INFORMATIONMEMORANDUM

May2020

MARICUNGA PROJECT

MaricungaisChile’shighestgradeandmostadvancedlithiumprojectoutsidetheSalardeAtacama.

2019DefinitiveFeasibilityStudy(DFS)byWorleyParsonssupports20,000tonnesperannumproductionofLCEover20years.

DFSshowsafter-taxNPVofUS$908millionandIRRof26.7%assuminga50%debt/equityratio.

ForecastCAPEXofUS$563millionincludesdirectdevelopmentcostsofUS$456million,indirectcostsofUS$45millionandcontingenciesofUS$63million.

Torankasoneofthelowest-costlithiumcarbonateproducersglobally.OperatingcostsestimatedatUS$3,772pertonneofLCE.

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AWorldClassAsset

MARICUNGA PROJECT

MaricungaEIAhasbeenapprovedbytheChileanGovernmentinFebruary2020.

Maidenorereserveestimateof742,000tonnesLCEexceeds20-yearminelifeproductionneeds,andmeetsJORCandNI43-101standards.

Potentialtoexpandresourcesandreservesbelowtheexistingresource–currentlydefinedto200m.Explorationtargetbetween200m–400mconfirmedbydeepboreholeresults,canaddbetween1Mt–2.5Mtofnewresources.

FirstbatterygradeLi2CO3samples,meetingcommercialhighqualitybatterygradespecificationswereproducedduring2018usingMaricunga'sbrinefromtestevaporationponds(99.4%purityLi2CO3reached).

Approvalreceivedfortheuseofelectricityinfrastructure.Watersupplysecured.

Financingdiscussionsunderway.Approachesreceivedfrominternationalcompaniesforoff-takedeals.

Ownership:51%LithiumPowerInternational(ASX:LPI),31%BordaGroup(Private)and18%BearingLithium(TSXV:BRZ)

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AnOverview

MARICUNGA PROJECT

OverUS$60millionhasbeeninvestedintheprojecttodate

Alltheminingconcessionsareheldbythejoint-venturecompany,MineraSalarBlanco(“MSB”)

TheBoardfortheMaricungaJViscomprisedofsix(6)boardmemberswithrepresentationbyLithiumPowerInternational(3seats),BordaPrivate(2seats)andBearingLithium(1seat)

MSBisonlyrequiredtofinancethroughdevelopmentnotconstruction

AllJVpartnershavearightoffirstrefusalintheeventofasaleofMSBshares

BearingLithiumhasrighttocompleteanycompanytransactionwithoutJVapproval

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JointVentureStructure

MARICUNGA PROJECT

MineraSalarBlancoS.A.enteredintoanon-bindingMemorandumofUnderstanding(“MOU”)inAugust2019withCODELCO,theChileanState-ownedminingcompany

MOUtodefinetermsforthenegotiationofadefinitiveagreementtoformanewjointventure(“JV”)allowingforthedevelopmentoftheMaricungaSalar

Allowsforaveryrobustandscalableproject,andwouldalsofast-tracktheMaricungadevelopment,includingprovisionofallthenecessaryconcessionarypermits

IncludesCODELCO'skeyCEOLcontractandtheNuclearCommissionpermitcoveringtheentireSalar

Consolidationoftheminingconcessionsprovidesthepotentialtoincreaseproductioncapacityand/orextendthelifeoftheminebeyonditsexpected20-yearspan

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CODELCOAgreement

MARICUNGA PROJECT

Roskill’sanalysis(asofJanuary2019)ofthelithiumcostcurvein2027ofalllithiumproducersshowstotalproductioncosts(incl.royalties)inthelowestquartilefortheMaricungaproject

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AmongtheMostEfficientProducersGlobally

MARICUNGA PROJECT

LithiumCarbonateProductionCost-ProducersinChile

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MARICUNGA PROJECT

Thecalibratedreservemodelisusedtosimulateabrineextractionsystemthatwillmeetthebrinefeedrequirementsfortheevaporationpondsforanannuallithiumcarbonate(LCE)productiontargetof20,000TPYovera20-yearprojectlife.

ItisassumedthattheProjecthasalithiumprocessrecoveryefficiencyof58%.

TomeetthetargetLCEproductionrateof20kilotonnesperyear(kTPY),thebrineabstractionfromtheproductionwellfieldintheSalarneedstobeatarateof35kTPY.

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Hydro-GeologicalModel

Thereservemodelpredictsthattheproposedbrinewellfieldcanextractacumulativeaverageof35kTPYofLCEfor20yearsinsupportoftheDFS.

