NEOMETALS LTD — Investor Presentation 2023

May 15, 2023

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“Sunrise for the Sleeping Giant”

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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 has been prepared by the Company with due care but no representation or warranty, express or implied, is provided in relation to the accuracy or completeness of the information. 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

Statements in this document are made only as of the date of this document unless otherwise stated and the information in this presentation remains subject to change without notice. The Company is not responsible for updating, nor undertakes to update, this document.

Forward-looking information

This document contains, opinions, projections, forecasts and other statements which are inherently subject to significant uncertainties and contingencies and other factors which are beyond the control of the Company. This includes any statements about market and industry trends, which are based on interpretations of current market conditions. 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. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumptions on which those statements are based.

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 and rounding

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

Not financial product advice or offer

This document is for information purposes only and is not a prospectus, product disclosure statement or other offer document under Australian law or the law of any other jurisdiction. This document 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 or tax 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.

Compliance Statement:

The information in this document that relates to Exploration Results, the Mineral Resource Estimate and the Ore Reserve Estimate 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 Update
11/07/2018	Barrambie Test Work Produces +90% Purity Titanium Slag at High Recoveries
22/12/2020	Barrambie Flowsheet Breakthrough
03/11/2022	Barrambie - Successful Commercial Smelting Trials for Barrambie
17/11/2022	Robust Outcomes From Barrambie Titanium Project PFS
15/05/2023	Barrambie Titanium Project PFS and Ore Reserve 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 in the case of estimates of Mineral Resources or Ore Reserves, Production Targets and forecast financial information underpinning the Production Targets all material assumptions and technical parameters underpinning the estimates of Mineral Resources or Ore Reserves, Production Targets and forecast financial information underpinning the Production Targets in the market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.

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.

None of the Company’s advisers (Parties) have authorised, permitted or caused the issue, lodgment, submission, dispatch or provision of this document, make or purport to make any statement in this document and there is no statement in this document which is based on any statement by any of them. The Parties, as well as their respective affiliates, officers and employees, to the maximum extent permitted by law, expressly disclaim all liabilities in respect of, make no representations regarding, and take no responsibility for, any part of this document. Readers agree, to the maximum permitted by law, that they will not seek to sue or hold the Parties liable in any respect in connection with this document.

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Agenda

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Introduction

Titanium Market The Project: Barrambie The Development Approach

The Team

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Barrambie Investment Proposition

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1
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Strong Demand/Supply Fundamentals for Titanium

• Securing access to large, high grade chloride feedstock is a strategic imperative to downstream users.

• Completed Commercial-scale smelting trials with partner Jiuxing to prove use of Barrambie MGC in high-grade chloride slag; key feedstock for the lucrative titanium metal market.

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

• One of the World’s highest grade hard-rock titanium assets with future upside from vanadium rich iron by-products.

• Over 1,000 diamond and RC holes and extensive pilot plant testing >$40M spent over 20 years

• West Australian location with road access from site to the port of Geraldton and options for nearby processing synergies

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Capital Light Development Strategy

• Low-cost phased development via production of an initial DSO, followed by concentrate product exported to China

• Robust PFS economics – IRR 45% assuming floor prices

• Potential for contract crushing and screening DSO and BOOT of Mixed Gravity Concentrator

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4
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‘Mine-ready’ development opportunity

• Granted Mining Lease and Mining Proposal for 1Mtpa DSO operation

• Granted Ministerial Approval to construct a 3.2Mtpa Concentrator, timeline extension application in progress

• PFS Economics underpinned by offtake term sheet with floor prices and exposure to upside bench-mark pricing

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5
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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)

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Uses and Sources of Titanium

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Titanium pigment (paint, paper, plastics) primary use. Ilmenite is the primary feedstock source

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Welding (flux)
5%
Titanium Metal 5%
Titanium Pigment
90%
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Demand

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China’s transition from sulphate to chloride pigment needs more high-quality feedstocks like titanium slag and synthetic rutile

Titanium Demand by Feedstock

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• China, which is half of world pigment production is converting it from sulphate to chloride process to reduce iron waste

• Global 2022 titanium demand was ~8.6 million TiO 2 units, of which 90% was

• consumed in the production of TiO2 pigment

• Demand over the next five years is forecast to grow at a compound annual growth rate of 2.8% (expected to reach 9.82 million TiO2 units by 2026)

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Supply

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World supply of high-quality mineral sands in decline – slags from smelted ilmenites set benchmark prices

