Key Metrics and Mineral Resource Estimate

Goulamina Project schematic, stylised view

Key Metrics

Measured, Indicated & Inferred Mineral Resources 108.5 million tonnes at 1.45% Li2O
Mine Life 21 years minimum
Ore Reserves (Proven and Probable) 52 million tonnes at 1.51 % Li2O
Life of Mine Production spodumene concentrate 15.6 million tonnes
Annual Mine Throughput 2.3 rising to 4.0 million tonnes
Average annual spodumene concentrate production Stage 1: 506,000 tonnes
Stage 2: 831,000 tonnes
Life of Mine: 726,000 tonnes
Concentrate Specifications 6% Li2O, <0.6% Fe2O3, low mica
Pre-tax NPV 8% A$5.6billion (US$4.0 billion)
Pre-tax IRR (real) 97.8%
Post-tax NPV 8% A$4.1 billion (US$2.9 billion)
Post-tax IRR (real) 83%
Capital Cost (Stage 1) US$255 million
Capital Cost (Stage 2) US$70 million
Cash Costs (Life of Mine) US$312 per tonne concentrate
All in Sustaining Cost (AISC) (Life of Mine) US$365 per tonne concentrate

Cautionary Statement

The production inventory and forecast financial information referred to in the Stage 2 comprises Proven Ore Reserves (9.9%), Probable Ore Reserves (53.6%) and Inferred Mineral Resources (36.5%). The Inferred Mineral Resource included in the inventory is 30 million tonnes at 1.3% Li2O. The Inferred Mineral Resource has been scheduled on a preliminary basis with all Inferred material mined after the Ore Reserves. The Inferred Mineral Resource does not have a material effect on the technical and economic viability of the Project. There is a lower level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Note: All dollar figures are in real terms.

Goulamina Mineral Resource Estimate – June 2020

Classification

Tonnes (Millions)

Contained Tonnes Li2O

Li2O(%)

Measured

8.4

133,000

1.57

Indicated

56.2

832,000

1.48

Inferred

43.9

606,000

1.38

Total

108.5

1,570,000

1.45

Goulamina Open Pit Ore Reserve Estimate – October 2020

Category

Cut- off grade Li2O%

Tonnes millions

Grade Li2O%

Tonnes Li2O

Proven

0.00

8.1

1.55

125,000

Probable

0.00

44.0

1.50

660,000

Total

0.00

52.0

1.51

785,000

Competent Person’s Declaration

The information on this website that relates to Mineral Resources is based on information compiled by Mr Simon McCracken, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr McCracken is an employee of the Company. Mr McCracken confirms there is no potential for a conflict of interest in acting as a Competent Person. Mr McCracken has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the JORC Code’)”. Mr McCracken consents to the inclusion in the Prospectus of the matters based on his information in the form and context in which it appears.

The information on this website that relates to Ore Reserves is based on information compiled by Mr Quinton de Klerk, who is employed by Cube Consulting. Mr de Klerk is a fellow of the AusIMM and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr de Klerk consents to the inclusion in the Report of the matters based on his information in the form and context in which it appears.