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The Evolution of Lithium [™]
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~~15 May 2017~~

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

Forward-looking information: This document includes certain statements, opinions, projections, forecasts and other forward-looking information which, while considered reasonable by Neometals, are inherently subject to significant uncertainties and contingencies. Many known and unknown factors could cause actual events or results to differ materially from 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 – they must make their own independent investigations, consideration and evaluation of the opportunity to invest in the Company. By accepting this document, recipients agree that if they proceed further with their investigations, consideration or evaluation of the opportunity to invest in the Company, they will make and rely solely upon their own investigations and enquiries and will not in any way rely upon this document.

Any statements, opinions, projections, forecasts and other forward-looking information 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 whatsoever nature arising in any way out of, or in connection with, the information contained in this document.

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

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

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

Competent Persons Statement:

The information in this document that relates to “Barrambie Mineral Resource Estimates”, “Barrambie Pre Feasibility Study Results”, “Mt Marion Mineral Resource Estimates” and “Lithium Battery Recycling – Scoping Study Results” are extracted from ASX Releases set out below. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX Releases set out below, and in the case of estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimates in those ASX Releases continue to apply and have not materially changed.

6/12/2013	Barrambie-Amended JORC 2012 Mineral Resource Estimate
25/08/2015	Barrambie Pre Feasibility Study Results
27/10/2016	Mt Marion Mineral Resource Upgrade
22/02/2017	Lithium Battery Recycling–Scoping Study Results

The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production targets in the Barrambie Pre-feasibility Study and Lithium Battery Recycling – Scoping Study continue to apply and have not materially changed.

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Corporate

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Human & Financial Resources
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ASX CODE: NMT	OTC:RDRUY	OTC:RDRUY
Last close (12‐5‐2017)	A$	0.265
Shares on issue	M	560
Market capitalisation	A$M	148
Net Cash (at 31‐3‐2017)	A$M	53.5
Receivables/Investments	A$M	16.5

DIRECTORS/MANAGEMENT	DIRECTORS/MANAGEMENT
Steven Cole	Non‐Executive Chairman
Chris Reed	Managing Director & CEO
David Reed	Non‐Executive Director
Natalia Streltsova	Non‐Executive Director
Doug Ritchie	Non‐Executive Director
Michael Tamlin	COO
Jason Carone	CFO & Company Sec.

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18 MONTH SHARE PRICE
60
50
40
30
20
10
0
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17
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MAJOR	SHAREHOLDERS
David Reed	10.9%
Kilkenny Limited	4.3%
Top 20 (10‐5‐2017)	38.0%

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Operating structure
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Neometals Ltd (ASX:NMT)

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SALE PROCESS LITHIUM TITANIUM
13.8% 70% 100% 100% 100%
43.1% Reed Reed
Mineral Industrial Advanced Urban Mining ManagementAlphamet Australian Titanium
Resources Ltd Minerals Materials Pty Ltd
Pty Ltd Pty Ltd
Pty Ltd Pty Ltd
Ganfeng 25%
Lithium Co., 43.1% 100% 100% 50% Profit
Ltd share
Licence
Lithium
Mount Marion Lithium Hydroxide Neomet Barrambie
Battery
Lithium IP Process Titanium
Recycling
Project (ELi Process) IP Project
IP
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6X Growth

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Leading Cathode Producer – 6 X Growth
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Source: Umicore May 2017

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2 cent unfranked div – April ‘16 2 cent unfranked div – Aug ’16 A$5M/5% on market buyback

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Negotiated increased output and offtake pricing. Running sale process for stake in Mt Marion
Advancing local LiOH project in parallel with equipment vendor testwork, offtake and partner selection processes.
Fast-track evaluation of proprietary recycling process to recover Lithium/Cobalt/Nickel from Lithiumion batteries with focus on EV.
Build royalty portfolio from commercialisation of Neomet Process with Sedgman and Andritz
Cash and investments ~ A$70M, no debt

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Evolution of our Lithium Business

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• Commercialise Mt Marion 

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Evaluating local Conventional Downstream Processing 
• Co-developed, Evaluated, Patented New ELi® Process 
• Co-developed, Evaluated, Patent Pending ELi ® for brines 
• Testing and Evaluating Lithium-Ion Battery Recycling 

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Mt Marion Lithium Operation Sale process underway for remaining 13.8% equity

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World’s largest lithium concentrator
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Globally Significant Operation –
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400kt concentrates (~50kt LCE)
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Outstanding Offtake Agreement
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 China’s largest, most diverse lithium producer - -  Take or Life-of-Mine, pay Offtake Agreement  From 1 July moving to transparent Lithium Carbonate/Lithium Hydroxide linked formula, with floor price protection  Letter of Credit (100% payment on invoice)  Ability for MIN/Neometals to take 51% share of production in 2020.