Titanium Feedstock Supply by Product

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• Global 2022 titanium supply/demand balanced at ~8.6 million TiO2 units

• Global supply expected to remain relatively flat at ~9 million TiO2 units in coming years

• Two main TiO2 pigment manufacturing processes, the sulphate and chloride processes. Pigment feedstocks are described as either chloride or sulphate depending on the process

• Sulphate ilmenite and chloride slag are the main titanium feedstocks accounting for roughly two thirds of global supply

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Smelting ilmenites (slag) is the only solution

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Emerging structural Chloride and Sulphate Deficits – Barrambie is a proven chloride-slag feedstock

Titanium Feedstock Market Balance

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• Commercial scale smelting trials have proven use of Barrambie concentrate into high-grade titanium slag suitable for chloride pigment process**

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Chloride grade Titanium slag quality
MGC TiO TiO
2 Slag from 2 Slag from
Feed Sample 1 Sample 2
TiO 35.3% 92.35% 91.2%
2
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**For full details refer to ASX announcement headlined “Successful CommercialScale Smelting Trials for Barrambie” released on 3 November 2022

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Pricing

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Strong LT price trend for Chloride and Sulphate Feedstocks

Chloride Feedstock Supply Demand Balance and Ilmenite Price

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China Imported Sulphate Ilmenite Volume and Price

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Barrambie Background

A truly world class development opportunity

• The world’s 2[nd] highest-grade hard-rock titanium asset

• 100% owned by Neometals through Australian Titanium Pty Ltd located in Tier 1 Jurisdiction with excellent infrastructure

• $40m invested in exploration and evaluation expenditure since 2003

• Successful commercial scale smelting trials produce to demonstrating value-in-use for customer of blending Barrambie concentrates

• Granted mining lease and mining proposal

• Term sheet with China’s largest chloride-grade titanium slag producer for worlds largest titanium feedstock offtake*

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• For full details refer to ASX announcement headlined “Offtake Term Sheet with Jiuxing Titanium Executed” released on 20th April 2023

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Mineral Resource Estimate and Ore Reserve

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Long, Wide, Deep – Layered Intrusion

Mineral Resource Estimate

Classifi-cation	Tonnes (Mt)	TiO2 (%)	V2O5 (%)
Indicated	187.1	9.61	0.46
Inferred	93.0	8.31	0.40
Total	280.1	9.18	0.44

Ore Reserve Estimate

The Ore Reserve is within the Mineral Resource estimate above.

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JORC Code
Ore
2012 Ore Reserve Tonnes TiO2 (%) V (%) 2O5 Fe (%) 2 O3
(Mt)
Category
Probable 27.6 22.3 0.57 43.7
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1. For full details, refer to Neometals ASX release dated 17 April 2018 titled “Updated Barrambie Mineral Resource Estimate” and Neometals ASX release dated 15 May 2023 titled “Barrambie – Updated PFS Results”

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Products

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Proven through extensive bulk mining and piloting

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• The primary product to be recovered from Barrambie direct shipping ore (DSO) and mixed gravity concentrate (MGC) is ilmenite

• Barrambie ilmenite contains low levels of CaO, MgO, Cr2O3, U & Th and compares favourably with other ilmenites used as feedstock for the manufacture of chloride slag and sulphate pigment

• Barrambie ilmenite TiO 2 content of 52% falls within the typical range

• for ilmenites used in these applications

	DSO Phase 1	MGC Phase 2	Ilmenite Phase 3
Composition
TiO2 (%)	26.9	36.5	52.0
V2O5 (%)	0.64	0.76	0.40
Fe2O3 (%)	43.4	57.4	47.0
SiO2 (%)	14.4	2.65	2.0
Al2O3 (%)	9.8	1.9	1.0

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Barrambie Development Path

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Long-life concentrate export operation supplying worlds largest titanium market

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Capital-light Execution Strategy

Contract open-pit mining, contract crushing and screening (DSO) Milling and Gravity Concentration under BOOT or EPCM (MGC)

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Staged Development Approach

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Early contractor engagement process with NRW/Primero for contract mine-to-port solution

