NEOMETALS LTD — Investor Presentation 2021

Aug 17, 2021

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18 August 2021
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NEOMETALS EGM

WIDGIE NICKEL LIMITED PRESENTATION

Please find appended the Widgie Nickel Limited Presentation which will be delivered at the Neometals Ltd EGM today.

Authorised on behalf of Neometals by Christopher Reed, Managing Director

ENDS

For further information, please contact:

Chris Reed Managing Director Neometals Ltd T: +61 8 9322 1182 E: info@neometals.com.au

Jeremy Mcmanus

General Manager - Commercial and IR Neometals Ltd T: +61 8 9322 1182 E: jmcmanus@neometals.com.au

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About Neometals Ltd

Neometals innovatively develops opportunities in minerals and advanced materials essential for a sustainable future. With a focus on the energy storage megatrend, the strategy focuses on de-risking and developing long life projects with strong partners and integrating down the value chain to increase margins and return value to shareholders.

Neometals has four core projects with large partners that support the global transition to clean energy and span the battery value chain:

Recycling and Resource Recovery:

• Lithium-ion Battery Recycling – a proprietary process for recovering cobalt and other valuable materials from spent and scrap lithium batteries. Pilot plant testing completed with plans well advanced to conduct demonstration scale trials with 50:50 JV partner SMS group, working towards a development decision in early 2022; and

• Vanadium Recovery – sole funding the evaluation of a potential 50:50 joint venture with Critical Metals Ltd to recover vanadium from processing by-products (“Slag”) from leading Scandinavian Steel maker SSAB. Underpinned by a 10-year Slag supply agreement, a decision to develop sustainable European production of high-purity vanadium pentoxide is targeted for December 2022.

Upstream Industrial Minerals:

• Barrambie Titanium and Vanadium Project - one of the world's highest-grade hard-rock titanium-vanadium deposits, working towards a development decision in mid-2022 with potential 50:50 JV partner IMUMR.

info@neometals.com.au neometals.com.au

ACN 099 116 361 Locked Bag 8 Level 1, 1292 Hay Street West Perth WA 6872 West Perth WA 6005

T: +61 8 9322 1182 F: +61 8 9321 0556

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Corporate Presentation August 2021

www.widgienickel.com.au

Important Notice & Disclaimer

This presentation has been prepared by Neometals Ltd (for the proposed demerger of Widgie Nickel Pty Ltd (“WIN” or the “Company”)) to assist in informing interested parties about the Company. It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to securities in the Company. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

Summary information

This presentation may not be reproduced, redistributed or passed on, directly or indirectly, to any other person, or published, in whole or in part, for any purpose without the prior written approval of Neometals Ltd. The material contained in this presentation is for information purposes only. This presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securities in the Company and neither this presentation nor anything contained in it shall form the basis of any contract or commitment.

This presentation may not be distributed or released in the United States. Securities may not be offered or sold in the United States unless such securities are registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”) or in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable securities laws. Each institution or person that reviews this presentation will be deemed to represent that each such institution or person is not in the United States.

The distribution of this presentation may be restricted by law. Persons who come into possession of this presentation should seek advice and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.

Not financial product advice

Reliance should not be placed on the information or opinions contained in this presentation. This presentation is for information purposes only and is not financial product or investment advice, nor a recommendation to acquire securities in the Company (or any interest in Company securities). 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.

Past performance

Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as an indication of (and gives no guidance as to) future performance.

Forward-looking information

This presentation contains certain forward-looking statements with respect to the operations and business of the Company and certain plans and objectives of the management of the Company. Forward looking statements include those containing such words as "anticipate", "estimates", "forecasts", "should", "could", "may", "intends", "will", "expects", "plans" or similar expressions. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a range of variables and changes in underlying assumptions which could cause actual results or trends to differ materially. Neometals Ltd does not make any representation or warranty as to the accuracy of such statements or assumptions.

No liability

This presentation has been prepared by Neometals Ltd based on information currently available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation.

Recipients should carry out their own investigations and analysis of the Company and verify the accuracy, reliability and completeness of the information contained in this presentation or any other form of communication to which the recipient is permitted access in the course of evaluating any investment in the Company.

To the maximum extent permitted by law, none of Neometals Ltd or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party, nor any other person accepts any liability for any loss arising from the use of or reliance on this presentation or its contents or otherwise arising in connection with it, including without limitation, any liability arising from fault or negligence on the part of Neometals Ltd or its subsidiaries or affiliates or the directors, employees, agents, representatives or advisers of any such party.

