NEOMETALS LTD — Investor Presentation 2019

Mar 13, 2019

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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 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.

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 “Mt Edwards Nickel - Mineral Resource Estimate”, “Barrambie Project - Mineral Resource Estimate and Exploration Target”, “Barrambie Pre Feasibility Study Results”, “Mt Marion Mineral Resource Update 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 and exploration targets, that all material assumptions and technical parameters underpinning the estimates in those ASX Releases continue to apply and have not materially changed.

5/5/2009	Barrambie Vanadium Project – DFS Completion and Outcomes	19/4/2018	Mt Edwards Nickel–Mineral Resource Estimate
22/02/2017	Lithium Battery Recycling–Scoping Study Results	25/6/2018	Mt Edwards–Mineral Resource Over 120,000 Nickel Tonnes`
17/4/2018	Barrambie Project – Mineral Resource Estimate and Exploration Target	16/11/2018	Neometals Commences Update of Barrambie DFS

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 Vanadium Project - DFS Completion and Outcomes” released on 5 May 2009, the “Metals Commences Update of Barrambie DFS” released on 16 November 2018 and the “Lithium Battery Recycling – Scoping Stud Results ” released on 22 February 2017 continue to apply and have not materially changed.

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Neometals is different
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Project developer of strategic materials for the 21[st] Century

• Start with globally relevant commodity before its popular

• Acquire most advanced project with grade/scale

• Add value with drill-bit, test work, evaluation studies

• Develop with partners to achieve optimum scale, minimise capital outlay and accelerate returns

• Built and exited major project in this risk averse manner

• We return $ to shareholders, $34M to date

• Have strong balance sheet and developing a track record

• We invest in innovation and target higher margins from downstream processing of mineral concentrates

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Mt Marion journey – ‘differentiation’ case study
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JUL ‘11 – OCT – JUL –
APR – Resource Resource upgrade Commence Resource
upgrade to 8.9Mt to 14.9Mt construction upgrade
to 60Mt
AUG –
Resource APR –
3.9Mt Resource SEP – Commence FEB – 1 [st] shipment
upgrade to 10.5Mt OCT – Works approval SEP ‘11 – Development paused Resource upgrade 23.24Mt mining MAY – Expand producti (15Kt) from Kwinanaand expand production to 400kt all 6%
JUL – FEB ‘11 – on to 480kt
Positive Mining FEB –
DTM proposal Product
appraisal to 270kt
–
2011 2014
2009 2010 2015 2016 2017 2018
LITHIUM PRICE WAR
AUG –
Secured
option over Mt Marion→ $250k option fee→ $3M exercise price OCT – decision to mine and commencement of Mt Marion JUL – with Ganfeng RIM MOU JAN – GFL exercise option to JUN – increases JV holding to 43.1% MRL APR – notice to sell NMT 13.8% Sale OCT Marion maiden profit distribution – Mt
→ 2.5% cross construction (GFL) to Sell 43.1% FEB – 2017
royalty OCT – Mt 25% of RIM for buyback MAY – 1c
Marion farm-in with MRL → FEB ‘11 – MRL US$19.5m to NMT AUG – 2c proposal unfranked DEC –
40% profit becomes 30% equity SEP – MAR – 2c dividend dividend Agreement to
share for fully funding mine to port operation holder, eliminating profit share FID 200ktpa dividend ($11.2m) ($11.26m) ($5.4m) sell Mt Marion for $104m
PROJECT
COMMERCIAL
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Executive Summary
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• Listed (ASX:NMT) project developer

• Established in 2003, team of 20, Perth HQ and industrial facility/research laboratory in Montreal

• Post-sale pro-forma* cash of +A$130M plus ~A$9M in investments vs. current market cap of A$125M

• Balance sheet to develop the following core, wholly-owned projects, currently in the final stages of evaluation:

• Barrambie Vanadium and Titanium Project (WA); 2. Lithium-Ion Battery Recycling Project; and 3. Kalgoorlie Lithium Refinery Project (WA).

