www.arenaminerals.comTSX.V: ANOTC: AMRZF

A Strategic Chemical Advantage Creating a Low Cost Producer for Battery Grade Lithium

Carbonate

April 2019

OFFERING A PROPRIETARY, LOW COST

SOLUTION TO THE LITHIUM BRINE INDUSTRY

Legal Disclaimers

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Forward Looking Disclaimer: This document may contain forward-looking information within themeaning of applicable Canadian securities legislation. Forward-looking information includes, butis not limited to, statements, projections and estimates relating to the future development of anyof the Company’s properties, the anticipating timing with respect to the private placementfinancing, the ability of the Company to complete the private placement financing, the results ofexploration programs, future financial or operating performance of the Company, its subsidiariesand its projects, the development of and the anticipated timing with respect to the lithiumprojects or the Atacama project, and the Company’s ability to obtain financing. Generally,forward-looking information can be identified by the use of forward-looking terminology such as"plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates","forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of suchwords and phrases or state that certain actions, events or results "may", "could", "would","might" or "will be taken", "occur" or "be achieved". The statements made herein are based oncurrent expectations and assumptions that are subject to risks and uncertainties. Estimatesunderlying the results set out in this presentation arise from work conducted by previous ownersof the Antofalla Project and the Company. Forward-looking information is subject to known andunknown risks, uncertainties and other factors that may cause the actual results, level of activity,performance or achievements of the Company to be materially different from those expressed orimplied by such forward-looking information, including but not limited to: general business,economic, competitive, geopolitical and social uncertainties; the actual results of currentexploration activities; other risks of the mining industry and the risks described in the annualinformation form of the Company. Although the Company has attempted to identify importantfactors that could cause actual results to differ materially from those contained in forward-looking information, management discussion and analysis section of the Company’s interim andmost recent annual financial statement or other reports and filings with the TSX VentureExchange and applicable Canadian securities regulations, there may be other factors that causeresults not to be as anticipated, estimated or intended. There can be no assurance that suchinformation will prove to be accurate, as actual results and future events could differ materiallyfrom those anticipated in such statements. Accordingly, readers should not place undue relianceon forward looking information. Arena Minerals does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Currency Presentation:Unless otherwise indicated, all dollar figures are in Canadian dollars

Sources of Information: Data such as commodity prices, growth, volumes and well as informationrelated to producing assets or comparable projects were obtained from public sources such asindustry publications, technical reports, articles published by experts and press releases

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What Matters

Led by a team with Undeniable Experience in Lithium processing which hassuccessfully advanced and brought to production several lithium projects, mostrecently with Lithium-X Energy Corp., which was acquired in 2018 for $265M.

Team includes Eduardo Morales, former CEO of Rockwood Litio Ltda (based inChile), President of Rockwood Lithium Latin America and COO of Lithium-X, aWorld Leader in the Field.

Has adapted, to the lithium brines of Argentina, the “Brine Mixing Process” whichwas developed and implemented by Eduardo Morales and the team he was partof, and led to Chile being the world’s lowest cost producer of Lithium Carbonateover the last few decades

Aims to achieve production based on this process, which results in products muchbetter suited for Battery Grade Lithium Carbonate while carrying significantlylower costs of production. Arena also seeks to form Strategic Partnerships andsecure Royalties

Benefits from strong local relationships and is building on a strong InstitutionalInvestor Base, which includes:

De-Risking Example of Lithium-X

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Nov. 30th 2015: Debut Trading on TSX.V

Feb 16th 2016: Hire Will Randall as VP Project Development to help

“Finding, analyzing and conducting due diligence on

assets”

April 21st 2016: Acquires Sal de los Angeles (“SDLA”) Brine

Project in Argentina

June 29th 2016: Appoints Eduardo Morales as COO

March 18th 2018: Closing of Acquisition

23% Premium

420% over 2 years

“The Key to value creation in the lithium brine industry is to demonstrate the entire process, from resource extraction through to a saleable, high quality end product” - Eduardo Morales

Feb. 21st 2017: LIX achieves 5% Li concentrate on site demonstrating viability of process; permit for construction of

