Evolution Captial valuation report

Very encouraging report.

valuation$295.5m or $0.62/share

Key parameters:
- Ore mined: 47.7 million tonnes
- Head grade: 0.66% vs 0.74% Li2O in mineral resource
- Mining/processing rate: 2 million tonnes per annum
- Recovery: 90%
- Construction: 2 years
- Life of mine: 26 years
- Capex: US$1,544 million (including US$257 million of contingencies)
- Mining cost: US$23.5/t mined (back calculated)
- Processing cost: US$4,717/t LiOH
- No royalties
- Discount rate: 8%
- Lithium hydroxide price: US$27,000/t LiOH

Pre-tax NPV of US$4,095 million (vs US$4,116m announced by INF) and an IRR of 25.1% (vs. 25.8% announced). The post tax values are US$2,874 million NPV and 23.3% IRR (vs US$2,870m and IRR 21.3%).

“Considering the latest positive ASX announcements (updated scoping study, substantial government grant of A$31 million, favorable development towards in relation to permitting), we have selected a ratio of 5%, which is in line with market peers.”

InfinityLithium_INF_DecemberUpdate (002).pdf