Lunnon Metals : Company Presentation

2022 Building for success…..

14 April 2022

Ed Ainscough

IMPORTANT: You must read the following before continuing.

Not for release to US wire services or distribution in the United States.

The following notice and disclaimer apply to this presentation ("Presentation") and you are therefore advised to read this carefully before reading or making any other use of this Presentation or any information contained in this Presentation.

By accepting this Presentation you represent and warrant that you are entitled to receive this Presentation in accordance with the restrictions, and agree to be bound by the limitations, contained within it.

This Presentation is dated 11th April 2022 and has been prepared by management of Lunnon Metals Ltd ("Lunnon" or "Company") in relation its proposed issue of new fully paid ordinary shares in Lunnon ("New Shares") to certain strategic investors, institutions and other sophisticated and professional investors in accordance with section 708A of the Corporations Act 2001 (Cth) ("Corporations Act") to raise up to approximately $30 million (before costs) ("Offer").

This Presentation has been authorised for release to ASX by the Board of Directors of Lunnon ("Lunnon Board").

1. Summary information

This Presentation is a summary only, and contains summary information about Lunnon and its activities, which is current as at the date of this Presentation (unless otherwise indicated), and the information in this Presentation remains subject to change without notice. The information in this Presentation is general in nature and does not purport to be accurate nor complete, nor does it contain all of the information that an investor may require in evaluating a possible investment in Lunnon, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act. It has been prepared by Lunnon with due care but no representation or warranty, express or implied, is provided in relation to the accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this Presentation by Lunnon or any other party.

Reliance should not be placed on information or opinions contained in this Presentation, and Lunnon does not have any obligation to finalise, correct or update the content of this Presentation. Certain data used in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications.

To the maximum extent permitted by law, Lunnon is not responsible for updating, nor undertakes to update, this Presentation. It should be read in conjunction with Lunnon's other periodic and continuous disclosure announcements lodged with the ASX, which are available at www2.asx.com.au or athttps://lunnonmetals.com.au/asx-announcements/.

2. Not an offer

Neither this Presentation nor any of its contents will form the basis of any understanding, proposal, offer, invitation, contract or commitment.

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This document does not constitute or contain an offer, invitation, solicitation or recommendation to subscribe for, acquire o r sell any securities in Lunnon (including New Shares), or any other financial products or securities, in any place or jurisdiction. This document is not a prospectus, product disclosure stateme nt or other offering document under Australian law or any other law, and will not be lodged with the Australian Securities and Investments Commission.

This Presentation may not be released to US wire services or distributed in the United States. This Presentation does not con stitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be unlawful. The New Shares have not b een, and will not be, registered under the U.S. Securities Act of 1933, ("U.S. Securities Act") or the securities laws of any State or other jurisdiction of the United States. The New Shares may no t be offered or sold, in the United States unless they have been registered under the U.S. Securities Act, or are offered and sold in a transaction exempt from, or not subject to, the regist ration requirements of the U.S. Securities Act and any other applicable U.S. state securities laws. The distribution of this Presentation (including an electronic copy) in the United States and elsewhere outside Australia may be restricted by law. If you come into possession of this Presentation, you should observe such restrictions. Any non-compliance with these restrictions may contravene applicable securities laws. Refer to the "International Offer Restrictions" section in this Presentation for more information. By accessing this Presentation, you represent and warrant th at you are entitled to receive such presentation in accordance with these restrictions and agree to be bound by the limitations contemplated by them.

3. Not financial product advice

This Presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial prod uct or investment advice, financial, legal, tax accounting or other advice, or a recommendation to acquire New Shares (or any other securities of Lunnon) and does not and will not form any part of any contract for the acquisition of New Shares. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual.

Before making an investment decision, prospective investors should consider the appropriateness of the information having reg ard to their own objectives, financial and tax situation and needs and seek professional advice from their legal, financial, taxation or other independent adviser (having regard to the require ments of all relevant jurisdictions). Lunnon is not licensed to provide financial product advice in respect of an investment in shares. Cooling off rights do not apply to the acquisition of New Sha res.

4. Industry data

Certain market and industry data used in connection with or referenced in this Presentation may have been obtained from public filings, research, surveys or studies made or conducted by third parties, including as published in industry-specific or general publications. Neither Lunnon nor its advisers, or their respective representatives, have independently verified any such market or industry data.

