Lithium Australia Quarterly Activities Report September 2022

Lithium Australia NL (ASX: LIT) is pleased to present the company's quarterly activities report.

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HIGHLIGHTS:

Recycling: Envirostream Australia Pty Ltd (‘Envirostream’)

• Envirostream obtains commitment of a minimum 250t of Energy Storage System (‘ESS’) lithium-ion batteries (‘LIBs’) from LG Energy Solution1.
• Agreement with Battery World executed with Envirostream2.
• Volumes of end-of-life batteries increase further during the quarter.

Batteries: VSPC Pty Ltd (‘VSPC’)

• Lycopodium continued work on the VSPC Pre-qualification Pilot Plant (‘PQPP’) engineering study.
• Business development activities increased including visit to the Republic of Korea to engage with potential partners.

Lithium Chemicals

• Formal registration for the LieNA® CRC-P autoclave vessel received this month allowing commissioning of the autoclave to commence.
• The Company continued to identify potential commercial partners for LieNA®.

Corporate

• Placement of $12.1 million (gross of fees) secured to fund activities.
• Appointment of Mr Simon Linge as Chief Executive Officer with a commencement date on or before 1 January 20233.
• As at 30 September 2022, the Company had a cash balance of A$13.6 million and investments in listed equities of A$5.7 million.

STRATEGY

Lithium Australia is focused on its battery recycling business (Envirostream) and lithium ferro phosphate (‘LFP’) cathode powder (VSPC) divisions, both of which the Board believes will catalyse growth and shareholder value. Recycling of mixed end of life (‘EOL’) batteries via Envirostream underpins the Company’s ESG credentials. Envirostream is well-positioned to take advantage of the expected significant increase in volumes of spent batteries available for recycling, particularly as a result of vehicle electrification and Australia’s national battery stewardship scheme.

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