Li Metal : Investor Presentation

LITHIUM METAL AND ANODE TECHNOLOGY FOR NEXT GENERATION BATTERIES

JUNE 2024

CSE: LIM | OTCQB: LIMFF | FSE: 5ZO

DISCLAIMER

This corporate presentation dated June 29, 2024 (the "Presentation") has been prepared by management of Li-Metal Corp. ("Li-Metal" or the "Company"), and is based on public information and the Company's confidential information. This Presentation is for information purposes only and is being made available on a confidential basis solely to enable the prospective "accredited" and other qualified investors authorized by Li-Metal to evaluate the securities of the Company (the "Securities"). This Presentation does not constitute an offer to sell to any person, or a general offer to the public of, or the general solicitation from the public of offers to subscribe or purchase, any of the Securities. Any unauthorized use of this Presentation is strictly prohibited. Distribution or copying of this Presentation, in whole or in part in any medium, to any person other than the prospective investor is prohibited without the prior written consent of the Company. The information contained in these slides, the Presentation made to you verbally and any other information provided to you (in writing or otherwise) in connection with Li-Metal and its business (the "Presentation Materials") is subject to updating, completion, revision, verification and amendment without notice which may result in material changes. The Presentation Materials are not intended to provide financial, tax, legal or accounting advice and do not purport to contain all the information that a prospective investor may require. Each prospective investor should perform and rely on its own investigation and analysis of the Company and the terms of any offering of the Securities, including the merits and risks involved, and are advised to seek their own professional advice on the legal, financial and taxation consequences of making an investment in the Company. The Securities are highly speculative.

Certain information contained herein includes market and industry data that has been obtained from or is based upon estimates derived from third party sources, including industry publications, reports and websites. Third party sources generally state that the information contained therein has been obtained from sources the Company believes can be reasonably relied-on, but there is no assurance or guarantee as to the accuracy or completeness of the included data. Although the data is believed to be reasonably reliable, neither the Company nor its agents have independently verified the accuracy, currency or completeness of any of the information from third party sources referred to in this presentation or ascertained from the underlying economic assumptions relied upon by such sources.

No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon the merits of the Presentation Materials, and any representation to the contrary is an offence. Neither the Company nor any agent of the Company makes any representation or warranty, express or implied, and assumes no responsibility for the accuracy or completeness of the information contained in the Presentation Materials or any other oral or written communication transmitted to prospective investors, and nothing contained in this summary is, or shall be relied upon as, a promise or representation by the Company or any agent of the Company as to the past or future performance of Li-Metal. The Company retains the right, at any time, to terminate any discussions or negotiations with prospective investors. In the event of such termination the Company will not be under any obligation to disclose the reasons for such termination, nor will they have any liability to any recipient hereof for any costs whatsoever incurred in the consideration of the information contained in these Presentation Materials.

FORWARD-LOOKING INFORMATION

This presentation may contain forward-looking statements within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved". Forward-looking information includes, but is not limited to: forecasts of lithium metal demand; battery technologies and components dominant in the future marketplace; and associated economic values by Li-Metal; future production technology potential; indicative economic analysis and potential financial returns from LiM Electrolysis Technology and/or the LiM battery anode (collectively, the "Technology"); and the Company's planned work program for the Technology and development schedule and timetable.

Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued technology development, metal prices, the estimation of initial and sustaining capital requirements, the estimation of labour and production and logistics costs. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in metals and chemicals prices; the estimation of initial capital requirements; the estimation of labour and operating costs; the general global markets and economic conditions; environmental risks; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued development of the Technology may not be available on satisfactory terms, or at all; the risk of potential dilution through the issue of additional common shares; the risk of litigation.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information set out in this presentation, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any forward-looking information that is included herein, except in accordance with applicable securities laws.

CAUTIONARY NOTE REGARDING UNITED STATES SECURITIES LAWS

This presentation does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities of Li-Metal, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities of Li-Metal have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons," as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration is available.

Private & Confidential	CSE: LIM | OTCQB: LIMFF | FSE: 5ZO	2

OVERVIEW OF LI-METAL, COST LEADER, READY TO SCALE

• Li-Metalis the only vertically integrated North American anode product and system supplier
• We sell ultra-thin lithium metal anodes & solutions for use in next-generation battery technologies.
• Everything we do focuses on performance and cost disruption.

