Li Metal : Investor Presentation

Vertically Integrated Anode Producer and Cost Leader

March 2024

CSE: LIM | OTCQB: LIMFF | FSE: 5ZO

DISCLAIMER

This corporate presentation dated Jan 29, 2024 (the "Presentation") has been prepared by management of Li-Metal Corp. ("Li-Metal" or the "Company"), and is based on public information and the Company's confidential information. This Presentation is for information purposes only and is being made available on a confidential basis solely to enable the prospective "accredited" and other qualified investors authorized by Li-Metal to evaluate the securities of the Company (the "Securities"). This Presentation does not constitute an offer to sell to any person, or a general offer to the public of, or the general solicitation from the public of offers to subscribe or purchase, any of the Securities. Any unauthorized use of this Presentation is strictly prohibited. Distribution or copying of this Presentation, in whole or in part in any medium, to any person other than the prospective investor is prohibited without the prior written consent of the Company. The information contained in these slides, the Presentation made to you verbally and any other information provided to you (in writing or otherwise) in connection with Li-Metal and its business (the "Presentation Materials") is subject to updating, completion, revision, verification and amendment without notice which may result in material changes. The Presentation Materials are not intended to provide financial, tax, legal or accounting advice and do not purport to contain all the information that a prospective investor may require. Each prospective investor should perform and rely on its own investigation and analysis of the Company and the terms of any offering of the Securities, including the merits and risks involved, and are advised to seek their own professional advice on the legal, financial and taxation consequences of making an investment in the Company. The Securities are highly speculative.

Certain information contained herein includes market and industry data that has been obtained from or is based upon estimates derived from third party sources, including industry publications, reports and websites. Third party sources generally state that the information contained therein has been obtained from sources the Company believes can be reasonably relied-on, but there is no assurance or guarantee as to the accuracy or completeness of the included data. Although the data is believed to be reasonably reliable, neither the Company nor its agents have independently verified the accuracy, currency or completeness of any of the information from third party sources referred to in this presentation or ascertained from the underlying economic assumptions relied upon by such sources.

No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon the merits of the Presentation Materials, and any representation to the contrary is an offence. Neither the Company nor any agent of the Company makes any representation or warranty, express or implied, and assumes no responsibility for the accuracy or completeness of the information contained in the Presentation Materials or any other oral or written communication transmitted to prospective investors, and nothing contained in this summary is, or shall be relied upon as, a promise or representation by the Company or any agent of the Company as to the past or future performance of Li-Metal. The Company retains the right, at any time, to terminate any discussions or negotiations with prospective investors. In the event of such termination the Company will not be under any obligation to disclose the reasons for such termination, nor will they have any liability to any recipient hereof for any costs whatsoever incurred in the consideration of the information contained in these Presentation Materials.

FORWARD-LOOKING INFORMATION

This presentation may contain forward-looking statements within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved". Forward-looking information includes, but is not limited to: forecasts of lithium metal demand, battery technologies and components dominant in the future marketplace, and associated economic values by Li-Metal (the "Company" or "LiM"); future production technology potential; indicative economic analysis and potential financial returns from LiM Electrolysis Technology and/or the LiM battery anode (collectively, the "Technology"); the Company's planned work program for the Technology and development schedule and timetable.

Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued technology development, metal prices, the estimation of initial and sustaining capital requirements, the estimation of labour and production and logistics costs. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in metals and chemicals prices; the estimation of initial capital requirements; the estimation of labour and operating costs; the general global markets and economic conditions; environmental risks; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued development of the Technology may not be available on satisfactory terms, or at all; the risk of potential dilution through the issue of additional common shares; the risk of litigation.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information set out in this presentation, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any forward-looking information that is included herein, except in accordance with applicable securities laws.

CAUTIONARY NOTE REGARDING UNITED STATES SECURITIES LAWS

This presentation does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities of LiM, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities of LiM have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons," as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration is available.

CSE: LIM | OTCQB: LIMFF |	FSE: 5ZO	2

COMPANY OVERVIEW - COST LEADER, READY TO SCALE

• Li-Metalis the only vertically integrated North American anode product and system supplier
• We produce ultra-thin lithium metal anodes & solutions for use in next-gen battery technologies.
• Everything we do focuses on performance and cost disruption.