Initial Ponding Facility of 2,500t/yr of LCE

Dec 18th 2017: Lithium X acquisition by Chinese consortium led by NextView for

$265M; $2.61/share

Key Expertise Reunited

Will Randall, President and CEO

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Daniel Bruno, Board Member• Co-founder of Arena Minerals with over

15 years of Capital Markets experience• Former Partner and Director with GMP

Securities• Born in Uruguay; fluent in Spanish

Paul Kania, Chief Financial Officer• Financial Professional providing CFO, controller,

financial reporting and consulting services• Significant experience in the mining sector• Certified Public Accountant (CPA)• HBA, Economics and Philosophy, University of Toronto

Simon Marcotte, VP - Corporate Development• Over 20 years of Capital Market experience with CIBC World

Markets, Sprott and Cormark Securities• Corporate experience with Belo Sun Mining, Alderon Iron Ore

and Mason Graphite with a focus on battery materials• Holds a Business Degree from Sherbrooke University and the

CFA designation

Nicolas Vázquez, Board Member• 10 years of experience in representing mining

companies in Argentina• Current a Partner at Vasquez & Meroni

Abogados, a law firm in Argentina• Graduate from Universidad Católica Argentina

Additionally, the Salta Based Technical Team of Lithium-X is available to Arena and is Being Reassembled

• Founder of Arena Minerals• Recently VP Project Development for Lithium-X Energy Corp.

advancing the Sal de los Angeles (“SDLA”) lithium brineproject in Argentina.

• Lithium-X was acquired for $265M in 2018 by a consortiumled by Nextview New Energy Lion Honk Kong Limited.

• Identified, acquired and advanced the SDLA Project since2009 before and after the acquisition by Lithium-X EnergyCorp. in 2016.

• 20 years of experience in project development with a focuson Lithium in the last 10 years.

• Professional geologist and qualified person (“QP”) with 20years of extensive exploration experience.

• Mr. Randall was raised in Argentina, educated in Canada andis fluent in both English and Spanish.

• Mr. Morales is a chemical engineer with nearly 40 years of experience in the lithiumindustry, with a focus on project engineering, construction and start-up.

• The world’s first Battery Grade Lithium Carbonate was achieved under his leadership.• Mr. Morales formerly built and operated one of the world’s largest lithium brine

operations. As President of Rockwood Lithium Latin America, he successfully led thedevelopment, commissioning and operation of Rockwood’s Salar de Atacama project.His tenure with Rockwood Lithium ended with the company’s sale to AlbemarleCorporation for US$6.2 billion in 2014.

• Mr. Morales was appointed Chief Operating Officer of Lithium-X Energy Corp. in 2016.Lithium-X was acquired less than 2 years later.

• Mr. Morales previously served as General Manager overseeing construction andoperations of both the ponding facilities at Salar de Atacama and lithium carbonate andlithium chloride plants in Antofagasta, Chile. He holds a Chemical Engineering degreefrom the University of Santiago, Chile.

Eduardo Morales, Executive Chairman

World Renown Expert in Lithium Brine Processing

Peter Damouni, Board Member• 17 years in investment banking/capital markets• Led equity and debt financings valued over $5B • Director of Kerr Mines, Georgian Mining and

Chesterfield Resources LSE: CHF• Canadian and British citizen, based in the UK

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Complementing this presentation, a long-form text laying out the full corporate strategy can be found on the website

under the tab “The Company Explained”

www.arenaminerals.com

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New energy sources become more and more competitive, dislodging traditional energy sources, and require energy

storage

Lithium-ion batteries are reaching levels where electric vehicles and traditional vehicles will have the

same price at the dealership, setting aside the gas savings

Evolution of current technologies and new lithium-ion battery technologies are about to experience a tipping point and all require more lithium per battery

Please see the MACRO SECTION for more on these topics

Lithium Demand Accelerating

Multiplied by:

Plus:

“Lithium demand from lithium-ion batteries is forecast to grow

by 26% per year in the years to 2028, increasing from 136.7kt lithium carbonate equivalent (LCE) to in excess of 1.4Mt LCE”*

*https://roskill.com/market-report/lithium-ion-batteries/

The World NEEDS Argentina

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Arena Minerals will help the lithiumbrine Industry in Argentina become a

Global Low Cost Leader

Lithium Triangle: Chile, Argentina and Bolivia

• Chile has been the main producer, but now faces challenges due to stringent environmental and legal frameworks; it is now very difficult to obtain social licenses to operate or even expand.

