2018 06 27 - altura investor presentation - june 2018 - final · b]_ t om=b7;m|b- t ! ! $ "$...

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1 Highly Confidential ALTURA LITHIUM NEW SIGNIFICANT SUPPLY TO THE BATTERY MARKET IN 2018 RESOURCES DRIVING SUPPLY TO THE BATTERY REVOLUTION JUNE 2018 INVESTOR UPDATE

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Page 1: 2018 06 27 - Altura Investor Presentation - June 2018 - FINAL · b]_ t om=b7;m|b- t ! ! $ "$ !+ "_-u; ub1; P j Q (o t l; Pl Q u J ru J u

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Highly Confidential

ALTURA LITHIUMNEW SIGNIFICANT SUPPLY TO THE BATTERY MARKET IN 2018

RESOURCES DRIVING SUPPLY TO THE BATTERY REVOLUTION

JUNE 2018

INVESTOR UPDATE

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Highly Confidential

C h a r g i n g f o r w a r d w i t h L i t h i u m

DISCLAIMER

This presentation has been prepared by Altura Mining Limited (“Altura” or the “Company”). It should not be considered as an invitation or offer tosubscribe for or purchase any securities in the Company or as an inducement to make an invitation or offer with respect to those securities. Noagreement to subscribe for securities in the Company will be entered into on the basis of this presentation.

This presentation is provided on the basis that none of Altura nor its respective officers, shareholders, related bodies corporate, partners, affiliates,employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance orcompleteness of the material contained in the presentation and nothing contained in the presentation is, or may be relied upon as, a promise,representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law.

The presentation contains forward looking information and prospective financial material which is predictive in nature and may be affected by inaccurateassumptions or by known or unknown risks and uncertainties, and may differ materially from results ultimately achieved. All references to futureproduction, production targets and resource targets and infrastructure access are subject to the completion of all necessary feasibility studies, permitting,construction, financing arrangements and infrastructure-related agreements. Where such a reference is made, it should be read subject to this paragraphand in conjunction with further information about the Mineral Resources, Ore Reserves and Exploration Results, as well as the Competent Persons'Statements.

All persons should consider seeking appropriate professional advice in reviewing the presentation and all other information with respect to the Companyand evaluating the business, financial performance and operations of the Company. Neither the provision of the presentation nor any informationcontained in the presentation or subsequently communicated to any person in connection with the presentation is, or should be taken as, constituting thegiving of investment advice to any person.

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CONTENTS

1

2

3

4

5

6

7

8

9

Introduction

Project Overview

Corporate

Project Update

Financial Analysis

Offtake

Regional Exploration

Lithium Market Fundamentals

Summary

Appendices

Ideally located in the gateway to North Asian Markets

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Section 1

INTRODUCTION

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ALTURA INVESTMENT HIGHLIGHTS

1 Low risk, low cost, low capex and long life, with excellent metallurgy

2 Existing port and road infrastructure, with proximity to end users in Asia

3 Less than 2 months to first spodumene sales in a strong market

4 Capital spent and offtake contracted, with Stage 2 DFS completed in April 2018

5 Driven by the EV “mega trend” and clean energy storage demand

6 Based on forecasts from Stage 1 production and from the Stage 2 DFS

7 More than 16,000 hectares of highly prospective tenements with targets identified

8 Strong project development credentials

World Class Project

Tier One Jurisdiction

Near Term Production

Stage 1 Derisked

Positive Market Outlook

Attractive Valuation

Exploration Upside

Highly Experienced Team

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Highly Confidential

INTRODUCTION

PardooPort Hedland

Marble Bar

Karratha

OnslowPannawonica

Paraburdoo

Tom Price

Wittenoom

Newman

Nullagine

Pilgangoora

Feeding the lithium supply chain in H2 2018

• ASX-listed company Altura Mining Limited (“Altura” ASX:AJM) owns 100% of the Pilgangoora Lithium Project (the “Project”)

• The Project is located in the Pilbara region of north west Western Australia, an established mining region that is well serviced by existing infrastructure

• Stage 1 of the Project is currently in commissioning stages, and is expected to produce approximately 220,000 tpa of spodumene concentrate SC6 (circa 30,000 tpa LCE)*

• Stage 2 of the Project (DFS complete) involves a doubling of production to approximately 440,000 tpa spodumene concentrate SC6 (circa 60,000 tpa LCE) with expected commissioning in Q1 2020*

• Combined Stage 1&2 NPV (@10% discount rate) of A$835m based on Stage 2 DFS assumptions and pricing on 34.2Mt ore reserve estimate*

• Concentrate will be transported ~130kms by existing road infrastructure for export via an existing multi-user berth in Port Hedland

• A minimum of 200,000 tpa is contracted until 31 December 2022, with 100,000 tpa to each partner (Lionergy and J&R Optimum) on market-based terms with a pricing floor and cap for 3 years

Project Location

Perth

* Refer to ASX Announcements 26 September 2016, 24 October 2017 and 30 April 2018

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Section 2

PROJECT OVERVIEW

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PROJECT SNAPSHOT

Altura’s Pilgangoora project is fully permitted from mine to port with first shipment planned for Q3 2018

(1) Refer to ASX Announcement 30 April 2018(2) Excludes Stage 1 Capex

PRODUCTION PROFILEDescription Units Stage 1 Stage 1&2(1)

Run Rate Production SC6 kt p.a. 220 440

Mine Life (on Reserves) Years 23 13

Development Capex A$m 151 119(2)

LOM Sustaining Capex (Real) A$m 31 31

LOM C1 Cost (Real) A$/t 356 324

LOM Total Cash Cost (Real) A$/t 428 400

Ore Mined (Reserves) Mt 34.2 34.2

LOM Grade % Li2O 1.04% 1.04%

Waste Mt 106.2 106.2

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Section 3

CORPORATE

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Capital Structure (22nd June 2018) AUD

Shares on Issue 1,819.9m

Share Price $0.315

Market Capitalisation $573m

Cash(1) $63m

Debt(1) $144m

Enterprise Value $654m

COMPANY OVERVIEW

Major Shareholders In Company (%)

Furui Holdings Limited (Shaanxi J&R) 16.81%

Allan Buckler (Shazo Holdings Pty Ltd) 10.71%

Terry Smith 10.15%

Directors(2) 16.02%

Top 20 62.3%

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12 MONTH SHARE PRICE PERFORMANCE

(1) As per 26 April 2018 Quarterly Announcement

Share Price (A$) Volume (m)