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Downstream processing WA-based LiOH Project

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Lithium users want LiOH/Li CO 2 3 from spodumene converted outside China

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Locate plant in WA to minimise transport, 7t spodumene concentrate needed for 1t of Lithium Hydroxide
Utilise local spodumene (Share of Mt Marion or Third Party), natural gas, reagents and staff
Use Sulfate/Caustic Flowsheet from leading Lithium equipment supplier
Remove technology risk – speed to market

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Finalise Location/Offtake/JV Partner
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() Subject to NMT Board Approval (*) Subject to FID

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Hatch benchmarking Capex/Opex for 3 locations: Kalgoorlie, Kwinana and Port Hedland

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NMT has 70% beneficial interest in PLA45/3003 which covers the Pilgangoora Tin-Tantalum Plant and Workshop, and historic tailings

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Adjacent tenure contains Pilbara Minerals and Altura Mining’s Proposed Mine/Concentrators.

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Downstream processing ELi Process™

Neometals 70% Mineral Resources Ltd 30%

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Business model is to deploy/co-invest in partnership with and/or licence to integrated hardrock developers in return for equity/royalty stream.

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Business model is to licence to existing brine producers in return for royalty stream: • De-risks ELi for own use later • Quicker cashflow • Higher P/E multiple

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Co

Downstream processing Lithium Battery Recycling Neometals 50% of IP, Exclusive licence

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Lithium Battery Recycling Strategy Co
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Exploiting cost advantage in recovery of Cobalt from Lithium Cobalt Batteries in Consumer Electronics to develop a low-risk, long-life, high-margin operation with strong partners.

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Estimated
< 5%
Recyled
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Closing the loop:Recycle and re-use Co
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Co
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Co
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( ± 30% accuracy)

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Operating Costs US$4.45/lb Co (US$10k/t)

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Spot price US$25/lb Co (US$55k/t)

Capex US$4.5M

Proceeding to pilot plant – Q3 ‘17

Can be constructed and commissioned in 42 weeks

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Co
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Running Partner/Site Selection Processes in parallel with test work and engineering programs

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Incoming
Materials
Feed
preparation and Purification and Finished
digestion Crystallisation Product
Residue
Disposal
Reagent Storage
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Plant footprint approx. 30m x 50m

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Barrambie Titanium Project

100% Neometals

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Strong demand/supply fundamentals
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The titanium
pigment industry is
10x as large as the
lithium compound
industry.
Growth = GDP
Globally declining
grades and quality
Cost push price
inflation
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+150Mt @34% TiO 2

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*** Mineral Resource Estimate**

18%

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(JORC2012) on page 29

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Sources: Company Reports

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Globally Significant Ti Resource
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Strong
EPC &
OEM Alliance
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Why Titanium Hydrolysate ?

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Evaluating potential for Direct Shipping
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Ore and Toll-concentration in China
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Potential Fast-Track Configurations
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Direct Ship

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Geraldton
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Barrambie
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China - Toll
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China -
Neomet
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Ti Pigment
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Concentrate

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Barrambie
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WA – Toll
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China -
China
Neomet
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Geraldton
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Ti Pigment
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Commercialisation Plan
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Offtake/Partner Selection Process
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(*) Subject to Board Approval

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Research & Development
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Lithium-Titanate (LTO) has surface area of +100m[2] /g vs 3m[2] /g for Carbon = superfast charging = minutes not hours
The Lithium-titanate nanocrystals are superstrong/stable/safe with effective lives of +40 years of daily cycling

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Research & Development
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We think Lithium-Titanate (LTO) will become the anode of choice for EV and conventional stop-start engines. Apparently so to do Porsche and Johnson Controls/Toshiba.

