LEEUWIN METALS LTD — Investor Presentation 2023

May 9, 2023

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Unleashing the Power of Nickel & Lithium: A New Opportunity on the ASX for Battery Metal Exploration

RIU RESOURCES ROUND-UP INVESTOR PRESENTATION May 2023 ASX.LM1

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Important Notices and Disclaimer

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Leeuwin Metals Ltd ACN 656 057 215 ( Leeuwin or the Company ) is the issuer of this presentation.

Not a disclosure document

This presentation is not a disclosure document for the purposes of Chapter 6D of the Corporations Act 2001 (Cth) ("Corporations Act") and does not purport to include the information required of such a disclosure document. It has not been lodged with or approved by any regulatory authority, such as the Australian Securities and Investments Commission ("ASIC") or the Australian Securities Exchange ("ASX").

No New Information or Data

The information presented in this presentation that refers to exploration results, exploration targets, mineral resources and ore reserves have been initially disclosed in accordance with ASX Listing Rule 5.7 in the Company's prospectus dated 10 February 2023 and released on the ASX on 28 March 2023, as supported by the Annexure A Independent Technical Assessment Report and subsequent ASX releases on 17/04/2023, 4/05/2023 & 8/05/2023. 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 announcements.

Nature of mineral exploration risks

This presentation does not purport to be all-inclusive or to contain all the information that you or any other party may require to evaluate the prospects of the Company. The mineral tenements of the Company as described in this presentation are at various stages of exploration, and potential investors should understand that mineral exploration and development are high-risk undertakings. Some of the tenements are in the application stage only and there is no guarantee the applications will be granted by the responsible minister or governmental decision maker having jurisdiction. There can be no assurance that exploration of the tenements, or any other tenements that may be acquired in the future, will result in the discovery of an economic ore deposit. Even if an apparently viable deposit is identified, there is no guarantee that it can be economically exploited.

No other material authorised

The Company has not authorised any person to give any information or make any representation in connection with any proposed offer of securities. A prospective investor cannot rely upon any information or representations not contained in this presentation.

Forward-looking statements

This presentation may contain forward-looking statements. Those forward-looking statements reflect views held only as at the date of this presentation. Any such statement is subject to inherent risks and uncertainties. Actual events or results may differ materially from the events or results expressed or implied in any forward- looking statement, and such deviations are both normal and to be expected. Recipients must make their own assessment about the likelihood of a matter, about which a forward-looking statement is made, occurring. The Company makes no representation about the likelihood of a matter, about which a forward-looking statement is made, occurring. No representation or warranty is given, and nothing in this presentation or any other information made available by the Company or any other party should be relied upon as a promise or representation, as to the future condition of the respective businesses, projects and operations of the Company. The Company and its directors, employees, agents, representatives, advisers and consultants: give no representation or warranty to a recipient of this presentation as to the accuracy or completeness of the statements contained in this presentation or in relation to any other matter; and to the fullest extent permitted by law, disclaim responsibility for and have no liability to a recipient of this presentation for any error or omission in or for any statement in this presentation, including if due to any negligence, fault or breach of duty of any type.

Reliance on presentation

A recipient of this presentation must make their own assessment of the matters contained herein and rely on their own investigations and judgment in making an investment in the Company. This presentation does not purport to contain all of the information a recipient of this presentation requires to make an informed decision whether to invest in the Company. Specifically, this presentation does not purport to contain all the information that investors and their professional advisers would reasonably require to make an informed assessment of the Company’s assets and liabilities, financial position and performance, profits, losses and prospects.

Not a recommendation or financial advice

The information in this presentation is not a recommendation to subscribe for securities in the Company and does not constitute financial advice. Any person who intends to subscribe for securities must conduct their own investigations, assessment and analysis of the Company and its operations and prospects and must base their investment decision solely on those investigations and that assessment and analysis. Prospective investors should consult their own legal, accounting and financial advisers about an investment in the Company.

Acceptance

By attending a presentation or briefing, or accepting, accessing or reviewing this document you explicitly acknowledge, accept and agree to the matters stated in this Important Notices and Disclaimer section.

Authorisation

This document has been authorised for release by the Company’s Board of Directors.

