Presentation title here

Presenter name

date

Lithium Project Overview

Tim Goldsmith (President and CEO)

May 2018

The pathway to large, low cost, industry changing

lithium production

Forward looking statements

Forward Looking StatementsThis presentation contains forward-looking statements about Rincon Ltd. (“Rincon” or the “Company”) and its lithium project at the Salar delRincon (“Rincon Project”). Forward looking statements are statements that are not historical facts and are based on certain assumptions relating,but not limited to: resource and reserve estimates, anticipated mining and processing methods for the Rincon Project, anticipated lithiumrecoveries, production and plant capacity rates, lithium grades, estimated capital costs, operating cash costs and total production costs,construction and supply of the necessary energy required, planned additional processing work and permitting, the timing for construction ofphases of the commercial, type of lithium end product, and timing and availability of future funding. While the Company considers theseassumptions to be reasonable, based on information currently available, they may prove to be incorrect. The forward-looking statements in thispresentation are subject to various risks, uncertainties and other factors that could cause the Company’s actual results or achievements to differmaterially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include, withoutlimitation, risks related to uncertainty in the demand for lithium and pricing assumptions; uncertainties related to raising sufficient financing tofund the project in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; thepossibility that results of work will not fulfill expectations and realize the perceived potential of the Company’s properties; uncertainties involved inthe estimation of lithium reserves and resources; the possibility that required permits may not be obtained on a timely manner or at all; thepossibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or renderoperations uneconomic; the possibility that the estimated recovery rates may not be achieved; risks related to the deployment of a new lithiumprocessing technology; risk of accidents, equipment breakdowns and labor disputes or other unanticipated difficulties or interruptions; thepossibility of cost overruns or unanticipated expenses in the work program; and risks related to projected project economics, recovery rates, andestimated NPV and anticipated IRR and other factors.

These factors may cause the actual results of Rincon to differ materially from those discussed in the forward-looking statements and there can beno assurance that the actual results or developments anticipated by management will be realized or, even if substantially realized, that they willhave the expected results on Rincon. Undue importance should not be placed on forward-looking information nor should reliance be placed uponthis information. Rincon makes no representation or warranty, express or implied, as to or endorsement of the accuracy or completeness of anyinformation, statements or representations contained in this presentation. As a private company, Rincon is under no obligation and does notundertake to update this information at any particular time.

Qualified PersonsThe mineral resource estimates, mineral reserve estimates and recovery rates are derived from the Company’s definitive feasibility study on theRincon project prepared under NI 41-101 dated June 3, 2016 and with an effective date of February 24, 2016 (“2016 DFS”). The 2016 DFS wasauthored by Qualified Persons Mr. Jerry Aiken, Registered SME, Senior Associate Geologist, SRK; Mr. Terry Braun, P.E., Principal Consultant, SRK;Mr. Tyler Cluff, P.G., Senior Hydrogeologist, SWS; Mr. Douglas Collier, Fellow AusIMM, Principal Engineer, ANSTO, Hugh D Thompson, B. Eng.(Mining), FAusIMM, Prudentia Process Consulting and Mr. Jeff Osborn, BEng Mining, MMSAQP, SRK.

Cautionary Note on Cost EstimationsCapex and opex estimates of the Phase I commercial plant remain subject to confirmation in an updated NI 43-101 Definitive Feasibility Study onthe Rincon project, which is expected to be completed in Q3, 2018.

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Overview

• Rincon

• Sentient Equity Partners Company

• Salar del Rincon overview

• Key statistics and technology

• Community engagement and sustainability

Project

• Path to production

• Key milestones and summary Next steps

• Reserve and resourceAdditional information

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Company overview

• Rincon Ltd is 100% managed by Sentient Equity Partners (SEP)

• SEP is a development investor, its ultimate objective is to participate directly in

underlying metal or mineral projects with the aim of building new businesses

• The Rincon Executive management team is based in Melbourne, Australia and

is responsible for developing the Rincon Lithium project in Argentina

• The Rincon Lithium project, Salar del Rincon is 100% owned by Rincon Ltd

Sentient Equity Partners

Rincon Ltd – A Leader In Producing Lithium Products Directly From Raw Brine.

