INFINITY METALS LIMITED — Investor Presentation 2021

Oct 13, 2021

SAN JOSÉ LITHIUM PR ~~OJ~~ ECT

Integrated Underground Mine & Lithium Hydroxide Production Scoping Study

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www.infinitylithium.com

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Disclaimer

Scoping Study – Cautionary Statement

The Scoping Study referred to in this announcement has been undertaken to assess the viability of an underground-only mining operation and integrated lithium chemical production facility at the San José Lithium Project. It is a preliminary technical and economic study of the potential viability of the San José Lithium Project. It is based on low-level (accuracy) technical and economic assessments, (+/- 35% accuracy) and is insufficient to support estimation of Ore Reserves. Further exploration and evaluation work and appropriate studies are required before Infinity will be in a position to estimate any 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.

The Production Target and forecast financial information referred to in this announcement is based on 76% Indicated Resources and 24% Inferred Resources for the life of mine life covered under the Study. In accordance with the twenty-six (26) year mine plan incorporated into the Study, the first 3.2 years of production (covering payback period) will be derived from 92% Indicated material with 8% from the Inferred category. The Inferred material does not have a material impact on the technical and economic viability of the project. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.

Infinity have independently engaged the services of Mining Sense Global S.L. to complete a desktop review for the development of an underground mine. Infinity has previously engaged Wave International Pty Ltd (‘Wave’) to assess the technical and economic viability to a Pre-Feasibility Study level with regards to producing battery grade lithium hydroxide under the San José Lithium Project. Whilst the Scoping Study has yielded robust outcomes and provided independent perspective on the opportunity to produce battery grade lithium hydroxide, there is no guarantee that the Joint Venture will choose to adopt the outcomes of the study.

This Scoping Study is based on the material assumptions outlined below. 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.

Infinity Lithium Corporation Limited is in Joint Venture with Valoriza Mineria S.A., a subsidiary of SACYR S.A. over the San José Lithium Project. Infinity currently holds a 75% interest and has an Option to proceed to 100% interest at its election. This Scoping Study (on a 100% ownership basis), pre-production capital of US$459m excluding contingencies, and US$532.2m including a weighted average 16% contingency) will likely be required to fund the San José Lithium Project. Investors should note that there is no certainty that the Company will be able to raise that amount of 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.

It is possible that Infinity can pursue a range of funding strategies to provide funding options, and that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Infinity Lithium Corporation Limited’s existing shares. It is also possible that Infinity Lithium Corporation Limited could pursue other value realisation strategies such as sale, partial sale, or joint venture of the San José Lithium Project. If it does, this could materially reduce Infinity’s proportionate ownership of the San José Lithium Project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of this Scoping Study.

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Infinity Lithium Corporation Limited

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Disclaimer

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 undertake 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 Mineral Resource estimates for the San José Lithium Project referred to in this announcement were reported by Infinity Lithium Corporation Limited in accordance with ASX Listing Rule 5.8 in its announcement of 23 May 2018. Infinity Lithium Corporation Limited is not aware of any new information or data that materially affects the information included in the ASX announcement of 23 May 2018 and confirms that all material assumptions and technical parameters underpinning the resource estimates in the announcement of 23 May 2018 continue to apply and have not materially changed.

The Mineral Resource estimates underpinning the production targets disclosed in this announcement have been prepared by a competent person in accordance with the requirements of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), 2012 Edition.

Snowden Mining (2017) and Cube Consulting (2018) estimated the total Mineral Resource for the San José lithium deposit using Ordinary Kriging interpolation methods and reported above a 0.1% Li cut-off grade. Full details of block modelling and estimation are contained in the ASX announcement dated 5 December 2017 and updated 23 May 2018.

The information in this announcement that relates to the Scoping Study was reviewed by Adrian Byass, an employee of Infinity Lithium Corporation Limited. Adrian Byass is a member of Australian Institute of Geoscientists. Adrian Byass has provided written consent to the form and context in which the outcomes of the Scoping Study and the supporting information are presented in this announcement. Infinity Lithium Corporation Limited has also engaged Mining Sense S.L. to complete an Underground Option Desktop Review in August of 2021 which informs this Scoping Study. Jesús Montero is a Mining Engineer at Mining Sense Global S.L.

