ARGENTINA

Lithium Carbonate Resource

Lithium Carbonate Resource

2,000ha obtained – only 2 other holders in much sought after Salar – Geophysical survey Dec 2018 and Resource drilling planned for 2019

JORC 2012 compliant Lithium carbonate (LCE) Resources announced on two projects totalling 239,000 tonnes – 63% Measured & Indicated

Grade up to 313mg/l Lithium –

By RudolfSimon - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=27355079

By Ride_and_Drive.jpg: Plug'n Drivederivative work: Mariordo - This file was derived from: Ride and Drive.jpg:, CC BY-SA 2.0, https://commons.wikimedia.org/w/index.php?curid=21911482

BMW announce a five year supply contract with Lithium supplier Ganfeng(Sep 18) with option for 3 additional years

Currently 71 models of electric cars, 14 electric motor bikes and 10 electric commercial vehicles – predicted 134 models by 2022

Tesla production up to 80,142 vehicles Q3 2018

By Vauxford - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=74114790

Source - https://www.statista.com/statistics/715421/tesla-quarterly-vehicle-production

By CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=14927358

Dyson investing £2.5 billion in electric car project in Singapore

China targeting global domination of EV manufacture –

E-bikesby Roland Irle, EV-volumes.com

Volatile in China but steady rise in US and Europe

Li prices under pressure in 2019 from soft market in China

But the electric vehicle(EV) and electric storage system(ESS) demand growth is projected to exceed supply into 2020 and beyond

Source – William Adams head of base metals & battery research at Fastmarkets – 1 October 2018

Production cost Hard Rock spodumene is US$5-6,000 per tonne Lithium Carbonate(LCE)

Production cost Lithium Brine –Orecobre state US$3,800 to $4,640 per tonne – gross cash margin US$5,250 - 10,059 per tonne LCE

Soft Brine production remains profitable

Source – Deutsche Bank Markets Research March 2017Source – Fastmarkets May 2019

Lithium Brine

Hard Rock Spodumene

9 mining leases(minas) of 20,840 ha – 100% PNN SA

Within Lithium Triangle which holds 65% of global Lithium

Within mining friendly Salta Province

Initial JORC Resource Measured + Indicated 60,000 tonnes LCE + inferred 6,000 tonnes – grade up to 313mg/l

Salar known for high flow rates

Salar with good infrastructure

LCE Resource announced 173,000 tonnes 53% measured

Low grade resource

Blend potential product

Surface samples indicate viable lithium grades up to 296mg/l

Geophysical survey indicates two distinct brine zones

Drilling permit granted –resource drilling planned -2019

Orecobre (ASX:ORE) Olaroz – Production 14,384 tpa – expansion in train to 42,500 tpa - production cost US$3,800-4,640pt -Resource 6.4mt LCE @ 690mg/l -

Argosy(ASX:AGY) Rincon – Resource 245,120t LCE Indicated@ 325mg/l – Market cap $211m – stage 1 Production 1,500tpa in construction battery grade LCE produced from Pilot plant –tenure 2,794ha

Rincon Lithiu(private equity) – Resource 3.5mt LCE Measured + 4.8mt Inferred grade 371mg/l – plant ANSTO design for 25,000tpa @US$4,000pt with 75% recovery direct extraction in 24 hrs no ponds - tenure approx. 23,000ha

Lithium X (TSX-V:LIX) Sal de Los Angeles – Indicated resource 1mt @ 501mg/l & Inferred resource 1mt LCE @ 410mg/l plant in construction to produce 15,000tpa ponds in construction for 5,000tpa LCE. Tenure 8,154ha – Jan 2018 purchase of the Company by Nextview New Energy Lion Hong Kong Limited for US$257m –

FMC (NYSE:FMC-N) – Salar del Hombre Muerto – in production for > 20yrs – first Sony Lithium battery used FMC Lithium – 2nd largest Lithium supplier globally – has resource for 75yrs @ 692mg/l – use direct adsorption method on site then truck concentrate 90km to process - production 23,000tpa LCE – FMC US$4b sales pa.

Company factor Value Comments Fastmarkets Lithium price US$11,580 3 May 19 max spot price Orecobre Lithium price US$9,451/tonne March 19 qtr Orecobre Lithium price US$14,999/tonne Sep 18 qtr Orecobre LCE production cost US$4,200/tonne March 19 qtr Rincon Mining

LCE production cost – ANST method US$4,500/tonne Rincon Salar Pilot plant

Argosy Production of battery grade LCE – evaporation & concentration method

US$4,000/tonne Rincon Salar – Pilot plant

Lithium X Project target production rate 15,000tpa FMC Partial processing on site Truck 90km through Andes

to process Produces highest grade LCE product globally

Evaporate & concentrate each project – single processing plant

Production of 14,485 tonnes LCE pa

Unit cost to produce US$4.2k/tonne

Revenue US$166m pa

Profit after tax US$79m pa

Capex US$222m, payback 2.8yrs, ROI 25.9%

Estimated Project life 20 yrs

NPV US$301m

Terminal value US$81mAssumptions FMC transport concentrate 90km to process

Unit cost is the Orocobre March 2019 quarter costs

Sale price LCE US$11,500 – Fastmarkets spot price from China May 19 $11,580/tonne