• Bolivia has yet to experience any meaningful influx of capital or international companies. Process Technology is lagging in order to address magnesium content

• Argentina has attracted the 3 major lithium producers and new developers and experienced a dramatic increase in reserves over the last decade.

Lithium Triangle

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• Producing facilities in Atacama, Chile have been mixing using brine based reagents for many years and has become the world’s lowest cost producer of Battery Grade Lithium Carbonate

• The reagent is developed by concentrating brine from specific areas in Atacama that possess a unique chemistry

• This process was developed in the 70’s by a team Eduardo Morales was part of and, since the early 80’s, Mr. Morales was the fundamental person deploying this technology in Chile

• Mr. Morales is a key member of Arena Minerals’ team and still works today with the same group of technical personnel

A Different Kind of Company

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Atacama, Chile

Argentina

• This brine replaces conventional lime based reagents used in processing and is not only better suited for Battery Grade* but also reduces production costs by 40% to 70%1

• After working for more than two years in Argentina, Mr. Morales and his team were able to adapt the process used in Chile to the brines of Argentina. The know-how related to this process is proprietary to Arena

• A unique brine chemistry is required and not commonly found in Argentina. The Antofalla Projectcarries the adequate chemical composition

• *Lime based processes have been proven to result in concentrates challenging to use as a feed for Battery Grade Lithium Carbonate production

• Arena has several Joint Venture discussions underway and will look to acquire traditional assets to deploy the strategy independently

1: This range of Operating Expenditures (“Opex”) savings is based on the best estimates of the management and the technical teams of Arena Minerals and takes into account, over and above the respective PEA of Feasibility published Opex, the specific chemical characteristics of thebrines underlying the various projects being active in Argentina and suitable for this particular processing alternative. Although these estimates have not been verified by an independent firm, the management team as well as the technical team have extensive expertise in the field,and in this process in particular, which was accumulated over several decades in the region. It is also common knowledge that such a brine-mixing process is being used in the neighbouring country of Chile and results in significantly lower Opex than the projections established here.

is a saleable product, reaching prices equivalent to , but requires a lower CAPEX and OPEX. The equivalent step in the liming process is not currently a saleable product.

Simply Put: Lower Capex & Lower Opex Resulting in a Product Better Suited for Battery Grade Lithium Carbonate

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Antofalla-Mixing Process

Early treatment of brine with Antofalla

based reagent

Concentration in evaporation ponds

to >5% Li

Feed to carbonate plant (prior B

removal)

Battery grade product produced

consistently

OPEX

Typical Liming Process

Early treatment of brine with lime

Concentration in evaporation ponds

to <1% Li

Feed to carbonate plant (prior B

removal)

Production of mostly technical

grade lithium carbonate

Carbonate upgraded to battery grade via purification circuit

OPEX

Lower OPEX (40% - 70%1) Product flexibility Consistent battery grade

production with fewer process steps

Lower CAPEX (no purification circuit)

X

B

X

A

B

A

1: See disclosure on previous slide

The Neighborhood

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The Argentine Punaregion hosts the

world’s third largest lithium reserves, after

Chile and China

NEO LITHIUM

TRES QUEBRADAS100%PEA

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AntofallaProject Location

Salar de Antofalla

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Arena owns 100% of 3 claims totaling 4,000* hectares (40 km2)immediately South of Albemarle’s resource.

50% of the claim area sitting directly on the Salar

* An additional 1,800 hectares (18 km2) in the center of the Salar are currently disputed and could be secured. The matter is currently in court and expected to be resolved by mid 2019

Salar de Antofalla is located 60 km from the municipality ofAntofalla, Argentina at 3,300 meters; the slightly lowerelevation coupled with dry conditions lends itself to higherevaporation rates

Historical work conducted by Vale (prior to the project beingacquired by Albemarle) suggests a halite dominant Salarhosting a shallow lithium resource, with average lithiumconcentrations of 350 mg/l and effective porosity of 15%.

The Antofalla salar covers approximately 706 squarekilometers, making it one of the largest lithium bearing salarsin the world.

