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NEOMETALS LTD — AGM Information 2020
Nov 24, 2020
65430_rns_2020-11-24_bbe8a4fc-a2e2-4fde-8f21-420a55b2fe1b.pdf
AGM Information
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GREEN CRITICAL RAW MATERIAL SUPPLY CHAINS
AGM Presentation
November 2020 ASX Code: NMT OTC/Nasdaq Intl: RDRUY
DISCLAIMER
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 contains, 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.
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.
Compliance Statement:
The information in this report that relates to Mineral Resource and Ore Reserve Estimates and updated DFS Results for the Barrambie Vanadium/Titanium Project and Mineral Resource Estimates and Nickel drill results for the Mt Edwards Project are extracted from the ASX Announcements listed in the table below, which are also available on the Company’s website at www.neometals.com.au
| 05/10/2020 | 132N Nickel Mineral Resource and Exploration Update at Mt Edwards |
|---|---|
| 26/05/2020 | Mt Edwards Nickel – Increase in Mt Edwards Nickel Mineral Resource |
| 16/04/2020 | Mt Edwards Nickel – 60% Increase in Armstrong Mineral Resource |
| 13/11/2019 | Additional Nickel Mineral Resource at Mt Edwards |
| 25/06/2018 | Mt Edwards Nickel – Mineral Resource over 120,000 Nickel Tonnes |
| 19/04/2018 | Mt Edwards Nickel – Mineral Resource Estimate |
| 17/04/2018 | Updated Barrambie Mineral Resource Estimate |
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements 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 the original market announcements.
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Neometals innovatively develops opportunities in minerals
and advanced materials essential for a sustainable future
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Our early-partnering model to maximise ROIC is different
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We build value
We identify and secure opportunities
We validate and realise value
Risk-conscious exploration, cost/ benefit driven R&D and studies
With strong partners to develop at optimum scale, lower operating and financial risks, minimise invested capital and accelerate returns
Organically (e.g. Battery Recycling) and acquisition (Mt Edwards)
We return value
Dividends and buy backs +A$60M to date
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* As at 30 June 2020
** A$10.9 Partially franked dividend (2cps) paid April 20
UNPARALLELED EXPOSURE TO THE NEW ENERGY (STORAGE) MEGATREND
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o
o
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o Exposure to key commodities as the World transitions to low carbon:
o Li, Co, Ni, V
- All the right elements[®]
2050 Annual Demand from Energy Technologies as Percentage of 2018 Production
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Source: World Bank Group
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Vanadium Recovery
LiB Recycling
Lithium Refinery
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OUR PEOPLE
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NE Board Members
Steve Cole David Dr Natalia Doug Dr Jennifer Les Guthrie
Chair Reed Streltsova Ritchie Purdie
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Management Team
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Chris Reed Jason Carone Michael Tamlin Darren Townsend Irena Ivanova
Managing Director / Company Secretary / COO CDO GM - Engineering
CEO CFO
Paul Wallwork Jeremy Mcmanus Gavin Beer Matthew Read David Robinson Greg Hudson
GM – Marketing GM – Commercial GM – Lithium GM – Lithium GM – Metallurgy GM – Geology
and Product and Investor Processing Projects and R&D
Development Relations
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CORPORATE DASHBOARD
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12 Month Share Price Performance
0.30 7,000
6,000
0.25
5,000
4,000
0.20
3,000
2,000
0.15
1,000
0.10 0
Nov-19 Feb-20 May-20 Aug-20
Source: Neometals
Price $A
Volume (‘000s)
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ASX: NMT OTC:RDRUY
| Shares on Issue1 | Shares on Issue1 | Shares on Issue1 | Shares on Issue1 | m | 545.4 | |
|---|---|---|---|---|---|---|
| Share Price | (23-Nov-20) | A$ | 0.235 | |||
| Market capitalisation (23-Nov-20) |
A$m | 128.2 | ||||
| Cash (30-Sep-20) 2 | A$m | 76.6 | ||||
| Debt | A$m | - | ||||
| Investments (30-Sep-20) 3 |
A$m | 7.3 |
Major Shareholders (23-Nov-2020)
David Reed 8.5% (Non-Executive Director) Westoz Funds Management 3.3% Top 20 35.8% No of Shareholders ~8,000
Note 1: Excludes 10.26M performance rights. Note 2: incl A$4.3M restricted term deposits Note 2: Loan receivables and investments
TSR since last AGM = 27.5%
