Announcement PDF PV SOLAR CELL RECYCLING TECHNOLOGY EXCITING OPPORTUNITY WHILE WE WAIT FOR LI MARKET TO RECOVER • Achieved key areas of lithium business • Completed Bécancour Lithium Refinery DFS • Bécancour land option, supply partnerships etc. • Finalizing spodumene offtake, then OEM Li Carbonate offtake • Ready for a lithium price recovery - Counter-cyclical strategy • Presented with exciting PV recycling opportunity • Can add value while we wait for the lithium market to recover PV SOLAR PANELS KEY TO TRANSITION • Australian target of 82% renewable energy by 2030 • Target of 43 per cent reduction in carbon emissions • PV solar panels key to energy transition • Renewable electricity generation – quicker, cheapest • Global PV market - US$39.8 billion by 2037 • Growing at a CAGR of around 8.2% AUSTRALIA - PV SOLAR PANELS • 37% of Australian households - installed PV panels • 4 million homes and small businesses • In 2024, 12.4% of Aust electricity came from rooftop solar • Forecast utility-scale PV to surpass 50 GW by 2030 THE PROBLEM TODAY • Globally 60-78mt accumulated waste PV by 2050 • Australia 1 Mt end-of-life PV worth $1B by 2045 • Only 15% of PV cells today are recycled • Rest ends up in LAND FILL • Valuable silicon, silver, gallium & indium 15% SCRAPING VALUABLE SILVER • About 20 grams of Silver – each PV panel • Electrical contacts – flow of electricity • “Fingers" (thin lines) and "busbars" (thicker lines) • A$36 of Silver in every panel “Australia is about to be hit by a Tsunami of Solar Waste” (International Energy Agency)) PV SOLAR CELL Frame Front Glass Encapsulant (EVA) Solar Cell Encapsulant (EVA) Back Sheet CRITICAL METALS LOST FROM INEFFICIENT RECYCLING Silicon Silver Gallium Indium (Semiconductor) (Electrical Conductivity) (Energy Efficiency) (Energy Absorption) In Fact, the Silver that’s contained inside Solar Modules equates to in its totality, Australia’s Biggest Silver Mine” (Australia Smart Energy Council) 700 35% 600 30% 500 25% 400 20% 300 15% 200 10% 100 5% 0 0% 2015 2016 2017 2018 2019 2020 2021 2022 Photovoltaics Other Electrical Other Photovoltaics (Share Right) Source: Metals Focus, Wisdom Tree, January 2025 Electrical 2023 2024 2025 Brazing Alloys & solders Photovoltaic chare • Record demand 680 million ounces in 2024 • Industrial demand surged by 7% • Growth is expected to carry beyond 2025 • Photovoltaics and AI as the fastestgrowing drivers Million ounces SILVER MARKET SILVER MARKET • Demand has started to outstrip supply • Market deficit 118 mil oz • Significant silver price increase • US$15/oz in 2018 to US$38/oz 2025 • 153% increase since 2018 • Silver recovery from recycling will become increasing important 10-Year Silver Price Trend (USD/oz) 35 30 25 20 15 10 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2025 SILICON MARKET Silicon Metal Market • 3.45 million tonnes in 2025 • 4.49 million tonnes by 2030 growing at CAGR 5.41% pa • Solar panels projected highest growth rate of 7% til 2029 • Silicon dominance in semi-conductor material in solar cells Market Size in Million Tonnes CAGR 5.41% Metal Market 4.49 million 3.45 million 2025 Source: Mordo Intelligence 2030 TRADITIONAL PV RECYCLING • Shredding and grinding PV cells • EVA (binder) is removed by high temperatures • EVA removed by toxic acid chemicals • Low value glass applications – insulation, buildings • Low silicon and silver recovery • Due to complexity, high cost, poor yields Initial Dismantling Mechanical Breakdown Material Extraction TRADITIONAL PV RECYCLING END WITH FINE UN-USEABLE POWDER Glass Powder Land Fill Crushing De-Glass Solar Panel Deframe Hot Knife Al Junction Box Glass Sheet with EVA Residue Toxic Gases Produced Silicon Cell EVA Removal Pyrolysis Silver in Solution Chemical Process Silicon EVA Removal Burning EVA Removal Chemicals