NEOMETALS LTD — Investor Presentation 2022

May 15, 2022

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Greener Battery Materials

Corporate Presentation | May 2022 ASX Code: NMT | AIM Code: NMT | Frankfurt: 9R9 | OTC Code: RDRUY

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Authorised for release by Christopher Reed, Managing Director of Neometals

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.

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:

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:

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 the Mineral Resource Estimate for the Barrambie VTM Project has been extracted from the ASX Release set out below, which is available at www.neometals.com.au

17/04/2018 Barrambie Project – Mineral Resource Update

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.

All figures in this document are in Australian dollars (AUD) unless stated otherwise.

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2

EXECUTIVE SUMMARY

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Neometals is an emerging, sustainable battery materials producer.

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• 3 business units

• supporting energy

• transition in the EV / ESS supply chains:

• Li-ion Battery Recycling (Ni/Co)

• Vanadium Recovery

• Lithium Chemicals

Underpinned by proprietary, green, processing technologies

• 16 Granted Patents

• 54 Patents Pending

ESG commitment. Focus on continuous Recycling and development and recovery minimise innovative reliance on mined commercialisation materials and reduce with strong partners carbon footprint

Strong, growing team with track-record of value creation, project execution and shareholder return.

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3

CORE BUSINESS SNAPSHOT

TWO PROJECTS REACHING FID IN 2022

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Lithium-ion
Vanadium Lithium
Battery
Technology Recovery Chemicals
Recycling
Evaluating a 50:50 JV via RAM
50:50 Incorporated JV Evaluating a 50:50 JV
(70% NMT/30% MIN)
Partners
Projects
FID: 50tpd – SepQ 22 FID: End 2022 FID: End 2023
CAPEX: US$165m [(1)] CAPEX: US$184M [(2)] CAPEX: TBA
(200ktpa capacity)
OPERATIONS: OPERATIONS: OPERATIONS:
2H 2023 1H 2025 End 2025
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(1) For further information, refer to ASX release dated 7th May 2021 – “Lithium Battery Recycling - Outstanding Cost Estimates” and the assumptions set out therein.

(2) For further information, refer to ASX release dated 4th May 2021 – “Vanadium Recovery Project - Outstanding PFS Results” and the assumptions set out therein.

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GREEN BATTERY MATERIALS PORTFOLIO

FOCUS ON EUROPE AND NORTH AMERICA

EMERGING AS WORLDS 2[ND] AND 3[RD] BIGGEST BATTERY PRODUCING REGIONS

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5

EXPERIENCED AND GROWING TEAM

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Steven Cole Chris Reed Dr Natalia Streltsova
Chair Managing Director /
CEO
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Dr Jennifer Purdie

Les Guthrie

Doug Ritchie

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Paul Wallwork
Jason Carone GM – Marketing and Michael Tamlin Darren Townsend
Company Secretary / Product COO/Lithium CDO/Vanadium
CFO Development
Giuliano Giordani Financial Controller Jeremy Mcmanus GM – Investor Relations and Commercial Manager – Project Dirk Kotzee Services Head of Recycling TBA Gavin Beer GM – Lithium Processing GM – Evaluation Irena Ivanova Studies GM – Metallurgy and David Robinson R&D Greg Hudson GM – Geology Casper Adson GM – Barrambie Project
Manager - Finance Pablo Carabajal Manager - ESG Anél Joubert Matthew Carter Manager - Data Matthew Read GM – Lithium Adam Farghaly Metallurgist Project Engineer Rihanna Vanin GM – Vanadium Eric Taarland Senior Project Owen Casey
Projects Marketing Geologist
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ASX: NMT neometals.com.au