(2) Excludes J&R shareholding

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CORPORATE HISTORYShare Price (A$) Volume (m)

26-Apr-16Binding off-take

agreement signed with Lionergy for

100ktpa spodumene concentrate

11-Apr-16Pilgangoora stage 1

feasibility study released highlighting NPV of A$382m and

12+ year mine life

8-Nov-16Subscription and co-operation agreement signed with Optimum

Nano raising A$41.6m

27-Feb-17Pilgangoora project management plan approved by WA

Government and on-site works commence

9-May-17Contracts for plant

construction, transport, logistics

and power awarded at Pilgangoora

10-Jul-17Binding off-take

agreement signed with Optimum Nano

for 100ktpa Spodumene Concentrate

30-Apr-18Stage 2 Definitive Feasibility Study

Released highlighting NPV of A$835m and

13+ year mine life(includes Stage 1)

13-Nov-17Stage 2 scoping study

results show production plant

duplication is best expansion option

22-May-18Process plant

Commissioning – first ore crushed

24-Oct-17Increase in Reserve and Resource base

supporting a 22 year mine life under Stage

1 DFS

28-Jul-17Senior secured loan notes issue raises US$110m to fund construction and commissioning at

Pilgangoora

26-Sep-16Pilgangoora stage 1

DFS released highlighting NPV of A$411m and a 13

year mine life

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Managing DirectorJames Brown

Executive Director, CFOPaul Mantell

Non-Executive DirectorAllan Buckler

Non-Executive DirectorZhao Tong

Non-Executive DirectorDan O’Neill

Mr Brown is a Mining Engineer with extensive mining experience and operational development. Mr Brown has been Managing Director of Altura since September 2010, and previously was the Company’s General Manager. Previous to his role at Altura Mr Brown spent 22 years at New Hope Corporation (ASX:NHC)

Mr Mantell is a qualified accountant and has in excess of 30 years in corporate experience in the mining and associated industries. This included 28 years at New Hope Corporation, with the last 12 years as the Company’s Chief Financial Officer.

Mr Buckler holds over 40 years experience in the mining industry which includes being a former Director and Chief Operations Officer at New Hope Corporation. Mr Buckler has been directly responsible for the commercialisation of several projects which begun from resource identification all the way through to production

Mr Zhao Tong brings over 25 years experience in the international trade of metals and minerals. Mr Tong has been the director of the Lithium Division of J&R Optimum, an offtake partner of Altura since October 2016

As an exploration geologist and founding director of current lithium producer Orocobre Limited (ASX:ORE), Mr O’Neill brings over 30 years’ experience in international mining across Australasia, Africa, Asia and North America. Mr O’Neill has served as a director of Altura since December 2008

BT Kuan

Mr Kuan has been a director of Altura since November 2007 and brings a wealth of experience in logistics, specifically the development and management of bulk handling and terminal operations. Mr Kuan is a qualified mechanical engineer

Non-Executive Director

BOARD & MANAGEMENT

Board and

Management with a

history of successful

developments, strong

operations and robust

dividend returns

BOARD

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BOARD & MANAGEMENT

MANAGEMENT

Chief Operating Officer

Chris Evans

Mr Evans is an experienced civil engineer and project manager. Mr Evans has project management and construction experience in Australia, South east Asia and the UK.

Prior to commencing as COO at Altura, Mr Evans was Project Manager for the Mt Webber mine development in the Pilbara region of Western Australia for Atlas Iron, and delivered on an aggressive timetable for the project

General Manager Development

Marc Rowley

Mr Rowley is a seasoned management professional covering all phases of project lifecycles spanning from scoping studies through to commissioning and handover.

With 15 years working in WA for a number of tier 1 engineering consultants, Mr Rowley holds experience in both small scale scoping studies and Definitive Engineering Studies on projects with a value over $1b. Mr Rowley has assumed the position of Project Director to take the Stage 1 study through to implementation and commissioning.

Maintenance Superintendent

Graham Austin

Mr Austin holds over 30 years experience on all fixed plant equipment and has been involved with greenfield and brownfield projects throughout Africa, Asia and Australia.

Mr Austin has held various Maintenance Superintendent positions in the gold, copper and nickel mining processes

Mr Austin begun his career in Zimbabwe, before moving to Botswana where he worked for various mining organisations, then moving to Singapore taking up a position of Service Engineer with National Oilwell

Processing Superintendent Brady Jenkins

Mr Jenkins is a Metallurgist with over twenty years experience in the Australian mining industry. He has extensive processing experience in a wide range of commodities including nickel, gold, mineral sands, coal and iron ore.

In recent years Mr Jenkins has focused primarily on operational readiness, commissioning and ramp up of large scale processing operations with tier 1 mining companies. Mr Jenkins has assumed the role of Commissioning Manager for the Pilgangoora project.

Processing ManagerWalter Madel

Mr Madel is a metallurgist and a mineral process engineering and design professional, with 17 years of practical processing engineering experience in a wide variety of minerals and metals on projects in Australia and internationally, and also holds 10 years of experience in mineral plant operations.

Mr Madel played a key role in the design of the processing plant and supporting infrastructure from conceptual and study stage through to detail design of the Pilgangoora project.

Registered ManagerPhil Robinson

Mr Robinson brings to Altura a solid background in Mining and Processing operations, working on a number of greenfield mining developments such as Atlas Abydos Mine and Arrium’s Southern Iron Project, with experience also working on a number of business transformation projects such as Cockatoo Island Redevelopment, Woodie Manganese Mine development, and Arrium’s redevelopment of its Whyalla group of Mines.

Mr Robinson is an experienced Mining Operations and Construction Manager with over 20 years experience.

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Section 4

PROJECT UPDATE

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PROJECT UPDATE

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Rapid progress – Greenfield site to production

March 2017 June 2018

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PROJECT UPDATE

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Pilgangoora Stage 1 delivering to timetable and budget

Operations and Maintenance Readiness – Progress

• Power station energised

• Reverse Osmosis (RO) plant commissioned

• 8 mega litre raw water dam on line to supply water to process plant

• High Pressure Grinding Rolls (HPGR) and Dense Media Separation (DMS) systems complete

• On site laboratory operational and testing first samples

• Commissioning and performance testing of the Crushing Circuit complete

• Product storage shed in Port Hedland constructed and ready to receive spodumene concentrate for shipment

• All key processing plant staff recruited – owner operator model

• Steel fabrication complete

• Electrical installation works completed

• 100% of conveyors are in place

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Development Capex Profile (A$m)

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COMMISSIONING PROGRESS

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Commissioning process progressing to plan

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Section 5

FINANCIAL ANALYSIS

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2.7x 2.8x

4.3x

7.9x 8.3x

15.7x

18.2x

AJM TAW PLS KDR GXY LAC ORE

COMPARABLES ANALYSIS

.

