#1LUA ARIZONA LITHIUM WARIZON JARIZONA LITHIUM INVESTOR PRESENTATION - DECEMBER 2021 Cornerstoning Arizona's Battery Precinct#2ARIZONA LITHIUM Disclaimer DISCLAIMER AND FORWARD LOOKING STATEMENTS This presentation has been authorised for release by the Board of Arizona Lithium Limited. It is not a prospectus nor an offer of securities for subscription or sale in any jurisdiction nor a securities recommendation. The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions, investors should rely on their own examination of Arizona Lithium Limited (Company) and consult with their own legal, tax, business and/or financial advisers in connection with any acquisition of securities or interest in the Big Sandy and Lordsburg Lithium Projects. The information contained in this presentation has been prepared in good faith by the Company. However, no representation or warranty, express or implied, is made as to the completeness or adequacy of any statements, estimates, opinions or other Information contained in this presentation. To the maximum extent permitted by law, the Company, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use of, or reliance on, anything contained in or omitted from this presentation. Certain information in this presentation refers to the intentions of the Company, but these are not intended to be forecasts, forward looking statements, or statements about future matters for the purposes of the Corporations Act 2001 (Cth) or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may the Company's actual results, performance or achievements to differ from those referred to in this presentation to occur as contemplated. The presentation contains only a synopsis of more detailed information available in relation to the matters described in this document and accordingly no reliance may be placed for any purpose whatsoever on the sufficiency or completeness of such information and to do so could potentially expose you to a significant risk of losing any of the property invested by you or incurring by you of additional liability. Recipients of this presentation should conduct their own investigation, evaluation and analysis of the business, data and property described in this presentation. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and you should satisfy yourself in relation to such matters. COMPETENT PERSON STATEMENT The information in this report regarding exploration results, exploration targets and the mineral resources is based on and fairly represents information compiled by Mr Gregory Smith, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Smith 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 Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements and that the material assumptions and technical parameters underpinning the Resource estimate continue to apply. arizonalithium.com | 2#3Arizona Lithium Highlights Developing a domestic, clean, low-cost lithium resource ¡LIARIZONA LITHIUM Target is to become a Net Zero emissions and Net Zero water producer Assessing technological options to minimise water usage and carbon footprint *Appendix - Mineral Resource Summary USA domestic production Cornerstoning Arizona's emerging Battery Region Large Li resource Current resource of 320,800 tonnes* with drilling covering just 4% of Big Sandy Project Potential for multi- decade mine life Strong chemical properties Recent testing achieved battery grade Lithium Carbonate at 99.8% purity Scalability through local Research Facility arizonalithium.com | 3#4Central to America's Lithium future Arizona chosen as location for first American-owned lithium-ion battery plant JARIZONA LITHIUM Not only will this facility create thousands of new jobs, it will position Arizona as an anchor in the global battery manufacturing supply chain. Arizona Governor Doug Ducey Sacramento San Francisco San Jose 2 NEVADA Las Vegas CALIFORNIA Lightning Dock Geothermal