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Investment Highlights

Global portfolio

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Experienced Board & Management

• Proven track record of exploration to discovery and development

• Extensive in-country knowledge and experience

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Strategic Cornerstone

• Major shareholding of 9.97%

• Technical committee formed to leverage off decades of nickel discovery

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Outstanding infrastructure

• Projects located in Tier-1 Jurisdictions in Canada & Western Australia

• All year round access

• Hydroelectricity proximal to projects

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Exposure to Nickel and Lithium

• Projects selected in response to demand for critical battery metals

• Highly prospective & exploration ready projects

Ready for discovery at William Lake

• High priority drill ready targets

• Extensive historic drilling and geophysical data

• Located in the world class Thompson Nickel Belt

Lithium Upside at the Jenpeg Project

• Stacked pegmatite swarm with +20m wide zones at +1.2% Li 2O in historical drilling

• Spodumene island prospect hosts historical lithium channel samples with +3.6km of known strike

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Board & Management

Proven opportunity generating team with a record of delivering exploration and development success

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Simon Jackson

Scott Williamson

Danniel Oosterman

Marcus Harden

Christopher Piggott Managing Director, Geologist

Nicholas Katris

Chairman,

VP Exploration, Geologist

Non-Executive Director, Mining Engineer

Chief Geologist & BD, Geologist

Company Secretary, Corporate

Corporate

Geologist with extensive

Canadian based exploration geologist spanning gold and base metals projects with a track record of discovery. His more recent roles include Chief Geologist of AuTECO Minerals (ASX.AUT) , Head of Regional Exploration for Bellevue Gold Ltd (ASX.BGL) and Principal Geologist for First Quantum Minerals Ltd

Canadian based exploration geologist with a strong focus on nickel sulphide deposits in Canada. Mr Oosterman began his career with Falconbridge and Inco (now Vale) and has been in mining and exploration for over 20 years. At Inco he was part of the exploration team that drilled the T-3 underground nickel deposit at Thompson. his more recent roles include VP of Exploration at Flying Nickel.

Highly Experienced in Corporate Finance, Investment Banking & Corporate Management. Mr. Jackson is currently Non-executive Chairman

Mining Engineer with a unique blend of experience in mining and finance and is passionate about mining green.

Experienced executive with extensive background in corporate advisory,

background in gold and nickel exploration with a track record of discovery and corporate development.

including ASX IPO’s and management of publicly listed companies.

Recent roles included Senior

Mr. Williamson is the founder and currently the Managing Director of

Geologist at Bellevue Gold Ltd (ASX.BGL) where he was

of Sarama Resources Limited (ASX.SRR) , Nonexecutive Chairman of

Currently the Company Secretary for Perpetual Resources (ASX.PEC) &

involved in the discoveries of Tribune, Viago & Deacon, that have defined +3Moz.

Blackstone Minerals Ltd

(ASX.BSX).

Predictive Discovery

previously was the Executive and Principal Geologist for Director of Midas Minerals, Quantum Minerals Ltd (ASX.MM1) , CFO & (TSX.FM), setting up and Company Secretary for leading Nickel-Cu-PGE Auteco Minerals (ASX.AUT) . exploration throughout West Africa.

(ASX.PDI) and Non-

He was also a part of the team that defined the Nova-Bollinger high grade Nickel deposit which is now owned and operated by IGO Ltd (ASX.IGO) .

executive Director of

Resolute Mining

(ASX.RSG) .

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Corporate Overview

Capital structure

Equities

Valuation LM1 $0.305 Share Price at 05/05/2023

ASX code (Listed on 29/03/23)

63.4m $19m Shares currently on issue Market capitalisation 23m $10.7m Shares escrowed up to 24 months Enterprise valuation

31m Options $8.3m 3.5m Performance Rights Cash at 31/03/2023

Top 20 shareholders	61%
Significant shareholders
Board & management escrowed for 24 months	30.3%
Glencore	9.97%
Australian institutions	6%

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Shareholders
9.97%
30.3%
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59.73%
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Board & Management
Others
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Strategic focus

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Why battery metals?

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Decarbonisation is driving battery metals demand.

• Growing popularity of Electric Vehicles (EV) is driving the demand for battery metals.

• Nickel and Lithium are a crucial elements in battery technology used to power EVs, medical devices, cordless power tools, and store renewable energy.

• Bloomberg New Energy Finance predicts that EVs will account for 58% of new passenger car sales globally by 2040.[1]

• Nickel is key to high density energy batteries so EVs can drive further, and

• Lithium is a key component of all battery technologies due to its high energy density, low weight, and ability to store and release electrical energy efficiently.

