INFINITY METALS LIMITED — Investor Presentation 2021

Feb 15, 2021

INF FRA 3PM

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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 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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SNAPSHOT

Building the capability to supply lithium chemicals that are critically required for the EU’s rapid transition to electric mobility

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Fully integrated lithium hydroxide production in the EU

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Essential component in EU’s lithium-ion battery value chain

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Leveraging the EU’s rapid adoption of electric vehicles

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European financial, technical and commercial endorsement

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Tier 1 project with compelling financial fundamentals

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CORPORATE INFORMATION (ASX:INF)

Shares on issue	~ 319.9m
Options, SARS	~ 79.1m
Shareprice(1)	A$0.23
Market Cap (2)	A$73.5m
Cash(3) (Debt: nil)	A$4.8m

BOARD OF DIRECTORS

	Adrian Byass Non Executive Chairman
	Ryan Parkin CEO & ManagingDirector
	Jon Starink Chief Technical Officer
	RemyWelschinger Head of Corporate Development

MANAGEMENT

	Jonathan Whyte CFO & CompanySecretary
	David Valls General Manager: Extremadura Mining
	Cayetano Polo Head of Institutional Relations
	Lucas Robinson Investor Relations Manager
	Nicole Morcombe Corporate Development Manager

(1) Closing share price as at 15 February 2021

• (2) Undiluted market capitalisation as 15 February 2021

• (3) Cash as at 31 December 2020. Refer to Quarterly Cashflow Report 25 January 2021

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Infinity Lithium Corporation Limited

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WHY INFINITY LITHIUM?

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LITHIUM
POLICY DRIVEN EV UPTAKE EU VALUE CHAIN INFINITY LITHIUM
HYDROXIDE
EU Net Zero Carbon EU Rapid Adoption of Large Scale Investment EU Supply Critically Battery Grade Lithium
2050 EVs in Value Chain Exposed Hydroxide
EV uptake critical Registration EVs > Diesel Auto & battery production >80% Chinese convertors Fully integrated
EU Penalties EU Incentives Upstream Focus Critical EU Limited Supply Sustainability & Funding
Auto fleet CO2 profile Promote EV registrations Battery materials Limited resources Aligned to EU policy
Battery imports CO2 profile Phase out ICE Cathode production Sustainability criteria EU Green Deal &
European Investment
Bank potential
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Infinity Lithium Corporation Limited

(1) Lithium-ion battery; (2) Canaccord Genuity Estimates: September 2020

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SAN JOSÉ LITHIUM PROJECT: HIGHLIGHTS

FULLY INTEGRATED PRODUCTION OF BATTERY GRADE LITHIUM HYDROXIDE

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INF: 75% project ownership; option to acquire 25%

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EU’s 2nd largest hard-rock lithium resource Planned production ~ 15kt pa[(1) ] lithium hydroxide

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Project life 30yrs

Pre-production Capex US $309m[(2)]

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NPV : US$860m IRR: 42.3% (10)

As announced on 22 August 2019. The Company confirms that it is not aware of any new information or data which affects the information disclosed and that all material assumptions underpinning the production target and project economics continue to apply and have not materially changed.

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Infinity Lithium Corporation Limited

(1) Average 1st 10 years of production; (2) Includes contingencies, total US$268m excluding contingencies

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VALIDATING STRONG ECONOMICS

Infinity lithium project lithium hydroxide pre-feasibility study

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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
Resource in the EU
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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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Infinity Lithium Corporation Limited

