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The Evolution of Lithium®
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~~2017 AGM Presentation~~

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Disclaimer
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Summary information: This document has been prepared by Neometals Ltd (“Neometals” or “the Company”) to provide summary information about the Company and its associated entities and their activities current as at the date of this document. The information contained in this document is of general background and does not purport to be complete. It should be read in conjunction with Neometals’ other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au.

Forward-looking information: This document contain ~~s,~~ opinions, projections, forecasts and other statements which are inherently subject to significant uncertainties and contingencies. Many known and unknown factors could cause actual events or results to differ materially from the estimated or anticipated events or results included in this document. Recipients of this document are cautioned that forward-looking statements are not guarantees of future performance.

Any opinions, projections, forecasts and other forward-looking statements contained in this document do not constitute any commitments, representations or warranties by Neometals and its associated entities, directors, agents and employees, including any undertaking to update any such information. Except as required by law, and only to the extent so required, directors, agents and employees of Neometals shall in no way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatever nature arising in any way out of, or in connection with, the information contained in this document.

Mount Marion Project: This document contains certain historical and forecast financial and production information regarding the Mount Marion Project and Reed Industrial Minerals Pty Ltd, the owner of the Project (Neometals: 13.8% shareholding). Neometals was not involved in preparing this information, which is taken from a 16 August 2017 announcement by Mineral Resources Limited, the operator of the Project (via its wholly owned subsidiary, Process Minerals International Pty Ltd). However, Neometals is not aware of any reason why that information is incorrect as released by Mineral Resources Limited.

Financial data: All figures in this document are in Australian dollars (AUD) unless stated otherwise.

Not financial product advice: This document is for information purposes only and is not financial product or investment advice, nor a recommendation to acquire securities in Neometals. It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making any investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction.

Investment risk: An investment in securities in Neometals is subject to investment and other known and unknown risks, some of which are beyond the control of Neometals. The Company does not guarantee any particular rate of return or the performance of Neometals. Investors should have regard to the risk factors outlined in this document.

Competent Persons Statement:

The information in this document that relates to “Barrambie Mineral Resource Estimates”, “Barrambie Pre Feasibility Study Results”, “Mt Marion Mineral Resource Estimates” and “Lithium Battery Recycling – Scoping Study Results” are extracted from ASX Releases set out below. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX Releases set out below, and in the case of estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimates in those ASX Releases continue to apply and have not materially changed.

6/12/2013	Barrambie-Amended JORC 2012 Mineral Resource Estimate
25/08/2015	Barrambie Pre Feasibility Study Results
27/10/2016	Mt Marion Mineral Resource Upgrade
22/02/2017	Lithium Battery Recycling–Scoping Study Results

The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production targets in the Barrambie Pre-feasibility Study and Lithium Battery Recycling – Scoping Study continue to apply and have not materially changed.

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Long-term Strategy
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2 cent unfranked div – April ‘16 2 cent unfranked div – Aug ‘16 5% on market buyback

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Tactical Plan – FY18
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Negotiate new MSA to improve offtake quality and revenues
Advance local LiOH project with vendor testwork, offtake and partner selection processes.
Licence Dexter and/or ELi to brine producer for royalties
Fast-track evaluation of recycling process pending Mini-Max Test work.
Fast-track evaluation of Barrambie pending Mini-Max Test work and partner selection outcomes
Build royalty portfolio from Neomet Process with Sedgman and Andritz

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Corporate

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Board of Directors
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Steven Cole Chris Reed

