NEOMETALS LTD - Annual Report 2024

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Annual Report 2024 for the Financial Year Ended 30 June 2024

Neometals Ltd | Annual Report 2024

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2 Neometals Ltd | Annual Report 2024

01

01
Overview	04
About Us	04
Financial Highlights	06
A message from our Chairman and
Managing Director	07

02

02
Review of Operations	08
Lithium-ion Battery Recycling	09
Lithium Chemicals	12
Vanadium Recovery	14
Precious Metals Recovery	15
Barrambie Titanium/ Vanadium	16
Annual Mineral Resource Statement	17

03

05

05
Financial Statements	60
Consolidated statement of proft	60
or loss and other comprehensive income
Consolidated statement of fnancial position	61
Consolidated statement of changes in equity	62
Consolidated statement of cash fows	63
Index: Notes to the Consolidated	64
Financial Statements

06 Additional ASX Information 102

07 Corporate Directory 106

03
Sustainability Report	18
Sustainability at Neometals	18
Environmental Care	24
Community Beneft	26
People	28
Ethics & Accountability	30

04

04
Director’s Report	32
Renumeration Report (Audited)	40
Independent Auditor’s report	54
Auditor’s Independence Declaration	58
Director’s Declaration	59

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Neometals Ltd | Annual Report 2024

Overview

01 About Us

Who We Are

Neometals has developed and is commercialising three environmentally-friendly processing technologies that produce critical and strategic battery materials at lowest quartile costs with minimal carbon footprint.

Purpose

To benefit our shareholders and our communities through sustainable production of battery materials.

Through strong industry partnerships, Neometals is demonstrating the economic and environmental benefits of its technologies by enabling sustainable production of lithium, nickel, cobalt and vanadium from recycling and waste recovery. This reduces the reliance on traditional minebased supply chains and creates a resilient, circular supply chain supporting the energy transition. Via the Company’s three core business units, the technologies are being exploited as principal, in joint venture and licensed for royalties.

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Our Values
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Decarbonisation, together with sustainable and resilient supply chains are the key challenges for the energy transition. Neometals believes that the demand for environmentally-friendly and ethically sourced battery materials will continue to grow with energy storage being the key enabler as we transition.

Neometals Ltd | Annual Report 2024

Overview

Our Corporate Structure

Neometals has a corporate structure that reflects the Company’s diversified opportunities and desire to form strong collaborative partnerships that drive innovation, expand market reach, and look to deliver exceptional value to our stakeholders.

Neometals’ joint ventures are strategically located around the world, enabling the Company to tap into the global circular battery economy to optimise the sustainable production, use, and recycling of batteries and critical materials.

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ACN 630 589 507 Li-ion Battery
50%
Pty Ltd Recycling IP
Lithium-ion
battery
recycling
Li-ion Battery
50% Primobius GmbH
Recycling Project JV
Vanadium
100% Avanti Materials Ltd
Recovery IP
Vanadium
Recovery
88% Recycling Industries Vanadium
Scandinavia AB Recovery Project JV
70% Reed Advanced Lithium Chemicals Lithium
Materials Pty Ltd Project & IP Chemicals
100% Australian Titanium Barrambie Titanium- Titanium &
Pty Ltd Vanadium Project Vanadium
Neometals 26% Redivium Ltd
100%
Investments Pty Ltd (ASX:RIL)
Neomaterials Lithium Chemical
100%
Pty Ltd Research & Development
Germany
Sweden Finland
ASX: NMT
Neometals Ltd
Australia
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Neometals Ltd | Annual Report 2024

Overview

Financial Highlights

$53.6m Market Capitalisation

$42.1m Assets

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$11.7m

$13.5m Operating Cash Outflows $9.1m Available Cash (Net Debt)

Investments and Receivables $5.7m Liabilities

Neometals Ltd | Annual Report 2024

Overview

A message from our Chairman and Managing Director

The past financial year proved to be one of the most challenging in the history of our Company. The market’s response to the confluence of declining prices for battery commodities (especially lithium and vanadium), increasing cost of capital and volatility in global capital markets, and delayed project milestones across our portfolio of assets, resulted in a material decline in market capitalisation and shareholder value.

Despite these impacts, our core Primobius joint venture LiB Recycling business continued its successful development with first revenue achieved from the award of contracts with Mercedes-Benz AG for the supply of a fully integrated 2,500 tpa recycling plant.

In response to these headwinds, your Company responded decisively including by conserving capital through the right-sizing of project teams (-60%), reducing corporate overheads and implementing an austerity plan for the board and key management personnel. The Board remains resolute in its purpose to drive stakeholder value through the commercialisation of our innovative processes to recover critical materials from highvalue waste streams and non-conventional feedstocks. The global drive to mitigate climate change continues unabated putting the spotlight squarely on sustainability, clean energy transition and the circular economy – principles which form the basis of all our process technologies’ designs.

The Board is confident your Company’s business model’s transition from hard-rock mining to commercialising process technologies required by the urban mines of tomorrow will prove to be astute by delivering shareholders the best risk/reward exposure to the clean energy thematic both in current challenging times and especially in the longer term as related commodity prices return to more sustainable levels.

At Neometals we hold ourselves accountable to our core values (“STRIDE”) in achieving our vision of

housing multiple commercial (cashflow generating) process technologies for critical materials.

Our strategic focus is on:

a) disciplined capital management with a lean organisational structure and strong commercial partners to prove the scalability and product readiness of our LiB recycling solutions for real world problems; and

b) restructuring our portfolio of assets to prioritise nearer-term cashflow generation, minimise risk and redeploy capital from divesting non-core assets.

Your Company maintains its strong commitment to transparent reporting against best practice environmental, social and corporate governance (“ESG”) principles in the discharge of its responsibilities and to operate ethically and respectfully to the communities in which it operates and the people with whom it works.

The dedication and support of your Company’s management team and Board warrant mention. In particular, we take this moment to respectfully acknowledge the outstanding contributions made by those who are not continuing with our team. We are grateful for their contributions which are credit to their character, and we wish them the best in their future endeavours.

The Board and management team is resolute in its commitment to building and realising the inherent value of your Company’s intellectual property assets especially through the industrial validation of the Primobius’ plant supply business and associated commercial technology licensing royalties.

We will drive through these present headwinds, confident in our abilities to execute our strategy and deliver the milestones required to restore the Company’s fortunes.

We thank our shareholders for their loyalty and support over the last year.

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Steven Cole Chairman

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Chris Reed Managing Director/CEO

Neometals Ltd | Annual Report 2024

Review of Operations

02 Review of Operations

The directors of Neometals Ltd (“Company” and “Neometals”) present the annual financial report for the Company and its controlled entities (“Consolidated Entity” and “Group”).

Neometals facilitates sustainable critical material supply chains and reduces the environmental burden of traditional mining in the global transition to a circular economy.

The Company is developing a portfolio of sustainable processing solutions that recycle and recover critical materials from high-value waste streams.

Neometals’ core focus is on the commercialisation of its patented, Lithium-ion Battery (“LiB”) Recycling technology (50% NMT), under a preferred plant supply and technology licensing business model. Primobius GmbH is the 50:50 incorporated JV with 150-year-old German plant builder, SMS group GmbH, that is commercialising the technology. Primobius is building a 2,500tpa recycling plant for Mercedes-Benz under a long-term Cooperation Agreement. It also operates its own LiB disposal service in Germany and plans to offer its first commercial 21,000 tpa plant to North American licensee, Stelco, in the June Quarter of 2025.

Neometals is also developing two advanced battery materials technologies for commercialisation under low-risk, low-capex technology licensing business models:

Lithium Chemicals (70% NMT) – Patented ELi™ electrolysis process, co-owned 30% by Mineral Resources Ltd, to produce battery quality lithium hydroxide from brine and/or hard-rock feedstocks at
lowest quartile operating costs. Pilot scale test work planned for completion in DecQ 2024; and
Vanadium Recovery (100% NMT) – Patent pending hydrometallurgical process to produce high-purity
vanadium pentoxide from steelmaking by-product (“Slag”) at lowest-quartile operating cost and carbon footprint.

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Figure 1 – Neometals’ Technology Projects and Associated Technology Readiness Levels

Neometals Ltd | Annual Report 2024

Review of Operations

PRE-COMMERCIAL TECHNOLOGIES

Lithium-ion Battery Recycling

(Intellectual Property via ACN 630 589 507 Pty Ltd - NMT 50%, SMS 50%) (Plant construction via Primobius GmbH, NMT 50% SMS group GmbH 50%)

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Primobius GmbH (“Primobius”) is the incorporated joint venture established in 2020 to commercialise Neometals’ lithium-ion battery (“LiB”) recycling technology (“LiB Recycling Technology”). The co-owner is SMS group GmbH, a 150-year old German industrial plant builder, with in excess of 14,000 employees globally and fabrication facilities in Europe, USA, India and China.

Primobius was granted an exclusive licence from Neometals’ LiB Recycling Technology holding company, ACN 630 589 507 Pty Ltd (“ACN 630”) to supply LiB recycling plants incorporating the patented flowsheet. Primobius will pay royalties to ACN 630 where it operates as principal and will also pass through royalties from plant supply and technology licensing arrangements. ACN 630 is the ultimate beneficiary of five (5) third party technology licences issued to date. The structure is designed to flow plant supply margin and technology royalties separately to co-owners.

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Recycling and hydrometallurgical Globally renowned plant builder
expertise, significant portfolio of IP • Specialised plant construction
• Chemical recovery and • and management expertiseAbility to construct, commission
processing expertise
• Management team with and deliver on a global scale (~14,500 employees, 100 sites,
development track record +150 years of exp.)
50% 50%
ACN 630
IP HoldCo
Plant Supply Margin Technology Licence Royalties
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Figure 2 – Interests held by joint venture partners in intellectual property and Primobius

Highlights

In August 2023, Primobius was awarded a purchase order for the fabrication, installation and commissioning of a 2,500 tpa LiB shredding ‘Spoke’;
In January 2024, Primobius was awarded a purchase order (value ~ €18.8M (~ A$30.8M)) from Mercedes-Benz for the supply of a
hydrometallurgical refining Hub for installation at its Kuppenheim Pilot Plant operation in
Germany. The order covers fabrication, installation and commissioning of the Hub which will refine intermediate products received from the 2,500 tpa shredding ‘Spoke’ which was materially complete from an installation perspective during the year (together Spoke and Hub
comprise the integrated Mercedes Pilot Plant);
Preparations for installation of the Stage 2 ‘Hub’ section of the Mercedes Pilot Plant and the combined commissioning of the Spoke and Hub

will form a precondition to “Product Readiness” to allow the sale of larger 20,000 tpa recycling plant packages; and

• Entered into a technology licence and option agreements with 1340455 B.C. Ltd, Stelco’s lithium-ion battery recycling special purpose vehicle (“Stelco SPV”) which plans to secure large volumes of end-of-life vehicles in North America for scrap steel and recycle LiBs, with a first proposed 21,000 tpa integrated operation (“Stelco Spoke” followed by “Stelco Hub”) at Stelco’s Hamilton Works, Ontario, Canada.

• Ongoing business development activities to build a global pipeline of potential future recycling plants; and

• Continued recruitment activities to expand the Primobius technical, operational, commercial and management teams in line with corporate milestones associated with offering mechanical plant and equipment package supply contracts.

Neometals Ltd | Annual Report 2024

Review of Operations

Intellectual Property Status

The LiB Recycling Technology recovers materials contained in LiB production scrap and end-of-life cells that might otherwise be disposed of in land fill. Existing LiB recycling technologies predominantly rely on high carbon emission pyrometallurgical processes. Primobius’ two stage process recovers nickel, cobalt, lithium and manganese battery materials (and physically recovers metals and plastics) into saleable products that can be reused in the LiB supply chain. The LiB Recycling Technology prioritises maximum safety, environmental sustainability and product recoveries to support the circular economy and decarbonisation.

To date, five (5) patents have been granted with twelve (12) other national phase patents at various stages of prosecution globally.

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Figure 3 – High level flowsheet showing the movement of materials from Shredding and Beneficiation (‘Spoke’) through to refining (‘Hub’) stages for the LiB Recycling Technology.

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10
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Neometals Ltd | Annual Report 2024

Review of Operations

Commercialisation Status

The LiB Recycling Technology is at Technology Readiness Level (TRL) 8: Industrial Validation.

Primobius / ACN 630 is currently deriving revenue from gate fees and product sales from its LiB Disposal Operation in Hilchenbach, Germany, and its business model is targeting future revenues from:

Mechanical equipment and plant supply agreements (e.g. Mercedes-Benz Plant); and
Royalties from the sale by customers of refined products.

Hilchenbach Disposal Operation

Primobius operates a commercial LiB disposal service to the German EV and lithium battery supply chain at its site in Hilchenbach, Germany (“Hilchenbach Spoke”). Primobius receives a gate fee to accept batteries for disposal.

The Hilchenbach Spoke produces an intermediate mixed nickel/cobalt product (“Black Mass”) and a mixed copper/aluminium product (“Black Copper”) which are sold on a spot basis, with pricing set according to nickel/cobalt and copper content respectively.

During the year the Primobius Board approved an investment in equipment to increase throughput to its approved limit of 9 tonnes per day.

Mechanical Equipment and Plant Supply

Entered into a Co-operation Agreement with Mercedes-Benz (“Mercedes”) (“Mercedes Cooperation”) in March 2022. Under the Mercedes Cooperation, Primobius entered into a five (5) year research collaboration aimed at jointly developing an industrial-scale solution for Mercedes[1] . Primobius accepted purchase orders from Mercedes for the Spoke section of the plant in August 2023 and the Hub section in January 2024.

Technology Licensing

Technology licensing and joint venture option agreements are in place with a subsidiary of Stelco Inc. (“Stelco”) (“Stelco Agreements”). The Stelco Agreements allow Primobius to acquire a 25-50% equity interest in the technology licensee at any time up to 30 June 2025.

Three (3) exclusive licences have been issued for Scandinavia, the Balkans and Italy and one non-exclusive licence to the UK. Neometals is the largest individual shareholder in the licensees and ACN 630 is entitled to receive a 10% gross revenue royalty from the technology licences.

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Figure 4 – Mercedes-Benz LiB Recycling Building, Kuppenheim Germany

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Figure 5 - Part of the Integrated LiB Plant installed by Primobus

For full details refer to Neometals ASX announcement headlined “Cooperation Agreement with Mercedes Benz” released on 13th May 2022

Neometals Ltd | Annual Report 2024

Review of Operations

PRE-COMMERCIAL TECHNOLOGIES

Lithium Chemicals

(Intellectual Property via Reed Advanced Materials Pty Ltd (“RAM”) – NMT 70%, Mineral Resources Ltd 30%)

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RAM is an incorporated joint venture commercialising the patented ELi™ Process (“ELi™”) which produces lithium hydroxide and carbonate from lithium chloride solutions using electrolysis. RAM has successfully converted lithium chloride solutions from both natural spodumene and brine feedstocks into battery quality lithium hydroxide at semi-pilot scale.

ELi™ has the flexibility to produce lithium hydroxide and/or lithium carbonate at potentially significantly lower operating cost and carbon footprint compared to conventional production processes. ELi’s key economic advantage lies in the potential to replace costly, imported bulk chemical reagents with electricity and low-cost internally generated reagents.

Highlights

• The long-duration (1000hr) electrolysis component of the ELi™ Pilot was undertaken in the USA at the Electrosynthesis Company Inc, the associated testing facility of RAM’s proposed electrolyser vendor, NORAM Electrolysis Systems Inc.;

• The electrolysis campaign will provide data to increase confidence in the expected power consumption, membrane performance and product quality assumptions applied in the 2023 Engineering Cost Study; and

• The final results are expected to be received in the December quarter 2024 and RAM will use the result of the ELi™ Pilot to advance the demonstration plant and industrial validation partner selection process. The current business model is to generate royalties from technology licensing to the salar brine based lithium producers and developers

Neometals Ltd | Annual Report 2024

Review of Operations

Intellectual Property Status

RAM now holds nineteen (19) granted patents in hard rock and brine producing countries and has a further fourteen (14) pending national phase patents at various stages of prosecution globally.

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Figure 6 – Schematic showing a comparison of the conventional flowsheet for the production of lithium hydroxide from brines with the patented ELi™ process

Commercialisation Status

The ELi™ Process is at TRL 6: Continuous Pilot. RAM’s current business model is to generate royalties from licensing the ELi™ Process to lithium brine and hard-rock operators, developers and processing equipment suppliers.

RAM is completing pilot scale trials on a natural brine provided by the owners of an operating South American lithium operation. RAM successfully concluded the first stage purification trials in 2023. In the June quarter 2024 RAM completed the second stage electrolysis of the purified lithium chloride. The final stage of the trials will evaporate and crystallise the lithium hydroxide catholyte solution produced in the electrolysis trials into lithium hydroxide monohydrate, for assessment and evaluation by LiB cathode producers.

During the year, Neometals advised that RAM had ceased discussions with Lifthium Energy SA (“Lifthium”), sister company to leading Portuguese chlor-alkali producer, Bondalti Chemicals SA (“Bondalti”), in relation to co-funding the final stage of pilot test work and constructing a commercial demonstration plant.

Neometals Ltd | Annual Report 2024

Review of Operations

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PRE-COMMERCIAL TECHNOLOGIES

Vanadium Recovery

(Intellectual Property held via Avanti Materials Ltd – NMT 100%) Vanadium Recovery Project 1 via Recycling Industries Scandinavia AB (“RISAB”) – 88% NMT

Neometals has developed a proprietary sustainable vanadium recovery process (“VRP Technology”) that produces vanadium products for battery and aerospace alloying applications from stockpiles of vanadium-bearing steel waste. The VRP Technology offers:

A processing flowsheet utilising conventional equipment at atmospheric pressure, mild temperatures, and non-exotic construction materials; and
Potential lowest-quartile operating costs and carbon-footprint from processing steelmaking waste (“Slag”), eliminating the cost, risks and environmental impact of mined upstream feedstocks.

Highlights

• During the June 2024 quarter, Neometals assisted RISAB to explore value realisation options and advanced discussions with potential licensees of the VRP Technology;

• RISAB applied for grant funding from EIT RawMaterials GmbH, which is co-funded by the European Union, to advance Europe’s transition into a sustainable economy. If successful, the application under the ‘Booster 2024 Program’ will enable a new project financing process to progress under the management of leading Nordic bank, SEB. New equity providers required to support the project are expected to become the majority equity holders of RISAB;

• RISAB entered a non-binding memorandum of understanding with the German steel producer, Salzgitter Flachstahl GmbH, regarding collaboration towards potential future arrangements for the supply of feedstock Slag to the project; and

• During the year Neometals increased its equity in RISAB from 72.5% to 88%, following the subscription for new shares.

Intellectual Property and Status

Neometals’ Vanadium Recovery IP holding company, Avanti Materials Ltd, has nine (9) pending national phase patents for the VRP Technology across one patent family, with two patents at examination stage.

Commercialisation Status

The VRP Process is at TRL 6: Continuous Pilot. The current business model is to generate royalties from licensing the VRP Process to steel slag producers.

Neometals Ltd | Annual Report 2024

Review of Operations

Vanadium Recovery Project 1 (“VRP1”) – Finland

RISAB was incorporated to evaluate the feasibility of recovering high-purity vanadium pentoxide (“announced the results of a feasibility study that confirmed the potential for lowest-quartile operating costs V2O5”) from high-grade vanadium-bearing steel Slag in Scandinavia. In March 2023, Neometals with a low-to-negative carbon footprint[2] . In the ensuing 6 months the vanadium price fell more than 50% and equity financing could not be secured. Neometals advised the market in October 2023 that it could not commit to a positive final investment decision on VRP1 and would pursue commercialisation through a technology licensing business model.

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Outputs Destination
NaOH
Sodium
Hydroxide
V2O5 LI-ION/
Flake VRFB
Batteries
Inputs CO2
Carbon
Dioxide
Na2SO4
Fillers/
Sodium Industrial
Sulphate
Process
SSM
All process water recycled Leach Residue Construction/
All gasses scrubbed (Akin to Iron Cardboard Products
Rich Limestone)
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Figure 7 – High level flowsheet of Neometals VRP Technology

For full details refer to Neometals ASX announcement headlined “Vanadium Recovery Project Delivers Strong Feasibility Results” released on 8th March 2023

RESEARCH AND DEVELOPMENT

Precious Metals Recovery

Option to acquire 80% Precious Metals Recovery, LLC (“PMR”)

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PM
RECOVERY
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During the year the consolidated entity undertook research and development activities on a precious metals recovery process that potentially recovers precious metals from industrial waste streams. The due diligence performed on the metallurgical process did not provide sufficient confidence in technical feasibility or economic viability of the technology at its current stage of maturity. Neometals therefore allowed its option to acquire this project to lapse.

Neometals Ltd | Annual Report 2024

Review of Operations

UPSTREAM MINING PROJECTS

Barrambie Titanium/ Vanadium Project

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(Neometals 100%)

The Barrambie project, located approximately 80km north-west of Sandstone in Western Australia (“WA”), is one of the largest vanadiferous titanomagnetite (“VTM”) mineral resources globally (280.1 Mt at 9.18% TiO2 and 0.44% V2O5), containing the world’s second highest-grade hard rock titanium mineral resource (53.6 Mt at 21.17% TiO2 and 0.63% V2O5). The mineral resource is secured under a granted mining lease and has a granted mining proposal to extract approximately 1.2 Mtpa of mineralisation.

Highlights

During the year the following activities were undertaken to support the divestment of Barrambie:

• Tenement maintenance to keep Barrambie in ‘good standing’;

Discussions continued with prospective acquirers of the Vanadium and Titanium rights on the project; and

• Activities associated with preparation of an Exploration Target for gold. The Barrambie Greenstone Belt hosts a number of historic gold mines and the town was established upon the discovery of gold by contractors building the rabbit-proof fence in 1905.

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Figure 8 – The Barrambie Greenstone belt and surrounding gold mines and mills

Neometals Ltd | Annual Report 2024

Review of Operations

Annual Mineral Resource Statement

Barrambie Mineral Resource Estimate as at 17 April 2018

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Classification Tonnes (Mt) 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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Reporting criteria: ≥ 10% TiO2 or ≥ 0.2% V2O5; small discrepancies may occur due to rounding.

See ASX Release 17 April 2018 titled: Updated Barrambie Mineral Resource Estimate.

There has been no change in the Barrambie Mineral Resource Estimate since the 2023 Annual Statement.

Classifcation	Tonnes (Mt)	TiO2 (%)	V2O5 (%)	Fe203 (%)	SiO2 (%)	Al2O3
Probable	27.6	22.3	0.57	43.7	16.5	20.4

Note tonnes and grades are as at the run of mine (“ROM”) and are dry.

Cut-off is based on achieving an average concentrate grade of 32% TiO2. To achieve this these filters were applied:

TiO2 head grade > 0.37 x Fe2O3 head grade; and

• SiO2 head grade < 30%.

See ASX Release 15 May 2023 titled: Barrambie Titanium Project PFS and Ore Reserve Update.

There has been no change in the Barrambie Ore Reserve since the 2023 Annual Statement.

Competent Persons Statement

“The Barrambie mineral resource statement has been approved by Mr Matthew Walker and Mr Kahan Cervoj, who consent to the inclusion in the report of the matters based on this information in the form and context in which it appears. Both Mr Matthew Walker and Mr Kahan Cervoj are full-time employees at Snowden Optiro. Mr Matthew Walker is a Member of the Australasian Institute of Mining and Metallurgy (Member No. 316669). Kahan Cervoj is a both a Member of the Australasian Institute of Mining and Metallurgy (Member No. 211785) and a Fellow of the Australian Institute of Geoscience (Member No. 6302).

