NEOMETALS LTD — Capital/Financing Update 2023

Jun 29, 2023

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Vanadium Recovery Project Update

Highlights:

• JV Shareholders to the Neometals vanadium recovery project have extended the project Financial Investment Decision (“FID”) deadline until 30[th] September 2023;

• Project level equity finance attracting good interest from Nordic and International investors; and

• Due diligence by debt financing club, led by European Investment Bank, also progressing favourably.

Emerging sustainable battery materials producer, Neometals Ltd (ASX: NMT & AIM: NMT) (“ Neometals ” or “ the Company ”), is pleased to announce that the Vanadium Recovery Project (“ VRP1 ”) special purpose vehicle, Recycling Industries Scandinavia AB (“ RISAB ”), is making strong progress in the lead up to its VRP1 FID.

Neometals has a 72.5% interest in VRP1 with Critical Metals Ltd (“ Critical Metals ”). VRP1 is at the financing stage ahead of a decision to construct and produce high-purity vanadium pentoxide (“ V2O5 ”) from highgrade vanadium-bearing steel making by-product (“ Slag ”) generated by SSAB EMEA AB and SSAB Europe Oy (collectively “ SSAB ”) in Scandinavia.

RISAB has engaged leading Nordic investment banks, SEB and Aventum Partners, to lead VRP1 financing processes*[1] . Project financing activities are progressing well with due diligence led by the European Investment Bank and a preferred banking club. Project level equity finance is attracting good interest from Nordic and International investors.

To allow for additional due diligence evaluation work and negotiations with potential financiers, RISAB, Neometals and Critical Metals have extended the FID deadline under the RISAB shareholders deadline to 30 September 2023. SSAB is supportive of the progress that RISAB has made and the parties are in advanced discussions to formalise a corresponding extension to the investment decision deadline under the SSAB slag supply agreement to align with project financing timelines.

Neometals Managing Director Chris Reed said:

“The project team has made outstanding progress towards financing the Vanadium Recovery Project. We look forward to advancing the financing discussions with the interested parties and progressing to a FID in the coming quarter.”

1 For full detail refer to Neometals ASX announcement dated 17th March 2023 titled “Vanadium Recovery Project Advances to Formal Finance Appraisal with European Investment Bank ”

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ASX Announcement : 30 June 2023 Vanadium Recovery Project Update

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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 T +61 8 9322 1182 T +61 8 9322 1182 E info@neometals.com.au E jmcmanus@neometals.com.au

About Neometals Ltd

Neometals is an emerging, sustainable battery materials producer. The Company is commercializing three environmentally-friendly processing technologies that will primarily produce lithium, nickel, cobalt and vanadium at lowest quartile costs with minimal carbon footprint.

Neometals’ and its partners have been recognized internationally for sustainable approaches that combine industry leading costs with circular economic principles, reducing the reliance on traditional upstream mining-based supply chains. The Company’s three core business units are commercialising these proprietary technologies in incorporated joint ventures:

• Lithium-ion Battery (“LIB”) Recycling (50% technology) – providing recycling as a service, plant supply under JV, or technology licensing business models via Primobius GmbH (NMT 50% equity). All plants built by Primobius’ co-owner (SMS group 50% equity), a 150-year old German plant builder with 14,000 employees. Primobius is recycling technology

partner and plant supplier to Mercedes-Benz. Commercial 10tpd shredding ‘Spoke’ facility operational in Germany and investment decision for Primobius’ first commercial 50tpd plant with Stelco in Canada expected Q4 (NMT 25% equity).

• Vanadium Recovery (100% technology) – aiming to produce high-purity vanadium pentoxide from processing of steelmaking by-product (“ Slag ”). Planned 9,000tpa operation in Pori, Finland (NMT 72.5% equity) courtesy of 10-year Slag supply agreement with SSAB. Investment decision with JV partner, Critical Metals, expected Q3 2023. MOU with H2Green Steel for potential second, larger operation in Boden, Sweden; and

• Lithium Chemicals (earning 70% technology) – aiming to produce battery quality lithium hydroxide from brine and/or hard-rock feedstocks using patented ELi™ electrolysis process co-owned 30% by Mineral Resources Ltd. Co-funding Pilot Plant Q2/Q3 2023 and Demonstration Plant H1 2024 preceding potential commercial operation with Bondalti Chemicals in Portugal.

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