David Reed

Chairman

Managing Director Non‐Executive Director

Natalia Streltsova Non‐Executive Director

Doug Ritchie Non‐Executive Director

Steven has 35 years of professional, corporate and business experience through senior legal consultancy, as well as a range of executive management and non executive appointments. His extensive boardroom and board sub-committee experience includes ASX listed, statutory, proprietary and NFP organisations covering the industrial, financial, educational, professional services, health and resources sectors.
Chris started in the mining industry in 1990 and cofounded Reed Resources in 2001. Chris holds a Bachelor of Commerce from the University of Notre Dame and a Graduate Certificate in Mineral Economics from WA School of Mines. He is a Member of the AusIMM and immediate past VicePresident of the Association of Mining & Exploration Companies.
David was a director and Chairman of CIBC Australia Limited. David has been a prospector, former secretary of the Amalgamated Prospectors and Leaseholders Association and private mine owner. In 1984 David founded Mt. Martin Gold Mines NL, which with partner Newmont Australia developed the million ounce New Celebration Gold Mine. In recognition of his service to the community he was awarded the Order of Australia Medal in 2002.

Natalia Streltsova is a PhD qualified chemical engineer with over 25 years experience in the minerals industry, including over 10 years in senior technical and corporate roles with mining majors - WMC, BHP and Vale. Dr Streltsova has considerable international experience covering project development and acquisitions in South America, Africa and the Former Soviet Union. She is currently a Non ‐ Executive Director of Western Areas Limited and Parkway Minerals NL.

Doug Ritchie is a senior resources industry executive with over 35 years experience, including over 28 years working with Rio Tinto. Mr Ritchie has considerable international corporate experience, including in China. He has been a director of various ASX and HKSE listed companies as well as research and commercialisation organisations

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Executive Team
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Paul Wallwork CFO & Co Sec GM Marketing

COO CDO

Paul Wallwork

Eileen Hao

GM China

Mike has over 35 years experience, including over 20 years in the lithium industry and was responsible for developing the spodumene trade between Australia and China. Former positions include GM Marketing of Sons of Gwalia and GM China of Galaxy Resources. He has a degree in Metallurgy and is also currently a director of Frontier Lithium.

Darren is a Mining Jason holds a Bachelor of . Engineer with 20 years’ Commerce in Accounting mining and corporate and Business Law from experience. Curtin University and is a Extensive experience in member of the Institute of managing ASX and TSX Chartered Accountants, listed companies. East and Chartered Secretaries African experience incl. He has over 20 years’ development of tantalum experience in accounting, mines in Australia and company administration in Mozambique and resource Australia and South East drill out and permitting a Asia across a broad range niobium project in Kenya. of industries. Jason has . been with Neometals 10 years.

Paul has nearly 30 years of experience in technical sales, international marketing and management roles. Most recently, in the role of Trading Manager at Iluka Resources, Australia’s largest mineral sand producer. In the five-year period from 2008 to 2013 Mr Wallwork held the roles of Marketing Manager and General Manager Marketing at Talison with responsibility for export sales of tantalum, tin and lithium minerals.

Eileen has 22 years experience in industrial minerals. As China Commercial Manager for Imerys, Eileen managed product sales, marketing and business development. Eileen has been a key advisor in the development of several world-class mining and mineral processing projects globally, covering lithium, titanium, vanadium, nickel, cobalt, graphite, rare earths and battery materials. She has technical background on geology, chemistry and material engineering.

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Consultant Team
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Darren Wates General Counsel

Dr Bryan Smith Clay Gordon Dr Yatendra Sharma Geologist Geologist PM ‐ Lithium

Mike Spratt PM ‐ Titanium

Darren has over 15 years’ experience in corporate and commercial law in Western Australia, having worked in the Perth office of a national law firm and more recently in senior consultancy at a specialist corporate, commercial and resources law firm.

Mr Wates holds a Bachelor of Laws and a Bachelor of Commerce from Murdoch University, and a Graduate Diploma in Applied Finance and Investment from the Financial Services Institute of Australasia.

Clay obtained a Bachelor . of Applied Science (Geology) and a Master of Science (Mineral Economics) and has more than 25 years’ experience in senior roles (operational, management and corporate).

Bryan has over 45 years’ experience in geology and geochemistry.

