Presentation title here

Presenter name

date

Rincon Limited

Corporate overview

Tim Goldsmith

(President & CEO)

February 2020

Forward looking statements

Forward Looking StatementsThis presentation contains forward-looking statements about Rincon Ltd. (“Rincon” or the “Company”) and its lithium project at the Salar del Rincon (“RinconProject”). Forward looking statements are statements that are not historical facts and are based on certain assumptions relating, but not limited to: resourceand reserve estimates, anticipated mining and processing methods for the Rincon Project, anticipated lithium recoveries, production and plant capacity rates,lithium grades, estimated capital costs, operating cash costs and total production costs, construction and supply of the necessary energy required, plannedadditional processing work and permitting, the timing for construction of phases of the commercial, type of lithium end product, and timing and availability offuture funding. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect.The forward-looking statements in this presentation are subject to various risks, uncertainties and other factors that could cause the Company’s actual results orachievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include,without limitation, risks related to uncertainty in the demand for lithium and pricing assumptions; uncertainties related to raising sufficient financing to fund theproject in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results ofwork will not fulfill expectations and realize the perceived potential of the Company’s properties; uncertainties involved in the estimation of lithium reservesand resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may behigher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery ratesmay not be achieved; risks related to the deployment of a new lithium processing technology; risk of accidents, equipment breakdowns and labor disputes orother unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; and risks related to projectedproject economics, recovery rates, and estimated NPV and anticipated IRR and other factors.

These factors may cause the actual results of Rincon to differ materially from those discussed in the forward-looking statements and there can be no assurancethat the actual results or developments anticipated by management will be realized or, even if substantially realized, that they will have the expected results onRincon. Undue importance should not be placed on forward-looking information nor should reliance be placed upon this information. Rincon makes norepresentation or warranty, express or implied, as to or endorsement of the accuracy or completeness of any information, statements or representationscontained in this presentation. As a private company, Rincon is under no obligation and does not undertake to update this information at any particular time.

Qualified PersonsThe mineral resource estimates, mineral reserve estimates and recovery rates are derived from the Company’s definitive feasibility study on the Rincon projectprepared under NI 43-101 dated September 25, 2018 and with an effective date of September 2, 2018 (“2018 DFS”). The 2018 DFS was authored by QualifiedPersons Jerry L. Aiken, B.S. Geology, Registered SME, Senior Associate Geologist, SRK Consulting; Terry Braun, P.E., M.S., Principal Consultant, SRK Consulting;Tyler Cluff, P.G. M.S., Senior Hydrogeologist, Piteau Associates; Douglas Collier, Fellow AusIMM, Principal Engineer, ANSTO; Hugh D Thompson, B. Eng. (Mining),FAusIMM, Prudentia Process Consulting; Jeff Osborn, BEng Mining, MMSAQP, Principal Consultant, SRK Consulting.

Cautionary Note on Cost EstimationsCapex and opex estimates are in accordance with NI 43-101 standards at the time of reporting.

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Rincon Ltd - company overview

• Rincon Ltd is 100% owned by funds managed by Sentient Equity Partners (SEP)

• Rincon Ltd 100% owns the following assets:

o Rincon Lithium Salar del Rincón in Salta, Argentina – project

o Natural Soda, Bicarbonate of Soda in Colorado, USA - operating

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Rincon Lithium project - location

Salta Office

• Located in the Lithium triangle - in the pro-mining province of Salta, Argentina

• Rincon owns >97% of tenements available on productive halitic core of the Salar del Rincón

• EIS approved for 25ktpa commercial plant

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Rincon Lithium project - characteristics

Main attributes of Salar del Rincón

• Catchment basin (2,767 km2)

• Alluvial fan (fresh water)

• Salar boundary (435 km2)

• Halitic core (232km2) has excellent transmissivity –

capable of sustaining long term grades of approx. 400

mg/L at volume

Infrastructure – well serviced

• Sealed highways

• Railroad

• High voltage power line

• Gas pipeline

• Sufficient water – 4m cubic metres per annum

• Probable Mineral Reserve of ~1.1m tonnes Lithium Carbonate Equivalent (LCE)

• Measured & Indicated Resource of ~3.6 million tonnes LCE & Inferred Resource of~ 4.3 million tonnes LCE