NEOMETALS TRACK RECORD

|Note:Weekly average share price shown on chart.
1.
Based on market close 1 January 2015. Sourced from CapIQ.
2
Based on market close 13 Ma 2022 Sourced from CaIQ
2015
2016
2017
2018
2019
2020
2021
2022
Adjacent
tenement
consolidation
at MM
PFS for
initial VR site
LiB-R JV
formed
with
LiB-R
scoping
study
Equity
sale of
MM
interest for
A$104MM
LiB-R pilot
plant
US
patents
lodged
for LiB-R
Lab-scale
LiB-R
study
FID and
sell-down
at MM to
Ganfeng
AIM
Listing
LiB-R
agreeme
with
ELi®
agreement with
WIN Nickel
Demerger
LiB-R
demo
plant
70% p.a. TSR since 2015(3) when Neometals
transitioned its focus to battery materials
160%
resource
increase at
MM
First
Shipment
at MM
1s
Commercia
LiB-R facility
opens
Slag for initial
VR site
secured
Slag
MoU for
2nd site
2015
2022
~A$19MM
market capitalisation(1)
~A$768MM
market capitalisation(2)
LiB-R partnership with
Mount Marion “MM”
Battery Recycling
Vanadium Recovery “VR”
Other NMT Event
Disposal
of MM
off-take
rights for
A$30MM
Dividend Announced
ELi® Lithium Process
ASX: NMT | OTC:RDRUY | AIM: NMT
Shares on Issue
m
548.4
Share Price(1)
A$
1.40
Market Cap
A$m
768
Cash(4)
A$m
65.2
Debt
A$m
-
Investments(4)
A$m
46.5
Shareholders
#
~14,349|Adjacent
tenement
consolidation
at MM
LiB-R JV
formed
with
LiB-R
scoping
study
Equity
sale of
MM
interest for
A$104MM
LiB-R pilot
plant
US
patents
lodged
for LiB-R
Lab-scale
LiB-R
study
FID and
sell-down
at MM to
Ganfeng
70% p.a. TSR since 2015(3) when Neometals
transitioned its focus to battery materials
160%
resource
increase at
MM
First
Shipment
at MM
2015
~A$19MM
market capitalisation(1)
ASX: NMT | OTC:RDRUY | AIM: NMT
Shares on Issue
m
548.4
Share Price(1)
A$
1.40
Market Cap
A$m
768
Cash(4)
A$m
65.2
Debt
A$m
-
Investments(4)
A$m
46.5
Shareholders
#
~14,349|Adjacent
tenement
consolidation
at MM
LiB-R JV
formed
with
LiB-R
scoping
study
Equity
sale of
MM
interest for
A$104MM
LiB-R pilot
plant
US
patents
lodged
for LiB-R
Lab-scale
LiB-R
study
FID and
sell-down
at MM to
Ganfeng
70% p.a. TSR since 2015(3) when Neometals
transitioned its focus to battery materials
160%
resource
increase at
MM
First
Shipment
at MM
2015
~A$19MM
market capitalisation(1)
ASX: NMT | OTC:RDRUY | AIM: NMT
Shares on Issue
m
548.4
Share Price(1)
A$
1.40
Market Cap
A$m
768
Cash(4)
A$m
65.2
Debt
A$m
-
Investments(4)
A$m
46.5
Shareholders
#
~14,349|AIM
Listing
1s
Commercia
LiB-R facility
opens
2022
~A$768MM
market capitalisation(2)
LiB-R partnership with|
|---|---|---|---|
||||PFS for
initial VR site
LiB-R
agreeme
with
ELi®
agreement with
WIN Nickel
Demerger
LiB-R
demo
plant
Slag for initial
VR site
secured
Slag
MoU for
2nd site
Disposal
of MM
off-take
rights for
A$30MM|
|||Mount Marion “MM”
Battery Recycling
Vanadium Recovery “VR”
Other NMT Event
Dividend Announced
ELi® Lithium Process||

1. Based on market close 13 May 2022. Sourced from CapIQ.

2. Compound annual growth rate in Total Shareholder Returns (TSR) assuming dividend re-investment between 1 January 2015 and 5 May 2022. Sourced from Bloomberg 4. As at 31 March 2022.

