Issuu

A N E M E R G I N G M U LT I - C O M M O D I T Y B AT T E RY M AT E R I A L S P R O D U C E R

C O R P O R AT E P R E S E N TAT I O N OCTOBER 2019

DISCLAIMER AND FORWARD-LOOKING INFORMATION Disclaimer and Information About this Presentation Prospective investors should rely only on the information contained in the preliminary prospectus dated 19 June 2018 (the “prospectus”) and, if applicable, the related U.S. placement memorandum. A prospective investor is not entitled to rely on parts of the information contained in this presentation to the exclusion of others. This presentation is qualified in its entirety by reference to, and must be read in conjunction with, the information contained in the prospectus. Neither the Company nor any of the Underwriters has authorized anyone to provide prospective investors with different or additional information. If anyone provides prospective investors with additional or different or inconsistent information, including information or statements in media articles about the Company, prospective investors should not rely on it. Prospective investors should not assume that the information contained in this presentation is accurate as of any date other than the date of the prospectus, or where information is stated to be as of a date other than the date of the prospectus, such other applicable date. No securities regulatory authority has expressed an opinion about the securities described herein and it is an offence to claim otherwise. An investment in the securities described herein is speculative and involves a number of risks that should be considered by a prospective investor. Prospective investors should carefully consider the risk factors described under “Risk Factors” in the prospectus and other information included in the prospectus before purchasing the securities described herein. The Company is not offering, or soliciting offers to acquire, the securities described herein in any jurisdiction in which such offer or solicitation is not permitted. For prospective investors outside Canada, neither the Company nor the Underwriters have done anything that would permit the offering or distribution of this presentation together with the prospectus in any jurisdiction where action for that purpose is required, other than in Canada. Prospective investors are required to inform themselves about and to observe any restrictions relating to the offering and the distribution of this presentation and of the prospectus. In this presentation, all amounts are in Canadian dollars, unless otherwise indicated. Capitalized terms used but not defined herein have the meanings ascribed to them in the prospectus. A preliminary prospectus containing important information relating to the securities described in this presentation has been filed with the securities regulatory authorities in each of the provinces and territories of Canada. A copy of the preliminary prospectus, and any amendment, is required to be delivered with this document. The preliminary prospectus is still subject to completion. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for a final prospectus has been issued. This presentation does not provide full disclosure of all material facts relating to the securities offered. Investors should read the preliminary prospectus, the final prospectus and any amendment for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

Forward-Looking Information This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws, which may relate to the Company’s future outlook and anticipated events or results. In some cases, but not necessarily all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, predictions, indications, projections or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events. Forward-looking statements in this presentation may include statements regarding management’s beliefs, expectations or intentions regarding the size, completion, expenses and timing of the closing of the Offering, industry trends, market growth rates and the Company’s future growth rates, plans and strategies, projections of commodity prices and costs, the future financial or operating performance and condition of the Company, including its business, operations and properties, planned exploration and development activities and the costs and timing thereof, the intended use of the net proceeds of the Offering, trends in the global cobalt, lithium and graphite markets, the adequacy of the Company’s financial resources, timing, receipt and maintenance of approvals, consents and permits under applicable legislation. The foregoing list should not be construed as exhaustive and should be read in conjunction with the information in the prospectus under the heading “Cautionary Note Regarding Forward-Looking Information”. These statements and other forward-looking information are based on opinions, assumptions and estimates made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances as of the date of this presentation, including, without limitation, assumptions about the ability to raise additional capital; future prices of cobalt, lithium and graphite; the Company’s competitive advantages; current market dynamics; the timing and results of exploration and drilling programs; and the availability and amenability of metallurgical and processing technologies for processing extracted minerals;. There can be no assurance that such estimates and assumptions will prove to be correct. If any of the assumptions or estimates made by management prove to be incorrect, actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking information. Accordingly, prospective investors are cautioned not to place undue reliance on such information. The foregoing list of assumptions should not be construed as exhaustive and should be read in conjunction with the information in the prospectus under the heading “Cautionary Note Regarding Forward-Looking Information”. While such opinions, assumptions and estimates are considered reasonable by the Company as of the date such statements are made, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to future requirements for additional capital, a limited operating history, the demand for and prices of lithium, cobalt and graphite, property title risk, exploration risk, mineral processing risk, uncertainty in relation to Inferred Mineral Resources, a negative cash flow; governmental regulation of the mineral exploration and development industry; the loss of an investor’s entire investment; an arbitrary offering price; volatility in the price of the ordinary shares; the potential for additional dilution; absence of a market for the ordinary shares and future sales of ordinary shares by directors and officers of the Company. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company. Refer to “Risk Factors” in the prospectus. The forward-looking statements included in this presentation are expressly qualified by this cautionary statement and are made as at the date of the prospectus. The Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