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Infinity Lithium Corporation Limited

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SAN JOSÉ LITHIUM PROJECT OVERVIEW

San Jose Lithium Project

• 2[nd] largest hard rock lithium deposit in the EU

• Fully integrated to produce battery grade lithium chemicals on site

• Positioned to become an important resource in the supply of lithium to the European market.

Underground Raw Material Extraction

The revised project dynamics acknowledge social, environmental and permitting queries to provide:

• Improved societal impact & permitting pathwa y

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• Increased direct & indirect employment

• Improved environmental profile

• Increased production volumes

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Strategically essential & sustainable source of battery grade lithium chemicals in the EU

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Infinity Lithium Corporation Limited

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SCOPING STUDY KEY METRICS[(1)]

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ROM LOM Producing steady-
average Production state average
2Mtpa 26 years 19.5ktpa
of battery grade
Lithium Hydroxide
NPV
10 (pre tax) IRR Total Revenues LOM
(pre tax)
US$811m 25.6% US$7.9bn
Payback Average Price C1 Cost [(3)]
3.2 years US$17,000/t US$6,399/t
(includes 20% contingency
underground mining OPEX)
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Note: Scoping Study Key Metrics based on 100% Project ownership

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Pre-Production CAPEX
Contingencies [(2)] General & Mining
US$
46.7m
US$72.8m
Total
Processing & NPI US$532.2m
US$412.7m
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• (1) Revert to Cautionary Statement on Slide 2

• (2) C1 Cost (ex contingencies) US$6,070/t

• (3) Contingencies for underground mining pre-production CAPEX 20% Total average contingencies LOM CAPEX 16%

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Infinity Lithium Corporation Limited

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SAN JOSÉ: LOCATION & INFRASTRUCTURE

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Key Infrastructure for a Fully Integrated Project
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Gas pipeline Photovoltaic Energy Major Roadway
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Renewable Natural Gas Major Electricity & Pipeline Highways Substation

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Major Battery Materials 250km MATSA Copper Project Mines

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Infinity Lithium Corporation Limited

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SAN JOSÉ: UNDERGROUND MINE

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Resource Proposed LOM Underground
Portal Indicated & Inferred Mine
Pre-Production
Decline
Underground
Crown Pillar ~ 40m
Mining CAPEX
Ventilation
US$36m
Mining fleet Decline
purchases
Stoping
Opportunities & Upside:
Resource conversion & expansion – San José is a historic underground
open at depth and strike tin mine that was mined in the 1960s
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San José is a historic underground tin mine that was mined in the 1960s Further technical studies in 1990s identified lithium in tailings

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Resource conversion & expansion –
open at depth and strike
Downstream processing output options
to produce battery grade lithium
carbonate and/ or hydroxide
Mining fleet electrification
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Historical Mining Infrastructure
NE SW
Old plant area Mine waste
Headframe
Underground workings
Proposed development
500m
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Existing infrastructure, buildings & underground workings evident

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Infinity Lithium Corporation Limited

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SAN JOSÉ: UNDERGROUND MINE

MINIMISING ENVIRONMENTAL IMPACTS & MAXIMISING EMPLOYMENT

Long Life Project: LOM 26 years

Pre-production Ramp up production development ~ 2 years ~ 2 years

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Infinity Lithium Corporation Limited

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LOCAL WORKFORCE HIGHLIGHTS

San José is committed to generating long term skilled labour for the region

Total Direct Key Infrastructure for a Fully Integrated Project Employment 710

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General & Construction[(1][)] Mining Processing[(2)] Administration 310 246 126 28

Indirect Employment 1,660[(3)]

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(Sandfire Resources)

Underground Mining Project Total Workforce:

~ 750 people / 90% permanent Generates ~ 4,000 jobs (direct, indirect & induced)

• ~ 80% of workforce from local community

Annual economic impact: €190m

• (1) 310 construction jobs from 2019 PFS – factored construction jobs 496

• (2) 126 processing jobs from 2019 PFS – factored processing jobs 201 Total factored jobs 971

• (3) Indirect employment modelled on detailed https://www.epi.org/publication/updated-employment-multipliers-for-the-u-s-economy/