The Barrambie Ore Reserve statement has been approved by Mr Frank Blanchfield, who consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. Mr Blanchfield is an employee of Snowden Optiro and is a Fellow of the Australasian Institute of Mining and Metallurgy.

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, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the 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 Persons” findings are presented are not materially different from the original market announcement.”

Neometals Ltd | Annual Report 2024

Sustainability Report

03 Sustainability Report

SUSTAINABILITY AT NEOMETALS

Neometals considers sustainability and circularity integral to our business. The pillars of our sustainability strategy: Environmental Care, People, Community Benefit and Ethics & Accountability continue to guide our approach and the relationships we have with our stakeholders.

Our sustainability framework is designed to evolve and adapt to change. Our ESG performance and efforts toward a sustainable future are aligned to international framework, the Global Reporting Initiative (GRI) and we are committed to the principles of the United Nations Sustainable Development Goals and the UN Global Compact. We are proud to share our fifth sustainability report, this year documented as a subset of our FY24 Annual Report.

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Environmental Care – Minimise negative impact on people and the planet.

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Community Benefit – Create shared value.

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People – Foster an environment where employees are valued and supported to fulfil their potential.

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Ethics and Accountability – Continually operate in an ethical and transparent manner.

Neometals Ltd | Annual Report 2024

Sustainability Report

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Environmental Care

Maintained Carbon Neutral status

Community Benefit

$80K Total Spend for Community and Scholarships

People

Zero LTI[*] and Zero Medical Treatment Injuries

*Lost Time Injury (LTI)

Ethics & Accountability

Implemented Supplier Engagement Program

Neometals Ltd | Annual Report 2024

Sustainability Report

Boundary and Scope

Our FY24 Sustainability Report brings together the sustainability topics and performance outcomes data that are material to Neometals and its stakeholders. The report provides an overview of Neometals’ sustainability approach and performance for the 12-month reporting period from 1 July 2023 to 30 June 2024. The report has been approved by the Neometals’ Board of Directors.

The report should be read in conjunction with the financial sustainability and performance outlined in Neometals’ FY24 Annual Report, and the FY24 Sustainability Performance Databook and GRI Reporting Index, available on our website. Other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (“ASX”) and Alternative Investment Market (“AIM”) of the London Securities Exchange can be found at www.neometals.com.au. All monetary values are reported in Australian dollars (AUD). We monitor changing ESG regulations and adjust our reporting accordingly. External assurance was not sought for this report.

Boundary and Scope Specifics

As Neometals’ technology and commercial development status has matured over time, our sustainability strategy has also evolved. Originally, Neometals targeted direct ‘principal’ involvement in operating projects. Over time, Neometals transitioned to consider joint venture, technology royalty or minority project equity opportunities. These arrangements may involve the Company’s management, financial and/or operational control being reduced, leading to Neometals’ sustainability responsibilities, activities and reporting requirements moderating. As a shareholder in multiple joint ventures that have commercialisation responsibility for the Neometals’ technologies, standalone project level sustainability reporting is no longer fit for Neometals’ purpose. While sustainability remains core to the business, our sustainability reporting has been scaled back to better reflect the current size and scope of the business. This change is also consistent with our FY24 financial reporting which includes our Australian operations only.

This report covers our Australian locations which include the Neometals’ head office and the Barrambie Project in Australia (100%). Sustainability disclosure becomes a consideration for the JV companies which have operational control of technology development and commercialisation. These entities include Primobius GmbH (50% JV equity interest) our German battery recycling company, RISAB (88% JV equity interest) developing the vanadium recovery technology in Finland (“VRP1”) and Reed Advanced Materials Pty Ltd (70% JV equity interest) which is developing the proprietary ELi™ technology.

We continue to refine our data collection processes which may result in restatements of previously reported data, if material or meaningful. Such restatements are noted in the footnotes of the performance data or corresponding disclosures. Figures stated in this report are the latest.

Neometals Ltd | Annual Report 2024

Sustainability Report

Reporting Frameworks

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During the reporting year we continued alignment with the following voluntary sustainability standards and frameworks:

• Global Reporting Initiative (GRI)

In this report, Neometals has disclosed information in reference to the Global Reporting Initiative (GRI) Sustainability Reporting Standards 2021, as well as metrics from the GRI principles relating to organisational context, structure and materiality assessment and prioritisation.

• Task Force on Climate-related Financial Disclosures (TCFD)

Neometals has disclosed in alignment with the TCFD recommendations since FY21. While the TCFD was incorporated into the International Sustainability Standards Board (ISSB) in 2023, it continues to be the foundation for the transparent disclosure of climate-related reporting across many international jurisdictions, including the proposed Australian Sustainability Reporting Standards (ASRS) which are relevant to Neometals. Last year we conducted a climate scenario analysis to support this commitment. More information can be found in our FY23 ESG Report.

• United Nations Sustainability Development Goals (UNSDGs)

Neometals acknowledges the need for collaboration towards solving the challenges currently facing the world and supports the UN 17 SDGs as an urgent call for action by all countries in a global partnership. We identified the UN SDGs aligned with each of our sustainability pillars and material topics.

• United Nations Global Compact (UNGC)

The UNGC provides a principle-based framework for companies to align their strategies and operations with universal principles on human rights, labour, environment and anti-corruption. Neometals has committed to the UN Global Compact corporate responsibility initiative and its principles since 2020.

Alignment with the GRI and TCFD ensures that Neometals is well placed to report against the new International Sustainability Standards Board (ISSB) Standards and the Australian Sustainability Reporting Standards (ASRS) which form part of the mandatory climate risk reporting framework, commencing in FY25 for large Australian entities. Disclosures are referenced in the GRI Reporting Index, available on our website.

Neometals Ltd | Annual Report 2024

Sustainability Report

Stakeholder Engagement

Neometals strives for ongoing positive engagement and collaboration with our stakeholders. Engaging with our stakeholders, which we do at every opportunity, enables us to share information about the Company, its business units and projects and to gain a better understanding of their concerns or needs. It allows us to make informed decisions, helping us to establish a social license to operate.

Key Memberships

Neometals is a member of the Australian Battery Recycling Initiative, Association of Mining and Exploration Companies (AMEC) and the German Australian Business Council.

Neometals Stakeholders

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Employees
Business
Shareholders
Partners
First
Contractors
Nations
& Suppliers
Peoples
Local
Industry &
Communities
Associations
Academic
Institutions & Finance
Researchers Providers
Government
& Regulatory
Agencies
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Material Topics

The continuous identification and evaluation of our material risks, opportunities and potential impacts is an integral part of Neometals’ sustainability strategy. Following a comprehensive materiality assessment in FY23, including context and impact analysis of our operations and value chain, our approach this year was to review and prioritise our existing material topics to determine an appropriate materiality boundary and focus for reporting.

Neometals Ltd | Annual Report 2024

Sustainability Report

Materiality Process

We took the following steps to review and prioritise the material topics for inclusion in this report.

Review: We reviewed topics from our comprehensive FY23 materiality assessment and considered potential new topics. There were no new topics introduced this year. The material topic, ‘Products for a sustainable future’, was revised to ‘Technologies for a sustainable future.’
Consider: We considered the direct and potential economic, environmental, social and governance impacts, taking into account the regulatory requirements where we operate.
Categorise: Topics were rated based on the significance of Neometals’ impacts and the effect on Neometals’ prospects.
Prioritisation: Final topics were prioritised and a materiality boundary created with ‘watchlist’ topics.
Validation: Material topics were validated by senior leaders.

FY24 Material Topics

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Sustainability Pillar Applicable UN SDGs Material Topics Material Definition
Contribute to global climate
change efforts by reducing our
Climate and emissions greenhouse gas (GHG)
emissions and delivering
decarbonisation solutions
Environmental Care
Reduce our levels of
Waste management and generated waste and
circular economy maximise our recycling
potential
Ensure the economic value
generated and distributed
Shared economic and social outcomes creates mutually beneficial
social outcomes for host
nations and communities
Community Benefit
Develop products and
Technologies for a sustainable implement circular practices
future that will contribute to a
sustainable future
Protect our people from
injury and ill-health by
Health, safety and
upholding safe working
wellbeing
conditions and robust
management practices
People
Attract, retain and develop
Talent attraction and a highly skilled workforce
development by offering space for
professional growth
Instill a culture of honesty,
Ethics and
Ethical values transparency and accountability
Accountability
across all levels of the business
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Neometals Ltd | Annual Report 2024

ENVIRONMENTAL CARE

Minimise negative impact on people and the planet

For Neometals, ‘Environmental Care’ includes the sustainable consumption of resources and the minimisation of non-circular waste streams and emissions to land, air and water. We value the environments in which we operate and where our projects are located.

Neometals is committed to mitigating any negative impacts on ecosystems. We are guided by our Economic, Environment, Social and Governance Policy (EESG) and Environmental policies and are committed to developing and improving standards and practices to meet our environmental responsibilities. Environmental performance and management are reported monthly to senior management, the Risk and Sustainability Committee and ultimately the Board.

Emissions

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Zero

significant material environmental incidents or regulatory fines and penalties

We recognise that our activities contribute to direct (Scope 1) and indirect (Scope 2) GHG emissions. As purchased electricity accounts for 60% of our emissions in FY24, it is a key focus of our emission reduction goals. Year-on-year total emissions have dropped from 384 to 99 tonnes CO2 equivalent (74% reduction) due to the removal of JV emissions calculations.

Calculations and reporting of JV emissions is now the responsibility of the operating JV companies which Neometals partly own. As owners, we continue to target JV emission reductions and we aspire to continually improve efficiencies in JV operations.

Where offsets are required, Neometals prefers to support schemes such as carbon sequestration projects from the regions where we operate. As our headquarters are in Western Australia, we continued offsetting our emissions with Carbon Neutral through an accredited emissions reduction project, such as the reforestation of the Yarra Yarra Biodiversity (Corridor) in Western Australia. This Corridor is the largest biodiverse reforestation carbon sink in Australia and the project simultaneously delivers environmental, economic, social and heritage co-benefits.

Source of GHG emissions Scope 1 & 2 emissions

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28% Electricity
Diesel
Petrol
60% FY24
12%
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102t []
CO2-e
Scope 1&2
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Neometals Ltd | Annual Report 2024

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Sustainability Report
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Climate Change

Neometals remains committed to the Paris Agreement to limit global warming to less than 1.5°C relative to pre-industrial levels and recognises the key findings of the Intergovernmental Panel on Climate Change (IPCC) 6th Assessment Report. Through the very nature of our business which develops green processing technologies to enable products for green applications, we are well positioned to contribute to global decarbonisation and minimise transitional risks. The Company is already taking advantage of these opportunities through its participation in its operating JV’s.

Our technologies have been designed to enable customers to conserve natural resources by reducing reagents or bypassing the need for virgin extraction, thereby reducing supply chain emissions.

Climate-related risks and opportunities are considered in the Neometals annual strategic business planning workshop (as well as the separate JV equivalent workshops) and incorporated into the Neometals risk management framework. More information about our scenario analysis work and climate risks and opportunities are available in our FY23 ESG Report.

Waste Management and Circular Economy

Neometals’ strategy of using its technologies to enable sustainable battery materials production supports the global transition to a circular economy. Specifically, we aim to enable the reuse of products and materials rather than scrapping them and extracting new virgin resources. Additionally, our approach to waste management is to minimise process and non-process waste through innovative process flowsheet design.

Circular Practices in FY24

In general, Neometals’ non-hazardous waste streams including office waste (such as cardboard, glass, beverage containers, plastic, batteries and printer cartridges) are recycled, with general household waste diverted to landfill. Any waste that requires special handling is managed by vendors equipped with the expertise to properly reclaim, recycle or destroy it. We handle our waste in accordance with local standards and regulations.

Given our part ownership of the JV’s responsible for commercialising Neometals’ technologies, we are exposed to the waste minimisation benefits that come from deployment of the technologies. This means that existing and future JV customers of the JV’s have the opportunity to use less reagents, and less materials will be sent to stockpiles and landfill.

Neometals Ltd | Annual Report 2024

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COMMUNITY BENEFIT

Create shared value

Shared Economic & Social Outcomes

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We are proud to invest in meaningful community projects that strengthen social cohesion and uphold fundamental human rights. We also aim to deliver lasting prosperity and benefits to the communities in which we operate by providing competitive wages, prioritising local procurement and employment and paying our fair share of taxes and royalties.

Throughout the reporting year, our social investment and community contributions were largely focused on West Australian endeavours, including academic scholarships, community donations to local charities and employee volunteering initiatives. Community organisations we supported included Meekatharra School of the Air, Lions Cancer Institute, Dry July, Crohn’s and Colitis Australia, Shenton Park Dog Refuge, Kalgoorlie Bowling Club, WA Sandgropers and various Rotary clubs.

$35K Donated towards community contributions

Foodbank Mega Meals Challenge – a week-long corporate challenge where the Neometals team members collectively prepared, cooked, packaged and labelled more than 1,000 meals which were distributed to those who need them the most through Foodbank’s branches and charity partners.

Parkerville Children and Youth Care – Neometals team members worked alongside students enrolled in Parkerville’s Education, Employment and Training Program to build and plant a ‘fairy vegetable garden’ providing an interactive, hands-on learning experience for students.

Madalah Secondary Scholarship – Neometals was honoured to support the Madalah Secondary Scholarship program which provides financial assistance to Aboriginal or Torres Strait Islander students from remote communities to complete their secondary education.

Moorditj Yorga Scholarship Program at Curtin University – supports mature-aged Aboriginal and Torres Strait Islander women to enter university, complete their studies and receive mentoring as they transition into their careers.

$45K Donated towards scholarships

Curtin Scholarships – Neometals Ltd has been a proud sponsor of scholarships at Curtin University for many years, including the Peter Collins Scholarship and the Michael Pratt Scholarship. Both scholarships support final-year students in Applied Geology, Chemical Engineering, and Metallurgical Engineering, fostering future leaders in these fields.

This year the Peter Collins Scholarship was awarded to Ella Artemis who is pursuing a Bachelor of Science in Applied Engineering. Ross Stone, who is studying Chemical Engineering and Metallurgy, received the Michael Spratt Scholarship. We look forward to hearing about the contributions Ella and Ross will make in their respective fields.

Neometals Ltd | Annual Report 2024

Sustainability Report

Technologies for a Sustainable Future

Clean energy technologies including vehicles and battery storage require varied types and volumes of critical and strategic metals. These materials are both of high economic value and of high risk along their complex value chains. The demand for environmentally and ethically sourced battery materials will continue to grow with the global push for decarbonisation. We see ourselves as ‘above ground miners’, supporting circular economic principles by recovering valuable materials at the end of useful life. Our diversified technologies, particularly those in battery materials recycling and recovery, reduce reliance on traditional mining and processing of raw materials:

Take the Neometals Vanadium Recovery Process (VRP Technology) as an example. It utilises existing slag, a by-product generated by steel makers, to produce vanadium pentoxide which, amongst other things, can be processed further downstream into an electrolyte solution for vanadium redox flow batteries. The VRP Technology requires carbon dioxide from existing industrial processes which would otherwise have been released to the environment and sequesters it into stabilised slag material (SSM). Process water is recycled and the SSM can be used in a low-carbon cement. The novel chemistry of vanadium electrolyte allows it to be used continuously in charge/discharge cycles of a vanadium redox flow battery without any degradation or vanadium losses.

International regulations are also driving automakers to ‘close the loop’. Forexample, the European Union Battery Recycling Regulations requires manufacturers of electric vehicle batteries to disclose not only their carbon footprint but also the amount of recycled and reused minerals and metals. The lithium-ion battery technology (“LiB Recycling Process”) targets the recovery of over 90% of all battery materials including production scrap and end-of-life cells that might otherwise be disposed of in landfill. The LiB Recycling Process recovers nickel, cobalt, lithium, copper, manganese and carbon which can be sold and reused in the LiB supply chain.

Typical Lithium Cell Diagram

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Anodic current
collector (Copper)
Anodic electrode
graphite
Separator PE/PP
Cathodic electrode
LiCoO2
Cathodic current
collector (Alumina)
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Neometals Ltd | Annual Report 2024

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PEOPLE
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Foster an environment where employees are valued and supported to fulfill their potential

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We recognise that showing our people respect, treating them fairly and fostering their development consistent with our six core values reflected in the acronym: S.T.R.I.D.E. (Sustainability, Transparency, Respect, Innovation, Discipline, Ethics).

Health, Safety & Wellbeing

We believe that all employees, contractors and visitors have a fundamental right to a healthy and safe working environment. We are very pleased to report that there were no recordable injuries or incidents at Neometals in FY24.

Our Workplace Health and Safety Policy sets out our commitment to develop, maintain and improve the standards and work practices to achieve a safe and healthy workplace for our people. All Neometals employees and contractors are covered under our Workplace Health and Safety Management System.

Psychosocial Risk Assessment

Continuing our focus on mental health in the workplace, we conducted a psychosocial risk assessment this year. Sixty-five percent of employees participated in the survey to identify hazards, assess risks and implement effective controls to enhance the psychological safety of our workforce. The results of the survey helped to inform several employee policies which were updated this year, ensuring that we are in a position to continuously improve our workplace health, safety and wellbeing practices.

Health and Safety at Barrambie

The Neometals Health, Safety, Environment and Community (HSEC) management system continued to be deployed across all exploration activities. Our exploration risk management standard requires that operational risks are assessed in team-based risk workshops ahead of each program of works to identify new risks and suitable controls. We validate the effectiveness of controls for existing risks.

Contractor management was a focus to ensure the arrangement for HSEC across each scope of work was understood and accepted by all parties prior to engagement.

Emergency management plans were reviewed to ensure a prompt and effective response to a potential exploration emergency event. Reliable communications equipment, emergency protocols and suitably trained personnel are essential for remote area exploration activities.

Neometals Ltd | Annual Report 2024

Sustainability Report

Talent Attraction & Development

At Neometals we know that a diverse and inclusive workforce and culture will help us to achieve our vision.

Our diversity targets for the Board, senior management and workforce are detailed in our Diversity Policy. In FY24, our Board maintained 40% female representation among non-executives and 33% female representation among executive and non-executive positions combined.

The training and development of our team continues to be a priority at Neometals. This year we invested $54,000 in education and training to enhance the skills and professional development of our workforce. Employees receive regular performance reviews and career development reviews.

The continuous development and learning of our people are key to the success and innovation of our business. We encourage and assist employees to further their education with an education assistance policy which funds approved courses and time to study.

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$54K
on training and
professional
development
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70%
30% 33%
Board
Workforce (Exec & Non-Exec)
Female Female
Male Male
67%
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Case Study: Pablo Carabajal

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“Pursuing a double degree in Masters of Science (Mineral and Energy Economics) and an MBA at Curtin University has been instrumental for my career in Finance and Accounting within Australia’s mining industry. The specialised course-work has provided me with essential skills for managing complex financial operations, project evaluations, and strategic financial planning in the mining sector. Courses on Mineral Finance, Resources Sector Finance, and Econometrics have enhanced my ability to analyse financial data and forecast market trends effectively.

I am particularly thankful to Neometals for their support, which was crucial in allowing me to complete my studies this year. This advanced educational background has significantly deepened my expertise and advanced my career in mining finance.”

Pablo Carabajal

Neometals Ltd | Annual Report 2024

ETHICS & ACCOUNTABILITY

Continually operate in an ethical and transparent manner

The Board and senior management are committed to implementing high standards of corporate governance, including compliance with the 4th edition of the ASX Corporate Governance Principles and Recommendations. Further information is set out in Neometals’ Corporate Governance Statement for the financial year ended 30 June 2024 (FY24) and the Corporate Governance Charter which can be found in the Corporate Governance section of our website at www.neometals.com.au.

Ethical Values

We believe that adopting and practising high standards of corporate governance is integral to our business values, our performance and the creation of long-term shareholder value. Neometals recorded no incidents of corruption of ethical business conduct in FY24.

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74%

of Neometals employees undertook anti-corruption training*

*As of 30 June 2024

We have a suite of governance documents and policies that sets out our commitment to business integrity. Our Code of Conduct, together with our Values Statement, outlines our responsible conduct with stakeholders and employees. We also have policies in place to address specific areas of the business, including an Anti-Bribery and Corruption Policy, Whistleblower Policy, EESG Policy, Human Rights Policy, Modern Slavery Policy, Diversity & Inclusion Policy and Code of Conduct for Directors and Executives Policy. All policies are accessible through our Corporate Governance Statement on our website.

Neometals recognises and respects people’s human rights, cultural heritage and connection that First Nations have to land, waters and the environment and it supports the UN Declaration on the Rights of Indigenous Peoples. We know we also have the potential to impact human rights of our employees, workers in our supply chains and the people in the communities where we operate either directly through our operations and indirectly through our relationships with joint ventures, contractors and suppliers. Neometals aspires to align business activities with the UN Guiding Principles on Business and Human Rights and the International Labour Organisation (ILO) Declaration on Fundamental Principles and Rights at Work.

Risk Management

Neometals has a strong risk management framework which is overseen by the Board and its Risk and Sustainability Committee. It is aligned with the AS/NZS ISO 31000 2009 (with 2018 update) standard. The Corporate Governance Risk Management Policy guides risk assessment and is reviewed periodically to ensure its effectiveness and continuing relevance to operations.

We disclose in our Annual Report any potential material exposure to economic, environmental, social, or other sustainability risks.

Neometals Ltd | Annual Report 2024

Sustainability Report

Supply Chain Integrity

Neometals has diversified business units and projects that intersect across battery supply chains. We are committed to ensuring that working conditions in our supply chain are safe, fair and environmentally responsible. Although our projects and suppliers are based in lower-risk jurisdictions which are subject to robust environmental and social regulations, we require greater understanding of our suppliers and their activities in order to safeguard human rights and mitigate climate impacts.

Supplier Engagement & Self-Assessment Program

In FY24, we commenced a supplier engagement program to improve our understanding of the responsible conduct and performance of our suppliers, ensuring that they comply with applicable laws and regulations. We developed a Supplier Code of Conduct, approved by the Risk and Sustainability Committee and the Board, which sets out the minimum standards of behaviour the Company expects from its suppliers in the areas of human rights and labour, health and safety, environment and climate and governance and business ethics.

The phased program saw the following activities completed in FY24:

Supplier self-assessment questionnaire (SAQ) developed;
Supplier risk and due diligence mapping and screening assessment exercise was undertaken using the Company’s Tier 1 suppliers; and
Human Rights and Modern Slavery training program was developed and delivered to all employees.

Sustainability Governance Structure Flow Chart

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Stakeholders
Employees & First NationsCommunities BusinessPartners Shareholders ProvidersFinance Contractors & Suppliers & RegulatorsGovernment
Board of Directors
Ultimate ESG Oversight
Risk & Sustainability Nominations Audit Remuneration
Committee Committee Committee Committee
Delegation of Authority
CEO & Managing Director
Executive Leadership Team
Sustainability Working Group
Code of Conduct; Charters & Policies
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Policies: EESG; Environmental, Human Rights, Diversity, Workplace Health and Safety, Discrimination, Harassment and Bullying; Risk Management; Whistleblower; Anti-Bribery and Corruption.

Appendix

Please visit www.neometals.com.au and navigate to our ESG platform for the 2024 Neometals Sustainability Performance Data book and the GRI Reporting Index.

