NEOMETALS LTD - Investor Presentation 2024

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

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

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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.

Financial data:

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

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Not financial product advice:

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

Investment risk:

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

Compliance Statement:

The information in this document that relates to Mineral Resource Estimates for the Barrambie Vanadium/Titanium Project is extracted from the ASX Announcement listed . below, which is also available on the Company’s website at www.neometals.com.au

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The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.

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

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Purpose

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Enrich stakeholders by commercialising innovative processes to recover critical materials from high-value waste and nonconventional feedstocks.

Chris Reed

CEO

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

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Values

Our six core values underpin all the Company’s activities and are reflected in the acronym STRIDE.

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Focus

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

Recycling and recovery reduces pollution and ecological footprint vs traditionally mined raw materials

Demonstrating low-OPEX and carbon footprint at scale with strong partners and Tier 1 customers

Enables compliance with future regulations to enforce more sustainable, domestic supply chains Growing portfolio of technology licences that will generate royalties from critical materials produced

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Lithium-ion
Battery Recycling
Lithium-ion
Battery Recycling
Recovery and regeneration of critical battery
materials
Lithium Vanadium
Chemicals Recovery
Produces LiOH directly from Produces high-purity
brines patented ELi V2O5 from steelmaking
electrolysis by-product (“Slag”)
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2024 Tactical Plan

Li Ni Co Cu

Commission LiB Recycling

Complete installation, commissioning of Mercedes-Benz Plant in Germany

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Commercialise ELi Battery Materials R&D Precious Metals

Complete ELi Pilot Licence to third-parties

Investigating precious metals recovery from waste

Au Pt Pd

Rationalise Barrambie Resources Projects Spargos

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Corporate Dashboard

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ASX: NMT OTC: RDRUY Despite transitioning to operations and commencement of construction of first
Shares on Issue [(1)] m 622.8 plant to Mercedes, our strong LT correlation (0.9) with lithium resulted in a
Share Price A$ 0.20 year to forget. Recycling order book and revenues growing, lithium price
Market Capitalisation A$m 124.5 forecast to rebound – we have been in lithium since 2009 and developed
Cash (31-Dec-23) [(2)] A$m 19.5 Mt Marion, this is not our first rodeo, it is the start of our 4 [[th]] cycle.
–
Debt (31-Dec-23) [(2)] A$m
FY24 SHARE PRICE PERFORMANCE
Investments (31-Dec-23) [(2)] A$m 24.0
120.00 20
BROKER COVERAGE
18
100.00
16
14
80.00
12
60.00 10
8
MAJOR SHAREHOLDERS [(3)] 40.00
6
David Reed 5.1%
4
20.00
Institutional Holdings 10.8% 2
-
Top 20 28.8% 0.00
Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
No. of Shareholders 13,608
Index (100 Basis)
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Despite transitioning to operations and commencement of construction of first plant to Mercedes, our strong LT correlation (0.9) with lithium resulted in a year to forget. Recycling order book and revenues growing, lithium price forecast to rebound – we have been in lithium since 2009 and developed Mt Marion, this is not our first rodeo, it is the start of our 4[[th]] cycle.

Volume Share Price Index Lithium Price Index

Notes: Market data as at 13 March 2024 (unless otherwise noted) 1. Excludes ~15.2m performance rights 2. See NMT DecQ Report. Investments includes Receivables 3. Sharetrack as at 29 February 2024 and Computershare as at 13 March 2024 4. Supporting information available at https://www.asx.com.au/markets/company/NMT ASX: NMT | AIM: NMT | OTC: RDRUY | DEU: 9R9 neometals.com.au

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Capital Conservation

Right-Sized Teams

Reduce Overheads

Austerity

Strategic cost reduction initiatives yield significant administration and corporate savings.

Streamlined resource use, maintaining lean, optimised team structure alignment.

Directors agree to decrease director fees and KMP agree to forego STIs.

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Head count Cost reduction Measures
$1.6M
46
$1.3M
20%
34
March Sept Dec
July 2023
2024 Quarter Quarter
• •
Head count reduction from 46 as of A reduction in Administration and 20% reduction in NED fees from
July 1, 2023 to 34 on March 7, 2024 Corporate costs of 19% quarter Jan 1, 2024.
with reduced activities across non-core on quarter. • C-suite forego STIs for FY24
business units.
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Head count reduction from 46 as of July 1, 2023 to 34 on March 7, 2024 with reduced activities across non-core business units.

