Key Metrics and Mineral Resource Estimate

Key Metrics

Measured, Indicated & Inferred Mineral Resources	211 million tonnes at 1.37% 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 2023

Classification	Tonnes (Millions)	Contained Tonnes Li₂O	Li₂O(%)
Measured	13.1	210,000	1.59
Indicated	89.2	1,280,000	1.43
Inferred	108.6	1,410,000	1.30
Total	211.0	2,890,000	1.37

Notes:

Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code – JORC 2012 Edition).
Data is reported to significant figures and differences may occur due to rounding.
Mineral Resources have been reported at a 0.5% Li₂O cut-off grade above a US$1,500 optimised pit shell.

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 the Goulamina Mineral Resources is based on information compiled by Mr Matt Clark. Mr Clark is a is a full-time employee of CSA Global (an ERM Group Company) and has acted as an independent consultant on the Goulamina Mineral Resource estimation. Mr Clark is a member of the Australasian Institute of Mining and Metallurgy 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 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code)”. Mr Clark is responsible for the Goulamina Mineral Resource estimate including Sections 3 of the JORC Table 1. Mr Clark consents to the inclusion in the report 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.