INTRODUCTION AND INVESTMENT HIGHLIGHTS Battery Mineral Resources Limited (“BMR”) is a Canadian-based, multi-commodity resource company engaged in the discovery and development of battery minerals (cobalt, lithium, graphite) in Canada, the U.S. and South Korea. Our goal is to become a significant, low cost battery materials producer as well as continuing our positive record of new discoveries from our extensive portfolio of advanced exploration projects. + High-quality portfolio of assets located in mining-friendly jurisdictions – Rare, high-grade primary cobalt projects located in Canada and the U.S. – Largest mineral claim holder in Ontario, Canada (all minerals) and a significant claim holder in the U.S. (cobalt) +

Significant upside potential beyond existing resource base – Underexplored land package in the Ontario Cobalt Belt with significant resource expansion potential – Prospective lithium and cobalt exploration projects in the U.S. and brownfield graphite projects in South Korea

Experienced management team and board with proven track record – Board and technical teams with capabilities in exploration, mine development, operations and downstream Li-Battery applications

Strategic investment provides financing certainty and de-risks future development – Strategic investment by Yorktown Partners LLC.1 funds phase one cobalt processing facility and de-risks future development – Clear pathway to production with minimal shareholder dilution

•

Clear vision to maximize shareholder returns through growth and capital efficiency – Well defined exploration program over the next 18 months across the portfolio – Strong balance sheet, conservative capital management with no debt or overhang from warrants or options – Experienced Board and Management

1. Yorktown Partners LLC, through its partnerships, owns 87.6% of the outstanding common shares of ESI Energy Services Inc., which is a party to the agreement with BMR.

KEY BUSINESS OBJECTIVES 2019 +

Grow the global resource base to advance the business towards development outcomes: -

Build cobalt resources in Canada to a combined contained metal content of +10Mlbs CoEq by focusing on near-term resource-accreting projects, i.e. McAra, Gowganda and Fabre. Grow the current resource at Geumam, South Korea, to +10Mt total graphite content (TGC). Resource drilling at the Panamint lithium projects. Continue to investigate JV and M&A opportunities to build resources and mitigate risk. Hold all projects and land tenure in good standing. Formation of Technical Committee to assist the board in assessing technical programs, budgets, investments / divestments, etc.

Advance BMR Projects: -

Advance at least one Canadian cobalt project to a NI 43-101 Resource Estimate in 2019. Advance the Geumum graphite resource to NI 43-101 PEA (Preliminary Economic Assessment) to enable investment by a strategic investor. Secure farm-in / JV on US lithium projects following Panamint drill program. Seek opportunities for early cash flow, whether through M&A or fast track development of existing assets. Identify opportunities to rationalize landholdings based on assessment of development potential. Target drilling and other technical expenditures to 85% of the total budget.

Capitalize the business in a manner that builds shareholder value and minimizes dilution. -

Preparing the Company and its subsidiaries for RTO listing on TSXV in Q4:19

CORPORATE RTO OVERVIEW CAPITAL STRUCTURE

RTO TIMELINE

Transaction Summary

Transaction

RTO

Exchange for Listing

TSXV

Amount to be Raised

USD$4.0M

Flow Through Raising

USD$2.0M

Raising Price (per share)

USD$0.50

Capitalization Current Shares on Issue

116M

Shares to be issued in Capital Raising

12M

Shares to be issued in Bridge Conversion

12M

Shares to be Issued in Transaction Options on Issue Pro Forma Shares on Issue

Sept. 2019 – Fusion Gold Ltd. (Fusion) and BMR entered into a binding Letter Agreement, where Fusion will acquire all the issued and outstanding shares of BMR. Oct. 2019 – BMR finalizes Scheme of Arrangement between Fusion and BMR, regarding the Qualified Transaction. Nov. 2019 – BMR issues Notice of Meeting to all existing BMR shareholders to approve the Qualified Transaction. Dec 2019 – The Qualified Transaction (RTO) is completed and BMR is publicly listed on the TSXV, under the ticker symbol BMR.