2018 - 2021

2022

20232024

• Company founded in 2018
• Listed on CSE Nov 2021 (LIM.CN)
• R&D facilities commissioned

• 5 MWh1,2 anode machine start-up
• Metal piloting commenced
• Blue Solutions JDA signed

• MVS Exclusive agreement signed
• 1st commercial anode sales
• 125 MWh1,2 metal scale-up started
• Production of Battery Grade (BG) metal from recycled metal

• Preliminary Economic Assessment for 40GWh2 metal scale-up
• Sample sales from 5 MWh1,2 anode unit
• Targeting samples from 125 MWh1,2 metal line

IP portfolio including 45 patents and patents pending

1. Capacity assuming continuous operation.
2. Calculated assuming 4.5m² / kWh at 5 microns lithium thickness, double-sided.

Private & Confidential

CSE: LIM | OTCQB: LIMFF | FSE: 5ZO

3

STRONG TEAM & CAPABILITIES

MANAGEMENT TEAM

Srini Godavarthy, Chem.Eng., PhD, MBA

BOARD OF DIRECTORS

Chief Executive Officer

Lithium industry executive with 24 years of experience. Previously he held senior management roles at PTT Global Chemical, Albemarle and Huntsman Managed all commercial, product and technology development for products including lithium metal, metal foil, etc. at Albemarle.

Maciej Jastrzebski, Mech. Eng., M.A.Sc

CTO and Co-founder

Anthony Tse

Chairman & Non-Exec. Director

25+ years of corporate company experience in high- growth industries, including as Former

CEO of Galaxy Resources, a leading lithium producer

Tim Johnston, Mech. Eng., CFA

Non-Exec Director, Co-founder

15+ years of experience in various roles in the battery metals industry. Exec. Chairman and co-founder of Li-Cycle

18 years of project engineering, technology development & commercialization experience with Hatch Ltd. and Barrick Gold. Inventor of numerous patents related to metal production

Keshav Kochhar, Chem Eng.

Chief Operating Officer

Proven operator having co-founded and led Lacero Solutions; significant experience in chemical industries and clean technology, with a focus on operations and project management.

Richard Halka, B.B.A., CA.

Chief Financial Officer

30+ years of senior management experience, including corporate finance, strategic planning, capital raising, financial restructuring and organizational change. Prior to joining Li-Metal he was the EVP and CFO at TSX listed Electrovaya Inc.

John Walsh, B.A., M.A., LL.B.

Non-Exec Director,

25+ years of experience as a private markets investor and a legal and governance advisor to

large institutions. General Counsel & Chief Compliance Officer of Timbercreek Investment Management Services

Srini Godavarthy

Chemical Eng., Ph.D., MBA

Exec. Director

Colin Farrell, MA (Econ.), CTA,

BFP

Non-Exec. Director

40 years of professional experience, incl. commercial, technical and, policy, leadership experience. Started up and led several tax and non-tax teams at PwC

Private & Confidential

CSE: LIM | OTCQB: LIMFF | FSE: 5ZO

4

VALUE PROPOSITION FOR LITHIUM METAL ANODES & Li-METAL CORP

• Lithium metal is considered as the 'Holy Grail' of anode materials which enable light weighting of batteries.
• LIM offers reliable supply of high-quality lithium metal anodes with industry leading form factor (i.e. width ~900mm, and thickness 2.5-20µ).
• LIM's anode technology and vertically integrated capabilities enables the cost efficacy of next-generationbatteries with superior performance.
• LIM short term price target is expected to be competitive with graphite anodes + current collector with 2X energy density

Private & Confidential	CSE: LIM | OTCQB: LIMFF | FSE: 5ZO	5

DEMAND FOR METAL ANODES ON THE WAY TO 1 TWH

Demand Profile for Anodes

BNEF projects that by 2035, 1.8TWh of batteries will use lithium metal for pre-lithiation or as metal anodes

1.8 TWh

NextGen Battery Customer Need

Li-Metal is uniquely positioned to address the cost and performance needs of our customers

• Leading PVD machine design & CAPEX costs
• Widest anode form factor in industry - 900 mm vs 300 mm
• Ability to incorporate SEI layer helps minimize dendrite formation and enhance lifetime of anodes
• Vertical integration into metal supply
• Product and system flexibility

