Investor Presentaiton

Market Sentiment and Strengthening Fundamentals Have Led to Significant Gains Lithium developers and producers have outperformed other battery metal exposed peers over the past 3 years... Copper Producers - Nickel Producers Copper Developers Nickel Developers ...with investors changing how they look at lithium developers on a P/NAV ... Advanced Developers(1) ...and EV/LTM EBITDA multiples basis Producers(2) Cobalt Producers Lithium Developers Cobalt Developers Lithium Producers 1100% 900% 700% Lithium developers have been the preferred equity of investors amongst all battery exposed metals 500% 300% 100% 889% 340% 238% 173% 153% 91% 63% 14% 0.51x +43% 0.74x 28.5x +16% 33.2x (100%) 3-Year Trailing Average1-Year Trailing Average Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 3-Year Trailing Average 1-Year Trailing Average Source: Bloomberg, British Geological Survey, S&P Platts, street research Note: Battery exposed metal companies shown can be provided as requested. Includes Bacanora (prior to acquisition by Ganfeng), Core Lithium, Critical Elements, loneer, Lithium Americas, Millennial Lithium (prior to acquisition by Lithium Americas), Neo Lithium (prior to acquisition by Zijin), Piedmont, Sayona and Sigma Lithium. Includes Albermarle, Alikem, Galaxy (prior to merger with Orocobre), Ganfeng, Livent, Pilbara, SQM and Tiangi. 27 27

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