NEOMETALS LTD - Investor Presentation 2024

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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 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.

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Financial data:

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

Not financial product advice:

This document is for information purposes only and is not financial product or investment advice, nor a recommendation to acquire securities in Neometals. It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making any investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction.

Investment risk:

An investment in securities in Neometals is subject to investment and other known and unknown risks, some of which are beyond the control of Neometals. The Company does not guarantee any particular rate of return or the performance of Neometals. Investors should have regard to the risk factors outlined in this document.

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 22 neometals.com.au

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Focus (What We Do)

Commercialising our portfolio of sustainable process technologies to recycle and recover critical materials from high-value waste streams

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Ensure future Social licence & Regulatory Compliance

Enable Circular Supply Chain

Sustainable Cost & ESG Advantages

Continuous Improvement through R&D

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Primobius JV is building Mercedes-Benz a 2,500 tpa integrated spoke and hub pilot plant
Product readiness for ~21,000 tpa integrated plants expected 2H2025
Lithium Chemical and Vanadium Recovery technologies approaching Industrial Partner Validation stage of development

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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Neometals’ Three Business Units Support the Energy Transition

We are focused on EU and North America, the 2[nd] and 3[rd] largest battery (and waste) producing markets respectively and leveraged to the two of the strongest commodity markets forecast to 2050


Business Unit	Lithium Battery Recycling	Lithium Chemicals	Vanadium Recovery
Description	Building turn-key recycling plants to recover battery materials for reuse	Process to produce Lithium Hydroxide directly from brine concentrates via electrolysis	Process to produce high- purity (99.5%) vanadium pentoxide from steelmaking slag
Location
Entity & NMT Ownership	Recycling IP (50%) & Primobius GmbH (50%)	Refining IP (70%)	Recovery IP (100%) VRP1 SPV (87%)
JV Partner	Leading global plant builder	Leading global lithium producer
Stage	Industrial Validation	Pilot Complete	Pilot & DFS Complete, Project Financing
Customers & Targets1		Lithium Brine Producers and Developers	Steel Makers utilising magnetite feedstocks

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Sources: International Energy Agency (IEA) World Energy Outlook (2023); and IMF calculations.

Note: The chart shows the lEA's projected increase in mineral demand (in quantity terms) broken down by sector as a ratio of 2050 to 2022 demand, under the lEA's net zero emissions transition scenario. REE - Rare Earth Elements; PGMs - Platinum Group Metals

Notes:

Neometals has the option to acquire between 25-50% of Stelco Battery Recycling SPV

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9

neometals.com.au

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Corporate Dashboard

	ASX: NMT OTCQX: NMTAY Shares on Issue(1) m Share Price A$ Market Capitalisation A$m Cash (21 Aug-24)(2) A$m	ASX: NMT OTCQX: NMTAY Shares on Issue(1) m Share Price A$ Market Capitalisation A$m Cash (21 Aug-24)(2) A$m	689.8 0.145 100 9.3
	Debt (30 Jun-24)(2)	A$m	–
	Investments (30 Jun-24)(3) A$m		15.5

BROKER COVERAGE

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MAJOR SHAREHOLDERS William Richmond(4)	9.9%
David Reed(4)	4.1%
Top 20(5)	40.2%
No. of Shareholders(5)	12,842

Notes: Market data as at 25 September 2024 (unless otherwise noted) 1. Excludes ~15.2m performance rights 2. NMT Management 3. NMT June Quarterly Report 4. Miraqle as at 30 August 2024 5. Computershare as at 17 September 2024 ASX: NMT 6. | AIM: Supporting information available at https://www.asx.com.au/markets/company/NMT NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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“The decline in battery materials prices over the last 2 years has been challenging, particularly with our strong lithium price correlation as referenced in the diagram below. However, the strong fundamentals of our approach to managing EV transition opportunities – cheaper operating costs for owners and lower emissions - remain firmly intact. Our JV recycling business is generating revenue, and the pipeline is growing. We will adjust to this new reality and push through the headwinds.”