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-
1- DSO 2 - MGC 3 - LTR Potential Future Option
Direct Shipping Ore Mixed Gravity Concentrate Ilmenite & Fe/V Concentrate
• • •
Mining and Crushing Mining and Crushing Mining and Crushing
• Truck to Geraldton • Milling & Gravity • Truck to LTR site
•
• Separation LTR to Magnetic
Ship from Geraldton
• Truck to Geraldton Separation
• Ship from Geraldton • Truck to Geraldton
•
Ship from Geraldton
Incremental Capex (AUD):
Incremental Capex (AUD): East of Geraldton near DBNGP
For full details see ASX announcement
$78.1m
$137.2m headlined “Critical Minerals Collaboration Signed
with Neometals” dated January 25, 2023
2023 2024 2025 2026 2030
Stage 1 – DSO
1mT DSO
Stage 2 – MGC
≈ 1mTpa MGC 2038
Stage 3 – LTR DEFERRED
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Robust Economics @ Floor Prices

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For full details refer to Neometals ASX release dated 15 May 2023 titled ““Barrambie PFS and Ore Reserve Update”

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Offtake Term Sheet with China’s leading Ti slag producer

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Take-or-Pay, Market Linked Pricing, Fixed Floor Price with upwards CPI adjustment

• MoU signed with Jiuxing Titanium Materials Co. Ltd (“Jiuxing”) in 2021*

• Jiuxing Term Sheet now executed**

• Jiuxing is one of the leading chloride-grade titanium slag producers in China, and is a key supplier to BaoTi, China’s largest titanium metal producer

• Offtake contemplates sale to Jiuxing of 100% of Year 1 DSO and ~80% of Year 2-5 MGC

• The balance of MGC and any potential future LTR product to third parties to be marketed by Neometals

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Summary of Key Offtake Parameters
Term Years 5
Term (DSO) Years 1
Volume (DSO) Mtpa 1
US$/wmt CIF Actual delivered cost plus
Price
basis fixed margin
Term (MGC) Years 4
Volume (MGC) Mtpa 0.8
% Australian Ilmenite Price
US$/wmt CIF
Price (MGC) with fixed floor (upwards
basis
CPI indexed)
Payment Terms Letter of Credit
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For full details refer to ASX announcements headlined “Barrambie – MOU for Cornerstone Concentrate Offtake” released on 16[th] April 2021 and “Barrambie – Pilot Plant and Offtake Update” released on 23[rd] December 2021 *For full details of the Term Sheet (including details of the conditions of the Term Sheet) refer to ASX announcement headlined “Offtake Term Sheet with Jiuxing Titanium Executed” released on 20th April 2023

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Outstanding Smelting Trial Results by Jiuxing

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Chloride Grade Titanium Slag produced with blends of Barrambie MGC

	Chloride grade Titanium slag quality	Chloride grade Titanium slag quality	Chloride grade Titanium slag quality	Chloride grade Titanium slag quality
	MGC Feed	TiO2 Slag from Sample 1	TiO2 Slag from Sample 2	Indicative Chinese TiO2 Slag Specification
TiO2	35.3%	92.35%	91.2%	90% min
CaO	0.22%	0.43%	0.30%	0.35% max
MgO	0.05%	0.45%	0.54%	1.0% max
ƩFe	40.6%	1.93%	4.37%	4.0% max
SiO2	2.4%	2.62%	1.63%	2.5% max

• Smelting trial run by offtake partner Jiuxing Titanium Materials at production facility in Liaoning, China

• Neometals supplied 40 tonnes of mixed gravity concentrate (MGC) produced in Western Australia, from a representative sample of Barrambie ore collected from three locations

• Sample 1 trial was a 1:1 blend of MGC with “ilmenite 1” (56% TiO2)

• Sample 2 trial was a 1:2 blend of MGC with “ilmenite 2” (53.6% TiO2)

• Each trial produced titanium slag and pig iron

• Results establish the value-in-use potential of Barrambie MGC to produce chloride-grade titanium slag

*For full details refer to Neometals ASX release dated 3[rd] November 2022 titled “Successful commercial-scale smelting trials for Barrambie

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Mining operations will stockpile high V Central Bands

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Free call option on leading battery material for stationary energy storage

Vanadium Demand by End Use, 2023-2040

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• The mine plan focusses on extracting the hightitanium Eastern Band at Barrambie, significant volumes of high-vanadium Central Bands will be stockpiled

• Vanadium consumption is currently primarily anchored to steel production.

• Over the next decade, increased demand from energy storage in the form of Vanadium Redox Flow Batteries (VRFBs) will drive vanadium demand

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MOU with Australian Vanadium Ltd

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Evaluating infrastructure sharing and co-production of V from downstream processing Barrambie concentrates

Location of AVL Processing Plant

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• The Barrambie project can produce an iron/vanadium concentrate co-product from LTR separation of an ilmenite concentrate.