He is a member of AusIMM, the Australian Institute of Geoscientists and the Geological Society of Australia.

In 2016, Bryan was He is a Member of the awarded the W.R.Browne Australasian Institute of Medal of the GSA for Mining and Metallurgy and geological services to the Australian Institute of Australia.. Geoscientists..

Yatendra holds a PhD in Michael is a Metallurgist chemical technology with with over 50 years of over 42 years of experience in mining, experience at top mineral processing, management including engineering and general management construction both in position at Galaxy Australia and overseas. Resources Limited (2009Michael has held senior 2012) etc where he general management successfully managed positions such as construction of then the Managing Director of world’s largest lithium Thailand Smelting and carbonate plant. Yatendra Refining Company and is a member of the Simcoa, GM Operations at Australasian Institute of Robe River Iron Ore, Mining and Metallurgy Operations Director of (MAusIMM) and Royal Minproc and Kaiser Australian Chemical Engineers. Institute (CChem MRACI).

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Significant Financial Resources
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ASX CODE: NMT	OTC:RDRUY	OTC:RDRUY
Last close (23‐Nov‐2017)	A$	0.425
Shares on issue	M	543.5
Market capitalisation	A$M	230
Net Cash (at 30‐9‐2017)	A$M	42.1
Receivables/Investments	A$M	17.7

MAJOR SHAREHOLDERS	MAJOR SHAREHOLDERS
David Reed	11.1%
Global X Lithium ETF	2.8%
Top 20 (23‐11‐2017)	37.9%

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12 MONTH SHARE PRICE
0.5
0.45
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
06‐Nov‐16 06‐Feb‐17 06‐May‐17 06‐Aug‐17 06‐Nov‐17
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Operating Structure
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Focus on Li-Ion Battery Commodities
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Mt Marion Lithium Operation

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Neometals 13.8% throu h Reed Industrial Minerals Pt Ltd g y

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World’s largest lithium concentrator
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Globally Significant Operation –
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

JORC Resource 77.8Mt @ 1.37% Li2O* 2HFY17 Production 156,000 dmt 1QFY18 Production +100,000 wmt FY18 Forecast 450,000t of 6% & 4% Li2O



1HFY18 EBITDA A$72M** (100% basis) C1 costs A$369/t CIF (~US$290/t) Total costs A$460/t CIF (~US$360/t)



Leading BOO Provider
Complete Mine-to-Port Operator  Upgrading Plant to produce all 6%



LOM Take or Pay Contract* Price linked to International LCE

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Refer supporting information

** Information taken from ASX:MIN announcement 16/8/2017. See disclaimer.

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Downstream processing WA-based LiOH Project

Neometals 100% Offtake Option for min 12.37% ~50ktpa spodumene concentrates

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Secure LiOH supply for the West
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Cathode makers need LiOH for NMC/NCA batteries from spodumene converted outside China

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Commercialisation Plan
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Local plant to minimise transport from Mt Marion 7t spodumene concentrate needed for 1t of LiOH
Utilise local natural gas, sulfuric acid and workforce
• Conventional flowsheet -Remove technology risk – speed to market

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Finalise Location/Offtake/Operating Partner
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() Subject to NMT Board Approval (*) Subject to FID

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Downstream processing Lithium Titanate R&D

Neometals 100%

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Superior Anode Material for EV
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Research & Development Plan
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(*) Subject to Board Approval

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Co Downstream processing Lithium Battery Recycling Neometals 50% of IP (3 US Prov. Pats) Exclusive licence to commercialise

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Li Battery Recycling Rationale Co
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Estimated < 5% batteries Recyled Consumer Electronics LCO cathode = 20% Co

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Co
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Scoping Study Results (± 30% accuracy) • Operating Costs US$4.45/lb Co (US$10k/t) • Spot price US$25/lb Co (US$55k/t) • Capex US$4.5M • Pilot Plant under construction, testwork October 2017 • Can be constructed and commissioned in 42 weeks

