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Charging forward w i t h L i t h i u m

Altura Lithium

Altura Mining Limited (ASX:AJM) Annual General Meeting Wednesday 22 November 2017

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C h a r g i n g f o r w a r d w i t h L i t h i u m

This presentation has been prepared by Altura Mining Limited (“Altura” or the “Company”). It should not be considered as an invitation or offer to subscribe for or purchase any securities in the Company or as an inducement to make an invitation or offer with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. This presentation is provided on the basis that none of Altura nor its respective officers, shareholders, related bodies corporate, partners, affiliates, employees, representatives and advisers make any representation or warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the presentation and nothing contained in the presentation is, or may be relied upon as, a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The presentation contains forward looking information and prospective financial material which is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties, and may differ materially from results ultimately achieved. All references to future production, production targets and resource targets and infrastructure access are subject to the completion of all necessary feasibility studies, permitting, construction, financing arrangements and infrastructure-related agreements. Where such a reference is made, it should be read subject to this paragraph and in conjunction with further information about the Mineral Resources, Ore Reserves and Exploration Results, as well as the Competent Persons' Statements. All persons should consider seeking appropriate professional advice in reviewing the presentation and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the presentation nor any information contained in the presentation or subsequently communicated to any person in connection with the presentation is, or should be taken as, constituting the giving of investment advice to any person.

Disclaimer

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The Next World-Class Lithium Project

C h a r g i n g f o r w a r d w i t h L i t h i u m

Orebody

• World-class hard-rock lithium resource
• 34.2 Mt Reserve*, 20+ year mine life

Location

• Pilbara region of WA
• Excellent local and regional infrastructure

Offtake Agreements

• Binding contracts for 100% planned production
• Customers are Chinese end-users

Funding Solution

• US$110 million construction facility secured

Team to Deliver

• Experienced project development and mining

team

* Refer ASX announcements 26 September 2016 and 24 October 2017

First production expected early 2018

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Project Milestones

C h a r g i n g f o r w a r d w i t h L i t h i u m

• Commenced onsite construction

March 2017

• Binding Offtake Agreements signed

July 2017

• Project funding package secured

July 2017

• Plant Commissioning

1st Quarter 2018

• First production

1st Quarter 2018

• First spodumene sales

2nd Quarter 2018

Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018

April: Published FS and commenced DFS March: Commence construction Jan-Mar: Commissioning

< 18 months from ground breaking to expected first production

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Project Highlights

C h a r g i n g f o r w a r d w i t h L i t h i u m *Refer to ASX announcements 26 September 2016 and 24 October 2017

• 220,000 tpa 6% Li2O spodumene – Stage 1
• Ore feed of 1.54 Mtpa
• Strip ratio 2.9:1
• Ore Reserve 34.2 Mt @ 1.04% Li2O*
• 20+ year mine life
• Stage 2 - Expansion option to produce

440,000 tpa

• Strong demand from Offtake partners
• Significant exploration potential within

existing exploration tenements

• Excellent logistics and infrastructure
• Mining development work has

progressed ahead of schedule with three separate stages of mining opened and producing ore

Pilgangoora Lithium District Altura Lithium Pilgangoora Mt Marion Mt Cattlin Greenbushes

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Corporate

C h a r g i n g f o r w a r d w i t h L i t h i u m

Board and Management with a history of successful developments, strong operations and robust dividend returns Capital Structure (20 November 2017) AUD Shares on issue 1,751.4M Share price $0.40 Market capitalisation $700.6M Cash # $37M Top 20 Shareholders ~64.4% Board and Management * 18%

# Exclusive of US$110M funding facility; currently fully drawn down * Board and management excludes the major shareholder J&R Optimum Energy

Managing Director

James Brown

Executive Director, CFO

Paul Mantell

Non-executive Director

Allan Buckler

Non-executive Director

Zhao Tong

Non-executive Director

Dan O’Neill

Mining Engineer +30 years operational and development experience in the mining industry,

• inc. 22 years at New

Hope Corporation (ASX: NHC). Qualified accountant +35 years corporate experience in the mining and associated industries, inc.28 years at New Hope Corporation (ASX: NHC), the last 12 years as the Chief Financial Officer. Qualified Mine Manager +45 years experience in the mining industry, and is a former Director and Chief Operations Officer

• f New Hope Corporation

(ASX: NHC). 25 years experience in the international trade of metals and minerals in

• China. Director of the

Lithium Division of J&R Optimum (SHE:300116) since October 2016. Geologist +30 years international mining experience across various commodities. Founding director of current Lithium producer Orocobre (ASX: ORE).