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Rincon Lithium project - direct extraction technology

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• Rincon developed a proprietary extraction technology which addresses high Mg:Li ratios and

medium grade of Lithium in brine (~400mg/L)

• Rincon is also exploring alternative technology adsorption-based to achieve low capital

intensity, production, costs and environmental impacts

Key attributes

Direct extraction from raw brine

Consistent quality of battery grade lithium carbonate

Opportunity for future expansion including high quality lithium hydroxide

Improved recoveries

Lowest cost quartile

Low environmental impact

Rincon Lithium project - investment summary

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Key factors for successful brine projects

Key factor Measure Rincon

Resource >10 year life ~30 years life*

Ownership Majority owned >97%

Infrastructure In situ Power, Road, Rail, Water

Lithium Grade Battery Grade 100% of production

Production costs Lower cost quartile(s) Lowest cost quartile

Environmental Impact

Study (EIS)

Approved 25ktpa

The Rincon project is an attractive proposition based on the Lithium factors of success

* Based on Mineral reserve (probable of $1.1m tonnes of LCE) & resource measured and indicated/inferred (~3.6m/~4.3m tonnes of LCE)

Natural Soda - overview

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Natural Soda – asset highlights

World-Class Resource in Ideal

Jurisdiction

World-class sodium bicarbonate deposit located only ~2,000 feet below surface

Current solution mining technology can be leveraged for ~32 million tons of probable nahcolite reserves

Leading Low-Cost Position Driving

High Margins

Due to unique production process and accessible resource base, Natural Soda holds a cost position

advantage relative to peers

Environmentally-Friendly, Zero-

Discharge Production

With its closed-system solution recovery method, Natural Soda has a low environmental footprint and

produces pure, natural product

Near-Term Opportunities for Capacity

and Margin Expansion

Near-term opportunities for expansion include capacity expansion to 500ktpa and entrance into the

hemodialysis and active pharmaceutical ingredient markets (where sodium bicarbonate is used as a

critical input)

Existing Abundant Water Access Required water demands satisfied easily by currently held water rights

Strong Customer Relationships Long-term relationships with loyal customer base

Attractive Non-Cyclical End Markets

Drive Stable Cash Flow

Natural Soda’s prices have consistently risen over time due to stable end markets such as animal feed,

food and personal care

Key Business Improvements During

Rincon Ownership

Highly experienced management team has driven improvement in key operational drivers including brine

flow, on-stream time and yield

Additional Long-Term OpportunitiesFurther capacity expansion and international expansion opportunities and multiple other resources,

including water and soda ash.

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Natural Soda – sales and production

Tons Sold

CAGR (2011A – 2017A): 13%

CAGR (2018E – 2021E): 20%

Production - Differentiated Grade

Production - Feed & Industrial Grade

• Commands higher prices than sodium bicarbonate grades used for general

industrial uses or animal feed

• Evaluating entry into new differentiated markets (active pharmaceutical ingredient

and hemodialysis markets)

Pharma(1) Personal

Care

Animal Nutrition Chemical Pool & Water Treatment

Selected End Markets

Selected End Markets

Home

Care

Note: All tons mentioned throughout this document refer to “short tons” unless otherwise noted.

Product Allocation for Expansion

Expansion Opportunity

Added Volume110ktpa

(permitted to 500ktpa)

Incremental

EBITDA~$19mm

Estimated

Capex~$80mm

Implementation

Time

2-3 years

(Including detailed

engineering

preparation and

construction)

Status Quo

Effective Capacity 240ktpa

EBITDA ~$22mm

Capex ~$5mm

Implementation

TimeNA

Domestic

Export

Food

Personal Care

API & Hemo

• To fulfill current market shortfall

• Market opportunity in key Export locations of Corporate

End users

• Current unmet demand within existing Customer base

• Demand increase projected

• Focus on displacement of imported product

• Only one North American Qualified producer

• Production of ~5ktpa of both hemodialysis & API

grade (to increase annually)

Overview of Capacity Expansion Opportunity

Food & Baking

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Rincon Ltd

Melbourne officeLevel 2

15 – 19 Claremont Street South Yarra

VIC Australia 3121

E | info@rinconltd.comW | rinconltd.comW | naturalsoda.com