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LITHIUM-ION BATTERY RECYCLING

Intellectual Property Holding Company 100% Neometals (SMS group earning 50%)

Primobius GmbH – Commercialisation Incorporated 50:50 JV with SMS group

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8

ISSUE

PARTICIPANTS IN THE BATTERY VALUE CHAIN ARE SEEKING SOLUTIONS TO REDUCE CO2 AND SATISFY REGULATORY / MORAL OBLIGATIONS

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Fire Risk Pollution (GHG)
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Landfill
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Material Circular
Shortages / $ Economy
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Source: Duesenfeld
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NEED

LARGE OPPORTUNITY FOR SUNRISE HYDROMETALLURGICAL RECYCLING PROVIDERS

• Solution to OEM’s needing to meet proposed regulations

• Strategic supply chain resilience

• Support to circular economy

• Compelling total addressable market (“TAM”)

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9

MARKET – REQUIRES ST CAPACITY AND LT SCALE

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PRIMOBIUS’ DEVELOPMENT READINESS DOVETAILS WITH AN EXPLOSION OF EV AND CELL MANUFACTURING PLANTS AND LARGE VOLUMES OF END-OF-LIFE EVS MID-DECADE NEED MORE PLANTS AND BIGGER PLANTS

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Source: Benchmark Mineral Intelligence (Gigafactory cell capacity, June 2021 & Apr 2022) and Neometals Management (utilisation rate 75%, scrap rate 15%, 8 year battery life, and cell weight 4.5g/Wh)

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10

PRIMOBIUS SOLUTION

NEOMETALS PROCESSING TECHNOLOGY BACKED BY LEADING GERMAN PLANT BUILDER, SMS GROUP

SAFE, ENVIRONMENTALLY-FRIENDLY PROCESS PRODUCING HIGH PURITY, LOW CARBON BATTERY MATERIALS

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11

FINANCIAL METRICS

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AACE CLASS 4 ENGINEERING COST STUDY ESTIMATES, ±25% ACCURACY, MAY 2021 US$165M CAPEX FOR 50 TONNE PER DAY* – 18,250 TONNE PER ANNUM BATTERY CAPACITY

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*For further information, refer to ASX release dated 7th May 2021 – “Lithium Battery Recycling - Outstanding Cost Estimates” and the assumptions set out therein.

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12

FLEXIBLE BUSINESS MODELS

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MULTIPLE REVENUE GENERATION OPPORTUNITIES VIA FLEXIBLE OPERATING MODEL

• Target industrial-scale feed volumes direct from OEMs

• Primobius JV to execute global rollout

• Primobius underpinned by large delivery partner (SMS group) with ability to guarantee plant performance

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13

STATUS - COMMERCIAL PIPELINE

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FIRST SHREDDING COMMERCIAL OPERATIONS PENDING H1 2022. PIPELINE OF ADDITIONAL COMMERCIAL OPPORTUNITIES MATURING

	Commercial Operations	10tpd Integrated 50tpd Integrated 50tpd Integrated*	50tpd Integrated
	10tpd Shredder
Plant Type	Shredding	Shredding/Refining Shredding/Refining Shredding/Refining	Shredding/Refining
Product/s	Black Mass	Black Mass & BGMS(1) Black Mass & BGMS(1) Black Mass & BGMS(1)	Black Mass & BGMS(1)
Status	Production Ready	Front End Engineering FEL 1 Front End Engineering FEL 2 (Shredder) Class 3 Engineering Cost Study Demonstration Trials
Location/s	Hilchenbach Germany	Kuppenheim Germany Hamilton Works Canada Germany	Japan
Business Model	Principal	Limited Royalty-Free R&D License License & JV Option Principal/JV	MOU for JV

1. BGMS = Battery Grade Metal Sulphates

2. For full details refer to Neometals ASX release dated 13[th] May 2022 titled “Cooperation with Mercedes-Benz ”

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14

MERCEDES-BENZ

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COOPERATION AGREEMENT WITH MERCEDES-BENZ (LICULAR GMBH)*

• Primobius selected to provide LICULAR engineering, supply and installation of equipment for a 2,500tpa Recycling Plant;

• Primobius will enter into a long-term research and development collaboration to recycle next generation cell formats and chemistries;

• Primobius to provide a non-exclusive technology licence, know-how, staff training, engineering support and plant management support to LICULAR; and

• Primobius and LICULAR to jointly evaluate an industrial-scale operation using Primobius’ recycling technology and during the Recycling Plant operations period.

