NEOMETALS LTD — Investor Presentation 2023

Mar 22, 2023

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Green Battery Materials

London Stock Exchange SparkLive Presentation – 22 March 2023 ASX: NMT | AIM: NMT | OTC: RDRUY | DEU: 9R9

ASX: NMT | AIM: NMT | OTC: RDRUY | DEU: 9R9 neometals.com.au

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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.

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.

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, 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
3/11/2022	Barrambie - Successful Commercial Smelting Trials For Barrambie
17/11/2022	Robust Outcomes From Barrambie Titanium Project PFS

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 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.

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.

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2

Executive Summary

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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

Neometals is an emerging, sustainable battery materials producer.

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ESG commitment. Recycling and recovery minimise reliance on mined materials and reduce carbon footprint

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

Underpinned by proprietary, green, processing technologies

Focus on continuous development and innovative commercialisation with strong partners

13 Granted Patents 56 Patents Pending

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3

Green Battery Materials Portfolio

• Focus on Europe and North America

• Emerging as World’s 2[nd] and 3[rd] biggest battery producing regions

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4

Core Battery Materials Business Snapshot

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Lithium-ion
Vanadium Lithium
Battery
Recovery Chemicals
Recycling
Business Unit
50:50 Incorporated JV Reed Advanced Materials (“RAM”) 70:30
50:50 Incorporated JV
Incorporated JV
Business Unit Partners
30%
Project Development Partners Co-operation Agreement for
50:50 Incorporated JV with RAM
Key Regions of Focus
Underpinned by proprietary, sustainable processing technologies that recover battery materials
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Unparalleled exposure to energy transition commodities

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Experienced & Growing Team

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

Dr Natalia Streltsova

Les Guthrie

Doug Ritchie

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Michael Tamlin
Merrill Gray Darren Townsend
Head of Lithium
Head of Recycling Head of Vanadium
Project Manager - Kylee Millen Michael Prassas Commercial Kausar Shah Gavin Beer GM – Evaluation Irena Ivanova Eric Taarland Seppo Karvonen
Recycling Manager Project Manager – GM – Lithium Studies GM – Vanadium Country Manager
Lithium Processing
Marketing
Adam Farghaly Matthew Carter
Technical Manager Manager - Data Dirk Kotzee Rihanna Vanin Thomas Heinzle Campbell Kenny
Manager – Project David Robinson Project Engineer Project Engineer Business Analyst
GM – Metallurgy and
Services
R&D
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Paul Wallwork
GM – Marketing and
Product
Development
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Jason Carone Company Secretary / CFO

Jeremy Mcmanus Giuliano Giordani GM – Investor Scott Robertson Financial Controller Relations and GM – Corporate Intellectual Property Development

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Pablo Carabajal Manager - Finance

Felicia Bradley Marketing & Anél Joubert Comminications Manager - ESG

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Casper Adson
E GM – Titanium
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Greg Hudson
GM – Geology
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Owen Casey Senior Project Geologist

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ASX: NMT ASX: NMT| AIM: NMT | OTC: RDRUY | DEU: 9R9 neometals.com.au neometals.com.au

7

Corporate Dashboard

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

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5-Year TSR [(3)]
12 MONTH SHARE PRICE PERFORMANCE
2.00 20000000
1.80 18000000
1.60 16000000
1.40 14000000
1.20 12000000
1.00 10000000
0.80 8000000
0.60 6000000
0.40 4000000
0.20 2000000
0.00 0
Feb-22 May-22 Aug-22 Nov-22 Feb-23
Price $A
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	ASX: NMT OTC:RDRUY	ASX: NMT OTC:RDRUY
	Shares on Issue(1)		m	552.7			2.00
	Share Price Market capitalisation		A$ A$m	0.62 343			1.80
	Cash(31-Dec-22)		A$m	42.0			1.60
	~~Corporate~~ Debt A$m Investments(31-Dec-22) (2) A$m MAJOR SHAREHOLDERS David Reed			~~Dash~~board - 29.4 6.2% 0.80 1.00 1.20 1.40 Price $A
	The Vanguard Group, Inc.			2.3%			0.60
	Top 20			40%			0.40
							0.20
	No of Shareholders			~14,442			0.00

Notes: Market data as at 15 March 2023 (unless otherwise noted)

(1) Excludes 12.6M performance rights

• (2) Receivables and investments

• (3) Sourced from Bloomberg (as at 31 December 2022) assumes dividends re-invested

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Sustainability

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

• Focus on production of sustainable battery -

• materials reducing reliance on new mined materials.