Source: company disclosure. Galaxy production includes only Mt Cattlin (200ktpa SC6). Pilbara and Altura include Stage 2 expansions.

Source: Company disclosures.

EV / CY 2020E EBITDAAdjusted for Stage 2 Volumes

Source: Bloomberg broker consensus. Altura EBITDA assumes mid-point of guidance on previous page (A$139m) adjusted for Stage 2 expansion. Cash and debt per latest reported adjusted for any capital raisings post balance date (ORE, TAW). Share price at close 27 April 2018.

Source: Company disclosure. Galaxy multiple does not include Sal de Vida or James Bay

112

65

33 30 2823 21 18

138

PLS AJM NMX GXY ORE TAW KDR BCN LAC NMT

6 811

27

3742

46

59

KDR(Earl Grey)

AJM(Stage 1)

PLS(Stage 1)

ORE(Ph. 2)

GXY(SdV)

LAC(Olaroz)

NMX(Whab.)

BCN(Sonora)

Forecast 2020 Run Rate Production (ktpa LCE) Capital Intensity (US$’000 / t Li2O)

EV / 2020 Run Rate Production (US$’000/t LCE) EV / CY 2020E EBITDA

8.89.8

11.1 12.113.6

26.327.5 27.6

31.5

AJM PLS NMX TAW NMT ORE KDR GXY LAC

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VALUE UPSIDE

CHARGING FORWARD WITH LITHIUM | ASX : AJM

• Stage 2 DFS delivers NPV of A$835m (@10% discountrate) as at 1 July 2018*

• Material project upside potential through explorationtargets extending asset life on the underexplored16,000 hectare tenement package (only 600 hectaresexplored to date)

• Stage 2 DFS based on 34.2Mt Ore Reserve estimate(excludes latest Ore Reserve estimate upgrade of41.1Mt)*

• Opportunity for mine life extension via evaluation oftenement package

Metric Units Stage 2 DFS Case*

Pricing Scenario DFS Pricing

Asset Life Years 13

NPV (10% discount) A$m 835

Ore Mined kt 34,214

Spodumene Concentrate Produced kt 4,755

LOM EBITDA A$m 2,473

* Refer to ASX Announcements 26 September 2016, 30 April 2018 and 28 May 2018

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Section 6

OFFTAKE

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C h a r g i n g f o r w a r d w i t h L i t h i u m

• 100% owned subsidiary of Shenzhen-listed Shaanxi J&R Optimum Energy

• Controls significant % Chinese battery market • Producer of lithium power battery systems for

EV, large EV and static storage• Customers include Dongfeng Motors, Sunlong

Bus, Dayun Group, FAW Group, Haw Tai Motors• Producing +100,000 battery sets in 2017• 2017 production of 5.6GW of batteries, ranking

No.3 in China• Currently undergoing re-structuring to form

larger New Energy entity covering raw material integration

Lionergy

• 20+ years in Chinese lithium industry with excellent reputations and connections

• Exploration, mine development, concentrate sales and distribution

• Li2C03 and LiOH manufacturing and sales, lithium metal & cathode manufacturing for Li-ion batteries

• Purpose built Li2C03 and LiOH conversion plant substantially under construction in Ulanqab, Inner Mongolia

• Stage 1 capacity 120ktpa SC6 concentrate• Stage 2 capacity 240ktpa SC6 concentrate

OFFTAKE PARTNERSOfftake agreements for a minimum of 200ktpa from Stage 1 for five years

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C h a r g i n g f o r w a r d w i t h L i t h i u m

SUMMARY OFFTAKE TERMS

Term• Five years from first shipment to occur after the mining commencement

date

Prices• Prices to be mutually agreed annually by the Parties, having regard to:

• Spodumene indices (if available)

• Published company prices

• Weighted average price of comparable lithium products shipped fromAustralian projects

• Movements in lithium carbonate prices

• Price floor of US$550/t and cap of US$950/t for the first 3 years

• Price adjustment formulas in place if Li2O content is above or below 5.5%Li2O

Volumes• Minimum annual contracted volume of 100,000 tonnes for each offtake for

a period of five years (200,000 tonnes minimum in total)

• Until the fifth anniversary of the first shipment, if Altura produces in excessof the confirmed annual quantity, then J&R agrees to buy and Altura agreesto sell that additional product on the same terms as this offtake

Minimum of 200,000 tpa of production contracted for five years, with floor and cap pricing for 3 years

Stage 1 - 220ktpa SC6 (circa 30ktpa LCE)

LionergyMin 100ktpa

J&R Optimum

Min 100ktpa

H2 2018 Lionergy Conversion Plant 120ktpa (Stage 1)

H2 2019 Lionergy Conversion Plant 240ktpa (Stage 2)

Stage 2 - 440ktpa SC6 (circa 60ktpa LCE)

Lionergy / J&R

Min 200ktpa

New Offtake Available*

Min 200ktpa

H2 2019 Lionergy Conversion Plant 240ktpa (Stage 2)

H1 2020New Supply*

200ktpa (Stage 2)

* New offtake subject to J&R Optimum rights until 31 December 2022

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Section 7

REGIONAL EXPLORATION

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EXPLORATION TARGETS

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Defined high-impact prospects identified within Altura’s tenement package

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NEAR FIELD EXPLORATION POTENTIAL

CHARGING FORWARD WITH LITHIUM | ASX : AJM

• The resource infill drilling and geological model reinterpretation work carried out in 2017 has identified the following potential exploration targets within the M45/1230 and M45/1231 tenements:

1. ‘Southern Ridge Deposit Area’ – located in the southeast corner of the M45/1231 tenement. This area requires infill drilling to improve geological understanding and grade definition. Area drilled in early 2018.

2. ‘H Pit Area’ – located at the southern end of the mining start-up area. A majority of this area has not previously been drilled due to access restrictions caused by the steep slopes. Current mining will reduce the ‘H Pit’ to the 211mRL, which will create a large flat area for drilling.

3. ‘Stage 1 South Area’ – a high grade shoot located at the southern end of the Stage 1 mining area was identified during the recent drilling program. Further infill drilling is recommended in this area.

