NEOMETALS LTD — Investor Presentation 2021

May 25, 2021

DECARBONISING CRITICAL RAW MATERIALS SUPPLY CHAINS IN THE EU

121 EMEA Presentation

25 May 2021

ASX Code: NMT

OTC/Nasdaq Intl: RDRUY Frankfurt: R9R

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.

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.

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* As at 31 March 2021

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Vanadium Recovery
LiB Recycling
Lithium Refinery
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Lithium-Ion Battery Recycling Project

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Vanadium Recovery Project

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OUR PEOPLE

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NE Board Members

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Steve Cole David Dr Natalia Doug Dr Jennifer Les Guthrie
Chair Reed Streltsova Ritchie Purdie
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Management Team

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Chris Reed Jason Carone Michael Tamlin Darren Townsend Irena Ivanova
Managing Director / Company Secretary / COO CDO GM - Engineering
CEO CFO
Paul Wallwork Jeremy Mcmanus Gavin Beer Matthew Read David Robinson Greg Hudson
GM – Marketing GM – Commercial GM – Lithium GM – Lithium GM – Metallurgy GM – Geology
and Product and Investor Processing Projects and R&D
Development Relations
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CORPORATE DASHBOARD

ASX: NMT	OTC:RDRUY FRA:R9R	OTC:RDRUY FRA:R9R	OTC:RDRUY FRA:R9R
Shares on Issue1		m	545.4
Share Price	(24-May-21)	A$	0.485
Market capitalisation (24-May-21)		A$m	264
Cash (31-March-21) 2		A$m	67.5
Debt		A$m	-
Investments (31-Mar-21)	3	A$m	14.1

Major Shareholders (24-May-2021)

David Reed (Non-Executive Director)	7.3%
Westoz Funds Management	2.8%
Top 20	36.8%
No of Shareholders	~8,700
Average Daily Volume (FY)	1.15M

Share Price Performance (FYTD)

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10,000
0.60
9,000
8,000
0.50
7,000
0.40 6,000
5,000
0.30
4,000
0.20 3,000
2,000
0.10
1,000
0.00 0
Jul-20 Oct-20 Jan-21 Apr-21
Source: Neometals
Price $A
Volume (‘000s)
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Note 1: Excludes 10.26M performance rights. Note 2: incl A$4.3M restricted term deposits Note 3: Loan receivables and investments

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BATTERY ENERGY STORAGE MARKET BACKDROP

EV DEMAND FORECAST

Global EV Sales and Penetration Rate Forecast, 2020-35

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Source: rho motion

SUPPLY CANNOT MEET 5X DEMAND GROWTH FROM LIB MEGAFACTORIES

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EU LEADING THE WORLD IN ADOPTION OF EV’S

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RECYCLING IS NOT OPTIONAL

Significant ‘need’ (Hazardous, CO2 friendly & Valuable) driving regulation:

Fire Risk

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Landfill

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Pollution (GHG)

Material Shortages

Circular Economy

Storage, transport and disposal

Hazardous materials

Decarbonisation and GHG targets. Reduces footprint of OEMs

Recycling complements virgin sources. Ethical supply certainty

Closing the loop, cradle to grave. Significant $ value

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NEED TO ADDRESS THE EMERGING ‘CARBON SHOCK’ OF EV’S

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ECO-FRIENDLY LIB RECYCLING IS A KEY SUSTAINABLE SOLUTION

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Raw Material CO2 Savings – Traditional Mining vs Pyromet and Hydromet Battery Recycling

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HYDROMETALLURGICAL RECYCLING HAS THE LOWEST CARBON FOOTPRINT Source: Duesenfield

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NEW EU BATTERY REGULATIONS

• Legislation update to ensure more sustainable batteries

• Regulations focus on:

• Transparency;

• Ethical raw materials;

• CO2 cell footprint; and

• Recycling

• Staggered implementation:

• 100% collection target - industrial and EV

• CO2 footprint declaration from 2024

• Recycling efficiency to 65% from 2025 then 70% by 2030

• Carbon intensity labelling by 2026

• CO2 footprint threshold by 2027

• Recycled content declarations 2027

• Minimum recycled content from 2030

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EU FORECAST TO BE 2[ND] LARGEST LIB PRODUCTION HUB GLOBALLY IN 2030

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AND GENERATE 2[ND] LARGEST VOLUME OF SCRAP AND END-OF-LIFE BATTERIES

Potential European LiB Recycling Feed Volumes

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Source: Benchmark Minerals Intelligence (Battery Cell Capacity) and Neometals Management (Utilisation rate 75%, Scrap Rate 10% and Cell Weight 45g/Wh)

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LI ION BATTERY RECYCLING PROJECT