Financial data

All figures in the presentation are Australian dollars ($ or A$) unless stated otherwise. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation.

Photographs and diagrams

Photographs and diagrams in the presentation are for illustration purposes only and should not be interpreted to mean that any person shown in them endorses this presentation or its contents or that the assets shown in them are owned by Neometals Ltd. Diagrams and maps used in this presentation are illustrative only and may not be drawn to scale. Unless otherwise stated, all data contained in charts, graphs and tables is based on information available as at the date of this presentation.

Compliance Statement

The information in this presentation that relates to Exploration Results and estimates of Mineral Resources for the Mt Edwards Nickel Project has been extracted from the ASX market announcements listed in the table below, which are available at www.neometals.com.au

19/04/2018	MtEdwardsNickel-MineralResourceEstimate		26/05/2020	MtEdwardsNickel-GillettResourceincreases30%
25/06/2018	MtEdwards-MineralResourceOver120,000NickelTonnes		06/10/2020	MtEdwardsNickel-MineralResourceandExplorationUpdate
05/08/2019	MtEdwardsNickel–DrillResults		23/12/2020	MtEdwardsNickel-ZabelMineralResourceUpdate
13/11/2019	AdditionalNickelMineralResourceatMtEdwards		29/06/2021	MtEdwards–McEwenMineralResourcesincrease45%
11/12/2019	MtEdwardsNickel-DrillResultsfromWidgieSouthTrend		29/06/2021	MtEdwards–WidgieTownsiteMineralResourceUpdate
31/01/2020	FurtherMassiveNickelSulphideResultsfromMtEdwards		30/06/2021	MtEdwards–26NorthMineralResourcesIncrease51%
16/04/2020	MtEdwardsNickel-ArmstrongResourceincreases60%		07/07/2021	Review Of Nickel Mineral Resources At Mt Edwards Complete

Neometals Ltd confirms that it is not aware of any new information or data that materially affects the information included in the ASX market announcements listed above and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant ASX market announcements continue to apply and have not materially changed. Neometals Ltd confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the relevant ASX market announcements.

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2

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Widgie Nickel Overview

Investment Highlights

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100% owned Mt Edwards Project – ~240km[2] tenements covering the highly prospective Widgiemooltha Dome

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Significant Mineral Resources 10.22Mt at 1.60% Ni for 162.56kt of Nickel across 11 deposits on granted Mining Leases

~31k Ni tonnes mined across 4 mines 1980 to 2008 – limited exploration undertaken since due to fragmented ownership, providing significant exploration / resource extension upside

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Presence of copper, cobalt & PGM confirmed - potential to capture additional value from byproduct credits

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Strategically positioned next to major infrastructure (road, rail, energy & water) & processing hubs

Experienced & dedicated team with relevant nickel exploration and production track record

Located 80km south of Kalgoorlie, Western Australia - a globally attractive mining jurisdiction

Excellent exposure to the EV and decarbonisation thematic – providing Critical metals for a cleaner future

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4

Corporate Rationale – Widgie Nickel

Located in the established Kambalda District – dedicated management and funding to drive value

Widgie Nickel is an aspiring mid-tier nickel producer in the heart of the Kambalda District

Widgie Nickel is a demerger from Neometals Ltd (ASX:NMT)

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• Demerger will distribute 100% of the Widgie shares to NMT shareholders – implied value A$26M

• Widgie to undertake a A$24M entitlement offer

Pro-Forma Market Capitalisation of A$50M with A$25M cash

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• Standalone entity to be appropriately resourced and capitalised to rapidly advance the Mt Edwards project

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• Project has been significantly advanced within Neometals and now ready for dedicated management resources and external capital

Proven Board and Management team to technically and commercially advance the project, with clear objectives:

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Widgie 3 Open Pit with a Shaft and remnant Mineral Resource

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5

Widgie Nickel – Proposed Capital Structure

Widgie provides the 11 deposits the independent funding and management resources they deserve

Capital Structure	Unit
Shares pursuant to In-Specie Distribution – NMT Shareholders	M	130.0
Shares offered under Underwritten Entitlement Issue	M	120.0
Total Shares on Issue	M	250.0
Offer price per Share	A$	$0.20
Total Implied Market Capitalisation	A$M	$50
Gross proceeds of Entitlement Issue (before costs)	A$M	$24
Cash balance in Widgie Nickel	A$M	$1
Enterprise Value	A$M	$25
Incentive Options to be issued to the Directors and Management	M	7.5
Broker Unlisted Options	M	2.0
Total Options	M	9.5

Indicative Timetable	Date
Lodge Prospectus	August 2021
Shareholder Approval for Demerger	August 2021
Open Entitlement Offer	August 2021
Close Entitlement Offer	September 2021
Issue of new shares under Entitlement Offer	September 2021
Widgie admitted to the ASX	September 2021
Quotation on the ASX	September 2021

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Residual nickel sulphide mineralisation in the southern wall of the 132N Open Pit.

