Investor Presentation
October 2019
Strictly Private & Confidential
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1. Company Overview
Ganfeng Lithium – China’s Largest Lithium Compounds Producer
1.78B RMB; USD 269m4
FY2018
Adj. EBITDA
13B HKD; 27B RMB Total Market
Capitalization5
220Research &
Development Staff3
7Investments in
Upstream Resources
4.89B RMB; USD740m4
FY2018
Total Revenue
No.3Lithium Compounds
Producer Globally1,2
No.1Lithium Metals
Producer Globally1,2
Note: 1. CRU Report. 2. As measured by production capacity in 2018. 3. As of July 7, 2018. 4.USD calculate using avg fx rate 2018 of 6.61 (Federal Reserve). 5. As of Sept 1, 2019.
2010IPO on Shenzhen
Stock Exchange
2018IPO on Hong
Kong Stock
Exchange
1
Key Milestones
20162014
2017
2000
• Established in Xinyu, Jiangxi Province by our founder Mr. Li Liangbin focusing on lithium metals
2010
• The first lithium company in China to go public on A-share market
• Acquired 51% equity interest in Blackstairs Lithium (Avalonia project)
• Launched a battery grade lithium hydroxide production line
• Established our research and development center for solid-state batteries
• Increased stake in RIM (Mt. Marion) to 43.1%
• Started to build our lithium-ion motive power battery plant in Jiangxi
2007• Launched the
production line for extraction of lithium chloride from salt lake brines
• Started to expand into downstream lithium battery production
• Acquired 25% interests in RIM (Mt. Marion) and secured raw material off-take for our operation
• Acquired additional equity interest in Blackstairs Lithium with shareholding reaching 55%
• Acquired 19.9% interest in Lithium Americas with off-take
• Acquired 4.84% interest in Pilbara Minerals with off-take
• Subscribed 15.8% of the total issued share capital in Explorex Resources Inc.
• Expanded into downstream retired battery recycling
• Capacity expansion plans– 20,000 ton/annum lithium hydroxide
production line– 17,500 ton/annum lithium carbonate
production line– High capacity lithium motive power
battery production line
• Acquired 9.9% interest in International Lithium and started to expand into the upstream section of the lithium industry value chain
2011 2015
2
2018
• Sign multi-year supply agreements with LG Chem, BMW, Tesla
• Complete Hong Kong IPO listing raising $US423mm
• Increased equity ownership in Pilbara Minerals to 9.5%
• Increased ownership of Mt. Marion to 50%
• Increased interest in Minera Exar to 50%) (Lithium Americas JV partner)
• Signed MOU w/ VW Group
• Agreement to acquire 29.9% of BCN and 22.5% of Sonora Lithium
2019
Overview of Lithium Value Chain
Consumer
Electronics
Energy
Storage
Glass &
Ceramics
ChemicalSpodumene
Spodumene
Concentrates/High
Concentration
Brine
Lithium
Carbonate
Lithium
Chloride
Lithium
Hydroxide
Lithium
Metal
Brines
End Uses
Electric
Vehicle
Aerospace
Alloy
Pharmaceuticals
Primary
Battery
• Lithium carbonate (Li2CO3) is a fine white powder and is
stable at room temperature
• Most commonly used lithium compounds to
make cathode material for lithium-ion batteries
• Can also be processed into other lithium compounds
such as lithium hydroxide and lithium bromide
• Lithium hydroxide (LiOH) is a fine white powder
processed from spodumene or other ores using a high
temperature chemical process, or converted from lithium
carbonate
• Fast becoming an important cathode material of Nickel-
Cobalt-Manganese (NMC) and Nickel-Cobalt-Aluminum
(NCA) battery, offering improved energy density
compared to other battery technologies
• Lithium metals is produced from electrolysis of lithium
chloride
• Often used in aluminum alloy for aerospace
components, anode for primary cells and
pharmaceutical catalysts
• Increasingly being applied as anode in solid state
batteries
Lithium Compounds Lithium Metal
Source: CRU Report.