Private & Confidential	CSE: LIM | OTCQB: LIMFF | FSE: 5ZO	6

SUPPLY CHAIN IS CHINA CENTRIC, DOMESTIC SUPPLY CRITICAL TO IRA

• OEMs require a local supply to optimize and de-risktheir supply chain
• Expanding domestic manufacturing capacity has become a matter of federal policy. The Inflation Reduction Act (IRA) requires for 100% of battery components be produced or manufactured in North America
• LIM is among a few companies with a scalable N.A. solution, that can serve the significant and growing supply need

			Xinjiang
			BG: 300tpa
Li-Metal	MSSA	CMP
BG: 18 tpa	Tianqi
Planned: 1,000 tpa BG	TG:1000tpa
	BG: 200 tpa
			Planned: 2,000tpa
Arcadium			Ganfeng
BG: 200 tpa			BG: 1,200 tpa
			Planned : 7,000 tpa
Albermal			Jin Kunlun
		BG: 1,000 tpa
BG: 200 tpa*
	Chengxin	Planned: 2,000 tpa BG
		BG: 300 tpa

Benchmark Solid State Report, 2023

Private & Confidential	CSE: LIM | OTCQB: LIMFF | FSE: 5ZO	7

OVERVIEW OF LI-METAL'S VERTICLE INTEGRATION & ADVANTAGE

Lithium Metal Anodes

Lithium Metal

Li-Metal's Unique PVD Anode Process

Cost Effective

PVD is a proven and cost effective technique to produce thin foils

Flexible

Ability to tailor products (substrate, thickness of Lithium, SEI layering) to fit battery format and technology

Strong Performance

Superior electrochemical performance in customer testing gravimetric (>400 Wh/kg) & volumetric (>100 Wh/l)

Reduced Safety issues

Excess Lithium minimized by adjusting thickness of film

Li-Metal's Unique Metal Production Process

Locally Produced

Metal production from America's based Li2CO3

Sustainable

No chlorine gas produced in the process

Modular Design

Patented design allows for rapid and economic scale up

Lower Cost

No requirement for lithium chloride production or complicated chlorine gas treatment and handling

Private & Confidential	CSE: LIM | OTCQB: LIMFF | FSE: 5ZO	8

OVERVIEW OF LI-METAL INTEGRATED BUSINESS MODEL

A vertically integrated model ensures a consistent high quality and low-cost supply

Li-Metal Canada

Partnership with MVS

Li-Metal NY & Florida

Lithium Metal Production

• Flexible head feed
• Proprietary Carbonate to Metal Technology (C2M)
• Metal recycling services
• Metal production & sales
• Metal technology licensing

Anode Machine Fabrication

• Global leader in coating technology and physical vapor deposition
• Exclusive PVD machine relationship with Li-Metal
• 50,000 sq ft manufacturing facility in Sarasota, Florida
• Anode equipment sales

Ultra Thin Anode Production

• 5 MWh1,2 anode line running in New York;
• 500 MWh1,2 anode line expected to start-up Q3 2025, 900mm width, widest format globally
• Ability to deposit on wide variety of substrates Ability to pre-lithiate
• Anode product sales
• Anode System Solutions (PVD Machine + Anode Technology License)

1. Capacity assuming continuous operation.
2. Calculated assuming 4.5m² / kWh at 5 microns lithium thickness, double-sided.

Private & Confidential

CSE: LIM | OTCQB: LIMFF | FSE: 5ZO

9

Supply Chain Processes: Anode Qualifications

2021

2022

2024

2025

2026

2027

Material	Initial & Full-
Preparation &
Anode	Cell Testing

Manufacturing

Pilot

Production &

Scaling

Cell Assembly	Validation &	Commercial &
& Testing	Certification	Production

Mixing and coating;	Performing tests to	Begin producing	Assembling	Independent	Transitioning to
combining active	ensure anode	small batches to	qualified anodes	validation of	large-scale
materials with	meets physical and	fine-tune	and other	performance by	operation while
binders and	chemical	manufacturing	components with	testing agencies.	maintaining quality
conductive	specifications.	process. Increase	battery	Getting relevant	from Pilot
materials. Electrode	Electrochemical	gradually while	manufacturers	certifications to	Production &
assembly and	testing for capacity	maintaining quality		meet requirements	Scaling
rolling	cycle stability & rate
	capability

Private & Confidential	CSE: LIM | OTCQB: LIMFF | FSE: 5ZO	10