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Armstrong Open Pit, facing north.

6

Widgie Nickel – Strategy

Aiming to be production ready for end of 2023

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Aiming to be production ready in 2 years

• Undertake work programs designed to increase resource size & confidence of existing resources and commence development studies

• Commence further exploration with a goal to discover more mineralisation to increase endowment

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Focussed exploration and expansion drill program to increase resource confidence and seek to quantity the Co, Cu, Pd, Pt and Au added potential by-product value within resources for the first time.

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Nickel sentiment is improving

• All coinciding with a nickel price at 5yr high, but still way off all time high

Market dynamics attractive and investment returning to the sector

• Expansion at BHP-Leinster Nickel

• BHP Offtake Deal with Tesla

• All cash bid by BHP for Noront (Ring of Fire, Nth Ontario)

• Restart of BHP – Kambalda concentrator imminent

• Major Additions to BHP – Kwinana refinery aiming to produce Ni Sulphate

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7

Value Proposition – Widgie Nickel

Tier one jurisdiction and infrastructure support focus on returning Mt Edwards to production

Widgie presents investors with a compelling opportunity to gain exposure to the clean energy future

• Ability to leverage off a large nickel sulphide resource base in a globally significant nickel district

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• 10.2Mt at 1.60% Ni for 162.6kt of Ni

• 4 historical mines and 11 confirmed deposits on granted mining leases

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Proximal to significant infrastructure;

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• Located 80km south of Kalgoorlie, 45km via sealed road to the Kambalda Nickel Concentrator

• Project accessed directly via sealed roads with proximal rail, energy and water infrastructure

• Significant value in historical database

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• Significant resource extension and exploration upside potential:

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• Brownfields – resource extension drilling across 11 known deposits

• Greenfields – 30 high priority targets, including ground adjoining Mincor’s Cassini Mine

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Confirmed presence of Cu/Co/PGM's

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• Infill drilling to quantify by-product credits for 6 deposits

• Less than 10% of the 140,000 historical assays includes PGM’s - No Cu, Co, Au assays

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8

Widgie Nickel – Nickel Sulphide Peer Comparison

Widgie’s Enterprise Value per Nickel tonne compares favourably with ASX listed peers

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400 395 kt Ni 2,000
1,781
1,800
350
1,501 1,600
300 1,399
1,400
250
1,200
210 kt Ni
200 1,000
870
163 kt Ni
800
150
600
94 kt Ni
100 87 kt Ni
400
50 154 148 39 kt Ni 37 kt Ni
111 200
0 0
Contained Metal (kt Ni)
EV / Metal t (A$/t Contained Ni)
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Poseidon Nickel
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Cannon Resources
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• See Slide 35 for JORC Resource and Financial Data used in Peer Comparison Table

• • As at 29 July 2021

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9

Proposed Use of Funds & Indicative Timing

Preparing a multi-mine development plan for the upswing in clean energy metals

Use of Funds ($k) Year 1 Year 2	Total
Mt Edwards Development
Approvals 125 100	225
Resource and Extensional Drilling 5,251 3,511	8,762
Metallurgy 320 380	700
Geotech/Hydro/Mine Planning 118 263	380
Direct Staff Costs 1,303 1,344	2,646
Total Development 7,117 5,597	12,713

Regional Exploration
Aircore 320 65	384
RC & Diamond Drilling 470 912	1,382
Geophysics 364 200	564
Direct Staff Costs 196 374	569
Tenement Rent & Rates / Admin 807 807	1,644
Exploration Total 2,157 2,387	4,544

Corporate
Staff Costs Corporate 769 772	1,541
Widgie Corporate Costs 798 773	1,571
Corporate Total 1,567 1,545	3,112

Total 11,144 9,543	20,688
Working Capital 4,631	4,631
Total Expenditure (before costs) 25,000	25,000

2021		2022		2023
Infill and Extensional Drilling
Metallurgy / Technical Work
Geotech / Hydro / Mine Planning
Geophysics / Geochemical Surveys
Exploration Drilling
Development Studies
Production Ready

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10

Board and Management

Experienced & dedicated team with relevant nickel exploration and production track record

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Andrew Parker

Non-Executive Chair Corporate / Legal

Andrew holds a Bachelor of Laws (LLB) degree from the University of Western Australia and has significant experience in the resource s industry involving corporate advisory, strategic consultancy and capital raisings.