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Infinity Lithium Corporation Limited

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REDUCED SURFACE TAILINGS

Average ROM 2Mtpa

• Reduced surface tailings CAPEX

• Reduced surface waste by >50% – tailings paste infill underground

• Potential to rehabilitate local quarry

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Paste Infill
55%
Surface
45%
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Renewed tailings footprint from Underground Scoping Study 2021
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Previous tailings footprint from Open Pit 2019
(includes both areas and average 1.25MT ROM)
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Infinity Lithium Corporation Limited

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POTENTIAL ALIGNMENT TO EXTREMADURA’S VAST RENEWABLE ENERGIES

Scoping Study based on traditional underground mining methods

Extremadura:

the region with the highest installed solar photovoltaic power capacity in Spain (22% of total)[(1)]

Green energy certificate 100% Electrification or Renewable is the Future Globally there is movement towards an electrified electricity Direct photovoltaic source available fleet to reduce CO emissions 2

Twin Boom Jumbo

Discussions to blend with natural gas H2 to power kiln Potential to Potential for alternative power power kiln source

Front end loader & truck

Red Electrica de Espana (REE): “Spanish Electricity System Report 2020”

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Infinity Lithium Corporation Limited

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EU MARKET IMBALANCE TO DRIVE DEMAND

San José increased output >25% from PFS Alignment to burgeoning EU demand

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700 EU LCE Demand from EVs [(1)] 70%
600 60%
500 50%
LCE 400 40%
300 30%
200 20%
100 10%
0 0%
2020a 2021e 2022e 2023e 2024e 2025e 2026e 2027e 2028e 2029e 2030e
LCE Demand EV Penetration Rate
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EU > 1,000GWH LiB GIGAFACTORIES BY 2030 [(2)]
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• EU demand based on EV penetration rate current global supply

TOTAL GLOBAL DEMAND 2030 FORECAST > 2.5MT LCE[(1)]

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• EU competing globally for significant amounts of battery grade lithium chemicals

• EU REMAINS EXPOSED TO CHINA CONVERTORS

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• China dominates lithium chemical conversion

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EU SUSTAINABILITY REQUIREMENTS

• Battery passport and sustainability requirements differentiate market

Source:

(1) Canaccord Genuity August 2021

(2) Refer to Appendix 2 EU GIGAFACTORY PROJECTIONS

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Infinity Lithium Corporation Limited

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TIMELINE TO PRODUCTION

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2021 2022 2023 2024 2025 2026
Test Work
Pilot Plant
Feasibility Study & FEED
Financing & Final Investment Decision
Construction & Mine Development
Commissioning
Production
Offtake
Permitting & Approvals
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Infinity Lithium Corporation Limited

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SUMMARY

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Working with local stakeholders to highlight improved societal impacts and permitting pathway

Large scale and long-life project to provide increased direct and indirect employment for the locality of Cáceres

Robust project economics support increase production of battery grade lithium hydroxide in support the EU’s rapidly accelerating demand projections

ESG positive improvements and opportunities to align the project to Extremadura’s renewable energies

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Infinity Lithium Corporation Limited

CONTACT US

This release is authorised by the Managing Director

AUSTRALIA

Unit 32, Level 3, 22 Railway Road Subiaco, 6008 Western Australia

SPAIN

Caceres Extremadura Mining S.L. Calle Juan de la Cierva n 18 Cáceres. Spain

T: +61 (0)8 6146 5325 E: admin@infinitylithium.com

T: +34 927 208 134 E: admin@extremaduramining.com

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www.infinitylithium.com

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APPENDIX 1: STUDY TEAM

Company	Department	Personnel	Position & Details
Infinity Lithium	Technical Advisory Committee	Jon Starink	Executive Director /CTO: Process Engineer
Infinity Lithium	Technical Advisory Committee	Dr David Maree	Director: Process Engineer
Infinity Lithium	Geology and Mining	Adrian Byass	Non-Executive Chairman: Geologist
Infinity Lithium	Geology and Mining	David Valls	General Manager Spain: Geologist
Mining Sense Global S.L.	Mine Design and Support	Jesus Montero	Mining Engineer
Mining Sense Global S.L.	Mine Design and Support	Maria de los Angeles Ramos	Mining Engineer
Infinity Lithium	Corporate and Finance	Remy Welshcinger	Executive Director
Infinity Lithium	Corporate and Finance	Ryan Parkin	Managing Director