OWNERSHIP STRUCTURE (POST-RTO)

Weston Energy LLC – 28%

Up to 10M Nil 150M

Market Cap

USD$75M

Cash

USD$7M

Fusion – 1 %

BMR Directors, Officers & Senior Management – 17%

Other Institutional and Retail – 54% BMR Shareholders – 71%

BMR has amassed a dominant 1,750 km2 land package in the Ontario Cobalt Belt, Canada. Our continuing goal is to locate and develop multiple high-grade deposits and process the cobalt at a central facility in the district.

COBALT CANADA

The largest area of high-grade cobalt-focused mineral exploration claims in North America

Ontario Cobalt Belt (8,720 mineral claims covering 1,746km2); plus 12 leases and 5 patented claims. Staked or acquired numerous highgrade cobalt prospects (1-21% Co). 20,000m drill program underway across district-scale cobalt exploration belt.

The Ontario Cobalt Belt is a 200 km long, arcuate zone that is located between the Abitibi gold and base-metal belt and the Sudbury nickel-copper-platinum-palladium mining district of Ontario and western Québec between Sudbury and the town of Cobalt, Ontario. Defined in the NI 43-101 Cobalt Exploration Project Technical Report completed by Exploration Services International and Micon International (7-Feb-18).

NUMEROUS ANOMALIES INDICATE POTENTIAL FOR WIDESPREAD COBALT MINERALIZATION Significant upside potential across Cobalt District Exploration Project 

More than 800 documented cobalt occurrences. Drill targets are prioritized using geophysics and mapping.



2019-20 drilling designed to test target size upside and determine resource potential.

Gowganda: new high-grade outcrop discovery with 38 samples averaging 2% Co, grading up to 13.7% Co. Phase 1 drilling complete, follow up planned Q4:19

2019 PROGRAM HIGHLIGHTS

OUTCROP COBALT GRADES (%) PROJECT

Co (%)

COMMENTS

Gowganda

13.7

Very high Co and Ag, > 250 drill holes, 2Mt of dry tailings. 13.7% Co in newly discovered Capital Vein

McAra

13.3

+5,000m BMR drilling, high-grade cobalt resource, open

Wilder/Kell

8.8

Cu, Ni, Ag, ultramafic association

Fabre West

8.0

0.5 m at 8% Co in drilling, very high Ag

Roy

7.4

Cu, Ag, numerous old workings

White Lake

6.6

Ni, extensive outcrop ‘bloom’

White Reserve

4.5

High Ag, numerous old workings

Fabre: numerous drill targets identified from geology, and geophysics. Phase one drilling complete; phase 2 drilling to commence Q4:19

McAra Other Prospects: Several lookalike prospects north of McAra deposit, including Kite Lake (2.5% Co). Drill-testing Q4:19

McAra Cobalt Deposit: high-grade cobalt resource. New Resource Estimate in Progress and met testwork, Q3-4:19

McARA INITIAL RESOURCE ESTIMATE MINERAL RESOURCE ESTIMATE 0.30% Cut-off

Tonnage

Co Grade

(tonnes)

(%)

COBALT GRADE COMPARISON (%) 1, 2

Contained Co (lbs)

Project & Grade (% Co)

(tonnes)

Indicated

72,000

1.27%

2,011,000

912

Inferred

26,000

0.81%

461,000

209

McAra

Ruashi Tenke Fungurume Boss

Block Model with Drill Hole Traces and Grade Distribution

+ +

1.27% BMR

Kamoto Mutanda

Potential for resource expansion with multiple lookalike targets identified by geology + geophysics, new resource estimate Q3:19. Prospect of continued high average grades – 208kg outcrop sample collected in Dec 18 for metallurgical testwork averaged 10.1% Co, 1.64g/t Au and 1.25% Ni.