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A UNIQUELY FULLY INTEGRATED & SUSTAINABLE LITHIUM PROJECT

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Homogenous Extremely low 19 years mining Benign Water leach:
ore body strip ratio 30 years production reagents: K2SO4 minimum acid
Mining Strip ratio Ore ROM Beneficiation Kiln Feed Roasting Conversion
0.43:1 Moved from pit
Total tonnes feed to plant (Flotation) (Sulphate) (Hydromet)
Probable
moved ex pit
Reserves
53.3Mt 100% Stockpiled Hydromet
2.8Mt/y 37.2Mt 20Mt 37.2Mt 16.6Mt Recovery
1.25Mt/y 1.25Mt/y 66.5% 0.553Mt/y 79.6%
70% LiOH Recycle key
357kt
30% 1.3% Li2O 15kt/y¹ inputs
0.82%¹ Li2O 17Mt 0.82%¹ Li2O
Straight
feed Reagents Reagents
Resources Beneficiation Roast
Total: Reject Tailings
111.2Mt
0.61% Li2O Clay
Rock Crushed Rock
(sand size)
Precipitate Tailings Dry stack
Waste Tailings Tailings 0.3Mt tailings:
16.2Mt 22.2Mt 14.5Mt rehabilitation
Rehabilitation Rehabilitation Rehabilitation
¹ 1 [st] 10 years of production averages
59Mt 0.63%
Li2O
Indicated:
52.2 Mt 0.59% Li2O
Inferred:
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Infinity Lithium Corporation Limited

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RESOURCE & PIT OUTLINE

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SAN JOSE MINERAL RESOURCE, REPORTED ABOVE 0.1% Li CUT-OFF x2 Potential to double
Amount Li2O
Parameter Li% Sn ppm
Mt (%) Surface
Resource: Pit outline
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
JORC Mineral Resource Classification Pit outline Indicated Inferred
the original market announcement.
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Lithium (Li) mineralisation is commonly expressed as either lithium oxide (Li2O) or lithium carbonate (Li2CO3) or Lithium Carbonate Equivalent (LCE). Lithium Conversion:

Simple beneficiation

Homogenous ore Adjacent gas body with great pipeline facilitates open pit metrics low OPEX

1.0% Li = 2.153% Li2O

1.0% Li = 5.32% Li2CO3

1.0% Li2CO3 = 0.880% LiOH.H20

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Infinity Lithium Corporation Limited

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LOW COST ON A GLOBAL SCALE, EU ADVANTAGE

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Lithium Hydroxide Cost Curve (2022, US$/t) Opex $5,434/t LiOH
10 year Average
Mining
$/t LIOH 13%
12,000 General
2%
Processing
10,000 OPEX 85%
SAN JOSE
$5,434¹
8,000
6,000
Other
Consumables 10%
4,000 5% Gas Costs
Maintenance Costs 24%
Non-integrated:
7% Pipeline adjacent
Merchant conversion
2,000 Labour to the plant
11%
0 Power Reagents
0 40 80 120 160 200 240 280 24%
19%
Cumulative Production (000t) MOU with Ercros
Full renewable available
Source: Canaccord 2019
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(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. Infinity Lithium Corporation Limited

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A UNIQUELY FULLY INTEGRATED INDUSTRIAL LITHIUM PROJECT

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Contingency
Other
Other
4%
Processing
83%
Contingency
Processing
13%
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Pre-Production Capital Expenditure Including Contingency $309M

CONVERSION PLANT (PROCESSING):

• 83% of the total investment

• Majority of jobs

• 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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Infinity Lithium Corporation Limited

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EU LITHIUM-ION BATTERY VALUE CHAIN

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EU production
Electric Vehicles
capacities for
Hard Rock Chemical Cathode Lithium-ion Battery Cell
Resource Conversion Production Production & Assembly cathodes, batteries
and EVs is booming
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Infinity Lithium Corporation Limited

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EU POLICY: DRIVING THE EV MEGA TREND

The EU is committed to a 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 chain investments

EU Mass Adoption of EVs

Driven by policy, EV registrations in the EU pass diesel ICEs for the 1[st] time in Q3 2020[(2)]

Incentives

Substantial subsidies and tax incentives for consumers and businesses to switch to EV’s.

Indicative Fines for Exceeding Emissions Targets:

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Major Carmakers [(1)]
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6 ◼ 2021 ◼ 2022
5
4
3
2
1
0
€ billions
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70%
60% Diesel
50%
40%
Gasoline
30%
20%
10%
Electrified Vehicles
0%
Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20
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Fines for emissions in the € billions

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

EU automakers need to transition to EV production rapidly as consumer preferences and government policies drive development away from internal combustion engines.

