NO	NO	NO
Comment	• High IronContent • Aggressive beneficiated feedstock at2.7% • Undergroundand siting across 2 countries	• Numerousgreen credentials • Pure European focus • All infrastructureon site • Gas Pipelineadjacent	• Export toChinathe only option today • Not integrated	• LiF is asmall marketthat could have excess supply with a large project	• Tobuy feedstockafter 13 years • Operate at7 different sites	• High Capex • High Opex • Short life

Other European Exploration Projects: Vulcan Lithium (Germany), Cornish Lithium (UK), Avalonia Lithium (Ireland), ROM 1-10 years average Excluding contingencies **Converted to LCE

34

2. The Mica Stor - Main Sources Of Hard Rock Lithium Toda y y

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Spodumene : Australia Mica Extraction: China Mica Resources: EU
Converted: China Converted: China Converted: EU
150Kt 25Kt >10Mt Identified
+20% yoy +166% yoy Resource
Infinity Lithium #2 Largest
Deposit
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35

2. The Mica Stor - Lithium Production From Mica y

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

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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 )

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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

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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

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

36

Keliber

2. The Mica Story - Mica Dominates Euro ean Lithium Resources p

Identified Lithium Resource in the EU

Spodumene 12%

Mica 88%

Savannah Infinity Lithium

Bacanora European Metals European Lithium

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37

EU Financial Support In Practise: Infinity’s Itinerary

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September 2019 - Brussels:

BIP Launch

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January 2020 – Caceres, Spain: Site Visit

March 2020

Final Presentation To BIP Committee and vote on collaboration proposal

March 2020

MOU of Collaboration & Investment Agreement between Infinity and BIP

Infinity presenting as a potential investee

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December 2019 – Amsterdam : Presentation to BIP Committee Infinity selected to present its project to the BIP Committee

December 2019

BIP decides to support our project as one of only 3 selected investees, conditioned by further discussions

January-February 2020 Meetings & Discussions Regular interactions between BIP and Infinity

June 2020 Binding Agreement For Investment & Collaboration between Infinity and EU Group InnoEnergy

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38

4. A Sustainable, Low Carbon Footprint Operation

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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
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39

4. A Sustainable Low Carbon Foot rint O eration , p p

• 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

• Very low strip ratio 0.43:1

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

• Minimum waste

• Light footprint

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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

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

• Reagents often need to be imported from thousands of kilometers away

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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

40

Infinity Lithium Corporation

4. A Sustainable Low Carbon Foot rint O eration , p p

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Our initial Mining License Application for lithium carbonate utilized a very simple and plain tailings and waste storage procedure. This resulted in a very large surface area being covered. It also impacted on our ability to capture more contained water within the tailing’s material

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2019
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We have reduced our total waste stored (~50%)

Total waste stored

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-51%
33Mt 16Mt
2017
2019
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Dry Stack Tailings

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Tailings Slurry

Our tailings are not a mud or slurry material, they are dry stack tailings . As opposed to slurry, our tailings contains little water and are safe to store without a need for a pond

Dry stacked tailings process results contain initially 15-20% water in tailings which is then further utilized through a recirculation design

Drainage channels a large amount of this contained water where it is then captured and reused

Infinity Lithium Corporation

41

5. Cathode Evolution Leadin To Shift In Lithium Demand g

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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

5. Several Cathode Plants Planned In Euro e In The Earl 2020s p y

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

BASF and Norilsk Nickel to cooperate on raw material supply for battery materials production in Europe. BASF intends to invest up to €500M in a first step to build production plants for cathode materials in Germany starting in 2022

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

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

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6- Ma News - Euro ean Li-ion Batter Su l Chain y p y pp y

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LG Chem secures €500M for Polish factory expansion

Electrive

Financial To meet climate goals, EU will need Times 60 times more lithium by 2050

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Proactive

Infinity Lithium presents San Jose project to European Commission and European Investment Bank

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Financial Times

Emmanuel Macron injects €8bn to fuel French car industry revival

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Electrive

Spain ups stakes for scrapping old cars and funding EVs

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Financial Times

Europe eclipses China in electric vehicle investment

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Euractiv

EU’s battery megaprojects charge on despite virus

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Electrive

EU Commission considers 100 billion euro transport package

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Daimler expands battery Electrive production starting in Kamenz

Volkswagen builds battery Electrive factory in Salzgitter

European Commission Supporting European Sustainable Lithium Project in Europe Commission and in Spain

France’s new €13,000 EV Autonews incentive is the most generous in Europe

7. 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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