Neometals Ltd | Annual Report 2024

Director’s Report

04 Director’s Report

The directors of Neometals Ltd submit their report for the financial year ended 30 June 2024.

The names and particulars of the directors of the Company during or since the end of the financial year are:

Steven Cole Non-executive Chairman

(Independent)

Christopher J. Reed Managing Director (Not Independent)

Steven Cole has over 40 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 subcommittee experience includes ASX listed, statutory, proprietary and non for profit (NFP) organisations covering the industrial, financial, educational, professional services, agribusiness, health and resources sectors.

Steven’s professional qualifications include:

LLB (Hons) – University of Western Australia

Christopher Reed is an accountant with over 25 years’ experience in the resource industry including more than 15 years in corporate administration and management. Christopher served as Managing Director of Reed Resources Ltd (now Neometals Ltd) from September 2007 until May 2012 at which time he assumed the role executive director. Christopher resumed the role as Managing Director from 1 October 2013.

Mr. Reed holds a Bachelor of Commerce from the University of Notre Dame and a Graduate Certificate in Mineral Economics from the WA School of Mines. He is a member of the AusIMM.

AICD Company Directors Diploma and Fellow;
Wharton Business School – University of Pennsylvania – Corporate Governance Program 2010
Harvard – Corporate Governance Program 2015

Appointed: 20 December 2001

Special responsibilities: Managing Director/CEO.

Appointed: 24 July 2008

Special responsibilities: Chairman of each of the Nomination and Remuneration Committees and Member of each of the Audit and Risk and Sustainability Committees.

Directorships of other listed companies: Non-executive Director Matrix Composites and Engineering Ltd.

Neometals Ltd | Annual Report 2024

Director’s Report

Dr. Natalia Streltsova Non-executive Director

(Independent)

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. She has a strong background in mineral processing, technology commercialisation, innovation management and project development in multiple commodities. During her executive career she managed projects that specifically targeted the development of low carbon emission technologies and environmental clean-up through tailings and mineralised waste re-processing.

Dr Streltsova has considerable international experience covering project development and acquisitions in South America, Africa and Central Asia. In the last 10 years, since finishing full-time executive roles, her focus has been on nonexecutive board memberships and consulting.

Appointed: 14 April 2016 Resigned: 27 June 2024

Special responsibilities: Chair of the Risk and Sustainability Committee and member of each of the Remuneration and Audit Committees.

Directorships of other listed companies:

Ramelius Resources Limited (Chair of Risk & Sustainability Committee), Centaurus Metals Limited and Australian Potash Limited (resigned 29 January 2024).

Mr Douglas Ritchie Non-executive Director (Independent)

Doug has over four decades of experience working in the mining industry, including as a member of Rio Tinto’s Executive Committee, Product Group Head of Energy, and the Group Executive responsible for China. Doug’s expertise across the industry is extensive.

He has previously been an Executive Director of Jinchuan Group International Resources (HKSE), Rossing Uranium Limited, Coal & Allied Limited (ASX 50), and Director of various other ASX listed companies. He was also formerly Chairman of the Coal Industry Advisory Board to the International Energy Agency, a Director of the World Coal Association and a Director of the Queensland Resources Council. Between 2013 and April 2016, Doug was Chairman of UniQuest, the main commercialisation vehicle of the University of Queensland.

Doug is a Fellow of the Australian Institute of Mining and Metallurgy and a Fellow of the Australian Institute of Company Directors.

Appointed: 14 April 2016

Special responsibilities: Chairman of the Audit Committee and Member of each of the Nomination and Risk and Sustainability Committees.

Directorships of other listed companies:

Chair and member of Audit and Risk Committee, Metro Mining Limited.

Neometals Ltd | Annual Report 2024

Director’s Report

Dr Jenny Purdie

Non-executive Director (until 29 May 2024) (Independent) Executive Director (from 29 May 2024) (Not Independent)

Dr Purdie’s extensive career has seen her hold roles in engineering, senior technology, strategy and operations for leading international mining companies. Dr. Purdie’s most recent role was as Asset president for BHP, managing the Olympic Dam copper/gold/silver/uranium project in South Australia. This involved budgetary and overall leadership accountability for the Olympic Dam asset inclusive of non-financial metrics relevant to ESG performance Dr. Purdie has also served as a senior executive for Jemena Management Holdings – Executive General Manager Gas Distribution, CEO of Adani Renewables Australia, Executive Vice President - Enterprise Services at Aurizon, Global Practice Leader for Rio Tinto’s Technology and Innovation team (leading a global network of in-house technologists and suppliers to deploy innovative technologies across Rio Tinto operations). Earlier in her career she filled engineering and management roles with Rio Tinto, Alcoa and Altona Petrochemical.

In her senior management and operational roles, Dr Purdie has been deeply immersed in technology development. She has a PhD and Bachelor of Engineering (Chemical and Materials, Hons 1) from Auckland University and an Executive MBA from the University of Queensland. She is a Fellow of the Institution of Chemical Engineers, a graduate of the Australian Institute of Company Directors and a member of Chief Executive Women.

Appointed: 27 September 2018

Special Responsibilities: Executive Director/COO.

Directorships of other listed companies: Nil.

Mr Les Guthrie Non-executive Director (Independent)

Mr Guthrie is an engineer with over 45 years experience in the project delivery space. He has held corporate executive and project management roles, across the UK, Australia, North America and Asia. It is a background steeped in the strategy, development and delivery of major capital programs spanning mining, infrastructure and oil & gas.

He is Managing Director of Bedford Road Associates, where he has provided advice and delivery support to clients in Mongolia, South Korea, New Zealand as well as in Australia.

Prior to establishing Bedford Road Mr Guthrie was Vice President Projects for BHP Billiton. Previously he held roles as Group Head of Capital Projects and President LNG for BG Group in the UK, President of Aker Kvaerner Inc. in the US, and Managing Director of Aker Kvaerner Australia.

Mr Guthrie was a founding contributor to the John Grill Centre for Project Leadership at Sydney University and was previously engaged as a subject matter expert by EY Advisory. He holds a B.Sc. from the University of West of Scotland and is a member of the Australian Institute of Company Directors.

Appointed: 27 September 2018

Special responsibilities: Member of the Risk and Sustainability Committee and Remuneration Committee.

Directorships of other listed companies: DRA Global Ltd (Chair of People, Culture & Remuneration Committee, and member of Sustainability, Safety, Health & Environmental Committee) (resigned 4 October 2023), Advanced Braking Technology Ltd (effective 1 August 2023) & Australian Mines Ltd (member of Risk Committee; resigned July 2023).

Neometals Ltd | Annual Report 2024

Director’s Report

Jason Carone Chief Financial Officer and Company Secretary

Mr. Carone is a Chartered Accountant with over 20 years’ experience in accounting and company administration in Australia and South East Asia.

Mr. Carone holds a Bachelor of Commerce in Accounting and Business Law from Curtin University and is a member of the Chartered Accountants Australia & New Zealand, and Chartered Secretaries Australia.

Christopher Kelsall Chief Financial Officer and Company Secretary

Chris Kelsall has over 30 years of professional, corporate and business experience through law, investment banking and commercial consultancy, as well as a range of executive management and non-executive appointments in public listed and private organisations in the resources, minerals processing, clean technology, oil and gas, and oil services sectors.

Chris’s professional qualifications include:

Appointed: 4 March 2009

Resigned Chief Financial Officer: 30 June 2024 Resigned Company Secretary: 11 July 2024

Bachelor of Economics and Bachelor of Laws – University of Western Australia
Graduate Diploma in Applied Finance and Investment – Financial Services Institute of Australasia
London Business School – University of London – Masters in Finance (Distinction)

Appointed Chief Financial Officer: 1 July 2024

Appointed Company Secretary: 12 July 2024

Neometals Ltd | Annual Report 2024

Director’s Report

Review of Operations

The consolidated loss after income tax for the year attributable to members of Neometals Ltd was $69.1 million (2023: $34.8 million). A detailed review of the Company’s operations during the financial year can be found on pages 8 to 17 of this Annual Report.

Principal Activities and Changes in State of Affairs

During the financial year the Consolidated Entity’s primary focus was the continuous development and commercialisation of its proprietary innovative processing technologies with strong global partners to recycle and recover critical materials from high-value waste streams.

Neometals aims to support sustainable critical material supply chains and reduces the environmental burden of traditional mining in the global transition to a circular economy.

There have not been any significant changes in the affairs of the Consolidated Entity from the previous year.

Events After The Reporting Period

On 11 July 2024, Neometals announced that recently appointed Chief Financial Officer (on 1 July 2024), Chris Kelsall, was also appointed Company Secretary (on 12 July 2024) to replace the departing Mr Jason Carone.

On 19 August 2024, Neometals announced the successful completion of a subscription agreement with existing long-term shareholder Mr William Robert Richmond for approximately US$3m (AUD$4.5m) through the issue of 66,666,666 new ordinary fully paid shares. The shares were issued on 20 August 2024.

On 22 August 2024, Neometals announced a strategy update for a restructure of the company to right size the organisation and its underlying cost base to reflect a new strategic refocus.

On 16 September 2024, Neometals 88% owned entity, Recycling Industries Scandinavia AB (“RISAB”), executed a project agreement with EIT RawMaterials GmbH to support the development of the Finnish vanadium recovery project (“VRP1”) via a €0.5M (c. A$829k) grant to RISAB’s 100% owned VRP1 holding company, Novana Oy (“Novana”).

On 17 September 2024, Neometals was served with documents relating to proceedings in the Federal Court of Australia which have been commenced against it by an employee affected by the corporate restructure announced on 22 August 2024.

On 23 September 2024, Neometals announced a gold exploration target related to the Barrambie Project.

Other than stated above, no matters or circumstances have arisen since the end of the financial year that have significantly affected, or may significantly affect the operations, results of operations or state of affairs of the Group in subsequent financial years.

Future Developments

The Consolidated Entity intends to continue its focus on disciplined development and commercialisation of its three processing technologies, Lithium-ion Battery Recycling, Vanadium Recovery and Lithium Chemicals (via ELi[TM] ). Neometals will be Prioritising the progression of Primobius, the LiB Recycling joint venture with SMS group GmbH, through industrial validation to commercialisation. The pre-commercial lithium and vanadium recovery technologies have been developed to pilot scale but require significant additional capital to demonstrate proof-at-scale. Neometals is actively supporting these distinct business units to become independently funded and will consider options to potentially sell down beneficial ownership, by procuring commercial partners for those business units. The divestment of Barrambie remains part of the Consolidated Entity’s strategy to generate cashflow from non-core assets and supports the focus on circular, sustainable materials recovery and recycling.

Environmental Regulations

As required by section 299(1)(f) of the Corporations Act the Company confirms that it has performed all of its environmental obligations in accordance with applicable environmental regulations.

Dividends

No dividends were paid during the year.

Indemnification of Officers and Auditors

During the financial year the Company paid a premium in respect of a contract insuring the directors and officers of the Company and of any related body corporate against a liability incurred as a director or officer, to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.

The Company has not otherwise, during or since the financial year, except to the extent permitted by law, indemnified or agreed to indemnify an officer or auditor of the Group or of any related body corporate against a liability incurred as such an officer or auditor.

Unissued Shares Under Option

There were no unissued ordinary shares of the company, Neometals Ltd, under option at the date of this report.

No shares of the Company were issued during or since the end of the financial year as a result of the exercise of an option over the unissued shares of the Company.

Please refer to the Remuneration Report at page 50 below for details of Performance rights issued as part of Key Management Personnel (“KMP”) remuneration.

Neometals Ltd | Annual Report 2024

Director’s Report

Directors’ Security Holdings

The following table sets out each director’s relevant interest in shares, debentures, and rights or options in shares or debentures of the Company or a related body corporate as at the date of this report:

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Fully paid Share Performance
Ordinary Shares Options Rights
Directors
Number Number Number
S. Cole 2,257,055 - 835,642
C. Reed 10,136,079 - 1,385,465
D. Ritchie 423,162 - 371,822
N. Streltsova⁽1⁾ 361,287 - 91,175
J. Purdie 571,574 - 121,567
L. Guthrie 267,066 - 137,585
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(1) Natalia Streltsova resigned from her position as Non-Executive Director on 27 June 2024. The shares in this table represent her final security holdings as at the date of her resignation.

Directors’ Meetings

The following table sets out the number of directors’ meetings (including meetings of committees of directors) held during the financial year and the number of meetings attended by each director (while they were a director or committee member). During the financial year, 14 board meetings, 2 nomination committee meeting, 2 remuneration committee meetings, 1 risk and sustainability committee and 3 audit committee meetings were held.

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Directors Board of Nomination Remuneration Risk and Audit
Directors Committee Committee Sustainability Committee
Committee
Held Attended Held [1] Attended Held [1] Attended Held [2] Attended Held Attended
S. Cole 14 13 2 2 2 2 2 1 3 3
C. Reed 14 14 n/a n/a n/a n/a n/a 1 n/a 3
N. Streltsova 14 14 n/a n/a n/a n/a n/a 1 3 2
D. Ritchie 14 13 2 2 2 2 2 0 3 3
J. Purdie 14 13 2 2 2 n/a n/a 1 3 3
L. Guthrie 14 13 n/a n/a n/a n/a n/a 0 n/a 2
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Meeting numbers in the “Held” column are the number of meetings held whilst the relevant director was a member of the Board or committee.

(1) Excludes several informal meetings of the members of the Nomination and Remuneration Committees to discuss matters including the establishment of executive KPIs for incentive-based remuneration and the TSR comparator group, board evaluation and board succession planning.

(2) Excludes several informal meetings of the members of the Risk and Sustainability Committee and management to discuss matters including the Company’s strategic direction and resultant changes in risk exposure.

Neometals Ltd | Annual Report 2024

Director’s Report

Proceedings on Behalf of the Company

No person has applied for leave of the court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings. The Company was not a party to any such proceedings during the year.

Corporate governance statement

The Company is committed to high standards of corporate governance designed to enable the Company to meet its performance objectives and better manage its risks.

The Company has adopted a comprehensive governance framework in the form of a formal corporate governance charter together with associated policies, protocols and related instruments (together “Charter”).

The Company’s Charter is based on a template which has been professionally verified to be complementary to and in alignment with the ASX Corporate Governance Council Principles and Recommendations 4th Edition 2019 (“ASX CGC P&R”) in all material respects. The Charter also substantially addresses the suggestions of good corporate governance mentioned in the “Commentary” sections of the ASX CGC P&R.

The Charter was formally adopted by the Board on 19 December 2019 and subsequently updated for the Company’s compliance listing on the London Stock Exchange and adopted by the Board on 16 February 2022.

The Board of Neometals is responsible for the corporate governance of the company and its subsidiaries. The Board has governance oversight of all matters relating to the strategic direction, corporate governance, policies, practices, management and operations of Neometals with the aim of delivering value to its Shareholders and respecting the legitimate interest of its other valued stakeholders, including employees, suppliers and joint venture partners.

The Company acknowledges the extended tenure of Steven Cole, the nomination committee chair, is beyond that which may normally be considered independent in accordance with the ASX Principles of Corporate Governance. The Company board has assessed the circumstances and determined it is confident Mr Cole has retained sufficient independence to maintain unfettered and independent judgement on issues arising.

Under ASX Listing Rule 4.10.3, Neometals is required to provide in its annual report details of where shareholders can obtain a copy of its Corporate Governance Statement, disclosing the extent to which the Company has followed the ASX Corporate Governance Council Principles and Recommendations in the reporting period. Neometals has published its Corporate Governance Statement on its website: neometals.com.au/investors/corporate-governance

Statements as to risk appetite and tolerance

Neometals accepts that to meet its Strategic Objectives including for the benefit of its stakeholders generally as well as delivering appropriate returns and value for its shareholders, it must accept and prudentially manage risks.

To this end Neometals has adopted and applied a comprehensive and cohesive risk identification, assessment, management and mitigation framework (“Risk Framework” or “RF”) consistent with prudential professional Australian and international standards; ASX Corporate Governance Principles, Recommendations 7 and ISO31000 guidance.

The Board of Neometals is prepared to accept a certain level of risk assessed under its RF to further its Strategic Objectives. In doing so the Company sets boundaries as to the degree of assessed risk that it is prepared to accept for that purpose (“Risk Appetite”). In some instances, identified and assessed risks are outside the assessed boundary of Neometals’ Risk Appetite but nevertheless Neometals’ is prepared to accept the risk, perhaps with some qualifications. That is Neometals’ Risk Tolerance. There are two categories where this may be contemplated:

i) Where the Neometals board, by properly considered and duly passed resolution, is prepared to accept as being within its Risk Appetite a designated risk that is inherently essential to its Strategic Objectives notwithstanding the assessment of the risk being beyond its risk appetite boundary (e.g. international commodity pricing over which NMT may have little control, influence or mitigation means);

ii) Where a designated risk is currently assessed as being beyond Neometals’ risk appetite boundary but would be assessed as being within such boundary within the next 6 month period (or such longer period specifically approved of by the Board with respect to that risk) should extra “control effectiveness” to mitigate the risk be implemented within that period and Neometals commits to appropriate resources being deployed to achieve that outcome.

Notwithstanding the above, as a matter of policy, matters identified as impacting health, safety, environment and communities (“HSEC”) risks and which are assessed to be beyond Neometals’ Risk Appetite generally will not be accepted as within the Company’s Risk Tolerance unless the mitigations to address the risk are actively being progressed with every confidence of the likelihood rating being materially reduced in early course.

Overarching risk management

The Company is exposed to a range of market, financial, operational, environmental, and socio-political risks that could have an adverse effect on the Company’s future performance. The nature and potential impact of these risks can change over time and vary in the degree to the extent the Company can control them.

During the reporting period, the Risk and Sustainability Committee reviewed the effectiveness of the Company’s risk management policy, risk framework, and the processes required to govern risk identification, assessment, monitoring, and reporting with due regard to the Company’s risk appetite and tolerance levels.

The Company considers that any material exposure to environmental, social, or other sustainability risks it may have are addressed in the following observations:

a) Economic risks:

The Company operates in a global market for mineral commodities with their pricing and supply/demand attributes inherently the subject of many factors beyond the absolute control of the Company.

Neometals Ltd | Annual Report 2024

Director’s Report

The majority of the Company’s technologies and battery material projects are also in development phase with anticipated future capital requirements for their commercialisation. The Company will be dependent on future raisings (equity and debt) from the capital markets to support the ongoing development of those projects.

It is noted and accepted that “unfavourable commodity prices” and “volatile capital markets” are material risks for the Company and inherently essential to its strategic objectives.

b) Environmental and sustainability risks:

The Company’s focus is on the continuing development and commercialisation of proprietary innovative technologies relating to the sustainable production of battery materials to meet the demands of an energy transition from fossil fuel dependence. The nature and design of the Company’s technologies prioritise safety, environmental footprint, process efficiency and economics. The technologies are anticipated to produce key battery materials with lowest quartile operating costs and carbon footprint from processing of recycled and waste feedstocks. Given the Company’s strategic and operating approach, downside outcomes arising from environmental and climate change risks have been duly considered and assessed towards the lower end of the spectrum.

In fact, risks relating to environmental and climate change issues pose more as opportunities than risks which the Company is seeking to leverage against.

c) Social risks:

The Company’s primary business operations are in jurisdictions with robust environmental and social legislation and regulations including labour and employment practices, human rights and cultural heritage.

The Company endeavours to identify and prevent or mitigate any social risks including human rights impacts resulting from its business activities through the application of robust strategies, maintaining strong relationships with communities and delivering on commitments made. With respect to the Company’s Barrambie Project, previously enacted (and now repealed) Aboriginal Cultural Heritage legislation may have posed some procedural process delay risk but with the repeal of that legislation such risk has been reasonably ameliorated.

The Company places significant value on the protection of the health, safety and wellbeing of the workforce.

Project Risk Management

A consistent approach to risk applies across Neometals’ projects

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Type Risk Areas/Causes Controls /Mitigation Approach
Technical • Geological and mining risk • Focus on recycling and waste recovery
Feasibility as feedstock source – ‘urban mining’
• Processing risk
• Dedicated experienced technical
• IP management risk personnel inhouse.
• Apply a disciplined Technology Readiness
Level (“TRL”) and stage gating approach –
pilot/demonstration plants
Economic • Operating Costs – reagent supply • Apply a disciplined TRL and stage gating
Viability chain, workforce attraction/ approach – AACE® Engineering Cost
retention, inflation Studies
• Capital Costs - inflation • Dedicated business analysts, human
resources (“HR”) and marketing personnel
• Marketing – offtake/feedstock in-house
• Price risk – commodity prices • Specialised external advisors where
necessary
Financing • Capital markets – short selling, • Conservative investment policy and cash
dysfunctional markets. management initiatives
• Geopolitical risk – government policy • Engage specialised corporate advisors
changes, global conflict and turmoil
• Dedicated corporate development and
investor relations personnel in-house
Operational • HSE risks • Develop environmental and safety systems.
• ESG landscape / requirements
• Dedicated HR, ESG, investor relations (“IR”)
• Stakeholder relation risks and IP personnel inhouse.
• IP risks and Freedom to Operate
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Neometals Ltd | Annual Report 2024

Remuneration Report (Audited)

Key Management Personnel

The following persons were deemed to be Key Management Personnel (“KMP”) during or since the end of the financial year for the purpose of Section 300A of the Corporations Act 2001 and unless otherwise stated were KMP for the entire reporting period.

Non-Executive Directors

Steven Cole Non-executive Director/Chairman Natalia Streltsova Non-executive Director (resigned 27 June 2024) Douglas Ritchie Non-executive Director Les Guthrie Non-executive Director

Executive Directors

Christopher Reed Managing Director and CEO Jenny Purdie Executive Director and Chief Operating Officer⁽1⁾

Other Executives

Jason Carone Chief Financial Officer (resigned 30 June 2024) and Company Secretary (resigned 12 July 2024) Chris Kelsall Chief Financial Officer (appointed 1 July 2024) and Company Secretary (appointed 12 July 2024) Michael Tamlin Head of Lithium Darren Townsend Chief Development Officer Merrill Gray Head of Recycling (resigned 22 September 2023) Christian Reiche Head of Recycling (appointed 6 October 2023)

Jenny Purdie was a Non-executive Director until her appointment as Chief Operating Officer on 29 May 2024.

Remuneration policy for key management personnel

Non-executive directors

The Board’s policy is to remunerate Non-executive Directors at market rates for comparable companies for time, commitment and responsibilities. The remuneration committee on behalf of the Board determines payments to the Non-executive Directors and reviews their remuneration annually, based on market practice, shareholder sentiment, board workload, company cashflow capacity and corporate performance generally. Independent external advice and/ or benchmark comparisons are sought when required. The maximum aggregate amount of fees that can be paid to Non-executive Directors is $800,000 as approved by shareholders at the Annual General Meeting on 30 November 2021. Fees for Non-executive Directors are not linked to the performance of the economic entity. However, to align Directors’ interests with shareholder interests, the Directors are encouraged to hold shares in the Company and invited to salary sacrifice fees for performance rights pursuant to the Company’s Performance Rights Plan (“PRP”).

General

The Remuneration Policy for employees is developed by the Remuneration Committee taking into account market conditions and comparable salary levels for companies of a similar size and operating in similar sectors.

The Company adopted a revised PRP for its staff, executive KMP and Non-executive Directors in November 2020 and shareholders reapproved the issue of securities under the plan in November 2020. The Board believes that the PRP will assist the Consolidated Entity in remunerating and providing ongoing incentives to employees of the Group.

