Announcement PDF Securing America’s New Energy Future ASX Code JLL Investor Presentation QTCQX PDAC 2025 jindaleelithium.com JNDAF Warning Statement This Presentation has been prepared by Jindalee Lithium Limited (“Jindalee,” “Company” or “JLL”) and is authorized for release by its Chief Executive Officer, Mr. Ian Rodger. This presentation provides general background information about Jindalee’s activities. That information is current at the date of this presentation and remains subject to change without notice. Certain information in this presentation has been derived from third parties and though Jindalee has no reason to believe that it is not accurate, reliable, or complete, it has not been independently audited or verified by Jindalee. Except to the extent required by law, Jindalee makes no representations or warranty as to the accuracy, reliability, or completeness of information in this document and does not take responsibility for updating any information or correcting any errors or omissions which may become apparent after this presentation is released. This presentation is for information purposes only and is a summary and does not purport to be complete nor does it contain all the information which would be required in, nor is it, a prospectus, product disclosure statement, or other disclosure document under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission or any foreign regulator) and is not, and does not constitute, an invitation or offer of securities for subscription, purchase, or sale in any jurisdiction. In particular, this presentation does not constitute an invitation or offer of securities for subscription, purchase, or sale in the United States or any other jurisdiction in which such an offer would be illegal. The securities referred to in this presentation have not been and will not be registered under the U.S. Securities Act of 1933 as amended or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly in the United States. Pre-Feasibility Study. The Pre-Feasibility Study, including the production target and the forecast financial information derived from the production target, referred to in this presentation (PFS) was first released to the ASX on 19 November 2024 (PFS Announcement). This presentation includes summary excerpts from the PFS and does not purport to be all-inclusive or complete and should be read together with the PFS Announcement. The Company confirms that all material assumptions and technical parameters underpinning the production target and the forecast financial information derived from the production target, continue to apply and have not materially changed. Shareholders and prospective investors should be aware that the PFS and this presentation does not include any forecast financial information in respect of the period after the initial 40 years of the Processing Schedule (post single commission and ramp up year), as Jindalee cannot, at this stage, provide forecast financial information for that subsequent period. All amounts are in US$ unless stated otherwise. This presentation contains certain forward-looking statements, including forecast financial information. Forward-looking statements include but are not limited to statements concerning Jindalee’s current expectations, estimates, and projections about the industry in which Jindalee operates and beliefs and assumptions regarding Jindalee’s future performance. When used in this document, the words such as “anticipate,” “could,” “plan,” “estimate,” “expects,” “seeks,” “intends,” “may,” “potential,” “should,” and similar expressions are forward-looking statements. Although Jindalee believes that that it has a reasonable basis for those forward looking statements and forecast financial information, including the use of a flat US$24,000/t lithium carbonate price in the PFS, the production target set out in this presentation and the financial information based on it , such statements are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the control of Jindalee and no assurance can be given that actual results will be consistent with these forwardlooking statements. The basis for that conclusion is contained throughout the PFS Announcement and all material assumptions, including the JORC modifying factors, upon which the forward looking statements and forecast financial information are based, are disclosed in the PFS Announcement and this presentation should be read together with the PFS Announcement. To achieve the range of outcomes indicated in the PFS, the PFS estimates that funding in the order of $3.02B in construction capital will be required. Shareholders and investors should be aware that there is no certainty that Jindalee will be able to raise the required funding when needed and it is