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Commercialisation Plan Co
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Running Partner/Site Selection Processes in parallel with test work and engineering programs

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Barrambie Titanium Project

100% Neometals

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Globally Significant Ti Resource
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1,000 RC/Diamond holes to 60 vertical depth, Open all directions

+150Mt @34% TiO2

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*** Mineral Resource Estimate**

18%

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(JORC2012) on page 29

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Sources: Company Reports

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•
Increasing
Confidence
•
Lowering
Costs
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Strong
EPC &
OEM Alliance
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Commercialisation Plan
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Offtake/Partner Selection Process
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(*) Subject to Board Approval

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Investment Proposition

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Undervalued lithium producer
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All figures in US$ dollars

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Lithium : Cash, cashflow & growth options
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
 03
Potential to
02 increase
production from
Mt Marion
01
C ashflows from
~A$42.1M Cash 13.8% Mt Marion
+
+ Downstream
plus ~A$17.7M in
conversion to
receivables and
LiOH.
investments
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Technology : developing a diversified portfolio
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 03
02
Successful Secure partners
01
completion of to commercialise
+ Pilot Plant for + - Brine IP & ELi
Secured Strong
- -
Partners for Li Battery Li Battery
Neomet Process Recycling Recycling
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Titanium : the big one
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
03
02
Commence DFS
01
+
Successful +
Obtain Strong
completion of Partners
Completed PFS Pilot Plant to Commercialise
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Thank you www.neometals.com.au

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SUPPORTING INFORMATION
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Evolution of our Lithium Business

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Commercialise Mt Marion 
• Evaluating local Conventional Downstream Processing 
• Co-developed, Evaluated, Patented ELi® Process 
• Co-developed, Evaluated, Patent Pending Dexter for brines 
• Testing and Evaluating Lithium-Ion Battery Recycling 

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Mt Marion Lithium Operation

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Neometals 13.8% throu h Reed Industrial Minerals Pt Ltd g y

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Strong Operating Partner
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
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 Australia’s largest contract minerals processor  Operate mine-to-port on BOO basis  No upfront capital cost to NMT  Minimum production levels (~50ktpa LCE)  Fixed rate mining and processing costs

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Mine Production/Guidance
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Notes:

Costs include arms length mining infrastructure service agreements with MRL
RIM went into commercial production on 1 March 2017. The production costs net of sales receipts of 37Kt of spodumene produced pre 1 March 2017 were capitalised in line with accounting standards. Accordingly, unit revenues and costs set out above for 2H FY17 are derived on 79Kt of spodumene produced post commercial production

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Information taken from ASX:MIN announcement 16/8/2017.

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Outstanding Offtake Agreement
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 China’s largest, most diverse lithium producer - -  Take or Life-of-Mine, pay Offtake Agreement  From 1 July moving to transparent Lithium Carbonate/Lithium Hydroxide linked formula, with floor price protection – US$841/t CIF for SepQ  Letter of Credit (100% payment on invoice)  Neometals Option to take min 12.37% Offtake of production from 2020 onwards.

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High Quality Concentrate
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“As of the date of this announcement, RIM has shipped a total of about 79,000 tonnes of lithium concentrate, of which 38,000 tonnes have been put into production by the company. After the use of the above raw materials, the calcination of the rotary kiln of the main equipment of the production line has been improved and the energy consumption of the production has been reduced. From the RIM spodumene concentrate, the company has produced about 1,600 tonnes of battery grade lithium carbonate and about 2,800 tonnes of battery grade lithium hydroxide. The company production and operation has produced normal, stable product quality, and has all achieved sales to its customers with the product.” Ganfeng Company Announcement – June 16 2017

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Mineral Resource Estimate
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Mt Marion Lithium deposit, as at October 2016, for a block cut‐off grade of 0.5% Li2O
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Classification	Deposit	Tonnes (Mt)	Li~~2~~O %	Fe %
Indicated	Area 1,2,2W	19.3	1.41	1.08