*For full details refer to Neometals ASX release dated 13[th] May 2022 titled “Primobius Executes Cooperation Agreement with Mercedes-Benz”

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15

STELCO

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TECHNOLOGY LICENSE AND JV OPTION (≤50%) WITH STELCO IN NORTH AMERICA*

• Steel Company of Canada (Stelco) transitioning to EAF production (greener steel)

• EAF needs scrap steel, EOL vehicle recycling is key source of scrap feed for Stelco

• More EOL vehicles are EV, lithium batteries require recycling, OEM’s want to close the loop

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• For full details refer to Neometals ASX release dated 31[st] December 2021 titled “Battery Recycling - Binding Agreements with Stelco for NA”

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16

INDICATIVE TIMELINE

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DEMONSTRATION TRIALS FOR FEASIBILITY COMPLETE AND AACE CLASS 3 ENGINEERING COST STUDY FOR 50TPD INTEGRATED (STAGE 1 & 2) OPERATION ON TRACK FOR COMPLETION BY END OF JUNE 2022

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17

INVESTMENT CASE

1

2

3

LITHIUM-ION BATTERY RECYCLING

4

5

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Auto OEMs and Batterymakers Require a LiB Recycling Solution

Global volume of ‘end of life’ LIBs available for recycling expected to grow at 18.8% per annum over the next ~10 years[(1)] . Highlighted by Stelco whole of vehicle recycling business model.

Environmentally Friendly Process Differentiated from Incumbent Technology –16 National Phase Patents pending

Hydromet process has a negligible CO2 emission footprint compared to primary minerals extraction or the incumbent pyromet recycling process for Li-B batteries

Flexible and Robust LiB Recycling Technology

Multiple battery chemistries, formats and types can be processed with lower emissions and less transport required than pyrometallurgical incumbents.

Attractive Economics and Exposure to Battery Metal Prices

High purity chemicals not intermediates for ethical supply to the cathode producer supply chain with better recovery and lower emissions than pyrometallurgical incumbents

SMS Partnership and Flexible Business Plan Attracting OEM Partners

• SMS operational and manufacturing capability applied to a flexible business model provides a material speed to market advantage. Technology and business model validation from brand names like Mercedes and Stelco

• Source: Circular Energy Storage ‘The Lithium Battery Life-cycle Report 2021’

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18

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VANADIUM

Vanadium Recovery Process Technology 100% Neometals

Vanadium Recovery Project 1 - Finland Evaluating a 50:50 Incorporated JV with Critical Metals Ltd

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19

ISSUE

• EU in supply deficit and totally reliant on Russian feedstock

• World reliant on Chinese production but it is a net importer!

NEED

• EU domestic sustainable sources of this critical battery material

• Low or zero carbon supply footprint required by EU

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• High purity material in volumes for VRB and LiB applications

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NEOMETALS SOLUTION

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UNIQUE VANADIUM RECOVERY PROCESSING TECHNOLOGY TO SUSTAINABLY PRODUCE HIGH-PURITY GRADE VANADIUM WITH LOWEST CARBON FOOTPRINT

• Utilise stockpiled by-product of the Scandinavian steel industry

• Unique (EU patent pending) hydrometallurgical process which can utilise captured CO2 from local emitters as primary leaching reagent

• Can permanently chemically sequester CO2 in tailings product, potential for use in building products as inert filler.