2018 - 2021

2022

20232024

• Company founded in 2018
• Listed on CSE Nov 2021 (LIM.CN)
• Core R&D team buildout
• R&D facilities commissioned
• IP portfolio buildout (44 patents & applications)

• 5 MWh anode machine start-up
• 10 MWh metal production start-up
• Blue Solutions JDA signed

• MVS Exclusive agreement signed
• 1st recurring anode sales contract
• 125 MWh metal scale up started
• Production of BG metal ingots
• Recycled metal produced & tested

• 500 MWH anode machine start-up
• 500 MWH anode qualification
• Sales from 5 MWh anode unit
• Samples from 125 MWh metal line
• Sales from 5-20 tpa metal recycling
• PEA for 50GWh metal scale-up
• 27 Battery Clients in Qualification
• TRL 9 - Anode
• TRL 7 - Metal

CSE: LIM | OTCQB: LIMFF	| FSE: 5ZO	3

NEXT-GENERATION BATTERIES PROMISE IMPROVEMENTS IN PERFORMANCE, ENERGY DENSITY, SAFETY AND CHARGE TIMES

Current generation of lithium-ion batteries (LIBs) are nearing their performance limit, modification of anode materials offer the next best opportunity

• Next-generationbatteries use:
• • Solid-state /Semi-solidor / liquid electrolytes
  • High-contentsilicon or Li-Metal anodes
  • Use conventional or modified cathodes
• Next generation batteries are all about replacing graphite with a higher energy material (e.g. silicon & lithium)
• Lithium metal has the highest specific capacity of all anode materials - ~10 x the capacity vs graphite anodes

Source: Benchmark Minerals Intelligence	CSE: LIM | OTCQB: LIMFF |	FSE: 5ZO	4

VALUE PROPOSITION FOR LITHIUM METAL ANODES

• Lithium metal is considered the 'Holy Grail' of anode materials which enable light weighting of batteries.
• Our Company offers reliable supply of high-quality lithium metal anodes with industry leading form factor
• Form Factor width ~900mm, and thickness 2.5-20µ).
• Our Company's anode technology and vertically integrated capabilities enables the cost efficacy of next- generation batteries with superior performance.
• Our Company's short term price target is expected to be competitive with graphite anodes + current collector with 2X energy density… resulting in the most cost competitive anode on the market per kwh.

CSE: LIM | OTCQB: LIMFF |	FSE: 5ZO	5

ALL NEXT-GEN ANODE SOLUTIONS REQUIRE LI-METAL TECHNOLOGY

Battery technology is evolving across higher-energy density or lower cost pathways. Li-Metalpre-lithiation and metal anode products are critical components of both paths.

CSE: LIM | OTCQB: LIMFF |	FSE: 5ZO	6

DEMAND GROWTH ACCELERATION TARGETED WITH LI-METAL ANODE COST DISRUPTION

Demand Profile for Anodes		NextGen Battery Customer Need
Next Gen anode materials Si/C or Lithium metal both
require successful scale-up of ultra-thin Lithium foils

1 TWh

Our Company is uniquely positioned to address the cost and performance needs of our customers

• Leading PVD machine design & CAPEX costs
• Widest anode form factor in industry - 900 mm vs 300 mm
• Ability to incorporate SEI layer helps minimize dendrite formation and enhance lifetime of anodes
• Vertical Integration into metal supply
• Product and System flexibility

CSE: LIM | OTCQB: LIMFF |	FSE: 5ZO	7

SUPPLY CHAIN IS CHINA CENTRIC, DOMESTIC SUPPLY CRITICAL TO IRA

• OEMs require a local supply to optimize and de-risktheir supply chain
• Expanding domestic manufacturing capacity has become a matter of federal policy. The Inflation Reduction Act (IRA) requires for 100% of battery components be produced or manufactured in North America
• LIM is the only player with a scalable North American solution, that can serve the significant and growing supply need

		Xinjiang
	CMP	BG: 300tpa
Li-Metal
BG: 18 tpa	Tianqi
Planned: 1000 tpa BG
		BG: 200 tpa
		Planned: 2000tpa
Arcadium		Ganfeng
BG: 200 tpa		BG: 1200 tpa
		Planned : 7000 tpa
ALB		Jin Kunlun
	BG: 1000 tpa
BG: 200 tpa	Chengxin
Planned: 2000 tpa BG
	BG: 300 tpa

Benchmark Solid State Report, 2023

CSE: LIM | OTCQB: LIMFF |	FSE: 5ZO	8

TECHNOLOGY & VERTICAL INTEGRATION ADVANTAGE

Lithium MetalLithium Metal Anodes

Our Company's Unique PVD Anode Process

Cost Effective

PVD is a proven technique and cost effective technique to produce thin foils

Flexible

Ability to tailor products (substrate, thickness of Lithium, SEI layering) to suit battery format and technology

Strong Performance

Superior electrochemical performance in customer testing gravimetric (>400 Wh/kg) & volumetric (>100 Wh/l)

Reduced Safety issues

Excess Lithium minimized by adjusting thickness of film

Our Company's Unique Metal Production Process

Locally Produced

Metal production from America's based Li2CO3

Sustainable

No Chlorine gas produced in the process

Modular Design

Patented design allows for rapid and economic scale up

Lower Cost

No requirement for Lithium Chloride production or complicated chlorine gas treatment and handling

CSE: LIM | OTCQB: LIMFF |

FSE: 5ZO

9

COMPANY FACILITIES

Metal Production & Reprocessing (Markham, ON)

Analytical & Cell Testing Capabilities (Markham, ON)

PVD Anode Production (New York, Florida)

PVD Machine Building Capabilities (Florida)

CSE: LIM | OTCQB: LIMFF |	FSE: 5ZO	10