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RECYCLING AND RECOVERY LI ION BATTERY RECYCLING PROJECT
50:50 JV with SMS group – ‘Primobius GmbH’
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OPPORTUNITY - LIB’S CONTAIN SIGNIFICANT VOLUMES OF HIGH-PURITY METALS
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World Lithium ion battery mega- factory capacity 2019-29
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Source: Benchmark Minerals Intelligence 10
SOLUTION - RECYCLING
We proved our safe, eco-friendly, proprietary rocess can produce high-purities at pilot-scale
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Fire Risk
Storage, transport and disposal
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Pollution (GHG)
Landfill
Hazardous Decarbonisation materials and GHG targets. Reduces footprint of OEMs
Circular Economy
Material Shortages
Closing the loop, cradle to grave. Significant $ value
Recycling complements virgin sources. Ethical supply certainty
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for 50:50 debt:equity on a best endeavours basis
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FIRST MOU WITH BATTERY-MAKER INOBAT
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MOU with InoBat j.s.a
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centralised hydromet circuit fed by multiple
shredding/beneficiation plants
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RECYCLING AND RECOVERY VANADIUM RECOVERY PROJECT Earning into 50:50 JV with Critical Metals Ltd (15.8% NMT)
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OPPORTUNITY
| Luleå | |||||
| Slag stored | +630kt | ||||
| Vanadium Grade V2O5 |
+4% | ||||
| Contained V2O5 | +25,000 t |
||||
| Net Slag Added | 100ktpa | ||||
| Luleå | Raahe | Raahe Slag stored |
+360kt | ||
| Vanadium Grade V2O5 | +3% | ||||
| Contained V2O5 Net Slag Added |
+13,000 t 80ktpa |
||||
| Oxelösund | Oxelösund | ||||
| Slag stored | +890kt | ||||
| Vanadium Grade V2O5 | +3% | ||||
| Contained V2O5 | +25,000 t |
||||
| Net Slag Added | 90ktpa |
-
Scandinavian steel giant SSAB has +2Mt of high-grade vanadium-bearing by-product (“Slag”) stored at 3 steel mills in Sweden and Finland.
-
Approx 2Mt secured by Critical Metals Ltd (15.8%~ NMT) under supply agreement
-
Neometals funding evaluation of vanadium recovery using proprietary eco-friendly hydromet process
o Scoping study indicated potential lowest quartile position opex for proposed 50:50 Incorporated JV
Agreement Volumes and Price
-
Initial purchase of 700kt of Slag from Luleå post FID
-
Purchase 200ktpa Slag post commercial production for 10 years
-
Price linked to prevailing FeV80 vanadium price and vanadium content (reference grade 2.2% V ~ 3.9% V2O5)
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PATENT PENDING VANADIUM RECOVERY FLOWSHEET SEQUESTERS CARBON
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FEED ~ 200,000 tpadry COConcentration2 Capture and Power Plant / Lime Kiln / Paper Mill / Third Party COBiomass Plant2 Emitters
SECONDARY PRODUCT
(STABILISED SLAG)
CO2 65,000 – 80,000 tpa
and Reagents
~245,000 – 265,000 tpa
dry
PROCESS PLANT
SOLID / LIQUID
SEPARATION
COMMINUTION PRIMARY LEACH REGRIND SECONDARY DE-
LEACH SLIME
AMV PPT DESILICATIO VANADIUM
V2O5 FLAKE N PURIFICATION
PRODUCTION
V2O5 Flake Secondary Product Na~ 25,000 tpa 2SO4
PRODUCTS ~ 6,000 tpa
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SUCCESSFULLY TESTED IN MINI-PILOT PLANT FOR ~ 100 HOURS
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Successful demonstration of Neometals’ proprietary vanadium recovery flowsheet in continuous mini-pilot test work campaign
-
Exceptional product purity of greater than 99.5% V2O5
-
Vanadium recoveries exceeding 75%
-
Leach residence times reduced by 50% from Scoping Study design - positive implications for capital costs
-
Preliminary feasibility study (“PFS”) manager appointed (Hatch Ltd),
For full details of Mini Pilot Plant results refer ASX release dated 4[th] November 2020 titled “Successful Vanadium Recovery Mini-Pilot and commencement of PFS”
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FORWARD WORK PROGRAM
Evaluation studies to be funded and managed by Neometals to timetable below:
-
Metallurgical testwork
-
Class 5, 4 and 3 AACE (Association for the Advancement of Cost Engineering) Engineering Cost studies
Indicative Project Timeline – Steel Slag Project
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Class 4 Class 3 Neometals First
Class 5
Prefeasibility Feasibility making a production
Scoping Study
Study Study positive FID from the plant
Positive study will Purchase
form the basis for 700,000t
decision to form of Slag
the Joint Venture stockpiled at
Luleå
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DOWNSTREAM PROCESSING LITHIUM REFINERY PROJECT Neometals 100% - MoU 50:50 JV with Manikaran Power
