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Rincon Lithium Project Overview

Tim Goldsmith

(President & CEO)

October 2019

Rincon Lithium – Salar del Rincon

The pathway to long life, low cost, industry

changing lithium production

Forward looking statements

Forward Looking StatementsThis presentation contains forward-looking statements about Rincon Ltd. (“Rincon” or the “Company”) and its lithium project at the Salar del Rincon (“RinconProject”). Forward looking statements are statements that are not historical facts and are based on certain assumptions relating, but not limited to: resourceand reserve estimates, anticipated mining and processing methods for the Rincon Project, anticipated lithium recoveries, production and plant capacity rates,lithium grades, estimated capital costs, operating cash costs and total production costs, construction and supply of the necessary energy required, plannedadditional processing work and permitting, the timing for construction of phases of the commercial, type of lithium end product, and timing and availability offuture funding. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect.The forward-looking statements in this presentation are subject to various risks, uncertainties and other factors that could cause the Company’s actual results orachievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include,without limitation, risks related to uncertainty in the demand for lithium and pricing assumptions; uncertainties related to raising sufficient financing to fund theproject in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results ofwork will not fulfill expectations and realize the perceived potential of the Company’s properties; uncertainties involved in the estimation of lithium reservesand resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may behigher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery ratesmay not be achieved; risks related to the deployment of a new lithium processing technology; risk of accidents, equipment breakdowns and labor disputes orother unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; and risks related to projectedproject economics, recovery rates, and estimated NPV and anticipated IRR and other factors.

These factors may cause the actual results of Rincon to differ materially from those discussed in the forward-looking statements and there can be no assurancethat the actual results or developments anticipated by management will be realized or, even if substantially realized, that they will have the expected results onRincon. Undue importance should not be placed on forward-looking information nor should reliance be placed upon this information. Rincon makes norepresentation or warranty, express or implied, as to or endorsement of the accuracy or completeness of any information, statements or representationscontained in this presentation. As a private company, Rincon is under no obligation and does not undertake to update this information at any particular time.

Qualified PersonsThe mineral resource estimates, mineral reserve estimates and recovery rates are derived from the Company’s definitive feasibility study on the Rincon projectprepared under NI 43-101 dated September 25, 2018 and with an effective date of September 2, 2018 (“2018 DFS”). The 2018 DFS was authored by QualifiedPersons Jerry L. Aiken, B.S. Geology, Registered SME, Senior Associate Geologist, SRK Consulting; Terry Braun, P.E., M.S., Principal Consultant, SRK Consulting;Tyler Cluff, P.G. M.S., Senior Hydrogeologist, Piteau Associates; Douglas Collier, Fellow AusIMM, Principal Engineer, ANSTO; Hugh D Thompson, B. Eng. (Mining),FAusIMM, Prudentia Process Consulting; Jeff Osborn, BEng Mining, MMSAQP, Principal Consultant, SRK Consulting.

Cautionary Note on Cost EstimationsCapex and opex estimates are in accordance with NI 43-101 standards at the time of reporting.

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Rincon Ltd - Company overview

• Rincon Ltd is 100% owned by funds managed by Sentient Equity Partners (SEP)

• Rincon Ltd owns the following assets:

o Rincon Lithium brine project in Argentina

o Natural Soda, Bicarbonate of Soda producer in Colorado, USA

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Rincon Lithium project - Location

Salta Office

• Located in the Lithium triangle - in the pro-mining province of Salta, Argentina

• Rincon owns >97% of tenements available on productive halitic core of the Salar del Rincon

• Compliant technical report NI 43-101 in September 2018 with SRK

• EIS approved for 25ktpa commercial plant

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Rincon Lithium project - Characteristics

Main attributes of Salar del Rincón

• Catchment basin (2,767 km2)

• Alluvial fan (fresh water)

• Salar boundary (435 km2)

• Halitic core (232km2) has excellent transmissivity –

capable of sustaining long term grades of approx. 400

mg/L at volume

Infrastructure – well serviced

• Sealed highways

• Railroad

• High voltage power line

• Gas pipeline

• Sufficient water

• Probable Mineral Reserve of ~1.1m tonnes Lithium Carbonate Equivalent (LCE)