Neometals Ltd | Annual Report 2024

Remuneration Report (Audited)

The rules of the PRP enable the Company to issue performance rights to eligible personnel subject to performance and vesting conditions determined by the Company. Each performance right entitles the holder, for nil cash consideration, to one fully paid ordinary share in the Company for every performance right offered, if the applicable performance and vesting conditions set for that holder are satisfied.

During the financial year a total of 2,449,947 (2023: 944,284) performance rights were offered to and accepted by KMP. Of this amount 1,566,892 performance rights are subject to relative and absolute Total Shareholder Return (“TSR”) and other strategic hurdles, details of which can be found in the “Service agreements - performance based remuneration” section below. Testing undertaken for the period ended 31 December 2023 resulted in zero performance rights subject to the TSR criteria vesting. Testing undertaken for the period ended 30 June 2024 resulted in zero (2023: 3,209,743) performance rights subject to the TSR criteria vesting. The remaining amount will be retested at 31 December 2024.

The Group’s Remuneration Policy for executive KMPs seeks to balance its desire to attract, retain and motivate high quality personnel with the need to ensure that remuneration incentivises them to pursue growth and success of the Company without taking undue risks and without it being excessive remuneration.

To align the interests of the executive with that of the company remuneration packages for executive KMPs contain the following key elements:

a) Fixed Base Salary – salary, superannuation and non-monetary benefits;
b) Short Term Incentives – cash incentives applied to a maximum percentage of Fixed Base Salary and structured against relative satisfaction (at the reasonable discretion of the Board) of certain corporate and personally related key performance indicators of the executive.
c) Long Term Incentives – the grant of performance rights in the Company, with value capped to a maximum percentage of Fixed Base Salary, vesting progressively while the executive remains employed, with the degree of vesting structured against the Company’s relative and absolute TSR performance against a comparator group of companies as well as other strategic hurdles.

The Company’s remuneration is specifically designed to encourage loyalty and longevity of employment as well as aligning the employee’s interests with those of the Company and the creation of genuine long term sustainable value for security holders.

All remuneration provided to KMP in the form of share based payments are valued pursuant to AASB 2 Share-based Payment at fair value on grant date and are expensed on a pro rata basis over the vesting period of the relevant security.

Relationship between the remuneration policy and company performance

The table below sets out summary information about the Consolidated Entity’s earnings and movements in shareholder wealth for the five years to June 2024:

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30 June 2024 30 June 2023 30 June 2022 30 June 2021 30 June 2020
$ $ $ $ $
Revenue ⁽1⁾ - - - - -
Net profit / (loss) before tax⁽2⁾ (38,483,612) (36,179,024) (16,234,234) 20,976,747 (19,837,973)
Net profit / (loss) after tax⁽3⁾ (38,167,032) (34,804,369) 4,360,700 16,343,172 (14,553,693)
Share price at start of year 0.48 0.91 0.48 0.16 0.21
Share price at end of year 0.09 0.48 0.91 0.48 0.16
Market capitalisation at year end
53,561,687 273,606,882 496,280,638 261,768,607 87,122,706
(undiluted)
Basic profit / (loss) per share (0.117) (0.063) 0.80 0.030 (0.027)
Diluted profit / (loss) per share (0.117) (0.063) 0.79 0.030 (0.027)
Dividends Paid - - - - 10,890,338
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(1) Although one financial year has returned a net profit before tax there has been no revenues from ordinary activities. The group was profitable in that financial year from profits booked from the sale of the Mt Marion project in 2021.

(2) Exclusive of profits resulting from discontinued operations.

(3) Inclusive of profits resulting from discontinued operations.

Neometals Ltd | Annual Report 2024

Remuneration Report (Audited)

Key Management Personnel Remuneration

The KMP received the following amounts during the year as compensation for their services as directors and executives of the Company and/or the Group.

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Post Share Termi-
%
Short term employee benefits empl. based nation Total
benefits paymnts benefits remunera-
tion linked
2024 Salary Bonus Non- Other (2) Super- Perfor- to
& fees Mone- annuation mance
tary [(1)] rights perfor-
mance
$ $ $ $ $ $ $ $
Non-Executive Directors
S. Cole 98,198 - - - 10,802 80,000 - 189,000 -
N. Streltsova 60,811 - - - 6,689 45,000 - 112,500 -
D. Ritchie 60,811 - - - 6,689 45,000 - 112,500 -
L. Guthrie 90,090 - - - 9,910 12,500 - 112,500 -
309,910 - - - 34,090 182,500 - 526,500 -
Executive Directors
C. Reed 622,601 - 14,247 5,587 27,399 275,321 - 945,155 29
J. Purdie⁽3⁾ 68,798 - - 1,946 7,568 60,000 - 138,312 -
691,399 - 14,247 7,533 34,967 335,321 - 1,083,467 -
Other Executives
M. Tamlin 392,601 - 22,050 (14,597) 27,399 118,429 - 545,882 22
J. Carone 392,500 - 14,477 (503) 27,500 (148,687) - 285,287 -
D. Townsend 392,601 - 14,327 (5,335) 27,399 118,903 - 547,895 22
M. Gray⁽4⁾ 105,119 - - (23,080) 13,699 (34,077) 114,869 176,530 -
C. Reiche⁽4⁾ 282,066 - - 20,434 20,549 14,030 - 337,079 4
1,564,887 - 50,854 (23,081) 116,546 68,598 114,869 1,892,673 -
Total 2,566,196 - 65,101 (15,548) 185,603 586,419 114,869 3,502,640 -
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Neometals Ltd | Annual Report 2024

Remuneration Report (Audited)

Key Management Personnel Remuneration (Cont.)

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Post Share Termi- Total
%
Short term employee benefits empl. based nation
benefits paymnts benefits remu-
neration
2023 Salary Bonus Non- Other ⁽2⁾ Super- Performance linked to
& fees Monetary [(1)] annuation rights
perfor-
mance
$ $ $ $ $ $ $ $
Non-Executive Directors
S. Cole 135,747 - - - 14,253 60,000 - 210,000 -
N. Streltsova 72,398 - - - 7,602 45,000 - 125,000 -
D. Ritchie 72,398 - - - 7,602 45,000 - 125,000 -
J. Purdie 72,398 - - - 7,602 45,000 - 125,000 -
L. Guthrie 104,977 - - - 11,023 9,000 - 125,000 -
457,918 - - - 48,082 204,000 - 710,000 -
Executive Directors
C. Reed 624,708 146,250 30,397 67,182 25,292 351,132 - 1,244,961 40
624,708 146,250 30,397 67,182 25,292 351,132 - 1,244,961 -
Other Executives
M. Tamlin 394,708 75,600 46,701 1,457 25,292 162,274 - 706,032 34
J. Carone 392,500 110,250 31,495 (44,664) 27,500 153,566 - 670,647 39
D. Townsend 394,708 126,000 29,461 (1,582) 25,292 159,822 - 733,701 39
M. Gray⁽3⁾ 398,208 104,816 - 18,968 25,292 34,077 - 581,361 24
1,580,124 416,666 107,657 (25,821) 103,376 509,739 - 2,691,741 -
Total 2,662,750 562,916 138,054 41,361 176,750 1,064,871 - 4,646,702 -
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(1) Relates to fringe benefits received by key management personnel

(2) Other short-term employee benefits relates to annual and long service leave.

(3) Jenny Purdie was appointed Chief Operating Officer on 29 May 2024.

(4) In September 2023, Merrill Gray resigned from the position of Head of Recycling. In October 2023, Christian Reiche was appointed Head of Recycling.

Neometals Ltd | Annual Report 2024

Remuneration Report (Audited)

Service Agreements - Performance Based Remuneration

The KMP of the Company, other than Non-executive Directors, are employed under service agreements. A summary of performance conditions for relevant KMP are detailed below:

Mr. J. Carone

Mr. C. Reed

Chief Financial Officer / Company Secretary

Term: No defined term

Managing Director

Term: Expiry date of 30 June 2026

Termination: 3 months notice period and 3 months termination payment

Termination: 6 months by executive

Incentive Based Remuneration

Short Term Incentive

Each financial year during the term of his service agreement the Board, at its sole discretion, may award the KMP a cash bonus up to 35% of the KMP’s annual salary package ($420,000 inclusive of super-annuation for 2023-24). The STI for 2023-24 was set at a maximum of $147,000 of which 0% or nil was acknowledged and agreed by the CEO and Mr J Carone. The basis for calculating the STI will be a range of criteria including both the KMP’s personal performance and the Company’s sustainability and financial performance/position and share price.

Short Term Incentive

Each financial year during the term of his service agreement the Board, at its sole discretion, may award the KMP a cash bonus of up to 50% of the KMP’s annual salary package ($650,000 inclusive of superannuation for 2023-24). The STI for 2023-24 was set at a maximum of $325,000 of which 0% or nil was acknowledged and agreed by the Board and Mr C Reed. The basis for calculating the STI will be a range of criteria including both the KMP’s personal performance and the Company’s sustainability and financial performance/position and share price.

Long Term Incentive

Each financial year during the term of his service agreement the KMP is entitled to receive performance rights granted under the Company’s Performance Rights Plan. The number of performance rights to which the KMP may be granted is based on the following calculation and vesting of the performance rights are subject to further criteria which are also set out below.

Each financial year during the term of his service agreement the KMP is entitled to receive performance rights granted under the Company’s Performance Rights Plan. The maximum number of performance rights to which the KMP may be granted is based on the following calculation and vesting of the performance rights are subject to further criteria which are also set out below, as approved by shareholders

Calculation of potential entitlement to performance rights

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40 S
P= x
100 VWAP
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----- Start of picture text -----

50 S
P= x
100 VWAP
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Where: P is the potential performance rights entitlement S is the KMP’s annual salary package for the applicable period

VWAP is the 30 day volume weighted average price of ordinary shares in Neometals Ltd for the period ended 30 June of the preceding financial year.

VWAP is the 60 day volume weighted average price of ordinary shares in Neometals Ltd for the period ended 30 June of the preceding financial year.

Neometals Ltd | Annual Report 2024

Remuneration Report (Audited)

Service Agreements - Performance Based Remuneration (Cont.)

Dr. J. Purdie

Mr. M. Tamlin

Chief Operating Officer

Term: Expiring 31 December 2024

Head of Lithium

Term: No defined term

Termination: 3 months

Termination: 6 months

Incentive Based Remuneration

Short Term Incentive

Each financial year during the term of her service agreement the Board, at its sole discretion, may award the KMP a cash bonus of up to 35% of the KMP’s annual salary package (pro rata based on $500,000 inclusive of superannuation for 2023-24). The STI for 2023-24 was set at a maximum of $175,000 of which 0% or nil was acknowledged and agreed by the CEO and Dr J Purdie. The basis for calculating the STI will be a range of criteria including both the KMP’s personal performance and the Company’s sustainability and financial performance/position and share price.

Long Term Incentive

Each financial year during the term of her service agreement the KMP is entitled to receive performance rights granted under the Company’s Performance Rights Plan. The maximum number of performance rights to which the KMP may be granted is based on the following calculation and vesting of the performance rights are subject to further criteria which are also set out below, as approved by shareholders.

Short Term Incentive

Each financial year during the term of his service agreement the Board, at its sole discretion, may award the KMP a cash bonus of up to 40% of the KMP’s annual salary package ($420,000 inclusive of superannuation for 2023-24). The STI for 2023-24 was set at a maximum of $168,000 of which 0% or nil was acknowledged and agreed by the CEO and Mr M Tamlin. The basis for calculating the STI will be a range of criteria including both the KMP’s personal performance and the Company’s sustainability and financial performance/position and share price.

Long Term Incentive

Calculation of potential entitlement to performance rights

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35 S
P= x
100 VWAP
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==> picture [146 x 32] intentionally omitted <==

----- Start of picture text -----

35 S
P= x
100 VWAP
----- End of picture text -----

Where: P is the potential performance rights entitlement S is the KMP’s annual salary package for the applicable period

VWAP is the 30 day volume weighted average price of ordinary shares in Neometals Ltd for the period ended 30 June of the preceding financial year.

Neometals Ltd | Annual Report 2024

Remuneration Report (Audited)

Service Agreements - Performance Based Remuneration (Cont.)

Mr. D. Townsend

Ms. M. Gray

Chief Development Officer

Term: No defined term

Head of Recycling

Term: No defined term

Termination: 6 months

Termination: 3 months

Incentive based remuneration

Short Term Incentive

Each financial year during the term of his service agreement the Board, at its sole discretion, may award the KMP a cash bonus of up to 40% of the KMP’s annual salary package ($420,000 inclusive of superannuation for 2023-24). The STI for 202324 was set at a maximum of $168,000 of which 0% or nil was acknowledged and agreed by the CEO and Mr D Townsend. The basis for calculating the STI will be a range of criteria including both the KMP’s personal performance and the Company’s sustainability and financial performance/position and share price.

Short Term Incentive

Each financial year during the term of her service agreement the Board, at its sole discretion, may award the KMP a cash bonus of up to 33% of the KMP’s annual salary package ($423,500 inclusive of superannuation for 2023-24). The STI for 202324 was set at a maximum of $139,755 representing approximately 33% of the annual base salary package of which 0% or nil was acknowledged and agreed by the CEO and Ms M. Gray. The basis for calculating the STI will be a range of criteria including both the KMP’s personal performance and the Company’s sustainability and financial performance/position and share price.

Long Term Incentive

Calculation of potential entitlement to performance rights

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----- Start of picture text -----

35 S
P= x
100 VWAP
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==> picture [146 x 32] intentionally omitted <==

Where: P is the potential performance rights entitlement S is the KMP’s annual salary package for the applicable period

VWAP is the 30 day volume weighted average price of ordinary shares in Neometals Ltd for the period ended 30 June of the preceding financial year.

Neometals Ltd | Annual Report 2024

Remuneration Report (Audited)

Service Agreements - Performance Based Remuneration (Cont.)

Mr. C. Reiche

Head of Recycling

Term: No defined term

Termination: 3 months

Incentive based remuneration

Short Term Incentive

Each financial year during the term of his service agreement the Board, at its sole discretion, may award the KMP a cash bonus of up to 33% of the KMP’s annual salary package ($420,000 inclusive of superannuation for 2023-24). The STI for 202324 was set at a maximum of $138,600 representing approximately 33% of the annual base salary package of which 0% or nil was acknowledged and agreed by the CEO and Mr C. Reiche. The basis for calculating the STI will be a range of criteria including both the KMP’s personal performance and the Company’s sustainability and financial performance/position and share price.

Long Term Incentive

Calculation of potential entitlement to performance rights

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Where: P is the potential performance rights entitlement S is the KMP’s annual salary package for the applicable period

VWAP is the 30 day volume weighted average price of ordinary shares in Neometals Ltd for the period ended 30 June of the preceding financial year.

Neometals Ltd | Annual Report 2024

Remuneration Report (Audited)

Criteria

The grant of Performance Rights is designed to reward long term sustainable business performance measured over a three year period with an opportunity for the performance conditions to be re-measured six months later should they not vest at the first vesting date. The KMP’s entitlement to the performance rights is dependent on 3 criteria:

a) Tranche 1 – Relative TSR (issued during financial years ending 2022-2024)

The performance conditions of 40% of Performance Rights will be measured as at each vesting date by comparing the Company’s total shareholder return (TSR) with that of a comparator group of resource companies over the relevant period.

The Performance Rights will vest depending on the Company’s percentile ranking within the comparator group on the relevant Vesting Date as follows:

If the Company ranks below the 50th percentile, none of the Performance Rights will vest.
If the Company ranks at the 50th percentile,
50% of the Performance Rights will vest.
For each 1% ranking at or above the 51st
percentile, an additional 2% of the Performance Rights will vest, with 100% vesting where the
Company ranks at or above the 75th percentile.
b) Tranche 2 – Absolute TSR (issued during financial years ending 2022-2024)

The performance conditions of 40% of Performance Rights will be measured as at each vesting date by calculating the Company’s TSR calculated over the period commencing on the Comparator Start Date and ending on the relevant Vesting Date (Absolute TSR).

The Performance Rights will vest depending on the Company’s Absolute TSR on the relevant Vesting Date as follows:

If the Company’s Absolute TSR is less than 15%, none of the Performance Rights will vest.
If the Company’s Absolute TSR is 15%, 50% of the Performance Rights will vest.
For each additional 1% TSR above 15% Absolute TSR, an additional 10% of the Performance Rights will vest, with 100% vesting where the Company’s Absolute TSR
is at or above 20%.
c) Tranche 3 – Business plan (issued during financial years ending (2022-2024)

The performance conditions of 20% of Performance Rights will be measured as at each Vesting Date as follows:

10% will vest if the combined market capitalisation of Neometals and any entity demerged from the Neometals Group and separately listed on the ASX would meet the threshold for entry into the ASX/S&P 200 Index.

10% to vest at the discretion of the Board based on the overall achievement by NMT of its strategic objectives (both financial and non-financial) under the leadership of the CEO and in delivering value to NMT’s shareholders and broader stakeholders.

Neometals Ltd | Annual Report 2024

Remuneration Report (Audited)

Criteria (Cont.)

Performance rights granted to the KMP have a vesting period of 3 years from grant date and will lapse on the KMP ceasing to be an employee of the Group prior to the vesting date.

The Company provides the KMP with performance based incentives in order to incentivise KMP to pursue strategies that are aligned with the overall business strategy and the interests of the shareholders. Where deemed appropriate the Company has set specific Key Performance Indicators as performance criteria for staff that have a direct role/responsibility in achieving a specific outcome. To ensure that KMP are also incentivised to pursue longer term strategies that increase shareholder wealth a portion of the KMP’s remuneration is linked to a “comparative TSR model” which links the level of the KMP remuneration to the Company’s performance against a group of comparable ASX listed entities, using Total Shareholder Return as the basis of comparison. KMP are also issued with performance rights with service conditions as vesting criteria which assist the company retain staff as well as aligning the interests of the KMP with shareholders. The Company has deemed the issue of service based performance rights as an appropriate form of remuneration due to the uncertain nature of the Group’s business, that is, mineral exploration, mining and developing new mineral processing technologies.

The comparator group adopted by the company for LTI granted during FY 2022 (vest FY 2024) is as follows:

• Albermale (NYSE: ALB) • Global X Lithium ETF (NYSE Arca: LIT) • TNG Ltd (ASX: TNG) • S&P ASX Small Resources Index (ASXR: ASX) • AMG Metallurgical Group NV (AMS: AMG) • S&P ASX 300 (ASX: XKO) • Iluka Resources Limited (ASX: ILU) • Lithium Australia NL (ASX: LIT) • Bushveld Minerals (LSE: BMN) • Standard Lithium Inc. (TSX: SLI) • Umicore Belgium (BSE:UMI)

The comparator group adopted by the company for LTI granted during FY 2023 (vest FY 2025) is as follows:

• Albermale (NYSE: ALB) • Global X Lithium ETF (NYSE: LIT) • TNG Ltd (ASX: TNG) • S&P ASX 300 (ASX: XKO) • AMG Metallurgical Group NV (AMS: AMG) • Li-Cycle Holdings Corp (NYSE:LICY) • Iluka Resources Limited (ASX: ILU) • Umicore Belgium (BSE:UMI) • Bushveld Minerals (LSE: BMN) • Standard Lithium Inc. (TSX: SLI) • American Battery Technology Company (OTC:ABML)

The comparator group adopted by the company for LTI granted during FY 2024 (vest FY 2026) is as follows:

Neometals Ltd | Annual Report 2024

Remuneration Report (Audited)

Performance Rights Issued as Part of KMP Remuneration

Performance rights granted to key management personnel

The following tables summarises information relevant to the current financial year in relation to the grant of performance rights to KMP as part of their remuneration. Performance rights are issued by Neometals Ltd.

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During the Financial Year
Name Fair value at Consider-
Earliest
grant date ⁽3⁾ ation on
Grant date No. granted No. vested exercise
payable
date
$ on exercise
KMP:
C. Reed⁽1⁾ 11/09/2023 571,512 - 204,030 30/06/2026 -
J. Carone⁽1⁾ 11/09/2023 314,759 - 112,369 30/06/2026 -
M. Tamlin⁽1⁾ 11/09/2023 275,414 - 98,323 30/06/2026 -
D. Townsend⁽1⁾ 11/09/2023 275,414 - 98,323 30/06/2026 -
M. Gray⁽1⁾⁽4⁾ 11/09/2023 261,840 - 93,477 30/06/2026 -
C. Reiche⁽1⁾⁽4⁾ 19/01/2024 259,676 - 92,704 30/06/2026 -
N. Streltsova⁽2⁾ 12/07/2023 91,175 91,175 45,000 30/06/2024 -
D. Ritchie⁽2⁾ 12/07/2023 91,175 91,175 45,000 30/06/2024 -
S. Cole⁽2⁾ 12/07/2023 162,089 162,089 80,000 30/06/2024 -
J. Purdie⁽2⁾ 12/07/2023 121,567 121,567 60,000 30/06/2024 -
L. Guthrie⁽2⁾ 12/07/2023 25,326 25,326 12,500 30/06/2024 -
Total 2,449,947 491,332 941,726 -
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(1) The number of performance rights that will actually vest, if any, is determined by the Company’s performance based on Neometals relative and absolute TSR compared to the comparative group of companies over a 3 year period and Business Plan strategic objectives.

(2) These Non-executive Directors have forgone Directors Fees for performance rights pursuant to the company’s PRP.

(3) These values have been calculated using the Monte Carlo valuation method.

(4) In September 2023, Merrill Gray resigned from the position of Head of Recycling. In October 2023, Christian Reiche was appointed Head of Recycling.

Neometals Ltd | Annual Report 2024

Remuneration Report (Audited)

Performance Rights Issued as Part of KMP Remuneration (Cont.)

Details of performance rights held by KMP and of shares issued during the financial year as a result of the vesting of performance rights:

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Forfeited/ Ordinary
Fair value Vested
lapsed shares Balance at
Balance at Grant of rights at during
Granted during the issued on 30/06/2024
2024 01/07/23 date grant date ⁽3⁾ financial exercise of (4) the finan-cial year
year rights
No. No. $ No. No. No. No.
C. Reed⁽1⁾ 2,470,707 11/09/2023 571,512 204,030 (165,675) (1,491,079) 1,385,465 -
J. Carone⁽1⁾ 1,046,859 11/09/2023 314,759 112,369 (133,211) (532,844) 695,563 -
M. Tamlin⁽1⁾ 1,144,568 11/09/2023 275,414 98,323 (151,134) (604,536) 664,312 -
D. Townsend⁽1⁾ 1,115,503 11/09/2023 275,414 98,323 (145,321) (581,284) 664,312 -
- - -
M. Gray⁽1⁾⁽5⁾ 120,554 11/09/2023 261,840 94,524 (382,394)
C. Reiche⁽1⁾⁽5⁾ - 19/01/2024 259,676 93,743 - - 259,676 -
N. Streltsova⁽2⁾ 40,875 11/09/2023 91,175 92,704 - (40,875) 91,175 91,175
D. Ritchie⁽2⁾ 40,875 11/09/2023 91,175 45,000 - (40,875) 91,175 91,175
S. Cole⁽2⁾ 54,499 11/09/2023 162,089 80,000 - (54,499) 162,089 162,089
J. Purdie⁽2⁾ 40,875 11/09/2023 121,567 60,000 - (40,875) 121,567 121,567
L. Guthrie⁽2⁾ 8,175 11/09/2023 25,326 12,500 - (8,175) 25,326 25,326
Total 6,083,490 2,449,947 941,726 (977,735) (3,395,042) 4,160,660 491,332
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(1) The number of performance rights that will actually vest, if any, is determined by the Company’s performance based on Neometals

relative and absolute TSR compared to the comparative group of companies over a 3 year period and Business Plan strategic objectives.