• Projects supported by innovation to drive cost efficiencies and increase margins

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• Post settlement of Mt Marion equity divestment

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Who are Neometals?
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NE Board Members Management Team

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Please refer to supporting information slides at rear of document for name and position..

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Strong Balance Sheet and getting stronger
despite weak Li prices which have lead share price
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ASX: NMT	OTC:RDRUY
Shares on Issue1	m	543.9
Share Price (8-Mar-2019)	A$	0.23
Market capitalisation	A$m	125.0
Cash (31-Dec-18)*	A$m	30.1
Debt (31-Dec-18)	A$m	-
Investments (31-Dec-18)2	A$m	9.2

• Post settlement +A$130M

Major Shareholders (7-Jan-2019)	Major Shareholders (7-Jan-2019)
David Reed (Non-Executive Director)	9.0 %
Westoz Funds Management	2.9%
Top 20	37.2 %
No of Shareholders	~8,000

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Note 1: Excludes 7.0m performance rights. Note 2: Loan receivables and investments Source: Neometals

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Short term development priorities
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• Core strategy remains to de-risk and develop long life projects with strong partners and integrate down the value chain to increase margins and return value to shareholders

• Neometals will maintain a defensive balance sheet strategy and disciplined capital allocation in line with todays market cues and

• Refined short-term development priorities by order of budget spend:

• Barrambie - engineering, approvals and financing towards FID for development of primary vanadium project in 2019;

• Completion of the lithium-ion pilot and feasibility study in parallel with market qualification, partner and approval processes; and

• Advancing the design and approvals for the lithium refinery project to align development timing and spend profile with next lithium market cycle.

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Lithium

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Mt Marion Equity Divestment
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Highlights:

• NMT to sell its Mt Marion equity to Ganfeng and Mineral Resources for A$103.8M

• Subject to Ganfeng obtaining Chinese approval by 28 February, FIRB ✓

• ‘Life of Mine’ spodumene concentrate annual offtake option for 57ktpa of 6% Li2O at prices linked to international and Chinese lithium chemical prices.

• Retain option to produce higher value lithium chemicals from proven feed supply

Context:

• ❖ Total Mt Marion equity sale proceeds since 2015 will be ~A$198M on A$3M NMT initial investment. ~A$34M returned via dividends and share buybacks

• ❖ Shift exposure from upstream spodumene production to pursue the lithium battery thematic further down the value/supply chain

• ❖ Stronger balance sheet with offtake volume certainty aids NMT project finance and offtake/partner selection processes for all growth projects

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Chemical prices normalising in the short term,
medium term outlook is flat
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Lithium Refinery
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Neometals have been progressing technical and commercial feasibility of a lithium chemicals refinery in Kalgoorlie, with an initial production capacity of 10ktpa of LiOH.

• Conventional conversion plant to produce battery quality LiOH from spodumene concentrate

• Baseload feed from Neometals’ annual offtake option from Mt Marion

• Pilot scale test work confirmed battery-quality LiOH at high recoveries from run-of-mine Mt Marion concentrates

• Multi-year option with local government to lease 100 acre freehold site in new industrial estate and assistance with reagent supplies

• M+W Group have materially completed a FEED Study with results to be report March 2019

• Annual offtake option – flexibility to align development with sourcing balance of feed and better Li market backdrop

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• Focus on continuing external approvals processes - feasibility study delayed.

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Lithium market and pricing will determine
development timing
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Significant supply
deficit expected to
emerge mid 20’s
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We have strong conviction in the long term
lithium battery/EV/ESS thematic….
and that they wear out!
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Lithium Battery Recycling work stream is
high priority for 2019
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Neometals is developing a sustainable technology to economically recover critical metals from spent lithium ion batteries.