Mr Parker previously held various senior management roles including, Director of Stadia Capital and co-founder of Trident Capital Pty Ltd, a corporate advisory and venture capital firm where he held the position of Managing Director until 2008.

He has held senior legal roles, such as General Counsel of previously ASX listed B Digital Ltd, Senior Associate of Price Sierakowski and Senior Associate of Summers Partners.

Mr Parker has held Board positions with a number of ASX listed companies and is currently a Non-Executive Director of Boab Metals Ltd (ASX: BML).

Steve Norregaard

Managing Director and CEO Mining Engineer

Steve is an experienced resources industry executive, company director, and mining engineer with over 25 years’ experience in executive and operational roles.

He has worked in mine contracting as well as for mine owners, in both open cut and underground operations, exploiting commodities including nickel, gold, base metals and coal.

Having held senior management positions for both ASX and TSX listed companies he has worked within Australia, Canada and South-East Asia.

Most recently, Steve was Director of Operations for Westgold Resources Ltd (ASX:WGX). He has previously held the position of Managing Director at ASX listed companies: Red 5 Limited and Tectonic Resources Limited.

Felicity Repacholi-Muir

Non-Executive Director Geologist

Felicity is a broad-based professional geologist with 19 years of experience as a geologist, manager and consultant within the field of mineral exploration and resource development.

Felicity has experience in a range of mineral commodities and has been part of the exploration team responsible for the discovery and delineation of several economic orebodies.

She was a Founding Non-Executive Director of Whitestar Resources Ltd (ASX:WSR) and is currently a NonExecutive Director of Indiana Resources Limited (ASX:IDA) and Recharge Metals Limited (which is undertaking an initial public offering).

Scott Perry

Non-Executive Director Process Engineer

Scott has over 20 years of experience in commercial, mining and process engineering roles including over 10 years in executive roles with BHP Billiton Nickel West Pty Ltd.

Scott is currently a director of Process Engineering Australia Pty Ltd, an engineering, business development and commercial sales and marketing consulting business focused in the mining, industrial chemicals and agricultural sectors.

He is also a board member of Pollinators Inc, a member-based social enterprise which using a mix of earned revenue and grant funding achieves a social mission to grow thriving regional communities while remaining financially resilient

Graeme Scott

Company Secretary / CFO Corporate

Graeme is a fellow of the Association of Chartered Certified Accountants (UK) with more than 20 years’ experience in professional and corporate roles in both Australia and the UK.

He has spent the last 16 years working in the resources sector in CFO, and dual CFO and Company Secretarial roles for both ASX and TSX listed companies.

Most recently, Graeme was CFO and Company Secretary of ASX listed Peak Resources Limited (ASX:PEK).

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11

The Endowment

Widgie provides the 11 deposits the independent funding and management resources they deserve

	Indicated		Inferred			Total Resources
Deposit	Tonnes (kt)	Grade (% Ni)	Tonnes (kt)	Grade (% Ni)	Tonnes (kt)	Grade (% Ni)	Contained (t Ni)
Widgie 3			626	1.5	626	1.5	9,160
Gillett			1,306	1.7	1,306	1.7	22,500
Widgie Townsite	1,183	1.7	1,293	1.5	2,476	1.6	39,300
Munda			320	2.2	320	2.2	7,140
Mt Edwards 26N			871	1.4	871	1.4	12,400
132N	34	2.9	426	1.9	460	2	9,050
Cooke			154	1.3	154	1.3	2,000
Armstrong	526	2.1	107	2	633	2.1	13,200
McEwen			1,133	1.4	1,133	1.4	15,340
McEwen Hangingwall			1,916	1.4	1,916	1.4	26,110
Zabel	272	1.9	53	2	325	2	6,360
TOTAL	2,015	1.9	8,205	1.5	10,220	1.6	162,560

Note: Refer to Compliance Statement in Important Notice & Disclaimer and Slide 34

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12

Mt Edwards Regional History

Historically produced 31,000 Nickel Tonnes across 4 mines from 1980 to 2008

Prior to Neometals Acquisition

First significant Nickel discovery was Mt Edwards (26N) by INAL (International Nickel Australia Ltd) in November 1967

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• Historical Nickel production of 30,986 from four mines in the project area:

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• Mt Edwards 26N (WMC) – 954,578t @ 2.72% Ni, 25,965t Ni