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THE OPPORTUNITY: BATTERY QUALITY LITHIUM HYDROXIDE FROM MT. MARION OFFTAKE RIGHT
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Lithium Demand/Supply & Price
o Mt Marion is 2nd largest source of lithium concentrates globally
-
Develop India’s first lithium refinery with strong partner
-
Development timing in-step with market
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Source: Bench Mineral Intelligence: Prices are Global Averages
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PROJECT PARTNER & PROPOSED LOCATION
Binding memorandum of understanding (MOU) with Manikaran Power Limited (MPL)
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Co-fund evaluation studies to build India’s first Lithium Refinery India currently has no domestic lithium production
-
Potential for 50:50 Incorporated JV
MPL is the third largest power trading and diversified renewable energy company in India, part of large diversified civil construction group
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Adani – Mundra Port
& Industrial Estate
(Special Economic Zone)
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FEASIBILITY STUDY FOR 20KTPA LIOH REFINERY
Primero Group - Class 3 Engineering Study and key vendor package integration
-
Strategic Metallurgy - Process Modeling and Process Engineering
-
Sichuan Calciner technologies to design and estimate the pyrometallurgical process package
-
Veolia HPD to design and estimate the hydrometallurgical process package
Indicative Timeline
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APR 20 JunQ 20 DecQ 20 MarQ 20 JunQ 22
Commence Vendor Test Complete Incorporate JV Complete
Class 3 Work on Feasibility and Commerce Class 2 FEED
Engineering Cost Mt Marion Fines Study Class 2 FEED Study
Study Concentrates Study
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Offtake, Reagent Supply, Land Approvals & Financing activities in parallel
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Subject to NMT and JV Board Approval
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UPSTREAM MINERALS BARRAMBIE TITANIUM AND VANADIUM PROJECT 100% Neometals Owned
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THE OPPORTUNITY: GROWING CHINESE DEMAND FOR FEEDSTOCKS SUITABLE FOR CHLORIDE PIGMENT
Source: Source: TZMI August 2020 Forecast
- *Jazan smelter has capacity of 500ktpa TiO2 slag
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BARRAMBIE OVERVIEW
Globally one of the highest-grade hard-rock titanium assets
-
100% owned
-
Tier 1 jurisdiction
-
Granted mining lease
-
EPA approval
-
A$30M spent to date in exploration / evaluation (inc. 55,000m of drilling)
-
Established a large resource base
-
Evaluated a number of flowsheets and now focused on recovery of value from titanium and iron/vanadium from two processes
-
Completed work to demonstrate value in use to end users
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- Attracted partner to optimise value realisation
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2 5
SOLUTION: REDUCTIVE ROASTING GRAVITY CON TO PRODUCE SEPARATE TI AND V CONCENTRATES
Schematic Barrambie Development
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Reductive roast reduces vanadium level in titanium slag and creates additional options for processing high vanadium iron concentrate
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THE STRATEGY: SECURE STRONG PARTNER
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Conditional MOU signed for 50:50 operating JV with leading Ti-V Research Institute IMUMR
-
IMUMR has Chinese national mandate to develop upstream supply chains for strategic industries. China is half of global titanium pigment production
-
IMUMR (China Geological Survey) to fund Demonstration Plant
-
Subject to positive Demonstration Plant trials, Neometals and IMUMR will jointly fund Class 2 Engineering Cost Study on developing mine and concentrator in Australia and downstream processing in China
-
Consider FID and proceed to negotiate 50:50 JV
-
JV will have right to mine Barrambie for commercial consideration payable to Neometals subsidiary holding mining lease
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UPSTREAM MINERALS
MT EDWARDS NICKEL PROJECT Neometals - 100% Nickel Mineral Rights
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OPPORTUNITY
Lithium-ion Megafactories will impact demand for Raw Materials including Nickel
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Located 80km south of Kalgoorlie
*Full information refer to ASX release on 6 October 2020 “132N Nickel Mineral Resource and Exploration Update at Mt Edwards” and page 41 of this presentation.
