Avalon Advanced Materials Inc. · TSX:AVL
Avalon Advanced Materials — Red Cloud 14th Annual Pre-PDAC Mining Showcase 2026
23 slides from Avalon Advanced Materials's conference presentation, Feb 27, 2026
Slide 1: Advancing a Resilient North American Critical Minerals Supply Chain
Advancing a Resilient North American Critical Minerals Supply Chain Red Cloud 14th Annual Pre -PDAC Mining Showcase February 2026
Slide 2: Cautionary Statement
Cautionary Statement FORWARD-LOOKING STATEMENT This presentation contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with that are not based on historical fact contained in t
Slide 3: Company Overview
Company Overview Nechalacho REE & Zirconium Project Avalon Advanced Materials Inc. is a Canadian critical Aims to provide a stable supply of zirconium and rare-earth minerals, supporting advanced technological minerals company advancing the supply of materials industries while securing North America
Slide 4: Asset Locations
Asset Locations Office Headquarters Toronto, ON Lake Superior Lithium Inc. Thunder Bay, ON Separation Rapids Ltd. Kenora, ON Nechalacho Project Thor Lake, NWT East Kemptville Yarmouth, NS Warren Township Project Timmins, ON 4 TSX:AVL OTCQB:AVLNF FRA:OU5A
Slide 5: Asset Overview
Asset Overview East Kemptville Tin Nechalacho Project Lake Superior Lithium Inc. Separation Rapids Ltd. Warren Township Anorthosite Location: Location: Location: East Kemptville Tin • Thor Lake, Northwest Territories • Thunder Bay, Ontario • Kenora & Fort Hope - Ontario Location: Stage: Stage: Stage
Slide 6: Investment Thesis
UNLOCKING THE POTENTIAL OF AN ASSET-RICH, STRATEGIC CRITICAL MINERALS PORTFOLIO Investment Thesis Multiple Value Creation Levers Unique Diverse Portfolio High Demand Markets • Management reset • Nechalacho REE DFS (2013) - • Strategically positioned in • Board refresh: ~60% new After-Tax NPV @ 8%: $
Slide 7: Lessons from China's Rare-Earth Playbook: 2005-2015
NECHALACHO PROJECT Lessons from China’s Rare-Earth Playbook: 2005-2015 Avalon’s Market Capitalization July 2010: China slashes its second-half REE export quota by ~72%, stoking tightness. 2013: Feasibility Study for Nechalacho completed and Sept 2010: REE shipments to Japan are halted amid a announc
Slide 8: Levers to Close Valuation Disconnect
Levers to Close Valuation Disconnect Secure Tactical Funding • Recent C$18.7M capital raise Advance Technical Studies • Initiated Nechalacho PEA; to be Governance Reset • Refresh 2013 Nechalacho DFS Management Reset followed by Feasibility Study. Senior leaders 4 of 7 directors joined since 2023, •
Slide 9: Recent Milestones
• Successfully produced lithium hydroxide and analcime using Metso’s Alkaline Leach Process Recent Milestones • Closed C$18.7M equity financing to advance REE and Lithium projects • Issued third-party • Appointed Vienna Psihos as economic and labour study Director, Public Affairs & for Thunder Bay F
Slide 10: Inflection Point: Structured Path to Revaluation
Inflection Point: Structured Path to Revaluation Capital CapitalSecured. Secured.Balance Balance Defined Development Alignedwith Aligned . withNorth North American American Defined Development Roadmaps. SheetStrengthened. Sheet Strengthened. Roadmaps. SupplyChain Supply ChainPriorities. Priorities.