Plant Los Angeles 2 Tesla Gigafactory 3 Nikola Coolidge Manufacturing Facility 4 Proposed Kore Power "Koreplex" Facility 5 Lucid Motors AMP Facility ◆ San Diego •Tijuana UTAH USA BIG SANDY PROJECT ARIZONA Phoenix Denver COLORADO Albuquerque NEW MEXICO LORDSBURG PROJECT 4 53 • Tucson 1 4 arizonalithium.com#5116.44m Advantage Why Big Sandy's sedimentary lithium works DHQ32A 5m @ 1,240 ppm Li Colluvium DHQ33 Cross Section 3 842 850N Looking North 500m DHQ34 DHQ35 2m @ 1,570 ppm Li 4m @ 1,100 ppm Li 2m@1,260 ppm Li 2m @ 1,175 ppm Li 32m @ 1,798 ppm Li 2m @ 1,100 ppm Li 4m @ 1,290 ppm Li 5m @ 1,444 ppm Li 25m @ 1,460 ppm Li 12m @ 2,123 ppm Li 39m @ 2,015 ppm Li Li Mineralised Sediments 23m @ 1,967 ppm Li 25m @ 2,091 ppm Li 2m @ 1,650 ppm Li 31m@1,999 ppm Li 6m @ 1,777 ppm Li 2m@1,705 ppm Li 7m @ 1,624 ppm Li Basement Tuffs 11m @ 1,629 ppm Li 83.00m 98.15m 89.00m 26m@1,443 ppm Li Li Mineralised Sediments 72.24m DHQ36 Colluvium 11.2m @ 1,715 ppm Li Basalt 2m @ 1,230 ppm Li 2m @ 1,230 ppm Li 64.62m ARIZONA LITHIUM DHQ37 arizonalithium.com | 5#6New drilling with potential to add Li tonnes Exploration upside 260 000mE Interpreted Outline of Northern Mineralised Zone 265 000mE - 3 845 000mN Wikieup - 3 842 500mN 0 N US 193 3km DDH2 DDH3 B DDH4 A DDH5 DDH7 DDH6 ODDH8 Private Land JARIZONA LITHIUM 270 000mE Li mineralised sediments Recent valley fill sediments Unconsolidated sand & gravel Granite gneiss Conglomerate DHQ1 - DHQ37 Drilling 2018 Proposed Drillhole Potential Resource Blocks arizonalithium.com | 6#7Lithium Prices Are Surging Low-cost sedimentary extraction to take advantage ARIZONA LITHIUM Industry leading sedimentary Lithium peer advantages • Shallow, low-cost mining • Low stripping ratio • Minimal requirement for crushing/grinding • Scale to support long mine life Lithium mineralisation hosted by sediments deposited in a N-S oriented basin Lithium mineralised sediments, up to 50m in thickness are covered by a thin veneer of transported colluvium (5-10m thick) Lithium Deposit Types Estimated Cost (Li₂CO3) Mine Product Typical Grade SEDIMENTARY ~ $4,000/tonne Lithium Carbonate/ Hydroxide 1,000-3,000 ppm Li BRINE $2,500 $4,000/ tonne HARDROCK $6,000/tonne Lithium Carbonate (Li2CO3) Spodumene Concentrate (6% Li20) 500-1,000 ppm Li 4,500-7,000 ppm Li Production Steps Mining, Leaching, Evaporation & Crystallization Pumping of Brine Evaporation & Crystallization Mining Crushing & Grinding Roasting Acidification arizonalithium.com 7#8ESG Lithium demand & supply in net zero carbon scenario ARIZONA LITHIUM Multiple of 2020 demand levels, Lithium Carbonate Equivalent. 15x Due to the nature of the ore body the Project will have a 10x minimal environmental footprint with 100% rehabilitation of habitat. 5x Committed Spodumene Committed Brines Demand Source: Mining Weekly 21st October 2021 0 2015 2020 2025 2030 2035 2040 2045 2050 arizonalithium.com | 8#9Lithium Prices Are Surging Low-cost sedimentary extraction to take advantage Benchmark Lithium Price Index 400 Lithium Index Carbonate Index 350 Hydroxide Index 300 250 200 150 ARIZONA LITHIUM Source: Benchmark Mineral Intelligence LITHIUM CARBONATE (WEIGHTED AVERAGE) Current price $18,353 Last price $14,386 % change 27.6% LITHUM HYDROXIDE (WEIGHTED AVERAGE) Current price Last price % change $19,659 $16,583 18.5% 100 2018 Sep 2019 2020 2021 Sep SPODUMENE CONCENTRATE (6% L120) Current price IM Y-O-Y YTD TODAY LAST LITHIUM INDEX 25.3% 172.5% 159.8% 315.55 251.82 Last price CARBONATE INDEX 27.6% 201.6% 199.8% 325.02 254.77 % change $1,445 $775 86.5% HYDROXIDE INDEX 18.5% 123.5% 122.0% 298.04 251.40 Source: Benchmark Mineral Intelligence arizonalithium.com 9#10Lithium Market "Lithium market now in perpetual deficit" - Macquarie, 2021 • ARIZONA LITHIUM Incorporating the demand from Electric Vehicles and Energy Storage Systems, Macquarie analysts believe that the additional demand will more than offset additional supply from new entrants