Slides
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1 2025 Annual General Meeting 28 May 2025
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2 2025 – Progress to Date Distributed Tranche 1 net proceeds and implemented the new strategy Shareholder meeting held and return of capital approved 17.2 cent per share distribution made to Shareholders (Jan-2025) Cost and headcount reduction initiatives implemented Executing corporate strategy – opportunity screening completed Short list identified and counterparties engaged
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3 Our strategic focus remains to acquire an asset(s) Executing corporate strategy Commodity Jurisdiction Project life stage Project scale Structure Timing Focus on lithium – hard rock and brines WA, US, Canada, South America (including lithium triangle), Europe Development projects, pre-FID Projects capable of becoming a significant global lithium producer Maintain financial discipline and balance sheet strength Leo to be operator and/or majority owner to enable resumption of trading on ASX If no opportunities significantly progressed by Q3 2025, return Tranche 2 funds to shareholders (expected in H2 2025) Screen Considerations Current discussions focused on lithium hard rock and brine Current focus in North and South America All current opportunities pre-FID Tier 1 opportunity targeted for a cornerstone asset Leo seeking majority ownership and operatorship Some or all of Tranche 2 funds to be returned, if not used in acquisitions Status update Important Note: All opportunities remain incomplete and confidential, and none have progressed to a point where commercial terms have been agreed or finalised. There is no guarantee that any transaction will be agreed or completed or that ASX re-quotation will occur. Shareholder approval is required to retain any Tranche 2 proceeds to fund acquisitions. ✓ ✓ ✓ ✓ ✓ ✓
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4 Strategy has been refined Updates reflect learnings from the process to date Learnings from implementing the strategy include: • Timing: o Size and timing of any Tranche 2 return dependent upon acquisition activity outcomes o Activity is ongoing and timing of any deals remains uncertain o If no opportunities are significantly progressed by Q3 2025, Tranche 2 funds returned to shareholders (expected in H2 2025) • More than one acquisition: o Multiple opportunities identified during screening process o Acquisition of a cornerstone asset plus one or more low-cost, high-potential opportunities possible • Acquisition plus T2 partial return: o Depending on final deal outcomes, some Tranche 2 proceeds may be returned in addition to asset(s) being acquired
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5 2025 – Next Steps Key milestones for remainder of 2025 Receive Tranche 2 proceeds Announce and execute transaction(s) Determine if there are deals to complete Return some or all of Tranche 2 proceeds Seek ASX re-quotation Commercial discipline to be maintained during negotiations. Value accretive opportunities being pursued USD171.2m + ~USD6.4m interest due by 30 June 2025. Call options placed at effective exchange rate of 1 AUD = 0.6282 USD* * Effective exchange rate includes call option costs. No commitment if spot price better than option price at time of conversion. Transaction documentation subject to shareholder approval if required by law or if Tranche 2 is being utilised Considering possibility of one or more acquisitions and some Tranche 2 return Acquisition(s) intended to maximise chance of re- quotation. No guarantee that re-quotation will occur
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6 6 Leo Lithium Limited ABN: 70 638 065 068 ASX: LLL Level 2 16 Ventnor Avenue West Perth WA 6005 Australia T: +61 8 6314 4500 E: info@leolithium.com W: leolithium.com This announcement has been approved for release to the ASX by the Board