• Potential for negative/zero carbon production of battery-grade material

• Conventional equipment configured in a fully piloted novel process

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CO2
Na2CO3 CONSTRUCTION PRODUCTS
Slag SSM [(1)]
COMMINUTION LEACH AND REGRIND SOLID / LIQUID SEPARATION
NaOH
VANADIUM PURIFICATION
LI-ION / VRFB H2SO4
BATTERIES Al2(SO4)3
All process water recycled
All gasses scrubbed DESILICATION
V2O5 flake (NHH24SO)2SO4 4
FLAKE PRODUCTION AMV PPT
FILLERS /
Na2SO4 INDUSTRIAL
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21

CURRENT STATUS

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SUCCESSFUL PILOT TRIALS COMPLETE, PROCESSING SITE SECURED, FEASIBILITY STUDY NEARING COMPLETION, MOU FOR BY-PRODUCT OFFTAKE

PROJECT 1 – PORI, FINLAND (VRP1)

• Neometals funding evaluation to FID for the recovery of vanadium using NMT’s proprietary eco-friendly hydromet process and developing as a 50:50 Incorporated JV with Critical Metals Ltd

• Supply Agreement with Scandinavian steel giant SSAB for ≥2Mt of high-grade vanadium-bearing by-product (“Slag”)

PROJECT 2– BODEN, SWEDEN (VRP2)[1]

• MoU[(1)] with H2 Green Steel (future green steel producer) to evaluate second, larger, vanadium production operation

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• (1) H2GS MoU is non-binding. For full details refer to ASX release dated 13th September 2021 titled “H2GreenSteel MOU for 4 Mt High-Grade Slag”

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22

ROBUST FINANCIAL METRICS – NO MINING RISK

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SALE OF HIGH PURITY V TO BATTERY INDUSTRY PLUS BY-PRODUCTS TO INDUSTRIAL APPLICATIONS. SUPPORTED BY LOWEST QUARTILE COSTS AND ESG CREDENTIALS

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Vanadium
Recovery
Project
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(1) All figures expressed on a 100% ownership and pre-tax basis. For further information, refer to ASX release dated 4th May 2021 – “Vanadium Recovery Project - Outstanding PFS Results” and the assumptions set out therein. Page 3 of the announcement contains the financial summary which is the source of the throughput rate, production rate, operating costs (“OPEX”), initial capital costs, pre-tax net present value using a 10% discount rate (“NPV10) and pre-tax payback period. The internal rate of return was calculated by Neometals Management.

Source: TTP Squared – Cost Curve, Neometals Management – Mineral Concentrate grades for select vanadium producers market as “O”

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23

BUSINESS / REVENUE MODEL

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FLEXIBLE GROWTH MODEL WITH MULTIPLE POTENTIAL REVENUE STREAMS

Produce high-purity Vanadium Pentoxide (V2O5) targeting EV/ESS supply chain from SSAB, H2 Green 1 Steel and other third-party feeds V Products

2

3

LOI with Betolar to offtake SSM for ‘Geoprime’ building products, carbon credits from permanently sequestered CO2 and small volume sales of sodium By Products sulphate by-product

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Licensing IP directly for royalty to Critical Metals JV and third-party steelmakers

License

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24

INDICATIVE TIMELINE

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FUNDED TO FID. CLASS 3 FEASIBILITY AND CUSTOMER PRODUCT TRIALS UNDERWAY IN PARALLEL WITH ENVIRONMENTAL PERMITTING IN FINLAND

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25

INVESTMENT CASE

1

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2

3

VANADIUM RECOVERY

4

5

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Strong Fundamentals for low-carbon Vanadium in EU

Forecast supply / demand imbalance for Vanadium with demand upside from new lithium vanadium battery cathode chemistries and Vanadium redox flow batteries

Piloted, environmentally-friendly Technology – PCT/EU patents pending

Pilot plant produced high-grade V2O5 powder (exceeding 99.5%) using a process which utilises carbon as major reagent and can sequester carbon in by-product.

Secure Feedstock for first commercial operation

10 year, minimum 2 million tonne purchase agreement with leading Scandinavian steel maker SSAB.

