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Euro-Lithium-2-Page-Factsheet-V9-June-8.Pdf 3 Li 6.941 5 B RETHINK. RESTORE. RECHARGE. 10.811 df Mining Confidence Economies Euro Lithium Inc. is a privately-owned exploration and development company focused on becoming Europe’s premier partner for a secure and sustainable supply of Critical Raw Materials for the 21st century and beyond.s Strategic Mineral Deposit ▪ Lithium and boron are both expected to be listed as Critical Raw Materials under EU initiative in 2020 ▪ Crucial commodities for transition to the green economy ▪ Concerns regarding supply scarcity and the economic importance of lithium and boron for Europe Extraordinary Project Infrastructure ▪ Easily accessible and only a 1-hour drive from the capital of Serbia, Belgrade ▪ Mineral deposit is serviced by the EU 27 Pan- European Road and Rail Corridor ▪ Water, power, and natural gas are readily available Diagram: Europe’s Planned Battery Supply Chain Valjevo Lithium-Boron Project in Serbia Mining Supportive Jurisdiction NI 43-101 compliant MRE & PEA ▪ Long history of mining and industry in Serbia complete ▪ Seeking to double mining’s contribution to GDP ▪ Open-ended, multi-generational lithium and boron deposit and join the European Union by 2025 ▪ Strong and resilient project economics with open-pit design ▪ Competitive production costs of lithium and boron products ▪ Potential to become one of the largest producers globally Strong Management Team ▪ 31-year Life of Mine (LOM) envisioned with an additional 45 years of resource available ▪ Extensive experience in the mining and specialty chemical industries High-Grade Borax Zone Discovered ▪ ESG-focused with an emphasis on achieving carbon neutrality and sustainable development ▪ Potential for a low-capex, quick-to-cash-flow starter project; updated MRE for Valjevo Deposit planned for H2 2020 Management & Board Technical Advisors In-Country Advisors Petr Palkovsky Eugene Puritch Dejan Koželj CEO & President (Board) Resource Estimate & Mine Engineering Director, Head Geologist Alexander Palkovsky Steve Dixon Dragan Milošević CFO (Board) Extraction & Process Metallurgy Permitting Keith Rowe-Wilson David Schubert Milan Parivodić Director, Corporate Development Product Development & Marketing Legal & Regulatory John Naisbitt Didier Fohlen Director, Project Development ESG & Sustainability June 2020 Valjevo Li-B Project Overview ▪ Total of 34 holes drilled in Valjevo area, 27 of which intercepting high boron and lithium mineralization; lithium co-efficient variation of 0.2 ▪ Flat-lying mineralization of approximately 70m vertical thickness and over a 16km2 area ▪ Mineralization zone depth of 240m – 310m, or shallower ▪ Latest drill holes hit high-grade Borax Zone ▪ Hole #25: o 10m of Borax at 17.4% B2O3 o 35m of Borates at 13.0% B2O3 ▪ Hole #26 (200m NW of #25): o 11m of Borax at 18.3% B2O3 o 30m of Borates at 13.4% B2O3 ▪ H1 2020 drill program on-going to delineate the Target Borax Zone (assays pending) ▪ Hole #27: Borax intercepted (450m W) ▪ Hole #28: Borax intercepted (950m NW ▪ Hole #29: Borax intercepted (600m NW) Global Inferred Mineral Resource ▪ Hole #30: Drilling on-going (450m N) Valjevo Pit Constrained Inferred Mineral Resource Estimate at 0.25% Li2CO3 Equivalent (EQ) Cut-off Contained Tonnes Li Li2O Li2CO3 Contained B B2O3 H3BO3 Contained Li2CO3 Li2CO3 EQ (Millions) (%) (%) (%) Li2CO3 (kt) (%) (%) (%) H3BO3 (kt) EQ (%) (kt) Life of Mine (LOM) 515 0.08 0.17 0.42 2,164 1.01 3.25 5.78 29,784 0.75 3,864 Global Resource 1,696 0.08 0.17 0.41 6,960 0.61 1.98 3.51 59,604 0.62 10,437 Refer to “Preliminary Economic Assessment for the Valjevo Boron Lithium Project in the Kolubara District of Serbia”, effective March 9, 2020 and prepared by Mr. Eugene Puritch of P&E Mining Consultants Inc.,an Independent QP under NI 43-101. Metallurgy Metallurgic testing indicates that conventional tank leach processing can provide recoveries of ~87% and ~99% for lithium and boron, respectively, to produce Boric Acid and Technical Grade Lithium Carbonate. Battery Grade Lithium Hydroxide to be tested. Sustainable and Responsible Development The Valjevo Project is being designed and will be developed to meet the criteria set out by the Equator Principles (EP IV), the Principles for Responsible Investment (PRI), and the OECD Due Diligence Guidance for Responsible Business Conduct, thereby supporting the UN Sustainable Development Goals. • Borax Zone delineation, initiate hydrogeology, env. baseline and benchscale met studies, update MRE and complete Starter Project PEA NPV8% IRR Payback • Funds required: US $2.5M (€2.3M) 2020 US $4.0B 20.6% Phase 1: 5.3 yrs • In-fill drilling (Indicated, measured resource), complete hydrogeology, environmental baseline and benchscale met test studies (Post tax) (Post Tax) Phase 2: 1.7 yrs 2021 • Funds required: US $6.9M (€6.3M) • Initiate pilot plant, initiate and complete PFS and Serbian FS, secure offtake agreements, prepare IPO LOM Net EBITDA AISC • Funds required: US $10.6M (€9.8M) 2022 Earnings Margin • FS, Environmental & Social Impact Assessment, Serbian Exploitation US $4,337 Permit, Project Financing Discussions per tonne Li2CO3 • Funds required: US $20.0M (€18.4M) US $19.1B 68% (Net of credit) 2023 • Initiate Construction of: Financial Assumptions and Outputs: • Open-Pit Lithium & Boron Mine (elephant), or starter-project (lion) • Funds required: further studies required Li2CO3 Price: US $12,037 (LOM average) 2024 H3BO3 Price: US $800 (LOM flat) Li2CO3 Production: Phase 1: 21ktpa Phase 2: 72ktpa • 2025: commissioning of starter-project (lion) • OR 2027: commissioning of Open-Pit Lithium & Boron Mine (elephant) H3BO3 Production: Phase 1: 542ktpa Phase 2: 1,032ktpa Life of Mine (LOM): Phase 1: 6 years Phase 2: 25 years 2025+ US $1 = €0.92 Avg. LOM EBITDA Phase 1: US $437M Phase 2: US$1,085M *Economics from start of project construction in 2024 Cautionary Language: This fact sheet contains forward-looking statements based on Connect with us: the current beliefs, opinions and expectations of management regarding the Company’s plans related to its properties. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Undue reliance should Email: not be placed on forward-looking statements and information since the Company can provide no assurance that such opinions and expectations will prove to be correct and [email protected] may differ materially from those reflected in the forward-looking statements. For a more complete discussion of the risk factors associated with the Company, please refer to the forward-looking statements and risks identified as they pertain to specific Company Website: content i.e.; NI 43-101 Technical Reports, financial statements and Management’s Discussion & Analysis. Mr. Eugene Puritch, P. Eng, FEC, CET, a Technical Advisor to Euro Lithium Inc. and a Qualified Person under NI 43-101 has reviewed and approved Eurolithium.com the scientific and technical information contained in this fact sheet. .
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