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Infinity Lithium Corporation Limited

(1) Source: Autovista Group based on ICCT and ACEA data; (2) Source: JATO 29 October 2020

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AUTOMOTIVE INDUSTRY IN SPAIN: THE PIVOT TO EV

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10% 18%
of Spain’s of total
GDP exports
2nd largest auto
manufacturer in EU Assembly industry
& 9th worldwide generated trade surplus of
€10.6bn
2.8m vehicles
produced 2019
4th ranked in turnover
2m total jobs: for auto-parts in EU
Direct ~ 365k
83% vehicles
9 multinational brand
exported to over 100
with 17 manufacturing
countries
plants
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Source: Spain Automotive https://www.spain.automotivemeetings.com/index.php/automotive-industry-in-spain Infinity Lithium Corporation Limited ICEX Ministry of Industry, Commercial and Tourism Invest in Spain https://www.investinspain.org/en/industries/automotive-mobility#:~:text=Spain%20ranks%20second%20in%20Europe,vehicles%20were%20manufactured%20in%20Spain.

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INFINITY LITHIUM: LITHIUM MARKET & EU FOCUS

$24m The availability of battery grade lithium hydroxide remains key… as competition heats up between China and the EU

EU MEGAFACTORY PRODUCTION[(1)] CAPACITY

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CURRENT GLOBAL
DEMAND
~ 300KT LCE
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500,000
508 GWh
450,000
18.8x
400,000
2019
350,000
300,000
276 GWh
250,000
200,000
150,000
100,000 CURRENT GLOBAL
CONVERSION
50,000 27 GWh
- ~ 83% LiOH
2019 2024 2029
5.4% 13.8% 17.1%
of global megafactory capacities
LCE tonnes
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Infinity Lithium Corporation Limited

(1) Source: Benchmark Mineral Intelligence

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LITHIUM MARKET & EU FOCUS

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BATTERY GRADE LITHIUM HYDROXIDE
2 [nd]
Urgent response is required in the EU
Europe is forecast be
the 2 [nd] largest producer of:
Electric
Lithium
vehicles
Validation of the
European included in the
critical
Commission EU List of
Lithium-ion drive to develop importance Critical
of lithium
batteries
an EU lithium- Raw Materials
chemical
ion value chain in September
conversion
2020
Cathodes
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“ What we need is access to the raw materials, but also need to build refining capacity.”

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Maros Šefčovič Vice President of the European Commission Leader of EBA & ERMA

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(1) Source: Euractiv 20 October 2020 “EU’s Šefčovič: Europe must be ‘much more strategic’ on raw materials.”

Infinity Lithium Corporation Limited

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SAN JOSÉ ESSENTIAL FOR THE EU

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CRUCIAL PROJECT FOR THE EU

• “ San José is of very relevant strategic importance because raw materials are one of the weakest links in the value chain and there are not many deposits in Europe.”[(1)]

EU GREEN BATTERY STANDARDS

• “ A footprint of CO2 emissions from the transport of lithium which in a few years will not be acceptable by European industrial customers.”[(1)]

GREEN & INNOVATIVE PROCESS FOR THE EU

• “ The San José de Valdeflórez project can be a pioneering initiative, because it combines extraction and refining and for the latter proposes an innovative environmentally sustainable proc.”[(1)]

“ Extremadura can count on the support and collaboration of the European Battery Alliance and EIT InnoEnergy”[(1)]

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Diego Pavía CEO: EIT InnoEnergy

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Infinity Lithium Corporation Limited

(1) Source: HOY.ES. Interview with Diego Pavia, CEO of the European platform EIT InnoEnergy. 29 December 2020

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SAN JOSÉ ESSENTIAL FOR SPAIN & EXTREMADURA

“ If Extremadura wants to become a relevant player, it will have to facilitate and accelerate mining $24m Diego Pavía projects such as San José de Valdeflórez”[(1)] CEO: EIT InnoEnergy

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DIRECT INF FACILITATING SERVICES
INVESTMENT INVESTMENT
Utilising
€800,000 €2.4m €300m
EBA
~ A$1.3m ~ A$4.0m ~ A$500m
Network
Feasibility Study Pilot Plant Project Finance Offtake & IP
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Infinity Lithium Corporation Limited