50 km from Kambalda Ni Concentrator
Access to sealed roads, rail and energy infrastructure
Mineral Resources 8.72M tonnes @ 1.7% N 146,000t contained Ni*
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MT EDWARDS UNDER NEOMETALS
-
Validated and grown the database which now comprises 11,887 drillholes, 36,000 soil samples
-
Drilled 251 holes since acquisition, discovered more nickel
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Newexco engaged to assist in data review and future discoveries
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45 prospects and targets
-
Regional exploration in 2020 has focused on the southern tenements proximal to Mincor’s Cassini deposit
-
Best option deposits subject to mine planning
-
Neometals is considering optimal structure to realise value of NiS development assets
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Mincor Resources
Cassini
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REGIONAL EXPLORATION – LAKE EATON
-
Multiple geophysics surveys at Lake Eaton and Lake Eaton South NW of Mincor’s Cassini. Including:
-
Passive Seismic, Moving Loop EM and UAV (drone) supported Magnetic Surveys
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SUSTAINABILITY AND ESG NEOMETALS PORTFOLIO
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Neometals is committed to optimising finite resources with circular
practices to benefit society and the environment for a sustainable future
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All projects, particularly EU, focused on materials for decarbonisation and the clean energy revolution
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Further – to support domestic supply chain resilience and increasing the lifetime of ethical resources
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Genuine ESG conviction – core business to support resilience and adaptability
-
Foundation ESG practices being formalised in inaugral Sustainability Report (GRI)
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SUSTAINABILITY ACTIONS
- Aligning with sustainable development goals
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Delivering minerals and materials to support decarbonisation
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Treading lightly to develop (best practice)
-
Diverting hazardous waste, recovering minerals and upgrading for re-use
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Sequestering CO2
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Remediating sites
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Reducing CO2 footprint of offtakers/partners (LCA)
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Supporting domestic sourcing i.e. reduced transport
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SOCIAL / GOVERNANCE ACTIONS
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o Joined alliances - International Responsible Mining Initiative, UN Global Compact, European Battery Alliance
o Continued investments in technology development and R&D
-
Social – charitable investments, scholarships, community benefit
-
Governance – 33% females, training
o Community Consultation
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SECURITY
Strong balance sheet,
no debt – can fund
developments to FID
Consistent strategy -
partnering to reduce risks
and realise returns
Strong Board and
management – project
execution experience
History of cash returns
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Transitioning to best practice ESG - ‘sustainable investment’
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SUPPORTING INFORMATION
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BARRAMBIE MINERAL RESOURCE ESTIMATE
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| Classification | Tonnes (M) | TiO2 (%) | V2O5 (%) |
|---|---|---|---|
| Indicated | 187.1 | 9.61 | 0.46 |
| Inferred | 93.0 | 8.31 | 0.40 |
| Total | 280.1 | 9.18 | 0.44 |
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| Classification | Tonnes (M) | TiO2 (%) | V2O5 (%) |
|---|---|---|---|
| Indicated | 49.0 | 16.93 | 0.82 |
| Inferred | 15.9 | 16.81 | 0.81 |
| Total | 64.9 | 16.90 | 0.82 |
| Classification | Tonnes (M) | TiO2 (%) | V2O5 (%) |
|---|---|---|---|
| Indicated | 39.3 | 21.18 | 0.65 |
| Inferred | 14.3 | 21.15 | 0.58 |
| Total | 53.6 | 21.17 | 0.63 |
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Refer to Neometals ASX release dated 17[th] April 2018 titled “Updated Barrambie Mineral Resource Estimate” available at https://wcsecure.weblink.com.au/pdf/NMT/01971759.pdf
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BARRAMBIE MINERAL RESOURCE AND ORE RESERVE ESTIMATE
Competent Person Attribution
The information in this report that relates to the Barrambie Mineral Resource estimates is extracted from an ASX Announcement dated 17 April 2018 (see ASX Announcement “Updated Barrambie Mineral Resource Estimate”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are represented have not been materially modified from the original market announcement.
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The
that
The
11 [[th]]
the
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The information in this report that relates to the Barrambie Ore Reserve estimates is extracted from an ASX Announcement dated 22 May 2019 (see ASX Announcement “DFS Results for Barrambie Vanadium Production and commencement of Titanium Pilot Program”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Ore Reserve estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are represented have not been materially modified from the original market announcement.
The information in this report that relates to metallurgical testwork results is extracted from an ASX Announcement dated 11[[th]] July 2018 (see ASX Announcement “Barrambie Test Work Produces +90% Purity Titanium Slag at High Recoveries”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are represented have not been materially modified from the original market announcement.