4. ‘Remainder of Planned Open Pit’ – the recent drilling also identified the need for closely spaced (20m x 20m grid) drilling in the remainder of the main deposit to improve geological understanding and grade definition which will minimise risk prior to future mining activities.

• Altura holds five external exploration tenements including the E45/2287 tenement. Detailed geological mapping carried out on this tenement in April 2017, identified a target area near the ‘Monster Deposit’ which is located on the neighbouring tenement held by Pilbara Minerals Ltd. Based upon the results of three exploration holes drilled in this area in October 2016 and the mapping data collected this year, further exploration potential exists in this target area.*

Infill drilling opportunities immediately adjacent to production operations offer low-risk reserve upside

* Refer to ASX Announcement 14 December 2017

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RECENT RESULTS – SOUTHERN RIDGE

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Strong results from Southern Ridge drilling program supports resource conversion

Hole ID

4m @ 0.50% Li2O from 3-7m

9m @ 2.43% Li2O from 13-22m including 6m @ 2.88% Li2O from 15-21m

P18RC0004 21m @ 1.22% Li2O from 37-58m including 8m @ 1.55% Li2O from 49-57m

41m @ 1.20% Li2O from 60-101m including 6m @ 1.44% Li2O from 63-69m

including 13m @ 1.93% Li2O from 88-103m

17m @ 1.00% Li2O from 55-72m including 9m @ 1.34% Li2O from 56-65m

7m @ 1.12% Li2O from 75-82m

including 13m @ 1.66% Li2O from 92-105m

including 17m @ 1.71% Li2O from 117-134m

19m @ 2.05% Li2O from 144-163m including 10m @ 2.52% Li2O from 148-158m

21m @ 2.19% Li2O from 2-23m including 12m @ 2.65% Li2O from 8m

2m @ 1.37% Li2O from 43-45m

7m @ 1.69% Li2O from 51-58m

P18RC0019 20m @ 1.29% Li2O from 0-20m including 10m @ 1.60% Li2O from 1m

7m @ 1.10% Li2O from 15-22m

5m @ 1.29% Li2O from 32-37m

2m @ 1.04% Li2O from 57-59m

7m @ 0.92% Li2O from 61-68m including 3m @ 1.58% Li2O from 65m

P18RC0003

59m @ 1.34% Li2O from 77-136mP18RC0008

P18RC0006

P18RC0007

Mineralised Intersections

P18RC0018

P18RC0021

Hole ID

P18RC0024 22m @ 1.68% Li2O from 12-34m including 10m @ 1.76% Li2O from 12m

3m @ 1.34% Li2O from 18-21m

16m @ 1.46% Li2O from 28-44m including 9m @ 2.00% Li2O from 30m

P18RC0029 43m @ 1.65% Li2O from 21-64mincluding 10m @ 2.13% Li2O from 23m including 15m @ 2.14% Li2O from 47m

18m @ 1.40% Li2O from 51-69m including 5m @ 2.68% Li2O from 51m

6m @ 0.79% Li2O from 77-83m

5m @ 1.03% Li2O from 94-99m

6m @ 1.94% Li2O from 113-119m including 3m @ 3.48% Li2O from 113m

12m @ 1.55% Li2O from 85-97m including 4m @ 2.19% Li2O from 85m

16m @ 1.30% Li2O from 101-117m including 7m @ 1.83% Li2O from 104m

4m @ 2.10% Li2O from 60-64m

16m @ 1.15% Li2O from 104-120m including 6m @ 1.48% Li2O from 104m

2m @ 1.02% Li2O from 128-130m

27m @ 1.62% Li2O from 90-117m including 8m @ 2.24% Li2O from 93m

25m @ 1.44% Li2O from 142-167m including 15m @ 1.73% Li2O from 143m

7m @ 1.00% Li2O from 131-138m

5m @ 0.79% Li2O from 139-144m

23m @ 1.14% Li2O from 148-171m including 5m @ 1.61% Li2O from 150m

Mineralised Intersections

P18RC0025

P18RC0031

P18RC0032

P18RC0033

P18RC0034

P18RC0035

• Numerous shallow and high-grade intersections recorded from a total of 4,654m of RC drilling in 44 holes*• Impressive results for depth, grade and thickness

* Refer to ASX Announcements 13 March 2018, 10 April 2018 and 28 May 2018

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UTARA PROSPECT

C h a r g i n g f o r w a r d w i t h L i t h i u m

High impact prospect located adjacent to Stage 1 and 2 facilities

• The Utara Prospect is located near the Monster Deposit, which is within a neighbouring tenement held by Pilbara Minerals Ltd. Fractionated, spodumene-bearing pegmatite intrusions were observed and mapped within a section of the E45/2287 tenement. This section of the tenement overlaps into the main pegmatite field known to host Altura’s Pilgangoora Lithium Project (6.5km to the south) that is currently being developed

• The mapping work identified three separate occurrences of spodumene-bearing pegmatite. One of these has already been drilled, and the other two are untested. Three drill holes were previously drilled by Altura in October 2016 and two of these holes intersected spodumene-bearing pegmatites*

• Exploration reverse circulation or RC drilling on a 50m by 50m staggered grid is planned for the Utara Prospect in 2018. Holes averaging 50-100m deep and drilled perpendicular to the interpreted pegmatite strike orientations (angled at 60o declination) are planned for this prospect. These holes will be geologically logged and the pegmatite intersections will be sampled and assayed. Pending the RC drilling results a series of twinned diamond core holes will be drilled in this prospect to confirm pegmatite dyke thickness and mineralisation

Hole ID Hole Type Easting Northing RL Dip Azimuth Hole Depth Depth Form Interval Length Li2O% Comments

PNRC001 RC 698796.91 7675057.35 195.72 -60 315 58 13 11 1.07Incl. 3m @ 1.88

Li2O% from 19m

PNRC002 RC 698856.69 7675123.26 189.00 -60 315 764461

32

1.181.15

-

PNRC003 RC 698888.05 7675089.43 189.26 -60 315 106 - - -Pegmatite not

intersected

* Refer to ASX Announcements 14 December 2017

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Section 8

LITHIUM MARKET FUNDAMENTALS

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DEMAND OUTLOOK

CHARGING FORWARD WITH LITHIUM | ASX : AJM

• Between 2012 and 2017, global lithium demand increased from 134kt LCE to 229kt LCE, at a CAGR of 11%. CRU forecasts that the rate of growth will accelerate to 18% during 2017-2022, with global lithium demand more than doubling to 526kt LCE