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Research & Development Plan
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(*) Subject to Board Approval

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Technology Licensing Neomet Process Neometals - 25% of royalty revenues

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Patented Neomet Process
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Commodity agnostic – developed in Canada for Ni-laterites, used commercially for treating refractory copper-gold concentrates, adapted for titanium concentrates.

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Project Development Phasing
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Neometals Testing Facility in Montreal

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Laboratory scale set up (above) Pilot scale up (below)

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Investment Proposition

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Lithium: Cash, cashflow & growth options
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 03
P otential to
02
downstream
process LiOH.
01
C ashflows from L icence ELi to
~A$53.5M Cash
13.8% Mt Marion brine/hard rock
+
+
plus ~A$16.5M in Or Potential Sale producers.
receivables and
L i-Ion Battery
investments
Recycling Project
+ =
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Titanium : A growth story for 2018
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

03
Demonstrate
DSO/concentrate
02
& Ti(OH)4 Quality.
01
Demonstrated + Demonstrated Obtain Strong
+
Technical Economic Partners
Feasibility Viability to Commercialise
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Technology : developing a diversified portfolio
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

03
02
01
Obtain Strong
Obtained Strong + Commenced Partners to
+
Partners for third party testing Commercialise
Neomet Process -Neomet Process ELi/LiB Recycling
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Thank you www.neometals.com.au

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Mineral Resource Estimate
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Mt Marion Lithium deposit, as at October 2016, for a block cut‐off grade of 0.5% Li2O
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Classification	Deposit	Tonnes (Mt)	Li~~2~~O %	Fe %
Indicated	Area 1,2,2W	19.3	1.41	1.08

	Area 4	2.0	1.11	0.99

	Area 6	7.7	1.29	1.04

Indicated Total		28.9	1.35	1.06

Inferred	Area 1,2,2W	43.5	1.39	1.09

	Area 4	0.8	1.07	1.09

	Area 5	1.0	1.32	1.71

	Area 6	3.5	1.33	1.07

Inferred Total		48.9	1.38	1.10

	Grand Total	77.8	1.37	1.09

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NOTE : Figures may not sum due to rounding. Significant figures do not imply an added level of precision.

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Feasibility Study - Financial Metrics
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FS	FS
Life of Plant(LOP)	20years
Pre-production Capital cost	US$ 158 million**
Average Annual Pre-tax Net Cashflow [1	US$ 82 million
Pre-tax Internal Rate of Return	51%
Pre-tax NPV (12% real discount rate)	US$ 481 million
Payback of capital costs	2.6 years
Average Annual Production	14,000t LiOH 5,600t Li2CO3
Average Cost per tonne of LiOH	US$ 4,630/t
Average Cost per tonne of Li2CO3	US$ 5,345/t

** Capital costs valid at June 2016. Estimated to accuracy of ± 15%, Including EPCM and Contingency Assumptions: 2016 Spodumene feedstock US$440/t CIF (6% Li2O); LiOH/Li2CO3 selling price US$11k/10k/t CIF respectively

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Mineral Resource Estimate
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2
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Classification	Zone	Oxidation	MTonnes	Density (t/m3)	TiO2 (%)	V2O5 (%)	Fe2O3 (%)	Al2O3 (%)	SiO2 (%)
Indicated	Eastern	Oxide	18.7	2.82	23.29	0.59	42.93	10.70	16.36
		Transition	8.7	3.52	23.11	0.61	50.80	7.34	12.99
		Fresh	2.4	3.85	21.77	0.56	52.90	5.99	12.84
		Sub-total	29.8	3.10	23.11	0.60	46.02	9.35	15.10
	Central	Oxide	3.5	2.95	16.84	0.92	49.82	11.06	14.91
		Transition	1.3	3.50	17.39	0.89	54.76	8.49	12.15
		Fresh	0.1	4.04	15.59	0.88	59.93	7.22	10.96
		Sub-total	4.9	3.12	16.95	0.91	51.40	10.28	14.08
		Total	34.7	3.11	22.25	0.64	46.77	9.48	14.95
Inferred	Eastern	Oxide	2.6	2.71	20.88	0.48	40.00	12.20	19.42
		Transition	3.3	3.29	23.04	0.59	47.51	8.62	14.45
		Fresh	5.5	3.71	22.82	0.57	47.50	8.39	14.57
		Sub-total	11.4	3.36	22.44	0.55	45.78	9.33	15.65
	Central	Oxide	0.1	3.07	16.64	0.98	53.63	9.96	13.33
		Transition	0.4	3.47	18.36	0.86	54.15	8.79	12.43
		Fresh	0.7	3.86	17.30	0.91	53.48	9.44	13.17
		Sub-total	1.2	3.64	17.55	0.90	53.71	9.30	12.96
		Total	12.5	3.38	21.99	0.58	46.51	9.32	15.40
		Grand Total	47.2	3.18	22.18	0.63	46.70	9.44	15.07