CO2 Produced, Carbon Contaminated silicon cell, Gases Silicon cell, Chemicals LU7 PV RECYCLING TECHNOLOGY • Acquired global rights from Macquarie University • Photovoltaic (PV) solar panel recycling technology 1) Microwave Joule Heating Technology (MJHT) 2) Jet Electrochemical Silver Extraction (JESE) • Layer by layer separation • Preserves materials in cleaner separable form • High value products instead of waste AUSTRALIAN TECHNOLOGY • Led by Dr. Binesh Puthen Veettil (School of Engineering) • School of Photovoltaics at UNSW and the Australian Centre for Advanced Photovoltaics • Patent registered and pending • License agreement with LU7 MICROWAVE DELAMINATION • Utilizes Microwave Technology • Selectively heat and delaminates PV cells • Layer by layer separation • Preserves materials in cleaner separable form • High value products instead of waste Microwave Delamination Microwave Radiation Glass Plate Front Glass EVA EVA Sheets Solar Cells Solar Cell EVA Backing Plate Back Sheet or Glass Plate MJHT SELECTIVE DELAMINATION Back Sheet Delamination Back Sheet Delamination Microwave Delamination Microwave Delamination Front Glass Clean Glass Sheet to be Reused Front Glass Front Glass EVA EVA Solar Cell Solar Cell EVA EVA Microwave Radiation Microwave Radiation GlassGlass Plate Plate Silicon Wafer Backsheet Backsheet Front Glass Front Glass EVAEVA EVA EVA Sheets Sheets SolarSolar Cells Cells Solar Cell Cell Solar EVAEVA Backing Plate Backing Plate BackBack SheetSheet or or GlassGlass Plate Plate Front Glass Front Delamination Glass Delamination Silicon Wafer for Silver Extraction & Silicon Recycling Front Glass Front Glass EVA EVA Solar Cell Solar Cell EVA EVA Backsheet Backsheet Silver (High Purity) Silicon (High Purity) SILVER EXTRACTION TECHNOLOGY • Silver Extraction (JESE) Technology • JESE uses electrochemical low-voltage jet to selectively extract silver • Anodic oxidation of silver - dissolves into dilute nitric acid electrolyte • Leaves aluminum and other impurities • High purity silver metal recovered from electrolyte via electrochemical deposition • Process preserves silicon wafers which minimises contamination for silicon recycling • High-purity silicon is critical for semiconductor manufacturing SILVER EXTRACTION TECHNOLOGY Cathode + + Anode Carbon Fiber Electrolyte HNO3 molecule Ag → Ag + + e- 2H2O → O2 + 4H+ + 4eRecycled electrolyte Ag+ ion ELECTROJET NOZZLE Diluted Diluted HNO3 HNO3 -ve -vevoltage voltage Electrojet Electrojet Ag Ag (silver contacts) (silver contacts) H H++ NO33-NO +ve voltage voltage at at Solar Solar cell cell +ve Ag + NO Ag+ NO33-- → AgNO AgNO33 (silver in solution) (silver in solution) SILVER EXTRACTION Cathode SILVER DEPOSITION Anode High Purity Silver Solar Cell Silver Extraction Anode Silver Deposition Cathode ADVANTAGES OF TECHNOLOGY • Silver removal leaves impurities – adjust voltage • Silver deposited at the same process • Recoveries better than 95% • High purity of silver deposited • Dopants can be cleaned off silicon wafer • Silicon wafer high purity for direct reuse • All high value separate products RECYCLING TECHNOLOGY Solar Panel Deframe Macquarie MJHT Technology Macquarie JESE Technology Delamination Silver Electro Jet Removal Delamination EVA Removal Silicon Wafer High Purity Silicon Feed Silicon Wafer Silver Electro Deposition Solid Silver (High Purity) Al Junction Box Copper Wires Reusable Glass Sheet EVA PROCESS STEPS • Remove the aluminum frame • Remove copper wires and connectors • PV cell in Microwave Heating • Softens the ethylene vinyl acetate (EVA) encapsulant • Separates glass from EVA / Si wafer / back sheet • Separates Si wafer from back sheet • Silver extraction process • Resulting silicon wafer is buffed to remove dopants • Silicon wafer is high purity → feed directly wafer manufacturers