• 93% of the total demand growth will be from battery applications and electric vehicles (EVs) alone will account for 80% of the total demand growth. By 2022, lithium consumption in EVs will reach 54% of total lithium consumption compared to just 3% in 2012

• Lithium demand from industrial applications and portable electronics is expected to increase at a relatively slow, but steady, CAGR of 2.8% and 4.8% respectively between 2017 and 2022

Worldwide lithium compounds and metals consumption is expected to achieve an 18% CAGR between 2017 and 2022

Global Lithium Compounds and Metals Demand, 2012-2022 (kt LCE)

134 153 170 188 209 229296

351408

463526

0

200

400

600

2012A 2013A 2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E

Lith

ium

De

man

d (k

t LC

E)

EVs Glass & Ceramics Other industrial applicationsOther eTransportation Portable electronics Lubricating GreaseEnergy storage devices

CAGR: 11%

CAGR: 18%

22%

28%20%

8%

12%

9% 1%

54%

14%

10%

8%

7%4% 3%

Global Lithium Compounds and Metals Demand by End Use

2017A 2022E

Source: CRU estimates from Gangfeng IPO Documentation

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DEMAND OUTLOOK

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Market continues to misjudge and revise demand estimates upwards as true extent of EV mega trend becomes apparent

Broker Consensus Pricing Outlook

Source: Broker estimates from SC6 Citi, Bell Potter, Morgan Stanley, Macquarie, Canaccord, Hartleys, Bailieu Holst, CRUSource: Broker Estimates for LCE UBS, Bell Potter, Deutsche Banke, Citi, Bailieu Holst, Canaccord, Cormark Securities, BMO, Roskill, JPM, Eith Capital, Numis, Macquarie, MorganlStanley Hartleys

0

200

400

600

800

1000

5000

7000

9000

11000

13000

15000

2017 2018 2019 2020 2021 2022 2023 2024 2025

SC6 Price US$/tLCE Price US$/t

Broker LCE Forecast Broker SC6 Forecast

0

200

400

600

800

1000

2017 2018 2019 2020 2021 2022 2023 2024 2025

LCE kt

Broker Consensus Demand Broker Consensus Supply Broker Global Surplus

Broker Global Demand and Supply Outlook

Year 2016 Forecast 2017 Forecast % Increase

2016 209 214 2

2020 359 453 26

2025 534 778 46

Deutsche Bank LCE Demand Forecast

In 2017 Deutsche Bank revised its Global LCE demand forecast in 2025 up 46% from its 2016 forecast

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Resources by Country, 2017

LITHIUM SUPPLY

CHARGING FORWARD WITH LITHIUM | ASX : AJM

The lithium market is predominantly served by 3 main countries being Australia, Chile and Argentina. Australia is characterised by mined lithium and the Chile and Argentina by brines. China has both brines and mined lithium

Two-thirds of the world’s lithium reserves are found in Chile (the world’s largest lithium producer), Bolivia and Argentina, in what is known as the ‘Lithium Triangle’. Bolivia has a number of large lithium salar deposits that have high Mg:Li ratios, making processing and lithium extraction uneconomic. Australia currently has a dominant spodumene presence globally

About half of current lithium production stems from Western Australian open pit mines extracting spodumene, and then concentrating the ore via beneficiation (dense media separation, flotation, etc.). The end spodumene concentrate is then sold to converters (essentially in China) to further upgrade the raw concentrate to carbonate and hydroxide end lithium applications (7.5-8 tonnes of acceptable spodumene concentrate is typically required for one tonne of lithium carbonate or hydroxide)

The lithium market is predominantly served by 3 main countries – Australia, Chile and Argentina

Source: Company Reports, Industry Reports, Deutsche Bank

Global Lithium Supply by Country (kt LCE)

23,000

35,000

48,000

60,000

2,000,000

2,700,000

3,200,000

7,500,000

0 3,000,000 6,000,000 9,000,000

Zimbabwe

United States

Brazil

Portugal

Argentina

Australia

China

Chile

Reserves in metric tons

Country 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E

Chile 94 107 119 131 137 137 137 137

Australia 159 252 315 336 346 345 345 342

Argentina 37 38 59 83 106 136 153 173

China 37 42 45 47 48 50 50 55

US & Mexico 6 6 6 6 16 21 29 36

Others 13 17 26 31 46 51 66 71

Total (kt LCE) 346 461 570 633 698 739 779 814

% Growth 35% 22% 17% 11% 11% 7% 5% 4%

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Section 9

SUMMARY

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ALTURA INVESTMENT PROPOSITION

1 Feeding the lithium supply chain from H2 2018

2 Stage 1 offtake fully secured until 2022

3 Robust Stage 2 DFS completed to double production

4 Southern Ridge delivering exploration success, Utara drilling planned

5 Low risk, low cost, long life and attractive valuation based on forecast production

Near-term Production

Offtake Secured

Expansion Potential

Exploration Upside

Value Proposition

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APPENDICES

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PROJECT LOCATION AND INFRASTRUCTURE

CHARGING FORWARD WITH LITHIUM | ASX : AJM

• Altura’s Pilgangoora mine is located approximately 130km by road from Port Hedland in Western Australia’s north west

• Permanent camp (acquired from Roy Hill) is located 20 minutes west from Altura’s mine site near the intersection of the Great Northern Highway and Wodgina Access Road

• Well served by transport infrastructure –connected to Port Hedland by the Great Northern Highway, NW Coastal Highway and Wodgina Access Road

• Port Hedland International Airport offers daily connections to Perth, and connections to other key Australian capital cities

• Onsite power infrastructure to comprise dual fuel-capable diesel and gas generators for both stages provided by KPS under a BOO contract

Pilgangoora is located close to established transport and export infrastructure

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PORT – EASTERN OPERATIONS

• QUBE has been contracted to handle transport, storage and export logistics for Altura. QUBE will export produced spodumene concentrate through the Eastern Operations facilities at Port Hedland

• The Eastern Operations facilities have historically been used to export copper concentrate from the Telfer, Nifty and DeGrussa operations

• In April 2018 the DEWR approved the application by the Pilbara Ports Authority to export up to 610,000 tonnes of spodumene concentrate annually

• Total approved throughput from the Eastern Operations are limited to 1.17Mtpa (560,000 tonnes of Cu concentrate and 610,000 tonnes of spodumene concentrate)

• Qube owns or operates the majority of load out and storage infrastructure at the Eastern Operations. Spodumene will be stored at Qube’s new storage shed in Wedgefield (~15km from port)

Equipment Owner Operator

5x Conveyors (Map: BC01, BC02, BC02A, CV12, CV21)

12 x Conveyors (inc. 2 x mobile)(Map: BC03, CV01 through CV10, MC01, MC02)

MAFI Truck, Crane, Rotabox attachment

Metals X Cu Shed

Newcrest Cu Sheds

Wedgefield Storage (off site)

Wedgefield Storage

Eastern Operations

~15km

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CONTRACTORS AND WORKFORCE

• QUBE has been contracted to provide logistics and transport services for Pilgangoora

• The scope of the work for the contract includes:

• Loading product at Pilgangoora Mine Stockyard.