– Chris Reed (MD/CEO)

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FY24 SHARE PRICE PERFORMANCE
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120 30
100 25
80 20
60 15
40 10
20 5
-
0
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24
Volume Neometals Umicore
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ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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Strong Team

Experienced executives backed by a board of skilled specialists

Non-Executive Board

Doug Ritchie

Steven Cole

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Senior executive with 35+ years, notably with Rio Tinto. Extensive international corporate experience, including China

40+ years in legal consultancy, corporate management, and diverse board experience including roles at Matrix Composites (ASX:MCE)

Key Management

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Chris Reed 20+ years leadership, co-founder. Holds qualifications in commerce and mineral economics

Jennifer Purdie

Darren Townsend

30+ years leadership across mining, energy, manufacturing sectors. Senior roles at Adani Renewables, Rio Tinto, BHP and Alcoa

30+ years leadership across exploration, development and operations including executive roles at Peak Rare Earths, De Grey Mining and Sons of Gwalia

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Les Guthrie

40+ years experience in global corporate and project management. Notable roles at BHP and BG Group

Chris Kelsall

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30+ years’ experience in financial, energy and technology sectors including Deutsche Bank, ABN AMRO Rothschild, HSBC, Mediterranean Oil & Gas and Tokamak Energy

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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Building world-class Lithium-ion Battery (LiB) Recycling Plants

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ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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Our TAM is a High Growth, High Value Waste Stream

Insert Header Info HereTargeting EU (mandatory recycling) & NA markets driven by production scrap, warranty returns and EOL
A 10% market share (~300,000t) in 2040 equates to one 20,000 tpa plant supplied every year for the next 15 years
Recoverable Li/Ni/Co from one tonne of high-energy NMC batteries equate to ~US$7,000 (long-term forecast)

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Source: Primobius 2023 ECS (production and OPEX estimates). For further information and assumptions refer to ASX announcement ‘Battery Recycling “Hub” Engineering Cost Study Results’ released 1 August 2023. Benchmark Mineral Intelligence (lithium carbonate forecast), Consensus Economics (nickel/cobalt forecast), Golden Dragon (lithium fluoride premium)

Source: Data adapted from Benchmark Mineral Intelligence Recycling Data Q1 2024 NMT management provided estimate of MWh: weight ratio

Note: Please refer to slide 24 for forecast pricing table

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Note: TAM = Total Addressable Market ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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Recycling technology being commercialised via Primobius JV

Primobius can supply turn-key recycling plants based on a patented highly-efficient, low-cost process

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Discharging Stations
Disassembling Station
HUB []
ACN 630 has 5
granted
national phase
patents and 12
pending
Shredding and
Hydrometallurgical
Beneficiation Plant
Plant (Hub)
(Spoke)
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ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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Unique Business Model to Maximise Market Penetration

Aim to supply plants to customers rather than compete against them
Up-front plant supply margins – capital-light, lower-risk
Royalty stream on end-product value recovered over plant life

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EPCM Contract Gross Sales EPC Sub-contract
(EPC+margin) Royalty
Customer
Source: NMT Management July 2024
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ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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Go-To-Market Strategy

Tailoring and delivering solutions to meet customers’ economic, regulatory and social needs
Delivering flexible business models to meet customers wants (flexibility to match recycling offering to strategy)

Wants

Needs

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LiB Disposal
Service
Hilchenbach,
Germany
Mercedes-Benz
Pilot Plant
R&D collaboration
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1 [Licence to ]
Operate
2
Low Cost
3
Low Carbon
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A Service B Partnership Note: C1 cash costs net Ni/Co by product credit Source: Primobius July 2023 ECS (operating cost and production), Consensus Economics (nickel/cobalt price), Benchmark (LCE forecast price) C Licence

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North America, Balkans, Italy, Ireland, Italy, UK, Scandinavia

Note: Please refer to slide 24 for forecast pricing table

PREFERRED BUSINESS MODEL

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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Mercedes-Benz: Industrial Validation

Potential long-life relationship with marquee OEM
Successful ‘industrial validation’ will trigger global rollout of commercial-scale plants

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Partnership

Cooperation agreement with Mercedes-Benz

2,500 tpa Integrated Recycling Plant – opening 21[st] October 2024

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Supplied on fixed price, turn-key basis, royalty-free
Long-term (5yr) R&D collaboration
Industrial-scale plants require commercial licence

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ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 For full details refer to Neometals ASX release dated 13 May 2022 titled “Cooperation Agreement with Mercedes-Benz” neometals.com.au

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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Commercial Pipeline

Mercedes industrial validation expected to crystalise business development pipeline into contracts
First planned 21,000tpa plant supply and licence into the North American Market for end-of-life EVs

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in North America

Exclusively licensed to Stelco for end-of-life LiB’s in North America with exception of German OEMs for a 10% gross revenue royalty[(1)]
Primobius has option to acquire 25–50% of the equity in Stelco’s recycling SPV. If exercised the licence will be royalty free
Stelco will be responsible for supply of LiB feedstock and the securing of sites for plants

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 ASX: NMT production.| AIM: NMT | OTCQX: NMTAY | DEU: 9R9

neometals.com.au

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Non-binding MOU’s
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Thailand
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EU
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India
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Technology licencees (10% GSR Royalty)

