Fulcrum Lithium Ltd. · ASX:FUL
Fulcrum Lithium — Investor Presentation (November 2026)
24 slides from Fulcrum Lithium's investor presentation, Nov 3, 2026
Slide 1: Presentation to Investors and Launch of New Interactive Website
ASX:FUL 3 NOVEMBER 2026 For personal use only Presentation to Investors and Launch of New Interactive Website The Directors of Fulcrum Lithium Ltd (ASX: FUL, Fulcrum or the Company) are pleased to provide an update to the market in the attached presentation and announce the launch of a new company w
Slide 2: Developing American Lithium with Scale, Speed & Intent
ASX:FUL rsonal use only Developing American Lithium with Scale, Speed & Intent Commercially de-risking the 7th largest lithium resource in the USA Corporate investor presentation - NOVEMBER 2026
Slide 3: Disclaimer
Disclaimer fulcrumlithium.com Caution Regarding Forward Looking Information Competent Person’s StatementsThe information in this Report that relates to the Mineral Resource Estimation is based on, and fairly represents, information and supporting documentation prepared by The information contained i
Slide 4: A top-10 US lithium resource, priced like an explorer
A top-10 US lithium resource, priced like an explorer Proven team. Turning market. ~13× upside gap to ASX peers. rsonal use only 10.7 Mt 7th 40% ~A$0.88 /t Contained LCE Largest Li resource in the USA Measured & Indicated Implied value per tonne LCE ~13× upside to ASX peer median Proven delivery Nev
Slide 5: Why now — the US needs lithium it doesn't have
Why now — the US needs lithium it doesn't have A ~180× supply gap, a Government priority to close it, and Nevada claystones the answer Nevada claystones are the answer rsonal use only ~5,000 tpa ~900,000 tpa US production today (Silver Peak US demand by 2034 (Fastmarkets) only) >200 Mt ~25% ~4× LCE
Slide 6: We did what we said — delivery since IPO
We did what we said — delivery since IPO A large-scale maiden resource in ~20 months, through the worst of the lithium downturn Nov 2024 Q3 2025 Aug 2026 rsonal use only ASX IPO Discovery Maiden MRE Listed with the mission to prove a Phase 2 drilling confirms a significant 10.7 Mt LCE1 — 7th largest
Slide 7: What we are doing next
What we are doing next IPO capital proved the large-scale resource and exploration model, now we commercially de-risk and grow the higher value base 10.7 Mt 7th 40% rsonal use only Contained LCE Largest Li resource in the USA Measured & Indicated Resource and Portfolio Growth Technical & Commercial
Slide 8: Alkali Flats — 10.7 Mt LCE and poised for growth
Alkali Flats — 10.7 Mt LCE and poised for growth 7th largest in the US, 3rd largest on the ASX— and 40% already in higher-confidence categories Growth upside Advancing Metallurgy rsonal use only • Clearly defined growth targets • >90% across multiple pathways2,3 • Upgrade to M&I and extensions • 2 s
Slide 9: Dry Canyon — high-grade upside, drilling Q4 2026
Dry Canyon — high-grade upside, drilling Q4 2026 A second large-scale, high-grade target — shallow, thick and ready to drill The geology — high-grade potential rsonal use only • Surface samples up to 1,219 ppm Li (6 >1,000 ppm)5 • All the building blocks of a high-grade lithium basin L5100 • Whole b
Slide 10: The value gap — and the work to close it
The value gap — and the work to close it A top-10 US resource priced at ~A$0.88/t — ~13× upside to ASX peer median Implied value, A$ per tonne LCE (total resource) rsonal use only How we are closing the gap Fulcrum vs ASX peer median: A$11.21 13× cheaper on Total Grow the higher-grade resource 12× o
Slide 11: Board & management — proven value creators
Board & management — proven value creators Backing people who have done this before, repeatedly, at scale rsonal use only 45 yrs 24 14 9 9 Combined track record Public companies listed Discoveries Mines built Companies acquired Recent ASX value-creation 40+ years building natural resource companies.
