KeliberDefinitive Feasibility Study

Press conference Friday June 15th, 2018

This document will be used by Keliber Oy for supporting additionalinformation like www.keliber.fi and oral presentation. Therefore, thisdocument is incomplete without the oral explanations, comments andsupporting instruments that were submitted during the referredpresentation. To the extent permitted by law, no representation orwarranty is given, express or implied, as to the accuracy of theinformation contained in this document.

Some of the statements made in this document contain forward-looking statements. To the extent permitted by law, no representationor warranty is given, and nothing in this document or any otherinformation made available during the oral presentation should not berelied upon as a promise or representation as to the future conditionof Keliber’s Business.

Disclaimer

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DFS Highlights

Growing resourcesand reserves

Financial viabilitydemonstratedby the DFS

Strong markets

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2

3Advanced stageproject in astrategically attractivelocation

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page 10

page 8

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page 15

• Rechargeable battery sector forecasted to register19.6 % pa growth through to 2032

• Driven by global electrification of transportation• Supported by political and regulative measures

• Mineral Resources (Measures and Indicated) 9.47 Mt 1.16 %Li2O

• Ore Reserves 7.408 Mt 1.04 % Li2O

• Pre-tax IRR (@8%) 24 %• Pre-tax NPV (@8%) MEUR 295• Pre-tax pay back period 5.5 years

• Located near to fast developing European markets• Potential for upside through by-products

and scalable operations

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Definitive Feasibility StudyStrong business case

6/18/2018

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Expected mine life (Expected Life of Operations) 13 (20) years

Annual mine production 570 ktpa average

Annual concentrate production 112 ktpa average

Annual battery grade lithium carbonate sold 10,745 tpa average

Battery grade lithium carbonate pricebetween 2017–2032 (in real terms) 10,320 US$/t - 13,931 US$/t

Exchange rate EUR/US$ 1.00€ = 1.21 $

Key project assumptionsThe current life of mines is 13 years, but the project is extendedto 20 years by purchasing spodumene concentrates from third parties.

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Attractive project economics

Photo: Olli-Pekka Karlin

Total Revenue (Expected Life of Operations), MEUR 2,281Total EBITDA (Expected Life of Operations), MEUR 1,213

PRE-TAX NPV

295@ 8%

MEUR

POST-TAX NPV

225MEUR

Pre-TaxIRR %Post-TaxIRR %

2422

Years5.7Post-TaxPayback Period

Pre-TaxPayback PeriodYears 5.5

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Unit Total OPEX, EUR / t Li2CO 3

(incl. purchased spodumene concentrate) 4 866

Unit Total OPEX, EUR / t Li2CO 3

(produced from Keliber’s currently known ore reserves) 4 427

Capital and operatingexpenditures

Of the total CAPEX 255 MEURinitial investment is 199 MEUR

CAPEX MEUR

Direct 205Indirect 50Total CAPEX 255

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Growing resources andreserves

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Grade(Li2O%)

1.16

Resources and reserves

Ore reserves are included in the Mineral ResourcesEstimates prepared by Competent Persons in accordance with 2012 JORC code

Latest estimate of mineral resources and ore reserves (million metric tonnes)

Measured1,21

Indicated8,26

Total9,47

RESOURCES (May 2018)

Open pit (kt) Underground(kt)

Total (kt)

Proven 898 247 1 145

Probable 3 739 2 524 6 263

Total 4 637 2 778 7 408

Ore grade (Li2O%) 1.07 0.99 1.04

RESERVES (June 2018)

mill

ion

met

ricto

nnes

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Fast developingmarket for lithium

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Acceleratedinvestmentin the lithiumvalue chain

Global megatrendTowards a more mobile and sustainable world

Global needs toreduce CO2 emission

and improve airquality in big towns

Global electrification oftransportation with continuing

political and regulative support.

Changes inconsumerbehaviour

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Increase in demand for lithiumAnnual global demand

growing: 0.21 Mt (2017) →0.83 Mt (2027) → 1.56 Mt

(2032)

Rechargeable battery sector driver for growth

Source: Roskill Consulting Group Ltd, 2017

Increasing global demand:19.6% per annum increase in

the rechargeable batterysector

Other markets for lithium alsogrowing (ceramics and glass-

ceramics, polymers,metallurgical powders)

Forecastedconsumptionof lithium

000t LCE LCE = Lithium carbonate equivalent

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Price forecast for battery-grade lithium carbonate

Source: Roskill Consulting Group Ltd, 2017

Lithium carbonate pricesstarted to rise in Chinese spot

market in H2 2015

Contract pricing started to risein China and elsewhere in Asiain 2016 and have continued to

rise world wide in 2017

US$11 000/t is expected to bethe new floor in the base-case

scenario for battery gradelithium carbonate

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Sour

ce:B

ench

mar

kM

iner

alIn

telli

genc

e,20

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Lithium-ion Megafactories– Europe enters the gameNORTH AMERICA EUROPE ASIA (CHINA & SOUTH KOREA)

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The most advanced lithiumproject in Europe

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The most advanced lithiumproject in Europe

Tentative timeline for the next stages 2018 2019 2020

Permitting (environmental, mining and other)• EIA processes completed during Q2/2018

Detailed Engineering

Construction

Negotiations with potential clients to obtain end-product supply agreements (ongoing)Commissioning and testing

First mining company in Finland accepted to the pre-consultation procedure for permitting

Productionestimated to

start in 2020 tomeet the brisk

marketdemand

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Excellent location• Finland the most attractive

jurisdiction for mining investment(Fraser institute survey 2017)

• Excellent infrastructure:- significant concentration

of chemical industry with15 industrial operatorsand more than 70 servicecompanies

- Water, steam, electricity,heat, gas and acids allproduced in the area

• Good availabilityof skilful workforce

• Exceptionally good support fromlocal community and authorities

Established infrastructure

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Production plant area inKokkola Industrial Park

Nameplate capacity of 11,000 tonsArea reservation for possible expansions

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Soda leaching process developed together with Outotec

Cleantech processEfficient and environmentally sound production of high purity lithium carbonate

Analcimesand

KaustinenKokkola

Opticalsorting

Environment-friendly soda

leaching

Tailings with noheavy metals noracid generating

minerals

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• Indicated growth in resources• Potential for valuable and sale of by-

products: Analcime sand and quartz-feldspar sand suitable for circulareconomy

• Possibility for capacity growth dueto excellent location

• In Europe with chemical plant inharbor close to future end productmarkets

Project UpsidePotential

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Lithium Mining for Fast Growing Markets

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