Operator

0.55% 0.39% 0.30% 0.26% 0.19%

Canada

Katanga Mining

DRC

Glencore

DRC

Jinchuan Group

DRC

CMOC

DRC

ERG

DRC

Moa Bay

0.14%

Sheritt

Cuba

Voisey's Bay

0.13%

Vale

Canada

Ramu

0.10%

Met. Corp. of China

PNG

Sudbury Ops

0.09%

Glencore

Canada

Murrin Murrin

0.08%

Glencore

Australia

Ambatovy

0.07%

Sheritt

Madagascar

Ontario Division

0.04%

Vale

Canada

Source: Company filings, SNL 1. Selected operations. 2. Indicates a Fraser Institute Policy Perception Index risk rating of below 40/100; McAra reflects Indicated Resource grade; Vale only discloses Reserve grade.

Jurisdiction

McARA DRILL TESTING AND METALLURGY 2019 drill testing down dip extensions and parallel breccia systems

+ +

Drilling of targets at the McAra deposit complete, recent assays results include: - 33.9m @ 1.03% Co and 1.03% Cu; including 1.8m @ 11.13% Co and 4.09% Cu; and 5.1m @ 4.95% Co and 2.02% Cu. - 5.6m @ 3.37% Co; including 1.7m @ 8.64% Co. - 1.7m @ 1.98% Co; and 1.7m @ 1.23% Co. - 23.5m @ 0.87% Co Structural analysis underway leading to resource upgrade (Q3:19). Additional drill targets to be derived from resource modelling. Several McAra look-alike prospects located by geophysics surveys north of the McAra deposit. They show similar, but much larger targets than the McAra deposit. Outcropping cobalt mineralization identified at Kite Lake. A silver prospecting hole intersected 2.5% cobalt over 0.5m. Drilling planned Q4:19.

Kite Lake planned drill holes (16 holes for 3,000m)

Kite Lake McAra Deposit Anomalies with SkyTEM profiles on Magnetic TMI.

Metallurgical Testwork + Test work on a composited surface sample from McAra has removed 99% of the arsenic with no cobalt loss to produce a marketable cobalt product (10% Co & <0.5% As). The removed arsenic has been stabilized into a glass product which is well within the toxicity characteristic leaching procedures (TCLP) of the EPA. + Other test work in the UK has successfully used bioleaching to extract cobalt and copper in arsenic rich sulphides from Iron Mask. + Test work on a bulk cobalt mineralized sample from the Kilpatrick Prospect (Gowganda) is in progress. 11

McARA RECENT RESOURCE IN-FILL DRILLING ASSAYS Drill hole

From (m)

To (m)

Interval (m)

Cobalt (%)

Silver g/t

Copper (%)

Nickel (%)

MCD 19043

66.9

100.8

33.9

1.03

0.12

Incl. 66.9

71.4

4.5

1.96

0.06

0.17

Incl. 68.4

70.6

2.2

3.37

0.09

0.29

Incl. 88.4

91.4

3.0

0.02

3.53

0.01

Incl. 94.1

99.2

5.1

4.95

2.02

0.57

Incl. 94.1

95.9

1.8

11.13

103

4.09

1.39

58.3

1.7

1.98

<0.05

0.16

65.3

65.8

0.5

1.33

<0.05

0.14

69.5

71.2

1.7

1.23

<0.05

0.07

74.6

5.6

0.22

151.6

175.1

23.5

0.87

0.06

0.09

Incl. 151.6

157.2

5.6

3.37

0.09

0.36

154

1.7

8.64

0.16

0.96

194.6

198

3.4

0.15

<0.05

Incl. 196.1

196.8

0.7

0.35

<0.05

204.7

205.6

0.9

0.16

<0.05

MCD 19046

MCD 19047

Incl. 152.3 MCD 19055

Interpretation and database update underway. High grade intercepts in red. 12

GOWGANDA DRILL-READY HIGH GRADE OUTCROPS Gowganda, Kilpatrick Zone - Aerial view of washed outcrop showing locations of main cobalt vein zones & rock chip samples (%Co, in yellow). , 3.42%