• Commercialising internationally recognised award-winning sustainable processing technologies

• Transparent sustainability reporting to GRI, SASB, TCFD

• Neometals’ 3[rd] annual sustainability report released in September 2022

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Best Technology – Winner
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ASX: NMT ASX:ASX: NMT NMT || AIM:AIM: NMT NMT || OTC:OTC: RDRUY RDRUY || DEU:DEU: 9R9 9R9 neometals.com.au neometals.com.auneometals.com.au

9

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Lithium-ion Battery (LiB) Recycling

Intellectual Property Holding Company 50% Neometals / 50% SMS group

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

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Aim is to be leading provider of recycling solutions to OEMs

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OUR SCALABLE PLANT SOLUTIONS ADDRESS GROWING VOLUMES OF PRODUCTION SCRAP AND END-OF-LIFE BATTERIES

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Our scleable patent-pending recycling technology

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1. PRIMOBIUS’ FULLY CERTIFIED DISPOSAL SERVICE IN HILCHENBACH, GERMANY SERVICES ALL OEM SUPPLY CHAINS 2. PRIMOBIUS’ AWARD-WINNING TECHNOLOGY WILL DELIVER BATTERY MATERIALS WITH LOWEST CARBON FOOTPRINT

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20 March 2023

European Regulation Driving Automakers to “Close the Loop”

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AIM TO BE THE FIRST TO BE FULLY COMPLIANT WITH ALL EU BATTERY REGULATIONS FOR LIB RECYCLING, ON TRACK FOR 2026

Total Recovery	Current 2023
Copper	87.4%
Nickel	84.4 %
Cobalt	82.3 %
Lithium	83.5 %

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Source: European commission, FCAB

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Recycling = resilient raw material supply chains

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Recycling = lowest carbon footprint raw materials

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OUR PROCESSING TECHNOLOGY REDUCES THE CO2 FOOTPRINT BY >80% VS MINED RAW MATERIALS

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Source: Duesenfeld

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S EQUIPMENT SOLUTIONS BACKED BY SMS GROUP Primobius equipment solutions backed by SMS group SMS IS A 140 YEAR-OLD LEADING GERMAN PLANT BUILDER, 14,500 EMPLOYEES IN 95 SITES AROUND THE WORLD, PRODUCTION FACILITIES IN EUROPE, NORTH AMERICAN, INDIA AND CHINA

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Our flexible business models deliver lowest total cost of recycling

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Lower total cost of recycling
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Operational Model Revenue Model
Primobius provides Disposal fee charged
LIB disposal service per tonne and sale of
recovered materials
1
Principal
Build integrated Profit from sales
recycling plants in of battery
joint venture with EV materials and
and LIB OEMs other recovered
2
Partnership materials
Gross Sales Royalty
Equipment supply
on all materials
under EPC and
recovered
Technology License
3
License
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A DIFFERENTIATED CUSTOMER DRIVEN MODEL

PLANT INVESTMENT DECISIONS PREDICATED ON PARTNERSHIPS WITH SECURE ACCESS TO LiB FEED STOCKS

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1718

20 March 2023

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Commercial Pipeline*

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Scale Up Opportunity
Total Addressable Market (US$bn)
% End of Life / Warranty Volumes
50
~95%
~92%
~80%
40
30
20
10
-
2030e 2035e 2040e
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Operational Targeted Growth Plan
Capacity: 10tpd Spoke Capacity: 50tpd Integrated
Plant type: Shredding Plant type: Shredding/Refining
Products: Black Mass Products: Black Mass and BGMS [(1) ]
Business Model: Principal Business Model : License & JV Option
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“Greenfields”
Capacity : 10tpd Integrated Capacity : 50tpd Integrated
Plant type : Shredding/Refining Plant type : Shredding/Refining
Products : Black Mass and BGMS [(1)] Products : Black Mass and BGMS [(1) ]
Business Model : Limited Royalty-Free R&D License Business Model : Principal / JV
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Economies of scale and access to feed key to the success of LiB battery recyclers scale-up

Source: RBCe. NCM battery recycling North America and Europe.

• *Subject to Customer, Primobius and Neometals Board Approvals

• BGMS = Battery Grade Metal Sulphates

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Hilchenbach Spoke – establishing market share in EU

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RAMPING UP TO LICENCED CAPACITY <10tpd IN SEPQ 2023, SECURED BASELOAD FEED FORCY 2023 FROM GERMAN OEM SUPPLY CHAIN

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Partnership with Mercedes-Benz

COOPERATION AGREEMENT WITH MERCEDES-BENZ

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•
One of the leading premium global automotive players
having produced 2.3 million vehicles in 2021
•
Targeting 100% of car sales to be EVs by 2030 requiring
200GWh of battery cell production capacity
•
Eight new cell factories planned globally including with
one in the U.S. and four in Europe
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MERCEDES-BENZ TARGET CELL PRODUCTION**

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200 GWh
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
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Key Illustrative Assumptions

