Quarterly Activities Report Period Ending 30 June 2023

The Company continued to advance the Project and received clarification of the administrative lodgement process through the all-encompassing tenure under an Exploration Permit for the future lodgement of the Exploitation Concession Application. Furthermore, the Company received a response from the Regional Government of Extremadura regarding the EIA Scoping Document which facilitated the progression and execution of an agreement with a significant landowner subsequent to the quarter.

The positive developments in clarification of the administrative and permitting pathway resulted in significant inbound interest from interested parties to the Project. The Company is continuing to advance San José to present a socially, environmentally and economically improved Project in collaboration with potential offtake and corporate partners and local and regional stakeholders.

The finalisation of local and regional elections resulted in new and aligned governments for both the City of Caceres and Region of Extremadura.

Positive Government Response to EIA Scoping Document (‘EIASD’)

In May 2023 the Company announced that the Regional Government of Extremadura’s General Directorate for Sustainability had reinforced the advancement of the Project permitting process through the finalisation of the Environmental Impact Assessment Scoping Document (‘EIA Scoping Document’, (‘EIASD’ or ‘Initial Document’). The delivery of the EIA Scoping Document followed the granting of the Exploration Permit Extremadura S.E. (‘PESE’) (see ASX Announcement 29 March 2023).

The report received from the Regional Government Administration establishes the preliminary conditions for San José to be compatible with environmental and urbanistic licence requirements through the recommendations for inclusion in the submission of the Company’s mining licence and environmental authorisation submissions.

Furthermore, the technical document clarifies the conditions to be met for the preferred location of the lithium chemical conversion plant and portal for mineral resource exploitation. The Company subsequently executed an agreement over areas of land relevant for the

progression of the designated lithium chemical conversion plant and related processing activities (see ‘Infinity Secures San José Industrial Land’ below).

Infinity has already commenced works to incorporate the requirements from the EIA Scoping Document into the final Project concession application facilitated through the collaborative process with regional and local government authorities.

The finalisation of the EIA Scoping Document reinforced the administrative process and permitting strategy designed by Extremadura New Energies, which continues to progress on schedule.

Project Tenure

In June 2023 the Company announced that it, through wholly owned subsidiary Extremadura New Energies, remained on course for the submission of the Exploitation Concession Application (‘ECA’) for the Project under PESE.

The administrative process to submit the ECA had been altered to include the extended PESE Project tenure. The High Court of Justice of Extremadura (‘the Court’) determined that the investigation permits previously contained within the new project area PESE were annulled, and therefore the Project area now comprises entirely of PESE. The Exploration Permit is an all- encompassing, granted tenure that clarifies any prior uncertainty in favour of the Company and allows the stated pathway to lodgement of the Project ECA.

The Company continued to advance the mining licence and environmental assessment submissions included under the ECA incorporating the responses from local and regional stakeholders detailed in the EIA Scoping Document (refer to ASX announcement 9 May 2023). Technical and administrative works continued throughout the election period and the Company anticipates the submission of the ECA in Q4 2023.