Ann: Completion of Placement to NIO, page-7

terms of the transaction are as follows:• NIO has agreed to pay A$12,000,000 to Greenwing to subscribe for 21,818,182 Greenwing shares at a deemed issue price of A$0.55 per share (Placement) and a call option to acquire, at NIO’s election, between 20% to 40% of the issued capital of Andes Litio SA (Andes Litio), which holds options rights over the San Jorge Lithium Project (Call Option). The terms of the Placement provide for a deposit of A$1 million, which is repayable to NIO within 5 business days if the agreement is terminated. The Call Option is exercisable (in Nio’s absolute discretion) within 365 days after a JORC report for the San Jorge LithiumProject has been issued or obtained, based on certain assumptions and outcomes being achieved, which, if realised, could result in an exercise price of between US$40 million and US$80 million. Together, the Placement and the grant of the Call Option comprise the Proposed Transaction.• Upon completion of the Placement NIO will hold a shareholding in the Company of approximately 12.16%, on a fully-diluted basis as of the date of issuance, and will have aright to a nominee on the board of the Company for so long as it continues to hold at least 10% of the shares.• Upon exercise of the Call Option, NIO will have direct rights to offtake production in the San Jorge Lithium Project based on its then-effective equity interest in Andes Litio and, subject to any necessary shareholder approvals under the ASX listing rules, will also have the right to match any offer to purchase the remaining offtake share. Greenwing has agreed to ensure that a JORC report on the San Jorge Lithium Project is issued by 31 December 2023.