• ~10 year battery life

• • ~4.5MWh to tonne of battery

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POTENTIAL MERCEDES-BENZ EOL LIB RECYCLING REQUIREMENTS BY 2040

• Cooperation agreement between Mercedes-Benz recycling subsidiary and Primobius

• Cooperation agreement follows partnership for designing and constructing a

• 2,500tpa Recycling Plant located in Kuppenheim, Germany

• Long-term collaboration to recycle next generation cell formats and chemistries

• Strong validation of the Primobius technology

For further information, refer to ASX release dated 13 May 2022 – “Primobius executes Co-operation Agreement with Mercedes Benz” *Source: Mercedes-Benz Strategy Update: electric drive, July 2021

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900ktpa of batteries

Potential EOL recycling requirement by 2040 with additional volumes potentially available from production scrap

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~50 x 50tpd OR 5 x 500tpd Plants

Required to process*

*Based on Neometals assumptions.

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Partnership with Stelco

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

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in North America

• Recycling venture to offer a holistic end-of-life vehicle recycling solution in North America with the ability to secure large feedstock volumes

• Stelco will be responsible for supply of LiB feedstock and the securing of sites for plants

• Exclusively licensed to Stelco in North America except right to recycle for German OEMs has been retained

• Primobius has an option to acquire 25–50% of the equity in Stelco’s recycling SPV

• Non election would lead to a 10% royalty on gross revenue earned from the use of the technology[(1)]

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STELCO IS POSITIONED TO BE A LEADER IN THE ELECTRIC VEHICLE CIRCULAR ECONOMY

Option to acquire 25-50% of the equity*

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Diagram showing relationship between Stelco and the Electric Vehicle (Automotive OEM) value chain

• *For full details refer to Neometals ASX release dated 31 December 2021 titled “Primobius to Enter North America with Stelco for Recycling of Electric Vehicle Batteries””

• (1) Scope for reductions in the royalty rate depending on IRRs generated, and a minimum royalty fee in cases of stalled recycling production.

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Primobius Greenfields Integrated Refinery - Germany

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EVALUATION OF A FUTURE INTEGRATED OPERATION IN GERMANY

• Staged Engineering and Cost Study (“ ECS ”) will deliver Operating & Capital Costs for a 50 tpd (~20,000 tpa) integrated operation covering:

• Inbound LIB storage

• Discharging and Disassembly of modules

• Shredding and Separation

• Hydrometallurgical Refinery

• The Hub are Spoke and Primobius’ products

• which it can deploy under different business models

• Provides template for potential customers to integrate and re-estimate, tailored to their sites

• Kaiserslautern is a potential site in an existing industrial estate

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Source: en:former

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Robust Economics Across Key Battery Chemistries

	Disclosed capital costs include land, plant, buildings, plant and equipment, installation, infrastructure, pre-production, EPC costs and contingency New design includes Europe’s first integrated module discharge and disassembly operation – provides futureproof flexibility to handle any mix of production scrap, warranty return or EOL arisings Hub Engineering Cost Study Results expected JunQ 2023	Disclosed capital costs include land, plant, buildings, plant and equipment, installation, infrastructure, pre-production, EPC costs and contingency New design includes Europe’s first integrated module discharge and disassembly operation – provides futureproof flexibility to handle any mix of production scrap, warranty return or EOL arisings Hub Engineering Cost Study Results expected JunQ 2023
		Primobius Spoke ECS Outputs
Annual Throughput (Feed)		21 ktpa
Annual Production (Black Mass)		7,130 tpa
Operating Cost per tonne of feed		US$1,400/t(1)
Capital Costs (incl 20% contingency)		US$104m

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*For further information, refer to ASX release dated 13 September 2022 – “Primobius – 50tpd Spoke Engineering Cost Study Results” and the assumptions set out therein. 1. Assumes 1:1 USD:Euro FX

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Indicative Timeline – LiB Recycling

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MarQ 2023 JunQ 2023 SepQ 2023 DecQ 2023 1H 2024 Spoke Plant Supply Hub Plant Supply Commence Commence Commence Agreement for MB Agreement for MB installation of Commissioning Commissioning Hub Spoke for MB Spoke for MB for MB ECS for 50tpd Hub Plant in Germany Commence installation of Spoke for Stelco Spoke Plant Supply Consider Recycling SPV Agreement for Investment decision Stelco* to acquire up to 50% equity in Stelco Recycling SPV ***

Stelco Feedstock and Offtake Negotiations

*Subject to Customer Award/Primobius and Neometals Approvals

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Unique Positioning for Rapid Growth