Board and Management

BT Kuan

Chief Operating Officer

Chris Evans

Mechanical engineer with +35 years experience in logistics and development, and management of bulk handling and terminal

• perations.

Civil engineer and project

• manager. Previously Project

Manager for the Mt Webber mine development in the Pilbara region

• f Western Australia for Atlas Iron

(ASX:AGO) delivering to an aggressive timetable.

Non-executive Director

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Project Construction Status

C h a r g i n g f o r w a r d w i t h L i t h i u m

• All key long-lead items on-site and ready for

installation.

• 324 person Pilgangoora Village established
• 90% of plant & equipment on site
• The Run of Mine (ROM) pad is 90% complete
• Mining development has progressed ahead of

schedule and ore is expected to start being stockpiled on the ROM pad in December, ready for plant commissioning

• Stage 1 construction remains on schedule

for commissioning in the March Quarter 2018 and first lithium concentrate sales on target for June 2018.

Process plant design Concrete and civil works 5-year mining, drilling and blasting BOO contract for 11MW power plant – operational Jan 2018 5-year transport logistics – load, haul, storage and ship loading

KEY CONTRACTORS SECURED

CONSTRUCTION ~ 50% COMPLETE

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Altura Lithium Mine Site

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Project Funding

C h a r g i n g f o r w a r d w i t h L i t h i u m

Project construction 100% funded Senior secured loan notes issue raising a total of $US110 million Package provided by leading US and Swiss investment management groups Strong interest from international institutions – A$26M raised in October 2017

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Project Development Update

C h a r g i n g f o r w a r d w i t h L i t h i u m

Aerial View of ROM Pad, Power Plant & the Primary & Secondary Crushing Circuits

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Project Development Update

C h a r g i n g f o r w a r d w i t h L i t h i u m

Tailings Storage Facility (TSF)

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Project Development Update

C h a r g i n g f o r w a r d w i t h L i t h i u m

Conveyor construction underway

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Project Development Update

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Reflux Classifier

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Project Development Update

C h a r g i n g f o r w a r d w i t h L i t h i u m

Ball mill ready for installation

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Project Development Update

C h a r g i n g f o r w a r d w i t h L i t h i u m

Mining development continues

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Project Development Update

C h a r g i n g f o r w a r d w i t h L i t h i u m

Three stages of mining opened and producing ore

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Offtake Partners – 100% of Production Secured

C h a r g i n g f o r w a r d w i t h L i t h i u m

OptimumNano

• 100% owned subsidiary of Shenzhen-listed Shaanxi J&R Optimum Energy
• Market capitalization ~A$5 billion, Controls 15-20% of Chinese battery market
• Producer of lithium power battery systems for EV, large EV and static storage
• Customers include Dongfeng Motors, Sunlong Bus, Dayun Group, FAW Group, Haw Tai Motors
• Producing +100,000 battery sets in 2017
• Capacity to produce 12GW of batteries, increasing to 20GW capacity by end-2017

Lionergy

• 20+ years in Chinese lithium industry with excellent reputations and connections
• Exploration, mine development, concentrate sales and distribution
• Li2C03 and LiOH manufacturing and sales, lithium metal & cathode manufacturing for Li-ion batteries

Offtake Economics

• Minimum 100,000 dmt per annum for five years, 6% lithium concentrate
• Min. price US$550 / dmt for first 3 years
• Max. price US$950 / dmt for first 3 years
• Market-linked annual pricing
• First sales before 30 June 2018

