LIVIUM LTD — Capital/Financing Update 2022

Feb 9, 2022

Proposed issue of securities

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Update Summary

Entity name

LITHIUM AUSTRALIA NL

Announcement Type

Update to previous announcement

Date of this announcement

10/2/2022

Reason for update to a previous announcement

Update maximum number of securities (Exchange Options) to be issued and timetable

Refer to next page for full details of the announcement

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Proposed issue of securities

Part 1 - Entity and announcement details

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1.1 Name of +Entity

LITHIUM AUSTRALIA NL

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type Registration Number ACN 126129413

1.3 ASX issuer code

LIT

1.4 The announcement is

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Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Update maximum number of securities (Exchange Options) to be issued and timetable

1.4b Date of previous announcement to this update

5/1/2022

1.5 Date of this announcement

10/2/2022

1.6 The Proposed issue is:

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A non-+pro rata offer of +securities under a +disclosure document or +PDS

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Part 5 - Details of proposed non-pro rata offer under a disclosure document or PDS

Part 5A - Conditions

5A.1 Do any external approvals need to be obtained or other conditions satisfied before the non-pro rata offer of +securities under a +disclosure document or + PDS can proceed on an unconditional basis? Yes

5A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval 31/1/2022 Actual Yes

Comments

Part 5B - Offer details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? New class

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Have you received confirmation from Will the entity be seeking quotation ASX that the terms of the proposed of the 'new' class of +securities on +securities are appropriate and ASX? equitable under listing rule 6.1? Yes No ASX +security code +Security description New class-code to be confirmed Options exercisable at $0.0499 each and expiring 3 years from issue

+Security type

Options

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The number of +securities to be offered under the +disclosure document or +PDS 64,314,672 Reason for the update of 'The number of +securities to be offered under the +disclosure document or +PDS' Will the offer be conditional on applications for a minimum number of +securities being received or a minimum amount being raised (i.e. a minimum subscription condition)? No Will individual security holders be required to accept the offer for a minimum number or value of +securities (i.e. a minimum acceptance condition)? No Will individual security holders be limited to accepting the offer for a maximum number or value of +securities (i.e. a maximum acceptance condition)? No Offer price details Has the offer price been determined? No How and when will the offer price be determined? The offer price is nil. The options are being offered on a 1-for-1 basis as consideration for the cancellation of LITCF partly paid shares. Will the offer price be determined by way of a bookbuild? No Oversubscription & Scale back details Will the entity be entitled to accept over-subscriptions? No Will a scale back be applied if the offer is over-subscribed? No Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

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Options details

+Security currency AUD - Australian Dollar

Exercise price Expiry date AUD 0.0499 3/3/2025

Details of the type of +security that will be issued if the option is exercised

LIT : ORDINARY FULLY PAID

Number of securities that will be issued if the option is exercised

One fully paid ordinary share (ASX: LIT)

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

See Notice of Annual General Meeting dated 24 December 2021 at www.lithium-au.com/announcements/ See Notice of General Meeting - Partly Paid Shareholders dated 24 December 2021 at www.lithium-au.com/announceme nts/

Part 5C - Timetable

5C.1 Lodgement date of +disclosure document or +PDS with ASIC

10/2/2022

5C.2 Date when +disclosure document or +PDS and acceptance forms will be made available to investors

11/2/2022

5C.3 Offer open date

11/2/2022

5C.4 Closing date for receipt of acceptances

14/2/2022

5C.6 Proposed +issue date

25/2/2022

Part 5D - Listing Rule requirements

5D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? Yes

5D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 31/1/2022

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5D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? Yes

Part 5E - Fees and expenses

5E.1 Will there be a lead manager or broker to the proposed offer? No

5E.2 Is the proposed offer to be underwritten? No

5E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No

5E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer

Legal, share registry and administrative fees

Part 5F - Further Information

5F.01 The purpose(s) for which the entity intends to use the cash raised by the proposed issue

No cash is to be raised by the proposed issue. The options are being offered on a 1-for-1 basis of LITCF partly paid shares held, subject to appropriate approvals, as consideration for the cancellation of the LITCF partly paid shares.

5F.1 Will the entity be changing its dividend/distribution policy if the proposed offer is successful? No

5F.2 Please explain the entity's allocation policy for the offer, including whether or not acceptances from existing +security holders will be given priority

Only holders of LITCF partly paid shares will be eligible to participate in the offer. Participation will be on a 1 for 1 basis based on LITCF partly paid shares held at the appropriate date after receipt of all regulatory approvals.

5F.3 URL on the entity's website where investors can download the +disclosure document or +PDS

• A prospectus will be made available in due course at: https://lithium au.com/prospectus/

5F.4 Any other information the entity wishes to provide about the proposed offer

The number of options offered under the prospectus will equal the number of partly paid shares on issue at the appropriate time on a 1-for-1 basis of LITCF partly paid shares held. The dates referenced in this form are indicative and subject to change to the extent permitted by the Corporations Act and ASX Listing Rules.

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