Lithium Africa Corp. · TSXV:LAF
Lithium Africa — Investor Presentation (March 2026)
34 slides from Lithium Africa's investor presentation, March 2026
Slide 1: Exploring for Low-Cost, Marquee Hardrock in Africa
Exploring for Low-Cost, Marquee Hardrock in Africa Acquiring Past Producer TSXV:LAF Q1 2026 Li-africa.com
Slide 2: Lithium Africa Partnership
Lithium Africa Partnership 50/50 partnership with Ganfeng established in 2023 19.9% Overview & Mission Deep exploration/Africa experience Expertise in chemical processing +30 Field Geologists Downstream Processing capacity • Established in 2021, currently Cayman-domiciled + Access to exploration tec
Slide 3: Opportunistic Acquisition of Springbok Project
Opportunistic Acquisition of “Springbok” Project Past Producer Backstops Valuation • Past-producing brownfield spodumene close to infrastructure. • Transaction price fully covered by the value of unprocessed >1% stockpile (2). • Opportunity to monetize the stockpile and input resource to fund explor
Slide 4: A Unique Model
A Unique Model Competitive Funding Advantage Non-Binary Exploration Upside • $1 dollar raised = $2 of exploration • Offer investors several shots at finding a “Tier 1” asset every year • Aligned 19.9% shareholder (GFL) • Discovery is the most powerful mechanism of value • Spend on exploration not ac
Slide 5: Lithium Africa Overview
Lithium Africa Overview Massive multi-jurisdictional Portfolio • Exploration licenses in six countries South Africa Mali Guinea Ivory Coast Zimbabwe Morocco Ideal jurisdiction for geology & production outlook • Large LCT pegmatite fields analogous to Australia, Canada, and Brazil • Significantly und
Slide 6: Targeting High Margin, High Return assets in a volatile sector
Targeting High Margin, High Return assets in a volatile sector Annual returns by Commodity Two paths to grow Immature market, volatile pricing creates risk and opportunity 1. Western Clays & DLE High capex & low return Processing risk Thacker Pass, Nevada (LAC:TSX) Production: 40 Ktpa LCE Capital: ~
Slide 7: Pedigreed Team
Pedigreed Team Geology Finance / M&A Lithium & Downstream Tyron Breytenbach P.Geo Carl Esprey – Executive Chair Toluwalase Seriki – Non-Executive Director Tyron spent multiple decades in exploration, resource estimation prior to a career in Capital Markets as Top Gun analyst. Carl’s career began at
Slide 8: Case Study - LAR
Case Study - LAR JV Benefits to Lithium Argentina • Aligned capital & downstream expertise to successfully transition to producer 2018 Pre-2019 2019 2020 2023 LAR is an Ganfeng Ganfeng invests Ganfeng increased Lithium unfunded acquires ~16% US $160M to JV to 51% for US production developer equity i
Slide 9: Clean Share Structure
TSXv: LAF Clean Share Structure Shares Outstanding Warrant/Option Proceeds 20,303,734 15 C$M 7% 10% Warrants Fully Diluted Institutions/HNW 45% 2,531,221 25,021,788 Management 19% 20% 45% Ganfeng Lithium 19% Stock Options Market Cap (C$M) at C1.90 (Feb 23) 2,186,833 $38 M LSC 10% 2025 Sub Receipt 7%
Slide 10: Lithium demand
Lithium demand Future Mine Capacities and their Outputs (Supply) 1.15mt 1.63mt 1.57mt To Meet the World’s Lithium Demand Level 1 Scenario Level 2 Scenario Level 3 Scenario Possible by 2025 Possible by 2025-30 Possible after 2030 • Lithium supply needs to increase by 2,500% by 2050 to meet demand1 •
Slide 11: Why Africa?
Why Africa? Case Study – West Africa Gold Sector Burkina Faso 1. Permitting is fast & reliable 2007 2019 • Hardrock Li in West Africa looks a lot like gold space in 2007 • Will to permit and approve projects 1 16 Mechanized gold mines • 2 yr development vs >10 yrs in North America 2. Lower end of co
Slide 12: Li Stocks Bottomed April '25
Li Stocks Bottomed April ‘25 • Super major’s Counter-cyclical expansion into Lithium space a strong signal that the Li demand thesis is intact. • As CGF said recently “demand is control” $6 B Deal – closed Mar ‘25 Share Price Li stock bottomed Source: Capital IQ 12
Slide 13: Exploration in Africa
Exploration in Africa Investment in Lithium Exploration has been minimal Overview – especially in Africa • Exploration focus has been on pegmatites (ex-tantalum mines) in Australia and large lithium salars in South America $17M Spent on exploration in Africa • Globally, there are a limited number of
Slide 14: Global Distribution of Pegmatites
Global Distribution of Pegmatites African canvas is ripe for discovery but under evaluated. 14
Slide 15: Our Exploration System
Our Exploration System – ‘Low Cost/High Risk’ becomes Low Risk # Projects in Portfolio Geologic Risk Cost of Exploration low high low high low high Generative Desktop Geological Research Research Permit Acquisition Surface Rock Sampling & Assay Target Identification Lithostructural Mapping ± Remote
Slide 16: LAF Portfolio Management "Multiple Shots On Net!"