50:50 JV with SMS group – ‘Primobius GmbH’

AIMING TO BE RECYCLER OF CHOICE FOR CELLMAKERS AND CARMAKERS

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DEVELOPING EU’S LARGEST HYDROMET REFINERY FOR LIB CATHODE PRECURSORS

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Source: Benchmark Minerals Intelligence

OUR PROPRIETARY RECYCLING PROCESS

Successfully Piloted at SGS Canada in 2019/20

• 85% Recycling Efficiency

• Ni+Co Sulphates (+80% Rev$) meet Chinese cathode specs

• Tailings is fertiliser feedstock

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ENGINEERING COST STUDY ESTIMATES MAY 2021 - AACE CLASS 4 (±25%)

Based on Pilot Plant at SGS Canada in 2019/20

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Operating Costs CAPITAL US$M
DIRECTS
US$ 1,560/t Feed
Infrastructure Civil 9
Land and Buildings 34
Front End 6
Hydromet 24
Utilities 12
Installation 11
S
Sub-Total Directs 96
INDIRECTS
Engineering, Project
Management and Owner's 45
Costs
Insurance, Freight, Taxes
9
and Interest
Sub-Total Indirects 54
CONTINGENCY (10%) 15
TOTAL 165
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Source: Neometals ASX Announcement:- Lithium Battery Recycling – Outstanding Cost Estimates (7 May 2021) Note: total numbers may not sum due to rounding

ROBUST ECONOMICS ON MAJOR EV BATTERY CHEMISTRIES

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POTENTIAL LOWEST COST NICKEL SULPHATE PRODUCER

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Nickel Sulphate Cost Curve 2025
S
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Source: Cost Curve – Australian Mines/CRU (2019), Primobius Cost/Production – Neometals Management (2021) based on ASX Announcement:- Lithium Battery Recycling – Outstanding Cost Estimates (7 May 2021)

OUR COMMERCIALISATION PARTNER

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sites)
•
for 50:50 debt:equity on a best endeavours basis
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DEMONSTRATION PLANT

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Demonstration Trial Feed secured from EV maker and ESS maker (Itochu)
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Dedicated facility at SMS Manufacturing Headquarters Hilchenbach, Germany

PRIMOBIUS OFFERS A CLEAR USP AND WILL PROVIDE THE BEST POSSIBLE RECYCLING SOLUTION

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1
Safe process
5
according to
regulations
Continuous
improvement
2
Flexible and
robust
4 technology
Ethical sourced
3
high purity
products
Environmentally
friendly
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Safe process according to regulations

• 1 High share of recycled materials to high purity chemicals meeting the current regulations with a safe process

Flexible and robust technology

• 2 In contrast to competitors’ multiple battery chemistries, formats and types can be processed without prior discharging

Environmentally friendly

3 In contrast to incumbent pyromet. processes our technology generates less CO2 production and less transportation of hazardous wastes Ethical sourced high purity products 4 JV will produce high purity chemicals not intermediates intended for the ethical re-supply to the cathode producer supply chains

Continuous improvement

5 We continuously optimize our existing processes with regards to product yield, quality and efficiency

USP = Unique selling proposition JV = Joint Venture

FLEXIBLE BUSINESS MODELS

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•
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• Service agreement Partnership License

• • • • Primobius to responsibly Primobius to build and License IP you the IP process production scrap operate recycling plant(s) directly and or EOL batteries for a fee. both share economic BOOT/supply-only Option to purchase all returns – JV etc. Option to recycling plant(s) products under offtake purchase all products agreement under offtake agreement

MOU WITH ITOCHU CORPORATION OF JAPAN

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• Itochu is one of Japan’s largest trading houses (market cap +US$50B

• Itochu strong footprint in the lithium-ion battery supply chain

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• Itochu produces cathode and anode materials, also its own stationary storage battery systems (ESS)

• Itochu will supply second demonstration trial which will process solely ESS batteries

• Evaluating hub and spoke model, centralised hydromet circuit fed by multiple shredding/beneficiation plants not only in Japan but throughout Asia.

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Itochu’s stationary energy storage brand

Full details refer to Neometals ASX Announcement entitled: “Lithium Battery Recycling – MoU with Itochu Corporation” released on 5 March 2021.

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OUR INDICATIVE TIMELINE

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FIRST PUBLIC PEER METRIC FROM HYDROMET RECYCLING DEVELOPER PURCHASED FOR US$975M IN SPAC DEAL

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RECYCLING AND RECOVERY VANADIUM RECOVERY PROJECT Earning into 50:50 JV with Critical Metals Ltd

THE OPPORTUNITY

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SSAB Luleå Steel Mill
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• Scandinavian steel giant SSAB has +2Mt of high-grade vanadiumbearing by-product (“Slag”) stored at 3 steel mills in Sweden and Finland.