• Product Transport in side tipping road trains to Port Hedland.

• Construction and operation of a product storage shed in Port Hedland.

• Transport to port and ship loading using the patented RotaboxTM system.

• Truck fleet size expected to be 3 during Stage 1 and 5 following Stage 2 expansion

Camp Services

Mining Services Construction & Processing Logistics and Transport

• Swift Networks contracted for an initial 12 month period to provide telecommunications and entertainment at camp

• Cater Care to supply catering services to the camp

• Security contractor to provide 1 person for security services on-site

• Five year agreement to provide mining, drilling and blasting services

• Mobilisation commenced in March 2017

• Workforce expected to be 43 people in June 2018 (Stage 1) and up to 93 people for Stage 2

Key Activities & Services

• Construction of mining infrastructure including the TSF and ROM Area

• Mine haul roads

• Drill & Blast

• Load and haul production mining of ore and overburden

• Up to 60 staff on site during construction

Fleet Details (construction)

• 3 x D10 Dozers, 4 x CAT 785 Dump Trucks, 6 x 777 Dump Trucks, 1 x 85t Excavator, 1 x 14H Grader, 2 x Articulated Dump Trucks, 2 x Drill Rigs onsite

Fleet Details (operations)

• Two excavator units (EX2500 and EX1200);

• Up to 6 CAT 785 haul trucks with 2 CAT777 trucks for ancillary work

• EX1200 used as backup when more movement capacity is needed

Power

• Kalgoorlie Power Systems (KPS), a subsidiary of Pacific Energy will build, own and operate an 11MW power station on site

• Contract commenced 1 December 2017 and runs for an initial 5 year period

• Diesel generators which can be converted to dual fuel to use gas

• Altura has elected to build, own and operate the processing infrastructure at Pilgangoora.

• 18 mining, 59 processing, 34 maintenance and 5 mine admin staff estimated to be employed by Altura during stage 2 steady state operations

• Civmec was contracted for all concrete, civil, SMP and EC&I works for the full construction of the processing plant

• DRA completed plant design

• Falck to provide medical and emergency services (2 persons on-site)

• NPJV , a JV between the Njamal Peoples Benevolent Trust and Pilbara Resource Group contracted to provide 6-15 persons during construction phase

• Terra Firma (subsidiary of The GO2 People) provided construction services for Mining Operations Centre, which is currently fully operational and occupied by Altura and NRW workforce

Manning expected to peak at 364 during Stage 1 construction and 480 during Stage 2 construction. Steady state circa 250

Laboratory Services• Exploration drilling services provided by MT Magnet

Drilling, specialising in diamond core and RC drilling

• Four permanent Altura staff dedicated to exploration

Exploration

• Contract awarded to Intertek and nearing completion of construction

• 6 people operating Lab from June 2018

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PROJECT RESERVES AND RESOURCES

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Material and well-defined reserve position. 81% resource to reserve conversion achieved.

The increased estimate has added a minimum twoyears life to the project and will be incorporated intothe Stage 2 expansion that was the subject of a recentrobust Definitive Feasibility Study (see ASX release 30April 2018).

The revised estimate, which followed the completion ofa drill program in the Southern Ridge Deposit area, hasalso increased overall confidence in the projectinventory by classification

“The resource and reserve upgrade was extremelypositive and in line with Altura’s strategy ofsystematically increasing the resource inventory.”

“The exploration and development team have deliveredsome outstanding results that will not only addconfidence to the existing operation but underpin theplanned Stage 2 expansion to 440,000 tonnes perannum production.”

The material change in the Mineral Resource estimateis a result of the infill and confirmatory drillingimproving the geological interpretation of the depositand significantly reducing the risk associated with thecategorisation of Measured and Indicated Resources.This improved confidence has resulted in a conversionof 81% of the Mineral Resources to Ore Reserves.

May 2018 UpgradeAltura Pilgangoora Ore Reserve Estimate (May 2018)

JORC Category Cut-off Li2O%Tonnes

(Mt) Li2O% Fe2O3Li2O

Tonnes

Proved 0.43% 8.3 1.14% 2.13 94,000

Probable 0.43% 32.8 1.03% 1.90 338,000

Total 0.43% 41.1 1.05% 1.95 432,000

Altura Pilgangoora Mineral Resource Estimate (May 2018)

JORC Category Cut-off Li2O% Tonnes (Mt)

Li2O% Fe2O3 Li2O Tonnes

Measured 0.40% 8.7 1.12% 2.14 97,000

Indicated 0.40% 38.0 1.00% 1.93 380,000

Measured & Indicated 0.40% 46.7 1.02% 1.97 477,000

Inferred 0.40% 3.8 0.92% 1.96 35,000

Total (Meas, Ind & Inf)

0.40% 50.5 1.01% 1.96 512,000

* Refer to ASX Announcement 28 May 2018

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SITE LAYOUT OVERVIEW

CHARGING FORWARD WITH LITHIUM | ASX : AJM

• Layout of mine support infrastructure has been developed using the general topography of the site and the location of the processing facility to allow ease of access between facilities

• The main access road brings external traffic into the mine and provides access to the mine operations centre, laboratory, power plant (for fuel deliveries), workshop and product haulage

• Separate site roads will be used for heavy vehicles and light vehicles

Key Non Processing Facilities

• Mine Operations Centre: constructed and currently in use, and appropriately sized for Stage 2 operations. MOC includes offices, meeting rooms, reception, kitchenette facilities, storage and other items

• Water Treatment: potable water supplied by a water treatment facility located at the Stage 1 and Stage 2 plants. Waste water is treated via a leach-drain system to the NW of the Stage 2 plant

• Power Plant: Stage 2 will include a duplication of the Stage 1 power facilities (see Slide 46 for further details)

• Communications: fibre optic connection to accommodation camp, with a microwave transmitter connecting to site. This is the basis for phone and data connections. Site wide communications are UHF 2-way radio and 2-way digital

• Accommodation Camp: Operational with occupancy of c. 365 persons

Key Changes for Stage 2 Required

• Waste dump and TSF expanded due to extra capacity required – requires movement of explosives magazine and entrance road

Several infrastructure items have already been sized for a Stage 2 expansion.