Themodelpredictsthattheproposedbrinewellfieldcanextractacumulativeaverageof16.7kTPYofLCEforanadditional3years,butwhichwerenotincludedintheeconomicevaluationoftheDFS

Recentprocesstestinghasindicatedhigherlithiumprocessrecoveryefficiencysuggestingeitherhigherannualproductionorlongerprojectlife

MARICUNGA PROJECT

Resultsfromthedrillingprogramaveraged1,167mg/lLiand8,500mg/lKExtensiveSonicandRCdrilling4,700mplusand1,000brinesamplesplus,including300coresamplesfordrainableporosity360mDeeperdrillingforincreaseinminingresourceDeepholeS19encounteredacontinuationofthelowerbrineaquiferwithlithiumconcentrationsabove900mg/lLiExplorationtargetsaredefinedbelowthecurrentbaseof200mtoalowerdepthof400mTheexplorationtargetprovidessignificantpotentialforresourceexpansionduringtheprojectminelife

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MiningResources(DrillingResults)

MARICUNGA PROJECT

MeasuredandIndicatedResource-LithiumandPotassium(metrictonnes)

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Lithiumisconvertedtolithiumcarbonatewithaconversionfactorof5.32Potassiumisconvertedtopotashwithaconversionfactorof1.91

MARICUNGA PROJECT

PreparedinaccordancewiththeguidelinesofNationalInstrument43-101

BrineproductionreserveforLCEproduction:58%Liprocessrecoveryefficiency

BrineproductioninitiatesontheminingconcessionsconstitutedunderminingconcessionownedbyMSB.

Productionswitchestothenewminingconcessionssecuredbyaspecialoperatinglicense(CEOL)fromtheChileangovernment(CODELCO-August2019MOU)

TheMiningReserveincludesanoptimizedwellfieldconfigurationandpumpingscheduletocomplywithenvironmentalconstraintsandwaterleveldeclinerestrictionsoverthetotal20yearsimulatedbrineproduction.

LCEMiningReserve(metrictonnes)

MARICUNGA PROJECT

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MARICUNGA PROJECT

BasedontheresultsofboreholeS-19,anexplorationtargetof1.0to2.5Mtoflithiumcarbonateequivalent(LCE)and2.9to6.6Mtofpotassiumchloride(KCl)hasbeenidentified(belowthecurrentresource)betweenadepthof200mand400m.Theexplorationtargetprovidessignificantpotentialforresourceexpansion.

MSBExplorationTarget(metrictonnes)

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Subarea AreaKm2

Thickness

m

Mean

drainable

porosity%

Brine

volume

millionm3

Lithium

concentrate

ionmg/L

Contained

Lithium

tonnes

Lithium

Carbonate

LCEtonnes

Western 4.23 100 10% 42.3 1,000 40,000 200,000

Central 21.41 200 10% 428 1,000 430,000 2,300,000

470,000 2,500,000

Western 4.23 100 6% 25.4 600 15,000 80,000

Central 21.41 200 6% 257 700 180,000 950,000

195,000 1,030,000

EXPLORATIONTARGETESTIMATEMARICUNGA

LOWERGRADESCENARIO

UPPERGRADESCENARIO

Continuesfromdirectlybelowtheresource

Continuesfromdirectlybelowtheresource

MARICUNGA PROJECT

CurrentMiningResourceincludesallconcessionsdowntoadepthof200mPotentialforsignificantgrowthbelow200masevidencedbyholeS-19whichterminatedinhigh-gradebrineassaying877mg/LLiGeophysical&seismicsurveysindicatethebasinextendstoatleast400mandpossiblymorethan500mdeep

FutureGrowthPotential

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DefinitiveFeasibilityStudy(DFS)byWorleyParsonscompletedinJan2019,indicatesMaricungatobealow-costlithiumproducerwithattractiveeconomics.

Optimizationoflithiumproductiontodevelopthelowestcostprocesswithhighestpossiblerecoveries.

FirstbatterygradeLi2CO3samples,meetingcommercialhighqualitybatterygradespecificationswereproducedduring2018usingMaricunga'sbrinefromourtestponds(99.4%purityLi2CO3reached).

Productionprocessdesign,engineeringandtestingwasledbyTier-1GermanEngineeringcompany,GEAMesso,oneoftheleadingsuppliersforproductionplantstothelithiumindustryworldwide.

Pilotevaporationpondswereoperatedformorethan18monthsonsite.

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AHighQualityFinishedProduct

MARICUNGA PROJECT

CAPEX&OPEX

CapitalcostfromJanuary2019DFSatUS$563Mincludes12.5%contingency

Capexcostincludesanestimated$70MofrefundableVATperMSBassumptions

OperatingcostsareinthelowestquartileoftheglobalcostcurveatUS$3,772permetrictonneLithiumCarbonate

MARICUNGA PROJECT

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MARICUNGA PROJECTProjectInfrastructure

Wellfield&pipelinestoevaporationponds

Evaporationponds–offsalartothenorthtoallowforeasierconstruction

Watersupply&treatment

Electricitysupply&transmissionlines–multipleoptionsincludingaccessible23KVpowerlineborderstheproject

Roadsofsufficientqualitytotransportheavyequipment,consumablesandfinalproduct

Portselectionforimport&export

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MARICUNGA PROJECTProjectInfrastructureFlowchart

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MARICUNGA PROJECT

Theprojectislocatedclosetocriticalroadsandportinfrastructure:170kmnortheastofCopiapóand250kmfromtheChileanCoast.