ADVANTAGES OF TECHNOLOGY • Negates the fine unusable powder – conventional recycling • Layer by layer separation • Preserves material in cleaner separable form • Low energy heating – Microwave Technology • Glass sheet can be reused to make PV cells again • Glass, Silver, Silicon – all at high purity • Higher recoveries, less waste • 3-4 times Value Recovery PV RECYCLING GROWTH FUTURE The need for PV recycling is Compelling TECHNOLOGY IS KEY Macquarie Microwave Heating Delamination Technology CHEMICAL EXPERTISE LU7 Team has Chemical Experience to develop Technology INVESTOR HIGHLIGHTS CLOSING MINE SUPPLY +40 companies Quebec >500Mt +1% Li2O resource Canada, Brazil, Africa No current lithium converters Only 100 Ktpa planned No lithium refining experience DEMAND +20 battery manufacturers 1,000GW by 2028 850,000t LCE per year PROBLEMS FILLING THE GAP • Many failures, technical difficulties • Existing Lithium producers • Relative young industry • Complex chemical business Experienced Operators Proven Technology CHALLENGES WITH LITHIUM CONVERSION PLANTS TODAY FAILED CANADIAN Li PROJECTS North American Lithium • Shutdown 2015 • Spent circa CAD 250m • Produced 109 t LC THE COMPETITION Nemaska Lithium • DFS completed 2018 • Spent CAD 411 m • Failed to start up 2019 TROUBLED LiOH PLANTS Tianqi Kwinana LiOH • • • • 8 Years so far Capital Cost Blowout > A$1 billion Care and Maintenence THE COMPETITION Albemarle Kemerton LiOH • • • • 5 years so far Still <20% of design rate Shut trains 2,3,4 Write down US$1.5 billion Alkaline Pressure Leach • • • • New Technology Unproven 1995 Greenbushes 5Ktpa Failed due to scaling WHY HAVE THESE PROJECTS FAILED? • Nearly all the expertise is in China • Lack of operating supervision – design • Cultural transfer a problem • Chinese batch → Western continuous Our Lithium Dream Team are Operators DESIGN THE LITHIUM DREAM TEAM Terry Stark Head of Mining Ex Galaxy GM Operations Roger Pover Head of Processing Ex Galaxy Plant Manager John Loxton Head of Li Refinery Ex Hatch Li Carb Plant John Sobolewski Chief Financial Officer Ex Galaxy CFO & Co Sec DREAM TEAM TRACK RECORD Jiangsu Li Carbonate Plant 2 Years to Commercial Production Ground Breaking 21 Feb 2010 Start of Construction 1 May 2010 • Capital Cost – US$120 m • At design rate 20,000 tpa • Highest quality LC worldwide Project Completion 6 Dec 2011 (19 months) 6 May 2012 (6 months Commissioning) Jiangsu Lithium Carbonate Plant CLOSING THE LITHIUM CONVERSION GAP THE LITHIUM GAP CURRENT CONVERSION CLOSING THE LITHIUM GAP BÉCANCOUR LITHIUM REFINERY • Replicate the success at Jiangsu • 18,270 tpa green BG lithium carbonate plant • Bécancour, Quebec’s Battery Hub • Same flow sheet, same equipment, same suppliers THE LITHIUM REFINERY BECANCOUR LITHIUM REFINERY GOOD LOCATION 30,000 Spodumene Shipments Bécancour Lithium Refinery THE LITHIUM REFINERY LITHIUM REFINERY FLOW SHEET Cooler Calciner Spodumene Alpha Spodumene Sulphuric Acid Beta Spodumene Cooler Sulphating Kiln Ball Milling Hydrated Lime Hydrated Lime Water Filter Process Liquor Leaching Tank Wash Water Sodium Sulphate Product Polishing Filter Alumina Silicate Centrifuge Sodium Sulphate Crystalliser Dryer Mg Precipitation Ca Precipitation PolishingFi lter Sodium Carbonate Sulphuric Acid Natural Gas o/flow Ion Exchange Li2CO3 Precipitation Li Carb Slurry Tank Repulp CO2 Battery Grade Lithium Carbonate Product LiC Microniser Dryer Battery Centrifuge Grade Steam LC Crystalliser CO2 Polishing Filter Bicarbonate Digestor PURIFICATION PLANT BECANCOUR LITHIUM REFINERY THE LITHIUM REFINERY ROBUST PROCESS • Refinery to process all types of spodumene • Sampled - international sources of spodumene • Imports while Canadian Li industry develops • Achieve battery grade specs 99.5% Li2CO3 1. LU7 ASX Announcement 30 Sept 24 – “Strong Preliminary