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Rincon Lithium project overview – Location

Salta Office

• Located in Argentina the pro-mining province of Salta

• Rincon owns 98% of tenements available on productive halitic core of the Salar

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Rincon Lithium project overview - Geophysical characteristics

Main zones of Salar del Rincón

• Catchment basin (2,767 km2)

• Alluvial fan (fresh water)

• Salar boundary (435 km2)

• Saline Mudflat (soft and flooded area), between

the “halitic core” and the Salar boundary

• Lithium Brine bearing Halitic Core / Fractured

Halite Brine Aquifer, hosting the lithium (232

km2)

• Excellent transmissivity – capable of sustaining

long term grades of 371 mg/L at volume

• Coverage over the Halitic Core of 98%.

• Probable Mineral Reserve of ~1.2m tonnes Lithium Carbonate Equivalent (LCE)1

• Measured & Indicated Resource of ~3.5 million tonnes LCE & Inferred Resource of 4.8 million tonnes LCE1

• Making this one of the worlds largest 100% owned near term, undeveloped resources

1NI 43-101 Resources and Reserve Estimate completed by SRK Consulting (USA) in February 2016 complete tables contained in additional information

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Rincon Lithium project overview – Extraction technology development

BASIC FLOW SHEET

Raw brine

Pumped from salar

Brine Treatment

Up to 75% recovery Li

Removes Mg and Ca

Precipitation Circuit

Precipitates Lithium Compounds

Regenerates reagents

Carbonation Circuit

Produces Lithium Carbonate

Rincon has developed proprietary extraction technology which

addresses high Mg:Li ratios and medium grade of Brine

(~380mg/L)

US$30M spent validating technology with ANSTO Minerals, an

Australian Government Science Organisation, and building and

operating full demonstration plant at Salar del Rincon

2014: Lithium Compound precipitation circuit built and

successfully demonstrated at ANSTO Minerals, Lucas Heights

2015-2016: Membrane nano-filtration circuit trialled and installed

at Salar del Rincon

2016-2017: Membrane circuit successfully operated at Salar del

Rincon for 18 months, delivering recovery rates of up to 75%

(industry standard previously 55%)

2017: Lithium precipitation and carbonation circuits installed at

Salar del Rincon and integrated with membrane circuits and

successfully producing battery grade lithium carbonate (up to

500kgs/day)

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Demonstration Plant, Salar del Rincon, Argentina

Direct extraction from raw brine in less than 24 hours

Flexibility to produce lithium carbonate or lithium hydroxide

Regenerates reagents

Unit costs forecast at sub US$4,000/tonne LCE

Lower environmental impact due to removal of evaporation

ponds

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Rincon Lithium project overview – Key extraction advantages

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Rincon Lithium project overview – Forecast cost curve position

• Rincon LCE units costs sub US$4,000/t

• Phase 1: 25 ktpa LCE (2022)

• Phase 2: 25 ktpa LiOH (2025)

Rincon’s proprietary extraction technology is forecast to produce LCE at 1st quartile unit costs

Forecast 1st quartile unit costs9

Rincon Lithium project overview – Path to production

Pre feasibility study

Completed

Pilot plant constructed Completed

Finalise DFS on 25ktpa LCE

Q3 2018

Permitting finalised Q3 2018

Commence negotiations on lump sum EPC

Q3 2018

Execute EPC contract &

Finalise funding Q1 2019

Commence construction

Q2 2019

25k tpa Plant commissioning

Q3 2021

First full year of production

~15,000 tpa LCE Q3 2022

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Rincon Lithium project overview – Strong community engagement

Rincon has successfully engaged with local communities to foster understanding of its corporate

objectives and has developed a strong social licence to operate

• Rincon currently employs approximately 120 people across its Salta office and at the Salar del Rincon

• To date over US$200 million has been spent on project development

• Rincon has been an employer of choice since 2009

• Support for local communities to build businesses around the Rincon operation (catering, transport etc.)

