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The Evolution of Lithium [™]
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23 February 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 “ELi Lithium Downstream Feasibility Results” is 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
11/7/2016	Positive Lithium Downstream Processing Results
27/10/2016	Mt Marion Mineral Resource Upgrade

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 ELi Lithium Downstream Feasibility Study continue to apply and have not materially changed.

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Current Strategy
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Increased Mt Marion production plan 60% to 50kt LCE from original design, now moving to 60kt LCE
• Advanced project to add value to offtake rights with LiOH MOU
• Completed Scoping Study on coowned process to recover Cobalt from phone/laptop batteries
• Secured rights to, and advanced the commercialisation of, Neomet Process with Sedgman
Cash and investments now ~ A$70M, no debt

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Long-term Strategy
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2 cent unfranked div – April ‘16 2 cent unfranked div – Aug ’16 Today we have renewed A$5M/5% on market buyback

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Human & Financial Capital
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ASX CODE: NMT	OTC:RDRUY	OTC:RDRUY
Last close (22‐Feb‐2016)	A$	0.37
Shares on issue	m	563
Market capitalisation	A$m	208
Net Cash (30‐Sept‐2016)	A$m	61.2
Listed Investments	A$m	9.5

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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12 MONTH SHARE PRICE
60
50
40
30
20
10
0
Jul-15 Oct-15 Jan-16 Apr-16 Jul-16
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MAJOR	SHAREHOLDERS
David Reed	11.7%
Melaid Holding Inc	4.9%
Top 20 (20‐2‐2017)	37.8%

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Operating structure
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Neometals Ltd
(ASX:NMT)
LITHIUM TITANIUM
13.8% 70% 100% 100% 100%
43.1% Reed Reed
Mineral Industrial Advanced Urban Mining Alphamet Australian
Management Titanium
Resources Ltd Minerals Materials Pty Ltd
Pty Ltd Pty Ltd
Pty Ltd Pty Ltd
Ganfeng 25%
Lithium Co., 43.1% 100% 50% Profit
Ltd share
Licence
Lithium
Mount Marion Lithium Hydroxide Neomet Barrambie
Battery
Lithium Technology Process Titanium
Recycling
Project (ELi Process) IP Project
IP
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Evolution of our Lithium Business

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Commercialise Mt Marion 
• Evaluating 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

13.8% Neometals Ltd 43.1% Ganfeng Lithium 43.1% and Operator Mineral Resources Ltd (ASX:MIN)

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Globally Significant Resource & Production –
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400,000t concentrates cont. 60kt LCE by YE
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World’s largest lithium concentrator
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Beneficiation –
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Stockpiling Finished Product
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Outstanding Offtake Partner/Terms
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China’s leading, most profitable lithium producer - -
Take or Life-of-Mine, pay Offtake Agreement
From 1 July moving to floor price (fixed) + LCE linked formula
Letter of Credit (100% payment on shipping)
Ability for MIN/Neometals to take equity share of production after 3 years.

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Downstream processing Kalgoorlie Lithium Refinery Project

MoU with Mineral Resources Ltd

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Strategy – increase margin through downstream processing

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Direct exposure to strong demand for Lithium Compounds for batteries

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Commercialisation Plan
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Locate plant in Goldfields to minimise transport, 7t concentrates needed for 1t of Lithium Hydroxide
Utilise local workforce, reagents and energy infrastructure
Use Conventional Sulfate/Caustic Flowsheet used by leading Chinese Converters
Remove technology risk – speed to market
NMT/MIN to contribute offtake rights, nominally ~ 25:75 split

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ROM

FY 2017
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() Subject to NMT/MIN Board Approval (*) Subject to FID

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Downstream processing ELi Process

Neometals 70% Mineral Resources Ltd 30%

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Adapted Patented Technology for
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production of LiOH from brine LiCl
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ELi potentially slashes brine-based
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LiOH opex vs Li2CO3 causticising
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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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Downstream processing Lithium Battery Recycling

Neometals 50%

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Lithium-Ion Battery Recycling Strategy
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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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Primary Target – Cobalt then Lithium
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Secondary Target – Lithium, Nickel, Copper, Aluminium from EV/Stationary NCM/NCA Batteries

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Lithium Battery Processing Facility
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Sedgman Scoping Study Results ( ± 30% accuracy)

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Operating Costs US$4.45/lb Co (US$10k/t) Spot price US$17.80/lb Co (US$39.5k/t)

Capex US$4.5M

Recommendation to proceed to semi-pilot plant

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Commercialisation Plan
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Accelerate test work and engineering studies

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Obtain feed/offtake partners in parallel with above.

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Obtain site/approvals in parallel with

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Design/procurement 16 weeks
Fabrication/construction

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26 weeks

Commissioning
6 weeks

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Barrambie Titanium Project

100% Neometals

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High Quality Resource
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+150Mt @34% TiO 2

18%

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*** Mineral Resource Estimate**

(JORC2012) on page 29

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Sources: Company Reports

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Licenced low-cost Technology
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Commercialisation Plan
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Attract JV Partner
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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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Sedgman Alliance
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Third-party ore test-work underway
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Premises leased by Neometals

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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
Potential to
further expand Li
02
production and
13.8% share of downstream
01
cashflows from process plus
increased ELi/Battery
+
+
~A$61M plus
production Recycling/
~A$10M listed
levels/quality and Titanium/Neomet
investments
pricing formula technologies
+ =
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Titanium : A growth story for 2017
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

03
Demonstrate
02
Pigment Quality
01
& Obtain
Demonstrated + Demonstrated 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 Partner to
+
Partner for third party testing Commercialise
Neomet Process -Neomet Process ELi
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Thank you www.neometals.com.au

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Mineral Resource Estimate
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for the 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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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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NOTE : Figures may not sum due to rounding. Significant figures do not imply an added level of precision.

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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_2017-02-22_9f85a946-2d47-4834-a799-bf2bea8afce0.pdf

Competent Persons Statement:

Evolution of our Lithium Business

Mt Marion Lithium Operation

Downstream processing Kalgoorlie Lithium Refinery Project

Downstream processing ELi Process

Downstream processing Lithium Battery Recycling

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.

Secondary Target – Lithium, Nickel, Copper, Aluminium from EV/Stationary NCM/NCA Batteries

Sedgman Scoping Study Results ( ± 30% accuracy)

100% Neometals

(*) Subject to Board Approval

Technology Licensing Neomet Process Neometals - 25% of royalty revenues

Premises leased by Neometals

Investment Proposition

(*) Estimated to accuracy of ± 25%

AI assistant

NEOMETALS LTD — Investor Presentation 2017

65430_rns_2017-02-22_9f85a946-2d47-4834-a799-bf2bea8afce0.pdf

Competent Persons Statement:

Evolution of our Lithium Business

Mt Marion Lithium Operation

Downstream processing Kalgoorlie Lithium Refinery Project

Downstream processing ELi Process

Downstream processing Lithium Battery Recycling

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.

Secondary Target – Lithium, Nickel, Copper, Aluminium from EV/Stationary NCM/NCA Batteries

Sedgman Scoping Study Results ( ± 30% accuracy)

100% Neometals

(*) Subject to Board Approval

Technology Licensing Neomet Process Neometals - 25% of royalty revenues

Premises leased by Neometals

Investment Proposition

(*) Estimated to accuracy of ± 25%

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NEOMETALS LTD Investor Presentation 2017