Robust Economics and Cost Position

PFS incorporating an AACE Class 4 engineering confirms superior project economics and the projects 1[st] quartile cost of production. Economics strongly supported by vanadium grades in Slag stockpiles

Significant Future Growth Potential from Additional Sites

MoU signed with H2GS AB for a second larger Vanadium Recovery Project – Boden, Sweden. Testing third party feedstocks ex-EU

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26

KEY CATALYSTS

NEOMETALS IS APPROACHING MULTIPLE FID’S WITH BUSY PERIOD OF CATALYSTS

Lithium-ion Battery Recycling

• Vanadium

• Battery Recovery

• Recycling

• 2H22: 2H22: • • ECS 50tpd integrated Feasibility Study Results

• • • 10tpd Mercedes shredder PO FEED Study

• • 50tpd Stelco shredder FID • Offtake/Debt Term Sheets (inc. option exercise) • VRP1 FID and Slag prepayment

• 1H23: 1H23: • • 10tpd Disposal Plant at full Detailed Design Study capacity • Commence site works

• • 10tpd Mercedes refinery PO • Order lead items • • 50tpd Stelco SPV refinery Complete Slag Storage FID Facilities

• 2H23: 2H23: • Mercedes 10tpd shredder • Commence Slag Shipping operational • Commence construction

• • 50tpd Stelco shredder operational

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Lithium Chemicals

2H22:

• Class 3 ECS

• • Pilot Plant Engineering & Procurement

• 1H23: • Install Pilot Plant • Commence Pilot Trials • Decision to commence Class 2 FEED Study

2H23**:

• Complete Class 2 FEED Study

• • FID to formalise Bondalti JV*

Note: partner negotiations, offtake and feed arrangements will be run in parallel with the above

• Subject to successful studies and Neometals/partner Board Approvals

• ** Subject to FID, approvals and finance

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SUSTAINABILITY

Neometals is committed to optimising finite resources with circular practices to benefit society and the environment for a sustainable future.

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• Focus on production of sustainable battery materials - reducing reliance on mining with recovery and recycling

• Commercialising internationally recognised sustainable processing technologies

• Transparent reporting to GRI, SASB, TCFD..

• 3[rd] report in progress

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COMPANY HIGHLIGHTS

NEOMETALS IS AN ATTRACTIVE INVESTMENT

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Growing portfolio of ESG-aligned, sustainable battery materials businesses with near-term decision points

Proprietary green processing technologies underpin low-cost, lowcarbon product

Clear strategy to commercialise with proven partnering business model

Strong balance sheet, fully funded to to key investment decisions

Strong team with track record and commitment to green circular economy principles

Strong organic growth potential (size and scale) from pipeline of opportunities to deploy as principal, partner or technology licensor – whatever customer needs

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ASX Code: NMT AIM Code: NMT neometals.com.au

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Thank you.

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APPENDICES

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CORPORATE DASHBOARD

NEOMETALS HAS SIGNIFICANTLY OUTPERFORMED THE ASX200, A$82M RETURNED VIA DIVIDENDS AND BUY BACKS IN THE LAST ~5 YEARS

ASX: NMT OTC:RDRUY

Shares on Issue(1)	m	548.4
Share Price	A$	1.40
Market capitalisation A$m		768
Cash (31-Mar-22) (2)	A$m	65.2
Debt	A$m	-
Investments (31-Mar-22) (3) A$m		46.5

MAJOR SHAREHOLDERS

MAJOR SHAREHOLDERS
David Reed (Founder,Former Non-Executive Director)	6.6%
Clearstream/Deutsche Börse	3.87%
Top 20	37.89%
No of Shareholders	~14,349

Notes: Market data as at 13 May 2022.