3
Highly Integrated Business Model
Lithium Compounds Lithium Metals Lithium Batteries Others
Key Financials
Revenue: RMB3,181mm/USD481mmGross Profit: RMB1,148mm/USD214mmGross Margin: 36%
Revenue: RMB970m/USD146mmGross Profit: RMB494mm/USD75mmGross Margin: 51%
Revenue: RMB354mm/USD54mmGross Profit: RMB11m/USD1.6mmGross Margin: 3%
Revenue: RMB383mm/USD58mmGross Profit: RMB99.9mm/USD15mmGross Margin: 26%
Operational Footprint
• Specialty Lithium Plant (Jiangxi)• Xinyu Basic Lithium Plant (Jiangxi)• Ningdu Ganfeng (Jiangxi)
• Fengxin Ganfeng Lithium Plant (Jiangxi)
• Yichun Ganfeng Lithium Plant (Jiangxi)
• Dongguan Ganfeng Battery Plant (Guangdong)
• Ganfeng Lithium Power Battery Plant (Jiangxi)
• Ganfeng Recycling Technology (Jiangxi)
Segment Overview
• Mainly produce battery-grade lithium carbonate, lithium hydroxide, lithium chloride and lithium fluoride
• #3 player globally1
• #1 player in China1
• Produce lithium metals in the form of ingots, foil, rods and alloys
• #1 player globally1
• Produce lithium-ion motive power batteries, energy storage batteries and consumer electronics batteries
• Developing technologies for solid-state lithium batteries
• NMC precursor
• Lithium battery recycling: Launched in 2017 to meet growing demand for retired battery management due to rising electric vehicle sales
Revenue: RMB4,889mm (USD740mm) / EBITDA: RMB1,781mm (USD269mm)
Source: CRU report. RMB / USD = 6.61. (US Federal Reserve)Notes: 1. As measured by production capacity in 2018..
FY2018
Revenue
Breakdown
By Business Lines By Geography
Mainland China72%
Overseas28%Lithium
Compounds65%
Lithium Metals20%
Lithium Batteries
7%
Others8%
4
Our Worldwide Operations
Ireland
• Avalonia
Argentina
• Mariana
• Cauchari-Olaroz Australia
• Mount Marion
• Pilbara
• Altura
Ningbo R&D
Center
Dongguan Ganfeng
Ningdu Heyuan
Ningdu Ganfeng2
China
• Ningdu Heyuan
Notes: Data as of Sept 1, 2019. 1. Includes R&D facilities. 2. Under construction.
Resources
R&D Facilities
Production Facilities
Xinyu Basic Lithium Plant1
Fengxin Ganfeng
Yichun Ganfeng
Specialty Lithium Plant
Ganfeng Lithium
Power Battery Plant
Ganfeng Recycling
5
Mexico
• Sonora
Our Development Strategies
Lithium Compounds & Metals
Lithium Battery Production
Lithium Battery Recycling
• Expand Our Access to
Upstream Lithium
Resources Globally
• Increase the Production
Capacity of Our
Processing Operations
• Add to Our Current
Scalable, Diverse
Resource Portfolio to Meet
Growing Customer
Demand
• Grow Our Lithium Battery
Recycling Business
• Provide valuable solutions
Today, and be a Leader in
the Development of a
Sustainable Supply-Chain
in the Future
• Develop Battery
Production with a Focus
on Solid-state Lithium
Batteries
• Collaborate with the EV
Supply Chain to Improve
Safety and Performance of
Li-Batteries
Deepen Customer Relationships by Becoming a Provider of
Overall Solutions
6
2. Investment Highlights
Denotes products manufactured by our customers.
BrineSpodumene
Lithium Raw Materials
Lithium Metals
Retired Battery Recycling
Lithium Batteries
NMC PrecursorLithium
Chloride
Lithium
Hydroxide
Lithium
Fluoride
Lithium
Carbonate
Other Lithium
Compounds
Cathode
Materials
Anode
Materials1Electrolyte
Pharmaceutical
Catalyst Recycling
LiLi
Ni, Mn, Co
Source: CRU report.
Note: 1. We produce primary battery anode materials.
Vertically Integrated Business Model with Synergies across the Value Chain1
Butyllithium
Alloy
Ele
ctr
ic
Veh
icle
En
erg
y
Sto
rag
e
Co
nsu
mer
Ele
ctr
on
ics
Synergies Across the Value Chain
The major supplier for our battery production business is also a customer of our lithium compounds business
Our understanding of the lithium products value chain enables us to enhance the competitiveness of our battery products
Our ability to recycle lithium batteries addresses the waste management needs of battery manufacturers and electric vehicle producers, which helps solidify our relationships with such customers
Expansion of downstream business is conducive to our adaptation of new market trends
Aero
sp
ace
Syn
theti
cR
ub
ber
Ph
arm
a-
ceu
ticals
7
Source: CRU report.