• Rincon has wide community support in which it operates in

• Good relations and wide support from both the Salta Provincial and Argentine Federal Governments

• Our direct extraction process has a lower environmental impact than traditional evaporation methods

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Rincon Lithium project overview – Project summary

Ownership of project 100%

Mineral reserve ~1.2m tonnes of LCE

Mineral resource ~3.5m/4.8m tonnes of LCE

Project development spend to date Over US$200m

Estimated development costs ~US$650m

Estimated annual production - Lithium Carbonate Up to 25ktpa

Estimated unit costs ~US$4,000/tonne LCE

Mine life ~30 years

Community engagement Strong and welcoming – 120+ employees

Sustainability Advantageous extraction method – no ponds

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Rincon Ltd

Level 1, Building 10,

658 Church Street

Richmond

VIC, Australia

3121

E | info@rinconltd.com

W | rinconltd.com

Rincon Ltd

Ben McCormick

Level 1, Building 10,

658 Church Street

Richmond

VIC, Australia

3121

Additional information

Resource & Reserve (Full disclosure)

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Stratigraphic UnitAverage Lithium

Grade (mg/L)

Average Specific

Yield1

Average

Thickness2 (m)

Total Brine Volume3,4

(000’s m3)

Lithium as Metal

(tonnes)

LCE5

(tonnes)

Upper Fractured Halite

Measured 395 0.119 16.4 521,489 205,988 1,099,977

Indicated - - - - - -

Inferred - - - - - -

Clastics

Measured - - - - - -

Indicated 343 0.041 21.0 149,071 51,131 273,041

Inferred 235 0.023 21.0 22 5 28

Mixed Halite and Clastics

Measured - - - - - -

Indicated 384 0.021 10.4 88,531 33,996 181,538

Inferred 381 0.091 10.4 261 99 531

Black Sands

Measured - - - - - -

Indicated 400 0.101 72.5 933,133 373,253 1,993,171

Inferred 393 0.086 72.5 947,295 372,287 1,988,011

Massive Halite

Inferred 415 0.018 273.5 1,275,223 529,218 2,826,022

Totals

Measured 395 0.12 521,489 205,988 1,099,977

Indicated 392 0.09 1,170,734 458,380 2,447,750

Inferred 406 0.05 2,222,801 901,609 4,814,592

Measured + Indicated 393 0.10 1,692,223 664,368 3,547,728

Table 1 – Mineral Resource Estimate, Recoverable Lithium as Metal, effective January 13, 2016

Resource & Reserve (Full disclosure)

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2016 Rincón Probable Reserve Estimate

Brine Beneficiation Recovery Factor1 90.8%

Process Plant Recovery2 74%

Average Lithium Grade (mg/L) 371

Stratigraphic unit Lithium

Grade (mg/L)

Brine Volume

(000s m3)

Lithium Resource

as Metal (tonnes)

In Situ

Recovery

Factor

Total Recovery

Factor

Lithium Reserve as

Metal (tonnes)

LCE (tonnes)

Upper Fractured Halite3 395 521,489 205,988 88% 59% 121,391 648,226

Clastics4 343 149,071 51,131 33% 22% 11,338 60,542

Mixed Halite and

Clastics5

384 88,531 33,996 33% 22% 7,538 40,253

Black Sands6 400 933,133 373,253 31.5% 21% 79,091 422,347

Massive Halite7 - 0 0 20% 13% 0 0

Totals: 1,692,224 664,368 219,357 1,171,369

Table 2 - Salar del Rincón Lithium Reserve Estimate, Effective Date February 24, 2016

Resource Average Lithium Grade (mg/L)LCE5

(tonnes)

Measured 395 1,099,977

Indicated 392 2,447,750

Inferred 406 4,814,592

*Measured + Indicated 393 3,547,728

Table 1 – Mineral Resource Estimate, Recoverable Lithium as Metal, effective January 13, 2016

2016 Rincón Probable Reserve Estimate

Stratigraphic unit Lithium Grade (mg/L) Lithium Reserve as Metal

(tonnes)

LCE (tonnes)