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✓ Underpinned by the recovery of key
✓ Early mover advantage to deliver
battery materials with their attractive
industrial LiB hydromet recycling
outlook
✓ Rapidly growing TAM as EOL
✓ Potential to capture premiums for Robust Early Mover
batteries require responsible
ability to secure ethically sourced Economics Advantage
disposal
material
5 1
✓ Partnership with SMS allows for Partnerships 4 2 Environmentally ✓ Safe and regulatory approved
accelerated and de-risked plant to Support Friendly method for disposal of LiBs
rollout Scale-up Solution
✓ Low emission hydromet solution
3
✓ Establishing relationships with for OEMs with differentiated back-
industry leaders end flowsheet
Robust Technology
and Flexible Business
Model
✓ High battery material recovery rates and ability to ✓ Flexible business model to meet
process multiple battery chemistries customer needs and secure feed
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Vanadium Recovery

Vanadium Recovery Process Technology 100% Neometals

Vanadium Recovery Project 1 - Finland 50:50 Incorporated JV with Critical Metals Ltd, Recycling Industries Scandinavia AB (“RISAB”)

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Vanadium Market Background

MAIN FINISHED VANADIUM PRODUCTS

Vanadium (V) is a silvery-grey transition metal that has two main finished vanadium products:

Vanadium pentoxide O (V 2 5)

• Vanadium pentoxide can be utilized in steel applications as well as other applications such as non-ferrous alloys, chemicals and vanadium redox flow batteries

• Higher-purity forms of vanadium pentoxide are also supplied, albeit in smaller quantities and typically commands a pricing premium

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• Ferrovanadium is an alloy of vanadium and iron, with vanadium content between 35-85%

• (FeV)

Ferrovanadium

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• Vanadium is added to regular carbon steel mainly as ferrovanadium

• Even in small quantities, it can increase tensile strength, increase high-temperature strength and increase a grain refining and dispersion hardening effect in tempering steel

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VANADIUM CONSUMPTION

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Vanadium redox flow batteries (VRFBs)

• Vanadium pentoxide is used in VRFBs with need for high-purity (>99%) product to improve battery efficiency and lifetime

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Steel

• Ferrovanadium is a necessary ingredient for carbon steel production

• Used in steel manufacturing in the form of ferrovanadium or vanadiumnitrogen alloys to increase strength (high-strength low-alloy steel or full alloy steels)

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Aerospace alloy

• Vanadium-aluminium master alloys, which are used in the production of titanium alloys

• Needed especially in aerospace industry

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Chemical catalyst

• Catalysts used in medical, glass, and pigments (smaller volume and specialized markets)

Source: Vanitec

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Growth Market Supported by Energy Transition

MARKET DYNAMICS

CURRENT PRODUCTION BY COUNTRY

VANADIUM DEMAND BY END USE, 2023-2040

• Vanadium consumption is primarily anchored to steel production with demand from energy storage (vanadium redox flow batteries) becoming dominant use next decade

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• Once in operation, RISAB will supply c. 3% of the global vanadium supply (2027) and it will be the only European vanadium producer

• VRP1 aims to be largest producer of high-purity V2O5 for the production of electrolyte for VRFBs

• Given the current geopolitical environment and a push to reduce reliance on China, European prices are expected to continue to remain stable[1]

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Sources: Wood Mackenzie 2022, Vanitec

• 1) Based on CRU market study as of January 2023

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Extracting Vanadium from Industrial By-products

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INTRODUCTION TO THE FINNISH VANADIUM RECOVERY PROJECT (“VRP1”)

PLANT LOCATION AND KEY INFORMATION

Location: Tahkoluoto Port, City of Pori, Finland

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~ Average annual revenue: 200M USD (post-ramp-up)

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Capital cost: ~ 314M USD

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Operating cost: US$4.19/lb V2O5 (lowest quartile)

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– Construction timeline: H2 2023 H2 2025

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Slag secured: 10 years 2m tonnes minimum (stockpiled plus first right to purchase additional volumes from SSAB’s future production )

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Throughput: up to 300k tonnes p.a.

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Annual production: ~9k tonnes V2O5

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Selected stakeholders:

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COMPANY DESCRIPTION AND BACKGROUND

▪ RISAB (“Company”) is established by two green battery materials and technology companies Critical Metals and Neometals.

• The Company will build and operate a plant which will recover vanadium from steel production side stream and process it into high-purity vanadium that is used e.g. in greener steel and energy storage applications (the “Project” or “VRP1”)

• Currently the raw material (slag) is secured for 10-year term

• The final investment decision is subject to finance. RISAB has leading Nordic investment banks managing the equity and debt financing process.