Upstream
Resources
Lithium
Compounds
Cathode
Materials
Lithium
Hexafluoro-
phosphate Electrolyte
Lithium
Batteries
Entry Barrier
High High Low Medium Low Medium
Capital
Requirement
High Medium Low Low Low Medium
Production
Know-how
Medium High Low High Low Medium
Clear Industry
Standard
Yes Yes No Yes Yes Yes
Access to
Raw Material
Medium Hard Medium Medium Medium Easy
Upstream and Midstream Segments Offer the Highest Margin High Barriers to Entry Favoring Established Producers
2 World-leading Position in Lithium Compounds and Metals with High Barriers to Entry
Production Technologies and Know-how1
Product Development and Application Expertise2
Customer Relationships and Product Accreditation Process3
Secure Supply of Lithium Raw Materials at Competitive Cost4
Access to Experienced Management and Technical Personnel6
Operational Integration between Resource Extraction and Compound Production5
Major Capital Expenditures and Investments7
Indicative Development Timeline for Greenfield Spodumene Projects
First Drill JORC Report on Ore Resource Beneficiation Plant
Construction
Mining
JORC Report on Mineral ResourceResource Identification Mine Construction Ore Delivery
• Funding for exploration • Funding for feasibility study • Environmental reports
• Permits
• Equipment procurement
• Skilled labor
• Equipment installation
• Environmental reports
• Permits
• Equipment
procurement• Funding for mine construction
• Capital
• Managerial resources
Feasibility Study
and Design
Year 0 Year 1 Year 3 Year 4 Year 5 Year 6 Year 7 Years 8 & 9
8
Source: Company disclosure, CRU report.Note: 1. Measured pursuant to CIM Guidelines (NI43-101) 2. As of July 7, 2018, we held 16.93% equity interests in Lithium Americas, which owned 50% equity interests in Cauchari-Olaroz. 3. Measured pursuant to China national standards. 4. Measured pursuant to JORC standards. 5. Including indicated and inferred resource.
Ireland
• Avalonia (Spodumene)
– Resource: In preliminary exploration
– Equity interest6: 55.0%
Argentina
• Mariana (Brine)
– Resource1: 1.9 mt LCE
– Equity interest6: 82.75%
• Cauchari-Olaroz (Brine)
– Resource1: 11.8 mt LCE
– Equity interest2,6: 16.93%
– Project Interest: 50%
Australia
• Mount Marion (Spodumene)
– Resource4: 2.7 mt LCE
– Equity interest: 50%
• Pilgangoora Lithium-
Tantalum (Spodumene)
– Resource4: 4.9 mt LCE
– Equity interest6: 9.5%
• (Altura) Pilgangoora Project
- Offtake (70kt Stage 1)
- Offtake (50% Stage 2)
- Resource: 0.5mt LCE
China
• Ningdu Heyuan (Spodumene)
– Resource3: 0.1 mt LCE
– Equity interest6: 100.0%
Upstream lithium resources
Access to Secure, High Quality Supply of Lithium Raw Materials3
Resource Estimates for Lithium Hardrock Deposits5
Bubble Size = Contained LCE (Mt)
Resource Estimates for Lithium Brine Deposits5
Li 2
O%
Li ppm
Sal de Vida
Mariana
Cauchari-Olaroz
Hombre Muerto
Salar de Atacama
Silver Peak
Salar de Olaroz
0
400
800
1,200
1,600
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6
Log10 (Resource Size Million Tons LCE)
0.1%
0.4%
0.7%
1.0%
1.3%
1.6%
1.9%
2.2%
2.5%
2.8%
1.0 1.5 2.0 2.5 3.0
Log10 (Resource Size Million Ton)
Greenbushes
Mt. Marion Pilbara-Pilgangoora
Wodginac
Mt. Cattlin
Mt. Holland
Val-d'Or
Cinovec
Whabouchi
Invested by Ganfeng
9
Mexico
• Sonora Lithium
• Equity Interest 29.9% in
BCN (100% owner of
Sonora Lithium)*
• 22.5% interest in Sonora
Lithium*
* Pending closing
Source: Company disclosure, CRU report.Note: 1. Neometals Ltd has an option to purchase up to 57kt dmt beginning Feb 2020. Mineral Resources Limited has option to purchase up to 51% of offtake as of Feb 2020.Note 2: Assuming 7.8t SC6% to produce 1t of LiCO3
Access to Secure, High Quality Supply of Lithium Raw Materials3
10
Company (Mine) Reed Industrial
Minerals (Mt.
