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Lithium-Ion Urban Mining

Lithium is The New Oil- Goldman Sachs, 2016

““

Vision 2030To Make India Self Reliant in Battery

Materialsthrough Urban Mining

4

Storage Energy

0%

Mobile Handset

63%

Laptops & Tablets

31%

Electric Vehicles

6%

Storage Energy

2%

Mobile Handset

18%

Laptops & Tablets

15%

Electric Vehicles

65%

USD 600 Billion In 2016

USD 2 Trillion By 2030

Market Driven by Lithium-ion Batteries

Lithium-ion BatteriesPrimary Market

Lithium-ion Battery Recycling Market

371

147

81

53

44Storage Energy - CAGR 32.2%

Mobile Phones - CAGR 1%

Laptops & Tablets - CAGR 5%

Electric Vehical - CAGR 27.6%

USD 44 Billion In 2016

USD 371 Billion By 2030

USD 1.6 Billion In 2016

USD 50 Billion By 2030

The growth in Lithium ion Batteries Primary Market will drive the growth of Li-ion Battery Recycling Market

$1.6$3.5 $5

$8.4

$15

$28

$50

Near Term Drivers:Consumer ElectronicsElectric Vehicles

Long Term Drivers:Electric VehiclesStorage Energy

Increasing demand for Lithium-ion batteries will exponentially deplete the Lithium, Cobalt and other metals natural resources

74 3.1

0.0

1.0

2.0

3.0

4.0

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20

40

60

80

Mill

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To

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LCE*

Mill

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LCE*

World will run out of Li resources during 2030s

Lithium Resource Lithium Consumed

7 1.5

0.0

0.5

1.0

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4

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World will run out of Cobalt resources by 2030

Cobalt Resource Cobalt Consumed

*LCE: Lithium Carbonate Equivalent, Li:Li2Co3 = 1:5.3

-1%

12%

13%

21%

118%

264%

-70% 130% 330% 530% 730% 930%

Iron

Aluminum

Manganese

Copper

Nickel

Graphite

Cobalt

Lithium

Scenario: In a 100% EV world, demand for commodities would change by… (in %age of global market today)

2.5%

3.0%

7.2%

10.0%

0% 5% 10% 15% 20% 25%

Iron

Manganese

Copper

Graphite

Nickel

Lithium

Aluminum

Cobalt

Scenario: In a 100% EV world, incremental annual commodity demand would deplete reserves by…

Source: Attero

*Source: UBS *Source: UBS

1928%

2511% 33.9%

Source: Attero

6

A Total of 14,000,000 Tons of Lithium Reserves Are Available globallyA Total of 7,000,000 Tons of Cobalt Reserves Are Available Globally

USA21,000

Russia250,000

Philippines290,000

China80,000

South Africa29,000

New Caledonia64,000

Madagascar130,000

Source: https://minerals.usgs.gov/minerals/pubs/mcs/2017/mcs2017.pdf

Congo3,400,000

Australia1,000,000

Cuba500,000

Canada270,000

Zambia270,000

Other countries690,000

USA38,000

Brazil48,000

Argentina2,000,000

China3,200,000

Chile7,500,000

Portugal60,000

Zimbabwe23,000 Australia

1,600,000

Source: https://minerals.usgs.gov/minerals/pubs/mcs/2017/mcs2017.pdf

Lithium Resources

Cobalt Resources

Li ion Urban Mining In India is currently a $100M market Will grow to over $1B by 2030

0

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1,200

1,400

2016 2018 2020 2022 2024 2026 2028 2030Li-i

on

bat

tery

rec

yclin

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arke

t in

USD

Mill

ion

s

Urban Mining through Lithium Ion Battery Recycling

CE Battery Recycling Market Size

EV Battery Recycling Market size

Energy Storage Battery Recycling Market Size

Near Term Driver - Consumer Electronics & Electric VehiclesLong term Driver - Electric Vehicles & Stationary Storage Energy

*Source: Attero

85.0

90.0

95.0

100.0

105.0

110.0

115.0

2016 2018 2020

India is expected to generate a total of around 14 lac Tons waste Li-ion batteries by 2030