• Regulation driving ethical sourcing and disposal of lithium ion batteries

• <5% batteries truly recycled globally (ex China)

• 2017 Scoping Study showed potential for viable process to recover cobalt from phone/laptop (LCO) batteries at <US$5/lb Cobalt

• Process flowsheet now designed to recover multiple critical metals from LCO and NMC

• Operating modular Pilot Plant (100kg/pd) at SGS Canada - FEED Study on 50tpd plant to follow

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Targeting EV & electronics manufacturers
with our universal recycling flowsheet
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Accelerated development of universal EV battery recycling flowsheet to meet market demand as NCA/NCM volumes accelerate, new flowsheet retains flexibility to also process LCO from consumer electronics, no LFP.

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Value chain – who must recycle
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Pressure on companies to recycle:

• regulatory commitment

• stakeholder pressure to conduct themselves in sustainable fashion

• are committed to life cycle management in home jurisdiction – extending it across global footprint

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Regulation
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• EU regulation says the producer (i.e. vehicle manufacturer) must take back spent batteries. 100% collection, no land-filling

• LIB target = >50% by weight

• • ELV target = >85% by weight

• US regulation says owner of battery has to pay for recycling. Landfill and incineration prohibited so effect on recycling same as EU

• Rest of world following suit

• Aggregators often need to transport to recyclers who can provide solve

• Transporting hazardous waste and insuring is the challenge

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Image sources -

lithium-batteries-suspected-some-accidents;https://www.ainonline.com/aviation-news/aviation-international-news/2012-02-01/cargo-carriage- + Ti/V = http://budgetlightforum.com/node/33749

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Neometals Technology
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Neometals Commercial Scale (50tpd feed)
Shredder Acceptance Testing Video
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https://youtu.be/PJSMV3enSqg + Ti/V =
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Business Model
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Treat multiple battery chemistries via hub and spoke model which sees stage 1 shred and turn battery feed into inert black powder which is sent to centralized stage 2 refining circuit:

Revenue generation via:

1. Provision of recycling service - fee for service and/or sale of chemical products recovered

2. JV with battery feed supplier i.e. battery manufacturer, vehicle company, waste collector

3. Technology licensing income

4. Combinations of the above

Differentiation:

• Unique flowsheet - true closed loop, high recoveries and environmentally friendly

• Flowsheet accepts broad battery chemistries

• Flexible modular approach. Stage 1 and 2 don’t have to be co-located

• Bypasses many transport complications associated with hazardous waste

• Produce chemical products for battery industry rather than intermediates

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Indicative Project Timeline
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Pilot Plant: Pilot Plant: Pilot Plant: Commence FEED / Feasibility Commercial
Comminution Leaching Purification FEED Study Results Plant ()
Study and FID () Fabrication /
- Bench Test Scoping Study Construct
- Bulk Pilot Completion
Jan/Feb 19 Mar/Apr/May 19 May/Jun/July 19 Jul 19 DecQ19 9 months
Running Partner / Site Selection Processes in parallel with test work and engineering programs
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() Subject to Board Approval + Ti/V =*

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Battery Supply Chain
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Ti/V

Vanadium and Titanium

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Drivers for development of primary V Ti/V
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• China legislating increased vanadium addition for strengthening re-bar steels

• Increasing demand from energy storage and aerospace

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New primary
supply
needed now
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Barrambie VTM Project Ti/V
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One of the highest grade hard-rock Titanium assets and one of the largest Vanadium projects globally

• 100% Owned

• Located 80km north-west of Sandstone, WA

• A$30M spent to date, +1,000 RC/Diamond holes drilled for ~55,000m

• Materially completed updating of 2009 DFS on standalone vanadium operation to become JORC2012 Compliant

• Awaiting extension of term for Environmental Approvals to develop vanadium operation