possible that such funding may only be available on terms that may be highly dilutive or otherwise adversely affect Jindalee shareholders’ exposure to the McDermitt Lithium Project (Project) economics. Specifically, as outlined in the PFS Announcement, Jindalee intends to pursue potential third party partnerships (with parties who have the potential to be joint venture partners in the Project) to advance the Project and may pursue other value realisation strategies such as a sale or partial sale of the Project or underlying future commodity streams. If it does so, such arrangements may materially reduce Jindalee’s proportionate ownership of the Project and/ or adversely affect Jindalee shareholders’ exposure to the Project economics. exploration programs and budgets based upon the results of exploration, future prices of minerals resources; grade or recovery rates; accidents, labour disputes, and other risks of the mining industry; delays in obtaining government approvals or financing or in the completion of development or construction activities; movements in the share price of investments and the timing and proceeds realized on future disposals of investments, force majeure events, as well as those factors detailed in the PFS Announcement or, from time to time, in the Company’s interim and annual financial statements and reports, all of which are available for review on ASX at asx.com.au and OTC Markets at otcmarkets.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forwardlooking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. To the extent permitted by law, Jindalee and its officers, employees, related bodies corporate and agents disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default, or lack of care of Jindalee and/or any of its agents) for any loss or damage suffered by a recipient or other persons out of, or in connection with, any use or reliance on this presentation or information. This presentation does not constitute investment advice and has been prepared without taking into account any investor's particular investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentations are not intended to represent recommendations of particular investments to particular persons. You should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. Please refer to Appendix 5 for details of the Competent Persons Statement’s relating to the Mineral Resources and Ore Reserves contained in this Presentation. Statements in this presentation regarding the Company’s business, which are not historical facts, are forward-looking statements that involve risks and uncertainties. These include, among others, risks and uncertainties related to Mineral Resource and Ore Reserve estimates, production targets, forecast financial information, lithium carbonate prices, capital and operating costs, risks related to results of current or planned exploration activities, changes in market conditions, obtaining appropriate approvals to undertake exploration activities in the portfolio of projects, changes in 2 Pure play US lithium company focused on giant McDermitt Project Oregon Key investment highlights: View in Vrify Globally Significant Lithium Resource in the US One of the largest lithium resources in the US @ 21.5Mt LCE[2), positioned as a strategic asset in meeting America’s critical mineral needs. Robust PFS Demonstrating Exceptional Economics(1) Long-life, large-scale production of battery-grade lithium carbonate in the bottom half of the industry cost curve.(A) Strategically Positioned to Address Medium-Term Supply Deficit With lithium prices at unsustainable levels and supply additions slowing, McDermitt is well-positioned to support future supply needs as demand continues to grow. Thacker Pass Project 66.1Mt LCE(B) Strong US Government Engagement and Support Fully aligned with the push to secure critical supply chains and bolster energy independence. Potential for streamlined permitting, government funding, and key tax credits. Currently partnering with the US Department of Energy via a Research and Development Agreement.