(1) Source: HOY.ES. Interview with Diego Pavia, CEO of the European platform EIT InnoEnergy. 29 December 2020

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SAN JOSÉ ESSENTIAL FOR SPAIN & EXTREMADURA: PERMITTING ROADMAP

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Julián Mora Aliseda

Professor of Land Management: University of Extremadura

Doctor in Land Management and Doctor in Sociology

• “ Complying with environmental regulations as demanding as the European ones, and passing the administrative processing phase, this project is an opportunity to place Cáceres on the map of the Green Economy”[(1)]

Project Regional: Extremadura Regional: Extremadura Approval Investigation Permit Submit: Process Ampliación a Valdeflórez Exploitation Concession Granted Comprises: Investigation Permit - Mining Licence Application Valdeflórez - Environmental Impact Local: Cáceres Assessment Application - Unified Environmental Land Zoning Authorisation (AAU)

Infinity and Extremadura Mining SA acknowledges and respects that there are different levels of support for the Project at different levels of government from local, regional, federal and EU scale. The Company will continue to work with all stakeholders.

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Infinity Lithium Corporation Limited

(1) Source: elperiodicoextremadura. 31 January 2021

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INFINITY LITHIUM TECHNICAL PROGRAM

TECHNICAL ADVISORY COMMITTEE Leading lithium processing experts leading the test work program

Jon Starink

Chief Technical Officer

• Highly credentialed lithium expert

• Significant experience in hard-rock lithium projects & development of downstream lithium chemical conversion facilities

David Maree Technical Advisor

• Process Development Scientist with significant experience in world class hard rock lithium projects

• Principal Research Scientist with Talison Lithium (Greenbushes) from 2011 – 2015

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Infinity Lithium Corporation Limited

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NET CARBON NEUTRAL 2050: EU FUNDING

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.

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Coronavirus Recovery Fund Spain’s Share €750 billion €140 billion

Infinity part of EIT InnoEnergy led

Battchain

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consortium submission
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Ready-made tool to boost domestic supplies of the raw materials needed to make lithium-ion batteries

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“ Last year, the EIB changed their energy lending mandate and started working with potential European suppliers of lithium, to invest in extraction and processing , which is very important for investors.”

Maros Šefčovič

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for
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€1.2b of Coronavirus Recovery Funds Feb 2021

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Infinity Lithium Corporation Limited

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PRIORITISING SUSTAINABLE & ETHICAL SOURCING

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European Commission will impose new legally binding environmental standards for batteries: an effort to outgreen China & offer local producers a way to differentiate their production from Asian competitors Europe plans ‘battery passport’ to ensure responsible sourcing of materials

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SUPPLY CHAIN WATCHDOG RCS GLOBAL APPOINTED

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CONSIDERS THE TOTAL VALUE CHAIN OF A BATTERY CELL

• Raw materials extraction & processed focus

• From cradle to grave[(1)]

• ID.3 & ID.4 models produced with carbon neutral footprint

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Infinity Lithium Corporation Limited

(1) Source: BMW Group Investor Presentation

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GOOD CITIZENS: ESG PROFILE

San José is a sustainable and fully integrated project aligned to the EU’s green strategic targets

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VERY LOW STRIP RATIO: producing minimal waste

NO SHIPPING OF PLANT FEEDSTOCK: resource & conversion plant on site

EU SOURCED REAGENTS: common fertilizer used instead of sulfuric acid

CLOSE TO EU END MARKETS: high value product close to end users, minimal CO2 transport footprint

Product applied to clean, green technologies and industries Project will generate long term & skilled employment in the locality of Caceres

RECYCLING OF KEY INPUTS: potassium sulphate & water DRY STACK TAILINGS: benign waste profile allows continuous rehabilitation

100% of electricity capable of being provided by renewable energy sources

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INFINITY LITHIUM: MILESTONES

Cayetano Polo Head of Institutional Relations

Finalise granting of investigation permits

• Prior Leader of Ciudadanos (regional), and Provincial Deputy of Cáceres.

