NEOMETALS LTD — Investor Presentation 2021

Apr 15, 2021

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BARRAMBIE - WAKING THE SLEEPING GIANT

16 April 2021 ASX Code: NMT OTC/Nasdaq Intl: RDRUY FRA: R9R

DISCLAIMER

Summary information: This document has been prepared by Neometals Ltd (“Neometals” or “the Company”) to provide summary information aboutt 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.

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 22/12/2020 Barrambie Flowsheet Breakthrough

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
and advanced materials essential for a sustainable future
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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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Vanadium Recovery
LiB Recycling
Lithium Refinery
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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
Neometals with a strategic opportunity
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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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THE MARKET : GROWING CHINESE DEMAND FOR HIGH QUALITY ILMENITE

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Source: Source: Asian Metal
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THE MARKET : GROWING CHINESE DEMAND FOR HIGH GRADE VANADIUM/ IRON ORE

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Source: Source: Fastmarkets
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THE SOLUTION

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

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BARRAMBIE FLYTHROUGH

www.neometals.com.au/barrambie-3d-flythrough

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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$33M 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

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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 PARTNERS

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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 complete 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 operating JV

• JV will have right to mine Barrambie for commercial consideration payable to Neometals subsidiary holding mining lease e.g. Mineralogy – CITIC – Balmoral Project

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THE STRATEGY: SECURE STRONG PARTNERS

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• MOU* executed with leading titanium slag producer Jiuxing Titanium Materials (Liaonging) Co. Ltd

• MOU contains an evaluation framework and key commercial terms that contemplates the parties negotiating and entering into a binding formal offtake agreement for the supply of 800,000 dtpa of mixed gravity concentrate or 500,000 dtpa of ilmenite and 275,000 dtpa of ironvanadium concentrate, on a take-or-pay basis for a period of 5 years from first production

• Pricing benchmarked to published market prices and specifications, with a floor-price mechanism based on actual delivered cost plus a margin

• • Follows successful confirmation beneficiation test work at pilot scale in China by IMUMR and multiple bench-scale smelting test work by Jiuxing

*** For further details of MOU please see ASX release of 16/4/2021 titled “MOU for Barrambie Concentrate Offtake“**

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NEXT STEPS:

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• Advance BOO/T discussions on potential contract for operations

• Mine 250t bulk sample from Barrambie (permitted)

• Crush and truck to 5tph mobile spiral plant

• Transport mixed concentrate to China

• Jiuxing to blend and batch smelt 100t in commercial titanium smelter

• NMT to reduction roast and magnetically separate balance of concentrate into separate ilmenite and iron-vanadium concentrates for Jiuxing and other potential offtake partner/s

• Negotiate full form offtake agreements

• Negotiate BOO/T agreements

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Structural changes in Chinese titanium market presents opportunity

Large and high grade resource

Mining licence in Tier 1 jurisdiction

Consistent strategy - partnering to reduce risks and realise returns

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Final flowsheet selected

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NEOMETALS CORPORATE OVERVIEW

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CORPORATE DASHBOARD

ASX: NMT OTC:RDRUY

Shares on Issue1	Shares on Issue1	m	545.4
Share Price (14-Apr-21)		A$	0.445
Market capitalisation (14-Apr-21)		A$m	242.6
Cash (31-Dec-20) 2		A$m	72.6
Debt		A$m	-
Investments (31-Dec-20) 3		A$m	7.2

Major Shareholders (14-Apr-2021)

Major Shareholders (14-Apr-2021)
David Reed (Non-Executive Director)	8.5%
Westoz Funds Management	3.3%
Top 20	37.5%
No of Shareholders	~8,500

12 Month Share Price Performance

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0.50 12,000
0.45
10,000
0.40
0.35
8,000
0.30
0.25 6,000
0.20
4,000
0.15
0.10
2,000
0.05
0.00 0
Apr-20 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 2: Loan receivables and investments

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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

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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

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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

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

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

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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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