Most advanced vanadium project globally

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Barrambie Flythrough Video Ti/V
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Globally Significant Resource Ti/V
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Refer to further information on this comparison data in further information slide 43 and the Announcement titled “Neometals Commences Update of Barrambie DFS” dated 16 November 2018 and available at https://www.neometals.com.au/reports/848-20181116BarrambieProjectCommencesUpdateofDFS.pdf

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Exploration upside Ti/V
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2009 DFS Results Ti/V
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Average Annual Production Average Operating Costs
6,160 tonnes Vanadium <US$20/kg Vanadium (@ US63c FX)
As 7,700t of Ferrovanadium (FeV80) Lowest Quartile
Containing 11,200t V2O5 equivalent
Mine Life
Direct Construction Costs A$456M 12 years
Pre-commissoning, Owners Costs At throughput
and EPCM A$173M of 3.2 Mtpa
Total : A$629M
Refer to announcement titled “Barrambie Vanadium Project – DFS Completion and Outcomes”
dated 5 May 2009 and available at + Ti/V =
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Globally competitive cash costs Ti/V
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Products, Players & Applications Ti/V
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Drivers for development of secondary Ti Ti/V
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• Barrambie Eastern Band is worlds second highest grade deposit at 21% TiO 2

• Barrambie Mineral Resource contains +25 million tonnes of TiO 2

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Significant supply deficit expected to emerge early 20’s

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Indicative Project Timeline Ti/V
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DecQ18 2019/20 2020/21 2021/22
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Company Highlights
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• History of de-risking development with strong operating and offtake partners

• Delivered A$34M to shareholders over last three financial years

• Developing secure supplies of globally-relevant commodity feedstocks from Tierone assets

• Clear path to grow margins via vertical integration and innovative cost reduction

• Team with exploration, development and production track record

• +A$130M to pursue growth – no change in strategic rigour post sale of Mt Marion, continue the disciplined evaluation and capital allocation to develop assets

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Neometals Board of Directors
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Steven Cole Chairman

Chris Reed Managing Director

David Reed Non-Executive Director

Natalia Streltsova Non-Executive Director

Steven has 35 years of professional, corporate and business experience through senior legal consultancy, as well as a range of executive management and non executive appointments. His extensive boardroom and board sub-committee experience includes ASX listed, statutory, proprietary and NFP organisations covering the industrial, financial, educational, professional services, health and resources sectors.

Chris started in the mining industry in 1990 and co-founded Reed Resources in 2001. Chris holds a Bachelor of Commerce from the University of Notre Dame and a Graduate Certificate in Mineral Economics from WA School of Mines. He is a Member of the AusIMM and immediate past Vice-President of the Association of Mining & Exploration Companies.

David was a director and Chairman of CIBC Australia Limited. David has been a prospector, former secretary of the Amalgamated Prospectors and Leaseholders Association and private mine owner. In 1984 David founded Mt. Martin Gold Mines NL, which with partner Newmont Australia developed the million ounce New Celebration Gold Mine. In recognition of his service to the community he was awarded the Order of Australia Medal in 2002.

Natalia Streltsova is a PhD qualified chemical engineer with +25 years minerals industry experience, including over 10 years in senior technical and corporate roles with mining majors - WMC, BHP and Vale. Dr Streltsova has considerable international experience covering project development and acquisitions in South America, Africa and the Former Soviet Union. She is currently a Non ‐ Executive Director of Western Areas Limited and Parkway Minerals NL.

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Neometals Board of Directors Cont’d
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Douglas Ritchie Non-Executive Director

Jennifer Purdie Non-Executive Director

Les Guthrie

Non-Executive Director

Jason Carone

CFO & Company Secretary

Doug Ritchie is a senior resources industry executive with over 35 years experience, including over 28 years working with Rio Tinto. Mr Ritchie has considerable international corporate experience, including in China. He has been a director of various ASX and HKSE listed companies as well as research and commercialisation organisations

Jennifer holds the position of CEO for Adani Australia Renewables. She brings extensive experience to Avanti from roles in engineering, senior technology, strategy and operations for leading global mining companies. She is a PhD qualified chemical and material engineer and holds an Executive MBA. She is a member of Women in Mining and Resources, a fellow of the Institution of Chemical Engineers and a graduate of the AICD.