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Neometals Has the Right Team to Deliver

Experienced executives backed by a board of skilled specialists

Board of Directors

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

40+ years in legal consultancy, corporate management, and diverse board experience including roles at Matrix Composites, DGB Investment Funds Pty Ltd and Bilton Canning.

Mining veteran since 1990, co-founded Reed Resources. Holds degrees in commerce and mineral economics. AusIMM member.

PhD chemical engineer, 25+ years in minerals industry. Senior roles at WMC, BHP, Vale. International expertise. Non-executive director.

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

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

including China.

Business Unit Heads

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Darren Townsend Head of Recovery

Jason Carone CFO / Company Secretary

Michael Tamlin Head of Lithium

Christian Reiche Head of Recycling

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Lithium-ion Battery (LiB) Recycling

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A Fast Growing and Critical Market

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Insert Header Info HereRegulatory move to mandatory recycling driven by security of supply and environmental sustainability
Demand for recycling by EV and battery OEM’s -25% CAGR
China dominated supply and recycling, Europe and North America underserviced

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Source: McKinsey Battery Insights (2023)

1 Numbers are rounded. 2 2023 Q1

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Global Plant Building Partner & Flexible Business Models to maximise market share

Synergistic joint venture leveraging complimentary skills & experience to deliver best-in-class recycling solutions

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LiB Disposal Facility Hilchenbach, Germany Mercedes-Benz Pilot Plant R&D collaboration Stelco in NA Redivium in UK, Italy, Scandinavia, Balkans

Globally renowned plant builder • Specialized plant construction 1 Principal
and management expertise
• Ability to construct, commission and deliver on a global scale (~14,500 employees, 100 sites, +150 years of exp.) 2 Partnership
50% 3 License

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Recycling & hydrometallurgical expertise Significant portfolio of IP
Chemical recovery and processing expertise
Ability to construct, commission
processing expertise and deliver on a global scale
• (~14,500 employees, 100 sites,
Management team with +150 years of exp.)
development track record 50% 50% ACN 630
IP HoldCo

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Sustainable Competitive Advantages for Plant Owners

Patented, environmentally-friendly recycling solutions

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1
Low Cost
2
Low Carbon
License to
3
Operate
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By-products ensure essential lithium produced at substantial discount to spot & forecast price Replacement of carbonheavy traditional mined and processed raw materials Ensures compliance with regulations for recycling efficiency and minimum recycled content in future

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

ASX: NMT | AIM: NMT | OTC: RDRUY | DEU: 9R9 13 neometals.com.au

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1 Raw Material Cost and Supply Certainty

Low Cost

We enable customers to recover/regenerate own battery materials – resilient, circular supply chain
We deliver a long-term, sustainable competitive advantage over purchasing on market

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Lower total cost of recycling
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Note: C1 cash costs net Ni/Co by product credit

*Assumption NMC622 battery

Source: Primobius 2023 ECS (operating cost and production). For further information and assumptions refer to ASX announcement ‘Battery Recycling “Hub” Engineering Cost Study Results’ released 1 August 2023. Consensus Economics (nickel/cobalt price), Benchmark (LCE forecast price)

Note: Please refer to slide 32 for forecast pricing table

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2 Lower Emission Certainty

Low Carbon

Reduces the need to mine virgin materials
Makes the CO2 advantage of EV more meaningful over combustion engine given the absence of mining

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Source: Duesenfeld

For further information, refer to ASX release dated 19-Dec-2023 – “Primobius Recycling Process Achieves 85% Reduction in Carbon Emissions”

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Licence to 3 Operate

• • Insert Header Info Here

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Licence-To-Operate Certainty

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Insert Header Info Here • Recycling is mandatory under EU Battery Regulations
We enable minimum recycled content to be met

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Plant Supply & Licensing is our Preferred Model

No capex, only working capital during build, faster pathway to cashflow
More resilient revenues, not exposed to cost inflation, less margin compression in low price environments

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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)

*Assumption NMC622 battery

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

Note: Please refer to slide 32 for forecast pricing table

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Mercedes-Benz: Demonstrating our Process/Plants at Scale

