NEOMETALS LTD — Capital/Financing Update 2023

Mar 9, 2023

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• Vanadium Recovery Project – Feasibility Study Results and Project Update

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10 March 2023

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ASX: NMT | AIM: NMT | OTC: RDRUY | DEU: 9R9 neometals.com.au

Authorised for release by Christopher Reed, Managing Director of Neometals

Disclaimer

Summary information:

This document has been prepared by Neometals Ltd (“Neometals” or “the Company”) to provide summary information about the Company and its associated entities and their activities current as at the date of this document. The information contained in this document is of general background and does not purport to be complete. It should be read in conjunction with Neometals’ other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au.

Investment risk:

An investment in securities in Neometals is subject to investment and other known and unknown risks, some of which are beyond the control of Neometals. The Company does not guarantee any particular rate of return or the performance of Neometals. Investors should have regard to the risk factors outlined in this document.

Forward-looking information:

This document contains, opinions, projections, forecasts and other statements which are inherently subject to significant uncertainties and contingencies. Many known and unknown factors could cause actual events or results to differ materially from the estimated or anticipated events or results included in this document. Recipients of this document are cautioned that forward-looking statements are not guarantees of future performance.

Any opinions, projections, forecasts and other forward-looking statements contained in this document do not constitute any commitments, representations or warranties by Neometals and its associated entities, directors, agents and employees, including any undertaking to update any such information. Except as required by law, and only to the extent so required, directors, agents and employees of Neometals shall in no way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatever nature arising in any way out of, or in connection with, the information contained in this document.

Financial data:

All figures in this document are in Australian dollars (AUD) unless stated otherwise.

Not financial product advice:

This document is for information purposes only and is not financial product or investment advice, nor a recommendation to acquire securities in Neometals. It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making any investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction.

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2

Executive Summary

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3 business units supporting energy transition in the EV / ESS supply chains:

Li-ion Battery Recycling (Ni/Co) Vanadium Recovery Lithium Chemicals

Neometals is an emerging, sustainable battery materials producer.

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ESG commitment. Recycling and recovery minimise reliance on mined materials and reduce carbon footprint

Strong, growing team with track-record of value creation, project execution and shareholder return.

Focus on continuous development and innovative commercialisation with strong partners

Underpinned by proprietary, green, processing technologies

13 Granted Patents 56 Patents Pending

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3

Core Battery Materials Business Snapshot

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Lithium-ion
Vanadium Lithium
Battery
Recovery Chemicals
Recycling
Business Unit
50:50 Incorporated JV Reed Advanced Materials (“RAM”) 70:30
50:50 Incorporated JV
Incorporated JV
Business Unit Partners
30%
Project Development Partners Co-operation Agreement for 50:50
Incorporated JV with RAM
Key Regions of Focus
Underpinned by proprietary, sustainable processing technologies that recover battery materials
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4

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Vanadium Recovery

Vanadium Recovery Process Technology 100% Neometals

Vanadium Recovery Project 1 - Finland 50:50 Incorporated JV with Critical Metals Ltd, Recycling Industries Scandinavia AB (“RISAB”)

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5

Vanadium Market Background

MAIN FINISHED VANADIUM PRODUCTS

Vanadium (V) is a silvery-grey transition metal that has two main finished vanadium products:

Vanadium pentoxide O (V2 5)

• Vanadium pentoxide can be utilized in steel applications as well as other applications such as non-ferrous alloys, chemicals and vanadium redox flow batteries

• Higher-purity forms of vanadium pentoxide are also supplied, albeit in smaller quantities and typically commands a pricing premium

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• Ferrovanadium is an alloy of vanadium and iron, with vanadium content between 35-85%

Ferrovanadium

(FeV)

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• Vanadium is added to regular carbon steel mainly as ferrovanadium

• Even in small quantities, it can increase tensile strength, increase high-temperature strength and increase a grain refining and dispersion hardening effect in tempering steel

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VANADIUM CONSUMPTION

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Vanadium redox flow batteries (VRFBs)

• Vanadium pentoxide is used in VRFBs with need for high-purity (>99%) product to improve battery efficiency and lifetime

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Steel

• Ferrovanadium is a necessary ingredient for carbon steel production

• Used in steel manufacturing in the form of ferrovanadium or vanadiumnitrogen alloys to increase strength (high-strength low-alloy steel or full alloy steels)

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Aerospace alloy

• Vanadium-aluminium master alloys, which are used in the production of titanium alloys

• Needed especially in aerospace industry

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Chemical catalyst

• Catalysts used in medical, glass, and pigments (smaller volume and specialized markets)

