NEOMETALS LTD — Investor Presentation 2020

Nov 1, 2020

BARRAMBIE - WAKING THE SLEEPING GIANT

TZMI Congress 2020

November 2020

ASX Code: NMT OTC/Nasdaq Intl: RDRUY

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.

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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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.

Compliance Statement:

The information in this document that relates to Exploration Results, Mineral Resource and Ore Reserve Estimates for the Barrambie VTM Project has been extracted from ASX Releases set out below, which are available at www.neometals.com.au

17/04/2018 Updated Barrambie Mineral Resource Estimate 11/07/2018 Barrambie Test Work Produces +90% Purity Titanium Slag at High Recoveries 22/05/2019 Barrambie Vanadium DFS Results and Start of Titanium Pilot

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

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Neometals innovatively develops opportunities in minerals
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• ASX-listed project developer

• Focus on minerals & materials for EV and

• 4 core projects with partners and Nickel

• Project execution success at Mt Marion

• Paid A$55M in dividends in last

• Future-proof balance sheet to fund projects

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** A$10.9M Partially franked dividend (2cps) paid April 2020

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Lithium-Ion Battery
Recycling Project
(Feasibility Stage,
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50:50 Incorporated JV)
Vanadium Recovery Project
(Pre-Feasibility Stage, option
to form 50:50 Incorporated JV)
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Lithium Refinery Project
Vanadium Recovery
(Feasibility Stage, MOU
for 50:50 Incorporated JV)
LiB Recycling
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Barrambie Titanium and Vanadium Project (Pilot-stage, 100% NMT, MOU for 50:50 Operating JV);

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Chinese titanium industry structural changes present
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• For environmental and economic reasons

• Preference for high grade feedstocks such

• As the best mineral sands deposits are

• Need to move to further exploitation of high

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THE OPPORTUNITY: GROWING CHINESE DEMAND FOR FEEDSTOCKS SUITABLE FOR CHLORIDE PIGMENT

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Source: Source: TZMI August 2020 Forecast
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• *Jazan smelter has capacity of 500ktpa TiO2 slag

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THE SOLUTION

WAKE THE SLEEPING GIANT Barrambie Titanium and Vanadium Project 100% Neometals Owned

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BARRAMBIE OVERVIEW

Globally one of the highest-grade hard-rock titanium assets

• 100% owned

• Tier 1 jurisdiction

• Granted mining lease

• EPA approval

• A$30M spent to date in exploration / evaluation (inc. 55,000m of drilling)

• Established a large resource base

• Evaluated a number of flowsheets and now focused on recovery of value from titanium and iron/vanadium from two processes

• Completed work to demonstrate value in use to end users

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• Attracted partner to optimise value realisation

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THE SOLUTION: WAKE THE SLEEPING GIANT

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Barrambie by Ore Body Size* (Mt)

Barrambie Contained Metal* (Mt)

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*Please refer to ASX announcement 17 April 2018 titled “Updated Barrambie Mineral Resource Estimate”

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SOLUTION 1: BENEFICIATION IN AUSTRALIA – PYROMET REFINERY IN CHINA

Schematic Barrambie Development

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SOLUTION 1: SMELT BARRAMBIE FE/V/TI CONCENTRATE IN CHINA

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Pig Iron
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SOLUTION 2: POTENTIAL REDUCTIVE ROAST ALTERNATIVE

Schematic Barrambie Development

Reductive roast reduces vanadium level in titanium slag and creates additional options for processing high vanadium iron concentrate

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SOLUTION 2: POTENTIAL REDUCTIVE ROAST ALTERNATIVE

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THE STRATEGY: SECURE STRONG PARTNER

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Conditional MOU signed for 50:50 operating JV with leading Ti-V Research Institute IMUMR

• IMUMR has Chinese national mandate to develop upstream supply chains for strategic industries. China is half of global titanium pigment production

• IMUMR (China Geological Survey) to fund Demonstration Plant

• Subject to positive Demonstration Plant trials, Neometals and IMUMR will jointly fund Class 2 Engineering Cost Study on developing mine and concentrator in Australia and downstream processing in China

• Consider FID and proceed to negotiate 50:50 JV

• JV will have right to mine Barrambie for commercial consideration payable to Neometals subsidiary holding mining lease

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NEXT STEPS:

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• Complete bench scale testwork and financial modelling of the final two flow sheets (NMT)

• Select final flowsheet (NMT/IMUMR)

• Complete scale up work/ demonstration plant on selected flowsheet (IMUMR)

• Complete development studies (NMT/IMUMR)