Nickel Demand

Global Number of EV’s forecasted

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3.7x

60x

Glencore foresees 3.7x growth in nickel demand by 2050 as compared to 2019 levels.[2]

Global Number of EVs in the next 20 Years[3]

1. https://electrek.co/2020/05/21/egeb-58-percent-of-cars-will-be-electric-by-2040-university-california-fossil-free/ 2. Glencore transcript for the company’s 2020 financial results.

2. https://www.bloomberg.com/news/articles/2021-08-09/at-least-two-thirds-of-global-car-sales-will-be-electric-by-2040#xj4y7vzkg 4. https://elements.visualcapitalist.com/the-key-minerals-in-an-ev-battery/

ELECTRIC VEHICLE BATTERY NMC811 LITHIUM-ION CATHODE COMPOSITION

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Leeuwin could potentially be Mn 5kg
exposed to around 80% of the Co 5kg
cathode composition of a Li-ion
Li
battery via its nickel & lithium. [4] 6kg
Ni 39kg
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"Please mine more nickel"

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“Our cells should be called Nickel-Graphite, because primarily the cathode is nickel and the anode side is graphite with silicon oxide“, Elon Musk, Tesla Inc. CEO.

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Project portfolio overview

Battery Metal Projects

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William Lake Nickel Project , Manitoba, Canada

• Located in the prolific Thompson Nickel Belt , one of the world’s largest nickel camps

• High priority drill ready targets, targeting high grade Nickel sulphides

• Similar geological setting to the Albany-Fraser Belt, Western Australia that hosts IGO’s Nova-Bollinger deposit

• Partnering with Glencore leveraging off decades of success & expertise

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Jenpeg Li Project
William Lake Ni Project
Ontario
Manitoba
Ignace Li Project
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Jenpeg Lithium Project , Manitoba, Canada

• Metis and Spodumene Island , potential Company making asset

• Characterised by meta-sediments with late stage granites with pegmatite visible from surface

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• 6km of known prospective strike

• +20m wide intersections of +1.2% Li 2O present in LM1 assaying

Complimentary Projects, Ontario, Canada & Western Australia

• Early stage greenfields projects

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Marble Bar Li Project
Western Australia
Gascoyne REE & Li Project
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• Unlock value with focused surface geochemistry & rock chip sampling to refine high priority Lithium and REE targets

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Project Overview

(100%) William Lake Project Manitoba, Canada

Primed for high-grade nickel discovery in the prolific Thompson Nickel Belt

Project location & area

• ⁿᵈ

• Manitoba, Canada’s 2 largest nickel camp producing since 1959

• Project area is 523.2 km²

• Year-round access – via Highway 6, a major transportation route

• Hydropower intersects the property - potential for zero carbon Ni

Project history

• Extensive historic diamond drilling dataset for nickel exploration of 152 drill holes for 89,500m

Value drivers

• Characteristics of a high grade and scalable nickel deposit

• Leveraging off historical drilling data

• Utilize modern exploration tools to delineate high-priority targets

• Technical committee formed with Glencore, leveraging their

expertise in Canadian Nickel

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Project Overview

(100%) William Lake Project Manitoba, Canada

W22

• +1km Strike +400m wide UM body

• Significant Intercepts include:

• WL91-20: 14.4m @ 1.02% Ni from 209.4m; and 14.4m @ 1.04% Ni, 0.99g/t Pd and 0.46g/t Pt from 343.9m; and 9.87m @ 1.48% Ni from 436.13m

• WL92-32: 17.09m @ 1.48% Ni from 398.9m to EOH

W56

• Hosted in sulphide rich iron formations and Ultramafic units

• +3km strike +200m wide UM body

• Off hole conductors remain untested

• Significant Intercepts include:

• WL96-166: from 551.5m 12.7m @ 1.86% Ni and 0.52g/t Pd

• ▪ WL96-168: 7.83m @ 1.73% Ni from 572m

W21

• WL92-52: 168.83m @ 0.5% Ni from 163.2m incl 44.02m @ 0.7% Ni from 178m

• WL92-53: 95.59m @ 0.6% Ni from 377.79m

Exploration plans

• Aggressive drill program targeting high grade nickel sulphides

• Drilling to focus on both exploration and mineralisation extensions

• Deploying proven exploration tools such as geophysical and EM

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Project Overview

(100%) William Lake Project

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W56 Long section – Unique Opportunity Globally for Scale and Grade.

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Project Overview

Jenpeg Project

(100%)

Manitoba, Canada

Project was generated by internal technical capabilities targeting high grade lithium projects with resource potential.