It is the only asset acquired by Albemarle in Argentina.

Competitive Advantage

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Not only is transportation cost a competitive advantage, but ArenaMinerals doesn’t require an overly large resource at this stage; thevalue proposition is in the proprietary process

• No other producer is in a position to deliver such an integrated solution. Arena benefits from a first mover advantage, and is evaluating the availability of patent protection for its proprietary know-how.

• The brine will be concentrated at site and transported to other brine operations in Argentina

• The transportation costs of this reagent are reduced as typical reagents (lime) are sourced from San Juan province, Argentina, approximately 800km away

• A reduced quantity of Antofallabrine is required as a reagent

• Antofalla based reagents will also carry lithium800 km

Business Alternatives

Arena expects to secure Royalties byforming partnerships with other brineprojects in the country, where it wouldhelp adapt the process and alsoprovide the lithium-rich reagent

Joint Venture discussions underway

Arena Minerals also contemplates theacquisition of more typical brine assetsand proceed with the entire strategyon its own 16

What’s Next?

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Argentina Lithium Projects

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Company Salar Location Stage Market Cap

Millennial Lithium Corp. (TSX.V: ML) Pastos Grande Salta, Argentina PEA C$136M

LSC Lithium Corp.* (TSX.V: LSC) Pozuelos Salta, Argentina Resource C$112M

Lithium America Corp. (TSX: LAC) Coucharí-Olaroz Jujuy, ArgentinaFeasibility

ConstructionC$495M

Neo Lithium Corp (TSX.V: NLC) Tres quebradas Catamarca, Argentina PEA C$111M

Advantage Lithium Corp. (TSX.V: AAL) Caucharí Jujuy, Argentina PEA C$87M

Galaxy Resources Ltd (ASX: GXY) Sal de Vida Salta, Argentina Feasibility A$806M

Lithium X Energy Corp (Acquired) Sal de los Angeles Salta, ArgentinaAcquired at Feasibility stage

(before publication)C$265M

(Acquired)

Catamarca, ArgentinaExploration &

Resource Definition$9M

Arena Minerals’ Salar de Antofalla demonstrates a unique chemistry leading to lower production costs

and major strategic advantages

*: LSC Lithium Corp. is in the process of being acquired by Pluspetrol Resources Corp B.V. in an all cash transaction announced on January 15th 2019

Antofalla

Argentina

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• Over 10 mines put into production in recentyears. over 500,000 workers employed by themining industry

• Holds some of the world’s foremost lithiumdeposits in the NW Puna region, where highaltitude arid climates lend themselves toconventional brine processing

• Argentine brines has been the source of ALL ofthe new brine production since the 1990’s

• Influx of large multinational companies,including the Big Three lithium producers,Livent (formerly FMC Lithium), SQM* andAlbemarle, which are now developing projectsor operating mines in the country

• President Macri has gone on record supportingthe mining sector with an emphasis on thelithium sector in particular

• Most members of Arena’s management teamare from Argentina and have an extensiveprofessional experience in the country

Investments are flowing into Argentina, not only from basic lithium salts producers, but also from downstream lithium producers

*: SQM sold its participation in Lithium-America to Hong Kong based Ganfeng Lithium

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Typical Brine AcquisitionTechnical Team Re-AssembledSeed Round Financing

Antofalla Acquisition

1st Round of Drilling Pump Tests

Geophysics Work

1st Strategic PartnershipKey Board and Management Additions

Demonstration of Process with Partner

Note: please refer to the Forward Looking Statements on slide 2

Resource Estimate

Key Shareholders• Management, Board and Insiders: 15%

• Institutional and High Net Worth Shareholders own approximatively 35%, including:

• Fidelity Investments• One of the world’s largest asset managers

• Hydra Capital Partners• Seasoned investments-industry professionals offering

funding and capital market services

• Mr. Fahad Al-Tamimi*• International businessman whose area of expertise involves

infrastructure in energy, mining and transportation

• Ross Beaty and team• One of Canada’s most successful entrepreneurs with over

40 years of experience in minerals and renewable energy

• Several Lithium-X key shareholders, including Mr. Paul Matysek:

• a proven company builder having founded, advanced and sold 5 companies in the past 10 years