7.36% 5.77% 0.8%

4.8%

5.8%

30 metres

Outcrop of ‘cobalt bloom’ at Kilpatrick

+ + + + +

2% cobalt - the average assay for all 38 surface rock chip samples collected at Kilpatrick. Low silver contents have discouraged previous explorers/miners. Geophysics (3D IP) clearly defines depth extent and drill targets. Located beside planned location for central mill site. Potential for considerable tonnage of high-grade cobalt. Kilpatrick is clearly an exciting deposit with open strike and depth extent. Phase 1 drilling of 15 holes complete (Q2:19). High-grade cobalt in veins (>1%). Assessment and planning for follow-up drilling (Q3-Q4:19) in progress. 13

GOWGANDA FOLLOW ON DRILL TESTING +

Kirkpatrick drill area (white circle), with approximate area for initial shallow bedrock drill testing (blue circle). Main old silver-cobalt workings shown as pink dots. 15 drill holes (960m) completed in 2019 -

Shallow mineralized intervals range to 2.55% Co and 2.90% Ni in GKP19001 (12.3-12.8m). Co-clays contain anomalous cobalt in most holes.

Follow-up drilling Planned.

GOWGANDA EXTENSIONS +

Defined targets at recently announced Transition JV showing locations of main cobalt prospects Cobalt Nugget and Big Four. Cobalt Nugget is of particular interest because it is located at a major structural intersection (Montreal River – Jacob Lake faults) where there is the potential for a large size deposit. On-ground assessment of main cobalt and cobalt-gold targets and drill planning Q3 - Q4:19. Other targets to be defined across +300km2 tenement block.

FABRE DRILL TESTING + +

+ + + +

Previous prospector drilling (for silver) intersected high cobalt grades at Fabre. BMR have undertaken 3D IP geophysics and identified chargeability targets which coincide with the known mineralized intervals and these also show that the cobalt-silver sulphide zones also extend along trend and at depth. Assay results from Phase One drilling yielded excellent silver-cobalt intervals, as summarized in the table below. Additional IP survey planned (Q3:19) area outlined in yellow and will be followed by limited drill test. Areas north of the road are easily accessible. Access to farmland south of the road is presently being negotiated.

Target zones for follow-up

Drill Hole FW19001

from

interval

Silver

Cobalt

Copper

CoEq*

meters

g/t (ounces/t)

ppm

91.87

112.00

21.13

137 (4.4)

ns**

0,20

Incl 97.00

100.20

3.20

803 (25.8)

1.17

incl 98.00

99.20

1.20

1873 (60.2)

2.73

incl 98.00

98.60

0.60

2830 (91.0)

124

0.33

4.21

FW19003

65.44

65.94

0.50

2490 (80.1)

100

3.64

FW19004

76.57

79.80

3.23

274 (8.8)

1511

0.27

0.60

79.80***

0.50

1740 (55.9)

0.74%

1.33

3.54

84.02

0.52

29 (0.9)

2040

0.25

incl 79.30 83.50 *

CoEq (cobalt equivalent) is based on US$15/lb cobalt, US$0.50/g silver, US$3/lb copper and US$6/lb nickel

** ns = not significant (average values less than 100ppm Co and 0.3% Cu). *** includes 0.37% bismuth

BMR CANADA COBALT PROJECT SUMMARY MCARA:

– Complete McAra Resource Estimate (Q3:19) – Drill Kite Lake and SK2-EM Targets (Q4:19)

GOWGANDA:

– Limited Ground Follow-up & Drill Planning (Q3:19) – Winter Drilling (Q4:19)

FABRE:

– IP Survey & Drill Planning (Q3:19) – Follow-up Winter Drilling

SHINING TREE:

– Limited Ground Follow-up & Drill Planning (Q3:19) – Winter Drilling (Q4:19)

COBALT (U.S.A.) +

+ + + + +

Current tenement holding: Significant number of claims in the Idaho Cobalt Belt. Previously unrecognized and underexplored targets. Ongoing assessment and acquisition of additional properties. Sampling, geological mapping, and ground IP at most properties. Airborne magnetic and radiometric geophysical surveys completed. Drill permitting in progress on prime Idaho target.