• Widgie 3 (WMC) – 82,661t @ 2.17% Ni, 1,794t Ni

• 132N (WMC) – 63,259t @ 2.93% Ni, 1,852t Ni

• Armstrong (CM) – 97,006t @ 1.42% Ni, 1,375t Ni

• Consolidated Minerals acquired the Project in 2006, along with no further exploration

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Since 2008 there has been little systematic exploration resulting in significant knowledge and data loss

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Neometals Acquisition (2018)

Re-established a validated database

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• Endowment has grown from 3.05Mt @1.6% for 48.2 Kt to JORC 2012 Compliant Mineral Resource of 10.2Mt grading 1.60% for 162.6kt contained nickel metal

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13

Widgie South- Base Load

Widgie Townsite, Gillett and Widgie 3 comprises ~44% of the current Mt Edwards Mineral Resource

Widgie Townsite | Mineral Resource of 2.48Mt @ 1.6% Ni for 39.3kt Ni

Widgie 3 & Gillett | Mineral Resource of 1.93Mt @ 1.6% Ni for 31.7kt Ni

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14

Higher Grade Satellite - Armstrong

Rapid development timeframe possible

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Currently on care and maintenance and studies sufficiently advanced to be capable of being accelerated to production​

Mineral Resource of 663kt @ 2.1% Ni for 13.2Kt Ni

Located on a granted mining lease

High grade massive ore component

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15

Higher Grade Satellite – Munda

Untouched nickel mineralisation- High Grade

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Munda nickel mineralisation co-exists with gold mineralisation.

Small existing pit mined for gold – 1980's.

Opportunity for mining gold and nickel concurrently - share costs

• 320,000t @ 2.25 Ni for 7.14Kt of Ni

Open at depth

High grade massive ore component

Located on granted mining lease

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16

Higher Grade Satellite - 132N

Massive nickel in 132N pit wall

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Pit dry, mineralisation readily accessible​

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Located on a granted mining lease

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Mineral Resource of 460kt @ 2.0% Ni for 9.05Kt Ni

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High grade massive ore component

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Open at depth

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Residual nickel sulphide mineralisation in the southern wall of the 132N Open Pit.

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17

Widgiemooltha Regional Exploration

Multiple High Priority Targets to be followed up upon listing

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Database review and regional prospectivity assessment compiled by industry leading, Newexco Exploration

Newexco report identified:

• Numerous historical anomalies that remain untested

• More than 40 walk-up drill targets

• Gaps in historical geophysical test work - improved technology and techniques presents new opportunities

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18

Metallurgy

Conventional flowsheet in a proven nickel district

Over 40 years of successful Ni concentrate production from mines around the Widgiemooltha dome (Mt Edwards historical production 1,190,000 tonnes at 2.6% Ni processed at Kambalda concentrator)

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Further confidence can be gained from recent testwork that demonstrates primary mineralisation from Armstrong (633kt @ 2.1% Ni) can be upgraded to saleable nickel concentrate – desired spec with PGM component upgrading and reporting to concentrate

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Initial tests on 132N & Munda core confirm saleable concentrate grades, with precious metals (PGE’s and Au) reporting to the concentrate

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• Palladium price is up 10x since Mt Edwards last produced!

• Additional metallurgical studies to be undertaken from infill drilling to increase confidence in the base and precious metal recoveries that will form part of economic evaluation

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Potential Value Add post listing;

Refresh agreement with BHP – Kambalda Nickel Concentrator

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Consider alternatives processing – applicable to additional feedstock outside of current resources

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• Lower grade sulphide material (<1% incremental material)

• Oxide mineralisation (above fresh sulphide material)

Leaching

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• Leaching technologies ( ie low-cost Heap leach) potential to be considered. A new approach never explored appropriately

Conventional Testwork Flowsheet

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Decan
t
Pre-float Rougher
Rougher
Conc. Tails
Decant Conc.
Overflow
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• Potential increased Ni payability (ore to nickel sulphate) and increased byproduct recoveries

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19

Future Nickel Demand

Right commodity, right jurisdiction, right time…

Australia is a Globally Significant Nickel Producer

• Australia currently accounts for ~7% of global nickel production1 and for ~21% of known Reserves1

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Tier 1 Jurisdiction with leading ESG credentials

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The Electric Vehicle Revolution has begun

EV production and uptake is at the beginning of the “S curve”

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Preferred cathode chemistries are reliant on nickel = demand increase

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• Migrating from NMC 111 to NMC 811 (  nickel use /  cobalt use )