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For further information, refer to ASX release dated 8[th] March 2023 – Vanadium Recovery Project Delivers Strong Feasibility Results

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Carbon Negative* Production Process to Extract Vanadium from Steel Slag

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CLOSED CYCLE VANADIUM PRODUCTION PROCESS

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----- Start of picture text -----

Raw material (slag) Process End product & by-products
Slag Inputs End product By-product: By-product:
First contract with SSAB (Carbon dioxide, sodium High-purity Stabilized slag Sodium sulphate
include steel slag ready to be hydroxide, water and vanadium (V2O5) material (NA2SO4)
processed for the first 10 other reagents) (SSM)
years
Closed cycle hydrometallurgical
Slag shipped from Luleå, production process to extract
Raahe and Oxelösund steel sustainable high-purity vanadium
mills (V2O5) from steel slag
Industrial scale
Top class production efficiency with
Slag grade of 3.93% energy storage By-product applications
the lowest quartile of operating costs
vanadium pentoxide (V2O5) applications
 Cement replacement, filler
MOU with H2 Green Steel for Process technology licensed from
in concrete and polymers
approx. 4m tonnes of slag Neometals
material signed and based on commercially proven  Substitute for sand in
technologies Super alloys used in
building products
high tech
Excellent location with Nordic supply applications such as  Glauber’s salt
& partners jets and rockets
 Can also be used in paper
manufacturing process
Reinforced steel bars
Slag secured & other Technology validated by the Off-take discussions well Letter of Intent signed.
negotiations ongoing to pilot plant advanced Negotiating binding
boost the pipeline agreement
----- End of picture text -----

*For further information, refer to ASX release dated 8[th] March 2023 – Vanadium Recovery Project Delivers Strong Feasibility Results

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RISAB – Promoting Circular Economics

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RISAB will be amongst the largest CO2 consumers in Finland promoting circular economics

CARBON FOOTPRINT*

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----- Start of picture text -----

kg CO2-e per kg CO2 V2O5
produced
----- End of picture text -----

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----- Start of picture text -----

4.5
-8.9
Total CO2
process
emissions
Total CO2 Total: -4.4kg
consumed by
CO2 -e per kg
plant and V2O5 produced
locked in the by-
product
----- End of picture text -----

The company will be one of the largest consumers of CO2 in Finland annually and will source its CO2 from industrial processes

Sources: Internal image based on data from Minviro

1) CO2 emissions are related to e.g. electricity, steam boiler, transport and consumption of other materials

*For further information, refer to ASX release dated 8[th] March 2023 – Vanadium Recovery Project Delivers Strong Feasibility Results

CLOSED CYCLE PRODUCTION PROCESS PROMOTING THE CIRCULAR ECONOMY

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Feasibility Study

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For further information, refer to ASX release dated 8[th] March 2023 – Vanadium Recovery Project Delivers Strong Feasibility Results

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Funding Structure and Strategy

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ESTIMATED PROJECT COST (MEUR)

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• Total estimated construction cost of the plant 360-400 MEUR includes initial working capital and cash buffer reserves

• Capital cost estimate from Sweco feasibility study (AACE Class 3 Study) for 300k tpa facility

• AACE Class 3 Engineering Cost Study by Sweco was review by independent expert, Behre Dolbear Australia

ESTIMATED PROJECT COST (MEUR)

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• Target to fund 60% of total project cost with debt

• Target to fund 40% of total project cost with equity

• Neometals and Critical Metals maintain the right to finance their current ownership share of the Company

For further information, refer to ASX release dated 8[th] March 2023 – Vanadium Recovery Project Delivers Strong Feasibility Results

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FY23 Workflow

NEXT STEPS

• Work with equipment vendors and engineering firms to continue advancing project engineering

• Procure vanadium product and calcium carbonate by-product offtake agreements

• Procure new equity investors into RISAB and credit approved term sheets for debt financing to enable consideration of financial investment decision by 30 June 2023

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VRP CORPORATE STRUCTURE

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1[. Assumes][Critical contributes A$3M][on][or][before][31][March][2023]

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Key People – Experienced Team Onboard

Damian Hicks Business Development

Johanna Lamminen

Darren Townsend COO

CEO

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• Mining Engineer with 25+ years development, mining and corporate experience including managing ASX and TSX listed companies

• Strong background in the circular economy, resource extraction, use, reuse, and recycling

▪ Highly experienced business leader and board professional

• Experience includes CEO of Gasum, CEO and CFO of Danske Bank Finland, CFO and deputy CEO of Evli and board member of Pohjolan Voima and ETLA

• Executive Director of Critical Metals, Kiruna Iron, ASX listed Hannans Ltd and Chairman of advisory firm Corporate Board Services

• Chief Development Officer, Neometals, a minerals and advanced materials company

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Irena Ivanova GM – Project Development

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• Chemical Engineer with extensive expertise in process design, technology implementation, project and engineering management and team development

• –

• General Manager Evaluation Studies, Neometals, a minerals and advanced materials company

▪ Doctor of Science in industrial management

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Key experience:

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Indicative Timeline – Vanadium Recovery