(2) Under the Performance Rights Plan, Non-Executive Directors were invited to forgo part of their fees for their services in exchange for performance rights.

(3) These values have been calculated using the monte carlo valuation method.

(4) Includes vested performance rights that have not been exercised at 30 June 2024.

(5) In September 2023, Merrill Gray resigned from the position of Head of Recycling. In October 2023, Christian Reiche was appointed Head of Recycling.

Neometals Ltd | Annual Report 2024

Remuneration Report (Audited)

Performance Rights Issued as Part of KMP Remuneration (Cont.)

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For-
Ordinary
Fair value feited/ Vested
shares Balance at
Balance at Grant of rights at lapsed during the
Granted issued on 30/06/2023
2023 1/07/2022 date grant date ⁽3⁾ the finan-during exercise of ⁽4⁾ financial year
rights
cial year
No. No. $ No. No. No. No.
KMP:
C. Reed⁽1⁾ 3,463,824 5/09/2022 239,904 276,034 (246,604) (986,417) 2,470,707 1,491,079
J. Carone⁽1⁾ 1,395,275 5/09/2022 144,919 166,744 (98,667) (394,668) 1,046,859 532,844
M. Tamlin⁽1⁾ 1,577,475 5/09/2022 126,804 145,901 (111,942) (447,769) 1,144,568 604,536
D. Townsend⁽1⁾ 1,526,883 5/09/2022 126,804 145,901 (107,637) (430,547) 1,115,503 581,284
M. Gray⁽1⁾ - 5/09/2022 120,554 138,709 - - 120,554 -
N. Streltsova⁽2⁾ 55,450 4/08/2022 40,875 45,000 - (55,450) 40,875 40,875
D. Ritchie⁽2⁾ 55,450 4/08/2022 40,875 45,000 - (55,450) 40,875 40,875
S. Cole⁽2⁾ 61,611 4/08/2022 54,499 60,000 - (61,611) 54,499 54,499
J. Purdie⁽2⁾ 55,450 4/08/2022 40,875 45,000 - (55,450) 40,875 40,875
L. Guthrie⁽2⁾ 11,090 4/08/2022 8,175 9,000 - (11,090) 8,175 8,175
Total 8,202,508 944,284 1,077,289 (564,850) (2,498,452) 6,083,490 3,395,042
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The performance rights granted entitle the grantee to one fully paid ordinary share in Neometals Ltd for nil cash consideration on satisfaction of the vesting criteria.

(2) Under the Performance Rights Plan, Non-Executive Directors were invited to sacrifice part of their fees for their services in exchange for performance rights.

(3) These values have been calculated using the monte carlo valuation method.

(4) Includes vested performance rights that have not been exercised at 30 June 2023.

Neometals Ltd | Annual Report 2024

Remuneration Report (Audited)

Other transactions and balances with key management personnel

There were no loans made to key management personnel or their personally related parties during the current or prior financial year. There were no other transactions with key management personnel.

Use of remuneration consultants

During the year no remuneration consultants were used in relation to the company’s Performance Rights Plan. No remuneration consultants were used to provide insight into general KMP remuneration, however a subscription for Remsmart was purchased to provide industry benchmarking for Board and executive remuneration for a cost of $1,350.

Auditor’s Independence Declaration

The auditor’s independence declaration is included on page 58 of the Annual Report.

Signed in accordance with a resolution of directors made pursuant to s.298(2) of the Corporations Act 2001.

On behalf of the directors of Neometals Ltd.

Mr. Christopher Reed Managing Director West Perth, WA 26 September 2024

Neometals Ltd | Annual Report 2024

Independent Auditor’s Report

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Deloitte Touche Tohmatsu ABN 74 490 121 060

Tower 2 Brookfield Place 123 St Georges Terrace Perth WA 6000 GPO Box A46 Perth WA 6837 Australia

Tel: +61 8 9365 7000 Fax: +61 8 9365 7001 www.deloitte.com.au

Neometals Ltd | Annual Report 2024

Independent Auditor’s Report

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Neometals Ltd | Annual Report 2024

Independent Auditor’s Report

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Neometals Ltd | Annual Report 2024

Independent Auditor’s Report

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Neometals Ltd | Annual Report 2024

Auditor’s Independence Report

Auditor’s Independence Declaration

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Deloitte Touche Tohmatsu ABN 74 490 121 060 Tower 2 Brookfield Place 123 St Georges Terrace Perth WA 6000 GPO Box A46 Perth WA 6837 Australia

Tel: +61 8 9365 7000 Fax: +61 8 9365 7001 www.deloitte.com.au

Neometals Ltd | Annual Report 2024

Director’s Declaration

Directors’ Declaration

The directors declare that:

(a) in the directors’ opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable;
(b) the attached financial statements are in compliance with International Financial Reporting Standards as stated in note 2 to the financial statements;
(c) in the directors’ opinion, the attached financial statements and notes thereto are in accordance with the Corporations Act 2001, including compliance with accounting standards and giving a true and fair view of the financial position and performance of the consolidated entity; and
(d) the consolidated entity disclosure statement is true and correct; and
(e) the directors have been given the declarations required by s.295A of the Corporations Act 2001.

Signed in accordance with a resolution of the directors made pursuant to s. 298(2) and s.295(5) of the Corporations Act 2001.

On behalf of the directors of Neometals Ltd,

Mr. Christopher Reed Managing Director West Perth, WA 26 September 2024

Neometals Ltd | Annual Report 2024

Financial Statements

05 Financial Statements

Consolidated Statement of Profit or Loss and Other Comprehensive Income

For the year ended 30 June 2024

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2023
2024
Continuing operations Note $
$
(Represented)
Interest and other income 5(a) 544,119 1,061,585
Employee expenses 5(b) (7,900,995) (11,155,009)
Occupancy expenses (209,279) (177,323)
Finance costs (102,305) (26,007)
Other expenses 5(b) (7,840,342) (10,392,034)
Marketing expenses (216,297) (442,359)
Foreign exchange (loss)/gain (162,029) 61,466
Impairment expense 5(b) (12,820,053) (3,989,748)
Fair value adjustment of non-listed investments 11 (721,200) -
Share of loss in associate 22 (438,965) (3,412,514)
Share of loss in joint ventures 21(ii, iii and iv) (8,616,266) (7,298,801)
-
Loss on disposal of subsidiary 21(iv) (212,473)
Loss before income tax (38,483,612) (35,983,217)
Income tax benefit 7 316,580 1,374,655
Loss for the year from continuing operations (38,167,032) (34,608,562)
Discontinued operations
Loss for the year from discontinuing operations 6 (30,945,885) (195,807)
(Loss)/profit for the year from continuing and
(69,112,917) (34,804,369)
discontinuing operations
- -
Other comprehensive income
Total comprehensive (loss)/profit for the year (69,112,917) (34,804,369)
Loss per share
From continuing operations:
Basic (cents per share) 18 (6.43) (6.27)
Diluted (cents per share) 18 (6.43) (6.27)
From continuing and discontinued operations:
Basic (cents per share) 18 (11.65) (6.30)
Diluted (cents per share) 18 (11.65) (6.30)
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The consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes. *Refer to note 6 for details of restatement.

Neometals Ltd | Annual Report 2024

Financial Statements

Consolidated Statement of Financial Position

For the year ended 30 June 2024

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2024 2023
Current assets Note
$ $
Cash and cash equivalents 27 (a) 9,103,833 24,438,695
Trade and other receivables 10 967,858 2,031,604
Other financial assets 11 543,089 763,650
Total current ordinary assets 10,614,780 27,233,949
Assets classified as held for sale 6 20,214,451 -
Total current assets 30,829,231 27,233,949
Non-current assets
Exploration and evaluation expenditure 12 - 47,364,711
Intangibles 285,318 945,994
Investments in joint ventures 21 2,736,164 5,449,045
Investment in associate 22 2,639,437 9,677,933
Other financial assets 11 4,813,803 5,298,971
Right of use assets 20 409,026 895,690
Property, plant and equipment 13 421,485 877,269
Total non-current assets 11,305,233 70,509,613
Total assets 42,134,464 97,743,562
Current liabilities
Trade and other payables 14 340,789 2,190,866
Provisions 15 954,044 1,021,613
Lease liability 20 128,296 285,625
Liabilities associated with the assets classified as held for sale 6 214,451 -
Total current liabilities 1,637,580 3,498,104
Non-current liabilities
Provisions 15 39,132 72,685
Lease liability 20 3,982,625 652,049
Total non-current liabilities 4,021,757 724,734
Total liabilities 5,659,337 4,222,838
Net assets 36,475,127 93,520,724
Equity
Issued capital 16 158,706,319 146,234,171
Reserves 17 2,290,951 10,835,122
Accumulated losses (124,522,143) (63,548,569)
Total equity 36,475,127 93,520,724
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Neometals Ltd | Annual Report 2024

Financial Statements

Consolidated Statement of Changes in Equity

For the year ended 30 June 2024

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Share
Issued Investment Other Accumulated Total
based
Capital revaluation equity losses
Current assets payments
reserve reserve
reserve
$ $ $ $ $ $
Balance at 30/06/22 145,564,286 1,019,637 300,349 8,455,957 (28,744,200) 126,596,029
- - - -
Loss for the period (34,804,369) (34,804,369)
Total comprehensive - - - -
(34,804,369) (34,804,369)
income for the period
Recognition of share-based - - - 1,747,438 - 1,747,438
payments (see note 9 and 17)
Recognition of shares issued 688,259 - - (688,259) - -
under performance rights plan
- - - -
Share issue costs, net of tax (18,374) (18,374)
Balance at 30/06/23 146,234,171 1,019,637 300,349 9,515,136 (63,548,569) 93,520,724
- - - -
Loss for the period (69,112,917) (69,112,917)
Total comprehensive - - - -
(69,112,917) (69,112,917)
income for the period
Issue of share capital 12,131,024 - - - - 12,131,024
Recognition of share-based - - - 894,935 - 894,935
payments (see note 9 and 17)
Recognition of shares issued 1,299,763 - - (1,299,763) - -
under performance rights plan
- - - -
Share issue costs, net of tax (958,639) (958,639)
Historical reserve clearing - (1,019,637) (300,349) (6,819,357) 8,139,343 -
(see note 17)
Balance at 30/06/24 158,706,319 - - 2,290,951 (124,522,143) 36,475,127
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This consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Neometals Ltd | Annual Report 2024

Financial Statements

Consolidated Statement of Cash Flows

For the year ended 30 June 2024

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2023
2024
Cash flows from operating activities Note $
$
(Re-presented)
Research and development refund 908,332 -
Payments to suppliers and employees (14,245,712) (20,311,512)
Payments to suppliers – discontinued operations (176,178) (87,030)
Net cash used in operating activities 27(b) (13,513,558) (20,398,542)
Cash flows from investing activities
Payments for property, plant & equipment (29,914) (135,832)
Payments for property, plant & equipment – discontinued
(18,830) (299,698)
operations
Payments for intellectual property (96,205) (159,198)
Payments for exploration and evaluation (361,429) (1,437,993)
Payments for exploration and evaluation – discontinued
(3,495,083) (4,389,397)
operations
Interest received 517,798 1,050,819
Payments for purchase of investments (60,000) (425,838)
Receipts from sale of investments 134,060 1,215,791
Investment in associate - (694,515)
Investment in joint ventures 21 (8,703,799) (9,656,039)
Net cash used in by investing activities (12,113,402) (14,931,900)
Cash flows from financing activities
Share issue costs (958,638) (18,374)
Capital raising proceeds 12,131,024 -
-
Amounts paid for security deposits (455,707)
Lease payments (172,780) (287,190)
Lease payments – discontinued operations (114,764) (60,664)
Interest and other finance costs paid (64,530) (26,999)
Net cash generated by / (used in) financing activities 10,364,605 (393,227)
Net (decrease) in cash and cash equivalents (15,262,355) (35,723,669)
Cash and cash equivalents at the beginning of the
financial year 24,438,695 60,158,159
Effect of exchange rates on cash balances (48,563) 4,205
Cash and cash equivalents 9,127,777 24,438,695
Less: cash and cash equivalents at the end of the financial -
(23,944)
year – held for sale
Cash and cash equivalents at the end of the financial
27(a) 9,103,833 24,438,695
year
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This consolidated statement of cash flows should be read in conjunction with the accompanying notes.

*Refer to note 6 for details of re-presentation.

Neometals Ltd | Annual Report 2024

Index: Notes to the Consolidated Financial Statements

1 General information
2 Material accounting policies
3 Critical accounting judgments and key sources of estimation uncertainty
4 Parent entity disclosure
5 Profit / loss for the year continuing operations
6 Discontinued operations
7 Income taxes
8 Key management personnel compensation
9 Share based payments
10 Trade and other receivables
11 Other financial assets
12 Exploration and evaluation expenditure
13 Property, plant and equipment
14 Trade and other payables
15 Provisions
16 Issued capital
17 Reserves
18 Earnings per share
19 Commitments for expenditure
20 Leases
21 Joint arrangements
22 Investment in associates
23 Subsidiaries
24 Segment information
25 Related party disclosures
26 Auditor’s remuneration
27 Notes to the statement of cash flows
28 Financial instruments 29 Contingent liabilities
30 Events after the reporting period

Neometals Ltd | Annual Report 2024

1. General Information

Neometals Ltd is a limited public company incorporated in Australia and listed on the Australian Securities Exchange and AIM. The principal activities of the Consolidated Entity are the development and commercialisation of sustainable processing solutions that recycle and recover critical materials from high-value waste streams. Neometals Ltd is the ultimate parent.

Registered office and principal place of business Level 1, 1292 Hay St, West Perth WA 6005

2. Material Accounting Policies

Statement of compliance

These financial statements are general purpose financial statements which have been prepared in accordance with the Corporations Act 2001 , Accounting Standards and Interpretations, and complies with other requirements of the law. The financial statements comprise the consolidated financial statements of the Consolidated Entity, comprising Neometals Ltd and its controlled entities. For the purpose of preparing the financial statements the consolidated entity is a for-profit entity.

Accounting Standards include Australian Accounting Standards. Compliance with Australian Accounting Standards ensures that the financial statements and notes of the Company and the Group comply with International Financial Reporting Standards (“IFRS”).

The financial statements were authorised for issue by the directors of Neometals Ltd on 26 September 2024.

Basis of preparation

The financial report has been prepared on a going concern basis. These accounting policies are consistent with Australian Accounting Standards and with IFRS.

The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Boards (“AASB”) that are relevant to its operations and effective for the current reporting period beginning 1 July 2023.

The financial report has been prepared on the basis of historical cost except for the revaluation of certain nonfinancial assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted.

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Going concern

The Directors believe that Neometals Ltd will continue as a going concern and as a result the financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the normal course of business.

The Group incurred losses after tax from continuing operations of $38,167,032 and losses from discontinuing operations of $30,945,885 (30 June 2023: $34,608,562 and $195,807 respectively) and experienced net cash outflows from operating and investing activities of $25,626,960 (30 June 2023: $35,330,442) for the year ended 30 June 2024. As at 30 June 2024 the Group had cash and cash equivalents of $9,103,833 (30 June 2023: $24,438,695) and net current assets of $29,191,651 (30 June 2023: $23,735,845).

During the year ended 30 June 2024, the Group has continued to progress its strategy of developing a portfolio of sustainable processing solutions that recycle and recover critical materials from high-value waste streams. Priority focus has been on advancing the patented Lithium-ion battery recycling technology in Primobius GmbH (Neometals 50% interest) (“Primobius”). Due to the early-stage nature of the Group’s projects, ongoing capital investment is necessary to commercialise these technologies.

The directors recognise that additional funding is required to meet the Group’s budgeted ongoing activities. Subsequent to 30 June 2024, the Group has taken action in managing its cashflow requirements which include the following;

Raising an additional US$3 million (A$4.5 million) on 19 August 2024 through a placement of fully paid ordinary shares to an existing long-term shareholder; and,
Announcing a strategy update on 22 August 2024 which outlined a restructuring and right-sizing of the organisation and its cost base to reflect the Group’s priority focus on Primobius, as well as the intention to dispose of non-core
assets.

In light of the above, the directors have prepared a cash flow forecast to 30 September 2025. This forecast includes the necessary expenditures to maintain the Group’s assets in good standing, meet its obligations and commitments, achieve its stated cost reduction strategy, and manage available working capital. Included in this forecast are Neometals’ estimated future share of capital contributions to Primobius as disclosed in the joint venture approved budget.

Comparative information

The cashflow in respect of lease payments in the prior year has been reclassified as a cash outflow from financing activities in the statement of cashflows to align with the requirements of AASB 107 Statement of Cashflows.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

2. Material Accounting Policies (Cont.)

The Group’s cash flow forecast indicates a minimum funding requirement of A$11 million which will be required progressively from December 2024 by way of debt, equity, sale of assets, or other forms of funding to continue to meet its cashflow requirements and strategic objectives through to 30 September 2025. This cashflow forecast does not currently assume cash inflows from the sale of non-core assets as the timing is uncertain. However, the directors are confident additional liquidity will be generated following the completion of a successful divestment program.

Based on the progress of discussions with various parties and the directors’ expectation that the additional funding will be secured within the required timeframes, the directors reasonably believe that they will achieve the matters set out above and therefore the going concern basis of preparation is appropriate.

Should the Group be unable to achieve the additional funding referred to above, there is a material uncertainty that may cast significant doubt as to whether the Group will be able to continue as a going concern and, therefore, whether it will realise its assets and discharge its liabilities in the normal course of business.

No adjustments have been made to the financial statements relating to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that might be necessary should the Group not continue as a going concern.

Standards and interpretations adopted in the current year

The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that are relevant to its operations and effective for an accounting period that begins on or after 1 July 2023 and this has not resulted in a material impact on the financial statements of the Group.

New and revised Standards and amendments thereof and Interpretations effective for the current year that are relevant to the Group include:

• AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies and Definition of Accounting Estimates

• AASB2021-5 Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities arising from a Single Transaction

• AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Reform – Pillar Two Model Rules

Standards and interpretations issued but not yet effective

At the date of authorisation of the financial statements, the following Australian Accounting Standards and Interpretatis have been issued or amended but are not yet effective and have not been adopted by the Group for the year ended 30 June 2024:

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Effective for annual Expected to be initially
Standard reporting periods applied in the financial
beginning on or after year ending
AASB 2014-10 ‘Amendments to Australian Accounting Standards –
Sale or Contribution of Assets between an Investor and its 1 January 2025 30 June 2026
Associate or Joint Venture
AASB 2020-6 Amendments to Australian Accounting Standards –
Classification of Liabilities as Current or Non-current 1 January 2025 30 June 2025
AASB 2020-1 Amendments to Australian Accounting Standards –
1 January 2024 30 June 2025
Lease Liability in a Sale and Leaseback
AASB 2023-1 Amendments to Australian Accounting Standards –
1 January 2024 30 June 2025
Supplier Finance Agreements
AASB 2021-2 Amendments to Australian Accounting Standards –
1 January 2025 30 June 2026
Lack of Exchangeability
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Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the Company for the annual reporting period ended 30 June 2024.

Critical accounting judgments and key sources of estimation uncertainty

In the application of the Group’s accounting policies, management is required to make judgments, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Refer to note 3 for a discussion of critical judgments in applying the entity’s accounting policies, and key sources of estimation uncertainty.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

2. Material Accounting Policies (Cont.)

Material accounting policies

The following significant accounting policies have been adopted in the preparation and presentation of the financial report:

(a) Cash and cash equivalents

Cash comprises cash on hand and term deposits with a 30 day cancellation policy.

(b) Foreign currency translation

Functional and presentation currency

Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Australian dollar ($), which is Neometals Ltd’s functional and presentation currency.

(c) Financial instruments issued by the company

Debt and equity instruments

Debt and equity instruments are classified as either liabilities or as equity in accordance with the substance of the contractual arrangement.

Financial assets

Financial instruments and non-financial assets such as investments in unlisted entities, are initially measured at fair value plus transaction costs except where the instrument is classified ‘at fair value through profit or loss’ in which case transaction costs are expensed immediately.

The Group classifies its financial assets into the following categories: those to be measured subsequently at fair value (either through other comprehensive income ‘FVOCI’ or through the income statement ‘FVTPL’) and those to be held at amortised cost. The classification depends on the Group’s business model for managing its financial assets and the contractual terms of the cash flows.

All assets for which fair value is recognised or disclosed are categorised within the fair value hierarchy, based on the lowest level input that is significant to the fair value measurement as a whole, as follows:

Level 1 – Quoted market prices in active markets for identical assets.

Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

(d) Non-current assets held for sale

Non-current assets and their disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than continuing use. This condition is regarded as met only when the sale is highly probable and the noncurrent asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification.

When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less cost to sell.

(e) Income tax

Current tax

Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or tax loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantively enacted by reporting date. Current tax for current and prior periods is recognised as a liability (or asset) to the extent that it is unpaid (or refundable).

Deferred tax

Deferred tax is accounted for using the comprehensive balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax base of those items.

In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and liability giving rise to them are realised or settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the consolidated entity expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Company/ Consolidated Entity intends to settle its current tax assets and liabilities on a net basis.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

2. Material Accounting Policies (Cont.)

Tax consolidation

The Company and all its wholly-owned Australian resident entities are part of a tax-consolidated group under Australian taxation law. Neometals Ltd is the head entity in the tax-consolidated group. Income tax expense/benefit, deferred tax liabilities and deferred tax assets arising from temporary differences of the members of the tax consolidated group are recognised in the separate financial statements of the members of the tax consolidated group using a ‘group allocation’ approach based on the allocation specified in the tax funding arrangement.

The tax funding arrangement requires a notional current and deferred tax calculation for each entity as if it were a taxpayer in its own right, except that unrealised profits, distributions made and received and capital gains and losses and similar items arising on transactions within the tax consolidated group are treated as having no consequence. Current tax liabilities and assets and deferred tax assets arising from unused tax losses and tax credits of the members of the tax consolidated group are recognised by the Company (as head entity in the tax consolidated group).

Due to the existence of a tax funding arrangement between the entities in the tax consolidated group, amounts are recognised as payable to or receivable by the Company and each member of the group in relation to the tax contribution amounts paid or payable between the parent and the other members of the tax consolidated group in accordance with the arrangement. In addition to the Company own current and deferred tax amounts, the company does not recognise the losses of the members of the tax consolidated group as intercompany liabilities, it is recognised as part of the equity of the company. When the company becomes reasonably certain that it will have to reimburse the subsidiary for its losses, the company recognises an intercompany liability.

Where the tax contribution amount recognised by each member of the tax consolidated group for a particular period is different to the aggregate of the current tax liability or asset and any deferred tax asset arising from the unused tax losses and tax credits in respect of that period, the difference is recognised as a contribution from, or distribution to, equity participants.

Research & Development Tax offset

In respect of Research and Development tax offsets, the Income tax approach (AASB 112) of accounting has been utilised, where the tax benefit is presented within the tax line in the Statement of Profit or Loss and Other Comprehensive Income.