5. Financial data

All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. Amounts, totals and change percentages are c alculated on whole numbers and not the rounded amounts presented. Amounts, totals and change percentages are calculated on whole numbers and not the rounded amounts presented. This presentati on includes certain pro forma financial information (to reflectthe impact of the Acquisition). The pro-forma financial information included in this presentation is for illustrative purposes and is not represented as being indicative of Lunnon's (nor anyone else's) views on its future financial condition that may be realised as a result of the Acquisition. The pro forma financial information has been prepared on the basis set out on slide 12 of this presentation. The pro forma financial information included has not been subject to audit or review.

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6. Past performance

Past performance metrics and figures (including past share price performance of Lunnon, as well as pro forma financial information, included in this Presentation are given for illustrative purposes only and should not be relied upon as (and is not) an indication of Lunnon's or any other party's views on Lunnon's future financial performance or condition or prospects. Investors should note that past performance of Lunnon, including in relation to the historical trading price of Lunnon shares, production, mineral resources and ore reserves, costs and other historical financial information cannot be relied upon as an indicator of (and provides no guidance, assurance or guarantee as to) future Lunnon performance, including the future trading price of New Shares. The historical information included in this Presentation is, or is based on, information that has previously been released to the market.

7. Forward-looking statements and forecasts

This Presentation contains certain "forward-looking statements" and comments about future matters. Forward-looking statements can generally be identified by the use of forward-looking words such as, "expect", "anticipate", "likely", "intend", "should", "could", "may", "predict", "plan", "propose", "will", "believe", "forecast", "estimate", "target" "outlook", "guidance" and other similar expressions within the meaning of securities laws of applicable jurisdictions and include, but are not limited to, the outcome and effects of the Offer and the use of proceeds. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. Any such statements, opinions and estimates in this Presentation speak only as of the date hereof, are preliminary views and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance and estimates. Forward-looking statements are provided as a general guide only. The forward-looking statements contained in this Presentation are not indications, guarantees or predictions of future performance and involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of Lunnon, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be co rrect.

There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. Any such forward looking statement also inherently involves known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to be materially greater or less than estimated (refer to the "Risk Factors" section of this Presentation). These factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic factors, increased capital costs and operating costs, the speculative nature of exploration and project development (including the risks of obtaining necessary licenses and permits, diminishing quantities or grades of reserves and the ability to exploit successful discoveries), general mining and development operation risks, closure and rehabilitation risks, changes to the regulatory framework within which Lunnon operates or may in the future operate, environmental conditions including extreme weather conditions, geological and geotechnical events, and environmental issues, and the recruitment and retention of key personnel, industrial relations issues and litigation.

Any such forward looking statements are also based on assumptions and contingencies which are subject to change and which may ultimately prove to be materially incorrect, as are statements about market and industry trends, which are based on interpretations of current market conditions. Investors should consider the forward looking statements contained in this Presentation in light of those disclosures and not place undue reliance on such statements (particularly in light of the current economic climate and significant volatility, uncertainty and disruption caused by the COVID-19 pandemic). The forward looking statements in this Presentation are not guarantees or predictions of future performance and may involve significant elements of subjective judgment, assumptions as to future events that may not be correct, known and unknown risks, uncertainties and other factors, many of which are outside the control of Lunnon.

Except as required by law or regulation Lunnon undertakes no obligation to finalise, check, supplement, revise or update forward-looking statements or to publish prospective financial information in the future, regardless of whether new information, future events or results or other factors affect the information contained in this Presentation.

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8. JORC Code

It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee's Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while ore reserve and mineral resource estimates of Lunnon in this document comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Standards"); or (ii) Industry Guide 7and the new SEC mining property disclosure requirements contained in Subpart 1300 of Regulation S-K under the US Securities Act, which governs disclosures of mineral reserves in registration statements filed with the SEC. Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. In particular, Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC filings. You should not assume that quantities reported as "resources" will be converted to reserves under the JORC Code or any other reporting regime or that Lunnon will be able to legally and economically extract them.

9. Mineral Resources reporting

This presentation contains references to Lunnon's Mineral Resources shown in a detailed breakdown below.

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