The 3Q Project

Location and Access

Hosted in the mining friendly Catamarca Province, the largest and oldest Lithium producing province in Argentina.

Located at 4000 meters above the sea level, 30kms from the Chilean border, with direct road access to pacific ports by highway and to Atlantic ports through highways and railroad.

The closest population centre to the Project is the town of Fiambalá, Argentina (population 5,000), located 100 km east of the Project.

Resource and Reserves

Mt LCE

Measured and indicates resources

Mt LCE

Inferred Resources

Mt LCE

Proven and Probable Reserves

mg/l Lithium

Average grade over the first 10 years of production.

mg/l Lithium

Average grade from 10 to 20 years of production.

mg/l Lithium

Average grade in 35 years of production.

Impurities:

Mg/Li:

Sulfate/Li:

Large throughput and/or mine life expansion capabilities: 32% or resources used.

The resources go down to over 647 m depth in most of the deposit but reserves only go down to the upper aquifer in the shallow 100 metres depth.

Plenty of upside to increase reserves on the large, inferred resource at depth.

Northern High-grade zone allows to start production at higher grade with smaller ponds (lower Capex) and move south to lower grade over time.

Year	Brine Volume (M³)	Average Li concentration (mg/l)	Li metal (tonnes)		LCE (tonnes)		M&I Resources (%)
1	3.3	1,177	1,113	2,542	5,923	13,526	0.5%
2-10	73	1,000	21,549	44,038	114,642	234,282	9%
11-20	101	841	20,211	53,472	107,524	284,472	10%
21-35	183	670	18,694	81,513	99,453	433,651	13%
Total 35 years production**	360	790	61,600	182,000	328,000	966,000	32%

1- The Mineral Reserve Estimate has an effective date of May 7, 2019 as the NI 43-101 Preliminary Feasibility Study.
2- The Mineral Reserve Estimate was supported by a numerical groundwater flow and transport model constructed with Finite Element code (FEEFLOW)
3- The Model was calibrated to quasi steady state conditions.
4- Reserve Estimates numbers have been rounded.
5- Lithium Carbonate Equivalent (LCE) is calculated using mass of LCE = 5.3228 multiplied by the mass of Lithium Metal.

Pond Pilot Plant

Production scale pilot evaporation ponds in production for almost 5 years in ponds at 1:1000 scale from 2016 to 2018 and 1:600 scale from 2018 to 2021.

The company is now increasing the pond capacity by 20% and changing the design based on the experienced gathered so far.

Evaporation proven to produce up to 3.6% Li concentrated brine in less the one year.

Very low impurities – no consumption of reagents, resulting in lower cost to operate than other brines.

Automated thickeners remove calcium chloride with physical parameters monitoring 24/7.

In May 2019 GHD Chile and Groundwater insight Canada completed a 43-101 Independent Technical Report and Prefeasibility Study The report provides a comprehensive assessment of geological, technical, engineering, operational, logistics and the economic analysis of the 3Q Project The economic analysis is based on average lithium carbonate pricing over the life of mine is ~US$11,882/t Results Show very low capital intensity of < US$16,000/t of installed capacity

PFS Highlights and Results
After-Tax Net Present Value ("NPV") @ 8% Discount Rate	$1,144 million
After-Tax Internal Rate of Return ("IRR")	49,9%
Initial Capital Expendidures	$319 million
Cash Operating Costs (per tonne of LCE)	$2,914
Steady-state Annual Production (lithium carbonate)	20,000
Mine Life	35 years
Average annual EBITDA*	$167 million
Payback Period (from commencement of production)	1 year 8 month

*EBITDA is a non-IFRS earnings measure which does not have any standardized meaning prescribed by IFRS and therefore may not be comparable to EBITDA presented by other companies. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization. Investors are cautioned that this non-IFRS financial measure should not be construed as an alternative to other measures of financial performance calculated in accordance with IFRS.

Mining Property for 99 years granted over a total of 350km2

Tax Stability for 30 years granted by the federal Government

Income Tax at 25% - with royalty payment to government at 3%

Surface Easement granted for mine construction by mining authorities

Access Easement granted by mining authorities

Environmental Permit granted for Exploration, Mining and Pilot plant and Pilot Ponds Development

Final Environmental permit for construction presented to the government, in process of approval

Agreement in place with local municipality to build plant in Fiambalá on government Land near town

Work completed to 2021

Location and Access

Resource and Reserves

Pond Pilot Plant

Production scale pilot evaporation ponds in production for almost 5 years in ponds at 1:1000 scale from 2016 to 2018 and 1:600 scale from 2018 to 2021.

The company is now increasing the pond capacity by 20% and changing the design based on the experienced gathered so far.

Evaporation proven to produce up to 3.6% Li concentrated brine in less the one year.

Very low impurities – no consumption of reagents, resulting in lower cost to operate than other brines.

Automated thickeners remove calcium chloride with physical parameters monitoring 24/7.

Lithium Carbonate Pilot Plant

1:500 scale pilot plant in operation for over one year

Process improved from the original PFS

Battery grade already achieved

Simplified, Innovative 6 steps process

Lithium Carbonate Production

Battery grade lithium carbonate with 99.799% purity achieved.

14 batches of lithium carbonate produced thus far.

Next steps include continuous batch production.

Consultation with battery producers (CATL and others) for impurity threshold and product certification are ongoing.

3Q Process

Educational Videos