Site Layout – Stage 2 Final Design

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MINING OVERVIEW

CHARGING FORWARD WITH LITHIUM | ASX : AJM* Refer to ASX Announcement 30 April 2018

Method Summary • Mining is undertaken using conventional bulk mining methods, utilising hydraulic excavators, dump

trucks and drill and blast, coupled to a ROM stockpile. Ore is trucked directly from the blasted faces to the ROM stockpile and fed to the primary crusher using a Front-End Loader (FEL).

Operating Overview• Stage 1 will see the mining operation on 12 hr shifts working a permanent day shift operation. This

will minimise any dilution as well as reduce the amount of manning needed for the mining operation. With the expansion to Stage 2 additional movement will be required and will result in a night shift being added to the roster.

Processing Through-put• The Stage 1 and Stage 2 process plants are designed for a 1.54 Mtpa each giving a total throughput

capacity of 3.08Mtpa to produce 440,000tpa of Spodumene concentrate at 6% Li2O *. The maximum planned total material movement, including waste, stockpile reclaim and direct delivery of ore to the ROM ore pad is 15.4 Mtpa. The mining operation will continue for approximately 13 years (excluding life extension)

Overburden• The organic topsoil component of the overburden will be removed, segregated and stockpiled

separately at designated areas or at a distance to ultimate pit edges for easy rehabilitation of the final WRD slopes.

Final Pit Design

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MINING PLAN - OVERVIEW

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Unit Make Number Replacement

Primary Loading Unit Hitachi EX2500 1 Jan 2021

Backup & Support Excavator Hitachi EX1200 1 n.a.

Primary Dump truck CAT 785C 6 Jun 2022

Secondary Dump Truck CAT 777 2 n.a.

Water truck WT8WH-H 1 n.a.

Grader Caterpillar 16-X 1 Jan 2021

Track Dozer CAT D10 1 Jan 2021

Blast hole drill rig Atlas Copco ROC T-45 2 n.a.

Front end loader CAT 988 1 n.a.

Mining Equipment Selected – Owned by NRW

StageTotal Ore

(Mt)Li2O (%)

Waste (Mt)

Total Rock (Mt)

Strip (W:O)

Hill 0.2 1.14 1.4 1.6 7.0x

Stage 1 2.9 1.14 7.5 10.4 2.6x

Stage 2 2.5 0.99 5.2 7.7 2.1x

Stage 3 2.5 1.18 6.7 9.2 2.7x

Stage 4 17.7 1.04 52.4 70.1 3.0x

Stage 5 7.5 0.98 31.6 39.0 4.2x

Stage 6 1.0 0.97 1.4 2.4 1.4x

Total Tonnes 34.2 1.04 106.2 140.4 3.1x

• Mining plan involves seven stages, with total ore mined of 34.2Mt and waste of 106.2Mt (strip ratio 3.1x)

• Overall mine production rate indicate that one 250t excavator will be sufficient to ensure target production is met. A 130t payload truck size is selected to match primary loading equipment

• Support fleet will consist of track dozers, graders, hydraulic excavators and water truck

• Workforce numbers are expected to increase from 43 in Stage 1 to 94 in Stage 2 (NRW contract workforce estimate)

Physicals by Mine Plan Stage

NRW Mining WorkforceStage 1 vs Stage 2

43

94

Jun-18 Jan-22Salary Staff Excavator Operators

Truck Operators Dozer Operators

Other Operators Maintenance

Drill & Blast

* Refer to ASX Announcements 30 April 2018

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PROCESSING PLANT LAYOUT (Stage 1&2)

The process design is as per Stage1 and is summarised as Two stage modular crushing and dry screening

circuit; HPGR tertiary crushing to produce a -6mm crushed

product size; Dense Media Separation (DMS) on the coarse 6 x

1mm fraction producing a coarse spodumene product;

Mica removal prior to processing using up-current classification technology;

Milling and flotation circuit to produce an on-grade fine spodumene product; and

Magnetic separation to remove contamination from the coarse and fine concentrate.

Duplication of Stage 1 plant provides a low-risk and cost-effective expansion option

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PROCESS FLOWSHEET

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Key Components

• Modular Crushing Plant

• Mica Removal & Feed Preparation

• Primary and Secondary DMS

• Milling and Flotation

• Tailings Storage Facility (TSF)

* Refer to ASX Announcement 30 April 2018

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METALLURGY – CARBONATE CONVERSION

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Excellent results from conversion testing, with lithium carbonate purity exceeding key benchmarks

Primary LCRefined LC

(Low Purity)Refined LC

(High Purity)FMC Battery

GradeChinese

Battery Grade

ppm ppm ppm ppm ppm

Al 3 2 2 10 2As 2 2 2 - -B 2 2 2 - -

Ca 94 2 2 400 25Cr 2 2 2 - -Cs 3 2 2 - -Cu 5 5 5 5 2Fe 8 2 2 5 2K 25 11 10 5 10Li 184,271 209,091 231,060 - -Mg 16 2 2 - 10Mn 25 25 25 - 5Mo 2 2 2 - -Na 1,023 175 88 500 20Ni 5 5 5 6 -P 28 13 16 - -

Pb 2 2 2 1 5Rb 25 2 2 - -S 804 12 12 334 10Si 12 12 12 - 40Sr 25 2 2 - -Zn 25 25 25 5 -

Cl 25 54 25 100 20Fe 80 54 40 - -

Li2CO3 (%) 99.59 99.84 99.97 99.50 >99.9

Element

Decrepitation

Bake

Leach

Purification (Stage One)

Purification (Stage Two)

Softening

Ion Exchange (RIP)

Evaporation (Concentration)

Primary Li2CO3Precipitation

Bicarbonation

Ion Exchange

Refined Li2CO3Precipitation

EXTRACTION PURIFICATION PRIMARY LC LC REFINING

Conventional Spodumene Processing Flowsheet

Evap.

* Refer to ASX Announcement 16 January 2018

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ACCOMMODATION

C h a r g i n g f o r w a r d w i t h L i t h i u m

Well located, equipped and serviced accommodation camp

• The accommodation consists of 365 rooms, with cleared space for a further 176 rooms if future expansion is required. All central infrastructure at the village is sized for a room capacity of 500 personnel.

