NEOMETALS LTD — AGM Information 2021

Nov 29, 2021

MINERALS AND MATERIALS FOR A SUSTAINABLE FUTURE

Neometals Annual General Meeting

November 30, 2021

ASX Code: NMT

OTC/Nasdaq Intl: RDRUY Frankfurt: 9R9

Authorised for release by Christopher Reed, Managing Director of Neometals Ltd

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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 document that relates to Exploration Results and Mineral Resource Estimates for the Barrambie VTM Project has been extracted from ASX Releases set out below, which are available at www.neometals.com.au

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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2

• Lithium-ion Battery Recycling

• Vanadium Recovery

• Barrambie Titanium and Vanadium

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WHAT’S HAPPENED SINCE LAST AGM

Strong returns, development success, commercial success – poised!

Total Widgie Nickel Ltd Annual TSR over Shareholder demerger via last 5 yrs 35% vs Return return of capital XAO at 11.4%[1] 366% Staff count up Second +$120M in cash ~20% Sustainability and investments[2] Women 31% and ESG Report workforce 3 core project First 10tpd Targeting dual reaching final recycling listing on AIM in investment operation ready 1Q22 decisions in 2022 1Q22

Notes:

1. Bloomberg as at 19 November 2021; Latest returns data available for all ordinaries index is from 29 October 2021

2. As at 30 September 2021

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BOARD AND MANAGEMENT TEAM

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Steve Cole David Reed Dr Natalia Streltsova Chris Reed Doug Ritchie Dr Jennifer Purdie Les Guthrie
Chair Managing Director /
CEO
Jason Carone Michael Tamlin Paul Wallwork Darren Townsend
Company Secretary / COO GM – Marketing and CDO
CFO Product
Development
Giuliano Giordani Financial Controller GM – Commercial and Jeremy Mcmanus Gavin Beer GM – Lithium Matthew Read GM – Lithium Manager Projects Dirk Kotzee GM – Evaluation Irena Ivanova GM – Metallurgy and David Robinson Casper Adson GM – Barrambie Greg Hudson GM – Geology
Investor Relations Processing Projects Studies R&D Project
ESG Manager TBA Angeline Mchibwa Research Engineer/Financial Matthew Carter Process Project Engineer TBA Senior Project Owen Casey Geologist
Metallurgist Analyst
5
Corporate Lithium Shared Vanadium/Titanium
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Corporate

CORPORATE DASHBOARD

ASX: NMT OTC:RDRUY

Shares on Issue1	Shares on Issue1	Shares on Issue1		m	548.4
Share Price (26-Nov-21)				A$	1.05
Market cap (26-Nov-21)				A$m	575.4
Cash (30-Sep-21) 2				A$m	83.5
Debt				A$m	-
Investments (30-Sep-21) 3				A$m	38.7

Major Shareholders (26-Nov-21)

Major Shareholders (26-Nov-21)
David Reed (Non-Executive Director)	6.9%
Clearstream/Deutsche Börse	2.9%
Top 20	34.8%
No of Shareholders	~11,010

12 Month Share Price Performance

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1.20 16,000
14,000
1.00
12,000
0.80
10,000
0.60 8,000
6,000
0.40
4,000
0.20
2,000
0.00 0
Nov-20 Feb-21 May-21 Aug-21 Nov-21
Source: Neometals
Price $A
Volume (‘000s)
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Note 1: Excludes 10.26M performance rights. Note 2: incl A$4.2M restricted term deposits Note 3: Loan receivables and investments

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SUSTAINABILITY

Neometals is committed to optimising finite resources with circular practices to benefit society and the environment for a sustainable future

• All projects, particularly EU, focused on materials for decarbonisation and the clean energy revolution

• Further – to support domestic supply chain resilience and increasing the lifetime of ethical resources

• Genuine ESG conviction – core business to support resilience and adaptability

• All projects align with corporate purpose and sustainability objectives. 2nd ESG report lodged - TCFD, ESG remuneration KPIs, 2021 NMT carbon neutrality, quantifiable targets for 2022

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ESG IN PRACTICE

ESG parameters woven into policy, systems, procedures – core business

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UNPARALLELED EXPOSURE TO ELEMENTS ESSENTIAL TO THE ENERGY TRANSITION MEGATREND