• Measured & Indicated Resource of ~3.6 million tonnes LCE & Inferred Resource of~ 4.3 million tonnes LCE

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Rincon Lithium project - Direct extraction technology

Simplified process overview

Raw brine

Directly pumped from salar

Brine Treatment

Up to 76% recovery of Li

Removes impurities

Precipitation Circuit for Lithium Compounds

Regenerates reagents

Carbonation Circuit

Produces Battery Grade

Lithium Carbonate

Rincon has developed with ANSTO Minerals, an Australian

Government Science Organisation, proprietary extraction technology

which addresses high Mg:Li ratios and medium grade of Lithium in

brine (~400mg/L)

US$30M spent validating technology and building and operating a

demonstration plant at Salar del Rincon

2014: Lithium Compound precipitation circuit built and successfully

demonstrated at ANSTO Minerals, Lucas Heights

2015-2016: Membrane nano-filtration circuit trialled and installed at

Salar del Rincon

2016-2017: Membrane circuit successfully operated at Salar del

Rincon for 18 months

2017: Demonstration plant installed at Salar del Rincon and

successfully produced battery grade lithium carbonate

2018: Certification of process technology and assumptions by ANSTO

Completion of the Definitive Feasibility Study (DFS) & NI 43-101

technical report in September 2018 with SRK

2019: 3-month demonstration plant production campaign to confirm

design criteria

EIS approved for 25ktpa commercial plant 6

Demonstration Plant, Salar del Rincon, Argentina

Direct extraction from raw brine

Consistent quality of battery grade lithium carbonate

Opportunity for future expansion to also produce high quality

lithium hydroxide

Regenerates reagents

Unit costs estimated at <US$3,000/tonne LCE

Lower environmental impact - no evaporation ponds

Rincon Lithium project - Key extraction advantages

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• NPV $1,133m (10% real discount rate)

• IRR 29%

• Project Capital US$599 million

• Opex $2,544 per tonne

• Production target 27,800 tpa

• Assumes a lithium price $13,435 per tonne

Lithium Cash Cost Curve (US$/t LCE)1

Forecast 1st quartile unit costsSource CIBC

Rincon Lithium project – Definitive Feasibility Study highlights

Rincon’s proprietary extraction technology is forecast to produce LCE at 1st quartile unit costs

Rincon’s DFS was completed in September 2018 in conjunction with SRK & ANSTO

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Rincon Lithium project - Strong community support

Rincon has successfully engaged with local communities to foster understanding of its corporate

objectives and has developed a strong social licence to operate

• Rincon has been an employer of choice since 2009

• Support for local communities to build businesses and provide skills training

• Rincon has wide community support

• Good relations and endorsement from both the Salta Provincial and Argentine Federal Governments

• Direct extraction process has a lower environmental impact than traditional evaporation methods

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Rincon Lithium project - Investment highlights

Ownership of project 100%

Mineral reserve (probable) ~1.1m tonnes of LCE

Mineral resource (measured and indicated/inferred) ~3.6m/~4.3m tonnes of LCE

Environmental Impact Study (EIS) Approved for 25ktpa commercial plant

Project documentation stage DFS completed; NI 43-101 compliant

Estimated developmental costs US$599m project cost

Estimated annual production lithium carbonate Up to 28ktpa of battery grade LCE

Estimated unit costs <US$3,000/t of LCE

Mine life ~30 years

Community engagement Strong and welcoming

Sustainability Advantageous extraction method - lower impact

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Rincon Lithium project - Investment summary

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5 Key factors for successful brine projects

Key factor Measure Rincon

Resource 5-10 year life ~30 years life

Ownership Majority owned >97%

Infrastructure In situ Power, Road, Rail, Gas

Lithium Grade Battery Grade 100% of production

Production costs Lower cost quartile(s) <$3,000/t of LCE

EIS Approved 25ktpa

The Rincon project is an attractive proposition based on the Lithium factors of success

Rincon Ltd

Rincon Ltd.Melbourne Office

Level 2 15 – 19 Claremont Street

South Yarra VIC Australia 3121

E | info@rinconltd.comW | rinconltd.com