Upper Fractured Halite3 395 121,391 648,226

Clastics4 343 11,338 60,542

Mixed Halite and

Clastics5

384 7,538 40,253

Black Sands6 400 79,091 422,347

Massive Halite7 - 0 0

Totals: 219,357 1,171,369

Table 2 - Salar del Rincón Lithium Reserve Estimate, Effective Date February 24, 2016

*Mineral resources estimate comprised of 5 stratigraphic units: Upper fractured Halite, clastic, mixed halite and clastics,

black sands

**See appendix for footnotes and additional information and Massive Halite

**See appendix for footnotes and additional information

Brine Beneficiation Recovery

Factor1

90.8%

Process Plant Recovery2 74%

Average Lithium Grade (mg/L) 371

Resource & Reserve (short version)

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Appendix Resource & Reserve reference

Table 1 – Mineral Resource Estimate, Recoverable Lithium as Metal, effective January 13, 2016

(1) Average specific yield is approximated by the weighted average of individual lithologic specific yield estimates for each stratigraphic unit. Each estimate of specific yield is based on

physical testing of representative core samples, short-term (e.g., 1 to 3 days) and/or long-term (30 days) brine extraction tests.

(2) Average thickness identified for entire stratigraphic unit, not redefined by depth boundaries of measured, indicated, or inferred resource.

(3) Assigned cut-off grade for the brine process is 200 mg/L as lithium.

(4) Total brine volume is not equivalent to the total extractable brine volume. Brine extraction via engineered production wells is a function of the hydraulic properties (e.g.,

conductivity, saturated thickness and continuity) of each stratigraphic unit within the brine resource areas as well as the overall water balance for the hydrogeologic basin. These

properties are simulated in a 3-dimensional numerical model which allows estimation of the extractable brine resource as declared in the mineral reserve statement.

(5) LCE calculated as a multiple (5.34) of the estimated lithium as metal value.

General

(a) All mineral resources are inclusive of mineral reserves.

(b) Mr. Jerry Aiken, P.G., R-SME, is an associate of SRK. He is an independent Qualified Person for purposes of NI 43-101 and he supervised the preparation of and verified the

above mineral resource estimate, including the underlying sampling, analytical, test and production data. Data was verified by, among other things, multiple site visits and data

audits.

(c) Mineral resources which are not mineral reserves do not have a demonstrated economic viability as of the effective date of the 2016 NI 43-101 Technical Report.

(d) Table entries are rounded to reflect the precision of the estimate and differences may occur due to this rounding. Tonnes refers to metric tonnes.

Table 2 - Salar del Rincón Lithium Reserve Estimate, Effective Date February 24, 2016

(1) Estimated by 23% rejection rate of lithium mass during brine beneficiation, and subsequent 60% re-capture of re-infiltrated lithium in reject brine. 77%+(23% x 60%).

(2) Recovery estimate provided by ANSTO.

(3) In situ recovery factor estimated by drawdown calculated by the Dynamic Model. High transmissivity and bowl shaped geometry are conducive to dewatering the unit.

(4) In situ recovery factor estimated by drawdown calculated by the Dynamic Model. Production from Black Sand units enhance drainage from overlying units.

(5) In situ recovery factor estimated according to Houston, 2011.

(6) In situ recovery factor estimated by analytical solution for wellfield using Black Sand-series aquifer parameters.

(7) Massive halite unit is defined entirely as an inferred resource. Production potential from the unit is low, owing to its competent crystalline matrix and low permeability.

General

a) Assigned cutoff grade of 200 mg/L lithium.

b) The cut-off grade at which lithium extraction is no longer economic is varied based on a number of recovery and cost factors including the geologic formation from which the

extraction is occurring, the concentration of deleterious elements such as magnesium in the raw brine, raw brine pumping/processing capacity in the lithium plant and the lithium

pricing assumptions.

c) Mr. Tyler Cluff, P.G., is an employee of SWS. He is an independent Qualified Person for purposes of NI 43-101 and he supervised the preparation of and verified the above

mineral reserve figures, including the underlying sampling, analytical, test, and production data. Data was verified by among other things, a site visit.

d) Table entries are rounded to reflect the precision of the estimate and differences may occur due to this rounding. Tonnes refers to metric tonnes.

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