An extensive land package of 164 km2 including North America’s largest lithium exploration project, Panamint Valley, California.

LITHIUM (U.S.A.)

Highly prospective exploration including North America’s largest lithium exploration project

+ + + +

Panamint Valley Basin is large (> 30km long, 5-10km wide and 300-1,000km deep); filled with saline to high-saline brine. Basin assessment (flora, fauna, geology) confirms existence of a very large system capable of hosting a significant li-brine deposit. Gravity survey defined basin structure. MT survey defined high salinity water zones; exceptionally thick in north (additional staking to cover extensions). Drilled two holes (240-300m each) in south of basin where access allowed Next drilling planned in North (Q1:20).

PANAMINT VALLEY LITHIUM MT SURVEY The northern line (Line 4) of the Panamint Valley magnetotellurics (MT) geophysical survey shows a thick central zone of saline groundwater (purple), ponded to the east by a fault and broken in the west by a likely shallow intrusion. Other structures and brine barriers are also on the cross section shown below. BMR plans to drill test the top portion of the thickest part of this large brine aquifer in the next drilling at Panamint and the approximate location of a planned 500 metre deep drill hole is shown. Drill permit is expected Q4:19. Trace of planned drill hole

HIGH BRINE

Possible intrusion or faulted partition/barrier

FAULT

1 km

Fresh water influx from Hall Canyon

AMARGOSA LITHIUM MT SURVEY Line 3 of the Amargosa magnetotellurics (MT) survey shows a near surface (<300 metre deep) anomalous brine trending over one kilometer, a planned drill hole to test this aquifer is shown on the section below. Lithium clays are mined by Lhoist from surface deposits not far from this target. An extremely saline water reservoir is located at depth and this is interpreted as a buried geothermal system which may offer exploration/development opportunities for both green geothermal energy generation as well as lithium extraction. Trace of planned BMR drill hole

Connection for deep aquifer feed

Connection for saline aquifer feeder

? Very saline geothermal water? Potential JV partner to drill test?

1 km

High purity flake graphite deposits well suited for Li-ion batteries and other industrial uses.

FLAKE GRAPHITE (SOUTH KOREA) Largest graphite resource in the country

+ +

+ + +

Two permitted graphite projects with three others under tenement application. The Geumam project contains South Korea’s only NI 43-101 compliant graphite resource, i.e. 7.2Mt @ 5.4% TGC for 407,000t contained graphite. - Previous producing graphite mine and flotation processing plant in mid 1980s to early 1990s. - Active technical program well advanced leading to a resource upgrade Q1:20. - 8,500m diamond drill program guided by extensive geological mapping and geophysical traversing. - Seven significant graphite seams identified. Excellent local and regional infrastructure an: motorways, power to the grid, ample piped water, advanced telecommunications. 2.5 hours south of Seoul with major industry and battery manufacturers in close proximity. Good access and supportive community.

FLAKE GRAPHITE RESOURCES +

Geumam - New resource upgrade using data from holes completed since mid 2018 planned in Q1:20 - expected to increase resource size to greater than 10Mt. - Ongoing geophysics identifies + 7km extension to anomalous graphite horizon. Near-surface, potential for considerable addon tonnages over life of mine. - Resource is located in low-use forest land adjacent to abandoned graphite mine which operated between 1985 and 1993.

Phase 2 drilling at Geumam intersects multiple wide zones of high-grade graphite. On target to increase mineral resource

Taehwa - Historical Indicated Mineral Resource 99,000t @ 6.8% TGC; and Inferred Mineral Resource of 70,000t @ 7.0% TGC. - Potential for considerable increase in size and grade with limited step out drilling. 25

Hole No.