(f) Exploration and evaluation expenditure

Exploration and evaluation expenditures, excluding general overhead, in relation to separate areas of interest are capitalised in the year in which they are incurred and are carried at cost less accumulated impairment losses where the following conditions are satisfied; i) the rights to tenure of the area of interest are current; and

ii) at least one of the following conditions is also met:

the exploration and evaluation expenditures are expected to be recouped through successful development and exploration of the area of interest, or alternatively, by its sale; or
exploration and evaluation activities in the area of interest have not at the reporting date reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations
in, or in relation to, the area of interest are continuing.

Capitalised exploration costs for each area of interest (considered to be the cash generating unit) are reviewed each reporting date to test whether an indication of impairment exists. If any such indication exists, the recoverable amount of the capitalised exploration costs is estimated to determine the extent of the impairment loss (if any).

Where a decision is made to proceed with development, accumulated expenditure is tested for impairment and transferred to capitalised development and then amortised over the life of the reserves associated with the area of interest once mining operations have commenced.

(g) Property, plant and equipment

Plant and equipment is stated at cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the item. In the event that settlement of all or part of the purchase consideration is deferred, costs are determined by discounting the amounts payable in the future to their present value as at the date of acquisition.

Depreciation is calculated on a diminishing value basis so as to write off the net cost or other re-valued amount of each asset over its expected useful life to its estimated residual value. The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period with the effect of any changes recognised on a prospective basis.

The following estimated useful lives are used in the calculation of depreciation: Furniture & Fittings 5-20 years Plant and Equipment 2-10 years Buildings 10-20 years

An item of property, plant and equipment is derecognised upon disposal when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit and loss.

(h) Intangibles

Patents, trademarks, licences and customer contracts

Separately acquired patents, trademarks and licences are shown at historical cost. Patents, trademarks, licenses and customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

2. Material Accounting Policies (Cont.)

Research and development

Research expenditure is recognised as an expense as incurred. Development expenditure is recognised as an asset as incurred if the following have been demonstrated:

The technical feasibility of completing the intangible asset so that it will be available for use or sale;
The intention to complete the intangible asset and use or sell it;
The ability to use or sell the intangible asset;
How the intangible asset will generate probable future economic benefits; and
The ability to measure reliably the expenditure attributable to the intangible asset during its development.

Research and development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

(i) Provisions

Provision for onerous contract

Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.

(j) Investments in associates and joint ventures

An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

The results and assets and liabilities of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with AASB 5. Under the equity method, an investment in an associate or a joint venture is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group’s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group’s share of losses of an associate or a joint venture exceeds the Group’s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate or joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture.

An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture. Any increase in percentage shareholding is accounted for in the cost of the investment.

If there is objective evidence that the Group’s net investment in an associate or joint venture is impaired, the requirements of AASB 136 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group’s investment. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with AASB 136 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with AASB 136 to the extent that the recoverable amount of the investment subsequently increases.

The Group discontinues the use of the equity method from the date when the investment ceases to be an associate or a joint venture, or when the investment is classified as held for sale. When the Group retains an interest in the former associate or joint venture and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with AASB 9. The difference between the carrying amount of the associate or joint venture at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate or joint venture is included in the determination of the gain or loss on disposal of the associate or joint venture. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that associate or joint venture on the same basis as would be required if that associate or joint venture had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that associate or joint venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued.

The Group continues to use the equity method when an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an investment in an associate. There is no re-measurement to fair value upon such changes in ownership interests.

When the Group reduces its ownership interest in an associate or a joint venture but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities.

When a group entity transacts with an associate or a joint venture of the Group, profits and losses resulting from the transactions with the associate or joint venture are recognised in the Group’s consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Group.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

3. Critical Accounting Judgments and Key Sources of Estimation Uncertainty

In the application of the Group’s accounting policies, which are described in note 2, management is required to make judgments, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstance, the results of which form the basis of making the judgments. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3.1 Critical judgments in applying the entity’s accounting policies

The following are the critical judgments that management has made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

(a) Recovery of capitalised exploration and evaluation expenditure

The Group capitalises exploration and evaluation expenditure incurred on ongoing projects. The recoverability of this capitalised exploration expenditure is entirely dependent upon returns from the successful development of mining operations or from surpluses from the sale of the projects or the subsidiary companies that control the projects. At the point that it is determined that any capitalised exploration expenditure is definitely not recoverable, it is written off.

(b) Share-based payments

Equity-settled share-based payments granted are measured at fair value at the date of grant. The fair value of share options is measured by use of the Monte Carlo model and requires substantial judgement. Management has made its best estimate for the effects of non-transferability, exercise restrictions (including the probability of meeting market conditions attached to the option), and behavioural considerations.

The fair value of performance rights issued during the period was made with reference to the Company’s closing share price on the date of grant. Management has been required to estimate the probability that the Company will meet the performance criteria determined by the board.

(c) Unlisted Investments

The investments in non-listed shares, being financial assets, are required to be fair valued at each reporting date in accordance with the Accounting Standards. The valuation of shares held in non-listed companies includes a number of estimates and judgements as, generally, limited information exists on such non-listed companies and their underlying assets or projects. Accordingly, management has engaged an external valuation specialist in assessing the fair value of all investments in non-listed shares.

(d) Recovery of investments in Joint Ventures and Associates

The recoverability of the investment in associates and joint venture is entirely dependant on the success of the entity’s financial performance where dividends will be received from retained earning, or from the sale of the Group’s holdings in the project.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

4. Parent Entity Disclosure

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2024 2023
Financial Position
$ $
Assets
Current assets 10,266,387 26,199,905
Non-current assets 24,548,760 30,012,521
Total assets 34,815,147 56,212,426
Liabilities
Current liabilities 1,533,732 3,198,663
Non-current liabilities 282,130 519,747
Total liabilities 1,815,862 3,718,410
Net Assets 32,999,285 52,494,016
Equity
Issued capital 158,706,320 146,234,171
Retained earnings (127,997,986) (103,555,639)
Reserves
Share based payments 2,290,951 9,815,484
Total equity 32,999,285 52,494,016
Financial Performance
Loss for the year (22,216,162) (27,642,526)
- -
Other comprehensive income
Total comprehensive loss (22,216,162) (27,642,526)
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Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

5. (Loss)/Profit for the Year Continuing Operations

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Note 2024 2023
(a) Income $ $
Income from operations consisted of the following items:
Other income:
Other income 17,156 5,000
Interest income 526,963 1,056,585
Total 544,119 1,061,585
(b) Profit / (loss) before income tax
Profit / (loss) before income tax has been arrived at after charging the
following expenses:
Employee benefits expense:
Equity settled share-based payments 9 (894,935) (1,747,438)
Superannuation expense (766,439) (743,997)
Employee salaries (5,072,910) (7,578,550)
Other employee benefits (1,166,711) (1,085,024)
Total (7,900,995) (11,155,009)
Impairments:
Impairment expense of associate 22 (6,599,531) (1,273,045)
Impairment expense of joint venture 21 [(i)(iv)] (2,800,414) (2,716,703)
Impairment expense of exploration and evaluation expenditure 12 (653,334) -
Impairment of right of use assets 20 (2,766,774) -
Total (12,820,053) (3,989,748)
Other expenses
Research and development expense (1,275,192) (303,719)
Legal fees (974,576) (1,944,369)
Travel (783,096) (1,237,470)
-
Write-off of abandoned patents (754,905)
Consultant fees (737,739) (2,564,459)
Insurances (619,442) (642,782)
Depreciation of non-current assets (491,176) (420,122)
ASX/AIM fees (445,576) (433,444)
Accounting fees (416,708) (348,500)
Net fair value realised loss on listed financial assets (274,140) (150,247)
Net fair value unrealised loss on listed financial assets (57,041) (512,769)
Other expenses (1,010,751) (1,834,153)
Total (7,840,342) (10,392,034)
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Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

6. Discontinued Operations

During the year, the Board approved the divestment of the 100% owned Barrambie Titanium/Vanadium Project. Activities have focussed on the divestment of the project, with interest from third parties to acquire the asset. The results of the discontinued operation which have been included in the financial statements for the year were as follows:

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2024 2023
$ $
(Re-presented [i] )
Results of discontinued operations
Loss from discontinued operations (30,945,885) (195,807)
Cash flows from discontinued operations
Cashflows from operating activities (176,178) (87,030)
Cashflows from investing activities (3,513,913) (4,689,095)
Cashflows from financing activities (114,764) (60,664)
Effect on the financial position of the group
Assets classified as held for sale 20,214,451 -
Liabilities associated with the assets -
classified as held for sale (214,451)
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(i) The 2023 financial year expenses and cashflows related to the Barrambie Project have been re-presented the discontinued operations due to the business unit being transferred to held for sale in the current financial year.

The impact of the adjustment is as follows:

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Discontinued As
As previously operations re-presented
reported adjustment adjustment
$ $ $
Impact on loss for the year
Employee expenses (11,155,509) 500 (11,155,009)
Occupancy expenses (188,662) 11,339 (177,323)
Finance costs (29,859) 3,852 (26,007)
Other expenses (10,563,595) 171,561 (10,392,034)
Marketing expenses (450,914) 8,555 (442,359)
Loss from discontinued operations - (195,807) (195,807)
Impact on cashflows for the year
Payments to suppliers and employees (20,398,542) 87,030 (20,311,512)
Payments to suppliers – discontinued operations - (87,030) (87,030)
Payments for property, plant & equipment (435,530) 299,698 (135,832)
Payments for property, plant & equipment – discontinued operations - (299,698) (299,698)
Payments for exploration and evaluation (5,827,390) 4,389,397 (1,437,993)
Payments for exploration and evaluation – discontinued operations - (4,389,397) (4,389,397)
Lease payments (347,854) 60,664 (287,190)
Lease payments – discontinued operations - (60,664) (60,664)
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Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

7. Income Taxes

(a) Income tax (benefit)/expense recognised in profit or loss

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2024 2023
$ $
Current income tax:
Current income tax charge (316,580) (591,751)
Deferred tax - (782,904)
Total tax (benefit) / expense (316,580) (1,374,655)
The prima facie income tax expense on pre-tax accounting profit from continuing
operations reconciles to the income tax benefit in the financial statements as follows:
(Loss) / profit before income tax (69,190,212) (36,179,024)
Income tax calculated at 30% (20,733,875) (10,853,707)
Effect of income and expenses that are not deductible in determining taxable profit 2,269,354 3,384,630
Effect of income and expenses that are not recognised as deferred tax assets 18,721,112 6,493,707
Adjustments for current tax of prior periods (287,591) 192,466
Refund of prior year R&D claim (316,580) (591,751)
Income tax benefit in profit or loss (316,580) (1,374,655)
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The tax rate used in the above reconciliation is the corporate tax rate of 30% payable by Australian corporate entities on taxable income under Australian tax law. There has been no change in the corporate tax rate during the reporting period.

(b) Deferred tax balances

The net deferred tax balance as presented in the statement of financial position is detailed below:

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2024 2023
$ $
Deferred tax liabilities (16,529,051) (16,529,051)
Deferred tax assets 16,529,051 16,529,051
Net deferred tax balance - -
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Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

7. Income Taxes (Cont.)

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Exploration and
Investment Tax
evaluation Other Total
in associate Losses
expenditure
$ $ $ $ $
Balance at 30/06/22 (12,424,751) (3,516,952) 1,173,209 13,985,590 (782,904)
Charge to profit or loss (1,784,661) 1,197,313 (281,547) 1,651,799 782,904
Balance at 30/06/23 (14,209,412) (2,319,639) 891,662 15,637,389 -
- - - - -
Charge to profit or loss
Balance at 30/06/24 (14,209,412) (2,319,639) 891,662 15,637,389 -
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(c) Deferred tax assets not brought to account

At 30 June 2024 the amount of tax losses not recognised was $4,982,102 (June 2023: $6,493,707). The utilisation of tax losses depends upon the generation of future taxable profits and can be carried indefinitely while also being subject to relevant tax legislation associated with recoupment.

Tax Consolidation

Relevance of tax consolidation to the consolidated entity

The Company and its wholly-owned Australian resident entities have formed a tax-consolidated group and are therefore taxed as a single entity. The head entity within the tax-consolidated group is Neometals Ltd. The members of the tax-consolidated group are identified at note 24.

Nature of tax funding arrangements and tax sharing agreements

Entities within the tax-consolidated group have entered into a tax funding arrangement and a tax sharing agreement with the head entity. Under the terms of the tax funding arrangement, Neometals Ltd and each of the entities in the tax consolidation group has agreed to pay a tax equivalent payment to or from the head entity, based on the current tax liability or current tax assets of the entity. Such amounts are reflected in amounts receivable from or payable to each entity in the tax consolidated group, and are eliminated on consolidation. The tax sharing agreement entered into between the members of the tax-consolidated group provides for the determination of the allocation of income tax liabilities between the entities should the head entity default on its payment obligations or if an entity should leave the tax-consolidated group. The effect of the tax sharing agreement is that each member’s tax liability for tax payable by the tax-consolidated group is limited to the amount payable to the head entity under the tax funding arrangement.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

8. Key Management Personnel Compensation

Details of key management personnel compensation are provided on pages 40-52 of the Remuneration Report.

The aggregate compensation made to key management personnel of the Group is set out below:

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2024 2023
$ $
Short-term employee benefits 2,615,749 3,405,081
Post-employment benefits 185,603 176,750
Share-based payments 586,419 1,064,871
Termination benefits 114,869 -
Total 3,502,640 4,646,702
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9. Share Based Payments

Neometals Ltd has an ownership based remuneration scheme for executives and employees.

Performance Rights Plan (“PRP”)

In accordance with the provisions of the PRP, as approved by shareholders at the Company’s AGM on 25 November 2020, employees, Non-Executive and Executive Directors and consultants may be offered performance rights at such times and on such terms as the board considers appropriate.

All performance rights issued under the PRP are measured over a three year period with an opportunity for the performance conditions to be re-measured six months later should they not vest at the first vesting date. The vesting of the performance rights is dependent on 3 criteria:

(a) Tranche 1 – The performance conditions of 40% of Performance Rights will be measured as at each vesting date by comparing the Company’s total shareholder return (TSR) with that of a comparator group of resource companies over the relevant period.

The Performance Rights will vest depending on the Company’s percentile ranking within the comparator group on the relevant Vesting Date as follows:

If the Company ranks below the 50th percentile, none of the Performance Rights will vest.
If the Company ranks at the 50th percentile, 50% of the Performance Rights will vest.
For each 1% ranking at or above the 51st percentile, an additional 2% of the Performance Rights will vest, with 100% vesting where the Company ranks at or above the 75th percentile.

(b) Tranche 2 – The performance conditions of 40% of Performance Rights will be measured as at each vesting date by calculating the Company’s TSR calculated over the period commencing on the Comparator Start Date and ending on the relevant Vesting Date (Absolute TSR).

The Performance Rights will vest depending on the Company’s Absolute TSR on the relevant Vesting Date as follows:

If the Company’s Absolute TSR is less than 15%, none of the Performance Rights will vest.
If the Company’s Absolute TSR is 15%, 50% of the Performance Rights will vest.
For each additional 1% TSR above 15% Absolute TSR, an additional 10% of the Performance Rights will vest, with 100% vesting where the Company’s Absolute TSR is at or above 20%.

(c) Tranche 3 – The performance conditions of 20% of Performance Rights will be measured as at each Vesting Date as follows:

10% to vest at the discretion of the Board based on the overall achievement by the company of its strategic objectives (both financial and non-financial) under the leadership of the CEO and in delivering value to NMT’s shareholders and broader stakeholders. General terms of performance rights granted under the PRP:

The performance rights will not be quoted on the ASX.
Performance rights can only be granted to employees, Non-Executive and Executive Directors and consultants of the Company.
Performance rights are transferable to eligible nominees.
Performance rights not exercised on or before the vesting date will lapse.
All shares allotted upon the vesting of performance rights rank equally in all respects to all previously issued shares.
Performance rights confer no right to vote, attend meetings, participate in a distribution of profit or a return of capital or another participating rights or entitlements on the grantee unless and until the performance rights vest.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

9. Share Based Payments (Cont.)

The following share-based payment arrangements in relation to performance rights were in existence at the end of the period:

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Grant Fair
Risk-
2024 Grant Number Vesting Expiry date Expected free value
Date Date Date share volatility rate at grant
price date
Staff and consultants [(1)] 7-Dec-20 80,000 31/12/2023 30/06/2024 0.230 50% 0.10% 0.18
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Staf and consultants(1)	Date 7-Dec-20	80,000	Date 31/12/2023	Date 30/06/2024	share price 0.230	volatility 50%	rate a 0.10%	t grant date 0.18
Chris Reed(2)	11-Oct-21	574,049	31/12/2024	30/06/2025	0.855	55%	0.34%	0.77
Jason Carone(2)	11-Oct-21	235,885	31/12/2024	30/06/2025	0.855	55%	0.34%	0.77
Mike Tamlin(2)	11-Oct-21	262,094	31/12/2024	30/06/2025	0.855	55%	0.34%	0.77
Darren Townsend(2)	11-Oct-21	262,094	31/12/2024	30/06/2025	0.855	55%	0.34%	0.77
Staf and consultants(2)	11-Oct-21	817,307	31/12/2024	30/06/2025	0.855	55%	0.34%	0.77
Chris Reed	5-Sep-22	239,904	31/12/2025	30/06/2026	1.310	61%	3.26%	1.15
Jason Carone	5-Sep-22	144,919	31/12/2025	30/06/2026	1.310	61%	3.26%	1.15
Mike Tamlin	5-Sep-22	126,804	31/12/2025	30/06/2026	1.310	61%	3.26%	1.15
Darren Townsend	5-Sep-22	126,804	31/12/2025	30/06/2026	1.310	61%	3.26%	1.15
Staf and consultants	5-Sep-22	495,625	31/12/2025	30/06/2026	1.310	61%	3.26%	1.15
Chris Reed	11-Sep-23	571,512	31/12/2026	30/06/2027	0.433	71%	3.84%	0.36
Jason Carone	11-Sep-23	314,759	31/12/2026	30/06/2027	0.433	71%	3.84%	0.36
Mike Tamlin	11-Sep-23	275,414	31/12/2026	30/06/2027	0.433	71%	3.84%	0.36
Darren Townsend	11-Sep-23	275,414	31/12/2026	30/06/2027	0.433	71%	3.84%	0.36
Staf and consultants	11-Sep-23	1,322,662	31/12/2026	30/06/2027	0.433	71%	3.84%	0.36
Staf and consultants	19-Jan-24	318,946	31/12/2026	30/06/2027	0.165	71%	3.84%	0.36
Staf and consultants(3)	11-Sep-23	249,937	30/06/2024	30/06/2024	0.433	71%	3.84%	0.45
Staf and consultants	11-Sep-23	214,233	30/06/2025	30/06/2025	0.433	71%	3.84%	0.45
Staf and consultants	11-Sep-23	214,233	30/06/2026	30/06/2026	0.433	71%	3.84%	0.45
Steven Cole(4)	12-Jul-23	162,089	30/06/2024	30/06/2024	0.511	n/a	n/a	0.49
Doug Ritchie(4)	12-Jul-23	91,175	30/06/2024	30/06/2024	0.511	n/a	n/a	0.49
Natalia Streltsova(4)	12-Jul-23	91,175	30/06/2024	30/06/2024	0.511	n/a	n/a	0.49
Jenny Purdie(4)	12-Jul-23	121,567	30/06/2024	30/06/2024	0.511	n/a	n/a	0.49
Les Guthrie(4)	12-Jul-23	25,326	30/06/2024	30/06/2024	0.511	n/a	n/a	0.49
Total		7,613,927

The valuation of the Non-executive Directors performance rights has been based on the amount of their fees that have been forgone calculated using a 5-day VWAP. The fair value of other KMP performance rights issued have been independently valued by a third party using a Monte Carlo simulation to determine fair value. A dividend yield of 0% has been applied to all share-based payments. The total expense recognised for the period arising from share-based payment transactions and accounted for as equity-settled share-based payment transactions is $894,935 (2023: $1,747,438).

1) 100% (80,000) of these performance rights have vested at 30 June 2023, of which 80,000 have been converted into ordinary shares after 30 June 2024.
2) 0% (nil) of these performance rights have vested at 30 June 2024 and will be retested at 31 December 2024.
3) 100% (249,937) of these performance rights have vested at 30 June 2024, of which 249,937 have been converted into ordinary shares after 30 June 2024.
4) 100% (491,332) of these performance rights have vested at 30 June 2024, of which 91,175 have been converted into ordinary shares. The remaining portion remain unexercised.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

9. Share Based Payments (Cont.)

The following reconciles the outstanding performance rights granted at the beginning and end of the financial year:

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2024 2023
Performance Performance
Rights No. Rights No.
Balance at beginning of the financial year 11,412,220 15,293,385
Granted during the financial year as compensation 4,694,711 1,705,325
Exercised during the financial year [(i) ] (6,180,793) (4,364,780)
Lapsed during the financial year [(ii)] (1,186,779) (956,433)
Forfeited during the financial year [(iii)] (1,125,432) (265,277)
Balance at the end of the financial year [(iv)] 7,613,927 11,412,220
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(i) 6,180,793 shares in the Company were issued on vesting of performance rights at a fair value of $1,299,763 at grant (2023: 4,364,780 for a fair value of $688,259 at grant). Refer to note 17.

(ii) 1,186,779 performance rights lapsed during the financial year (2023: 956,433).

(iii) 1,125,432 performance rights were forfeited on cessation of employment (2023: 265,277)

(iv) 821,269 of this balance is exercisable at the end of the period.

10. Trade and Other Receivables

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2024 2023
$ $
Current
Sundry debtors [(i)] 695,372 1,008,422
Other receivables 39,487 720,376
Prepayments 232,999 302,806
Total 967,858 2,031,604
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(i) Sundry debtors is inclusive of $337,409 owed from Primobius GmbH for reimbursement of expenditure paid for by Neometals Ltd.

11. Other Financial Assets

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2024 2023
$ $
Current
Financial assets measured at FVTPL [(i)] 218,089 763,650
Term deposits 325,000
Total Current 543,089 763,650
Non-current
Financial assets measured at FVTPL [(ii)] 3,769,028 4,429,896
Convertible note [(iii)] 749,063 669,075
Rental bond term deposit 295,712 200,000
Total Non-current 4,813,803 5,298,971
Total 5,356,892 6,062,621
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(i) Level 1 – Quoted market prices in active markets for identical assets:

The Group has invested in a portfolio of listed shares which are held for trading. Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss. The valuation technique and key inputs used to determine the fair value are quoted bid prices in an active market.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

11. Other Financial Assets (Cont.)

(ii) Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable:

The Group has invested in a portfolio of non-listed shares which are not actively traded. The fair values of these investments have been determined by external valuation specialists from time to time using various valuation techniques, including

but not limited to the market approach, the cost or net assets value approach and the income approach.

(iii) The Group has invested US$500,000 in a financing round for private US start up, Tyfast Energy Corp. The investment is by way of convertible note providing the Group with the ability to obtain a minority equity stake in Tyfast.

