NEOMETALS LTD — Capital/Financing Update 2021

Aug 29, 2021

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WIDGIE NICKEL ENTITLEMENT OFFER OPEN

On 18 August 2021, Neometals Ltd (ASX: NMT) (“ Neometals ” or “ the Company ”) shareholders approved the demerger of Widgie Nickel Limited (“ Widgie Nickel ”), a dedicated nickel exploration and development company holding Neometals’ Mt Edwards nickel assets, via a capital reduction and in-specie distribution of 100% of Widgie Nickel’s shares. Neometals confirms that it has distributed the Widgie Nickel shares to eligible Neometals shareholders, pro rata to their shareholding in Neometals on the record date of 24 August 2021.

Widgie Nickel has advised Neometals that Widgie Nickel’s fully underwritten entitlement offer to raise $24 million is now open and that shareholders should receive correspondence regarding their offer documentation shortly. Widgie Nickel shareholders with queries regarding their entitlement or the offer generally may do the following:

• Access their offer documentation via the Computershare investor centre at www.investorcentre.com/au;

• Visit the Widgie Nickel website: www.widgienickel.com.au;

• Email info@widgienickel.com.au; or

• Telephoning the Widgie Nickel Offer Information Line, care of the Neometals office, on +61 8 9322 1182 during WST office hours, Monday to Friday.

Further information regarding Widgie Nickel may be obtained at the Widgie Nickel website.

Authorised on behalf of Neometals by Christopher Reed, Managing Director

ENDS

For further information, please contact:

Chris Reed Jeremy Mcmanus Managing Director General Manager - Commercial and IR Neometals Ltd Neometals Ltd T: +61 8 9322 1182 T: +61 8 9322 1182 E: info@neometals.com.au E: jmcmanus@neometals.com.au

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About Neometals Ltd

Neometals innovatively develops opportunities in minerals and advanced materials essential for a sustainable future. With a focus on the energy storage megatrend, the strategy focuses on de-risking and developing long life projects with strong partners and integrating down the value chain to increase margins and return value to shareholders.

Neometals has four core projects with large partners that support the global transition to clean energy and span the battery value chain:

Recycling and Resource Recovery:

• Lithium-ion Battery Recycling – a proprietary process for recovering cobalt and other valuable materials from spent and scrap lithium batteries. Pilot plant testing completed with plans well advanced to conduct demonstration scale trials with 50:50 JV partner SMS group, working towards a development decision in early 2022; and

• Vanadium Recovery – sole funding the evaluation of a potential 50:50 joint venture with Critical Metals Ltd to recover vanadium from processing by-products (“Slag”) from leading Scandinavian Steel maker SSAB. Underpinned by a 10-year Slag supply agreement, a decision to develop sustainable European production of high-purity vanadium pentoxide is targeted for December 2022.

Upstream Industrial Minerals:

• Barrambie Titanium and Vanadium Project - one of the world's highest-grade hard-rock titanium-vanadium deposits, working towards a development decision in mid-2022 with potential 50:50 JV partner IMUMR.

info@neometals.com.au neometals.com.au

Locked Bag 8 West Perth WA 6872

ACN 099 116 361 Level 1, 1292 Hay Street West Perth WA 6005

T: +61 8 9322 1182 F: +61 8 9321 0556