Feasibility for Becancour Lithium Refinery” THE LITHIUM REFINERY CLOSING THE LITHIUM GAP BÉCANCOUR LITHIUM DFS • SC6 US$1,170/t LC $20,970/t • Capex US$ 549 million • NPV8 US$ 718 million • IRR 21% Payback 3.9 years • EBITDA US$ 148 million CLOSING THE LITHIUM GAP MARGINS OF A REFINERY BÉCANCOUR EBITDA AT HISTORICAL SC6 & LC PRICES Becancour EBITDA at historical SC6 and LC Prices (US$ Mil) 600 531.3 547.5 500 502.2 227.9 200 215.2 196.9 152.4 104.8 83.8 54.8 0 (US 0.5B EBITDA) 310.3 300 100 MARGIN IMPROVES DRASTICALLY WITH SOARING PRICES 531.5 493.7 400 EVEN AT LOW PRICES THE EBITDA IS POSITIVE 541.2 62.2 80.6 59.3 79.9 66.5 63.6 DFS 62.3 14.5 CLOSING THE LITHIUM GAP MARGINS OF A REFINERY TIANQI GREENBUSHES & REFINERY TIANQI ANNUAL REPORT EXCERPT MARGINS ARE SHARED WITH REFINING FUNDING STRATEGY Project Ownership • Sell 49% project to 1-2 strategic partners • Target OEM with final LC offtake • Equity from sale injected to project • Debt and Equity of 50/50 • Appointment of debt adviser • Discussions with various banks Partner 2, 25 Partner 1, 25 THE LITHIUM REFINERY LU7 , 51 WHY? THE BIG WHY’s • build a plant – low price environment? • build a plant - others closing theirs? • can you compete with China? • lithium carbonate not hydroxide? LU7 LITHIUM STRATEGY COUNTER CYCLICAL STRATEGY Why build a plant in a depressed-price environment? • Been through 3-4 lithium cycles • Prices have and will always recover • Li demand from EVs and BESS growth strong • Develop a project ready for price recovery LU7 LITHIUM STRATEGY NEW CAPACITY IS REQUIRED Why build a plant when others are closing theirs? • Higher costs operations being closed • Operations not performing, shutting down • New efficient capacity is required for the growth • World needs non-Chinese conversion • Build “off the shelf” conversion that works LU7 LITHIUM STRATEGY QUEBEC LITHIUM CONVERSION Why can you compete with China? • Access to Cheap Green Power • Nearby feedstock - Canada, Brazil and Africa • Decrease in transport costs of spodumene • End market North America LU7 LITHIUM STRATEGY RECOVERY NOT IF BUT WHEN DOUBLE WHAMMY • Impact of supply reduction under-estimated • Dramatic reduction 17%, 21% next year • Delayed project development (low prices) • Demand is severely under-estimated • Focus on EV’s only, BESS dark horse • 1.8 TWh of batteries - 600 GWh solar plants PRICES WILL RECOVER QUICKER THAN EXPECTED LU7 LITHIUM STRATEGY LITHIUM CARBONATE PRICE 100,000 85,000 6 months Price (USD$ / tonne) 70,000 55,000 10 months 360% 40,000 25,000 5 months LU7 PFS Price US$20,970 15,000 0 Jul 24 May 24 Mar 24 Jan 24 Nov 23 Sep 23 Jul 23 May 23 Mar 23 Jan 23 Nov 22 LU7 LITHIUM STRATEGY Sep 22 Jul 22 May 22 Mar 22 Jan 22 Nov 21 Sep 21 Jul 21 May 21 Mar 21 Jun 21 Month / Year LITHIUM CARBONATE Lithium feedstock of choice • LFP batteries technology got better • Range and performance improved • Much safer and cheaper • Li Carb feed for LFP lithium batteries • Majority of EVs have switched to LFP batteries • BESS batteries are all LFP batteries • LFP 67% of EVs, 87% of BESS LU7 LITHIUM STRATEGY PROJECT ADVANCEMENTS • Application 22.5 MW electricity, Hydro Quebec • Environmental survey – no showstoppers • Co-operation with W8banaki First Nation • Previous farm land • Permitting should be straight forward THE LITHIUM REFINERY PROJECT MOU’S • Exclusive supply alumina silicate to Lafarge • Canada’s largest cement producer • Supply of sodium sulphate to Africa • MOU with Polytechnique for training THE LITHIUM REFINERY LITHIUM DREAM TEAM Proven Lithium Track Record PROVEN TECHNOLOGY Derisking Lithium Conversion Technology BÉCANCOUR LITHIUM REFINERY Competitive & Closing the Conversion Gap INVESTOR HIGHLIGHTS CAUTIONARY STATEMENTS This presentation has been prepared by Lithium Universe Limited (LU7 or the Company). This