2050 Annual Demand from Energy Technologies as Percentage of 2018 Production

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600%
Neometals Exposure
500%
Lithium-Ion Battery Recycling Business
(Primobius 50:50 JV)
400%
Vanadium Recovery Business
(Co-operation towards a 50:50
Incorporated JV)
300%
200%
100%
0%
Graphite Lithium Cobalt Indium Vanadium Nickel Silver Lead MolybdnumAluminium Zinc Copper Manganese
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Source: World Bank Group

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Vanadium Recovery
LiB Recycling
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Lithium-Ion Battery Recycling Project

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Vanadium Recovery Project

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BATTERY ENERGY STORAGE MARKET BACKDROP FOR EV/ESS SECTORS

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11

WE ARE CERTAIN ALL BATTERIES WEAR OUT AND RECYCLING VOLUMES MIRROR PRODUCTION ON LAGGED BASIS

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EV SALES AND PENETRATION RATE FORECASTS ARE SUPPORTED BY ALL MAJOR AUTO OEMS PHASING OUT ICE

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WHAT HAPPENS TO PRICES WHEN SUPPLY FAILS TO KEEP UP WITH UNFATHOMABLE DEMAND GROWTH

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NEED TO ADDRESS THE EMERGING ‘CARBON SHOCK’ OF EV’S

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Source: De Correspondent, 14/7/17. Elsevier, LCA for hydrometallurgical recycling of mixed LiB & NiMH waste, 30/3/21. Ivl Report, Lithium-ion Vehicle Battery Production, November 2019

15

ECO-FRIENDLY LIB RECYCLING IS A KEY SUSTAINABLE SOLUTION

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HYDROMETALLURGICAL Raw Material CO2 Savings – Traditional Mining vs Pyromet and Hydromet RECYCLING Battery Recycling HAS THE LOWEST CARBON FOOTPRINT Source: Duesenfield

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NEW EU BATTERY REGULATIONS

Needed to address the disconnect between the current state of the EV materials supply chain and the future ambitions of the auto OEM,and consumers with a focus on ESG principles

• Security of raw material supply

• CO2 footprint

• Transparent, ethical provenance

• Recycling

Staggered EU Regulation Implementation

• ➢ CO2 footprint declaration >2kWh

• 2024 ➢ Recycling efficiency to 65%. Existing producers using pyromet recycling typically has 45% efficiency

• 2025 ➢ Digital passport, labelling carbon footprint

• ➢ Recycling efficiency targets for Co, Pb, Li, Ni, Cu

2026

• ➢ Recycled content declarations, carbon footprint requirements

2027

• ➢ Recycling efficiency to 70%

• ➢ Minimum recycled content requirements - will result in larger players engaging with companies such as

• 2030 Neometals

EU Lithium Market Forecasts

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LI ION BATTERY RECYCLING PROJECT

50:50 JV with SMS group – ‘Primobius GmbH’

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COMMERCIALISATION PARTNER TO LEVERAGE STRENGTHS OF BOTH PARTNERS

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✓ Leading ESG credentials ✓ Best in class plant design for metallurgical
equipment and plants
✓ Proprietary battery recycling process ✓ Strong on-the-ground European presence
✓
Significant chemicals processing expertise ✓
Strong funding capability expected to deliver
~50% debt funding
✓ Track record of project delivery
✓ Strong reputation and has ability to deliver faster
than others
50% 50%
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• Exclusive 50/50 incorporated joint venture to pursue battery recycling

• SMS can build, operate and procure debt financing on behalf of JV

• Commercial roll-out will leverage SMS global footprint, manufacturing capability and reputation

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AIMING TO BE RECYCLER OF CHOICE FOR CELLMAKERS AND CARMAKERS

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HYDROMET REFINING FOR LIB CATHODE PRECURSORS

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Source: Benchmark Minerals Intelligence

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OUR PROPRIETARY RECYCLING PROCESS

Being demonstrated in Hilchenbach Germany 21/22

• 85% Recycling Efficiency to date aiming to improve

• Ni+Co Sulphates (+80% Rev$) meet Chinese cathode specs

• Tailings is fertiliser feedstock

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ENGINEERING COST STUDY ESTIMATES MAY 2021 - AACE CLASS 4 (±25%)