• Neometals has signed a Term Sheet with neighbouring Australian Vanadium Ltd to investigate opportunities for sale and process of iron/vanadium concentrate generated from the Barrambie project[*]

*For full details see ASX announcement headlined “Critical Minerals Collaboration Signed with Neometals” dated January 25, 2023

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Indicative Timeline and Newsflow

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Continue to grow resource, de-risk and develop

H1 2023		H2 2023	H1 2024		H1 2025		H1 2026
Complete Project Strategy /		Formal Offtake Agreement* for	Commence DFS for CMB/ MGC		Year 1 DSO operation		MGC operations commence
Corporate Structure Review		DSO/MGC	Submit Ministerial
		Complete Met Testing	Statement 911 for
Conditional Term		for DFS/ BOO/T	timeline extension
Sheet for Offtake of
DSO/MGC		MOU for Barrambie	Complete infill and
		EPCM/ BOOT	grade control drilling
		Evaluation	program
		Finalise Native Title
		Agreement
		Commence infill and
		extension drilling

*Subject to Board Approval

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The Team

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Proven mine developers and operators

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Greg Evans Corporate Finance

Casper Adson

Darren Townsend

Chartered Chemical Engineer

Mining Engineer

Greg has 25+ years experience in investment banking and mergers and acquisitions with public companies in the resources and industrial sectors.

Casper is an experienced chemical engineer with 20+ years experience in executive and operational roles.

Darren is a Mining Engineer with 25+ years of development, mining, and corporate experience including managing ASX and TSX listed companies.

Casper is experienced in complex processing plant environments ranging from downstream oil refining, synthetic rutile production, gold processing and activated carbon production.

He has developed a wealth of experience with capital raising and the buying and selling of assets of companies.

His experience includes developing and operating tantalum mines in Australia (Wodgina) and Mozambique and the resource drill out and permitting a world class niobium and rare earth project in Kenya.

He has worked with leading mineral and resource companies Iluka Resources, BP, WorleyParsons and KCGM in processing and operational roles.

Greg is a Principal Director at KPMG, and plays an active role in the global mining M&A sector.

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Les Guthrie

Mechanical Engineer

Les brings 40+ years of experience to Neometals including senior global roles within corporate and project management and capital program development.

He was VP Projects for BHP Billiton, Head of Projects and Present LNG for BG Group, President of Aker Kvaerner Inc. and he was also the MD of Kvaerner Australia. Les is one of the founding advisors to the John Grill Centre for Project Leadership.

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Most recently Greg has joined the Board of Yandal Resources Ltd as a Non-Executive Chair.

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Barrambie Investment Highlights

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1
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Strong Demand/Supply Fundamentals for Titanium

• Securing access to large, high grade chloride feedstock is a strategic imperative to downstream users.

• Completed Commercial-scale smelting trials with partner Jiuxing to prove use of Barrambie MGC in high-grade chloride pathway to lucrative titanium metal market.

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2
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Large, High-Grade Resource and Reserve[1] in a Tier 1 Jurisdiction

• One of the World’s highest grade hard-rock titanium assets with future upside from vanadium rich iron by-products.

• • >$40M spent over 20 years

• West Australian location with logistics to the port of Geraldton and options for nearby processing synergies

3

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Capital Light Development Strategy

• Low cost phased development via production of an initial DSO, followed by concentrate product exported to China

• Robust PFS economics

• Potential for BOOT partnership for further capital reduction

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4
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‘Mine-ready’ development opportunity

• Granted Mining Lease

• Granted Ministerial Approval to construct a 3.2Mtpa concentrator timeline extension application in progress

• Path to offtake with Chinese partners, economics underpinned by floor price with exposure to upside bench-mark pricing

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5
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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)

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Robust Economics @ Floor Prices

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Summary of Key Parameters from PFS Update Financial Model	Summary of Key Parameters from PFS Update Financial Model	Summary of Key Parameters from PFS Update Financial Model
Life of Mine (LOM)	Years	13.2
LOM Ore Mined	Mt	27.6
LOM Waste Mined	Mt	106.0
LOM Strip Ratio	(waste: ore)	3.8
Average CMB Plant Feed Rate	Mtpa	2.18
Average Titanium Head Grade	% TiO2	22.3
Average Titanium Recovery (Overall)	% TiO2	77.7
Average MGC Production (LOM)	Ktpa	1,138
Average Realised Product Price	A$/t product CIF China	275
FX	A$: USD	0.70
DSO Capital Cost (including 25% contingency)	A$M	78.1
Incremental MGC Capital Cost (including 25% contingency)	A$M	137.2
Ave LOM All-in Cost8	A$/t product	195.2
LOM Free Cash Flow9	A$M	1,106.1
Average Free Cash Flow per annum - first 5 yrs	A$M	103.3
NPV (10% Discount Rate, Pre-Tax)	A$M	375
IRR (Pre-Tax)	%	45