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Financially Robust

C h a r g i n g f o r w a r d w i t h L i t h i u m

Description Altura Floor Neometals Price Tawana Price Galaxy Price Altura Ceiling Selling Price – 6% Li2O US$dmt FOB 550 810 880 905 950 Average Annual FOB Revenue 1st 5yrs A$M 172 253 275 283 297 Average Annual EBITDA 1st 5yrs A$M 82 156 176 183 196

Assumptions: Based on Altura's estimated average revenues and costs* during its first 5 years of production (y/e 30 June 2019 to 30 June 2023) Based on an average AUD:USD exchange rate of 0.7500 during first 5 years of production Price A - based on Altura’s floor price as per its offtake agreements for the first 5 year contracts Price B - based on Neometals pricing for September 2017 Qtr of US$841 CIF China, adjusted to an estimated FOB equivalent (NMT ASX release 5 July 2017) Price C - based on Tawana Resources pricing for 2018 and 2019 FOB Esperance (TAW ASX release 26 April 2017) Price D - based on Galaxy Resources FOB pricing for Calendar 2017 (GXY ASX release on 14 December 2016) Price E - based on Altura’s ceiling price as per its offtake agreements for the first 5 year contracts

* Costs based on Altura’s DFS released in September 2016 updated for current estimates (refer to ASX announcement 26 September 2016)

Examples of indicative Revenue and EBITDA based on market pricing

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Financially Robust

C h a r g i n g f o r w a r d w i t h L i t h i u m

• Positive DFS* showing strong financials at a concentrate price ~40%

below current levels**

• Total Revenue

A$2.074 billion

• Total EBITDA

A$1.064 billion

• Net Present Value

A$411 million

• Internal Rate of Return

58.1%

• Project payback period

1.8 years

• Altura Mining will be one of Australia’s lowest cost lithium producers
• Projected life-of-mine costs of A$316/t (just higher than

Greenbushes)*

• Robust 5-year offtake contract with two major Chinese users for 100%
• f production, underpinned by agreed floor price covering downside

risk

• Minimum price of US$550 dmt for first three years
• Maximum price of US$950 dmt for first three years (5% above

Galaxy Resources contract price)

• Strong growth forecast in battery market
• Expansion opportunities

* Refer ASX announcement 26 September 2016 ** DFS prepared @ US$539/t FOB sales price compared to current +US$800/t

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Project Highlights from DFS*

C h a r g i n g f o r w a r d w i t h L i t h i u m

1. Net Present Value (NPV) is pre-tax and on a real basis, at a 10% discount rate 2. Average annual ore feed based nominal 1.4Mtpa capacity; process and mechanical design of the plant allows for 15% engineering contingency on the nominal throughput of 1.4Mtpa, allowing capacity to be maintained at 1.45Mtpa and to peak at 1.54Mtpa. 3. EBITDA is after allowing for Native Title and Royalties 4. Price based on FOB forecast equivalent - refer to Market and Pricing section 5. Total Cash Cost FOB / tonne product are defined as all cash costs to free on board, excluding royalties, interest, tax and depreciation. 6. Including sustaining capital and pre-development capital

Description Units Results

Average Annual Ore Feed to Plant (LOM) (2) Mtpa 1.54 Total Ore Mined Mt 20.33 Annual Spodumene Concentrate Production (6% Li2O) tonnes 219,000 Life of Mine (LOM) years 13.2 Total Spodumene Concentrate Produced Mt 2.89 LOM Strip Ratio Waste:ore 2.9:1 Spodumene Concentrative Average Market Price (4) US$/wmt 538.80 Capital Cost Estimate (6) A$M 139.7 Total Revenue A$M 2,074 Project EBITDA (3) A$M 1,064 Total Cash Cost FOB / tonne product (5) A$ 315.90 Net Present Value (NPV) (1) A$M 411 Internal Rate of Return (IRR) % 58.1 Discount Rate % 10 Project payback period years 1.8 Exchange Rate AUD:USD 0.7500