(3) Nevada Transformative Year Ahead Catalysing value with potential US government grant funding, strategic partnerships, and permitting milestones. (1) All information contained within JLL ASX release 19/11/2024 “McDermitt PFS - Multi-Decade Source of US Lithium Carbonate.” (PFS Announcement) (2) JLL ASX release 27/02/2023 “Resource at McDermitt increases to 21.5 Mt LCE” (3) JLL ASX release 16/09/2024 “Jindalee Secures Strategic Agreement with US Department of Energy” (A) Benchmark Mineral Intelligence 2030 C1 Lithium Carbonate Equivalent Cost Curve (Q3 2024 dataset). (B) See appendix 1 for source and detailed breakdown of resource estimate 21.5Mt LCE 66% 63 year Contained resource(2) EBITDA margin over the first 10 years Project life Company overview Corporate snapshotC Share price (ASX:JLL, OTCQX:JNDAF) Share Capital (ASX:JLL, OTCQX:JNDAF) 73.6m Share Price A$0.20 Options from (40c to $5.00) 25.8m Market Capitalisation A$14.4m CashD A$1.8m Investments A$3.8m Convertible Note A$2.8m Enterprise Value A$11.6m A$/share 1.20 1.00 0.80 0.60 Major shareholdersC Lindsay Dudfield 23.6% Kale Corporation 8.9% Mercer Street 3.7% Kevrex Pty Ltd 3.4% Elmix Pty Ltd 3.0% 0.40 0.20 (C) As at 21 February 2025 unless noted otherwise; (D) Cash as at 31 December 2024 4 PDAC 2025 Presentation Who We Are 0.00 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 McDermitt is one of only four sedimentary lithium projects in the US with Reserves (2.34Mt LCE1) but is trading at a fraction of its peers, offering unmatched leverage to the upside. Jindalee trades at an attractive valuation relative to peers Market Cap (US$)E / Contained LCEF in ResourcesH (t) 78.4 Market Cap (US$)E / Contained LCEF in ReservesH (t) 443.6 16.1 74.3 5.9 3.9 0.5 4.0 4.2 14.4 1.2 4.7 Jindalee Lithium Nevada Lithium Arizona Lithium Century Lithium Surge Battery Metals American Lithium Lithium Americas Ioneer Jindalee Lithium Century Lithium Lithium Americas Ioneer Projects McDermitt Bonnie Claire Big Sandy + PraireI Clayton Valley Nevada North TLC + FalchaniJ Thacker Pass (62%) Rhyolite Ridge Projects McDermitt Clayton Valley Thacker Pass (62%) Rhyolite Ridge StageG PFS PEA Scoping + PFS FS Pre-PEA PEA + PEA Construction DFS StageG PFS FS Construction DFS Market Cap (US$M)E 11 42 26 25 47 72 659 255 Market Cap (US$M)E 11 25 659 255 (E) Jindalee Market Cap based an assumptions outlined on slide 4, converted to USD. All others sourced from S&P CapIQPro, 18 February 2024. (F) LCE = Lithium Carbonate Equivalent. (G) Source: various company reports. (H) Refer Appendix 1 and 2 for further details including data sources and resource and reserve classification breakdown. Resource and reserve estimates used on this slide have been adjusted to reflect equity ownership level. (I) Arizona Lithium holds two development projects: a) Big Sandy Sediment Hosted project and b) Prairie Brine Direct Lithium Extraction project. (J) American Lithium holds two lithium development projects: a) Tonopah (TLC) Sediment hosted project and b) Falchini hard rock deposit. Metrics do not include Macusani Uranium deposit. 5 PDAC 2025 Presentation Board and management team with proven success in creating value for shareholders 6 Wayne Zekulich Lindsay Dudfield Paul Brown Non-Executive Chair Executive Director Non-Executive Director Mr Wayne Zekulich was appointed to the Jindalee Board as Chair on 1 February 2024. Wayne is a Consultant and NonExecutive Director who has substantial experience in advising, structuring and financing transactions in the infrastructure and resources sectors. Wayne is currently Chair of ASX listed gold miner Pantoro Limited (ASX:PNR). Mr Lindsay Dudfield is a geologist with over 40 years’ experience in multicommodity exploration. Lindsay has been responsible for managing Jindalee since inception, guiding the Company through the advancement of several projects across various commodities and jurisdictions. He is also a Non-Executive Director of several ASX listed mineral exploration companies. Mr Paul Brown has over 23 years’ experience in the mining industry, most recently with Mineral Resources (ASX:MIN) where he was Chief Executive – Lithium. He has a strong track record in project/studies management and mine planning and management. Paul is currently Chief Executive Officer of Core Lithium Ltd (ASX:CXO). Darren Wates Ian Rodger Brett Marsh Non-Executive Director Chief Executive Officer Mr Darren Wates is a corporate lawyer with extensive experience in equity capital markets, M&A, resources, project acquisitions / divestments and corporate. Darren was significantly involved in the development, joint venture partnering and eventual sale of the Mt Marion Lithium Project in roles with ASX listed company Neometals Ltd (ASX:NMT). Mr Ian Rodger is a mining executive with over 15 years of experience in technical, corporate finance, and project leadership roles. He worked on two major greenfield mine developments at Rio Tinto before transitioning to corporate finance at RFC Ambrian, where he held senior roles in London and Sydney. As Project Director at Oz Minerals, he helped advance West Musgrave Nickel Copper Project, leading into Oz Minerals’ A$9.6B acquisition by BHP. VP Exploration and Development PDAC 2025 Presentation Who We Are Mr Brett Marsh is a Geologist with over 25 years of experience. He has managed all phases of the mining lifecycle including greenfield and brownfield exploration, project development (including preliminary