Higher lithium prices from a market deficit would counteract the cost reductions in battery packs Additional supply is required to balance the market Lithium market Surplus/(Deficit) (kt LCE) 200.0 100.0 0.0 Asia Lithium Carbonate (US$/t) Asia Lithium Hydroxide (US$/t) 25,000 20,000 15,000 (100.0) • Lithium deficit falls in 2024, as new projects (200.0) 10,000 come online, but without further investment will (300.0) expand again in 2027 5,000 (400.0) (500.0) 0 CY18 CY19 CY20 CY21e CY22e CY23e CY24e CY25e CY26e CY27e CY28e CY29e CY30e Source: Macquarie Energy Update, September 2021 arizonalithium.com 10#11JARIZONA Sedimentary the low-carbon option LITHIUM Traditional hard-rock mines will emit ~1 billion tonnes of CO2 to fully electrify the world's passenger vehicles Lithium Mining 1 Billion Tonnes of CO2 Approximate potential emissions from producing and refining lithium from hard rock mines That's equivalent to the annual emissions of the UK, France & Italy combined Source: Mining Journal September 2021 arizonalithium.com | 11#12The Electric Vehicle Market Rapidly growing demand driven by the energy transition +500 EV Models Globally by 2022 Automakers are accelerating their EV launch plans, partly to comply with increasingly stringent regulations in Europe & China. Source: BloombergNEF, 2021 New Energy Report EV SALES FORECAST 60 50 40 30 20 10 0 2020 2025 2030 2050 ¡LUARIZONA LITHIUM "We will not stop until every car on the road is electric" Elon Musk, Tesla CEO arizonalithium.com | 12#13Battery Grade High-Recovery Product Successful Laboratory Testing ¡LIARIZONA LITHIUM Li Clay Crude Li₂CO3 0.5 wt% Li₂SO4 Concentrate Battery Grade Li₂CO₂ Big Sandy Ore (0.25% Li) Leach Solution (91% Li) Tech Grade (99.6%) Li₂CO3 Battery Grade (99.8%) Li₂CO3 arizonalithium.com | 13#14An Experienced Team With a proven track record ARIZONA LITHIUM Paul Lloyd Managing Director Paul is a Chartered Accountant with over 30 years' commercial experience and operates his own corporate consulting business specialising in the area of corporate, financial and management advisory services. After commencing his career with an international accounting firm, he was employed for approximately 10 years as the General Manager of Finance for a Western Australian based international drilling contractor working extensively in Asia and Africa. Paul floated Beacon Minerals Ltd on the ASX in 2006 and has been responsible for a number of IPOs, RTOs, project acquisitions and capital raisings for ASX listed public companies. Barnaby Egerton-Warburton Non-Executive Chairman Barnaby has over 20 years of trading, investment banking, international investment and market experience with positions at JP Morgan, BNP Equities (New York) and Prudential Securities (New York). He is an experienced investment Banker and corporate advisor, having held managing director and non-executive director positions in the investment banking, oil & gas and resource sectors. He holds a degree in economics, is a graduate of the Australian Institute of Company Directors, and a member of the American Association of Petroleum Geologists. Matthew Blumberg Executive Director Matthew is currently based in New York and is a Director at Private Equity firm ALJ, focusing on Strategy, Mergers & Acquisitions. Matthew has previously worked in investment roles in New York And Sydney. He holds a Master of Business Administration (MBA) from Yale University and a double degree in Engineering (First Class Honors) and Commerce from The University of Western Australia. Greg Smith Geological Consultant Greg commenced his career in 1975 and has worked over a wide cross section of minerals and countries including in North America, Australia, Asia and throughout Africa. He was the exploration manager for Moto Gold Mines Ltd, responsible for the discovery of 22.5 million ounces of gold in the Democratic Republic of Congo (Kibali Mine). Recently he planned and supervised the drill-out of the maiden resource on the Big Sandy Lithium Project. He is a Member of the Australasian Institute of Mining and Metallurgy. - Doug Pitts P.E.