Strong validation by a marquee OEM of our business models

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Cooperation agreement with Mercedes-Benz

MB issued purchase orders for 2,500tpa Integrated Recycling Plant in Kuppenheim, Germany (+€30M)
Royalty-free under long-term research collaboration
Evaluating industrial-scale solution on commercial basis

Mercedes-Benz Target Cell Production**

POTENTIAL MERCEDES-BENZ EOL LIB RECYCLING REQUIREMENTS BY 2040

200 GWh

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900ktpa of batteries

5 x 200,000tpa Plants

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

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

Key Illustrative Assumptions

Required to process*

~10-year battery life
~4.5MWh to tonne of battery

*Based on Neometals assumptions.

ASX: NMT For further information,| AIM: NMT | OTC: RDRUY refer to ASX| DEU: release dated 13 9R9 May 2022 – “Primobius executes Co-operation Agreement with Mercedes Benz” neometals.com.au*Source: Mercedes-Benz Strategy Update: electric drive, July 2021

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Plant Supply and Licensing Portfolio

First 21,000 tpa plant supply and licence into the North American Market for end-of-life EV’s

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

Technology Licences (10% GSR) Neometals largest shareholder in licensees

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Upcoming Catalysts and Financial Milestones

Build our order book from conversion of commercial prospects, plant supply profits in instalments over contract
Achieve product readiness for 21,000tpa plants in 2025 and larger plants in 2027
Build royalty portfolio as order books transition to production – revenues start 1H 2027 from Stelco[(1)]

1H 2024 2H 2024 1H 2025 2H 2025 1H 2026 2H 2026 1H 2027 2,500tpa Commence Complete Complete R&D Collaboration R&D Collaboration R&D Collaboration Integrated - Fabrication / installation Commissioning MB Installation Start Steady State Commissioning 21,000tpa Plant Commence Commence Complete Complete Integrated Offer/Purchase Fabrication Installation Installation (1) - Stelco Order/Option Commence Steady State Decision Commissioning Royalties Commence Class 3

Complete Complete Installation Commissioning Commence Steady State Commissioning Royalties

Commence Class 2

200,000tpa Integrated

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Subject to Stelco PO, Primobius licensing model

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Lithium Chemicals

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

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

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Piloting Lithium Hydroxide Direct from Brine deposits in ‘24

Estimated Opex Comparison (Conversion to LHM)

Finalising technology package for licensing

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US$/t LHM
5,000
range
4,000 LHM
LHM
3,000
2,000
LHM
LC
LC
1,000 LHM
0
Spodumene Conventional Brine DLE Brine Estarreja ELi
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60% global lithium resources are in brine deposits
Highly efficient process produces battery-quality lithium hydroxide directly from brine at potentially lowest cost
Utilises off-the-shelf chlor-alkali electrolyser equipment
Electricity enables replacement of imported soda ash/caustic soda reagents, lower carbon footprint

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Source: SQM 2024

For further information, refer to ASX release dated 10-Nov-2023 – “Successful ELi Purification Pilot Trial” ASX: NMT | AIM: NMT | OTC: RDRUY | DEU: 9R9

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neometals.com.au

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Vanadium Recovery

Vanadium Recovery Process Technology 100% Neometals

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Commercialising Low Cost/Carbon Vanadium from Steel Slag

Potential first commercial licensing opportunity

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EU patent pending, hydrometallurgical process produces high purity (+99.5%) vanadium pentoxide from steel slag utilizing CO2 as primary reagent – sequesters carbon in by-product
Conventional equipment configured in a fully-piloted novel process
DFS completed 2023, feedstock/offtake agreements in place

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

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Barrambie Titanium and Vanadium

Barrambie Titanium and Vanadium Project 100% Neometals

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

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Barrambie Titanium Deposit

Tenement maintenance in parallel with sale preparations

One of the highest-grade titanium deposits globally
Granted mining lease and approval for 1.2Mtpa mining operation
Ministerial approval to construct up to 3.2Mtpa processing plant, timeframe extension application in progress
Successful pilot plant production of gravity concentrates and commercial scale smelting proved value-in-use

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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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Sustainability at Our Core

for a sustainable future

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Environmental Care

Community Benefits

Ethics and Accountabilit y

Winner in 2022 under the ‘Best Technology’ category

People

AIM awards, in association with
Best the London Stock Exchange, Technology - recognise the quoted companies
Winner and entrepreneurs who have harnessed AIM to fulfil their ambition and growth potential.