Source: Panasonic, Tesla, Mining.com, IBEF, Gartner, Attero Analytics

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50.00

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300.00

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600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Cu

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clin

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Cumulative Battery Tonnage Disposed Off

Energy Equivalent Of Disposed off Batteries (GWH)

1 Lac Tons of Lithium-ion batteries is equivalent to 23 GWH of Energy

Over 1 Lac tons of recyclable batteries are currently available in the market

Over 14 Lac tons of recyclable batteries will be available by 2030

Of the 14 lac tons of batteries around 37% will be coming from Mobile phone, Laptop & Tablets & rest from EVs and Storage Energy Sector

Source: IBEF, Gartner, Attero Analytics

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20,000

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80,000

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4,000,000

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age

for

Re

cycl

ing

Electric Vehicles

Stationary Storage Energy

Mobile Phones, Laptops & Tablets add 30,000 Tons of batteries every year to the recycling market in India

EVs & Stationary Storage Energy are expected to add a total of 9 lac Tons of recyclable batteries by 2030

Geo-political challenges in primary mining of Lithium &

Cobalt

Almost all the Lithium mined for Battery comes from Chile & Bolivia

Cobalt is largely mined in Congo and mostly by Children

Impact on human health

Solvents, Fluoride compounds, and micro plastic coming out of a dead battery damages vital organs of human body

Impact on the environment

• 8000-9000 MT of cobalt is losteach year due to Improper disposal of dead li-ion battery

• Lithium ion batteries are the most energy consuming technologies using the equivalent of 1.6kg of oil per kg of battery produced.

Recycling Lithium-ion batteries will help meet the Global Lithium demandRecycling is also beneficial for Geo-political, Health & Environmental reasons

Our Capabilities

11

Attero has Patented Technology with distinct advantages over competitors for Li, Co Urban Mining

12

Production Grade

Li Ion battery recycling facility operational in

India

Higher Recoveries + Revenue/Capex ratio

2.5 times than all

global competitors

Over 16 patents

applied for globally

Output includes Pure

Lithium Carbonate, Co, Cu, Al, Mn, Ni,

Graphite

Attero’s impact on the Environment

13

Compliant with World Bank norms and US EPA standards

Attero is a Zero waste water company

Only company to get carbon credits for Recycling Batteries

No residual slag in our process.

14

Lithium Ion Battery Urban Mining

Technology

Li Ion Battery Recycling Is A Three Step Process

15

Battery Sourcing Metal Extraction Commodity Sales

Energy Storage

Electric Vehicles

Consumer ElectronicsCrushing

Refining

Lithium

Cobalt

Aluminum

Copper

Sourcing Of Spent Li Ion Battery

16

0

100,000

200,000

300,000

400,000

500,000

600,000

2016 2017 2018 2019 2020

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Consumer Electronics from Aggregators

MT of CE Battery Sourced

0

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250,000

2016 2017 2018 2019 2020

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Electric Vehicle from Car Dealerships

MT of EV Battery Sourced

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MT of SE Battery Sourced

Energy Storage Battery from Manufacturers

FragmentedPartly

Consolidated

Consolidated

Sourcing

Attero’s Process Is Far More Efficient Than That Of Competitors

17

Attero’s Process

Minimum viable capacity – 300 MT Minimum viable capacity – 10,000 MT

Metal Extraction – 95% Metal Extraction – 30%

Low Energy Consumption –1,620 KwH/MT processed

High Energy Consumption –4,000 KwH/MT processed

V/S

Li Co Al Cu Li Co Al Cu

Others’ Process

Attero’s Li-ion Battery Recycling Technologyhas the highest Recovery and Revenue /Capex Ratio

* All other things being equal, Input costs are same. Given that opex costs are in the same ballpark for all players, revenue differences translate to profit differences amongst the competitors

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EVOLVE TOXCO CHEMETALL RECUPYL NIKKO TSURUGA

UMICORE* I IU, MALAYSIA

ATTERO

CAPEX & OPEX COMPARISON FOR GLOBAL LI - ION BAT TERY RECYCLERS

CAPEX (USD/Tonne) OPEX (USD/Tonne)