12. Exploration and Evaluation Expenditure

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Consolidated
Capitalised exploration and
evaluation expenditure
$
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Gross carrying amount
Balance at 30 June 2022	47,176,469
Additions	5,948,962
Balance at 30 June 2023	53,125,431
Additions	3,474,348
Remeasurement to fair value less cost of disposal	(30,558,282)
Balance transferred to asset held for sale	(25,388,163)
Balance at 30 June 2024	653,334
Accumulated impairment
Balance at 30 June 2022	5,760,720
Balance at 30 June 2023	5,760,720
Impairment expense	653,334
Impairment expense on asset held for sale	(5,760,720)
Balance at 30 June 2024	653,334
Net book value
As at 30 June 2023	47,364,711
As at 30 June 2024	-

The recovery of exploration expenditure carried forward is dependent upon the discovery of commercially viable mineral and other natural resource deposits, their development and exploration, or alternatively their sale.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

13. Property, Plant and Equipment

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Consolidated
Plant and
equipment
at cost
$
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Gross carrying amount
Balance at 30 June 2022	1,233,015
Additions	454,133
Written of	(147,524)
Balance at 30 June 2023	1,539,624
Additions	48,744
Transferred to asset held for sale	(484,631)
Balance at 30 June 2024	1,103,737
Accumulated depreciation
Balance at 30 June 2022	582,883
Depreciation expense	190,205
Written of	(110,733)
Balance at 30 June 2023	662,355
Depreciation expense	183,637
Transferred to asset held for sale	(163,740)
Balance at 30 June 2024	682,252
Net book value
As at 30 June 2023	877,269
As at 30 June 2024	421,485

14. Trade and Other Payables

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2024 2023
$ $
Trade payables 26,795 322,691
Accrued expenses 313,994 1,868,175
Total 340,789 2,190,866
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The average credit period on purchases is 30 days. No interest is charged on the trade payables. The Group has financial risk management policies in place to help ensure that all payables are paid within the settlement terms.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

15. Provisions

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2024 2023
$ $
Current
Annual leave 682,283 847,923
Long service leave 271,761 173,690
Total current 954,044 1,021,613
Non-current
Long service leave 39,132 72,685
Total non-current 39,132 72,685
Total 993,176 1,094,298
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16. Issued Capital

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||||
|---|---|---|
|2024|2023|
|$|$|
|622,810,316 fully paid ordinary shares (2023: 552,741,176)|158,706,319|146,234,171|

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2024 2023
No. $ No. No.
Fully paid ordinary shares
Balance at beginning of financial year 552,741,176 146,234,171 548,376,396 145,564,286
Share issue costs - (958,639) - (18,374)
Issue of capital 63,888,347 12,131,024 - -
Other share based payments (see note 9) 6,180,793 1,299,763 4,364,780 688,259
Balance at the end of the financial year 622,810,316 158,706,319 552,741,176 146,234,171
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Fully paid ordinary shares carry one vote per share and carry the right to dividends.

Share options

At balance date there were no share options in existence over ordinary shares (2023: nil).

Performance rights

At balance date there were 7,613,927 performance rights in existence over ordinary shares (2023: 11,412,220).

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

17. Reserves

The share based payments reserve arises on the grant of share options and performance rights for the provision of services by consultants and to executives and employees under the employee share option plan, performance rights plan, employment contracts or as approved by shareholders. Amounts are transferred out of the reserve and into issued capital when the options are exercised or when shares are issued pursuant to the terms of the performance rights. Further information about share-based payments to employees is provided in note 9 to the financial statements.

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2024 2023
$ $
Share based payments reserve:
Balance at the beginning of the financial year 9,515,136 8,455,957
Increase in share based payments 894,935 1,747,438
Amounts transferred to share capital on exercise (1,299,763) (688,259)
-
Historical reserve clearing [(i)] (6,819,357)
Balance at the end of the financial year 2,290,951 9,515,136
Convertible note reserve:
Balance at the beginning of the financial year 300,349 300,349
-
Historical reserve clearing [(ii)] (300,349)
Balance at the end of the financial year - 300,349
Investment revaluation reserve:
Balance at the beginning of the financial year 1,019,637 1,019,637
-
Historical reserve clearing [(iii)] (1,019,637)
Balance at the end of the financial year - 1,019,637
Total Reserves 2,290,951 10,835,122
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i) At 30 June 2024, the value of the reserve is reflective of the current performance rights in existence. The remaining amount has been transferred to accumulated losses.

ii) In August 2013 former Chairman, David Reed, committed to provide a standby facility to support the Company’s working capital position. As a result, and following shareholder approval, 2 million convertible notes were issued to David Reed that were converted into 50,000,000 fully paid ordinary shares in November 2015. At 30 June 2024, these historical amounts were cleared from the reserve to accumulated losses.

iii) The investments revaluation reserve represents historical gains and losses which had accumulated under a previous policy of revaluing available-for-sale financial assets in other comprehensive income and which ceased on 30 June 2017. At 30 June 2024, these historical amounts were cleared from the reserve to accumulated losses.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

18. Earnings Per Share

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2024 2023
Cents per Cents per
share share
Basic earnings per share:
Continuing operations (6.43) (6.27)
Continuing and discontinued operations (11.65) (6.30)
Diluted earnings per share:
Continuing operations (6.43) (6.27)
Continuing and discontinued operations (11.65) (6.30)
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Basic and diluted loss per share

The loss and weighted average number of ordinary shares used in the calculation of basic and diluted loss per share are as follows:

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2024 2023
$ $
Loss [ (i)]
Continuing operations (38,167,032) (34,608,562)
Continuing and discontinued operations (69,112,917) (34,804,369)
2024 2023
No. No.
Weighted average number of ordinary shares for the purpose of basic loss per share 593,279,914 552,167,746
Weighted average number of ordinary shares for the purpose of diluted loss per share 593,279,914 552,167,746
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(i) Loss used in the calculation of profit / (loss) per share reconciles to net loss in the consolidated statement of comprehensive income.

19. Commitments for Expenditure

(a) Exploration and evaluation expenditure commitments

The Consolidated Entity holds mineral exploration licences in order for it to undertake its exploration and evaluation activities. To continue to hold tenure over these areas the Group is required to undertake a minimum level of expenditure on or in relation to the leases. Minimum expenditure commitments for the exploration and mining leases for the 2024 financial year are outlined in the table below.

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2024 2023
$ $
Exploration expenditure commitments
Not longer than 1 year [(i)] 739,212 707,509
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(i) Due to the nature of this expenditure, in that the expenditure commitments may be reduced by the relinquishment of tenements, estimates for the commitment have not been forecast beyond June 2025.

(b) Joint venture commitments

Pursuant to the shareholders agreement providing shareholders funding, in July 2024, Neometals Ltd contributed €2,000,000 to Primobius GmbH to continue to fund ongoing joint venture activities.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

20. Leases

Leasing arrangements

Leases relate to the lease of commercial premises in West Perth, Welshpool, and a photocopier. The lease agreement for the Company’s West Perth premises was renewed until 30 June 2026. The lease of a photocopier is for a period of 36 months expiring in June 2026. The Welshpool lease expired in February 2023 and was renewed until February 2026. A lease was entered into in June 2023 for another floor in the West Perth office until 30 June 2026. The commitments are based on the fixed monthly lease payment. At 30 June 2024, the leases belonging to Australian Titanium (Welshpool warehouse and West Perth office floor) were transferred to asset held for sale. On 1 January 2022, Recycling Industries Scandinavia AB (RISAB) entered into a land lease agreement with the Port of Pori until 31 December 2035, which has been included due to the consolidation of RISAB, now that Neometals Ltd has control. The right of use asset related to this land use agreement has been impaired.

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30 June 2024
Land &
Equipment Total
Buildings
$ $ $
Right-of-use assets
Cost 4,265,755 14,359 4,280,114
Accumulated Depreciation (1,100,724) (3,590) (1,104,313)
Impairment (2,766,774) - (2,766,774)
Carrying Amount 398,257 10,769 409,026
30 June 2024
Land &
Equipment Total
Buildings
$ $ $
Lease liability
Opening 937,673 - 937,673
Additions - 14,359 14,359
Amount recognised on gaining control 3,598,854 - 3,598,854
Interest 116,093 1,004 117,097
Lease repayments (347,889) (4,188) (352,077)
Transferred to held for sale (204,985) - (204,985)
Closing 4,099,746 11,175 4,110,921
Current 124,856 3,440 128,296
Non-current 3,974,890 7,735 3,982,625
30 June 2023
Buildings Equipment Total
$ $ $
Right-of-use assets
Cost 1,813,441 9,044 1,822,485
Accumulated Depreciation (917,751) (9,044) (926,795)
Carrying Amount 895,690 - 895,690
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Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

20. Leases (Cont.)

	Buildings Equipment $ $	30 June 2023 Total $
Lease liability Opening Additions Interest Lease repayments	362,713 9,044 935,241 - 26,827 172 (387,107) (9,216)	371,757 935,241 26,999 (396,323)
Closing	937,674 -	937,674
Current Non-current	285,625 - 652,049 - 2024 $	285,625 652,049 2023 $
Amounts recognised in proft and loss
Depreciation expense on right-of-use asset	177,518	332,817
Interest expense on lease liabilities	63,266	26,999
Impairment expense	2,766,774	-
Total	3,007,558	359,816

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

21. Joint Arrangements

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||||||
|---|---|---|---|---|
|Name of operation|Principal activity|Interest|
|2024|2023|
|%|%|
|Reed Advanced Materials Pty Ltd|[(i)]|Evaluation of lithium hydroxide process|70|70|

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The Consolidated Entity’s interest in assets employed in the above joint ventures is detailed below.

(i) Reed Advanced Materials Pty Ltd (“RAM”)

On 6 October 2015 Neometals and Process Minerals International Pty Ltd entered into a shareholders agreement for the purposes of establishing and operating a joint venture arrangement through RAM to operate a business of researching, designing and developing the capabilities and technology relating to the processing of lithium hydroxide. Following the execution of the shareholders agreement RAM was held 70:30 between Neometals and Process Minerals International.

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2024 2023
% %
Summarised financial information for the joint venture:
Carrying value of investment in the joint venture 1 1
Opening loan to joint venture - 350,000
Loan to joint venture during the period 1,143,956 2,366,703
Impairment of loan to joint venture (1,143,956) (2,716,703)
Closing loan to joint venture - -
Share of loss of joint venture not recognised in profit or loss (1,192,497) (1,532,266)
2024 2023
% %
Reed Advanced Materials Pty Ltd Summary Balance Sheet
Current assets 1,475,676 1,465,895
Non-current assets 601,304 678,909
Current liabilities (7,790,196) (6,147,087)
Non-current liabilities - -
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Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

21. Joint Arrangements (Cont.)

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Name of operation Principal activity Interest
2024 2023
% %
Primobius GmbH [(ii)] Lithium battery recycling 50 50
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The Consolidated Entity’s interest in assets employed in the above joint ventures is detailed below.

(ii) Primobius GmbH

On 31 July 2020, Neometals and SMS group GmbH entered into a formal agreement to establish a 50:50 JV (‘Primobius GmbH’) to commercialise Neometals proprietary lithium battery recycling process.

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2024 2023
% %
Summarised financial information for the joint venture:
Opening balance of investment in joint venture 4,699,280 5,458,508
Cash contributions 4,124,491 3,091,947
Share of loss of joint venture recognised in profit or loss (6,157,321) (3,851,175)
Carrying value of investment in the joint venture 2,666,450 4,699,280
2024 2023
% %
Primobius GmbH Summary Balance Sheet
Current assets [(a)] 2,195,514 6,200,733
Non-current assets 7,028,391 8,667,753
Current liabilities (3,788,294) (5,307,806)
Non-current liabilities - -
Revenue 19,149,274 1,567,123
Expense [(b)] (31,463,917) (9,269,473)
Loss from continuing operations (12,314,643) (7,702,350)
Share of loss of joint venture recognised in profit or loss (6,157,321) (3,851,175)
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(a) The current asset balance is inclusive of cash and cash equivalents of $1,688,116 (2023: $5,566,896)

(b) The expenses balance is inclusive of depreciation of $2,451,581 (2023: $2,472,877)

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

21. Joint Arrangements (Cont.)

Name of operation	Principal activity	2024 %	Interest 2023 %
Recycling Industries Scandinavia AB(iii)	Vanadium recovery	88.0	72.5

(iii) Recycling Industries Scandinavia AB (“RISAB”)

In March 2023, Neometals and Critical Metals Ltd executed an agreement to formalise a 50:50 Vanadium Recovery Project JV (RISAB). In April 2023, Neometals’ interest in RISAB increased to 72.5% following additional equity contributions of $3.0 million. During the financial year, Neometals ownership increased to 88% from additional contributions resulting in consolidation of RISAB within the Groups financial statements. The balance of the investment in RISAB has been impaired to nil.

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2024 2023
% %
Summarised financial information for the joint venture:
Opening balance of investment in joint venture 642,964 -
Cash contributions 3,375,352 4,090,590
Share of (profit)/loss of joint venture recognised in profit or loss (2,361,858) (3,447,626)
-
Impairment of joint venture (1,656,458)
Carrying value of investment in the joint venture - 642,964
Name of operation Principal activity Interest
2024 2023
% %
ACN 630 589 507 Pty Ltd [(iv] ) Lithium-ion battery recycling IP 50 50
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The Consolidated Entity’s interest in assets employed in the above joint ventures is detailed below.

(iv) ACN 630 589 507 Pty Ltd (“ACN 630”)

On 8 December 2022, Neometals transferred 50% equity interest in battery recycling IP holding company, ACN 630 589 507 Pty Ltd to SMS group GmbH on an unconditional basis. As a result of this, ACN 630 left the Neometals consolidated group due to a loss of control event.

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2024 2023
% %
Summarised financial information for the joint venture:
Opening balance of investment in joint venture 106,801 -
Cash contributions 60,000 106,801
-
Share of loss of joint venture recognised in profit or loss (97,087)
Carrying value of investment in the joint venture 69,714 106,801
2024 2023
% %
ACN 630 589 507 Pty Ltd Summary Balance Sheet
Current assets 57,124 119,077
Non-current assets 286,277 275,722
Current liabilities - (10,000)
Non-current liabilities (333,600) (213,598)
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Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

22. Investment in Associate

Redivium Limited (formerly Hannans Ltd)

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Name of operation Principal activity Interest
2024 2023
% %
Redivium Limited (formerly Hannans Ltd) Lithium-ion battery recycling 26.04 26.09
The above associate is accounted for using the equity method in this consolidated financial report.
2024 2023
% %
Summarised financial information for the associate:
Opening carrying value of investment in associate 9,677,933 13,668,977
Shares purchased / (disposed of) at fair value - 694,515
Share of loss of associate recognised in profit or loss [(i)] (438,965) (3,412,514)
Impairment expense [(ii)] (6,599,531) (1,273,045)
Closing carrying value of investment in associate [(III)] 2,639,437 9,677,933
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(i) The equity accounted share of the associate’s loss as adjusted as if applying the same accounting policies as Neometals is credited against the carrying value of the investment in the associate.

(ii) In the current financial year, the carrying value of the investment in associate has been impaired down to its carrying value on a per share basis resulting in a $6,599,531 expense (2023: $1,273,045)

(iii) The fair value of the Groups investment in Redivium as at 30 June 2024 on a per share basis is $2,639,437 (2023: $9,677,933) based on a share price of $0.003 at 30 June 2024 (30 June 2023: $0.011)

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2024 2023
% %
Shares held in Redivium Limited 879,812,014 879,812,014
2024 2023
% %
Redivium Limited Summary Balance Sheet
Current assets 3,374,202 3,681,473
Non-current assets 13,177,886 13,095,013
Current liabilities (90,702) (142,230)
Non-current liabilities - -
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Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

23. Subsidiaries

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Name of entity Ownership interest
Country of
2024 2023
incorporation
% %
Parent entity
Neometals Ltd Australia
Subsidiaries
Australian Titanium Pty Ltd (formerly Australian Vanadium Corporation Australia 100 100
(Holdings) Pty Ltd) [(i)]
Alphamet Management Pty Ltd (formerly Australian Vanadium Australia 100 100
Corporation (Investments) Pty Ltd)
Australia 100 100
Inneovation Pty Ltd (formerly Australian Vanadium Exploration Pty Ltd)
Australia 100 100
Neometals Energy Pty Ltd (formerly Barrambie Gas Pty Ltd)
Australia 100 100
Neomaterials Pty Ltd (formerly GMK Administration Pty Ltd)
Australia 100 100
Neometals Investments Pty Ltd (formerly Gold Mines of Kalgoorlie Pty Ltd)
Australia 100 100
Urban Mining Pty Ltd (formerly Mount Finnerty Pty Ltd)
Australia 100 100
Adamant Technologies Pty Ltd
Avanti Materials Ltd Australia 100 100
Ecometals Pty Ltd Australia 100 100
Avanti Minerals Ltd Australia 100 -
Recycling Industries Scandavia AB [(ii)] Sweden 88 N/A
Novana Oy Finland 88 N/A
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All of these companies are members of a tax consolidated group. Neometals Ltd is the head entity of the tax consolidated group.

(i) Australian Titanium Pty Ltd has been classified as asset held for sale. Refer to note 6 for further information.

(ii) Refer to note 21 for further information on change in ownership percentage.

24. Segment Information

Basis for segmentation

AASB 8 Operating Segments requires the presentation of information based on the components of the entity that management regularly reviews for its operational decision making. This review process is carried out by the Chief Operating Decision Maker (“ CODM ”) for the purpose of allocating resources and assessing the performance of each segment. The amounts reported for each operating segment is the same measure reviewed by the CODM in allocating resources and assessing performance of that segment.

For management purposes, the Group operates under three operating segments comprised of the Group’s lithium, titanium/vanadium and ‘other segments’ which comprises other minor exploration projects and mineral process technology businesses. The titanium/vanadium operating segment is separately identified given it possess different competitive and operating risks and meets the quantitative criteria as set out in the AASB 8. The ‘other segments’ category is the aggregation of all remaining operating segments given sufficient reportable operating segments have been identified.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

For the year ended 30 June 2024

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Reportable operating segments Lithium Vanadium & Other Corporate Total
Titanium
$ $ $ $ $
Revenue from external customers - - - - -
Cost of sales - - - - -
Gross profit/(loss) - - - - -
Other income - - - 544,119 544,119
Share of loss of JV and associate (6,254,409) (2,361,858) (438,965) - (9,055,232)
Impairment on investment in associate & JV (1,143,956) (1,656,458) (6,599,531) - (9,399,945)
Depreciation and Amortisation - (14,382) - (298,764) (313,146)
Total expenses (659,818) (6,653,438) (803,460) (12,142,692) (20,259,408)
Loss before tax (8,058,183) (10,686,136) (7,841,956) (11,897,337) (38,483,612)
Loss for the year from discont’d operations - (30,945,885) - - (30,945,885)
Income tax benefit - - - 316,580 316,580
Consolidated loss after tax (8,058,183) (41,632,021) (7,841,956) (11,580,757) (69,112,917)
As at 30 June 2024
Total segment assets 2,744,994 341,332 7,376,284 11,457,403 21,920,013
Assets classified as held for sale - 20,214,451 - - 20,214,451
Total assets 2,744,994 20,555,783 7,376,284 11,457,403 42,134,464
For the year ended 30 June 2023
Revenue from external customers - - - - -
Cost of sales - - - - -
Gross profit/(loss) - - - - -
Other income - - - 1,061,585 1,061,585
Share of loss of JV and associate (3,851,175) (3,447,626) (3,412,514) - (10,711,315)
Impairment on investment in - -
(2,716,703) (1,273,045) (3,989,748)
associate & JV
Depreciation and Amortisation - (7,571) - (412,551) (420,122)
Total expenses (213,765) (3,182,316) (670,161) (17,857,375) (21,923,617)
Profit/(loss) before tax (6,781,643) (6,637,513) (5,355,720) (17,208,341) (35,983,217)
Loss for the year from discontinued - (195,807) - - (195,807)
operations
Income tax benefit - - - 1,374,655 1,374,655
Consolidated profit/(loss) after tax (6,781,643) (6,833,320) (5,355,720) (15,833,686) (34,804,369)
As at 30 June 2023
Total segment assets 6,000,490 48,796,923 15,291,630 27,654,518 97,743,561
Total assets 6,000,490 48,796,923 15,291,630 27,654,518 97,743,561
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(i) The carrying value of the investment in associate has been impaired down to its carrying value on a per share basis, resulting in a $6,599,531 expense (2023: $1,273,045). (See note 22)

Geographical information

The Group operates in four geographical areas being Germany, Finland, Portugal and Australia (country of domicile).

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

25. Related Party Disclosures

(a) Equity interests in related parties

Equity interests in subsidiaries

Details of the percentage of ordinary shares held in subsidiaries are disclosed in note 23 to the financial statements.

Equity interests in joint arrangements

Details of the percentage of ordinary shares held in joint arrangements are disclosed in note 21 to the financial statements.

(b) Key management personnel remuneration

Details of Key Management Personnel remuneration are disclosed on 40-52 of the Remuneration Report.

(c) Key management personnel equity holdings

Fully paid ordinary shares of Neometals Ltd

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Balance Balance Received on Net Balance Balance
at on exercise of other at held
01/07/2023 appoint. perf rights change 30/06/2024 nominally
2024 No. No. No. No. No. No.
Non-executive directors
S. Cole 1,951,771 - 54,499 250,785 2,257,055 -
D. Ritchie 335,269 - 40,875 47,018 423,162 -
N. Streltsova 280,269 - 40,875 40,143 361,287 -
L. Guthrie 231,357 - 8,175 27,534 267,066 -
Executive director
C. Reed 7,868,589 - 1,491,079 776,411 10,136,079 -
J. Purdie [(1)] 471,732 - 40,875 58,967 571,574 -
Other executives
M. Tamlin 983,622 - 604,536 40,000 1,628,158 -
J. Carone 766,462 - 532,844 (129,306) 1,170,000 -
D. Townsend 410,405 - 581,284 (490,642) 501,047 -
M. Gray [(2)] 7,770 - - - 7,770 -
C. Reiche [(2)] - - - - - -
Total 13,307,246 - 3,395,042 620,910 17,323,198 -
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(1) Jenny Purdie was appointed Chief Operating Officer on 24 May 2024.

(2) In September 2023, Merrill Gray resigned from the position of Head of Recycling. In October 2023, Christian Reiche was appointed Head of Recycling.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

25. Related Party Disclosures (Cont.)

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Balance Balance Received on Net Balance Balance
at on exercise of other at held
01/07/2022 appoint. perf rights change 30/06/2023 nominally
2023 No. No. No. No. No. No.
Non-executive directors
S. Cole 1,890,160 - 61,611 - 1,951,771 -
D. Ritchie 209,819 - 55,450 70,000 335,269 -
N. Streltsova 224,819 - 55,450 - 280,269 -
J. Purdie 330,072 - 55,450 86,210 471,732 -
L. Guthrie 220,267 - 11,090 - 231,357 -
Executive director
C. Reed 6,882,172 - 986,417 - 7,868,589 -
Other executives
M. Tamlin 535,853 - 447,769 - 983,622 -
J. Carone 515,000 - 394,668 (143,206) 766,462 -
D. Townsend 251,057 430,547 (271,199) 410,405 -
M. Gray - - - 7,770 7,770 -
Total 11,059,219 - 2,498,452 (250,425) 13,307,246 -
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Share options of Neometals Ltd

No options were issued to related parties during the current period (2023: nil).

Performance rights of Neometals Ltd

In the current reporting period the Company granted 2,449,947 (2023: 944,284) performance rights to executives and KMP pursuant to the Company’s Performance Rights Plan.

Further details of performance rights granted are contained in note 9 to the financial statements.