	Area 4	2.0	1.11	0.99

	Area 6	7.7	1.29	1.04

Indicated Total		28.9	1.35	1.06

Inferred	Area 1,2,2W	43.5	1.39	1.09

	Area 4	0.8	1.07	1.09

	Area 5	1.0	1.32	1.71

	Area 6	3.5	1.33	1.07

Inferred Total		48.9	1.38	1.10

	Grand Total	77.8	1.37	1.09

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NOTE : Figures may not sum due to rounding. Significant figures do not imply an added level of precision.

Co Downstream processing Lithium Battery Recycling Neometals 50% of IP (3 US Prov. Pats) Exclusive licence to commercialise

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Co
Closing the loop:Recycle and re-use
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Flow Sheet Co
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Lithium Brine Research & Development

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Our Approach
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R&D Projects must :
address real market opportunity,
create a sustainable competitive advantage
Have strong business case
Conduct Engineering Cost Studies asap to not waste time/money

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Downstream processing Direct Extraction of LiCl from Brine

100% Neometals

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Replace Evaporation with faster,
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friendlier LiCl recovery process
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Direct Extraction via Adsorption
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Pat pending Titanate adsorbent
• Quick load/strip cycle – 30mins
• Complete rejection of sodium
• High recovery of Lithium 53-79%
• Returns water to salar, no evaporation
• Next Step - Proof of Scale

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Downstream processing Direct Conversion of LiCl to LiOH

Neometals 70% Mineral Resources Ltd 30%

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IP • 1 Granted patent (AU)
• 18 Pats pending

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Business model is to licence to existing brine producers in return for royalty stream: • De-risks ELi for own use later
• Quicker cashflow
• Higher P/E multiple

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Technology Licensing Neomet Process Neometals - 25% of sub-licencing royalties

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Patented Neomet Process
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– Commodity agnostic developed in Canada for Ni-laterites, in use commercially for treating refractory copper-gold concentrates.

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Neometals Laboratory in Montreal First sublicence issued in SeptQ 17

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Project Development Phasing
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Laboratory scale set up (above) Pilot scale up (below)

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Barrambie Titanium Project

100% Neometals

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Strong demand/supply fundamentals
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The titanium
pigment industry is
10x as large as the
lithium compound
industry.
Growth = GDP
Globally declining
grades and quality
Cost push price
inflation
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Globally Significant Ti Resource
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Dual Track Evaluations
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Direct Ship

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Geraldton
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Barrambie
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China - Toll
Concentrator
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Ti Pigment
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Neomet Process

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Geraldton
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Barrambie
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China - Toll
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China -
Neomet
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Ti Pigment
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Why Titanium Hydrolysate?
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Mineral Resource Estimate
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2
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Classification	Zone	Oxidation	MTonnes	Density (t/m3)	TiO2 (%)	V2O5 (%)	Fe2O3 (%)	Al2O3 (%)	SiO2 (%)
Indicated	Eastern	Oxide	18.7	2.82	23.29	0.59	42.93	10.70	16.36
		Transition	8.7	3.52	23.11	0.61	50.80	7.34	12.99
		Fresh	2.4	3.85	21.77	0.56	52.90	5.99	12.84
		Sub-total	29.8	3.10	23.11	0.60	46.02	9.35	15.10
	Central	Oxide	3.5	2.95	16.84	0.92	49.82	11.06	14.91
		Transition	1.3	3.50	17.39	0.89	54.76	8.49	12.15
		Fresh	0.1	4.04	15.59	0.88	59.93	7.22	10.96
		Sub-total	4.9	3.12	16.95	0.91	51.40	10.28	14.08
		Total	34.7	3.11	22.25	0.64	46.77	9.48	14.95
Inferred	Eastern	Oxide	2.6	2.71	20.88	0.48	40.00	12.20	19.42
		Transition	3.3	3.29	23.04	0.59	47.51	8.62	14.45
		Fresh	5.5	3.71	22.82	0.57	47.50	8.39	14.57
		Sub-total	11.4	3.36	22.44	0.55	45.78	9.33	15.65
	Central	Oxide	0.1	3.07	16.64	0.98	53.63	9.96	13.33
		Transition	0.4	3.47	18.36	0.86	54.15	8.79	12.43
		Fresh	0.7	3.86	17.30	0.91	53.48	9.44	13.17
		Sub-total	1.2	3.64	17.55	0.90	53.71	9.30	12.96
		Total	12.5	3.38	21.99	0.58	46.51	9.32	15.40
		Grand Total	47.2	3.18	22.18	0.63	46.70	9.44	15.07