Securedcriticalpower&waterinfrastructurewithlong-termcontracts

ProcessWater–securedrightstodemonstratedsustainableflowratesinexcessof125m3/hr

Power–approvalreceivedfromgovernmentalelectricalagencytodraw14.6MWfromnearbysubstation

Roadsofsufficientqualitytotransportheavyequipment,consumablesandfinalproduct

AllCriticalProjectInfrastructureSecured

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MARICUNGA PROJECTProcessDiagram–SaltremovalPlant

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MARICUNGA PROJECT

Processincludes:

1.Solventextractionofboron

2.PrecipitationCaCO3

3.PrecipitationofMg(OH)2andCaCO3

4.Finalremovalofcalcium,magnesiumandheavymetalsby

ionexchangeresins

5.Li2CO3precipitationcrystallization(Li2CO3crystallizer)

6.Li2CO3resuspensionandsolid-liquidseparation

Testedseveralprocessingpassbasedonchemicalconsumptions,solventextractionandoptimizedlithiumcarbonaterecoveries

Concludedalllabtestsresultedinveryhigh-gradelithiumcarbonatesolidscomplyingwithalltargetssetbyMSB.

LithiumCarbonatePlant

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WashedLithiumCarbonatesamplefromcompleteprocesssimulation

MARICUNGA PROJECTProcessDiagram–LithiumCarbonatePlant(SchematicOne)

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MARICUNGA PROJECTProcessDiagram–LithiumCarbonatePlant(SchematicTwo)

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MARICUNGA PROJECT

MineraSalarBlancoS.A.(“MSB”),hasreceivedenvironmentalimpactassessment(“EIA”)fortheMaricungaprojectintheAtacamaRegionofnorthernChile.

TheChileanGovernment’sCentralEnvironmentalCommipeehasvotedforoneofthefewEIA’sapprovedinChileduringrecentyears.

ItwillenableMSBtobecomethethirdmajorlithiumoperajoninChilewithananqcipated20,000tonnesannualproducjonforanesqmatedcapitalinvestmentofUS$563million.

TheEIAwassubmipedbyMSBtotheChileanEnvironmentalAuthorityinSeptember2018andwastheculminaqonofmorethantwoyearsoffieldanddeskwork.

MSBReceivesEnvironmentalApprovalforMaricungaLithiumProject

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NewsRelease-EIAApprovalreceivedFeb05,2020

Theprocessinvolvedin-depthdatagathering,avarietyofenvironmentalandengineeringstudiesandmonitoringcampaignsincludingacomprehensive11,400-pagedocument,completeenvironmentalbaselinestudies,hydrologicalandhydrogeologicalmodeling,human,archaeologicalandfaunaandfloracharacterizaqon,andimpactevaluaqon.

TheEIAalsoincludedalengthyprocessofsocialengagementwiththeCollaindigenouscommuniqesintheareawithconsultaqonwithregionalauthoriqesandlocalorganizaqons.

SincetheiniqalsubmissionoftheEIA,a15-monthreviewprocesswasundertakenbytheChileanenvironmentalauthoriqes,duringwhichqmethreeroundsofobservaqons,clarificaqonsandfurtherassessmentswereresubmiped.

FurtherinformaqonwillbeprovidedfollowingacompleteanalysisofthedetailsoftheChileanenvironmentalauthoriqes’approval.

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MSBReceivesEnvironmentalApprovalforMaricungaLithiumProject

NewsRelease-EIAApprovalreceivedFeb05,2020

MARICUNGA PROJECT

TheMSBprojecthasanaftertaxNPV(8%)ofUS$940M.TheaftertaxIRRis26.7%.Theconstructionperiodincludingcommissioningandstartupcovers3years.Paybackofprojectrequiresonlythefirst4yearsofoperationsoutofthe20yearprojectlife.

ProjectEconomicAnalysis-2019DFS

MARICUNGA PROJECT

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ProjectlifefromDFSis20yearsfromplantcommissioningandstartup

Theminingresourcebaseandprocessrecoveriescouldsupportalongerprojectlife

Thecurrentmininglicenseisfor20,000metrictonnesperyearfor20yearsofproduction

ProjectCashFlow-2019DFS

MARICUNGA PROJECT

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MARICUNGA PROJECT

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HighestGradeUndevelopedLithiumProject