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KEY MILESTONES

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MarQ 2023 JunQ 2023 SepQ 2023 DecQ 2023 Q1 2026 Finalise New Term Sheets for RISAB pre-payment First slag being First production Supply Agreement Debt Financing for 700kt of slag transported to from the plant with SSAB  stockpiled at Lulea Tahkolouto RISAB making a positive FID on or Commence civil Commence civil Complete before 30 June works for slag works for Feasibility Study & storage processing plant LCA  Neometals equity contribution into Execute SHA for RISAB for debt 50% of VRP SPV & Technology Licence drawdown* 

*** Pre-payment to be paid within 72 hours after the Buyer's Positive Investment Decision ** Subject to FID, approvals and finance**

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Investment Case – Highlights

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SUPPLY CONSTRAINED CRITICAL BATTERY MINERALS WITHOUT MINING RISK

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----- Start of picture text -----

✓ Critical Raw Materials Act pending
✓ MoU signed with H2GS AB for a second
✓ No EU primary production / resilience gap
larger Vanadium Recovery Project –
Boden, Sweden.
Significant Growth Strong EU Market ✓ Forecast supply / demand imbalance
✓ Testing third party feedstocks ex-EU Potential Tailwinds
✓ Demand upside from VRFB & vanadium
battery cathode chemistries
5
1
✓
✓ Circular & potential CO2 –’ve
Visibility to revenue
operation
✓ Potential superior project economics 4 2
Robust Unique Sustainable ✓ CO2 process reagent minerally
(1 [st] quartile cost of production)
Technology
Economics sequestered in by-product
✓ 3
Economics strongly supported by
grade in Slag stockpiles ✓ Mature tech (pilot produced V 2O5
exceeding 99.5%)
✓ Future economic upside potential
from –’ve CO
2
De-risked and Secured
Operations
✓ 10 year, up to 3m/t SSAB feed purchase agreement ✓ Strong local stakeholder support
✓ LOI for By-Product offtake ✓ Tech risk reduced – piloted, std
equipment (low temp / pressure)
✓ Site Secure and Permit in Place
✓ Patent pending flowsheet
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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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Seriously where is the lithium going to come from?

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Must be brine + 60% of global lithium in brine deposits

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Our process converts aqueous LiCl (salar concentrate) into LiOH using electricity (and own reagents)

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“LIQUID SPODUMENE”

1t of Aqueous LiCl (6% Li) contains the lithium equivalent of 2t of SC6 Spodumene Concentrate (6% Li2O)

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What is ELi[®] ?

• “

• • ELi” is short for E lectrolytic Li thium.

• The +100yr old Chlor-alkali process uses electricity to split sodium salt (NaCl) into caustic soda (NaOH) and chlorine gas (plus hydrogen!)

• Modern technology, proven chlor-alkali equipment packages available “off the shelf”

• We created a purification flowsheet to make LiCl pure enough for electrolysis using conventional equipment

• Initially produced low-cost, high-purity LiOH production from HCl leaching of spodumene (Li2O) then tested major SA brine deposits

• Brine LiCl + ELi potentially the lowest-cost, lowest-carbon, highest purity Lithium Hydroxide

• 13 Granted Patents in all major lithium producing countries

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Membrane Electrolysis Step

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• Operating & Capital Cost Advantages – updating April ‘23

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Source: Neometals Management, Exyte Class 3 Engineering Cost Study (2016)

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Eliminate bulk reagents – create and use own lithium carb

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• Use of solvent extraction, ion exchange and internal recycling results in minimal reagent consumption and circuit top-up

• Decoupled from bulk reagent availability, market disturbances and transport costs

• Proposed sites leverage attractive energy supply options

	Our Process		Conventional
Process	RAM	Brine	Hard Rock
Bulk Lime	No	Yes	Yes
Bulk Soda Ash	Minimal	Yes	Yes
Power	Yes	Yes	Yes
Gas/oil	Yes	Yes	Yes
Acid	Recycled	Low	Yes

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Surest way to reduce to LiB CO2 footprint is more brine lithium

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Commercialise in EU with Bondalti

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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 the Estarreja chemical cluster

• Seeking entry into LiOH production using its chlor-alkali process infrastructure

• Production synergy for ELi[®] to ship H2 and Cl2 by-products “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

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

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Business Plan: Merchant LiCl Conversion in the EU

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Buy/Toll Process lithium ELi[®] purification and Offtake to European EV chloride from conversion to LiOH in 1 2 3 supply chain Argentina/Chile Portugal

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Neometals Lithium Chemicals Team

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Michael Tamlin – Chief Operating Officer (Project Sponsor)

Mike has over 35 years experience in metals industries covering lithium, tantalum, vanadium, base metals, industrial minerals and chemicals in Australia, China, South America and Canada. He has a strong track record in maximising commercial performance, developing and implementing strategy and brings experience in the development of lithium projects, lithium supply negotiation, lithium markets and management at executive level. Mike holds B. App. Sc in Metallurgy.