• Nickel sulphides have an economic advantage when producing nickel sulphate used in battery manufacturing – preferred source material for EVs

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Nickel Use in Future Battery Chemistries[2]

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100%
90%
80% Al
70%
60% Co
50%
Mn
40%
30% Li
20%
Ni
10%
0%
LCO NMC (111) NMC (532) NMC (622) NMC (811) NCA NCA+
Cathode Composition
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Passenger EV Fleet Forecast[1]

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60
50
Other
40
USA
30 We are here Europe
China
20
10
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
EVs (millions)
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Reserves[3]

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Indonesia
Australia
Brazil
Other countries
Russia
Cuba
Philippines
China
Canada
United States
0 5,000 10,000 15,000 20,000 25,000
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• 1 Data sourced from BloombergNEF – Electric Vehicle Outlook 2021

• 2 Data sourced from BloombergNEF

• 3 Data sourced from USGS Annual Nickel Publication, 2021 Edition

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20

Environmental, Social and Governance

Widgie Nickel is determined to implement industry leading ESG standards

Team

Develop a positive culture that values clear communication, teamwork and respect

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Exploration, Development & Production

• Implement best practice environmental standards for all onsite disturbances

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• A safety-first approach within Widgie’s team and all onsite contractors

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• A commitment to embrace carbon neutral initiatives. Mains power/wind/solar evaluation

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• No processing onsite = no tailings storage

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• Negligible long term environmental liabilities

• Simple mining operation with toll treatment options at nearby

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• Utilise installed capacity of existing processing infrastructure – increased efficiency

Continuing Community Engagement

Giving back to the community – support local

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The Local - Widgie Tavern

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21

Investment Summary

Focussed strategy to deliver Mt Edwards back into production

Post listing Widgie Nickel will

Upcoming news flow driven by clearly defined value drivers

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Aim to grow resource size and confidence in existing resources

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Continuous drilling for 2 years planned

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Explore to unveil more mineralization using geochemistry and geophysics

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Leverage to forecast improvements in the outlook for Nickel

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• Advance feasibility studies and permitting in preparation for low CO2 footprint production.

Evaluate value add opportunities as they arise

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• Particularly Australian produced Nickel Sulphide

Infill drilling to determine presence of material Cu, Co, Au and PGM’s associated with Nickel Sulphide.

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Economic studies to define a multi-mine plan to become a mid-tier nickel producer

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Aiming to be production ready within 2 years in a rising nickel environment

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22

Widgie Nickel

Critical metals for a cleaner future

www.widgienickel.com.au info@widgienickel.com +61 8 9322 1182 Level 1, 1292 Hay Street, West Perth 6005 WA

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Appendices

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24

Widgie South Trend

Widgie Townsite, Gillet and Widgie 3 comprises ~44% of the current Mt Edwards Mineral Resource

Widgie South Trend includes the Widgie Townsite, Widgie 3 and Gillett deposits and the Gillett West, Rhona and Widgie 3 South prospects

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Located on Mining Lease M15/94 south of the community of Widgiemooltha, the Widgie South Trend is 4 km long.

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Drilling highlights significant increases in mineralised strike extent at Gillett in the Widgie South Trend with more readily achievable.

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Further nickel sulphide targets identified on adjacent horizons with Down-Hole Electromagnetic surveys (DHEM) 2019, these are yet to be drilled.

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Current existing resource of 4.4Mt @ 1.60% Ni for 71kt Ni tonnes

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• Presents as standout opportunity with the potential to be accessed through the establishment of central infrastructure

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Existing open pit at Widgie 3 reduces capital development costs and allows Widgie to efficiently establish multiple productions fronts, first ore 300m east of Widgie 3 pit

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Widgie Townsite

Largest unmined body of mineralisation identified - Adjacent conductors identified (Nth extent of Gillett potentially)

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Widgie 3

Remnant mineralisation below pit – open at depth and 280m east to Gillett Open in both directions and down dip

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Gillett

Unmined since discovery in 2006. Significant scope to expand along strike & down dip

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Mt Edwards-26N

Decline to ~500vm intact, unmined lower grade shoot accessible off decline

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29

Geological Overview – Resources

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Mineral Resource Estimate

Mt Edwards Global Nickel Mineral Resource

Compliance Statement

Widgie Nickel has prepared the presentation materials based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in the meeting materials. To the maximum extent permitted by law, Neometals, its related bodies corporate (as that term is defined in the Corporations Act) and the officers, directors, employees, advisers and agents of those entities do not accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the use of the presentation or its contents or otherwise arising in connection with it.