Based on Pilot Plant at SGS Canada in 2019/20

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Operating Costs CAPITAL US$M
DIRECTS
US$ 1,560/t Feed
Infrastructure Civil 9
Land and Buildings 34
Front End 6
Hydromet 24
Utilities 12
Installation 11
S
Sub-Total Directs 96
INDIRECTS
Engineering, Project
Management and Owner's 45
Costs
Insurance, Freight, Taxes
9
and Interest
Sub-Total Indirects 54
CONTINGENCY (10%) 15
TOTAL 165
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Refer to Neometals ASX Announcement:- Lithium Battery Recycling – Outstanding Cost Estimates (7 May 2021) and the assumptions set out therein.

Note: total numbers may not sum due to rounding

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ROBUST ECONOMICS ACROSS MAJOR EV BATTERY CHEMISTRIES

Revenue by Recovered Elements in 1 Tonne of Batteries

Recoverable Revenue per Tonne of Batteries (US$/t)[(1)]

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16,000
14,000
12,000
10,000
8,000
6,000
Class 4 ECS
4,000 Opex
of US$1,560/t
2,000
-
2021 2021 2021 2021
LCO NMC 111 NMC 622 NMC 811
Cobalt Sulphate Nickel Sulphate Lithium Salt Copper Sulphate Copper Foil
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Notes:

1. Pricing – Benchmark Mineral Intelligence (Cobalt, Nickel and Lithium – Spot), Asian Metal (Manganese Sulphate – Spot), Neometals Management (Copper Products – Forecast), Battery Cell Composition, Product Recovery – Class 4 Engineering Cost Study (May 2021)

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24

EU FORECAST TO BE 2[ND] LARGEST LIB PRODUCTION HUB GLOBALLY IN 2030

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25

EU SECOND LARGEST TARGET MARKET FOR BATTERY RECYCLING

Notes:

1. April 2021 vs Sept 2021 Total Addressable Market (TAM) Forecast. Units are tonnes of lithium-ion batteries available for recycling / year

2. Sources: Benchmark Mineral Intelligence (“BMI”) Li-Cycle market intelligence and forecasting.

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26

PRIMOBIUS IS THE ENVIRONMENTALLY FRIENDLY AND SCALABLE RECYCLING SOLUTION REQUIRED BY WESTERN CELL ‘PRODUCERS’

Major European LIB Recycling Facility Capacities

Capacity (ktpa)

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Long term
potential
200.0
Focus of
ongoing
studies
18.0
10.0
✓ 7.0 7.0 6.0
5.0
3.7 3.2 3.0
2.5
2.0
1.5
1.0 1.0 1.0 1.0 1.0
Primobius Primobius Primobius Sungeel Glencore Umicore Veolia Accurec Promesa Duesenfeld Redux Royal Bees SNAM Akkuser Fortum Erlos Nickelhütte TES-AMM
Stage 1 Stage 2
Primobius Target
Current Recycling Capacity
Recycling Capacity
Source: Neometals Management (Sept 2021); Benchmark Intelligence (2020)
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COMMERCIAL 10TPD SHREDDING PLANT & REFINERY DEMONSTRATION

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28

FLEXIBLE BUSINESS / REVENUE MODELS

• Primobius to responsibly process production scrap or EOL batteries for a fee. Customer option to purchase all 1 products under offtake agreement Principal • Primobius to build and operate recycling plant(s) both share economic returns – JV etc. Partner option to purchase all 2 products under offtake agreement Partnership

• License IP directly for royalty and potentially EPC recycling plant(s) 3 License

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29

PRIMOBIUS WITH A SPEED TO MARKET ADVANTAGE

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Accelerated market Initial
entry underway Commercial
Stage
10tpd Shredder 50tpd Integrated 50tpd Integrated Integrated
Shredding & Shredding & Shredding &
Shredding
Refining Refining Refining
Plant Type
Black Mass BGMS BGMS BGMS
Product/s
Procurement
Demo Trial MoU MoU
& Fabrication
Status
Principal Principal JV JV
Business Model
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Notes:

1. BGMS – Battery Grade Metal Sulphates

2. Subject to NMT and JV Board approval.

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30

PRIMOBIUS LITHIUM-ION BATTERY RECYCLING PROJECT – HIGHLIGHTS

Auto OEMs and Batterymakers Require a Li-B Recycling Solution 1 Global volume of ‘end of life’ LIBs available for recycling expected to grow at 18.8% per annum over the next ~10 years

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2
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Environmentally Friendly Process Differentiated from Incumbent Technology Hydromet process has a negligible Co2 emission footprint compared to primary minerals extraction or the incumbent pyromet recycling process for Li-B batteries

3

Flexible and Robust LiB Recycling Technology

Multiple battery chemistries, formats and types can be processed without cell discharging with lower emissions and less transport required than incumbents

Primobius LithiumIon Battery Recycling Attractive Economics and Exposure to Battery Metal Prices Business 4

High purity chemicals not intermediates for ethical re-supply to the cathode producer supply chains with better recovery, lower emissions and less transport than incumbents

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5
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SMS Partnership and Flexible Business Plan Accelerates the Roll-out

SMS operational and manufacturing capability applied to a flexible business model provides a material speed to market advantage

Item 1 Source: Circular Energy Storage

31

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VANADIUM RECOVERY PROJECT

Co-operation towards a 50:50 Incorporated JV with Critical Metals Ltd

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32

FIRST VANADIUM RECOVERY OPPORTUNITY IN PORI, FINLAND

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SSAB Luleå Steel Mill
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• Initial Vanadium Recovery Project – Pori, Finland

• Secured +2Mt of high-grade vanadium-bearing by-product (“Slag”) stored at 3 steel mills in Sweden and Finland from Scandinavian steel giant SSAB.

• Neometals funding evaluation of vanadium recovery using proprietary eco-friendly hydromet process in a co-operation towards a 50:50 Incorporated JV

Neometals & Critical Metals Partnership

• Executed an agreement (6 April 2020) to jointly evaluate production of high-purity vanadium, which if results in a positive FID, will lead to a 50:50 JV where Neometals contributes sustainable processing flowsheet

• Neometals funding joint studies and SSAB sign-on payment

• Neometals will receive a royalty on sales for entering into a process technology licence agreement with the JV

Note: For full details of H2GS MOU refer ASX release dated 13th September 2021 titled “MOU for potential second, larger Vanadium Recovery Plant”

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SSAB SLAG FEEDSTOCK SECURED FOR ~10 YEARS WITH VANADIUM PRICE LINKED AGREEMENT

AGREEMENT	AGREEMENT
Luleå (SSAB)
Slag stored	+630kt
Vanadium Grade V2O5 Contained V2O5	+4% +25,000t	Luleå	Boden	Raahe
Net Slag Added	100ktpa
				Pori V recovery plant
Oxelösund (SSAB)
Slag stored	+890kt	Oxelösun
Vanadium Grade V2O5	+3%
Contained V2O5	+25,000t
Net Slag Added	90ktpa
		Initial Vanadium Recovery		Potential Additional
		and Slag Sources	Vanadium Recovery Plant*

covery plant	Raahe (SSAB)
	Slag stored +360kt
	Vanadium Grade V2O5 +3%
	Contained V2O5 +13,000t
	Net Slag Added 80ktpa

Agreement Volumes and Price	•	Pre-payment of 700kt of Slag from Luleå post FID	•	Price linked to prevailing FeV80 vanadium price
Vanadium Recovery Plant #1 and Slag Sources	•	Purchase 200ktpa Slag post commercial production for 10 years		and vanadium content (reference grade 2.2% V ~ 3.9% V2O5)

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34

Note: For full details of H2GS MOU refer ASX release dated 13th September 2021 titled “MOU for potential second, larger Vanadium Recovery Plant”

MOU WITH CITY OF PORI, FINLAND FOR VANADIUM RECOVERY PLANT SITE

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City of 86,000 inhabitants with a long history as a hydrometallurgical centre of excellence

o

o Access to a ‘build-ready’ 20 hectare industrial-zoned site adjacent to the deep water, year-round port with rail access to the bulk

import/export and chemical berths

o Access to renewable power and other utilities and free access to its industrial sources of CO2 for capture and sequestration in Neometals’ proprietary process flowsheet