economic assessments, pre-feasibility and feasibility), project construction, mine operations, and environmental. Empowering American manufacturing and energy security(1) McDermitt is one of the largest lithium deposits in the US and of global significance. McDermitt is ideally situated to plug in to the growing US battery manufacturing industry. $3.23B(K) 17.9% $3.02B $8,080/t LCE(K,O) Post Tax(L) NPV (8%) Post Tax(L) IRR CAPEX Inc. $495M contingency Bottom half of cost curve(A) 47,500 tpa(M) +40 Years(N) 5 Years 2.34 Mt LCE(O,P) Lithium Carbonate for first decade Economic Evaluation Period, total project life of 63 years Project payback from first production(1) Ore Reserve (~10% of Resource) Robust returns Perfect Timing Made in the US The Opportunity Forecast EBITDA margins of +60%, generating post-tax FCF of $6.6 B over the initial decade alone(L). Cash flows resilient through price cycles with ~17% pre-tax net operating cashflow margins (incl. sustaining capital) at current spot prices.(Q) Targeted permitting and development timeline sees first Lithium Carbonate production aligning with forecast substantial supply deficits in the early 2030s.(R) Tax credits provide a powerful stimulus for domestic production of lithium chemicals. Battery value chain customers also incentivized to source domestically from projects such as McDermitt. McDermitt presents a rare opportunity for counter-cyclic investors and partners looking to position in a commodity poised for immense growth in the coming decade. (K) All $ values in USD unless otherwise noted. (L) At $24,000/t lithium carbonate price, post tax values include estimated value of 45X tax incentives (refer to PFS Announcement). (M) First 10 years average post 12-month commissioning and ramp up. (N) PFS economic evaluation period consists of construction, commissioning and ramp-up, followed by first 40 full years of production (Economic Evaluation Period). (O) Lithium Carbonate Equivalent, being the mass of lithium carbonate containing the same mass of lithium metal as the Ore Reserve. Unit operating cost quoted on C1 basis. (P) Maiden Probable Ore Reserve (JORC 2012) (refer to PFS Announcement). (Q) US$10,866/t from Shanghai Metal Markets Lithium Carbonate Index (Battery Grade), delivered to China, VAT inclusive. As at 8 October 2024. (R) Benchmark Mineral Intelligence Q3 2024 dataset. 7 PDAC 2025 Presentation PFS Highlights Stable mining profile with early access to ore(1) ● Mining will be by conventional truck and shovel methods, with free-digging ore (no blasting) ● Ore at surface limits pre-production mining / stripping expense ● Mining stable at circa 20Mt p.a. and a life of mine strip ratio of 1.3 ● Accelerated mining schedule builds strategic ore stockpiles: ○ An investment in production stability ○ Lower grade ores stockpiled for later processing 8 PDAC 2025 Presentation PFS Highlights Processing route validated through testwork(1) Our processing flowsheet consists of standard technology used throughout industry and has been validated through testwork supervised by Fluor Corporation. McDermitt will be a fully integrated operation producing batterygrade Lithium Carbonate for sale to US customers. Designed maximum annual production capacity of 47.5ktpa Lithium Carbonate (limited by selected acid plant capacity). Optimization opportunities will be studied under the recently announced cooperative research agreement with the US Department of Energy (DoE) including: • By-product potential • Ore upgrading • Water use optimization 9 PDAC 2025 Presentation PFS Highlights Lithium supply crunch ahead ● Recent high prices (2022-23) led to a temporary supply surplus in global lithium market ● Lithium prices have fallen to unsustainable levels, triggering production cuts and project deferrals amid rising costs ● Demand has continued to be robust, with global lithium-ion battery demand growing by 27% over 2024, surpassing 1 TWh for the first timeS Higher lithium prices required to meet future demand: Between 2019-2023, prices averaged ~$30/kg with ~515kt LCE supply added. Today, spot prices are below $12/kg, yet demand forecasts project ~1,000kt of additional supply required by 2028. $/t Lithium Carbonate Kt LCE 1,100 30,000 1,000 Avg price over 2019-2023 was $30/kg 900 25,000 800 700 ● Market deficits are now expected earlier, with some analysts predicting material shortfalls in 2026T 600 ● Significantly higher prices are needed to incentivize new supply 400 ● Major players are positioning for the rebound through JVs and acquisitions (see slide 11) 300 +100% -63% 20,000 15,000 500 10,000 Jan 2025 price Below $12/kg 200 5,000 100 Lithium’s next upcycle is coming — early investors will capture the upside (S) Source: Rho Motion link (T) Source: SC insights link 