Mr Guthrie B.Sc (Engineering Jason holds a Bachelor and Marketing) brings +40 years of Commerce in of experience to Neometals Accounting and Business including senior global roles Law from Curtin within corporate and project University and is a management and capital member of the Institute program development. He was of Chartered VP Projects for BHP Billiton, Accountants, and Head of Projects and President Chartered Secretaries He LNG for BG Group, President of has over 20 years’ Aker Kvaerner Inc. and he was experience in accounting, also the MD of Kvaerner company administration Australia. Les is a NED of the in Australia and South John Grill Centre for Project East Asia across a broad Leadership. range of industries. Jason has been with Neometals 10 years.

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Lithium Executive Team
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Mike Tamlin

COO

Greg Hudson GM - Exploration

Gavin Beer

GM – Process & Metallurgy

Jeremy McManus GM – Commercial & IR

Mike has over 35 years experience, including over 20 years in the lithium industry and was responsible for developing the spodumene trade between Australia and China. Former positions include GM Marketing of Sons of Gwalia and GM China of Galaxy Resources. He has a degree in Metallurgy and is also currently a director of Frontier Lithium.

Greg has more than 18 years’ experience in all facets of hard rock geology, including exploration, project evaluation, mineral resource development and mining. He has extensive minerals experience across Gold, Iron Ore, Lithium, Tantalum and other base metals. Greg was previously the General Manager Geology for Mount Gibson Iron and the Chief Geologist at BC Iron. He holds a Bachelor of Science with Honours and post graduate qualifications in Applied Finance and Mineral Economics.

Gavin is a metallurgist with 29 years of experience in operational and technical roles. His extensive experience through multiple commodities around the world has been gained through various roles, the most recent being General Manager Metallurgy of Peak Resources Limited, Gavin has also run a successful consultancy since 2012 specialising in flowsheet development and optimisation for rare earths, niobium and lithium technology metals.

Jeremy has nearly 20 years experience in the resources and technology minerals sectors.

Prior to Neometals, Jeremy was the Commercial Manager for advanced materials company Talga Resources.

Holding a MBA and postgraduate qualifications in applied finance and corporate governance, Jeremy is versed in strategy management, technology commercialisation, capital markets and IP management.

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Titanium-Vanadium Executive Team Ti/V
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Darren Townsend CDO

Darren is a Mining Engineer with 20 years’ mining and corporate experience. Extensive experience in managing ASX and TSX listed companies. East African experience incl. development of tantalum mines in Australia and Mozambique and resource drill out and permitting a niobium project in Kenya.

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David Robinson GM – Metallurgy & IP

New appointment commencing late November. Responsible for supervising all metallurgy programs, project technology development and managing research programs and associated IP protection.

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Paul Wallwork

GM – Product Development & Marketing

Paul has nearly 30 years of experience in technical sales, international marketing and management roles. Most recently, in the role of Trading Manager at Iluka Resources, Australia’s largest mineral sand producer. In the five-year period from 2008 to 2013 Mr Wallwork held the roles of Marketing Manager and General Manager Marketing at Talison with responsibility for export sales of tantalum, tin and lithium minerals.

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Drew Bradshaw

GM – Mining (seconded from ADAMAN Resources)

Drew is a Mining Engineer with 12 years’ operations experience in both Underground and Open Pits focused on mine planning and operations management. Most recently developed and managed the Karari / Whirling Dervish Undergrounds for Saracen Mineral Holding.

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Barrambie JORC Mineral Resource Ti/V
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Vanadium Deposit Comparison Data
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Barrambie JORC Exploration Target Ti/V
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