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Pre-feasibility Study - Financial Metrics ()
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Life of Mine(LOM)	19.6years
Pre-production Capital cost (excludingEPCM and Contingency) [1	A$ 549 million
Average Annual Pre-tax Net Cashflow	A$ 123 million
Pre-tax Internal Rate of Return	21%
Pre-tax NPV(12% real discount rate)	A$ 355 million
Payback of capital costs	3.9years
Average Annual Production	98,000t TiO2 2,000t V2O5 234,000t Fe2O3
Cash Operating Cost per tonne ofpaid TiO2 net of co-product credit	US$ 572/t

(*) Estimated to accuracy of ± 25%

Assumptions: US$1,838/t TiO2; US$14,873/t V2O5, US$520/t Fe2O3 Pigment, A$/US$0.75, Royalties (State/Technology) 10% Gross

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AI assistant

NEOMETALS LTD Investor Presentation 2017

65430_rns_2017-05-14_31e982c0-2c34-473d-8599-4a61837f4655.pdf

Competent Persons Statement:

Corporate

Neometals Ltd (ASX:NMT)

Evolution of our Lithium Business

Mt Marion Lithium Operation Sale process underway for remaining 13.8% equity

Downstream processing WA-based LiOH Project

Lithium users want LiOH/Li CO 2 3 from spodumene converted outside China

Downstream processing ELi Process™

Co

Downstream processing Lithium Battery Recycling Neometals 50% of IP, Exclusive licence

Exploiting cost advantage in recovery of Cobalt from Lithium Cobalt Batteries in Consumer Electronics to develop a low-risk, long-life, high-margin operation with strong partners.

( ± 30% accuracy)

100% Neometals

Why Titanium Hydrolysate ?

Direct Ship

Concentrate

(*) Subject to Board Approval

(*) Subject to Board Approval

Technology Licensing Neomet Process Neometals - 25% of royalty revenues

Neometals Testing Facility in Montreal

Investment Proposition

Thank you www.neometals.com.au

(*) Estimated to accuracy of ± 25%

AI assistant

NEOMETALS LTD — Investor Presentation 2017

65430_rns_2017-05-14_31e982c0-2c34-473d-8599-4a61837f4655.pdf

Competent Persons Statement:

Corporate

Neometals Ltd (ASX:NMT)

Evolution of our Lithium Business

Mt Marion Lithium Operation Sale process underway for remaining 13.8% equity

Downstream processing WA-based LiOH Project

Lithium users want LiOH/Li CO 2 3 from spodumene converted outside China

Downstream processing ELi Process™

Co

Downstream processing Lithium Battery Recycling Neometals 50% of IP, Exclusive licence

Exploiting cost advantage in recovery of Cobalt from Lithium Cobalt Batteries in Consumer Electronics to develop a low-risk, long-life, high-margin operation with strong partners.

( ± 30% accuracy)

100% Neometals

Why Titanium Hydrolysate ?

Direct Ship

Concentrate

(*) Subject to Board Approval

(*) Subject to Board Approval

Technology Licensing Neomet Process Neometals - 25% of royalty revenues

Neometals Testing Facility in Montreal

Investment Proposition

Thank you www.neometals.com.au

(*) Estimated to accuracy of ± 25%

More from NEOMETALS LTD

NEOMETALS LTD Investor Presentation 2017