(ret.), PSM, MBA Chief Technical Officer - Engineering Doug is currently CEO of AltTech/Pitts and Pitts and Associates, and since 2016 he has been an Adjunct Professor for the Entrepreneurship Program at Grand Canyon University. He was formerly CEO of Frontier Applied Sciences, Chief Industrial Officer for AREVA Solar, President of Parsons Latin America, Vice President of Bechtel Group, Executive Vice President of Molten Metal Technology, Project Manager with Asarco, Inc./Mt. Isa Mines Ltd., and a research engineer with Hazen Research. He holds a Professional Science Masters degree in chemical and metallurgical engineering from the Colorado School of Mines and an MBA from Golden Gate University. arizonalithium.com 14#15Growing our global Li Resource Big 12 months for the Big Sandy and Lordsburg Projects Timeline News Flow ARIZONA LITHIUM Q4 2021 Completion of passive seismic survey at the Lordsburg Lithium Brine project Q4 2021 Commence Scoping Study on the Big Sandy project Q1 2022 Finalisation of metallurgical test work on the Big Sandy material and the finalisation of a processing flowsheet Q1 2022 Q1 2022 Commence design & construction of Research facility near Phoenix to process Big Sandy sedimentary material Commence Titan magnetotelluric electromagnetics at the Lordsburg Lithium Brine project Q1 2022 BLM drilling approvals and commencement of drilling at the Big Sandy project arizonalithium.com 15#16Lie ARIZONA LITHIUM For further information: Paul Lloyd (Managing Director) +61 419 945 395 [email protected] Level 1, 10 Outram Street West Perth WA 6005 ASX:AZL W: Arizona Lithium.com JARIZONA RIZON LITHIUM arizonalithium.com.#17Appendix Mineral Resource Summary Arizona Lithium (AZL)* Resource Classification Indicated Resource Inferred Resource Total Resource Tonnes (Mt) Li Grade (ppm) Contained Li Metal (t) Contained LCE (kt) 14.6 1,940 28,400 151 17.9 1,780 31,900 170 32.5 1,850 60,300 320.8 "See Arizona Lithium's latest resource update in announcement "Big Sandy Lithium Project (Arizona, USA) Maiden Mineral Resource" - 26 September 2019. ARIZONA LITHIUM arizonalithium.com | 17#18Appendix Material ASX Releases 24/11/2021 OUTSTANDING METALLURGICAL RESULTS FOR BIG SANDY LITHIUM 08/11/2021 AZL DOUBLES LAND POSITION AT LORDSBURG LITHIUM PROJECT 01/11/2021 AZL RAISES $13 MILLION IN STRONGLY SUPPORTED PLACEMENT 07/07/2021 LITHIUM EXPLORATION UPDATE 15/06/2021 BIG SANDY LITHIUM PROJECT DRILLING EXPECTED TO COMMENCE Q3 24/03/2021 BATTERY GRADE 99.8% LITHIUM CARBONATE PRODUCED 03/03/2021 99.7% LITHIUM CARBONATE PRODUCED FROM BIG SANDY PROJECT 28/01/2021 90% LITHIUM RECOVERIES FROM METALLURGICAL TESTING 12/11/2019 BIG SANDY LITHIUM - EXPLORATION UPDATE 07/11/2019 BIG SANDY LITHIUM PROJECT EXPLORATION TARGET UPDATE 26/09/2019 BIG SANDY LITHIUM PROJECT MAIDEN MINERAL RESOURCE 28/08/2019 BIG SANDY LITHIUM EXPLORATION TARGET INCREASED BY 15% 14/08/2019 FINAL PHASE 2 DRILL RESULTS AWAITING JORC RESOURCE 23/07/2019 FURTHER DRILL RESULTS DELIVER SIGNIFICANT LITHIUM INTERCEPTS 10/07/2019 DRILL SECTION CONFIRMS CONTINUITY OF HIGH-GRADE LITHIUM 27/06/2019 RESULTS CONFIRM EXCELLENT CONTINUITY OF HIGH-GRADE LITHIUM 23/05/2019 CONFIRMATION OF NORTHERN EXTENSION TO HIGH-GRADE LITHIUM 14/05/2019 BIG SANDY DRILLING GAINS MOMENTUM EXTENDING MINERALISATION 6/05/2019 THICK, HIGH-GRADE LITHIUM INTERSECTED AT SHALLOW DEPTH 29/04/2019 DIAMOND DRILLING CONTINUES TO DELIVER HIGH-GRADE LITHIUM 04/04/2019 DRILLING CONFIRMS WIDE, HIGH-GRADE LITHIUM AT BIG SANDY 28/03/2019 BIG SANDY PROJECT LITHIUM EXPLORATION TARGET 21/02/2019 DIAMOND DRILLING COMMENCES AT BIG SANDY LITHIUM PROJECT Note: Includes Announcements from Arizona Lithium (ASX:AZL), previously Hawkstone Mining (ASX:HWK) ARIZONA LITHIUM arizonalithium.com | 18