Marion)
Pilbara Minerals
(Pilgangoora)
Altura Mining
(Pilgangoora)
Offtakes
Spodumene
Concentrate
(“SC”)
~450kt/yr 160kt/yr(Stage 1)
[operating]
150kt/yr (Stage 2)
50kt/yr (Stage 3)
70kt/yr (Stage 1)
[operating]
110kt/yr (Stage 2)
Term LOM (1) Stage 1: 10 years + 10
year option
Stage 2: LOM
Stage 1: Dec 2020 +
10 year extension
Stage 2: LOM
Pricing Formula – based on LiCo3 & LiOH imp/exp data
LCE Equivalent (2) 58kt
Stage 1: 20kt
Stage 2: 19kt
Stage 1: 9kt
Stage 2: 14kt
1,071
931
792
682
608
-
200
400
600
800
1,000
1,200
July - Sept Oct - Dec Jan - March April - June July - Sept
SC6 DMT Price (US$/t) Mt Marion
Source: Mineral Resources Limited
Poised to Benefit from Lower SC pricing4
11
• GFL Offtake Pricing
Formulas incorporate
trailing (import & export
carbonate and hydroxide
prices)
• SC pricing lags carbonate
& hydroxide pricing
(approx. 3-5 months)
-43% LTM
Source: Canaccord Genuity
Lowest-CAPEX Intensity for New-Build Conversion Capacity5
12
Ganfeng has an experienced in-house EPC team which has delivered industry leading
CAPEX-intensity chemical conversion capacity
Visionary and Experienced Management Team with an Established Talent Pool6
DENG Zhaonan
Vice President
(Production & Operation)
XU Jianhua
Vice President
(Engineering Construction,
Equipment Management)
SHEN Haibo
Vice President
(Sales & Battery
Department)
OUYANG Ming
Vice President
(Secretary of the Board)
YANG Manying
Vice President
(Finance)
LIU Ming
Vice President
(Production Safety &
Technology)
10+ years of industry
experience
25+ years of industry
experience
20+ years of industry
experience
15+ years of industry
experience
20+ years of industry
experience
10+ years of industry
experience
LI Liangbin
Chairman
President
• Mr. Li, our founder, has been serving as Chairman of
the Board of Directors since the incorporation of
Ganfeng
• He has been serving as Vice President of the China
Nonferrous Metal Industry Association, Lithium Branch
• Previously he worked at scientific research institute of
Jiangxi Lithium Plant, a state-owned enterprise
• He was named “Expert with Outstanding Contribution”
and was selected to join the National Talents Project in
2015
• Mr. Li was a chemistry major in college and has
extensive knowledge in lithium related chemicals
WANG Xiaoshen
Vice Chairman
Vice President
• Mr. Wang joined Ganfeng in 2006 and was
appointed Vice Chairman of the Board of Directors
in 2010
• He worked at China National Nonferrous Metals
Industrial Xinjiang Co., Ltd., Xinjiang Lithium Salts
Plant, mainly responsible for lithium business
• He obtained bachelor’s degree in industrial
engineering management from North China
University of Technology and an EMBA from the
China Europe International Business School
Nearly 30 years of
industry experience
25+ years of industry
experience
Source: Company disclosure.