For full details refer to Neometals ASX release dated 15 May 2023 titled ““Barrambie – Updated PFS Results”

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Mineral Resource Estimate

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Classification Domain Oxidation Tonnes (Mt) TiO2 (%) V2O5 (%)
Indicated Central Strongly oxidised 112.6 6.71 0.44 Weakly oxidised 28.1 7.21 0.47 Fresh 6.8 6.47 0.40
Central sub-total 147.5 6.80 0.45
Eastern Strongly oxidised 26.4 19.68 0.50 Weakly oxidised 10.0 21.45 0.56 Fresh 3.2 19.14 0.47
Eastern sub-total 39.6 20.09 0.51
Indicated Total 187.1 9.61 0.46
Inferred Central Strongly oxidised 16.0 5.32 0.39 Weakly oxidised 18.3 6.02 0.41 Fresh 38.8 5.76 0.38
Central sub-total 73.1 5.73 0.39
Eastern Strongly oxidised 6.5 15.19 0.36 Weakly oxidised 5.1 18.80 0.47 Fresh 8.3 19.18 0.45
Eastern sub-total 19.9 17.78 0.42
Inferred Total 93.0 8.31 0.40
Grand Total 280.1 9.18 0.44

• Reporting criteria: ≥ 10% TiO2 or ≥ 0.2% V2O5; small discrepancies may occur due to rounding; and

• Mineral Resources reported are inclusive of Ore Reserves

For full details, refer to Neometals ASX release dated 17 April 2018 titled “Updated Barrambie Mineral Resource Estimate”

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CMB Plant Flowsheet

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Capital Cost Estimate

Capital	A$M	A$M
Mining
Mobilisation, Site establishment & Pre-Strip		4.1
DSO
Direct Field Cost		16.4
Contractors Indirects		2.8
Offsite Infrastructure		26.8
Owner’s Costs		13.3
Contingency (25%)		14.8
Subtotal DSO 74.0
CMB (incremental)
Plant and Construction		64.6
TSF		6.5
Accommodation Village 5.0
Engineering Design 9.1
Project & Construction Management 10.8
Commissioning 0.6
Owner’s Indirect Costs 13.2
Contingency (25%) 27.4
Subtotal CMB 137.2
Total 215.3
Sustaining Capex10 75.4

Phase	Product	Incremental Capex (A$M)
DSO	1.0 Mtpa DSO	78.1
MGC	1.23 Mtpa MGC	137.2

10 Sustaining capital to upgrade the Barrambie-Sandstone Road to enable Super Quad payloads of up to 137t, to increase TSF capacity sequentially, and 2% of deployed capital.

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Operating Cost Estimate & Sensitivity Analysis

Opex	A$M	A$/t feed	A$/t product
Mining
Mining ex-pit	588.1	21.3	39.6
Incremental ore rehandle	11.3	0.4	0.8
CMB
CMB Processing Plant	482.8	17.5	32.5
MGC transport to Geraldton Port11	934.5	33.9	63.0
Port storage, ship loading, international freight & insurance	591.7	21.5	39.9
Total	2,608.5	94.6	175.8

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11 Haulage prices as supplied by Rivet Group and are accurate as of November 2022.

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Approvals and Permits Timeline

All key project approvals are on track

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Environmental Small Operations DSO Works MGC Works
Approvals Mining Proposal Approvals Approvals
Ministerial Statement Up to 49 kt, to provide For 1.2 MTPA Crush
customer samples / Screen operation Includes
EPA Act Part IV Approval
Status: Completed Status: Completed Upgrade to 200 kt Status: Completed For Timeline Extension clearing permits, WWTP, TSF, DG
Ministerial Statement Status: In Progress Status: Submitted license, etc.
Timeline Extension Status: On track
Status: In Progress
Approvals Pre-Development Stage DSO Stage MGC Stage
For 1 MTPA Starter Pit For full MGC
Valid Until 30 July
2032: renewable for 21 YNPBC DSO, mine, Operation
years Status: In Progress infrastructure and Status: On track
borefield
Status: Completed
Status: Completed
Native Title MGC Mining
Mining Lease DSO Mining
M57/173 Approvals Proposal Proposal
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