Process Type Hydro-Process MechanicalPyro

Process

High Temp. Hydro

Metallurgy

HydroMechanical

Recovery of Lithium (Li) & Cobalt (Co)

Li = 50%Co = 50%

Li = 0%Co = 0%

Li = 0% Co = 90%

Li = 50% Co = 25%

Li = 95%Co = 95%

Revenue/Capex(USD)

0.7 0.17 0.66 NA 2.2

Environmental Approval Process

Depends on Consumables being used Simple Cumbersome Cumbersome Simple

Lab ScaleCapex &

Opex

19

Core Competency - Technology

* All other things being equal, Input costs are same. Given that opex costs are in the same ballpark for all players, revenue differences translate to profit differences amongst the competitors

Sustained Leadership

E-waste R&D

Technology Roadmap

Li-ion Battery Recycling Patents

20

Core Competency – Technology – E-waste R&D

10,000 Experiments

Battery & E-waste

Recycling -Similar

Sustained Leadership in E-waste recycling

- 300 different types of input material- 8 years of extensive R&D- Over USD 6 Million spent in pure R&D

- Learning from E-waste leveragedin Li-ion recycling experiments

- Both processes leveraging mechanical preprocessing, weak acid Leaching and electro refining

- Attero’s Capex/Ton c. 15x Lower Than Existing Refineries

- Entrenched multi billion dollar entities stillNot cost competitive with Attero*

*See annexure slide on comparison with Umicore

272 Patents Applied

21

Breakup of Products Extracted by Recycling by Weight

Aluminium14%

Graphite13%

Lithium8%

Plastic8%

Manganese7%

Cobalt5%

Copper3%

Others34%

Nickel8%

*Source: Internal MIS

Reuse End of Life EV batteries in Stationery storage applications

Tieups with multiple Li-Ion Battery Pack manufacturers

The cost of reusable cells is <50% of the cost of new Li-Ion Cells

Cells are checked for performance & efficiency and cells which meet a particular grade are used in battery

packs for stationery storage

Extends the life of Li-Ion Cells before recycling them for maximum recovery

Reuse (Second Life)

23

Carbon Footprint Reduction

• Innovation in recycling Waste

• Reduction in Carbon Emissions from recycling

• First and only company globally approved by UNFCCC for reducing Carbon Emissions from recycling e Waste

• Carbon Emission Reduction approved by Ministry of Environment, Forest & Climate Change

• Our proprietary technology enables us to extract metals with low carbon footprint compared to traditional methods

• Potential to reduce significant carbon emissions through Attero process

• Support Partners in achieving Sustainability Development Goals (SDG) and Carbon Neutrality

A 5,000 Tonne Plant Needs around 2.5 Lac Square Feet Of Area

Water Requirement Per Day Power Requirement (units per day)

12,800 Lt 44,700

24

Attero Needs Less Than 12 Months To Set Up a 5,000 MT Battery Recycling Plant

25

Time line

ACTIVITY M1 . . . . . M2 . . . . . M3 . . . . . M4 . . . . . M5 . . . . . M6 . . . .

Identifying Land and Building

Getting Permits and Licenses

Building Construction (Civil and Electrical)

Procuring Machinery from Attero

Commissioning of Machinery

Tieing up for Battery Sourcing

Recruiting Team

Starting Production

M1…….……M2……….M4...........M6...........M8.........M10…….M12Activity

Governments Across the Globe Have Announced Plans For Electrification of Vehicles

National fossil fuel vehicle bans are catching on

In June, India announced that it would end sales of gas and diesel cars by 2030

Recently, China announced its intention to phase out the production & sale of gas & diesel vehicles

In June, Norway agreed to end sales of gas and diesel cars by 2025. (Norway leads the world in EVs —

almost 40 percent of its newly registered vehicles were hybrid, electric, or hydrogen in 2017

Last year, the Dutch parliament voted through a motion to end all gas and diesel car sales by 2025 (it still

has to go through the Dutch senate)

In July, France announced it would end sales of gas and diesel cars by 2040

In July, Britain announced it would end sales of gas and diesel cars by 2040

In August, German Chancellor Angela Merkel hinted that her country would follow suit