For full details of Site Selection results refer ASX release dated 10th December 2020 titled “PORI, FINLAND SELECTED FOR VANADIUM RECOVERY PROJECT”

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35

PATENTED HYDROMETALLURGICAL RECOVERY PROCESS METHOD

Neometals Vanadium Recovery Process

• EU provisional patent pending for hydrometallurgical process to recycle stockpiled slag, sequester CO2, extract vanadium and recycle other products

• Conventional equipment configured in unique way

• CO2 is permanently sequestered by the process

• All water for the process is recycled and all gasses scrubbed

• Slag is fully recycled into re-usable products with no waste byproducts

• Water and other reagents are recycled through the process limiting the environmental impact

• Limited power demand (<10 MW) drawn from locally generated renewable energy

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Outputs Destination
LI-ION/
V2O5 VRFB
Flake
Inputs Batteries
Na2SO4 Fillers/
Sodium
Industrial
Sulphate
Process Leach SSM Construction
Residue Products
(Akin to Iron Rich
Limestone
All process water
recycled
All gasses scrubbed
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SUCCESSFUL PFS RESULT WITH EXPECTED FID BY YEAR-END 2022

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Fully funded to FID
Throughput Products Opex Class 5
Scoping
Rate 30 Jun Study
2020
Class 4
Prefeasibility Positive study
30 Jun Study will form the
200,000tpa 13.43M Ibs p.a. US$4.25/Ib 2021 decision to form basis for
High purity zero Class 3 the JV with
carbon V2O5 Feasibility Critical Metals
Study
30 Jun
2022
Capital NPV10(1) IRR [(1)] Payback [(1)] Neometals Pre-payment for
700kt of Slag
Costs making a
stockpiled at
positive FID
31 Dec Luleá
2022
First
production
from the
31 Dec plant
US$183.4M US$230.5M 31.2% <4 years 2024
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Source: Please refer to ASX announcement 4 May 2021 titled “Vanadium Recovery Project - PFS Indicates Robust Potential Economics” and the assumptions set out therein Note:

1. Pre-Tax and 100% ownership basis

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POTENTIAL LOWEST QUARTILE COST VANADIUM PENTOXIDE PRODUCER

Vanadium Cost Curve 2021

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Source: TTP Squared – Cost Curve, Neometals Management – Vanadium Recovery Project Cost Estimate Please refer to ASX announcement 21 April 2021 titled “Vanadium Recovery Project – Positive Cost Study Results” and the assumptions set out therein.

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ASSESSING A PIPELINE OF POTENTIAL FEEDSTOCKS AND MOU FOR SECOND POTENTIAL PLANT IN SWEDEN

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Potential Slag Processing Capacity • Memorandum of
ktpa understanding with H2GS
to supply slag to potential
1,000 Boden site
• Potential to begin
production in line with
800 commercial production of
H2GS’s planned steel
operations (currently
600 scheduled for 2024)
• The indicative volume of
Slag is supply of 4 million
400 tonnes of Slag over ~10-
year period
• Prices for Slag is variable
200 depending on the V grade
and prevailing FeV80
vanadium price
- • Bench scale metallurgical
Initial Pori Site Boden H2GS Site Future Sites work planned on H2GS
Slag samples
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Prices for Slag is variable depending on the V grade and prevailing FeV80 vanadium price

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Note: For full details of H2GS MOU refer ASX release dated 13th September 2021 titled “MOU for potential second, larger Vanadium Recovery Plant”

40

VANADIUM RECOVERY BUSINESS – INVESTMENT HIGHLIGHTS

Attractive outlook for Vanadium

1 Forecast supply / demand imbalance for Vanadium with demand upside from new lithium vanadium battery cathode chemistries

Environmentally Friendly European Supply of Vanadium

2

Higher-purity V2O5 (>99.5%) is critical metal for the EU’s circular economy requirements and to diversify Chinese supply risk

3

Secure Plant Feedstock and Proven Metallurgical Process

10+ year off-take of slag secured with off-take pilot plant producing V2O5 flakes which have already been reviewed and tested by battery manufacturers