Slide 11: Management Team
Management Team Scott Monteith, President & CEO Scott Monteith, CEO of Avalon since May 2023, is an experienced entrepreneur and founder of Monteco Ltd. Lorin Crenshaw, CFO Vienna Psihos, Director, Public Affairs & Government Relations Mr. Crenshaw brings nearly 30 years of financial leadership, inc
Slide 12: Board of Directors
Board of Directors Alan Ferry, Chair Mr. Ferry, with 28 years in mining finance, is Avalon's director since 2000, and chairs the Audit Committee. Scott Monteith, CEO, Director Timothy Haig, Director Scott Monteith, CEO of Avalon since May 2023, is an experienced A successful entrepreneur in renewabl
Slide 13: Project Overview
NECHALACHO PROJECT Project Overview • Located at Thor Lake, Northwest Territories • Avalon retains 100% ownership of resources below 150 metres (Basal Zone) • An unrelated third party owns resources above 150 metres (Upper Zone) • Supports industries including nuclear, defense, and communications se
Slide 14: Highest Grade & Among Most Advanced Development Paths in Peer Group
NECHALACHO PROJECT Highest Grade & Among Most Advanced Development Paths in Peer Group One of few projects to have achieved DFS-level — with unmatched quality (NdPr /DyTb intensity) Stage FS MRE P EA P EA MRE MRE P FS MRE MRE P rod. P FS Cons . FS Source: Company public filings, equity research As o
Slide 15: Critical Rare Earths in Technology
NECHALACHO PROJECT Critical Rare Earths in Technology • A single US F-35 Lightning II fighter jet contains approximately 920lbs of rare earth elements • Electric vehicles (EVs) contain as much as 1kg of rare earth elements • A single 3MW wind turbine can contain up to 2 tons of rare earth permanent
Slide 16: 2013 Feasibility Study: Basal Zone
NECHALACHO PROJECT 2013 Feasibility Study: Basal Zone Project Overview: 20-Year Mine Life Mining Operations: Optimization test work from 2013 to 2015: • Method: Underground drift and fill/long-hole stoping • SGS Canada conducted continuous piloting and supportive • Capacity: 2,000 tons per day (tpd)
Slide 17: Project Overview
LAKE SUPERIOR LITHIUM PROJECT Project Overview • 100% wholly owned subsidiary • Strategically located in proximity of feed sources • Site is perfectly positioned to optimize supply chain efficiency • Close to all main infrastructure • Partnership with Metso Corp. to leverage sustainable processing t
Slide 18: The Phased Approach
LAKE SUPERIOR LITHIUM PROJECT The Phased Approach Office Building POTENTIAL EXPANSION Ce ll/Ca thode P roduction Ba tte ry Re cycling Fa cility Dock 11 17 11 PHASE 1 30k LiOH 2028 17 17 17 FROM 11 17 INTERNATIONAL MARKETS Thunder Bay PHASE 2 Property P rope rty Bounda Boundary ry 60k LiOH 2030 PHASE
Slide 19: Strategic Investment Overview
LAKE SUPERIOR LITHIUM PROJECT Strategic Investment Overview Strategic Location: Proximity to key markets and resources, supporting efficient supply chains Infrastructure Advantage: Robust infrastructure, including existing buildings, extensive rail connectivity, and a deep-water port Supporting Gove
Slide 20: PEA Financials (CAD $)
LAKE SUPERIOR LITHIUM PROJECT PEA Financials (CAD $) $35,360 30 Year Base Case LiOH $/t LiOH (USD $26,000/t LiOH) $4.1B Operating Life After-Tax NPV @ 8% Discount $1,360 Spodumene conc. $/t 2.5 Year (USD $1,000/t Spodumene @ 6%) Payback Period 48% 30,000 tpa After-Tax IRR $1.3B Annual LiOH productio
Slide 21: Inflection Point: Structured Path to Revaluation
Inflection Point: Structured Path to Revaluation Capital CapitalSecured. Secured.Balance Balance Defined Development Alignedwith Aligned . withNorth North American American Defined Development Roadmaps. SheetStrengthened. Sheet Strengthened. Roadmaps. SupplyChain Supply ChainPriorities. Priorities.
Slide 22: Capital Structure
Capital Structure OWNERSHIP STRUCTURE Description Value ( CAD) Ticker Symbol TSX: AVL 52 Week High/Low $0.135/0.02 Common Shares Outstanding 834.9M RSU & DSU 5.2M Stock options (additional shares if converted) 25.1M Warrants (additional shares if converted) 221.3M Fully Diluted Shares 1,086.4M Marke
Slide 23: Thank You
THANK YOU Contact information Avalon Advanced Materials Inc. 130 Adelaide St. W, Suite 2060 Toronto, ON M5H 3P5 Tel: (416) 364-4938 Fax: (416) 364-5162 ir@AvalonAM.com www.a valonadvancedmaterials.com
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