The information in this document that relates to Exploration Results and Mineral Resource estimates for the Mt Edwards Project was previously disclosed to ASX in the following Neometals announcements:

• 19 April 2018 titled “Mt Edwards Nickel – Mineral Resource Estimate”;

• 25 June 2018 titled “Mt Edwards – Mineral Resource Over 120,000 Nickel Tonnes”;

• 13 November 2019 titled “Additional Nickel Mineral Resource At Mt Edwards”;

• 31 January 2020 titled “High-grade massive nickel sulphide at Mt Edwards”;

• 16 April 2020 titled “Mt Edwards Nickel – Armstrong Resource increases 60%”;

• 26 May 2020 titled “Mt Edwards Nickel – Gillett Resource increases 30%”;

• 6 October 2020 titled “Mt Edwards Nickel – Mineral Resource and Exploration Update”;

• 23 December 2020 titled “Mt Edwards Nickel – Zabel Mineral Resource Update”;

• 9 April 2021 titled “Mt Edwards – High Grade Palladium in Nickel Concentrate”;

• 29 June 2021 titled “Mt Edwards – McEwen Nickel Resources increase 45%”;

• 29 June 2021 titled “Mt Edwards – Widgie Townsite Mineral Resource Update”;

• 30 June 2021 titled “Mt Edwards – 26 North Mineral Resources Increase 51%;

	Indicated	Indicated	Inferred	Inferred		Total Resources	Total Resources
Deposit	Tonnes (kt)	Grade (% Ni)	Tonnes (kt)	Grade (% Ni)	Tonnes (kt)	Grade (% Ni)	Contained (t Ni)
Widgie 33, 12			626	1.5	626	1.5	9,160
Gillett6			1,306	1.7	1,306	1.7	22,500
Widgie Townsite10	1,183	1.7	1,293	1.5	2,476	1.6	39,300
Munda4			320	2.2	320	2.2	7,140
Mt Edwards 26N11			871	1.4	871	1.4	12,400
132N7	34	2.9	426	1.9	460	2	9,050
Cooke2, 12			154	1.3	154	1.3	2,000
Armstrong5	526	2.1	107	2	633	2.1	13,200
McEwen9			1,133	1.4	1,133	1.4	15,340
McEwen Hangingwall9			1,916	1.4	1,916	1.4	26,110
Zabel8, 9	272	1.9	53	2	325	2	6,360
TOTAL	2,015	1.9	8,205	1.5	10,220	1.6	162,560

• 6 July 2021 titled “Mt Edwards – Positive Float Test Work Results Continue”; and

• 7 July 2021 titled “Mt Edwards – Review of Nickel Mineral Resources Complete”.

Neometals confirms that it is not aware of any new information or data that materially affects the information included in these announcements and, in the case of Mineral Resource estimates, that all material assumptions and technical parameters underpinning the estimates in these announcements continue to apply and have not materially changed.

1. Mineral Resources quoted using a 1% Ni block cut-off grade, except Munda at 1.5% Ni. Small discrepancies may occur due to rounding. 2. Refer to Neometals’ ASX announcement dated 19 April 2018 titled ‘Mt Edwards JORC Code (2012 Edition) Mineral Resource 48,200 Nickel Tonnes’. 3. Refer to Neometals’ ASX announcement dated 25 June 2018 titled ‘Mt Edwards Project Mineral Resource Over 120,000 Nickel Tonnes’. 4. Refer to Neometals’ ASX announcement dated 13 November 2019 titled ‘Additional Nickel Mineral Resource at Mt Edwards’.

2. Refer to Neometals’ ASX announcement dated 16 April 2020 titled ‘60% Increase in Armstrong Mineral Resource’.

3. Refer to Neometals’ ASX announcement dated 26 May 2020 titled ‘Increase in Mt Edwards Nickel Mineral Resource’.

4. Refer to Neometals’ ASX announcement dated 6 October 2020 titled ‘132 Nickel Mineral Resource and Exploration Update at Mt Edwards’. 8. Refer to Neometals’ ASX announcement dated 23 December 2020 tilted ‘Zabel Nickel Mineral Resource Update at Mt Edwards’. 9. Refer to Neometals’ ASX announcement dated 29 June 2021 tilted ‘McEwen Resources at Mt Edwards Increase 45% to 41.5kt Contained Nickel’. 10. Refer to Neometals’ ASX announcement dated 29 June 2021 titled ‘Updated Widgie Townsite Nickel Mineral Resources at Mt Edwards’.