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Infinity Lithium Corporation Limited

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REVERT TO CAUTIONARY STATEMENT ON SLIDE 2 APPENDIX 2: PROJECT HIGHLIGHTS ( )

Validating Strong Economics with Increased Output & Underground Mine

NPV ₁₀ Pre-tax US$811M IRR Pre-tax 25.7% Total Revenue From US$7.9Bn CAPEX² (Pre-production) US$459M Lithium Hydroxide OPEX [1] US$6,399/t Capital Intensity [3] $US23.6K/t Annual Production t LOM 19,480t/y 26 years of lithium hydroxide [4] Price LOM Spot Price US$17k/t US$21.5k/t of lithium hydroxide [5] of lithium hydroxide [6] Average LOM Net Project payback period US$191M 3.2 years Operating Cashflow After 1[st] production including ramp up period

• (1) C1 Cost LOM

• (2) CAPEX including contingencies US$532M

• (3) Capital Intensity including contingencies US$27.3k/t

• (4) Steady state production for 22years after ramp up

• (5) Price assumption based on market research and internal price estimates

• (6) Fastmarkets Battery Raw Material Price Update 24 September 2021 battery grade lithium hydroxide monohydrate (56.5% LiOH.H2O) spot prices on CIF basis for China, Japan and Korea

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Infinity Lithium Corporation Limited

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REVERT TO CAUTIONARY STATEMENT ON SLIDE 2 APPENDIX 3: PROJECT ECONOMICS ( )

	Assumption	Unit
	Average long-term lithium hydroxide price	US$/t	17,000
	Exchange Rate	€: US$	1.15
	Discount Rate (pre-tax)	%	10%
	Conversion Factor Li2O : Li2CO3	:	2.473
	Conversion Factor LiOH.OH : Li2CO3	:	0.880
	Beneficiation Recoveries	%	66.5%
	Hydrometallurgy Recoveries	%	79.6%
	Average ROM LOM	Mtpa	1.9
	Construction	yrs	2
	Ramp Up	yrs	2
	LOM	yrs	26
	Gross Margins		US$m
	Total Gross Revenues		7,938
	Operating Costs: General and Underground Mine		1,057
	Operating Costs: Processing		1,930
	Gross Margin		4,951

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Infinity Lithium Corporation Limited

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APPENDIX 4: MINERAL RESOURCES & MINEABLE MATERIAL

Class	Tonnes (Mt)	Li (%)	Li2O (%)
Indicated Resources	59.0	0.29	0.63
Inferred Resources	52.2	0.27	0.59
TOTAL	111.3	0.28	0.61

Table 1: 2018 MRE San José at a 1,000ppm lithium cut-off

Class	Tonnes (Mt)	Li (%)	Li2O (%)
Indicated Resources	36.80	0.35	0.72
Inferred Resources	28.64	0.34	0.75
TOTAL	65.44	0.34	0.74

Table 2: 2018 MRE San José at a 2,500ppm lithium cut-off

JORC Table 1 included in an announcement to the ASX released on 22 May 2018 “Lithium Resource and Open Pit Upgrade”.

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.

Estimates using Ordinary Kriging methodology. Note: small discrepancies may occur to rounding. Further details ASX release 23 may 2018.

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

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APPENDIX 5: TENURE AND OWNERSHIP

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Investigation Permit Application San José
Area Reference Entity Status
Investigation Permit Valdeflórez
Investigation Permit Valdeflórez Cancelled – subject to contentious-
10C10343-00 TEL
(‘PIV’) administrative appeal
Investigation Permit Ampliación
10C10359-00 TEL Granted
Valdeflórez (‘PIAV’)
Investigation Permit Ampliacion Valdeflórez
Castilla
Extremadura S.E. 10C10386-00 Exploration Permit Application Exploration Permit Application Extremadura
Mining S.L.
Valoriza
San José 10C10368-00 Investigation Permit Application
Mineria
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Infinity Lithium Corporation Limited