13
Strong and Blue-chip Customer Base7
Extensive Product Offering
High Quality Product
Reliable Service
Rich Industry Experience
We have developed a stable blue-chip
customer base through:
14
4 Long-TermSupply Contracts (VW, BMW, Tesla,
LG Chem)
An Integral Part of the EV Supply Chain8
15
Cathode Producers
• Major Cathodes Producers
Battery Producers
• LG Chem
• Panasonic
OEMs
• Tesla
• VW
• BMW
Supply Contracts & Select Collaboration Agreements
Contract Structures Rationale
Fixed Volume Contracts Provides Ganfeng visibility and security on volumes,
long-term planning (expansions)
Market Based Pricing Majority of Contracts use a Market-Based pricing
formula
- GFL collaborates with customers to establish
long-term, joint-benefit
- GFL SC offtake pricing linked w/ Chemical
Pricing, providing margin stability
Li ChemicalsCarbonate, Hydroxide,
Metal, Fluoride
RecyclingBattery Production
(Solid Sate)
GFL Customers
Cathode Producers Battery Producers OEMs
GFL Ecosystem
An Integral Part of the EV Supply Chain8
Lithium Fluoride
16
All-China
Federation of
Industry and
Commerce
(Second Prize)
Jiangxi Province
Technological
Invention Award
(Second Prize)
China Nonferrous
Metals Industry
Association Scientific
and Technological
Progress Award
(Second Prize)
Source: Company disclosure.
Note: 1. As of July 7, 2018.
National
Technology
Innovation
Demonstration
Enterprise
Key High-tech
Enterprise of
China Torch
Program
National
Intellectual
Property
Advantages
Enterprise
Advanced Technologies and Outstanding Research and Development9
Outstanding Research and Development Capabilities
Only company in China with both spodumene
extraction and lithium-containing brine extraction
technologies
123 patents, 5 major categories of 40+ industry leading
lithium compounds and metals1
Seeking breakthroughs and actively developing
next generation solid-state batteries
Undertaken 17 national level R&D projects and 31provincial level R&D projects
Recent Awards
220 Research and Development staff1
17
Lithium Hydroxide Capacity (Building in Flexibility)
25K LiOH 25Kt LiOH
25Kt LiOH
Lithium
Sulfate
Front EndBack End
25K LCE 25K LCE
LiOH Expansion
Existing
Carbonate Line
(Ningdu)
Lithium
Sulfate
18
3. Financial Performance
1,344
2,633
4,171
4,889
2,802
2015 2016 2017 2018 2019 H1
Proven Financial Track Record
Strong Revenue Growth Revenue | Revenue Growth(RMB mm)
Solid ProfitabilityGross Profit | Gross Profit Margin(RMB mm, %)
Outstanding Margin ProfileAdjusted EBITDA(2) | Adjusted EBITDA Margin(RMB mm, %)
Revenue Growth (Quarterly)(RMB mm)
Source: Company disclosure.
Note: 1. All financial figures have been translated from reported RMB currency to USD according to average exchange rates across respective years. 2. Non-IFRS Adjusted EBITDA
19
22%
38%40%
36%
25%
2015 2016 2017 2018 2019 (1H)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2015 2016 2017 2018 2019
269
954
1,6921,781
650
20% 36% 41% 36% 23%
2015 2016 2017 2018 2019 H1
3. Capacity and Production
5,000 8,000 8,000
31,000
8,000 14,000
23,000
40,500
2015 2016 2017 2018
Lithium Hydroxide Lithium Carbonate
Chemical Capacity and Production Growth
Installed Design Annual Capacity (1)
Lithium Compound Production(kt)
Source: Company disclosure.
Note: 1. Installed Designed Annual Capacity. 2018 installed design capacity includes 20kt Hydroxide Plant planned commissioned in Q3 2018 and 17kt Carbonate Plant commissioned Q4,
2018. 20
4,517 7,978 6,917
14,736 7,943
10,275 18,298
16,325
2015 2016 2017 2018
Lithium Hydroxide Lithium Carbonate
Installed Production Capacity (Current and Near-Term)
40.5kt
Carbonate
Installed Capacity
Today
31kt
Hydroxide
New Jiangxi Plant
Target
Commissioning Q3
2020
25kt
Hydroxide
(front)
25kt
Hydroxide
(backend)
New Hydroxide Line
built with total 50kt
back-end, providing
flexibility to process
sulfate from
carbonate lines
20kt
Carbonate
50% of 40kt Planned
Production at
Cauchari, Argentina
Total Near-Term
38.5kt
Carbonate
56kt
Hydroxide
25kt
Hydroxide
22kt
Carbonate
110kt LCE
Capacity
Flexibility to
Produce
Carbonate or
Hydroxide
21