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Pre-feasibility Study - Financial Metrics ()
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Life of Mine(LOM)	19.6years
Pre-production Capital cost (excluding EPCM and Contingency) [1	A$ 549 million
Average Annual Pre-tax Net Cashflow	A$ 123 million
Pre-tax Internal Rate of Return	21%
Pre-tax NPV(12% real discount rate)	A$ 355 million
Payback of capital costs	3.9years
Average Annual Production	98,000t TiO2 2,000t V2O5 234,000t Fe2O3
Cash Operating Cost per tonne of paid TiO2 net of co-product credit	US$ 572/t

(*) Estimated to accuracy of ±25%

Assumptions: US$1,838/t TiO2; US$14,873/t V2O5, US$520/t Fe2O3 Pigment, A$/US$0.75, Royalties (State/Technology) 10% Gross

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AI assistant

NEOMETALS LTD AGM Information 2017

65430_rns_2017-11-23_6d08a339-aaed-4a08-926d-0aab63f0f583.pdf

Competent Persons Statement:

Corporate

Steven Cole Chris Reed

David Reed

Paul Wallwork

Eileen Hao

Mt Marion Lithium Operation

Downstream processing WA-based LiOH Project

Cathode makers need LiOH for NMC/NCA batteries from spodumene converted outside China

Downstream processing Lithium Titanate R&D

(*) Subject to Board Approval

100% Neometals

(*) Subject to Board Approval

Investment Proposition

Thank you www.neometals.com.au

Evolution of our Lithium Business

Mt Marion Lithium Operation

Notes:

Lithium Brine Research & Development

Downstream processing Direct Extraction of LiCl from Brine

Downstream processing Direct Conversion of LiCl to LiOH

Technology Licensing Neomet Process Neometals - 25% of sub-licencing royalties

100% Neometals

Direct Ship

Neomet Process

(*) Estimated to accuracy of ±25%

AI assistant

NEOMETALS LTD — AGM Information 2017

65430_rns_2017-11-23_6d08a339-aaed-4a08-926d-0aab63f0f583.pdf

Competent Persons Statement:

Corporate

Steven Cole Chris Reed

David Reed

Paul Wallwork

Eileen Hao

Mt Marion Lithium Operation

Downstream processing WA-based LiOH Project

Cathode makers need LiOH for NMC/NCA batteries from spodumene converted outside China

Downstream processing Lithium Titanate R&D

(*) Subject to Board Approval

100% Neometals

(*) Subject to Board Approval

Investment Proposition

Thank you www.neometals.com.au

Evolution of our Lithium Business

Mt Marion Lithium Operation

Notes:

Lithium Brine Research & Development

Downstream processing Direct Extraction of LiCl from Brine

Downstream processing Direct Conversion of LiCl to LiOH

Technology Licensing Neomet Process Neometals - 25% of sub-licencing royalties

100% Neometals

Direct Ship

Neomet Process

(*) Estimated to accuracy of ±25%

More from NEOMETALS LTD

NEOMETALS LTD AGM Information 2017