Lithium Universe Limited · ASX:LU7
Lithium Universe — Investor Presentation (May 2026)
54 slides from Lithium Universe's investor presentation, May 8, 2026
Slide 1: Lithium Refinery and Precious Metals Recycling Divisions
For personal use only PRECIOUS METALS EXTRACTION LITHIUM REFINERY RECYCLING DIVISION DIVISION Extraction of Silver from PV Waste Closing the Lithium Conversion Gap in Nth America LITHIUM REFINERY BECANCOUR QUEBEC
Slide 2: No current lithium converters
For personal use only No current lithium converters Only 100 Ktpa planned MINE SUPPLY DEMAND No lithium refining experience +40 companies Quebec +20 battery manufacturers >500Mt +1% Li2O resource 1,000GW by 2028 Canada, Brazil, Africa 850,000t LCE per year
Slide 3: Bécancour and Brownsville Lithium Refineries
For personal use only LITHIUM REFINERY BÉCANCOUR QUEBEC (DFS) 18,270 tpa Battery Grade Lithium Carbonate Refinery 2ND LITHIUM REFINERY BROWNSVILLE TEXAS (SCOPING) 18,270 tpa Battery Grade Lithium Carbonate Refinery
Slide 4: The Lithium Gap
For personal use only THE LITHIUM GAP
Slide 5: Problems Filling the Gap
PROBLEMS FILLING THE GAP For personal use only • Many failures, technical difficulties • Existing Lithium producers Experienced Operators • Relatively young industry • Complex chemical business Proven Technology
Slide 6: China Lithium Conversion
CHINA LITHIUM CONVERSION Where did the technology come from? For personal use only • China dominates lithium spod conversion (>96% globally) • Replication outside China has failed (Tianqi & Albermarle) • China banned its export of conversion technology • Original technology brought to China by Austr
Slide 7: Patent I/P Rights
PATENT I/P RIGHTS For personal use only • Chemistry comes from 1950’s • Process is now essentially OPEN Technology • Most plants use the basic process • Difference is the intimate operating knowledge • Steers the design phase – mistakes at design - disaster • LU7 & Hatch have collective know how • R
Slide 8: Design Mistakes - Massive Scaling Issues
DESIGN MISTAKES - MASSIVE SCALING ISSUES For personal use only LU7 LITHIUM STRATEGY
Slide 9: Canadian Attempts
CANADIAN ATTEMPTS For personal use only X North American Lithium • Shutdown 2015 • Spent circa CAD 250m X Nemaska Lithium • DFS completed 2018 • Spent CAD 411 m Rio Nemaska 2 • In construction • 32,000 tpa LiOH • Produced 109 t LC • Failed to start up 2019 • Start Prod 2028 THE COMPETITION
Slide 10: Australian Attempts
AUSTRALIAN ATTEMPTS For personal use only X • Tianqi Kwinana LiOH 8 Years so far X Albemarle Kemerton LiOH • 5 years so far Covalent Kwinana LiOH • 50,000 tpa LiOH ? Alkaline Pressure Leach • Unproven Technology • Capital Cost Blowout • Still <20% of design rate • Wesframers:SQM • 1995 Greenbushes 5
Slide 11: Australian Attempts
AUSTRALIAN ATTEMPTS For personal use only X • Tianqi Kwinana LiOH 8 Years so far X Albemarle Kemerton LiOH • 5 years so far Covalent Kwinana LiOH • 50,000 tpa LiOH ? Alkaline Pressure Leach • Unproven Technology • Capital Cost Blowout • Still <20% of design rate • Wesframers:SQM • 1995 Greenbushes 5
Slide 12: China Technology Export Bans
CHINA TECHNOLOGY EXPORT BANS For personal use only THE COMPETITION
Slide 13: Dream Team to Bring Technology
DREAM TEAM TO BRING TECHNOLOGY For personal use only Terry Stark Roger Pover John Loxton John Sobolewski Head of Mining Head of Processing Head of Li Refinery Chief Financial Officer Ex Galaxy GM Operations Ex Galaxy Plant Manager Ex Hatch Li Carb Plant Ex Galaxy CFO & Co Sec