Source: Vanitec

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6

Growth Market Supported by Energy Transition

MARKET DYNAMICS

CURRENT PRODUCTION BY COUNTRY

VANADIUM DEMAND BY END USE, 2023-2040

• Vanadium consumption is primarily anchored to steel production with demand from energy storage (vanadium redox flow batteries) becoming dominant use next decade

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• Once in operation, RISAB will supply c. 3% of the global vanadium supply (2027) and it will be the only European vanadium producer

• VRP1 aims to be largest producer of high-purity V2O5 for the production of electrolyte for VRFBs

• Given the current geopolitical environment and a push to reduce reliance on China, European prices are expected to continue to remain stable[1]

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Sources: Wood Mackenzie 2022, Vanitec

1) Based on CRU market study as of January 2023

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7

Extracting Vanadium from Industrial By-products

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INTRODUCTION TO THE FINNISH VANADIUM RECOVERY PROJECT (“VRP1”)

PLANT LOCATION AND KEY INFORMATION

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Location: Tahkoluoto Port, City of Pori, Finland

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Average annual revenue: ~ 200M USD (post-ramp-up)

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Capital cost: ~ 314M USD

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Operating cost: US$4.19/lb V2O5 (lowest quartile) – Construction timeline: H2 2023 H2 2025

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Slag secured: 10 years 2m tonnes minimum (stockpiled plus first right to purchase additional volumes from SSAB’s future production ) Throughput: up to 300k tonnes p.a.

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~9k tonnes V O Annual production: 2 5

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Selected stakeholders:

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COMPANY DESCRIPTION AND BACKGROUND

§ RISAB (“Company”) is established by two green battery materials and technology companies Critical Metals and Neometals.

• § The Company will build and operate a plant which will recover vanadium from steel production side stream and process it into high-purity vanadium that is used e.g. in greener steel and energy storage applications (the “Project” or “VRP1”)

§ Currently the raw material (slag) is secured for 10-year term

§ The final investment decision is subject to finance. RISAB has leading Nordic investment banks managing the equity and debt financing process.

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For further information, refer to ASX release dated 8[th] March 2023 – Vanadium Recovery Project Delivers Strong Feasibility Results

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8

• Carbon Negative* Production Process to Extract Vanadium from Steel Slag

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CLOSED CYCLE VANADIUM PRODUCTION PROCESS

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Raw material (slag) Process End product & by-products
Slag Inputs End product By-product: By-product:
First contract with SSAB (Carbon dioxide, sodium High-purity Stabilized slag Sodium sulphate
include steel slag ready to be hydroxide, water and vanadium (V2O5) material (NA2SO4)
processed for the first 10 other reagents) (SSM)
years
Closed cycle hydrometallurgical
Slag shipped from Luleå, production process to extract
Raahe and Oxelösund steel sustainable high-purity vanadium
mills (V2O5) from steel slag
Industrial scale
Top class production efficiency with
Slag grade of 3.93% energy storage By-product applications
the lowest quartile of operating costs
vanadium pentoxide (V2O5) applications
MOU with H2 Green Steel for Process technology licensed from Cement replacement, filler
approx. 4m tonnes of slag Neometals in concrete and polymers
material signed and based on commercially proven
Substitute for sand in
technologies
Super alloys used in
building products
high tech
Excellent location with Nordic supply applications such as Glauber’s salt
& partners jets and rockets
Can also be used in paper
manufacturing process
Reinforced steel bars
Slag secured & other Technology validated by the Off-take discussions well Letter of Intent signed.
negotiations ongoing to pilot plant advanced Negotiating binding
boost the pipeline agreement
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*For further information, refer to ASX release dated 8[th] March 2023 – Vanadium Recovery Project Delivers Strong Feasibility Results

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9

RISAB – Promoting Circular Economics

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RISAB will be amongst the largest CO2 consumers in Finland promoting circular economics

CARBON FOOTPRINT*

O kg CO2-e per kg CO 2 V2 5 produced

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4.5
-
8.9
Total CO
2
process
emissions
Total CO
2 Total: -4.4kg
consumed by
CO2 -e per kg
plant and V O
2 5 produced
locked in the by-
product
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The company will be one of the largest consumers of CO 2 in Finland annually and will source its CO 2 from industrial processes

Sources: Internal image based on data from Minviro

1) CO2 emissions are related to e.g. electricity, steam boiler, transport and consumption of other materials

*For further information, refer to ASX release dated 8[th] March 2023 – Vanadium Recovery Project Delivers Strong Feasibility Results