• The DFS highlighted a very attractive

project with a long mine life of 13 years, producing an average of 220ktpa of spodumene concentrate over the LOM at a low cash cost of A$316/t

• Even assuming a spodumene

concentrate price of US$539/t (compared with recent sales prices of approx. US$800/t), the project has an assessed pre-tax NPV of A$411m (1)

• IRR of 58% with project payback period
• f 1.8 years

*Refer to ASX announcement 26 September 2016

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Expansion Plans to Double Production

C h a r g i n g f o r w a r d w i t h L i t h i u m

• Scoping Study confirms duplicating the size of production plant to double output is

best expansion option

• Definitive Feasibility Study is underway to examine doubling of capacity to 440,000

tpa

• Minimal disruption expected to Stage 1 plant operations
• Mine life to remain greater than 10 years
• First production from duplicated plant expected 17 months after investment decision

has been made

• 17 month timeframe can be brought forward by using the design and majority of

parameters from existing project, and early ordering of long lead time items

• Further mine resource extension drilling is planned for 2018 with the overall aim to

prove up additional resources and increase mine life

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Compelling Investment Proposition

C h a r g i n g f o r w a r d w i t h L i t h i u m

Altura is the most-advanced lithium newcomer in Australia

‐ Production in < 12 months

Substantially de-risked project

‐ Offtakes and funding in place to support development ‐ Construction ~50% complete

Positive DFS showing strong financials with excellent revenue and EBITDA Expansion Opportunities ‐ Scoping Study underway to double production Team to deliver ‐ The board and management team (largely ex‐New Hope and Atlas Iron) have a history

• f successful developments, strong operations and robust dividend returns

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Appendix 1 – Reserve and Resource Estimates

C h a r g i n g f o r w a r d w i t h L i t h i u m

JORC Category Cut-off Li2O% Tonnes (Mt) Li20% Fe2O3 Li20 Tonnes

Measured 0.43% 8.5 1.12 2.16 96,000 Indicated 0.43% 35.5 0.97 1.98 345,000 Measured & Indicated 0.43% 44.0 1.00 2.01 441,000 Inferred 0.43% 3.5 0.84 2.15

• *Refer to ASX announcements on 26 September 2016 and 24 October 2017

JORC Category Cut-off Li2O% Tonnes (Mt) Li20% Fe2O3 Li20 Tonnes

Proven 0.43% 8.1 1.14 2.16 92,000 Probable 0.43% 26.1 1.01 2.16 265,000 Total 0.43% 34.2 1.04 2.16 357,000

The Reserve and Resource estimates below vary from the inputs for the Definitive Feasibility Study. The below estimates are the result of an upgrade to estimates post delivery of the DFS*

Table 2 – Altura Pilgangoora Ore Reserve Estimate (0.43% Li2O Cut-off Grade) – October 2017 Table 1 – Altura Pilgangoora Mineral Resource (0.43% Li2O Cut-off Grade) – October 2017

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Appendix 2 – Competent Persons Statement

C h a r g i n g f o r w a r d w i t h L i t h i u m

Pilgangoora – Western Australia The information in this report that relates to the Mineral Resource for the Pilgangoora lithium deposit is based on information compiled by Mr Stephen Barber. Mr Barber is a Member of the Australasian Institute of Mining and

• Metallurgy. Mr Barber is the Senior Resource Geologist at Altura Mining Limited and has sufficient experience that is

relevant to the style of mineralisation under consideration and to the activity of mineral resource estimation to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Barber consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. The information in this report that relates to the Ore Reserve for the Pilgangoora lithium deposit is based on information compiled by Mr Quinton de Klerk. Mr de Klerk is a Fellow of the Australasian Institute for Mining and

• Metallurgy. Mr de Klerk is a Director and Principal Consultant of Cube Consulting Pty Ltd and has sufficient

experience that is relevant to the activity of ore reserve estimation to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr de Klerk consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Level 2, 23 Barrack Street, Perth WA 6000 Phone: +61 8 9488 5100
 Fax: +61 8 9488 5199
 E-mail: info@alturamining.com a l t u r a m i n i n g . c o m