Slide 14: Dream Team Track Record
DREAM TEAM TRACK RECORD Jiangsu Li Carbonate Plant For personal use only 2 Years to Commercial Production Ground Start of Project Breaking Construction Completion 21 Feb 2010 1 May 2010 6 Dec 2011 6 May 2012 (19 months) (6 months Commissioning) • Capital Cost – US$120 m • At design rate 20,000 tpa •
Slide 15: Jiangsu Lithium Carbonate Plant
For personal use only Jiangsu Lithium Carbonate Plant
Slide 16: Closing the Lithium Conversion Gap
For personal use only CLOSING THE LITHIUM CONVERSION GAP ”Copy and Paste Modular Lithium Refineries that Work”
Slide 17: Bécancour Lithium Refinery
CLOSING THE LITHIUM GAP BÉCANCOUR LITHIUM For personal use only REFINERY • Replicate the success at Jiangsu • 18,270 tpa green BG lithium carbonate plant • Bécancour, Quebec’s Battery Hub • Same flow sheet, same equipment, same suppliers
Slide 18: Why Bécancour, Quebec?
WHY BECANCOUR, QUEBEC? For personal use only • Proximity to Nth American EV battery supply chain • Access to low-cost hydroelectric power • Abundant local spodumene resources • Established industrial park/chemical infrastructure • Strong government incentives from Quebec • Deep water port and shippi
Slide 19: Quebec Lithium Conversion
QUEBEC LITHIUM CONVERSION For personal use only Why can you compete with China? • Access to Cheap Green Power • Nearby feedstock - Canada, Brazil and Africa • Decrease in transport costs of spodumene • End market North America • US$3,900/t vs China of US$3,500/t LC LU7 LITHIUM STRATEGY
Slide 20: Good Location
GOOD LOCATION For personal use only 30,000 Spodumene Shipments Bécancour Lithium Refinery THE LITHIUM REFINERY
Slide 21: Lithium Refinery Flow Sheet
LITHIUM REFINERY FLOW SHEET Sulphuric Acid For personal use only Cooler Calciner Cooler Sulphating Hydrated Alpha Kiln Hydrated Beta Lime Spodumene Spodumene Lime Spodumene Ball Milling Water Filter Process Liquor Leaching Polishing Wash Tank Filter Mg Ca Water Alumina Precipitation Precipitation So
Slide 22: Bécancour Lithium Refinery
For personal use only THE LITHIUM REFINERY BECANCOUR LITHIUM REFINERY
Slide 23: Bécancour Lithium DFS
CLOSING THE LITHIUM GAP BÉCANCOUR LITHIUM DFS For personal use only • SC6 US$1,170/t LC $20,970/t • Capex US$549 million • NPV8 US$718 million • IRR 21% Payback 3.9 years • EBITDA US$148 million
Slide 24: Current Lithium Price Recovery
CLOSING THE LITHIUM GAP CURRENT LITHIUM PRICE RECOVERY For personal use only Lithium Carbonate Battery Grade – China (CNY/t, USD/t) CNY/t USD/t Current Spot Price 23,750 22,200 Bécancour DFS LT Forecast Price Assumption 19,400 16,600 Prices have increased 13,900 2.5x since 11,100 2025 Price During D
Slide 25: Project Advancements
PROJECT ADVANCEMENTS For personal use only • Application 22.5 MW electricity, Hydro Quebec • Environmental survey – no showstoppers • Co-operation with W8banaki First Nation • Previous farm land • Permitting should be straight forward THE LITHIUM REFINERY
Slide 26: Project MOUs
PROJECT MOU’S For personal use only • Exclusive supply alumina silicate to Lafarge • Canada’s largest cement producer • Supply of sodium sulphate to Africa • MOU with Polytechnique for training THE LITHIUM REFINERY
Slide 27: Strategic Binding Feedstock Supply from Nigeria
STRATEGIC BINDING FEEDSTOCK SUPPLY FROM NIGERIA For personal use only • Strategic 10-year (rolling 5) spodumene supply • Binding Offtake Agreement - Norah Mining Ltd • Supply of 80,000 tpa spod con 6.0% Li₂O equivalent • Norah concentrator is in construction NIGERIA • LU7 will trade to third parties