5. Refer to Neometals’ ASX announcement dated 30 June 2021 titled ‘Updated 26 North Resources at Mt Edwards Increase by 51%’. 12. Refer to Neometals’ ASX announcement dated 7 July 2021 titled ‘Review of Nickel Mineral Resources as Mt Edwards Complete’.

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Peer Comparison Data

JORC Resource and financial data used in peer comparisons

			Total Resources	Total Resources
Company / Asset	Ownership (%)	Tonnes (kt)	Grade (% Ni)	Contained (t Ni)
Duketon Mining		8.3	1.1%	93.6
Rosie1	100%	2.6	2.1%	53.7
C21	100%	5.7	0.7%	39.9
Auroch Minerals		1.9	1.9%	37.3
Nepean4	80%	0.5	2.2%	10.4
Saints2	100%	1.1	2.0%	21.0
Leinster* JORC (2004)3	Earning 70%	0.4	1.4%	5.9
Panoramic Resources		13.5	1.6%	209.9
Savannah5	100%	13.5	1.6%	209.9
Poseidon Nickel		44.1	0.9%	395.0
Black Swan6	100%	30.7	0.6%	179.2
Silver Swan7	100%	0.2	9.5%	16.1
Maggie Hays8	100%	3.5	1.5%	52.1
Mt Windarra9	100%	4.4	1.6%	71.4
South Windarra* JORC (2004)10	100%	0.8	1.0%	7.6
Cerberus* JORC (2004)10	100%	4.6	1.5%	68.6
Lunnon Metals		1.2	3.2%	39.2
85H11	100%	0.7	2.4%	16.7
Foster South11	100%	0.3	4.7%	16.0
Warren11	100%	0.2	3.1%	6.4
Cannon Resources		4.8	1.8%	87.1
Fisher East12	100%	4.2	1.9%	77.8
Collurabbie12	100%	0.6	1.6%	9.3

		Financial Data	Financial Data
Company / Asset	Market Cap (A$M)18	Cash (A$M)	Debt (A$M)	Enterprise Value (A$M)
Duketon Mining13	44.2	30.3	0.0	13.9
Auroch Minerals14	55.2	3.0	0.0	52.2
Panoramic Resources15	338.4	24.5	60.0	373.9
Poseidon Nickel16	379.3	35.4	0.0	343.8
Lunnon Metals17	72.7	14.0	0.0	58.8
Cannon Resources12	15.0	5.3	0.0	9.7
Widgie Nickel	50.0	25.0	0.0	25.0

References Note 1. Refer ASX announcement: DKM 4/3/2021 titled Increase to Nickel Equivalent Grade for Rosie Resource Note 2. Refer ASX announcement: MEP 4/5/2017 titled Maiden JORC Resource Estimate for Saints Nickel Deposit, Kalgoorlie Note 3. Refer ASX announcement: BRW 14/4/2008 titled Maiden Resource: 8,300 tonnes of nickel for the Horn deposit Note 4. Refer ASX announcement: FML 12/6/2007 titled Focus Minerals commences feasibility study on Nepean nickel project Note 5. Refer ASX announcement: PAN 22/7/2021 titled Savannah Project - 2021 Mineral Resource and Ore Reserve Statement Note 6. Refer ASX announcement: POS 4/8/2014 titled Poseidon announces Black Swan mineral resource Note 7. Refer ASX announcement: POS 5/8/2019 titled Silver Swan Resource Upgrade Note 8. Refer ASX announcement: POS 17/3/2015 titled 50% Increase in Indicated Resources at Lake Johnston Note 9. Refer ASX announcement: POS 7/11/2014 titled Revised Mt Windarra Mineral Resource Note 10. Refer ASX announcement: POS 1/12/2011 titled Resource Increase of 25% at Windarra Nickel Project Note 11. Refer ASX announcement: LM8 11/6/2021 titled Lunnon Metals Prospectus Note 12. Refer to Company website: CNR 26/5/2021 Cannon Resources Prospectus Note 13. Refer ASX announcement: DKM 30/4/2021 titled Quarterly Cashflow Report Note 14. Refer ASX announcement: AOU 15/4/2021 titled Quarterly Activities and Cashflow Report Note 15. Refer ASX announcement: PAN 29/4/2021 titled Quarterly Activities Report Note 16. Refer ASX announcement: POS 30/4/2021 titled Quarterly Cashflow Report Note 17. Refer ASX announcement: LM8 16/6/2021 titled ASX Admission Presentation Note 18. Share price & market capitalisation at COB 13/8/2020

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32