Fidelity: https://fidelity.ca/fidca/en/products/gc# TSX.V: AN 20http://www.fahadaltamimi.com/*

Additional Assets

296 hectares in Salar del Hombre Muerto adjacent to the property currently proposed to be acquired by POSCO from Galaxy for US$300M. POSCO is expected to consolidate the surrounding properties once the transaction is completed. Livent (FMC) has been producing from the Salar for 20 years

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2-year Option on a property at Pocitos Salar. No maintenance fee and requires only aUS$30,000 payment if Arena whishes to exercise the option at maturity. Therefore it is afree option on exploration done by others at Pocitos Salar, which has been active forover 2 years by:

• Projects located near Antofagasta, Chile, and world class operating mines: Lomas Bayas, Mantos Blancos, Spence, Sierra Gorda,

Tesoro and El Peñon

• Agreement earned an 80% interest in the Atacama Copper Property, consisting of 6,910 hectares in world’s foremost copper

district

• Arena’s land package has been held by single owner with focus on industrial minerals for over 70 years, with claims dating back to

1876

• 2 Copper porphyry and one Au-Ag epithermal prospects discovered by Arena during early stage prospecting are currently

available for option or joint venture agreements; please see the “Atacama” Corporate Presentation for details

Capital Structure

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Trading Symbols

TSX.V: AN

US OTC: AMRZF

Capital Structure

Shares Outstanding 142,621,090

Warrants (Strike price: $0.10; May 2021) 46,000,000

Options (Average strike price: $0.16) 8,205,000

Fully Diluted 196,826,090

Recent Financings

Non Brokered Private Placement• Seed Round mainly undertaken by insiders and

key institutions

• September 2018; $0.05/unit

$2.3 M

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Macro Section

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Lithium Facts

According to Microsoft, as soon as 2023, EV will reach parity; being the same price out of the dealership

The Li-ion Battery Market Growth is Imminent and will Bring a

Dramatic Shock to the Industry

The EV Revolution was not triggered by Elon Musk making cool cars. Elon Musk began making cool cars because he foresaw the cost of the Li-ion battery falling sufficiently to be competitive.

2018 was an inflection point for a steep drop in prices almost reaching parity.

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Lithium Facts

The new technologies expected to further decrease the cost and improve performances require

more and more lithium

Those new technologies are about to experience a tipping point

Li-ion Advanced Li-ion Solid Sate

An electric car requires SIGNIFICANTLY more batteries than a mobile phone or any portable electronics explaining why the growth in adoption in EV is so much more relevant to lithium demand

26

Lithium Facts

During the First Tour of the Gigafactory, Elon Musk Said: “The World Will Need 100 of those Gigafactories.” Less Than THREE Years later, 51 Megafactories Have Been Announced and the USA has Yet to Be a Relevant Player

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Lithium Facts

Rise of the lithium-ion battery megafactories – rapid and relentless

2015

2018

Automakers Are Also Committing Capital

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Lithium Facts

Global Forecasts

Example of Norway

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Lithium Facts

What makes a REAL difference for lithium demand is the sales of “EVs”, i.e. cars you can plug in.

Hybrid widely succeeded but now EV are taking the lead.

The battery production capacity represents the ACTUAL demand

and is the strongest testament of where the industry is heading

2018

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Lithium Facts

Lithium Carbonate will remain the largest market, with 56% market share in 2028

Lithium Hydroxide can be produced from Lithium Carbonate and it is cheaper to do so than producing Lithium Hydroxide directly. Lithium Carbonate can’t be produced from Lithium Hydroxide.

“The hydroxide hype from 2018 lookspremature with high-nickel cathodes (NCA,NCM 811, etc) still only making up a fraction ofproduction plans for this year. Bigger growth inthe near term expected from 622, 523, etc,meaning the #lithium split will remain in thebalance.”

- Andrew Miller, Benchmark Mineral Intelligence, January 30th 2019

56%

and 56% of materials will require lithium carbonate

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Notes

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Notes

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Head Office

120 Adelaide Street West, Suite 1410Toronto, Ontario, M5H 1T1

TSX.V: ANOTCQX: AMRZF

www.arenaminerals.com

For information, contact:Simon Marcotte, CFA, Director Corporate Development+1-647-801-7273info@arenaminerals.com