In September, the Scottish government announced it would phase out gas and diesel cars by 2032

Dozens of other countries and states/provinces have their own targets for EVs

Car Manufacturers Are Either Moving Towards Electrification of Their Current Models Or Announcing Purely Electric New Models

Last year, Volkswagen announced that it would attempt to bring 30 or more BEVs to market by 2025, with a

target of 2 million to 3 million sold by that year, roughly 25 percent of its total sales

This year, the company upped the ante again, vowing to create EV versions of all 300 of its models

They took out a tender of Euro 50 Billion for forward purchase of cobalt for next 10 years

In March, Daimler (owner of Mercedes-Benz) announced it was accelerating its EV program and would have

10 new EVs to market by 2022

In July, Volvo announced that all its models introduced in 2019 and after would be hybrid or electric

In September, BMW announced that by 2025 it would have 12 new BEVs and 13 new hybrids on the road

Jaguar Land Rover announced that all of its new models from 2020 onward would be hybrid or electric

Ford plans to invest $4.5 billion and introduce 13 new electric vehicles globally in the next five year

General Motors announced that it is working toward an all-electric, zero-emissions future. That starts with

two new, fully electric models next year—then at least 18 more by 2023.

And of course there are companies like Tesla, which plan to sell 100 percent BEVs now and forever

EVs, the primary consumer of LIBs will see a over 30% CAGR in the near future, leading to aggressive demand of Li & Co

29

Based on announced plans for auto OEM of EVs, the lithium market is expected to grow over 15% per year until 2025

30

Cobalt, the second key ingredient is already in a deficit with supplies concentrated in DRC

Battery Manufacturers Have Already Planned To Up Their Li-ion Battery Production Capacities

Why is Li-Ion Battery Recycling Critical

India should be self reliant on all materials used in Li-Ion Batteries

Geo-Political Complications: China is capturing the majority of Li-Ion battery Materials and value chain

Forex: Reduce the import bill and save precious Forex ($40 Billion annually by 2030)

Supply Security: Mining alone cannot fulfill the demand for Li-Ion Battery materials if the targets set by GOI

have to be met

Environment: Save the environment by ensuring that EOL Li-Ion batteries are put to good use

Jobs: Create 2 Million Direct & Indirect jobs by 2030

World Leadership: Become the no 1 producer of Lithium Ion Battery Materials globally

Cobalt Content By Battery Chemistry & Usage

Li-ion cathode

configurations

Representative

cathode chemical

formulas

Approximat

e percentage

of cobalt in

cathode

Specific

energy

(Wh/kg)

Cycles Applications

LFP LiFePO4 0 120 300 Large scale (grid storage), buses

LMO LiMn2O4 0 140 820 Power tools, medical devices

NMC Li1.05(Ni0.6Mn0.2Co0.2)0.95O2

15 200 850 E-bikes, EV’s

LCO LiCoO2 55 200 1000 Smart phones, laptops, cameras

NCA LiNi0.80Co0.15Al0.05O2

10 245 950 E-bikes, EV’s disposable

Device Cobalt Content (Gms)

Smart Phones 5-10

Laptops 30

EV 5000-10000

Battery Value Chain

Value (%)

Materials 21%

Cell 39-54%

Pack 25-40%

0

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100

150

200

250

300

Tesla LG Chem BYD

USD

Cell Pack

35

Attero’s Urban Mining is a Low Cost, first Quartile, Lithium & Cobalt Asset

Att

ero

(In

dia

, Urb

an M

inin

g)

*Source: Attero, Roskill Analysis

Attero has the potential to generate 75,000 TPA of Lithium Carbonate by 2030For Cobalt, Attero’s operating cost is USD 4,000/Ton vs USD 8,000/Ton for regular mining

Distinguished Investors Awards & Accolades

World’s Only Integrated E-waste Recycling Plant in Roorkee

Extraction of Pure Metals

Technology Pioneer

2012 by World

Economic Forum

36

Over 200 Patents Filed All Over The World

ATTERO Has Deep Roots In Electronic Waste Recycling