Zone

From m

To m

Width m

TGC %

GM-02

5.6

GM-09

7.3

GM-10

10.3

GM-11

7.8

GM-18

7.7

GM-19

7.6

GM-22

106

137

5.1

GM-24

6.7

GM-26

111

11.8

GM-30

100

121

7.5

GM-37

108

8.0

GM-40

122

150

9.6

GM-41

146

5.3

FLAKE GRAPHITE METALLURGY + +

+ + + +

Independent Metallurgical Operations Pty Ltd (IMO) in Perth, Australia completed testwork on a composited sample of Geumam graphitic drill core (head grade 10.2% TGC). IMO found the Geumam graphite to be very fine-grained. They have achieved recoveries of 93.4% and 93.3% using an open circuit and rougher/regrind/cleaner tests at an initial grind size of P95-100 = 180 microns. IMO are confident that further refinement of the flow sheet will upgrade recoveries to 94-95%, which would fit preferred market grade. Very fine graphite is typically used for high-power, high work rate applications such as mobile telephones as compared with coarser graphite material (typical of African deposits) which can be expanded using heat processing and is used for refracting. A German graphite expert has indicated that the size distribution of the Geumam concentrate (as determined by IMO laser sizing work) may be suitable for spheroidisation refining with an end use in lithium ion coin batteries. 3kg of concentrate product is being prepared for the spheroidisation test work. IMO recommends that based on their test results the next steps should include a conceptual study to estimate project economics. They suggest that the concentrate is used to replicate and test a commercial benefaction circuit. Planned testwork: - Determine spheroidisation parameters. - Determine refining reagents and flowsheets, and - Confirm that the spheroidised refined graphite is suitable for use in lithium ion coin cell batteries. IMO have prepared proposals and costings for bulk concentrate generation, a conceptual study, spheroidisation, refinery and battery testwork.

STRONG MARKET FUNDAMENTALS DRIVEN BY EV ADOPTION

Source: Bloomberg, company filings, Wood Mackenzie.

1. “Other” are aluminum (NCA) and iron (LFP).

EXPERIENCED BOARD WITH PROVEN TRACK RECORD Lazaros Nikeas Executive Director Interim CEO

Dr. Ian Pringle Technical Director

Dr. Stephen Dunmead Non-Executive Director

James Hughes Non-Executive Director

George Pirie Non-Executive Director



15+ years of strategy and capital markets advisory for resource, chemicals and industrial companies, with over US$25 bn of M&A transactions completed



Currently a Principal Investment Manager of Weston Energy LLC, a Yorktown Partners LLC portfolio company with investments in energy minerals assets and previously a partner of Traxys Capital Partners, a private equity firm backed by The Carlyle Group



Senior mining executive with an exceptional track record of successful mineral resource evaluation, discovery, project development, and operations



Managing Director of several ASX-listed resource companies with 15 years of experience specifically with cobalt



Senior global business executive with 30+ years of strong operational leadership experience in the advanced materials and specialty chemical industries



Previously COO of NYSE-listed SWM International and also held several senior roles with NYSE–listed OM Group where he led their cobalt business for more than 10 years; 7 years as Chair of the Cobalt Development Institute



Currently CEO and Managing Director of Prisma Energy Capital, a private entity focused on investments in energy storage



Previously CEO and Director of First Solar Inc., AEI Services LLC, and President and COO of Prisma Energy International



Canadian-based international mining executive with 35+ years of experience in project development, mine building, asset optimization, and operations



Previously CFO and Executive VP with Placer Dome, President and CEO of Breakwater Resources, San Gold and Director, Timmins Economic Development Corp.

EXPERIENCED TEAM WITH PROVEN TRACK RECORD Dr. Henry (Rick) Sandri Chief Commercial Officer

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Seasoned executive and mineral economist with 35 years experience in financing, planning, business development, and executive management and has worked with cobalt, copper, nickel and related metals on six continents over the past three decades.

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Previously President & COO of Duluth Metals and VP of Inco Ltd.

Peter Doyle VP Exploration Canadian Cobalt

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40 years experience in all aspects of mineral exploration from regional reconnaissance to project evaluation and development, in a variety of geological terrains throughout Canada, the U.S., South America, and Australia.

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Previously with PT Freeport Indonesia, Gold Fields, and Troy Resources.

Scott Close VP Exploration U.S. Cobalt

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Extensive knowledge of mineralizing systems throughout North America.

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Worked on world class projects leading to major discoveries; transitioned to managing technical programs from grassroots discovery through to development, production and closure of mines.