Continually operate in an ethical and transparent manner. Examples include:

Shared economic and social outcomes. Examples include:

Minimise the negative impact on people and the planet. Examples include:

Foster and environment where employees are valued and supported to fulfil their potential. Examples include:

$1.5m of research & development focused on decarbonisation, critical metals and energy storage
Carbon neutrality with tree sequestration
114 volunteer hours contributed

BBB Rating

Anti Bribery and Corruption training
MSCI ratings measure a company’s management of financially relevant ESG risks and opportunities.
Lifecycle Assessment ( LCA ) for VRP shows potential carbon negative vanadium production
33% female board representation

 $150k on community contributions consisting of ~$50k for secondary and University scholarships and ~$100k for sponsorships and donations

Employee, Environmental, representation Social and Governance Policy  11 hours of training for all staff adopted / annum
/ annum

Green Economy Mark

Updated LCA in progress for recycling
Qualified in 2022 for the London Stock Exchange’s Green Economy Mark, an accreditation that recognises companies generating commercial revenues from products and services that contribute to positive environmental outcomes and the global green economy.
Task Force on Climate-Related Financial Disclosures climate risk workshops

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Neometals’ Unique Value Proposition

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

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Clear strategy to commercialise technologies into vast TAM with energy transition policy tailwinds Enabling sustainable critical materials – decarbonising supply chains, supporting circular economy

Proprietary green processing technologies underpinning low-cost, low-carbon materials

Unique flexible business models targeting low-capex, low-risk licensing royalty income

Robust pipeline with tier-1 customer validation – recycling technology partner to Mercedes

Strong team with track record leveraging partnerships / JV’s

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Appendix

Commodity Forecast Prices

	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033
Lithium Price (US$ / t, real)	16,525	16,475	18,500	21,500	25,000	39,000	37,500	33,500	30,000	28,980
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

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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 November 2022 titled “Robust Outcomes From Barrambie Titanium Project PFS”

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

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AI assistant

NEOMETALS LTD — Investor Presentation 2024

65430_rns_2024-03-13_5afb36e6-45f9-4d70-9a61-e5f34530da38.pdf

Disclaimer

Summary information:

Forward-looking information:

Financial data:

Not financial product advice:

Investment risk:

Compliance Statement:

Purpose

CEO

Values

Focus

2024 Tactical Plan

Corporate Dashboard

Capital Conservation

Right-Sized Teams

Austerity

Neometals Has the Right Team to Deliver

Board of Directors

Business Unit Heads

Lithium-ion Battery (LiB) Recycling

A Fast Growing and Critical Market

Global Plant Building Partner & Flexible Business Models to maximise market share

Sustainable Competitive Advantages for Plant Owners

1

Raw Material Cost and Supply Certainty

Low Cost

2

Lower Emission Certainty

Low Carbon

Source: Duesenfeld

Licence-To-Operate Certainty

Plant Supply & Licensing is our Preferred Model

Mercedes-Benz: Demonstrating our Process/Plants at Scale

Strong validation by a marquee OEM of our business models

Cooperation agreement with Mercedes-Benz

Mercedes-Benz Target Cell Production**

POTENTIAL MERCEDES-BENZ EOL LIB RECYCLING REQUIREMENTS BY 2040

200 GWh

Key Illustrative Assumptions

Plant Supply and Licensing Portfolio

in North America

Upcoming Catalysts and Financial Milestones

Lithium Chemicals

Piloting Lithium Hydroxide Direct from Brine deposits in ‘24

Estimated Opex Comparison (Conversion to LHM)

Vanadium Recovery

Commercialising Low Cost/Carbon Vanadium from Steel Slag

Barrambie Titanium and Vanadium

Barrambie Titanium Deposit

Sustainability at Our Core

BBB Rating

Green Economy Mark

Neometals’ Unique Value Proposition

Appendix

Barrambie Mineral Resource and Ore Reserve Estimate

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NEOMETALS LTD Investor Presentation 2024