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Dr David Robinson – General Manager, Metallurgy R&D (Pilot, Process Development) Dave has more than 20 years industry experience. He is currently responsible for managing: i) metallurgy programs targeting flowsheet development and optimisation, ii) project technology development and associated research programs and iii) group intellectual property management. Dave most recently spent 12 years managing CSIRO hydrometallurgical research and related industry liaison. Prior to CSIRO, he spent several years at Anglo American/Anglo Platinum working at and supporting numerous operations including being responsible for PGM refining technology development and application at the Rustenburg PMR. Dave holds a Ph.D., M.Sc., B.Sc. (Hons) and M.B.A.

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Kausar Shah – Senior Process Engineer

Kausar has worked across several major engineering consultancies, operations and laboratories within front end project and flowsheet development through to implementation (construction through to commissioning) phases primarily in the battery minerals space. He is currently responsible for providing engineering and management expertise which includes support research and project/process development, design reviews across all engineering outcomes, engagement of vendors and coordinating the communication of technical outcomes to the project and leadership teams. Kausar holds a Bachelor of Chemical Engineering (Hons).

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Dirk Kotzee – Senior Project Engineer (Project Controls)

Dirk has over 30 years experience across chemicals, smelting, minerals processing, oil and gas and mining. His key skills include contracts and contract management, business processes and systems, project controls, safety and quality. Dirk has provided project controls services in the coordination of lithium refinery feasibility studies, battery recycling flowsheet commercialisation and a vanadium recovery study. Dirk has previously worked in senior project roles for Woodside Petroleum, Rio Tinto, BHP in Australia and Africa and holds BSc. Mechanical Engineering (Materials), MBA, Project Management Diploma and Lead Auditor ISO 9001:2015, Pr. Eng. and MIEAust

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Indicative Timeline - Lithium Chemicals

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Complete Bench- MarQ 2023		JunQ 2023 Commence Pilot	SepQ 2023 Complete Pilot		DecQ 2023 Commence		1H 2024 Complete
scale Trials		Trials	Trials		construction of		construction of
					Demo Plant		Demo Plant
Ship Pilot Trial		Complete AACE	Updated AACE Cl.3
brine feedstocks to		Class 3 ECS by	ECS by Primero -		Ship Demo Trial		Commence
North America		Primero - Bench	Pilot		feedstocks to		Demonstration
Commence Demo		Demo Plant long	Decision to		Portugal		Trials
Plant engineering		lead items*	Incorporate
and design			**Bondalti JV ***
		Vendor selection
		AACE Class 2	Commence AACE
		Study	Class 2 Study

*Subject to Steering Committee Approvals

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Investment Case – Lithium Chemicals

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----- Start of picture text -----

✓ Neometals (through RAM) can deploy ✓ Technology well guarded. Importantly
globally (ex-EU) as principal, in the process has been proven at semi-
partnership with, or licence to lithium pilot scale and supported by
Flexible business
developers/producers for royalty Unique Technology Feasibility Study economic
models that can be
stream with 12 granted evaluation.
replicated globally
patents and 18
pending
5
1
2 Significant
Strong partner 4
✓ Bondalti is Portugal’s largest
operating and
to scale up and
chemical business in with extensive ✓ Recovery and regeneration of key
commercialise capital cost
chlor alkali experience, and plant that in EU 3 advantage reagents on site eliminates expensive
can be repurposed to produce lithium imports
hydroxide
Compelling
environmental benefits
to reduce CO
2 footprint
✓ Potential for significant reduction carbon ✓ Elimination of carbon intensive transportation of ✓ Potential for additional savings with renewable
footprint due to shift in primary reagent to feedstocks and reagents power
electricity
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Barrambie Titanium and Vanadium

Barrambie Titanium and Vanadium Project 100% Neometals

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Barrambie: Sunrise for the Sleeping Giant

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• One of the highest-grade hard rock titanium assets globally

• 100% owned in Tier 1 jurisdiction

• Granted mining lease and mining approval to extract approximately 1.2Mtpa of mineralisation

• • Environmental approval secured in 2012 to mine and construct a 3.2 Mtpa processing plant. Implementation timeframe extension application underway.