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MT EDWARDS MINERAL RESOURCE ESTIMATE
Competent Person attribution on Next page
| Indicated | Indicated | Inferred | Inferred | TOTAL Mineral Resources | TOTAL Mineral Resources | TOTAL Mineral Resources | ||
|---|---|---|---|---|---|---|---|---|
| Deposit | Tonne (Kt) |
Nickel (%) |
Tonne (Kt) | Nickel (%) |
Tonne (Kt) |
Nickel (%) | Nickel Tonnes | |
| Widgie 32 | 625 | 1.5 | 625 | 1.5 | 9,160 | |||
| Gillett5 | 1,306 | 1.7 | 1,306 | 1.7 | 22,500 | |||
| Widgie Townsite2 | 2,193 | 1.9 | 2,193 | 1.9 | 40,720 | |||
| Munda3 | 320 | 2.2 | 320 | 2.2 | 7,140 | |||
| Mt Edwards 26N2 | 575 | 1.4 | 575 | 1.4 | 8,210 | |||
| 132N6 | 34 | 2.9 | 426 | 1.9 | 460 | 2.0 | 9,050 | |
| Cooke1 | 150 | 1.3 | 150 | 1.3 | 1,950 | |||
| Armstrong 4 | 526 | 2.1 | 107 | 2.0 | 633 | 2.1 | 13,200 | |
| McEwen1 | 1,070 | 1.3 | 1,070 | 1.3 | 13,380 | |||
| McEwen Hangingwall1 | 1,060 | 1.4 | 1,060 | 1.4 | 14,840 | |||
| Zabel1 | 330 | 1.8 | 330 | 1.8 | 5,780 | |||
| TOTAL | 2,753 | 1.9 | 5,969 | 1.5 | 8,722 | 1.7 | 146,000 | |
| NOTE: Figures may not sum due to rounding. Significant figures do not imply an added level of precision. Mineral Resources quoted using a 1% Ni block cut-off grade, except Munda at 1.5% Ni. Note: 1 refer announcement ASX: NMT 19 April 2018 titled: Mt Edwards JORC Code (2012 Edition) Mineral Resource 48,200 Nickel Tonnes Note: 2 refer announcement ASX: NMT 25 June 2018 titled: Mt Edwards Project Mineral Resource Over 120,000 Nickel Tonnes Note: 3 refer announcement ASX: NMT 13 November 2019 titled Additional Nickel Mineral Resource at Mt Edwards Note: 4 refer announcement on the ASX: NMT 16 April 2020 titled 60% Increase in Armstrong Mineral Resource Note: 5 refer announcement on the ASX: NMT 26 May 2020 titled Increase in Mt Edwards Nickel Mineral Resource Note: 6 refer announcement on the ASX: NMT 6 October 2020 titled 132N Nickel Mineral Resource and Exploration Update at Mt Edwards |
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MT EDWARDS MINERAL RESOURCE ESTIMATE
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Competent Person Attribution
CompetentPersonAttribution
The information in this presentation that relates to Exploration Results is based on information compiled by Gregory Hudson, who is a member of the Australian Institute of Geoscientists. Gregory Hudson is an employee of Neometals Ltd .
The information in this presentation for Mt Edwards that relates to Widgie Townsite, Widgie 3, Zabel, McEwen & McEwen Hangingwall Mineral Resources is based on, and fairly represents, information and supporting documentation compiled and prepared by Mr Luke Marshall. Mr Marshall is a sole trader and independent contractor to Neometals Ltd.
The information in this presentation for Mt Edwards that relates to the Mt Edwards 26N Mineral Resource is based on, and fairly represents, information and supporting documentation compiled and prepared by Mr Andrew Bewsher. Mr Bewsher is an employee of BM Geological Services who provides consulting services to Neometals Ltd.
Messrs Hudson, Marshall and Bewsher are Members of The Australasian Institute of Geoscientists have sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code.
The information in this presentation that relates to the Munda, Armstrong, Gillett & 132N Nickel Mineral Resources is based on, and fairly represents, information and supporting documentation compiled by Richard Maddocks; MSc in Mineral Economics, BAppSc in Applied Geology and Grad Dip in Applied Finance and Investment. Mr. Maddocks is a consultant to Auralia and is a Fellow of the Australasian Institute of Mining and Metallurgy (member no. 111714) with over 30 years of experience. Mr. Maddocks has sufficient experience which is 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 JORC Code. Mr. Maddocks consents to the inclusion in this Report of the matters based on his information in the form and content in which it appears.
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