• Secured by Critical Metals Ltd (19.9% NMT) under supply agreement (*)

• Neometals earning into 50:50 Incorporated JV by funding evaluation to FID and licensing proprietary hydromet process (*)

• Eco-friendly process captures and sequesters more than 65,000t CO per annum – zero carbon footprint

• Latest Class 4 Cost Study confirms potential lowest quartile cost position of high-purity 99.5% V2O5 (**)

• For full details please refer ASX release dated 6[th] April 2020 titled “High-Grade Vanadium Recycling Agreement”

• ** Please refer to ASX release dated 21 April 2021 titled “Vanadium Recovery Project – Positive Cost Study Results”

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OUR PROPRIETARY RECOVERY PROCESS

Successfully Mini-Piloted at Strategic Metallurgy Perth in 2020

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Source: Neometals ASX announcement 21 April 2021 titled “Vanadium Recovery Project – Positive Cost Study Results”

PILOT PLANT TRIALS IMMINENT

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o

o

Successful demonstration proprietary vanadium recovery flowsheet in continuous mini-pilot test work campaign (100hrs @ 1kg/hr). Recovery +75%. Purity >99.5% V2O5

Pilot plant construction materially complete and commissioning has commenced. Throughput rate 25X scale-up 25 kg/hr for 10+6+6 days continuously on samples from Lulea, Oxelosund and Raahe respectively

For full details of Mini Pilot Plant results refer ASX release dated 4[th] November 2020 titled “Successful Vanadium Recovery Mini-Pilot and commencement of PFS”

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PFS RESULTS

Based on Mini-Pilot Plant at Strategic Metallurgy Perth in 2020

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Source: Please refer to ASX announcement 4 May 2021 titled “Vanadium Recovery Project - PFS Indicates Robust Potential Economics”
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*Pre Tax and 100% ownership basis

*Source: Please refer to ASX announcement 4 May 2021 titled “Vanadium Recovery Project - PFS Indicates Robust Potential Economics”

POTENTIAL LOWEST QUARTILE COST VANADIUM PENTOXIDE PRODUCER

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Vanadium Cost Curve 2021
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Source: TTP Squared – Cost Curve, Neometals Management – Vanadium Recovery Project Cost Estimate

Please refer to ASX announcement 21 April 2021 titled “Vanadium Recovery Project – Positive Cost Study Results”

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PLANT LOCATION AND STOCKPILES

Slag stored +630kt Vanadium Grade V2O5 +4% Contained V2O5 +25,000t Net Slag Added 100ktpa

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Luleå
Raahe
Pori V recovery plant
Oxelösun
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Slag stored +360kt Vanadium Grade V2O5 +3% Contained V2O5 +13,000t Net Slag Added 80ktpa

Slag stored +890kt Vanadium Grade V2O5 +3% Contained V2O5 +25,000t Net Slag Added 90ktpa

Agreement Volumes and Price

• Initial purchase of 700kt of Slag from Luleå post FID

• Purchase 200ktpa Slag post commercial production for 10 years

• Price linked to prevailing FeV80 vanadium price and vanadium content (reference grade 2.2% V ~ 3.9% V2O5)

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MOU WITH CITY OF PORI, FINLAND FOR VANADIUM RECOVERY PLANT SITE

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City of 86,000 inhabitants with a long history as a hydrometallurgical centre of excellence

o

Access to a ‘build-ready’ 20 hectare industrial-zoned site adjacent to the deep water, year-round port with rail access to the bulk

o

import/export and chemical berths

o Access to renewable power and other utilities and free access to its industrial sources of CO2 for capture and sequestration in Neometals’ proprietary process flowsheet

For full details of Site Selection results refer ASX release dated 10th December 2020 titled “PORI, FINLAND SELECTED FOR VANADIUM RECOVERY PROJECT”

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INDICATIVE PROJECT TIMELINE

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UNPARALLELED EXPOSURE TO THE NEW ENERGY (STORAGE) MEGATREND

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o
o
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o Exposure to key commodities as the World transitions to low carbon:

o Li, Co, Ni, V, Cg

o All the right elements[®]

2050 Annual Demand from Energy Technologies as Percentage of 2018 Production

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Source: World Bank Group
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SECURITY
Strong balance sheet,
no debt – can fund
developments to FID
Consistent strategy -
partnering to reduce risks
and realise returns
Strong Board and
management – project
execution experience
History of cash returns
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Transitioning to best practice ESG - ‘sustainable investment’

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THANK YOU

PLEASE VISIT NEOMETALS.COM.AU