CLOSED CYCLE PRODUCTION PROCESS PROMOTING THE CIRCULAR ECONOMY

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10

Feasibility Study

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For further information, refer to ASX release dated 8[th] March 2023 – Vanadium Recovery Project Delivers Strong Feasibility Results

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11

Funding Structure and Strategy

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ESTIMATED PROJECT COST (MEUR)

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• Total estimated construction cost of the plant 360-400 MEUR includes initial working capital and cash buffer reserves

• Capital cost estimate from Sweco feasibility study (AACE Class 3 Study) for 300k tpa facility

• AACE Class 3 Engineering Cost Study by Sweco was review by independent expert, Behre Dolbear Australia

ESTIMATED PROJECT COST (MEUR)

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• Target to fund 60% of total project cost with debt

• Target to fund 40% of total project cost with equity

• Neometals and Critical Metals maintain the right to finance their current ownership share of the Company

For further information, refer to ASX release dated 8[th] March 2023 – Vanadium Recovery Project Delivers Strong Feasibility Results

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12

FY23 Workflow

NEXT STEPS

• Work with equipment vendors and engineering firms to continue advancing project engineering

• Procure vanadium product and calcium carbonate by-product offtake agreements

• Procure new equity investors into RISAB and credit approved term sheets for debt financing to enable consideration of financial investment decision by 30 June 2023

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VRP CORPORATE STRUCTURE

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1[. Assumes Critical contributes A$3M on or before 31 March 2023]

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13

Indicative Timeline – Vanadium Recovery

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KEY MILESTONES

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SepQ 2023 DecQ 2023 Q1 2026 RISAB pre-payment First slag being First production for 700kt of slag transported to from the plant stockpiled at Lulea Tahkolouto Commence civil Commence civil works for slag works for storage processing plant Neometals equity contribution into RISAB for debt drawdown*

MarQ 2023 JunQ 2023 SepQ 2023 Finalise New Term Sheets for Supply Agreement Debt Financing with SSAB RISAB making a positive FID on or Complete before 30 June works for slag Feasibility Study & storage LCA Execute SHA for 50% of VRP SPV & Technology Licence

• Pre-payment to be paid within 72 hours after the Buyer's Positive Investment Decision ** Subject to FID, approvals and finance

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14

Key People – Experienced Team Onboard

Damian Hicks Business Development

Johanna Lamminen CEO

Darren Townsend COO

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• § Mining Engineer with 25+ years development, mining and corporate experience including managing ASX and TSX listed companies

• § Strong background in the circular economy, resource extraction, use, reuse, and recycling

• § Highly experienced business leader and board professional

• § Experience includes CEO of Gasum, CEO and CFO of Danske Bank Finland, CFO and deputy CEO of Evli and board member of Pohjolan Voima and ETLA

• § Executive Director of Critical Metals, Kiruna Iron, ASX listed Hannans Ltd and Chairman of advisory firm Corporate Board Services

• § Chief Development Officer, Neometals, a minerals and advanced materials company

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Irena Ivanova GM – Project Development

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• § Chemical Engineer with extensive expertise in process design, technology implementation, project and engineering management and team development

• § General Manager – Evaluation Studies, Neometals, a minerals and advanced materials company

• § Doctor of Science in industrial management

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Key experience:

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Investment Case – Highlights

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SUPPLY CONSTRAINED CRITICAL BATTERY MINERALS WITHOUT MINING RISK

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Critical Raw Materials Act pending
MoU signed with H2GS AB for a second
larger Vanadium Recovery Project – No EU primary production / resilience gap
Boden, Sweden.
Significant Growth Strong EU Market Forecast supply / demand imbalance
Testing third party feedstocks ex-EU Potential Tailwinds
Demand upside from VRFB & vanadium
battery cathode chemistries
5
1
Circular & potential CO2 –’ve
Visibility to revenue
operation
Potential superior project economics 2
4
Robust Unique Sustainable CO
2 process reagent minerally
(1 [st] quartile cost of production)
Technology
Economics sequestered in by-product
3
Economics strongly supported by
Mature tech (pilot produced V2O5
grade in Slag stockpiles
exceeding 99.5%)
Future economic upside potential
from –’ve CO
2
De-risked and Secured
Operations
Strong local stakeholder support
10 year, up to 3m/t SSAB feed purchase agreement
Tech risk reduced – piloted, std
LOI for By-Product offtake
equipment (low temp / pressure)
Site Secure and Permit in Place
Patent pending flowsheet
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16

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Thank you.

neometals.com.au

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