• Central facilities contained within the village include:• Dining room & Kitchen

• Wet Mess & Beer Garden

• Recreation room

• Sports Court

• Golf driving Nets & Putting facility

• Administration centre

• First Aid facility

• Maintenance facility

• The village is strategically located on the Great Northern Highway and on the Western side of the Turner River meaning that it will not be cut off from a supply or evacuation point of view during the cyclone season. Altura sees a significant strategic advantage in having its accommodation village remote from the Mine site, on the Western side of the Turner River and within easy reach of Port Hedland

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POWER PLANT

C h a r g i n g f o r w a r d w i t h L i t h i u m

• KPS were selected as the preferred supplier for the power station for Stage 1. The power station has been constructed and a contract is in place

• Power generators will have dual fuel capability pending availability of gas supply

• It is envisaged that KPS will supply the same for Stage 2 and on the same cost basis

• The Stage 2 power plant will mirror that from Stage 1, and will consist of:

• 9 x 850kW diesel generators contained within a steel fabricated engine hall;

• 2 x 850kW diesel generators standby/spare for redundancy

• 2 x 110kl diesel storage tanks supplying a day tank;

• Oil and station fuel tankage within a bunded area; and

• Electrical distribution via 11kV switchgear, with control systems to be housed in a separate air conditioned segregated switch room

• Supporting electricals have been designed based on power supply of 11kV from the power plant

MCC DesignationTransformer

RatingConnected Load

Operating Load

kVA kW kVA kVA

1 Primary Crushing and Screening

1,600 1,161 1,351 683

2Crushed Ore Storage, HPGR Crushing, Secondary and Tertiary Screening

2,000 1,803 2,066 1,164

3 Flotation and Primary DMS 1,600 1,150 1,392 927

4 Ball Mill n.a. 1,400 1,700 1,366

5Milling Classification, Flotation and Reagents

2,000 1,699 1,951 1,175

6Coarse Product & Fines Handling

1,600 1,084 1,266 742

7 Plant Services 1,600 1,100 1,308 632

TOTAL 9,397 11,034 6,689

Power Plant Demand and Designation

BOO contract with an experienced regional power operator

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TRANSPORT

CHARGING FORWARD WITH LITHIUM | ASX : AJM

Key Logistics Overview

• Spodumene concentrate will be hauled from the mine site to the storage facility near Wedgefield by double combination road trains

• Distance from mine site to storage is 127km

• Stage one storage consists of 3 cells providing 30,000t of capacity, with Stage 2 expected to require at least 5 cells with 50,000t total capacity

• Product is loaded into Qube Rotaboxes for transport from the storage facility to port using triple combination road trains

• Exports via number 2 berth at Port Hedland

QUBE has been engaged to handle all transport and logistics

MINE SITE TO STORAGE OVERVIEW

Stage 1 & 2

Shipment Size (t) t 35,000

Distance (km) km 32.0

Cycle Time (hrs) hrs 1.0

Delivery Window (hrs) hrs 21.3

Trips Per Day no. 20.0

Tonnes per Trip t 77.3

Fill Eff iciency % 0.9

Actual Load t 71.9

Trips per Shipment no. 487.0

Number of Trucks Required no. 6.0

Time to Load Vessel (hrs) hrs 104.2

Stage 1 Stage 2

Round Trip (km) km 254 254

Annual Tonnes t 215,000 430,000

Volume Per Month t 17,917 35,833

Payload (t) t 67 67

Fuel Eff iciency % 98.0% 98.0%

Actual Load (t) t 66.0 66.0

Daily Demand t 638.0 1,276.0

Daily Trips Required no. 10 19

Trips Per Month no. 272 543

Capability

Delivery Window (hrs) hrs 21.3 21.3

Trip Time (hrs) hrs 4.1 4.1

Trips per Day per Truck no. 4.0 4.0

Average Days Per Month days 28 28

Fleet Size (Demand) no. 2.4 4.8

Fleet Size (Actual) no. 3.0 5.0

Redundancy % 19% 3%

STORAGE TO PORT

QUBE ROTABOX SYSTEM

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PORT HEDLAND AIRPORT

C h a r g i n g f o r w a r d w i t h L i t h i u m

Established international airport with connections to key Australian capital cities.

Port Hedland International Airport is a modern and well-serviced airport that provides a welcoming gateway to the Pilbara and the North West of Australia and a direct link to the world’s largest bulk tonnage export port.

With up to 50 commercial flights per week offering direct services to Bali (Sat), Brisbane (Tue) and Perth (daily). The Airport welcomes approximately 350,000 passengers annually.

Port Hedland International Airport is also home to International Freight services, Charter and flight training facilities, a dedicated Heliport facility and the region’s Royal Flying Doctor Service.

Port Hedland International Airport has two runways and an interconnecting taxiway. The main runway (Runway 14/32) is 2500m long and 45 m wide. It is used for regular passenger transport and is suitable for aircraft up to 100,000kgs (MTOW). The second runway (Runway 18/36) is only for general aviation aircraft limited to 5,700kg (MTOW). It is 1,000m long and 18m wide.

Key Carriers Key Routes

Charter flights only

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C h a r g i n g f o r w a r d w i t h L i t h i u m

COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Results and the Mineral Resource for the Pilgangoora lithium deposit is based on information compiledby Mr Stephen Barber. Mr Barber is a Member of the Australasian Institute of Mining and Metallurgy. Mr Barber is the Senior Resource Geologist at AlturaMining Limited and has sufficient experience that is relevant to the style of mineralisation under consideration and to the activity of mineral resource estimationto qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and OreReserves. Mr Barber consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to the Ore Reserve for the Pilgangoora lithium deposit is based on information compiled by Mr Quinton de Klerk. Mr deKlerk is a Fellow of the Australasian Institute for Mining and Metallurgy. Mr de Klerk is a Director and Principal Consultant of Cube Consulting Propriety Limitedand has sufficient experience that is relevant to the activity of ore reserve estimation to qualify as a Competent Person as defined in the 2012 Edition of theAustralasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr de Klerk consents to the inclusion in the report of the mattersbased on this information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcements on 26September 2016, 14 December 2017, 13 March 2018, 10 April 2018, 30 April 2018 and 28 May 2018.

CHARGING FORWARD WITH LITHIUM | ASX : AJM

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ASX:AJM

CHARGING AHEADWITH ALTURA LITHIUM