CMS Vanadium Recovery Project Presentation

5 November 2021

Vanadium Recovery Project

Zero Carbon

LCA by independent firm confirms Zero Carbon based on Scoping Study

High Purity

Battery grade vanadium pentoxide

Energy Storage

Vanadium chemicals for use in vanadium redox flow batteries and Li-V cells

Circular Economy

Vanadium from steel slag and by-products for cement, paper and polymers

SustainableLow emission, low water use, low temperature

Our focus is on producing:- vanadium pentoxide; and - nickel, cobalt and lithium sulphates.

Zero Carbon High Purity

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Our mission is to produce Zero Carbon High Purity products in the Nordic region to create a sustainable future for all.

Mission

Joint Venture

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Vanadium

- Vanadium is used in many industries and applications, from automobiles, power generation, and hand tools, to ships, industrial tools and aeroplanes.

- Security of supply is a priority for the European Union (EU).- The EU is a net importer of vanadium.- Vanadium is sourced from mineral deposits (18%), as a by-product

from the steel making process, (68%) and other sources (14%).- Primary process for extracting vanadium is the high energy-high

emission roast-leach pyrometallurgical process. - Our process is a low energy-low emission hydrometallurgical process –

a competitive advantage and point of difference.

Vanadium

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Vanadium

Summary

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- Vanadium recoveries approx. 75%.- Product purity greater than 99.5% V2O5.

- Lowest quartile of operating costs for vanadium- Supply approximately 5% of the world's vanadium.


Vanadium

Wagon cleaning

Outstanding Location

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SSAB steel mills are located in Luleå, Raahe and Oxelösund. H2 Green Steel plan for a steel mill in

Boden. The Vanadium Recovery Project will be based in Pori, Finland.

Simple concept

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Vanadium

SSAB agreement is for 2Mt of slag. This shows 200,000 tpa of slag throughput for 10 years.

World class counterparty

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Vanadium

SSAB agreement is for 2Mt of slag. This equates to 200,000 tpa of slag throughput for 10 years.

Future leader

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Vanadium

H2GS memorandum of understanding is for 4Mt of slag from commencement of

steel production.

Vanadium Journey

Orebody to Energy Storage

LKAB mines iron ore in Malmberget, Sweden. The ore contains vanadium.

Malmberget, Sweden

LKAB iron pellets from Malmberget contain approximately 0.24% V2O5 (vanadium pentoxide).

Pellets are sold worldwide, including to SSAB. LKAB Pellets

Luleå, SwedenLKAB iron ore pellets are one of the main ingredients in steel produced at the SSAB steel mill in Luleå, Oxelösund and Raahe.

SSAB produce several steel products in Luleå, Oxeösund and Raahe.

Raahe, Finland

Slag from the steel making process is poured onto the surface to cool. The vanadium has been concentrated in the steel making process. The slag now contains up to

4.4% V2O5 (vanadium pentoxide).

Slag is screened to separate lump which is returned to the blast furnace and fines which are stockpiled. Once

the slag has cooled it is loaded and transported for screening.

Slag is stockpiled. Approximately 1.8Mt of slag is currently stockpiled across the three

SSAB steel mills.

Slag is loaded onto vessels at Luleå, Oxelösund and Raahe for transport to Pori, Finland. This picture is for concept only. ESL is not a contracted partner. Critical Metals

responsibility starts with transporting the slag to the quay and shipping it to Pori, Finland.

Wagon cleaning

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The slag will be transported to Tahkoluoto Port in Pori, Finland. The port is ice free, open 365 days a year and provides outstanding logistical solutions.

Pori, Finland

Outstanding Location

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The Vanadium Recovery Project will be built on this site close to the unloading quay. Picture looking and north-west.

The slag will be processed in the plant shown in this image.

Artist impression of vanadium project and slag/SSM stockpiles on the left. Tall white and blue buildings and chimney on the right are the Peri-Pori power station. Photo by Einari Vuorinen

Vanadium Applications

SSAB slag, ammonium metavanadate and vanadium pentoxide

Vanadium electrolyte is used in industrial scale energy storage

applications such as these vanadium redox flow batteries.

Lithium vanadium battery chemistries are also being trialled in electric vehicles.

Vanadium pentoxide is used in the production of super alloys used in high tech applications such as jets and rockets.

The largest use of vanadium is in reinforced steel bar.

By-Product Applications

SSM is being tested for use as a filler in CO2 free cement.

SSM is being tested for use as a filler in paper.

SSM is being tested for use as a filler in polymers.

Simplified flowsheet


Vanadium

Click here to view Pilot Plant video.

https://vimeo.com/557959121

Slag composition

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Vanadium

Component Assay (% w/w)V2O5 4.40CaO 41.93SiO2 9.16MgO 8.7Al2O3 1.7MnO 3.15TiO2 1.35

Fe2O3 24.91

Typical slag composition (Luleå slag).

Inputs and outputs

INPUTS: Approximate / estimated usage per year

Slag 300 000 dry tonnes (plus about 10 % moisture content)

Carbon dioxide (CO2) 85 000 – 100 000 tonnes

Other chemicals circa 70 000 tonnesDiesel 1 800 m3

Natural gas 400 000 GJ Electricity 90.4 GWhRaw water and potable water 180 000 tonnesOUTPUTS: Volume per year

Vanadium pentoxide (powder or flake) 9 000 tonnes

Calcium carbonate CaCO3 rich stabilised slag material (SSM)

415 000 dry tonnes (plus about 30 % moisture content)

Sodium sulphate (Na2SO4) 30 000 tonnes

Preliminary mass balance of the plant based on 300,000 tpa slag throughput.

Chemical used

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Other Chemicals Estimated used volume / produced volume (tonnes/year)

Carbon dioxide (CO2) 85 000 – 100 000

Sulphuric acid (H2SO4 94 %) 18 000

Sodium hydroxide (NaOH 50 %) 32 500

Sodium carbonate (NaCO3) 12 000

Ammonium sulphate ((NH4)2SO4) 5 300

Aluminium sulphate (Al2(SO4)3) 450

Organic diluent 71

Organic 22

Phase modifier 18

Coagulent 99

Strong returns

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Preliminary Feasibility Study results released by Neometals Ltd on 4 May 2021. All numbers on 100% ownership basis.


Vanadium

Position on cost curve


Vanadium

Timetable

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Vanadium

Joint venture partner

Location and logistics

management

Supportive government

agencyHost city

EIA management Finnish legal advisers

Slag supply counterparty Port of Pori

Permitting management

Life cycle consultant

Engineering and design

Environmental, chemical and

building permits

Contributors

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Directors

• Jonathan Murray (Chairman)

• Damian Hicks (Executive Director)

• Markus Bachmann, Kris Gram, Darren Townsend and Olof Forslund (Non-Executive Directors)

Enquiries:Damian Hicks

Executive Director+46 703 225 133 (Sweden)

+61 8 9322 3383 (Australia)[email protected]

CMS Vanadium Recovery Project Presentation

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