• Environmental Engineer

• Institutional Relations

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SUMMARY

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Fully integrated lithium hydroxide production in the EU

European Deal with InnoEnergy: Funding Feasibility Test Work Leveraging the EU’s rapid adoption of electric vehicles

Building technical and incountry teams of experts

EU political and financial support for lithium value chain Tier 1 project with compelling financial fundamentals

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FOLLOW US
infinitylithium.com
sanjosevaldeflorez.es
Infinity Lithium
@Infinitylithium
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SUPPORTED BY
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APPENDIX 1: LITHIUM FORECAST

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Source: Benchmark Lithium Forecast Q3 2020

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APPENDIX 2: LITHIUM ION BATTERY MEGAFACTORY

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Source: Benchmark Mineral Intelligence: Lithium ion Battery Megafactory Assessment (November 2020)

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APPENDIX 3: EIT INNOENERGY & INFINITY LITHIUM

INFINITY: THE 1ST LITHIUM PROJECT TO SECURE EU FUNDING THROUGH EIT INNOENERGY Under the Business Investment Platform

EIT InnoEnergy

Manages EBA industrial development programme EBA250

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Direct Investment

• Payable in 3 tranches for phase one

• Funding aligned to test work for feasibility study

€800,000 (~ A$1.3m)

• Test work currently underway

European Battery Alliance

• Launched in Oct 2017

• Aim: create competitive and fully integrated battery manufacturing chain in the EU

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

Business Investment Platform

• EBA launched BIP in Sept 2019

• €70bn investment in batteries is required in the EU by 2023

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Fundraising

• Support and facilitate investment for phase two

• Funding aligned to pilot plant

Project Finance

• Assist in securing full project financing

• Debt & equity

• Assist in securing offtake

Services

• IP licensing agreement

• Advisory & support personnel

€2.4m[(1)]

(~ A$4.0m)

€300m[(2)]

(~ A$500m)

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Appendix 4: Project Tenure & Aerial Layout

Investigation Permit Ampliación a Valdeflórez (‘PIAV’): PI 10C10359-00 Status: Granted Investigation Permit Valdeflórez (‘PIV’): PI 10C10343-00 Status: Application

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APPENDIX 5: SUSTAINABLE, LOW CARBON FOOTPRINT

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Hardrock Beneficiation
SPODUMENE MICA
Other processes Chinese Spodumene Converters Infinity & Others
Available
within
the EU
Roast Roast Roast Fertilizer
Ca2+ $$$ $$ K2SO4
Fe2+ 35min 1,100°C 20min 840°C
Hazardous Acid Water
Leach Non
Leach Environmentally Leach
Sulphuric Environmentally
friendly
Acid friendly
Lithium Sulphate Li2SO4
Available
Soda Ash Precipitation Mix & Crystallisation Caustic Soda within
Spain
Purification
Purification
Lithium Carbonate Li2CO3 Lithium Hydroxide LiOH
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APPENDIX 6: SUSTAINABLE LOW CARBON FOOTPRINT

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• Very small water • Roasting process uses • All reagents
requirement and most safe reagents such as available
• of the water is recycled potassium sulphate domestically
Chemical plant
<3km away • Leaching process uses
from the mine water which is almost
• Very low strip • Low temperature entirely recycled • Able to supply end-users
ratio 0.43:1 process (840C) and regionally, only a few
• Minimum short (20min) requiring hundred kilometers away
waste less energy • Light footprint
• Spodumene
• Spodumene mines • Brine operations in South roasting is • The lithium inside your
have strip ratio America require very large energy car can travel more than
over 4-10:1 intensive
amounts of water in 50,000km before you
• More waste (1,100C) and
extremely dry locations even start driving
• Water rights and longer (35min) • Heavy footprint
environmental issues
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• Roasting in China involves large volumes of sulfuric acid , a hazardous and polluting chemical

• Chemical plant <8,000km away in China

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

• Future chemical plants in Australia will still be 200-400km away from mine

• Leaching also involves sulfuric acid

San Jose is a unique fully integrated lithium project, offering the European lithium-ion battery industry in Europe a long term, large, and sustainable source of supply.

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APPENDIX 7: TIMELINE

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2021 2022 2023 2024 2025
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Test Work & Pilot Plant
Feasibility Study
FID
Permitting & Approvals
Construction & Commissioning
Production
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