10 PDAC 2025 Presentation What’s Our Market 0 2019-2023 Source: SC Insights link 2024-2028F Price (RHS) New Supply Added (LHS) 0 Market momentum for lithium continues with JVs and credible, strategic partnerships Increasing market activity by large players Development Funding Lithium Americas, Thacker Pass Project, partners with General Motors Rio Tinto to acquire Arcadium at 90% Premium $6.7B $945M Total commitment from General Motors Pilbara Minerals to acquire Latin Resources at 57% premium 11 PDAC 2025 Presentation ioneer, Rhyolite Ridge Project, partners with Sibanye Stillwater $2.26B $700M $996M DOE loan Total commitment from Sibanye Stilwater DOE loan Pre-Development Funding 2024 (Company – Partner) 2023 (Company – Partner) 2023 (Company – Partner) 2024 (Company – Partner) 2024 (Company – Partner) $160M C$116M $100M C$25M A$8M Pathway Forward - Source data contained in Appendix 3. Major milestones and catalysts for the year ahead Q1 2025 Q2 2025 Q3 2025 2025 Further work in 2025 to be considered in parallel with partnership process: Appoint strategic advisors to assist with partnership process Large infill exploration drilling program Commence partnership engagement process Comprehensive metallurgical test work program Potential Department of Defense (DoD) grant application award (to co-fund next stage of work)(5) Commence Feasibility Study Complete Exploration Plan of Operation (EPO) approvals for multi-year infill and exploration drilling program 12 PDAC 2025 Presentation Pathway Forward (5): Refer to JLL ASX release 23/09/2024 “US Government Funding Update”. Thank you Further information Ian Rodger enquiry@jindaleelithium.com Chief Executive Officer +61 8 9321 7550 jindaleelithium.com Vrify 3D Presentation View in Vrify 14 PDAC 2025 Presentation Vrify 3D Presentation McDermitt: A highly competitive source of lithium chemicals for the US Market ● McDermitt to be in the bottom half of the global cost curve on LCE basis ● Aligned to US energy security goals, McDermitt is expected to provide a large, long life domestic source of lithium chemicals at highly competitive C1 operating cost relative to North American peers: ○ Comparable to North American DLE projects (mid-range) ○ At lower end of the range of forecasts for North American integrated spodumene producers ● Also cost competitive against Australian integrated spodumene producers ● Lower cost supply (first quartile) is primarily from South American brine operations North American Brines North American Direct Lithium Extraction (DLE) North American Spodumene Integrated North American Spodumene Non-Integrated Australian Spodumene Integrated Rest of World (RoW) Production Source: All Cost curve data from Benchmark Minerals Intelligence 2030 C1 cost curve Q3 2024 dataset (incl. cost, production and project details). McDermitt is not included in cost curve and location is illustrated via text only, based on McDermitt PFS outputs 15 PDAC 2025 Presentation Supporting Data McDermitt comparison with Thacker Pass Other Operational Financial Owners Joint Venture (62%/38%) Category McDermitt PFS (November 2024)IV,V Thacker Pass (Updated Project Plan January 2025)I,II,III EBITDA Margin 64% 65% Operating Cash Cost US$8,673/t (Defined as C1 cash costs) US$8,039/t NPV8% (post tax) US$3,229m US$8,691 IRR (post tax) 17.9% 20.0% Development capital US$3,021m (inclusive of US$495m contingency) Phase 1: US$2,930m LOM: US$12,327m Average lithium Process Feed grade 1,967 ppm 2,538 ppm Beneficiation separation size / course gangue rejects 125 microns 75 microns Average lithium recovery 84.4% 80.4% Average Lithium Carbonate production 43.8ktpa (47.5ktpa capacity) Phase 1 Capacity: 40ktpa 135ktpa (max capacity 160ktpa) Lithium price assumed US$24,000/t US$24,000/t Project Life 63 years 85 Reserves and Resource Reserves: 2.34 Mt of contained LCE @ 1,340ppm Li Resource: 21.5 Mt of contained LCEVI @ 1,751ppm Li Reserves: 14.3 Mt of contained LCE @ 3,180ppm Li Resource: 66.1 Mt of contained LCEVI@ 2,175 ppm Li Location Oregon Nevada Engineering Consultants Fluor Corporation and Cube Consulting SGS, Sawtooth, NewFields, Bechtel and EXP Notes: I. Lithium Americas’ recent update outlines a phased expansion plan across five stages, targeting a total capacity of 160 ktpa of lithium carbonate. II. Phase 1, currently under development, has a planned capacity of 40ktpa of lithium carbonate, requiring development capital of US$2,930m. The total development capital across all phases is US$12,327m. III. Lithium Americas reports financial, cost, and production metrics based on the full expansion plan over different time horizons, incorporating all five phases, but does not provide standalone metrics for Phase 1. IV. Jindalee’s PFS, by contrast, considers a single development