Redivium, formerly Hannans Ltd (NMT 26%)
Italy, Balkans (exclusive)
United Kingdom and Ireland (non-exclusive)
Critical Metals (NMT 18%)
Scandinavia (exclusive), Redivium earning 50%

For full details refer to Redivium (ASX:RIL) ASX release dated 27 July 2022 titled “Hannans – Improved Acquisition Agreement”

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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Indicative Commercialisation Plan

Product readiness defined as Primobius offering plant supply packages to third-parties
• Primobius must have back-to-back contract with SMS for fabrication, installation and commissioning
• MB Pilot Spoke and Hub steady state is condition precedent for Primobius/SMS offers of supply

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2H 2024 1H 2025 2H 2025 1H 2026 2H 2026 2027 2028
2,500 tpa Commission Spoke Spoke Steady State Hub Steady State R&D Collaboration R&D Collaboration
Integrated
Install Hub Commission Hub
-
Mercedes
Product Ready
21,000 tpa Fabrication Installation Commission Steady State
Spoke [(1)] Plant Offer
Potential Royalties
Purchase Order Commence
Product Ready
21,000 tpa Commence Commence Complete Steady State
Integrated Plant Offer Fabrication Installation Installation
Potential Royalties
Stelco
Purchase Order Commence Commence
(1)(2)(3)(4)
Commissioning
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1) The indicative timeline is subject to receipt and confirmation of purchase orders from a third party and Stelco respectively. A purchase order may not be received in accordance with the timeline presented. Primobius does not currently have a contracted or otherwise confirmed purchase order from a third party or Stelco in respect of either plant. The indicative timing is based on Neometals’ current expectations regarding when Primobius will be able to offer the relevant plant supply.
2) Timing for the proposed offer to Stelco is subject to further Primobius Board approval.

3) 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”.

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

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 Option to acquire ≤50% Stelco LiB Recycling SPV expires 30 June 2025 neometals.com.au

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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Lithium Chemicals

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

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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ELi Process - Lithium Hydroxide Direct from Brines

Estimated Opex Comparison (Conversion to LHM)

Low-cost solution for converting lithium chloride from brines and minerals directly to lithium hydroxide

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Highly efficient process targets production of battery-quality lithium hydroxide (“LHM”) directly from brine at potentially lowest cost
Utilises off-the-shelf chlor-alkali equipment
Electricity enables replacement of imported soda ash/caustic soda reagents and lower carbon footprint

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Long-duration (1,000hr) Pilot complete, results expected DecQ24

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For further information, refer to ASX release dated 10 Nov 2023 - “Successful ELi Purification Pilot Trial” ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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Vanadium Recovery

Vanadium Recovery Process Technology 100% Neometals Vanadium Recovery Project 1 - Finland 87% Neometals 11% Critical Metals Ltd 1.1% EIT Raw Materials GmbH

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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VRP1 – First Circular Vanadium Development in EU

Insert Header Info HereRecent EIT Raw Materials equity and option for ≤ 20% at €50M pre-money valuation to fund new project financing process – approved for EIB debt finance

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SSAB
Luleå
SSAB
Raahe
Plant, Pori
SSAB Oxelösund
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Plan view of Port of Pori
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Location: Tahkoluoto Port, City of Pori, Finland

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Capital cost: ~314M USD[ 4 ]

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Operating cost: US$4.19/lb V2O5[4 ] (lowest quartile)

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Indicative Construction timeline: H1 2025 – H2 2026

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Throughput: up to 300k tonnes p.a.

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O5 4
2O5 5
Salzgitter,
Flachstahl
Potential Slag Supply Sources
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Planned annual production: ~9k tonnes V2O5

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Schematic view of planned VRP1 plant
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Stakeholders

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ASX: NMT 4 | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 For further information, refer to ASX release dated 8th March 2023 – Vanadium Recovery Project Delivers Strong Feasibility Results neometals.com.au

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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Barrambie Titanium and Gold

Barrambie Titanium and Gold Project 100% Neometals

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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Barrambie Project

Tenement maintenance whilst seeking to divest VTM resources

One of the highest-grade titanium deposits globally
Granted mining lease and approval for 1.2m tpa mining operation
Ministerial approval to construct up to 3.2m tpa processing plant - timeframe extension application in progress
Successful pilot plant production of gravity concentrates, and commercial scale smelting proved value-in-use
• Significant gold exploration potential highlighted in Gold Exploration Target

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Barrambie Titanium Ore Reserve Estimate – November 2022* Ore Reserve Ore Tonnes TiO V O Fe O 2 2 5 2 3 Category (Mt) (%) (%) (%) Probable 44.5 18.7 0.61 44.1

Cut-off is based on net value (revenue minus selling, processing, administration and incremental ore mining costs) >$0/t on a diluted block-by-block basis from the parameters used in the pit optimization. Ore Reserves reported are within the Mineral Resource estimates. This relates roughly to a 10% TiO2 cut-off.