Slide 28: Funding Strategy
FUNDING STRATEGY For personal use only Project Ownership • Strategic partners to own 49% Partner 2, 25% LU7 51% • Target OEM with final LC offtake • Equity from sale injected to project • Debt and Equity of 50/50 • LU7 remains as operator Partner 1, 24% THE LITHIUM REFINERY
Slide 29: Proposed Lithium Refinery, Port of Brownsville Texas
For personal use only TESLA LITHIUM HYDROXIDE REFINERY CORPUS CHRISTI LU7 PROPOSED LITHIUM REFINERY PORT OF BROWNSVILLE TEXAS
Slide 30: Proven Process, Brownsville Refinery
For personal use only Conventional Sulfuric Acid Proven Process LU7 PROPOSED LITHIUM REFINERY PORT OF BROWNSVILLE TEXAS
Slide 31: For personal use only
For personal use only
Slide 32: Why Port of Brownsville?
WHY PORT OF BROWNSVILLE? For personal use only • Established Chemicals & Energy Infrastructure • Lower-Cost Workforce -25% • Pro-Business Environment • Binational logistics hub (US–Mexico) • Cheaper Supplies and Consumables from Mexico • Foreign Trade Zone & Tax advantages • Deep Water Port for Spod
Slide 33: Port of Brownsville, Texas
For personal use only PORT OF BROWNSVILLE, TEXAS LU7 Lithium Refinery Site
Slide 34: LU7 Proposed Site
LU7 PROPOSED SITE For personal use only • 35 Acres • Power lines to Site • Gas supply to site • Established roadways • Close to Port Berth • 30,000 t Spodumene Shipments
Slide 35: Brownsville Strategy
BROWNSVILLE STRATEGY For personal use only • Finalize site selection • Option to lease application for site • Preliminary environmental assessment • Suppliers, Utilities and Local Government • Complete Scoping Feasibility Study THE LITHIUM REFINERY
Slide 36: Silver Extraction PV Solar Cell Recycling Technology
For personal use only SILVER EXTRACTION PV SOLAR CELL RECYCLING TECHNOLOGY
Slide 37: The Problem Today
THE PROBLEM TODAY For personal use only • Globally 60-78mt accumulated waste PV by 2050 • Australia 1 Mt end-of-life PV worth $1B by 2045 • Only 15% of PV cells today are recycled • Rest ends up in LAND FILL • Valuable silicon, silver, gallium & indium 15%
Slide 38: Scraping Valuable Silver
SCRAPING VALUABLE SILVER For personal use only • About 20 grams of Silver – each PV panel • Electrical contacts – flow of electricity • “Fingers" (thin lines) and "busbars" (thicker lines) • >A$67 of Silver in every panel
Slide 39: PV Solar Cell
PV SOLAR CELL For personal use only Frame Front Glass Encapsulant (EVA) Solar Cell Encapsulant (EVA) Back Sheet
Slide 40: Silver Market
SILVER MARKET For personal use only 700 35% • Record demand 680 million ounces in 600 30% 500 25% Photovoltaic chare 2024 Million ounces 400 20% • Industrial demand surged by 7% 300 15% • Growth is expected to carry beyond 2025 200 10% 5% • Photovoltaics and AI as the fastest- 100 0 0% growing drive
Slide 41: Silver Price Responses
SILVER PRICE RESPONSES For personal use only • Demand has started to outstrip supply • Market deficit 118 mil oz • Significant silver price increase • US$15/oz in 2018 to US$73/oz 2025 • 380% increase since 2018 • Silver recovery from recycling will become increasing important
Slide 42: Silicon Market
SILICON MARKET For personal use only Silicon Metal Market Market Size in Million Tonnes 4.49 million CAGR 5.41% Metal Market • 3.45 million tonnes in 2025 • 4.49 million tonnes by 2030 growing at 3.45 million CAGR 5.41% pa • Solar panels projected highest growth rate of 7% til 2029 • Silicon dominan
