Quarterly Report - March 2024

HIGHLIGHTS

Previous Galaxy Resources CFO Joins Lithium Universe Team

• Appointment of Mr John Sobolewski as CFO
• Highly experienced in modelling DFS stage projects
• Previously CFO of Galaxy Resources
• Previously CEO of Mintrex
• Instrumental in the funding of Mt Cattlin Mine and Jiangsu Refinery

Comprehensive Test Program For Lithium Carbonate Refinery In Progress

• Metallurgical testing on various international sources of spodumene
• Spodumene feedstock optionality whilst Canadian supply develops
• Targeted Refinery site has river and port access for global spodumene supply
• First program achieves 99.7% LiCO₃ above the battery grade spec of 99.5% LiCO₃

Lithium Universe Secures Quebec Prime Industrial Land For Lithium Refinery

• Secured prime industrial property in the Bécancour Waterfront Industrial Park (BWIP)
• Strategic location, hydroelectricity, gas, road, rail, and spodumene import facilities
• The site has the capability for three 16,000 tpa Lithium Carbonate refineries
• Located within 1km of General Motors/POSCO Cathode factory and Ford/EcoPro BM Cathode factory and 140km from Northvolt's EV battery facility at Saint-Basile-le-Grand
• Favourable terms including no option fee until July 2024 and option term of 3 years

Completion of Port Study for Spodumene Import to Lithium Carbonate Refinery

• Completion of port study focussed on identifying optimal import of spodumene to Bécancour Lithium Refinery
• Spodumene feed, to be sourced from within Canada or external locations such as Brazil, Africa, or Australia
• Ability to directly import spodumene into the Bécancour lithium refinery
• Trois-Rivières, Sorel, Québec, Montreal, and Bécancour ports evaluated
• Preferred port for the project will be the Bécancour port

Lithium Universe Launches Share Purchase Plan

• Share Purchase Plan (SPP) offered to raise working capital and reward former Mogul Games Group Limited and IPO shareholders
• SPP at an issue price of $0.02 per share
• Represents a 9.09% discount to the closing price of $0.022 per share on 12 March 2024 and a 9.09% discount to the 5-day VWAP prior to the announcement

Closing the Lithium Conversion Gap in North America

• Lithium Universe to play pivotal role in closing the lithium conversion gap
• Target conversion contracts with OEMs who have spodumene off take
• Target "take or pay" agreements with OEMs to reduce market/price risks
• LFP batteries expected to capture 87% of the ESS market share by 2033
• Strong Federal and Provincial government financing support within the industry
• Lithium Universe committed to building through the lithium cycle

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