Barrambie Gold Exploration Target – September 2024**	Barrambie Gold Exploration Target – September 2024**	Barrambie Gold Exploration Target – September 2024**	Barrambie Gold Exploration Target – September 2024**
Target Range Tonnes (Mt) Av Grade (g/t Au) Ounces (Au) Lower 8 1.3 335,000 Upper 10.5 2.3 775,000
Target Range	Tonnes (Mt)	Av Grade (g/t Au)	Ounces (Au)
Lower	8	1.3	335,000
Upper	10.5	2.3	775,000

For full details refer to Neometals ASX release dated 17th November 2022 titled “Robust Outcomes From Barrambie Titanium Project PFS” ASX: NMT | AIM: NMT | OTC: RDRUY ** For full details refer to Neometals ASX release dated 23| DEU: 9R9[rd] September 2024 titles “Barrambie Gold Exploration Target”

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ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

neometals.com.au

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ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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Neometals’ Unique Value Proposition

Neometals is at the forefront of the low carbon production of critical materials via recycling and recovery from waste

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Clear Strategy – Delivering patented, environmentally-friendly solutions to recover critical materials from vast, growing waste streams arising from the electric vehicle and renewable energy storage thematic

Sustainable Competitive Advantage – Leading operating cost and carbon footprint versus mined products for users of our technology and plant supply customers

Industrial Validation – From marquee customer Mercedes-Benz, JV partner and global plant builder SMS group

Smart Business Model – Technology licensing and turn-key plant supply is replicable and scalable, much lower-capital, lower-risk than operating as principal

Commercial Pipeline – Primobius will offer commercial plants to technology licensees and MOU counterparties around the globe once Product Readiness is achieved - post-industrial validation by Mercedes-Benz

Leverage to upside – Exposure to transition to net zero, its most critical materials (Li & V) and their forecast recovery in prices from current unsustainable levels and unified policy tailwinds to counter Chinese dominance

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 2222 neometals.com.au

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Appendix

Commodity Forecast Prices from Benchmark Mineral Intelligence 2024

	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033
Lithium Price (US$ / t, real)	14,126	14,100	14,000	17,500	24,500	31,000	36,500	34,500	32,000	30,000
Nickel Price (US$ / t, real)	16,945	17,421	17,891	17,954	17,566	18,416	18,416	18,416	18,416	18,416
Cobalt Price (US$ / t, real)	35,917	36,951	38,971	41,230	41,176	43,956	43,956	43,956	43,956	43,956

Note: C1 cash costs net Ni/Co by product credit Source: Primobius July 2023 ECS (operating cost and production), Consensus ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 Economics (nickel/cobalt price), Benchmark (LCE forecast price) neometals.com.au

ASX: NMT | AIM: NMT | OTCQX: NMTAY | DEU: 9R9 neometals.com.au

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NEOMETALS LTD — Investor Presentation 2024

65430_rns_2024-09-29_970ab0a4-5e2d-47ae-88af-82e6cf8619b5.pdf

Disclaimer

Summary information:

Forward-looking information:

Financial data:

Not financial product advice:

Investment risk:

Focus (What We Do)

Neometals’ Three Business Units Support the Energy Transition

Sources: International Energy Agency (IEA) World Energy Outlook (2023); and IMF calculations.

Corporate Dashboard

BROKER COVERAGE

Strong Team

Experienced executives backed by a board of skilled specialists

Non-Executive Board

Doug Ritchie

Steven Cole

Key Management

Jennifer Purdie

Les Guthrie

Chris Kelsall

Building world-class Lithium-ion Battery (LiB) Recycling Plants

Our TAM is a High Growth, High Value Waste Stream

Recycling technology being commercialised via Primobius JV

Unique Business Model to Maximise Market Penetration

Go-To-Market Strategy

Wants

Needs

PREFERRED BUSINESS MODEL

Mercedes-Benz: Industrial Validation

Cooperation agreement with Mercedes-Benz

Commercial Pipeline

in North America

Technology licencees (10% GSR Royalty)

Indicative Commercialisation Plan

Lithium Chemicals

ELi Process - Lithium Hydroxide Direct from Brines

Vanadium Recovery

VRP1 – First Circular Vanadium Development in EU

Barrambie Titanium and Gold

Barrambie Project

Tenement maintenance whilst seeking to divest VTM resources

Neometals’ Unique Value Proposition

Appendix

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NEOMETALS LTD Investor Presentation 2024