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Structural changes in Chinese titanium market presents opportunity

Narrowing focus to final flowsheet selection

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Large and high grade resource

Mining licence in Tier 1 jurisdiction

Consistent strategy - partnering to reduce risks and realise returns

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NEOMETALS CORPORATE OVERVIEW

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CORPORATE DASHBOARD
ASX: NMT OTC:RDRUY Neometals
Shares on Issue [1] m 545.4
Share Price (30-Oct-20) A$ 0.19
12 Month Share Price Performance
Market capitalisation
A$m 106.3
(30-Oct-20)
0.30 12,000
Cash (30-Sep-20) [2] A$m 76.6
-
Debt A$m 10,000
Investments 0.25
A$m 7.3
(est 30-Sep-20)
8,000
Dividends paid in last
A$m 55
5 financial years [3]
0.20 6,000
Major Shareholders (30-September-2020)
David Reed 4,000
8.5%
(Non-Executive Director)
0.15
Westoz Funds Management 3.3% 2,000
Top 20 35.6%
0.10 0
No of Shareholders ~8,000 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20
Note 1: Excludes 10.26M performance rights.
Note 2: incl A$4.2M restricted term deposits Source: Neometals
Note 3. A$10.9M Partially franked dividend (2cps) paid April 2020
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Price $A
Volume (‘000s)
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APPENDIX

BARRAMBIE MINERAL RESOURCE AND RESERVE ESTIMATES

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APPENDIX – MINERAL RESOURCE AND ORE RESERVE ESTIMATE

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BARRAMBIE MINERAL RESOURCE ESTIMATE

Global Mineral Resource as at 17 April 20181	Global Mineral Resource as at 17 April 20181	Global Mineral Resource as at 17 April 20181	Global Mineral Resource as at 17 April 20181
Classification	Tonnes (M)	TiO2 (%)	V2O5 (%)
Indicated	187.1	9.61	0.46
Inferred	93.0	8.31	0.40
Total	280.1	9.18	0.44
High Grade V2O5 Mineral Resource at (0.5% V2O5 cut-off)2
Classification	Tonnes (M)	TiO2 (%)	V2O5 (%)
Indicated	49.0	16.93	0.82
Inferred	15.9	16.81	0.81
Total	64.9	16.90	0.82
High Grade	TiO2 Mineral Resource at (14% TiO2 cut-off)2
Classification	Tonnes (M)	TiO2 (%)	V2O5 (%)
Indicated	39.3	21.18	0.65
Inferred	14.3	21.15	0.58
Total	53.6	21.17	0.63
r to Neometals ASX release dated 17th April 2018 titled	“Updated Barrambie Mineral Resource Estimate”			21
lable at https://wcsecure.weblink.com.au/pdf/NMT/01971759.pdf

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Refer to Neometals ASX release dated 17[th] April 2018 titled “Updated Barrambie Mineral Resource Estimate” available at https://wcsecure.weblink.com.au/pdf/NMT/01971759.pdf

BARRAMBIE ORE RESERVE ESTIMATE

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Ore Reserve Category Ore Tonnes (M) V2O5 (%)	TiO2 (%)
Probable 39.9 0.78	15.1
Cut-off based on 0.6% V2O5 cut-off (prior to dilution) and net value (revenue minus selling, processing,	administration and incremental ore
mining costs) > $0/t on a diluted block-by-block basis from the parameters used in the pit optimisation.

2 Refer to Neometals ASX release dated 22 May 2019 titled ‘DFS Results for Barrambie Vanadium Production and commencement of Titanium Pilot Program’ available at https://wcsecure.weblink.com.au/pdf/NMT/02107619.pdf

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BARRAMBIE MINERAL RESOURCE AND ORE RESERVE ESTIMATE

Competent Person Attribution

The information in this report that relates to the Barrambie Mineral Resource estimates is extracted from an ASX Announcement dated 17 April 2018 (see ASX Announcement “Updated Barrambie Mineral Resource Estimate”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are represented have not been materially modified from the original market announcement.

The information in this report that relates to the Barrambie Ore Reserve estimates is extracted from an ASX Announcement dated 22 May 2019 (see ASX Announcement “DFS Results for Barrambie Vanadium Production and commencement of Titanium Pilot Program”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Ore Reserve estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are represented have not been materially modified from the original market announcement.

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The information in this report that relates to metallurgical testwork results is extracted from an ASX Announcement dated 11[th] July 2018 (see ASX Announcement “Barrambie Test Work Produces +90% Purity Titanium Slag at High Recoveries”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are represented have not been materially modified from the original market announcement.

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