LAF Portfolio Management “Multiple Shots On Net!” Generative MALI CDI GUINEA ZIMBABWE SOUTH AFRICA MOROCCO DRC, MAD Research 357 km2 1,254 km2 376 km2 19.5 km2 1,675 km2 585 km2 Soron Tai DRC Target Ngodiarala* Madagascar Bougoula West* Identification Guinea* Kologo Agboville Sikensi* Tichla Torakou
Slide 17: Springbok Lithium Project
Springbok Lithium Project Advanced Past Producer with Regional Exploration Upside • District-scale regional exploration (>50 km long pegmatite field) • Known spodumene-bearing pegmatites – Drill targets (e.g., Norrabees 1, Spodumene Kop 1A) • Norrabees I stockpile (30kt @ 1.6 % Li2O) – SGML recently
Slide 18: Stockpile Backstops Deal Value
Crushed Stockpile Backstops Deal Value stockpile feed Waste Short-term revenue for exploration • Norrabees I stockpile (30kt @ 1.61 % Li2O) – SGML recently sold ~1% raw ore for US$140/t (implies value of >US$4.2 M). Upgrading to ~6% spodumene concentrate could unlock multiples of that value (1). Spo
Slide 19: Drill Testing: Norrabees
Drill Testing: Norrabees • First discovered as a small outcropping pegmatite • Historically mined for beryl since the 1930-70s Historic adits • 10 historical DD holes (1) over 320.6 m, including: 32.7 m @ 1.09% Li2O and 18.34 m @ 1.92% Li2O. Spd. zone • Notably, a few holes were drilled along the st
Slide 20: District Scale Pegmatite Swarms
District Scale Pegmatite Swarms • Historical district scale artisanal mining in the region focused on Norrabees beryllium. Spd Kop Blesberg Mine Central area Target • Lithium-specific mining occurred on Identification the Norrabees I pegmatite and the Under- neighboring Blesberg deposit (Marula Mini
Slide 21: Springbok vs. Minas Gerais (Brazil)
Springbok vs. Minas Gerais (Brazil) Comparable district scale and pegmatite sizes — with consolidation advantage and early-stage exploration upside. Springbok District (South Africa) Araçuaí District (Brazil) Total Land Position 1,675 km² continuous ~500 - 700 km² fragmented Ownership Structure Lith
Slide 22: Project Generator Strategy
Project Generator Strategy Generative ALWAYS ACTIVE – GENERATE NEW IDEAS Research • Country-wide literature analysis • Understanding the geological setting • Historical exploration activities • Country visits, meeting with property stakeholders, and government officials • Options to acquire permits/
Slide 23: Guinea
Guinea • Historic mapping and sampling by the BRGM highlighted multiple anomalous lithium, tantalum and niobium trends • Approval granted for exploration work in 2025. Target Identification • Surface Rock Sampling identified LCT pegmatites, with anomalous (LIBS) Li results across multi km-strike • O
Slide 24: Tichla (Morocco)
Tichla (Morocco) • 2024: Acquired a 585 km 2 District-scale project in the northern part of the Tasiast Greenstone belt (known LCT Pegs) • Partnership with ONHYM • Conversion capacity hub developing in Morocco (IRA compliant) • Surface mapping and sampling programs completed in Q2 2025. • Follow-up
Slide 25: Adzope (CDI)
Adzope (CDI) • Acquired four permits (1,254 km2) • Historical geological maps indicate presence of Li Open corridor for 2+ km • Spodumene bearing LCT pegmatites identified in outcrops at Adzopé and Agboville • Auger drilling identified a > 1km LCT pegmatite trend Target Delineation • Ongoing trenchi
Slide 26: Bougouni District (Mali)
Bougouni District (Mali) • Acquired permits adjacent to the 267 Mt @ Phase 2 1.38% Li2O Goulamina Resource auger drilling Significant auger lithium anomaly • Limited surface exposures confirmed Tienfagala presence of fractionated pegmatites • Spodumene in rock floats identified at Tienfagala and Mad
Slide 27: Birthday Gift (Zimbabwe)
Future exploration Birthday Gift (Zimbabwe) along the 5+ km pegmatite trend • Acquired concessions in the Centenary Greenstone belt • Three parallel LCT pegmatite trends within a larger 12 km pegmatite trend • Collected ~2,700 soil/rock samples • Trenching across various pegmatites under shallow cov
Slide 28: Summary
Summary • Large landholder in multiple African pegmatite belts Market Cap in CAD$ M – Peer Comparables • Unique and efficient JV explorer model is a new paradigm for exploration • Established government relationships across Africa • Exceptionally experienced explorers/scientists with capital market
Slide 29: Disclaimer
Disclaimer This corporate presentation and the information contained herein (the “Presentation”) is proprietary and for authorized use only. It is being provided for the use of prospective investors with the express understanding that, without the prior permission in writing from Lithium Africa Reso
Slide 30: Disclaimer
Disclaimer Comparables Certain information presented herein compares the Company to other issuers and such data sets are considered to be “comparables”. Comparable information about other issuers contained in this Presentation was obtained from public sources and has not been independently verified
Slide 31: Disclaimer
Disclaimer Other defenses in Saskatchewan legislation include that no person or company, other than the issuer, will be liable if the person or company proves that (a) the offering memorandum or any amendment to it was sent or delivered without the person’s or company’s knowledge or consent and that
Slide 32: Disclaimer
Disclaimer Prince Edward Island Investors If an offering memorandum, together with any amendment thereto, is delivered to a purchaser and the offering memorandum, or any amendment thereto, contains a misrepresentation, a purchaser has, without regard to whether the purchaser relied on the misreprese
Slide 33: Supporting Slide
Supporting Slide M&I&I Resources Company Avg Grade (% Li₂O) Mkt Cap (US$) Reference Effective Date (Mt) NI 43-101 Technical Sigma Lithium 106.9 Mt 1.39% $1,500 M Report – Grota do Jan 15, 2025 Cirilo PLS (Colina PLS Colina Mineral 77.7 Mt 1.24% ~$1.0B attributable* June 30, 2025 Project) Resource Up
Slide 34: Tyron Breytenbach, CEO
Tyron Breytenbach, CEO tb@li-africa.com