Slide 12: Why invest in Fulcrum
Why invest in Fulcrum Proven delivery Every milestone hit since IPO, through a downturn by proven value creators rsonal use only A top-10 US resource 10.7 Mt LCE, 40% high-confidence, positive advancing metallurgy Clear growth targets Resource upgrades, extensions and portfolio growth The right thes
Slide 13: For more information, please contact
rsonal use only For more information, please contact Scott Keenan Managing Director P. +61 2 9300 3377 fulcrumlithium.com
Slide 14: Appendices
rsonal use only Appendices ASX:FUL
Slide 15: Indicative work program outlook
Indicative work program outlook rsonal use only Key Workstream Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Alkali Flats Scoping metallurgy results COMPLETED Phase 3 Drill Program COMPLETED Mineral Resource Estimate (MRE) COMPLETED Alkali Flats claims expansions COMPLETED Phase 3 & 4 metallurgy p
Slide 16: Lithium market outlook
Lithium market outlook Volatile short-term sentiment has run ahead of fundamentals, with long term market growth and diversification rsonal use only Theme 1: Demand is stronger than the headlines suggest Theme 2: Energy storage is a structural second engine Theme 3: Supply keeps disappointing and is
Slide 17: US battery storage demand
US battery storage demand The emergence of a major demand driver supporting data centers and renewables Each gigawatt-hour of grid-scale storage capacity requires approximately 900 tonnes of lithium carbonate equivalent (LCE). rsonal use only In Q1 2026, US battery energy stationary storage (BES
Slide 18: A Globally Significant, Large-Scale Deposit
A Globally Significant, Large-Scale Deposit Thacker Pass (LAC) Forecast Production (LCE) 85yrs @ 160ktpa Total LOM Ore Mined 1,057 Mt rsonal use only 7th largest Li resource in the USA LOM LCE produced 11.5 Mt Project NPV $8.7B Rhyolite Ridge (INR) Forecast Production (LCE) 77yrs @ 26ktpa Total LOM
Slide 19: Location and infrastructure
Location and infrastructure Nevada – America’s lithium future McDermitt Caldera Nevada will be a future critical hub of the US battery 87 Mt of Li Resources rsonal use only (Meas + Ind + Inf) supply chain, highlighted by the established lithium supply chain and vast lithium resources (>200Mt) with
Slide 20: Nevada Claystones
Nevada Claystones An emerging major low-cost domestic supply Nevada Claystones Very large resource, moderate grades. Stable long-term supply. Economies of Large scale, low-cost deposits - think porphyry copper, Carlin-type gold or scale support battery grade processing rsonal use only nickel later
Slide 21: Nevada Claystones
Nevada Claystones The Concentrated Scale the US Needs for domestic supply dominance rsonal use only ~4X Australian lithium resources which dominate global supply Supply dominance can swing rapidly under the right conditions (e.g. Australian Pegmatites, ~2016) 25% of Global resources in 1 US State (~
Slide 22: Alkali Flats metallurgy
Alkali Flats metallurgy Pursuing smarter, lower cost solutions for optimal project economics Continue to evaluate low-cost processing opportunities after positive rsonal use only early results Flexibility of extraction pathways: Sulfuric acid leach, roast calcination + water leach. High extrac
Slide 23: References
References ASX Peer Value Comparison Fulcrum Announcements TOTAL RESOURCE Measured Indicated Inferred Market Cap Oct 12 $ Market Cap per $ Market Cap per $ Market Cap per Project Company LCE Mt Mt LCE Mt LCE Mt LCE 2026 ($AUD) t LCE Total Resource t LCE Meas + Ind t LCE Measured 1. ASX: FUL 4 Aug 20
Slide 24: For more information, please contact
rsonal use only For more information, please contact Scott Keenan Managing Director P. +61 2 9300 3377 fulcrumlithium.com
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