presentation has been prepared as at 18 June 2025 and statements are current only as at that date. This presentation is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the presentation and nothing contained in the presentation is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The presentation contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown risks and uncertainties, and may differ materially from results ultimately achieved. This presentation is in summary form and does not purport to be all inclusive or complete. The information in this presentation is of a general nature and does not purport to contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement or other offering document prepared in accordance with the requirements of Australian law or the laws of any other jurisdiction, including the United States of America. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained. This is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer or invitation for sale or subscription of any securities or any solicitation for any offer to buy or subscribe for any securities nor is it a recommendation in relation to any transaction associated with LU7. Further, this presentation does not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law. In particular, this presentation does not constitute an offer to sell or a solicitation to buy, securities in the United States of America. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing this presentation, The Company has not considered the objectives, financial position or needs of any particular recipient. The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue and does not purport to be all of the information that a person would need to make an assessment of the Company or its assets. Current and potential investors should seek independent advice before making any investment decisions in regard to the Company or its activities. To the fullest extent permitted by law, the Company, its officers, employees, related bodies corporate, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this arising out of negligence or otherwise is accepted. FORWARD LOOKING STATEMENTS This presentation contains “forward-looking information” that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to studies, the Company’s business strategy, plan, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations. Generally, this forward looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘likely’,’ believe’, ’estimate’, ‘expect’, ’intend’, ’may’, ’would’, ’could’, ’should’, ’scheduled’, ’will’, ’plan’, ’forecast’, ’evolve’ and similar expressions. Persons reading this news release are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to general business, economic, competitive, political and social uncertainties; the actual results of current development activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; failure of plant, equipment or processes to operate as anticipated; accident, labour disputes and other risks of the chemical industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. Neither the Company, nor any other person, gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statement will actually occur. Except as required by law, and only to the extent so required, none of the Company, its subsidiaries or its or their directors, officers, employees, advisors or agents or any other person shall in any way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatever nature arising in any way out of, or in connection with, the information contained in this document. The Company disclaims any intent or obligations to or revise any forward-looking statements whether as a result of new information, estimates, or options, future events or results or otherwise, unless required to do so by law.