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12 MONTH SHARE PRICE PERFORMANCE
2.00 20,000
1.80 18,000
1.60 16,000
1.40 14,000
1.20 12,000
1.00 10,000
0.80 8,000
0.60 6,000
0.40 4,000
0.20 2,000
0.00 0
May-21 Aug-21 Nov-21 Feb-22 May-22
Price $A
Volume (‘000s)
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• (1) Excludes 15.3M performance rights

• (2) incl A$4.2M restricted term deposits

• (3) Loan receivables and investments

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LITHIUM CHEMICALS

ELi[®] Processing Technology Reed Advanced Materials (“RAM”) 70% Neometals / 30% Mineral Resources Ltd

Lithium Chemicals Project - Portugal Co-funding evaluation of 50:50 JV with Bondalti Chemicals SA using ELi[® ] Process

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NEED

LITHIUM NON-SUBSTITUTABLE IN LIB EU HAS NO OPERATING LITHIUM DEPOSITS LARGEST CONTRIBUTOR TO CO2 FOOTPRINT OF LIB

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OPPORTUNITY

DEPLOY PROPRIETARY PATENTED ELI PROCESS INTO EUROPE WITH STRONG LOCAL PARTNER

• Grow global lithium production from lithium chloride (brine) deposits in South America, largest known resources and lowest carbon intensity

• ELi Process uses electrolysis to convert lithium chloride into battery-quality lithium hydroxide, replaces traditional carbonintense reagents with electricity in conventional chlor-alkali cells

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SOLUTION

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UTILISES OFF-THE-SHELF CHLOR-ALKALI ELECTROLYSERS

BATTERY QUALITY LITHIUM CHEMICALS, NO IMPORTED SODA ASH/CAUSTIC SODA

CAN UTILISE RENEWABLE POWER AND SEQUESTER CARBON

SIGNIFICANT OPERATING AND CAPITAL COST ADVANTAGES

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BONDALTI PARTNERSHIP

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LEVERAGE BONDALTI’S STRONG EXPERIENCE IN CHLOR-ALKALI

EXTENSIVE INFRASTRUCTURE ENABLES FAST-TRACK EVALUATION AND PILOTING AT THEIR ESTARREJA CHEMICAL SITE

Bondalti:

• Largest Portuguese chemical producer - based in Estarreja chemical cluster

• Seeking entry into LiOH production using its chloralkali process infrastructure

• Production synergy for ELi[®] to ship H2 and Cl2 byproducts “over the fence”

• Experienced and competent industrial operator of same type of chlor-alkali plant used for ELi[®]

Cooperation*:

• Binding cooperation to pilot ELi[® ] and evaluate future 50:50 JV to produce LiOH for European auto value chain

• RAM would issue the JV a royalty free license to the technology

• Equal co-funding on pilot and evaluation activities

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*For further information, refer to ASX release dated 13[th] December 2021 – “Agreement to Commercialise ELi Lithium Process in EU”

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STATUS / NEXT STEPS

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FUNDED THROUGH PILOT PLANT TO CLASS 2 FEED STUDY

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INVESTMENT CASE

1

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2

3

ELi[®] LITHIUM PROCESS

4

5

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Unique Technology with 12 granted patents and 18 pending

Technology well guarded. Importantly the process has been proven at semi-pilot scale and supported by Feasibility Study economic evaluation.

Significant operating and capital cost advantage

Recovery and regeneration of key reagents on site eliminates expensive imports

Compelling environmental benefits to reduce CO2 footprint

Potential for significant reduction carbon footprint due to shift in primary reagent to electricity and elimination of carbon intensive transportation of feedstocks and reagents, potential for additional savings with renewable power

Strong partner to scale up and commercialise in EU

Bondalti is Portugal’s largest chemical business in with extensive chlor alkali experience, and plant that can be repurposed to produce lithium hydroxide,

Flexible business models that can be replicated globally

Neometals (through RAM) can deploy globally (ex-EU) as principal, in partnership with, or licence to lithium developers/producers for royalty stream

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BARRAMBIE TITANIUM AND VANADIUM

Barrambie Titanium and Vanadium Project 100% Neometals

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NEED & OPPORTUNITY

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CHINA IS HALF WORLD MARKET AND SWITCHING TITANIUM PIGMENT PRODUCTION TO MORE SUSTAINABLE CHLORIDE PROCESS

WORLD SUPPLY OF QUALITY CHLORIDE FEEDSTOCKS IN DECLINE, PRICES STEADILY INCREASING FOR LAST 5 YEARS

• Chloride Pigment production requires high-grade feedstocks such as rutiles, high quality ilmenites and high-grade titanium slags