Performance rights granted to related parties

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

25. Related Party Disclosures (Cont.)

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During the Financial Year
Earliest Consideration
Fair value at exercise payable on
Name Grant date No. granted No. vested grant date date exercise
KMP:
N. Streltsova [(1)] 12/07/2023 91,175 91,175 45,000 30/06/2024 -
D. Ritchie [(1)] 12/07/2023 91,175 91,175 45,000 30/06/2024 -
S. Cole [(1)] 12/07/2023 162,089 162,089 80,000 30/06/2024 -
J. Purdie [(1)] 12/07/2023 121,567 121,567 60,000 30/06/2024 -
L. Guthrie [(1)] 12/07/2023 25,326 25,326 12,500 30/06/2024 -
C. Reed [(2)] 11/09/2023 571,512 - 204,030 30/06/2026 -
J. Carone [(2)] 11/09/2023 314,759 - 112,369 30/06/2026 -
M. Tamlin [(2)] 11/09/2023 275,414 - 98,323 30/06/2026 -
D. Townsend [(2)] 11/09/2023 275,414 - 98,323 30/06/2026 -
M. Gray [(2)] 11/09/2023 261,840 - 93,477 30/06/2026 -
C. Reiche [(2)] 19/01/2024 259,676 - 92,704 30/06/2026 -
Total 2,449,947 491,332 941,726 -
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(1) 30 June 2024 Non-Executive Directors became entitled to securities whose vesting conditions were the subject to the rules of the Performance Rights Plan.

(2) The number of performance rights that will actually vest, if any, is determined by the Company’s performance based on Neometals relative and absolute TSR compared to the comparative group of companies over a 3 year period and Business Plan strategic objectives.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

25. Related Party Disclosures (Cont.)

Details of performance rights held by KMP and of shares issued during the financial year as a result of the vesting of performance rights:

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Fair value Vested Forfeited/ Ordinary
of rights Granted during the lapsed during shares
at grant financial the financial issued on
date year year exercise of
rights
Name Grant date $ No. No. No.
KMP:
C. Reed [(1)] 7/12/2020 307,659 1,656,754 - 165,675 1,491,079
J. Carone [(1)] 7/12/2020 123,686 666,055 - 133,211 532,844
M. Tamlin [(1)] 7/12/2020 140,328 755,670 - 151,134 604,536
D. Townsend [(1)] 7/12/2020 134,931 726,605 - 145,321 581,284
C. Reed [(1)] 11/10/2021 442,592 574,049 - - -
J. Carone [(1)] 11/10/2021 181,867 235,885 - - -
M. Tamlin [(1)] 11/10/2021 202,074 262,094 - - -
D. Townsend [(1)] 11/10/2021 202,074 262,094 - - -
C. Reed [(1)] 5/09/2022 276,034 239,904 - - -
J. Carone [(1)] 5/09/2022 166,744 144,919 - - -
M. Tamlin [(1)] 5/09/2022 145,901 126,804 - - -
D. Townsend [(1)] 5/09/2022 145,901 126,804 - - -
M. Gray [(1)] 5/09/2022 138,709 120,554 - 120,554 -
N. Streltsova [(2)] 4/08/2022 45,000 40,875 - - 40,875
D. Ritchie [(2)] 4/08/2022 45,000 40,875 - - 40,875
S. Cole [(2)] 4/08/2022 60,000 54,499 - - 54,499
J. Purdie [(2)] 4/08/2022 45,000 40,875 - - 40,875
L. Guthrie [(2)] 4/08/2022 9,000 8,175 - - 8,175
C. Reed [(1)] 11/09/2023 204,030 571,512 - - -
J. Carone [(1)] 11/09/2023 112,369 314,759 - - -
M. Tamlin [(1)] 11/09/2023 98,323 275,414 - - -
D. Townsend [(1)] 11/09/2023 98,323 275,414 - - -
M. Gray [(1)] 11/09/2023 93,477 261,840 - 261,840 -
C. Reiche [(1)] 19/01/2024 92,704 259,676 - - -
N. Streltsova [(3)] 12/07/2023 45,000 91,175 91,175 - -
D. Ritchie [(3)] 12/07/2023 45,000 91,175 91,175 - -
S. Cole [(3)] 12/07/2023 80,000 162,089 162,089 - -
J. Purdie [(3)] 12/07/2023 60,000 121,567 121,567 - -
L. Guthrie [(3)] 12/07/2023 12,500 25,326 25,326 - -
Total 3,754,226 8,533,437 491,332 977,735 3,395,042
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(1) The number of performance rights that will actually vest, if any, is determined by the Company’s performance based on Neometals TSR compared to the comparative group of companies over the 3-year period as set out in the employee’s employment contract. As a result of the testing of the Company’s performance over this period no rights vested (2023: 3,209,743).

(2) Under the Performance Rights Plan, Non-Executive Directors were invited to forgo part of their fees for their services in exchange for performance rights. At 30 June 2023 all performance rights have vested. As a result of the testing of the Company’s performance over this period, 185,299 rights vested and shares were issued (2023: 239,051).

(3) Under the Performance Rights Plan, Non-Executive Directors were invited to sacrifice part of their fees for their services in exchange for performance rights. At 30 June 2024 all performance rights have vested.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

25. Related Party Disclosures (Cont.)

The performance rights granted entitle the grantee to one fully paid ordinary share in Neometals Ltd for nil cash consideration on satisfaction of the vesting criteria.

(d) Transactions with other related parties

Other related parties include:

The parent entity;
Associates;
Joint ventures in which the entity is a venturer;
Subsidiaries;
Key Management Personnel of the Group; and
Other related parties.

The Group has provided loans to its joint venture, Reed Advanced Materials Pty Ltd, and equity contributions to its joint ventures, Primobius GmbH, Recycling Industries Scandinavia AB and ACN 630 589 507 Pty Ltd (see note 21).

Transactions involving the parent entity

The directors elected for wholly-owned Australian entities within the Group to be taxed as a single entity from 1 July 2003.

No other transactions occurred during the financial year between entities in the wholly owned Group.

(e) Controlling entities

The ultimate parent entity of the Group is Neometals Ltd, a company incorporated and domiciled in Australia.

26. Auditors Remuneration

Details of the amounts paid or payable to the auditor for the audit and other assurance services during the year are as follows:

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2024 2023
$ $
Audit services - Deloitte Touche Tohmatsu
Fees to the group auditor for the audit or review of the statutory financial reports
256,420 289,006
of the Company, subsidiaries and joint operations
Fees for other assurance and agreed-upon procedures under other legislation or
contractual arrangements - Australia - 14,621
Total remuneration of Deloitte Touche Tohmatsu 256,420 303,627
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Audit services – Other frms
Fees for auditing the fnancial reports of any controlled entities	-	24,684
Total remuneration of other frms	-	24,684

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

27. Notes to the Statement of Cash Flows

(a) Reconciliation of cash and cash equivalents

For the purposes of the cash flow statement, cash and cash equivalents includes cash on hand and in banks and investments in money market instruments, net of outstanding bank overdrafts. Cash and cash equivalents at the end of the financial year as shown in the Cash Flow Statement is reconciled to the related items in the statement of financial position as follows:

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2024 2023
$ $
Cash and cash equivalents at the end of the financial year 9,103,833 24,438,695
9,103,833 24,438,695
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(b) Reconciliation of profit / (loss) for the period to net cash flows from operating activities

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2024 2023
$ $
(Loss) / Profit for the year (69,112,917) (34,804,369)
Impairment (reversal)/expense 12,820,053 3,989,748
Loss on disposal of financial assets 274,140 150,247
Loss on disposal of subsidiary - 212,473
Share of loss in associate 438,965 3,412,514
Share of loss in Joint Venture 8,616,266 7,298,801
Net loss on financial assets measured at FVTPL 778,241 512,769
Interest received on investments (526,963) (1,056,585)
Finance costs recognised in profit or loss 102,305 29,859
Depreciation and amortisation of non-current assets 491,176 523,023
Equity settled share-based payment 894,935 1,747,437
Loss from discontinued operation 30,945,885 -
Net foreign exchange (gain)/loss 48,563 (4,204)
(Increase) / decrease in assets:
Current receivables 1,609,307 (1,513,597)
Other 47,987 49,748
Increase / (decrease) in liabilities:
Current payables (1,706,013) (131,597)
Deferred tax liability - (782,904)
Provisions and other 764,512 (31,905)
Net Cash used in operating activities (13,513,558) (20,398,542)
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Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

28. Financial Instruments

(a) Financial risk management objectives

The Consolidated Entity does not enter into derivative financial instruments for speculative or hedging purposes.

(b) Significant accounting policies

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 2 to the financial statements.

(c) Interest rate risk

The following tables detail the Group’s exposure to interest rate risk:

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2024 Weighted Variable Maturity dates Non Total
effective average interest Less than 1-5 More than interest
interest rate 1 year years 5 years bearing
rate
% % $ $ $ $ $
Financial assets:
Cash and cash equivalents AUD 2.06% - 5,399,939 - - - 5,399,939
Cash and cash equivalents EUR 0.00% - 3,652,724 - - - 3,652,724
Cash and cash equivalents USD 0.00% - 7,094 - - - 7,094
Cash and cash equivalents GBP 0.00% - 44,076 - - - 44,076
Bond term deposits [(i)] 4.92% - 620,712 - - - 620,712
Cash deposits trust 0.00% - - - - - -
Trade and other receivables 0.00% - - - - 967,858 967,858
Financial liabilities:
Trade payables [(ii)] - - - - - 340,789 340,789
Lease liability 7.77% - 128,296 872,262 3,110,363 - 4,110,921
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(i) The balances represent two term deposits that are restricted in their use and are classified in the current reporting period as other financial assets. Additional information on all other term deposits is provided at notes 11 and 27(b). The financial assets have contractual maturities of less than one year, however they are classified as non-current in the statement of financial position as they are not accessible to the Group due to restrictions placed on accessing the funds.

(ii) Non interest bearing liabilities are due within 30 days.

Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

28. Financial Instruments (Cont.)

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2023 Weighted Variable Maturity dates Non Total
effective average interest Less than 1-5 More than interest
interest rate 1 year years 5 years bearing
rate
% % $ $ $ $ $
Financial assets:
Cash and cash equivalents AUD 3.77% - 24,013,096 - - - 24,013,096
Cash and cash equivalents EUR 0.00% - 208,846 - - - 208,846
Cash and cash equivalents USD 0.00% - 127,552 - - - 127,552
Cash and cash equivalents GBP 0.00% - 89,199 - - - 89,199
Bond term deposits [(i)] 4.17% - 200,000 - - - 200,000
Cash deposits trust 0.00% - - - - - -
Trade and other receivables 0.00% - - - - 2,031,604 2,031,604
Financial liabilities:
Trade payables - - - - - 2,190,866 2,190,866
Lease liabilities 7.77% - 285,625 652,049 - - 937,674
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Neometals Ltd | Annual Report 2024

Notes to the Consolidated Financial Statements

28. Financial Instruments (Cont.)

(d) Credit risk management

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the consolidated entity. The consolidated entity has adopted a policy of only dealing with credit-worthy counterparties and obtaining sufficient collateral where appropriate as a means of mitigating the risk of financial loss from defaults. The consolidated entity exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties.

The consolidated entity does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics other than the Joint Venture. The credit risk on liquid funds is limited because the counterparties are banks with high creditratings assigned by international credit-rating agencies.

(e) Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the board of directors, who have built an appropriate liquidity risk management framework for the management of the Group’s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves and banking facilities, and by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.

The undiscounted lease liabilities balance is $4,110,921, split between $128,296 with a maturity date of less than 1 year, $872,262 with a maturity date of 1-5 years, and $3,110,363 with a maturity date of more than 5 years.

In addition to financial liabilities in note 14, the Company is required to meet minimum spend commitments to maintain the tenure over the Company’s mineral exploration areas as described in note 19.

(f) Fair value

The carrying amount of financial assets measured at amortised cost recorded in the financial statements approximates their respective fair values.

Financial assets carried at fair value through profit or loss comprise investments predominantly in Australian listed equities. Their fair value is determined using key inputs of quoted bid prices in an active market multiplied by the number of shares held, which is Level 1 in the fair value hierarchy. Where quoted prices in an active market are unable to be used to determine fair value, alternative valuation methods are used to most accurately represent the equities fair value which for the investments held by the entity include other observable inputs and is therefore categorised as level 3 on the fair value hierarchy.

Other than the investments held at fair value, the Group does not hold any instruments that are measured at fair value. There have been no transfers between fair value classes during the year. The sensitivity analysis below has been calculated based on the exposure to equity price risk at the end of the reporting period for financial assets carried at fair value through profit or loss. A 25 percent increase and decrease has been used to assess the sensitivity of the equity price risk and represents management’s assessment of a reasonably possible change in equity pricing.

If equity prices had been 25 percentage higher/lower and all other variables were held constant, the Group’s profit for the year ended 30 June 2024 would decrease/increase by $996,779 (2023: $1,298,386).

(g) Capital management

The board’s policy is to endeavour to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Group sources any additional funding requirements from either debt or equity markets depending on the market conditions at the time the funds are sourced and the purpose for which the funds are to be used. The Group is not subject to externally imposed capital requirements.

(h) Interest rate risk management

The Group is exposed to interest rate risk as the Group has funds on deposit as security for the head office lease.

The sensitivity analysis below has been calculated based on the exposure to interest rates at the end of the reporting period. A 50 basis point increase and decrease has been used when reporting the interest rate risk and represents management’s assessment of the potential change in interest rates.

If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Group’s profit for the year ended 30 June 2024 would decrease/increase by $48,917 (2023: decrease/increase $123,193). This is mainly attributable to the Group’s exposure to interest rates on the maturity of its term deposits.

29. Contingent Liabilities

The Group has no contingent liabilities as at 30 June 2024 (2023: nil).

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Notes to the Consolidated Financial Statements

30. Events After the Reporting Period

On 19 August 2023, Neometals announced the successful completion of a subscription agreement with existing long-term shareholder Mr William Robert Richmond for approximately US$3m through the issue of 66,666,666 new ordinary fully paid shares. The shares were issued on 20 August 2024.

On 22 August 2024, Neometals announced a strategy update for a restructure of the company to right-size the organisation and its underlying cost base to reflect a new strategic refocus.

On 23 September 2024, Neometals announced a gold exploration target related to the Barrambie Project.

Consolidated Entity Disclosure Statement

As at 30 June 2024

The Consolidate Entity Disclosure Statement has been prepared in accordance with the Corporations Act 2001 and includes required information for each entity that was part of the consolidated entity as at the end of the financial year.

Section 295 (3A) of the Corporations Act 2001 defines tax residency as having the meaning in the Income Tax Assessment Act 1997. The determination of tax residency involves judgement as there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency.

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Body Corporate Tax residency
Name of Entity Place formed or % of share Australian or Foreign
Entity Type incorporated capital held foreign jurisdiction
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Neometals Ltd	Body Corporate	Australia	N/A	Australia1	N/A
Australian Titanium Pty	Body Corporate	Australia	100	Australia1	N/A
Alphamet Management Pty Ltd	Body Corporate	Australia	100	Australia1	N/A
Inneovation Pty Ltd	Body Corporate	Australia	100	Australia1	N/A
Neometals Energy Pty Ltd	Body Corporate	Australia	100	Australia1	N/A
Neomaterials Pty Ltd	Body Corporate	Australia	100	Australia1	N/A
Neometals Investments Pty Ltd	Body Corporate	Australia	100	Australia1	N/A
Urban Mining Pty Ltd	Body Corporate	Australia	100	Australia1	N/A
Adamant Technologies Pty Ltd	Body Corporate	Australia	100	Australia1	N/A
Avanti Materials Ltd	Body Corporate	Australia	100	Australia1	N/A
Ecometals Pty Ltd	Body Corporate	Australia	100	Australia1	N/A
Avanti Minerals Ltd	Body Corporate	Australia	100	Australia1	N/A
Recycling Industries Scandinavia AB	Body Corporate	Sweden	88	Foreign	Sweden
Novana Oy	Body Corporate	Finland	88	Foreign	Finland

1 This entity is part of the tax-consolidated group under Australian taxation law, for which Neometals Ltd is the head entity.

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Additional ASX Information

06 Additional ASX Information

Ordinary Fully Paid Shares (Total) Composition : ORD

Range of units as of 17 September 2024

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Range Total holders Units % Units
1 – 1,000 2,084 1,191,482 0.17
1,001 – 5,000 4,231 11,691,026 1.69
5,001 – 10,000 2,087 16,330,356 2.37
10,001 – 100,000 3,710 122,857,337 17.81
100,001 over 730 537,827,893 77.96
Total 12,842 689,898,094 100.00
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Unmarketable parcels
Range	Minimum parcel size	Holders	Units
Minimum $ 500.00 parcel at $ 0.0900 per unit	5,556	6,527	14,009,259

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Additional ASX Information

Top holders (ungrouped) as of 17 September 2024

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Rank Name Units % Units
1 MR WILLIAM ROBERT RICHMOND 68,592,646 9.94
2 BNP PARIBAS NOMINEES PTY LTD 34,839,901 5.05
3 MR DAVID JOHN REED 26,001,674 3.77
4 CITICORP NOMINEES PTY LIMITED 25,553,085 3.70
5 FARJOY PTY LTD 17,905,581 2.60
6 MR KENNETH JOSEPH HALL 16,000,000 2.32
7 BNP PARIBAS NOMS PTY LTD 13,788,427 2.00
8 MR MICHAEL SYDNEY SIMM 7,774,649 1.13
9 MR FRANCIS JAMES ROBINSON 7,750,000 1.12
10 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 7,683,085 1.11
11 BNP PARIBAS NOMINEES PTY LTD 7,108,322 1.03
12 J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 6,421,514 0.93
13 ROSSBOW PTY LTD 5,780,000 0.84
14 HAREWOOD PTY LTD 5,133,750 0.74
15 RS LINFOOT INVESTMENTS PTY LTD 5,023,376 0.73
16 ZERO NOMINEES PTY LTD 4,744,931 0.69
17 BOND STREET CUSTODIANS LIMITED 4,427,655 0.64
18 PESYAN PTY LTD 4,297,040 0.62
19 FANO PTY LTD 4,250,000 0.62
20 MR JAY HUGHES + MRS LINDA HUGHES 4,250,000 0.62
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Additional ASX Information

Substantial Shareholder

Mr William Robert Richmond: 68,592,646 ordinary fully paid shares representing 9.94% (notice dated 17 Sep 24).

Voting rights

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

Other

Registers of Securities are held at the following addresses: Level 1, 1292 Hay Street, West Perth WA 6005

List of tenement interests

As at 30 June 2024, the Company has an interest in the following projects and tenements which are all located within Western Australia.

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Project name Licence name Beneficial interest Status
Barrambie E20/1037 100% Pending
Barrambie E57/0769 100% Live
Barrambie E57/0770 100% Live
Barrambie E57/1041 100% Live
Barrambie E57/1220 100% Pending
Barrambie E57/1244 100% Pending
Barrambie E57/1245 100% Pending
Barrambie E57/1379 100% Live
Barrambie E57/1401 100% Pending
Barrambie E57/1437 100% Pending
Barrambie L20/0055 100% Live
Barrambie L20/0080 100% Live
Barrambie L20/0081 100% Live
Barrambie L57/0030 100% Live
Barrambie L57/0064 100% Pending
Barrambie L57/0065 100% Pending
Barrambie L57/0066 100% Live
Yellowdine M57/0173 100% Live
Queen Victoria Rocks E15/1416 100% Live
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Other information

The Company has a primary listing on ASX and a secondary listing on the London Stock Exchange’s AIM.

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Corporate Directory

07 Corporate Directory

Directors

Registered Office

Level 1, 1292 Hay Street, West Perth WA 6005

Steven Cole Non-Executive Chairman

Christopher Reed Managing Director

Contact Details

Phone: +61 8 9322 1182 Fax: +61 8 9321 0556 Email: neometals.com.au

Dr Jenny Purdie Executive Director

Douglas Ritchie Non-Executive Director

Auditors

Deloitte Touche Tohmatsu Brookfield Place, Tower 2 Level 7, 123 St Georges Terrace, Perth WA 6000

Share Registry

Les Guthrie Non-Executive Director

Company Secretary Christopher Kelsall

ASX Computershare Investor Services Pty Ltd Level 17, 221 St Georges Terrace, Perth WA 6000

AIM

Computershare Investor Services PLC The Pavilions, Bridgwater Road, Bristol BS99 6ZZ

Nominated Advisor

Cavendish Securities PLC

One Bartholomew Close, London EC1A 7BL

Stock Exchange Listing

Neometals Ltd are listed on the Australian Stock Exchange (Home Branch – Perth)

ASX & AIM: NMT US OTCX Market: NMTAY Deutsche Boerse: 9R9

ACN: 099 116 631 ABN: 89 099 116 631

Annual General Meeting

The 2024 Annual General Meeting of Neometals Ltd ABN 89 099 116 631 (Company) will be held at: 3:00pm (AWST) Friday, 22 November 2024 Parmelia Hilton Perth, 14 Mill Street, Perth WA 6000

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Discover More...

Interested in learning more? Please visit www.neometals.com.au

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Level 1, 1292 Hay St West Perth WA 6005 T: +61 8 9322 1182 | E: [email protected]

neometals.com.au

Neometals | Annual Report 2024

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AI assistant

NEOMETALS LTD — Annual Report 2024

65430_rns_2024-10-13_922808e6-0117-4d22-a068-a447575ce610.pdf

Contents

01

02

03

05

07 Corporate Directory 106

04

01

About Us

Who We Are

Purpose

Our Corporate Structure

A message from our Chairman and Managing Director

02 Review of Operations

PRE-COMMERCIAL TECHNOLOGIES

Lithium-ion Battery Recycling

Highlights

Intellectual Property Status

Commercialisation Status

Hilchenbach Disposal Operation

Mechanical Equipment and Plant Supply

Technology Licensing

PRE-COMMERCIAL TECHNOLOGIES

Lithium Chemicals

Highlights

Intellectual Property Status

Commercialisation Status

PRE-COMMERCIAL TECHNOLOGIES

Vanadium Recovery

Highlights

Intellectual Property and Status

Commercialisation Status

Vanadium Recovery Project 1 (“VRP1”) – Finland

RESEARCH AND DEVELOPMENT

Precious Metals Recovery

UPSTREAM MINING PROJECTS

Barrambie Titanium/ Vanadium Project

(Neometals 100%)

Highlights

Annual Mineral Resource Statement

Barrambie Mineral Resource Estimate as at 17 April 2018

Competent Persons Statement

03 Sustainability Report

SUSTAINABILITY AT NEOMETALS

Environmental Care

Community Benefit

People

Ethics & Accountability

Boundary and Scope

Boundary and Scope Specifics

Reporting Frameworks

• Global Reporting Initiative (GRI)

• Task Force on Climate-related Financial Disclosures (TCFD)

• United Nations Sustainability Development Goals (UNSDGs)

• United Nations Global Compact (UNGC)

Stakeholder Engagement

Key Memberships

Neometals Stakeholders

Material Topics

Materiality Process

FY24 Material Topics

ENVIRONMENTAL CARE

Emissions

Zero

Climate Change

Waste Management and Circular Economy

Circular Practices in FY24

COMMUNITY BENEFIT

Shared Economic & Social Outcomes

$35K Donated towards community contributions

$45K Donated towards scholarships

Technologies for a Sustainable Future

Typical Lithium Cell Diagram

Health, Safety & Wellbeing

Psychosocial Risk Assessment

Health and Safety at Barrambie

Talent Attraction & Development

NEOMETALS LTD Annual Report 2024