stage with a capacity of 47.5ktpa of lithium carbonate and does not assume any staged expansions. V. Financial, cost and production for McDermitt are over the project’s Economic Evaluation Period alone, not the full 63 year project life (PFS Economic Evaluation Period consists of construction, commissioning and ramp-up, followed by first 40 full years of production) VI. Metrics included in table are quoted on life of project basis unless otherwise denoted. VII. Inclusive of mineral reserves Data Sources: • McDermitt: McDermitt PFS released by Jindalee Lithium on 19 November 2024 (link) . • Thacker Pass: Thacker Pass project update 7 January 2025 (link) • Breakdown of Resources by category included in Appendix 2. 16 PDAC 2025 Presentation Supporting Data Partnerships will continue to move Jindalee along the path to production Jindalee’s PFS, led by Fluor Corporation and supported by Cube Consulting, gives the Company confidence the Project is worth pursuing further, as a huge resource with massive upside for investors and partners.  2023 MoU with POSCO Holdings to work jointly on the project(4)  2024 strategic research and development agreement with US DoE(3), in collaboration with US universities and Oregon permitting agency  Specialist US advisors to target government funding US Presence ● US DoD grant application in progress for Feasibility Study* co-funding ● Deeper engagement with potential partners now PFS is complete ● Targeting partners with complementary skillsets ● Partner/s to provide input on and funding for Feasibility Study* * including associated pre-development activities including infill drilling and metallurgical testwork (4) Refer to JLL ASX release 13/02/2023 “MOU Executed with POSCO Holdings” 17 PDAC 2025 Presentation Pathway Forward Plugged Into the Battery Value Chain Key PFS metrics demonstrate encouraging economic outcomes(1) Short-term and long-term opportunities for stakeholders $750M Dimensions Unit First 10 full years Pre-tax Post-tax Next 30 years Pre-tax Post-tax Economic evaluation period Pre-tax Post-tax Lithium carbonate price $/t Lithium carbonate produced dry tonnes 475,000 1,295,355 1,796,169 Gross revenue $M 11,400 31,089 43,108 Construction capital $B Payback period Years Sustaining capital $M Free cashflow $M C1 Costs* $/t LCE 8,080 8,886 8,673 EBITDA $M 7,562 19,578 27,530 EBITDA Margin EBITDA/ Revenue 66% 63% 64% NPV (8%) $M 3,895 3,229 IRR % 18.1% 17.9% 24,000 3.02 average yearly EBITDA over first 10 years 47.5 kt 1,000 jobs 600 jobs of lithium per year over the first 10 years during constuction in operation C1 costs below 5 year 63-year project life current spot prices 66% $3.2B EBITDA margin in first 10 years 18 Post tax NPV PDAC 2025 Presentation payback period from production 17.9% 5 102 406 6,629 7,108 18,680 508 14,022 23,080 18,061 Post tax IRR PFS Highlights Opportunities to further optimize with untapped optionality While the PFS is robust, Jindalee has its eye on key levers that can further de-risk the Project through improvements to design, cost and sustainability, for example: ● Process optimization Optimizing attrition, leaching and recovery processes to improve cost and sustainability outcomes. Opportunities include further upgrading ore prior to leaching to reduce acid consumption. 19 PDAC 2025 Presentation ● Exploration and infill drilling With less than 11% of contained lithium currently converted to Ore Reserve, infill drilling aims to boost grade continuity confidence and may identify higher-grade zones for prioritized processing. PFS Highlights ● Mining method optimization Further investigation around mining methods, designs and scheduling have the potential to reduce costs and minimize disturbance. ● Extracting/refining co-products Magnesium sulphate and other minerals within the deposit may offer a supplementary cash flow, subject to further exploration, metallurgical testing and feasibility studies. ● Sustainability innovations Further advancing environmental sustainability pathways, including reducing water usage, by leveraging strategic agreement with the DoE, regional universities, and the Oregon permitting agency(3). Appendix 1 - McDermitt Reserve and Resource tables McDermitt Mineral Resource Estimate (2023)2 Indicated Resource Inferred Resource Indicated and Inferred Resource Cut-off Grade (ppm Li) 1,000 Tonnage (Mt) Li Grade (ppm) LCE (Mt) Tonnage (Mt) Li Grade (ppm) LCE (Mt) Tonnage (Mt) Li Grade (ppm) LCE (Mt) 1,470 1,420 11.1 1,540 1,270 10.4 3,000 1,340 21.5 McDermitt Ore Reserve Estimate (2024)1 Probable Reserve Cut-off Grade (ppm Li) 1,000 20 PDAC 2025 Presentation Tonnage (Mt) Li Grade (ppm) LCE (Mt) 251 1,751 2.34 Appendix 1 - McDermitt Reserve and Resource tables Appendix 2 - Peer comparison data: North American lithium de