Slide 43: Traditional PV Recycling
TRADITIONAL PV RECYCLING For personal use only • Shredding and grinding PV cells Initial • EVA (binder) is removed by high temperatures Dismantling • EVA removed by toxic acid chemicals Mechanical • Low value glass applications – insulation, buildings Breakdown • Low silicon and silver recovery • Du
Slide 44: LU7 PV Recycling Technology
LU7 PV RECYCLING TECHNOLOGY For personal use only • Microwave Joule Heating Technology (MJHT) • Jet Electrochemical Silver Extraction (JESE) • Layer by layer separation • Preserves materials in cleaner separable form • High value products instead of waste
Slide 45: Microwave Delamination
MICROWAVE DELAMINATION For personal use only Microwave Delamination • Microwave Joule Heating Technology (MJHT) • Utilizes Microwave Technology Microwave Radiation • Selectively heat and delaminates PV cells Front Glass Glass Plate • Glass panel instead of crushed glass EVA EVA Solar Cell Solar Cell
Slide 46: MJHT Selective Delamination
MJHT SELECTIVE DELAMINATION For personal use only Back Sheet Delamination Clean Glass Sheet to be Reused Back Sheet Delamination Microwave Microwave Delamination Delamination Front Glass Front Glass Front Glass EVA EVA Microwave Microwave Radiation Radiation Solar Cell Solar Cell EVA EVA GlassGlass
Slide 47: For personal use only
For personal use only
Slide 48: Silver Extraction
SILVER EXTRACTION For personal use only • Jet Electrochemical Silver Extraction (JESE) • Uses electrochemical low-voltage jet to selectively extract silver • Silver dissolves into dilute nitric acid electrolyte • Leaves aluminum and other impurities behind • High purity silver metal recovered from e
Slide 49: Silver Extraction Silver Deposition
SILVER EXTRACTION SILVER DEPOSITION For personal use only Cathode Anode High Purity Solar Cell Silver Anode Silver Cathode Silver Deposition Extraction
Slide 50: Achievements
ACHIEVEMENTS For personal use only • Silver removal leaves impurities – adjust voltage • Silver deposited at the same process • Recoveries better than 95% • 96% purity of silver deposited • Dopants can be cleaned off silicon wafer • Silicon wafer high purity for direct reuse • All high value separat
Slide 51: Recycling Technology
RECYCLING TECHNOLOGY For personal use only High Purity Macquarie MJHT Macquarie JESE Technology Silicon Feed Technology Silicon Wafer Delamination Silicon Silver Electro Silver Electro Solar Panel Deframe Delamination Wafer Jet Removal Deposition EVA Removal Solid Silver (High Purity) Al Junction EV
Slide 52: Advantages of Technology
ADVANTAGES OF TECHNOLOGY For personal use only • Negates the fine unusable powder – conventional recycling • Layer by layer separation • Preserves material in cleaner separable form • Low energy heating – Microwave Technology • Glass sheet can be reused to make PV cells again • Glass, Silver, Silico
Slide 53: Lithium Refinery and Precious Metals Recycling Divisions
For personal use only PRECIOUS METALS EXTRACTION LITHIUM REFINERY RECYCLING DIVISION DIVISION Extraction of Silver from PV Waste Closing the Lithium Conversion Gap in Nth America LITHIUM REFINERY BECANCOUR QUEBEC
Slide 54: Cautionary Statements
CAUTIONARY STATEMENTS Information Required by Listing Rules For personal use only The Becancour Lithium Refinery Definitive Feasibility Study (PFS) does not rely upon estimated ore reserves / and or mineral resources. The spodumene concentrate feedstock for the proposed refinery has been assumed to