• Primary mineral sands (rutile, ilmenite) deposits are being depleted, smelting of hard-rock titanium concentrates from Rio and China set benchmark prices

• Barrambie is one of the highest-grade hard rock Titanium assets globally[1]

• Key mining/construction permits in place

• Working with Chinese partners to realise and optimise value[2 ] from production

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Source: TZMI Price Forecast May 2021; TZMI Supply Demand Forecast August 2021

1. See Barrambie Mineral Resource Estimate on slide 44.

2. For further details of commercial partnerships via MOU please see: ASX release of 16/4/2021 titled “Barrambie - MOU for Cornerstone Concentrate Offtake“ and ASX release of 4/10/2019 titled “MOU for JV to develop Barrambie”

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NEOMETALS SOLUTION

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SIMPLE TRUCK AND SHOVEL MINING FOLLOWED BY GRAVITY SEPARATION TO PRODUCE MIXED CONCENTRATES FOR EXPORT TO CHINA FOR SMELTING OR FURTHER REDUCTION TO PRODUCE SEPARATE ILMENITE AND VANADIUM CONCENTRATES

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Off-taker Processing Intermediate Products Final Products
Solution 1
Chloride
Titanium
Slag
Smelter TiO2
Pigment
High
Vanadium
Pig Iron
Truck Ship
Mine Crush Mill Beneficiate Conc to Conc to 98.5% V2O5
Flake
Port China
Chloride
Ilmenite
Reductive Steel
Roaster
High
Vanadium
Fe Conc
Solution 2
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Neometals activities to prepare mineral concentrates for sale

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STATUS / NEXT STEPS

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MOU FOR POTENTIAL 50:50 JV OPERATING JV WITH IMUMR[1] (CHINA) MOU FOR OFFTAKE WITH TITANIUM SLAG PRODUCER JIUXING TITANIUM[2] COMPLETING PFS TO BENCHMARK NEGOTIATIONS FOR BUILD-OWN-OPERATE CONTRACTORS

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1. for full details refer to ASX announcement entitled “MOU for JV to develop Barrambie” released on 4th October 2019

2. for full details refer to ASX announcement entitled “Barrambie - MOU for Barrambie Concentrate Offtake” released on 16th April 2021

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INVESTMENT CASE

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BARRAMBIE PROJECT

1

2

3

4

Strong Demand/Supply Fundamentals for Titanium

China is transitioning from sulphate to more environmentally friendly and sustainable chloride titanium production, so securing access to cleaner, higher grade chloride feedstock is a strategic imperative.

Large, High-Grade Resource[1] in Tier 1 Jurisdiction

One of the World’s highest grade hard-rock titanium assets[1] with revenue upside from vanadium rich iron by-products. $37M spent over +15 years.

‘Mine-ready’

Granted mining proposal and Ministerial Approval to construct 3.2Mtpa concentrator MoUs with Chinese partners for potential operating JV and separate take-or-pay offtake

Capital Light Development Strategy

Potential BOO/T mining and concentration in Australia with intermediate product exported to China

5

Proven Partnering Business Model

Track record of working with partners to de-risk and deliver project execution outcomes with strong returns to shareholders (Mt Marion & Widgie Nickel examples)

1. For full details refer to Neometals ASX release dated 17th April 2018 titled “Barrambie Project - Mineral Resource Update” and Appendix: Barrambie Mineral Resource Estimate on slide 44

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MINERAL RESOURCE ESTIMATE

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MINERAL RESOURCE ESTIMATE

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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

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High Grade V2O5 Mineral Resource at (0.5% V2O5 cut-off) [2]
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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
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

(1) Based on Cut-off grades of ≥10% TiO2 or ≥0.2% V2O5

(2) The high-grade titanium and vanadium figures are a sub-set of the total Mineral Resource. These figures are not additive and are reporting the same block model volume but using different cut-off grades

For full details refer to Neometals ASX release dated 17[th] April 2018 titled “Barrambie Project - Mineral Resource Update”

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