Ann: Altura Completes Two Binding Offtake Agreements, page-2

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ALTURA COMPLETES BINDING OFFTAKE AGREEMENTS WITH LEADING CHINESE BATTERY MANUFACTURER AND LITHIUM CONVERTER

■ Leading Chinese battery manufacturer J&R Optimum Energy (Altura’s largest shareholder) to receive a minimum 100,000 tonnes of 6% grade spodumene concentrate annually
■ Updated offtake agreement with experienced lithium product specialist group Lionergy Limited – also to receive a minimum 100,000 tonnes of 6% grade spodumene concentrate annually
■ Both floor and ceiling prices have been agreed which will guarantee strong positive financial returns for the Pilgangoora Lithium Project
■ Minimum of 90% of initial production target for Pilgangoora of 220,000tpa has now been secured under binding offtake
■ Development remains on track for commissioning in Q1 2018 to provide a pathway to strong cashflows via buoyant spodumene market and price
■ Altura Board of Directors approve Stage 2 expansion study of Pilgangoora Lithium Project to 450,000 tonnes annually in order to be aligned with offtake partners’ growth plans
■ Final project funding plan proceeding and underpinned by the strong BOA terms

Stage 2 Expansion study At the request of Altura’s offtake partners, the Company has approved the commencement of an initial Stage 2 expansion study of the Pilgangoora Lithium Project. The scoping study will assist the Company in determining the optimal mine output with the aim of increasing production to 450,000 tonnes annually in order to be aligned with offtake partners’ growth plans.