Capex – Plant US$100m, Transport set up US$40m, Ponds US$77m

Discount rate applied NPV 10%

Tenure 7,717ha

All amounts in $USD

14,485 LCE tonnes production per annum

Sale Price LCE per tonne – 3 cases: $9,500, $11,500, $14,500

Operating expenditure per tonne ($4,200)

Operating life of Projects (8.3 yrs for Rincon, 19.7 yrs for Incahuasi, 30 years for Pular – last 10 years captured in terminal value in year 20)

Taxation estimated at 25% of operating profits

40.0

40.6

63.5

Key production metrics Pular Rincon IncahuasiBrine Pumping Rate L/sec - Input 180 270 180

Lithium grade mg/L - Input 87 244 300

Lithium component Li2CO3 per Tonne 5.3 5.3 5.3

N E T $0.6b

$163m

3.9 Years

25.9%

$9,500

$0.9b

$301m

2.8 Years

35.7%

$11,500

$1.4b

$508m

2.0 Years

50.4%

$14,500 Project summary p.a. ($'000 USD) Pular Rincon Incahuasi TOTAL

LCE production Tonnes per annum 1,471 7,940 5,073 14,485

Revenue per annum ($'000 USD) 16,920 91,309 58,344 166,573

Opex per annum ($'000 USD) (6,179) (33,348) (21,308) (60,835)

EBIT 10,740 57,961 37,036 105,737

Tax (2,685) (14,490) (9,259) (26,434)

NPAT 8,055 43,471 27,777 79,303

EBIT margin 63.5% 63.5% 63.5% 63.5%

NPAT margin 47.6% 47.6% 47.6% 47.6%

Capex & exploration costs ($'000 USD) (22,573) (121,815) (77,837) (222,225)

Return on Investment 35.7% 35.7% 35.7% 35.7%

Payback period (years) 2.8 2.8 2.8 2.8

Where we are now Next 6 – 12 months Beyond 2019 3 key projects (Rincon,

Pular, Incahuasi) in 9 mining leases (minas) of 20,840 ha

JORC2012 Lithium carbonate (LCE) Resources for Pular & Rincon projects totalling 239,000 tonnes – 63% Measured & Indicated

Grade up to 313mg/l Lithium

LCE Production scoping Rincon

Blend modelling Pular, Incahuasi & Rincon

Resource drilling & analysis Incahuasi

Commence Production well construction

Key desired outcomes Confirm resource and product

for Rincon

Resource statement for Incahuasi

Validate production process

Secure funding partner to take project to production

Move to production -evaporation pond, processing plant and roadway

Secure pipeline / key purchaser for resource

Refine extraction process to increase margin and quality of resource

Realise value of project for shareholders through increase in market capitalisation

Current market cap $4m AUD

Share price is projects valued at

$46m AUD

Share price is projects valued at

$93m AUD

0.3c share price Potential 3.3c share price12.5x multiple

Potential 7.5c share price25x multiple

IPO Uranium Price US$25/lbIPO Uranium

Price US$25/lb

Apr 07 - Uranium US$90/lb IPO holders –

1,445% ROI

Apr 07 - Uranium US$90/lb IPO holders –

1,445% ROI

Sale of Uranium Project announced Uranium

Price US$40/lb

Sale of Uranium Project announced Uranium

Price US$40/lb

Dividend 5c per share Return on investment from IPO 425%

Dividend 5c per share Return on investment from IPO 425%

Sale completed Jun 07– Uranium Price US$130/lb

Sale completed Jun 07– Uranium Price US$130/lb

PNN has a track record for adapting to commodity cycle

Then

Resources defined

Extraction process analysis

Production method testing

Partner and funding to production

Shareholder reward

Disclaimer and Competent Persons Statement The information in this presentation is published to inform you about PepinNini Lithium Limited and its activities. All reasonable effort has been made to provide accurate information, but we do not warrant or

represent its accuracy and we reserve the right to make changes to it at any time without notice.

To the extent permitted by law, PepinNini Lithium Limited accepts no responsibility or liability for any losses or damages of any kind arising out of the use of any information contained in this presentation. Readers are advised to consult a stockbroker or professional adviser before making any investment decisions.

The information in this presentation on the Salta Lithium project has been prepared with information compiled by Marcela Casini, MAusIMM. Marcela Casini is the Exploration Manager-Argentina of PepinNini Lithium Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Marcela Casini consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Certain statements contained in this presentation, including information as to the future financial or operating performance of PepinNini Lithium Limited(“PepinNini”or“PNN”)and its projects, are forward-looking statements. Such forward-looking statements: are necessarily based upon a number of estimates and assumptions that, whilst considered reasonable by PepinNini, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements; and may include, among other things, statements regarding targets, estimates and assumptions in respect of metal production and prices, operating costs and results, capital expenditures, ore reserves and mineral resources and anticipated grades and recovery rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. PepinNini disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and other similar expressions identify forward-looking statements. All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.