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20+ years of investment experience with a focus on energy, metals and mining. Principal at Yorktown’s Weston Energy unit for the past three years. Investment experience prior to Weston includes 6 years managing the DKR Capital Event Driven Fund.

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Prior to his investing career, Mr. Phillips was an attorney with experience at Wachtel Lipton and Department of Defense General Counsel’s Office.

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Chartered Professional Accountant and finance executive with 15+ years of experience in the mining industry with expertise in M&A, IPOs, taxation, public company accounting and disclosure, and financial and risk management.

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Previously with TSX-listed Monument Mining, a mid-size gold producer in Asia, and White Tiger Gold, a mid-size gold producer in North and South America.

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Over 40 years as a metallurgist with a specialization in hydrometallurgy of base and precious metal extraction.

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Holds a number of patents and patent applications dealing with the extraction and recovery of base, precious and specialty metals, including cobalt.

Ron Philips VP Business Development

Jack R. Cartmel Chief Financial Officer

Dr. Joe Ferron Technical Advisor

PROJECT DEVELOPMENT TIMELINE Location

Minerals Co

Canada

USA

Near Term (1-6 months)

Medium Term (6-12 months)

+ Further drilling to grow resource base, including update McAra NI 43-101 Resource Estimate. + Bulk sampling, testwork and flow sheet design. + Government and stakeholder engagement.

+ Preliminary Economic Assessment. + Ongoing drilling across Ontario Cobalt Belt to expand existing, and define additional, resources. + NI 43-101 Resource Estimate on second cobalt project. + Environmental baseline studies.

Cobalt + Acquisition and staking. + Permitting, fieldwork and geophysical surveys. + Resource drilling.

Cobalt + NI 43-101 Resource Estimate. + Drilling across portfolio to grow resource base. Lithium + NI 43-101 Resource Estimate. + Flow sheet design

Lithium + Resource drilling. + Bulk sample and testwork. + Geophysical surveys.

South Korea

+ Drilling and modelling to update Guemam NI 43-101 Resource Estimate. + Anode and battery testwork. + Environmental baseline studies. + Initiate discussions with potential strategic partners.

+ Mining lease application. + NI 43-101 Preliminary Economic Assessment. + Continued product testing.

Long Term (+ 12 months)

+ Definitive Pre-Feasibility Study. + Ongoing resource and reserve drilling. + Cobalt processing plant site selection and assessment. + NI 43-101 Resource Estimate on third cobalt project.

Cobalt + NI 43-101 Preliminary Economic Assessment. + NI 43-101 Resource Estimate on second cobalt project. Lithium + NI 43-101 Preliminary Economic Assessment.

+ Definitive Pre-Feasibility Study. + Mine development based on best social and environmental practice. + Ongoing resource and reserve drilling.

SCIENTIFIC AND TECHNICAL INFORMATION Dr. Ian Pringle, Technical Director and Director of the Company, supervised the preparation of and approved the scientific and technical information in this presentation. Information about data verification procedures used to support scientific and technical information on the Company’s material properties presented herein, as well as with respect to the results of, processing and interpretation of exploration data and assumptions regarding Mineral Resource estimates are available in each the following technical reports filed by the Company under the Company’s profile at www.sedar.com: “Cobalt Exploration Project, SE Ontario and SW Quebec, Canada,” dated as of April 10, 2018 with an effective date of February 7, 2018, prepared by Michael Page, FAusIMM, of Exploration Services International, and Tania Ilieva, Ph.D., P.Geo., of Micon International/M.Plan; “Technical Report on the Panamint Valley Lithium Project, Panamint Valley, California” dated as of March 25, 2018 with an effective date of November 16, 2017, prepared Donald Hains, P.Geo, of Hains Engineering Company Limited; and “Geumam and Taehwa Graphite Projects, South Korea, National Instrument 43-101 Technical Report” dated as of March 9, 2018 with an effective date of January 1, 2018, prepared by Robert Dennis, MAIG, Rodney Graham, and Andrew Newell, MAusIMM, CPMet and MEA, CP Eng., each of RPM Global.

BATTERY MINERAL RESOURCES LIMITED First Canadian Place 100 King Street West, Suite 5600 Toronto, ON M5X 1C9 info@batterymineralresources.com batterymineralresources.com