Project location & area

• Proximal to the Hydro-electric power station at Jenpeg

• 2 hour drive from the William Lake project

• Project area is +600km² of applications

Project history

• Ex TANCO Project with existing Framework drilling, 23 holes for ~2,500m’s

Results to date

Selected drill intercepts at the project summarized below:

• XL-10: 20.59m @ 1.23% Li2O from 29.87m

• XL-22: 8.29m @ 1.13% Li2O from 31.69m; and

15.12m @ 1.40% Li2O from 73.6m,

incl. 11.8m @ 1.63% Li2O from 76.2m

Regional Upside - Significant channel samples from historical results include:

• 7m @ 1.7% Li ₂ O

• 7m @ 1.45% Li ₂ O

Exploration Plans

Aggressive boots on ground exploration, channel sampling, rock chipping, mapping and remote sensing designed to delineate high priority drill targets. Ongoing discussions with Government to re sample additional holes.

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Project Overview

Jenpeg Project

(100%)

Manitoba, Canada

Significant Exploration Upside in a new lithium province

Results to date

• These results represent a significant discovery of a large scale lithium rich pegmatite swarm with additional regional upside.

• Historical drilling successfully intersected multiple, sub-parallel spodumene bearing LCT Pegmatites up to 20m thick over >400m strike

• Spodumene crystals measuring 2-5cm are typically observed in core

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Plan map of historical drilling and defined LCT pegmatite trends. Recent sampling shown on map. Coordinates in UTM NAD 83 z14.

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Section A-A’ as shown on plan map Figure 2 with significant intervals

from recent assay program. Coordinates in UTM NAD 83 z14.

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Project Overview

(100%) Complimentary Projects

Western Australia & Ontario, Canada

Greenfields - Targeting Lithium and Rare Earth Elements

Marble Bar region, Western Australia - 89km[2]

• Demonstrates similar geological settings to the Marble Bar Lithium Project (MBLP) (ASX:GL1)

Gascoyne region, Western Australia – 351km[2]

• Project located in similar geology to Kingfisher Mining (ASX.KFM) Gascoyne projects

• Exploration within our project has identified GCRK0002 rock chip returned ₂ ₂ O ₃ ₂ 516ppm Li O, 67ppm Ta & 20ppm SnO

Ignace, Ontario, Canada – 175km[2]

• Targeting extensions of neighboring high grade Li Rock Chips along mapped pegmatites

• The project is 250km NW of the Town of Thunder Bay

Exploration Plans

Lithium and Rare Earths focused surface geochemistry and rock chip sampling to refine high priority targets.

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Next steps overview

Corporate & Exploration Timeline

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	Q1 CY2023	Q2 CY2023	Q3 CY2023	Q4 CY2023	Q1 CY2024
CORPORATE
Commence trading on ASX
EXPLORATION ACTIVITIES
William Lake Nickel Project
Re-assay historic core for PGE
Diamond Drilling
Geophysics (DHEM+Ground)
Jenpeg Lithium Project
Re-assay historic core for Li
Surface Sampling
Gascoyne Lithium & REE Project
Soil Sampling
Marble Bar Lithium Project
Soil Sampling
Ignace Lithium Project
Prospecting

The above timeline is Leeuwin’s strategic work plan and key objectives for the 12 months post listing and note that timeframes are indicative.

Investment highlights

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Why Leeuwin Metals?

Extensive in-country knowledge and experience

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Strategic cornerstone & technical committee

Exploration portfolio located in Tier 1 mining jurisdictions, with all year-round access

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Embracing a modern approach to systematic exploration

Primed for discovery at William Lake Project with drill ready nickel sulphide targets

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Portfolio of highly prospective battery metals projects in North America

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Team Driven by a positive commitment to ESG values

"Leeuwin Metals is positioned to be the leading battery metals exploration company on the ASX." Managing Director, Christopher Piggott.

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HIGHLY EXPERIENCED TECHNICAL ADVISERS AND RELATIONSHIPS

Strong relationships

Technical Partners

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Technical Committee

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Geophysical Expert Consultant

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Independent Geologist Report

Leeuwin management team engaged with the Manitoba government at the PDAC conference in March 2023.

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For further information please contact: Chris Piggott, Managing Director

• T: +61 8 6556 6427

• E: info@leeuwinmetals.com

• W: https://www.leeuwinmetals.com/

Find us on

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