Vanadium Recovery Business

4

Robust Economics and Cost Position

PFS incorporating an AACE Class 4 engineering confirms superior project economics and the projects 1st quartile cost of production

5

Significant Future Growth Potential from Existing and Additional Sites

MoU signed with H2GS AB for a second larger Vanadium Recovery Project – Boden, Sweden

41

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BARRAMBIE TITANIUM AND VANADIUM PROJECT

100% Neometals

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42

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Globally one of the highest-grade hard-rock titanium assets
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BARRAMBIE OVERVIEW

• ✓ 100% owned ✓ Tier 1 jurisdiction ✓ Granted mining lease ✓ EPA approval ✓ >A$35M 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 Completed work to demonstrate value in use to end users

• ✓ Leading partner to optimise value realisation

43

THE OPPORTUNITY: GROWING CHINESE DEMAND FOR FEEDSTOCK SUITABLE FOR CHLORIDE PIGMENT

Chloride Feedstock Supply Demand and Chloride Ilmenite Price[(1)]

US$ / Tonne FOB, nominal

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‘000 TiO2 Units US$ / Tonne FOB, nominal
5,000 400
4,500
350
4,000
300
3,500
250
3,000
2,500 200
2,000
150
1,500
100
1,000
50
500
- -
2015 2016 2017 2018 2019 2020 2021f 2022f 2023f 2024f 2025f
Demand Supply Chloride Ilmenite Price (RHS)
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Source: TZMI Price Forecast May 2021; TZMI Supply Demand Forecast August 2021

Note:

1. Jazan smelter has capacity of 500ktpa TiO2 slag

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THE SOLUTION: PROCESSING PATHWAYS TO COMMERCIALISATION

Solution 1

Solution 2

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THE STRATEGY: SECURE STRONG PARTNERS

• 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

• MOU* executed with leading titanium slag producer Jiuxing Titanium Materials (Liaonging) Co. Ltd

• MOU contains an evaluation framework and key commercial terms that contemplates the parties negotiating and entering into a binding formal offtake agreement for the supply of 800,000 dtpa of mixed gravity concentrate or 500,000 dtpa of ilmenite and 275,000 dtpa of iron-vanadium concentrate, on a take-or-pay basis for a period of 5 years from first production

• Pricing benchmarked to published market prices and specifications, with a floor-price mechanism based on actual delivered cost plus a margin

• Follows successful confirmation beneficiation test work at pilot scale in China by IMUMR and multiple bench-scale smelting test work by Jiuxing

• *For further details of MOU please see:

• ASX release of 16/4/2021 titled “MOU for Barrambie Concentrate Offtake“; and

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• ASX release of 4/10/2021 titled “MOU for JV to develop Barrambie”

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NEXT STEPS:

• Finalising Cl.4 PFSs – Primero and Sedgman EPC to benchmark future BOO(T) negotiations

• Construct and commission 5tpd mobile spiral plant at former Menzies State Battery (pictured)

• Process crushed product and transport to Perth, containerize and ship to China

• Jiuxing to blend and batch smelt 100t in commercial titanium smelter

• NMT to reduction roast and magnetically separate balance into ilmenite and ironvanadium concentrates for other potential offtake partner/s

• Negotiate full form offtake agreements

• Negotiate BOO/T agreements

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INDICATIVE TIMELINE

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SECURITY
Strong balance sheet,
no debt – can fund
developments to near-
term FIDs
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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THANK YOU

PLEASE VISIT NEOMETALS.COM.AU

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MINERAL RESOURCE ESTIMATE

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Global Mineral Resource as at 17 April 2018 [(1)]
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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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High Grade V2O5 Mineral Resource at (0.5% V2O5 cut-off) [(2)]
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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

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High Grade TiO2 Mineral Resource at (14% TiO2 cut-off) [(2)]
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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

Note:

1. Based on Cut-off grades of ≥10% TiO2 or ≥0.2% V2O5

2. The high-grade titanium and vanadium figures are a sub-set of the total Mineral Resource. These figures are not additive and are reporting the same block model volume but using different cut-off grades

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Refer to Neometals ASX release dated 17[th] April 2018 titled “Updated Barrambie Mineral Resource Estimate”

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