• Attracted strong partner to optimise value realisation

• Successful commercial scale trial to demonstrate value in use to end users

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Need & Opportunity

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China is half of the global titanium pigment production and is shifting to the more sustainable chloride process World supply of quality chloride feedstocks is in decline, with prices steadily increasing for the last 5 years

• Chloride pigment production requires high-grade feedstocks such as ilmenite, rutile and titanium slags

• Primary mineral sands (rutile, ilmenite) deposits are being depleted

• Neometals is working with Chinese partners to realise value from production[1]

• For full details of commercial partnerships via MOU refer to:

Source: TZMI, Titanium Feedstock Price Forecast, Issue 3, 2022 and Fastmarkets

• Neometals ASX release dated 16th April 2021 titled “Barrambie - MOU for Cornerstone Concentrate Offtake“ and Neometals ASX release dated 4th October 2021 titled “MOU for JV to develop Barrambie ”

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The Solution: Pathways to Commercialise

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For full details refer to Neometals ASX release dated 17th November 2022 titled “Robust Outcomes From Barrambie Titanium Project PFS”

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Robust PFS Results

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• The PFS confirms ‘value-in-use’ for Barrambie’s product basket and supports dialogue with potential offtake partner Jiuxing

For full details refer to Neometals ASX release dated 17th November 2022 titled “Robust Outcomes From Barrambie Titanium Project PFS”

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Jiuxing Titanium MOU - MGC/Ilmenite Offtake

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• Jiuxing Titanium Minerals (Liaonging) Co. Ltd is the largest chloride-grade titanium slag producer in China.

• Current non binding MOU for 800,000t of MGC or 500,000 tpa Ilmenite (if LTR

• development)

• Offtake Agreement guiding principles:

  • 800,000 wmt of Mixed Gravity Concentrate (MGC)

    • Price = Chinese ilmenite (37-39% TiO2, FerroAlloyNet.com) + 10%, subject to floor price to be agreed (Aus CPI indexed)

• 500,000 wmt of Ilmenite (LTR)

   - Price = Mozambique ilmenite (52% TiO2 min, Asian Metal) + 10%, subject to floor price to be agreed (Aus CPI indexed)
  

• Term 10 years.

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Indicative Timeline - Barrambie

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MarQ 2023		JunQ 2023		SepQ 2023		DecQ 2023		1H 2024
Commence Variability Test work		Conditional Term Sheet for Offtake of MGC		Complete Variability Studies Commence DFS		Vendor selection for Barrambie CMB plant BOOT contract*		Complete DFS Commence civil works for
Complete Project		Vendor selection						Barrambie CMB
Strategy/Corporate Structure Review		for AACE Class 3 ECS section of DFS		Formal Offtake Agreement with				plant**
				Jiuxing* for MGC

*Subject to Board Approval

• ** Subject to extension of timeline for Ministerial Statement 911 to construct project

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ASX: NMT | AIM: NMT | OTC: RDRUY | DEU: 9R9 neometals.com.au

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Investment Case

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✓ China is transitioning from sulphate
✓ Track record of working with partners
to more environmentally friendly and
to de-risk and deliver project execution
sustainable chloride titanium
outcomes with strong returns to
production, so securing access to
shareholders (Mt Marion & Widgie Proven Partnering Strong Demand/Supply
cleaner, higher grade chloride
Nickel examples) Business Model Fundamentals for
feedstock is a strategic imperative.
Titanium
5
1
✓ Granted mining proposal. Ministerial
2
Approval to construct 3.2Mtpa 4 ✓ One of the World’s highest grade
‘Mine-ready’ Large, High-Grade
concentrator and currently in the Resource and hard-rock titanium assets [1] with
process of securing a further 3 Reserve [1] in Tier 1 revenue upside from vanadium rich
extension of the timeframe for Jurisdiction iron by-products. >$44M spent over
project implementation. 20 years.
✓ MoUs with Chinese partners for
potential operating JV and separate
Capital Light
take-or-pay offtake
Development Strategy
✓ Potential BOO/T mining and
concentration in Australia with
intermediate product exported to China
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1. For full details refer to Neometals ASX release dated 17th April 2018 titled “Updated Barrambie Mineral Resource Estimate" and Neometals ASX release dated 17th November 2022 titled “Robust Outcomes From Barrambie Titanium Project PFS”

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ASX: NMT | AIM: NMT | OTC: RDRUY | DEU: 9R9 neometals.com.au

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Company Highlights

Neometals is an attractive investment at the forefront of the low carbon production of battery materials via recycling

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

Proprietary green processing technologies underpin low-cost, low- carbon product

Clear strategy to commercialise with proven partnering business model

Strong balance sheet, fully funded 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: NMT | AIM: NMT | OTC: RDRUY | DEU: 9R9 neometals.com.au

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Thank you.

neometals.com.au

ASX: NMT | AIM: NMT | OTC: RDRUY | DEU: 9R9

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Barrambie Mineral Resource and Ore Reserve Estimate

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• (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 17th April 2018 titled “Updated Barrambie Mineral Resource Estimate”

**For full details refer to Neometals ASX release dated 17th November 2022 titled “Robust Outcomes From Barrambie Titanium Project PFS”

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ASX: NMT | AIM: NMT | OTC: RDRUY | DEU: 9R9 neometals.com.au

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