Lithium Universe Limited · ASX:LU7
Lithium Universe — Investor Presentation (August 2025)
63 slides from Lithium Universe's investor presentation, Aug 29, 2025
Slide 1: PV Solar Cell Recycling Technology
For personal use only PV SOLAR CELL RECYCLING TECHNOLOGY
Slide 2: Exciting opportunity while we wait for Li market to recover
EXCITING OPPORTUNITY WHILE WE WAIT FOR LI MARKET TO RECOVER For personal use only • Achieved key areas of lithium business • Completed Bécancour Lithium Refinery DFS • Bécancour land option, supply partnerships etc. • Finalizing spodumene offtake, then OEM Li Carbonate offtake • Ready for a lithium
Slide 3: PV solar panels key to transition
PV SOLAR PANELS KEY TO TRANSITION For personal use only • Australian target of 82% renewable energy by 2030 • Target of 43 per cent reduction in carbon emissions • PV solar panels key to energy transition • Renewable electricity generation – quicker, cheapest • Global PV market - US$39.8 billion by
Slide 4: Australia - PV solar panels
AUSTRALIA - PV SOLAR PANELS For personal use only • 37% of Australian households - installed PV panels • 4 million homes and small businesses • In 2024, 12.4% of Aust electricity came from rooftop solar • Forecast utility-scale PV to surpass 50 GW by 2030
Slide 5: 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 6: 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$36 of Silver in every panel
Slide 7: Australia is about to be hit by a tsunami of solar waste
For personal use only “Australia is about to be hit by a Tsunami of Solar Waste” (International Energy Agency))
Slide 8: PV solar cell
PV SOLAR CELL For personal use only Frame Front Glass Encapsulant (EVA) Solar Cell Encapsulant (EVA) Back Sheet
Slide 9: Critical metals lost from inefficient recycling
CRITICAL METALS LOST FROM INEFFICIENT RECYCLING For personal use only Silicon Silver Gallium Indium (Electrical (Energy (Energy (Semiconductor) Conductivity) Efficiency) Absorption)
Slide 10: Silver in solar modules equals Australia's biggest silver mine
For personal use only In Fact, the Silver that’s contained inside Solar Modules equates to in its totality, Australia’s Biggest Silver Mine” (Australia Smart Energy Council)
Slide 11: 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 12: Silver market: 10-year price trend
SILVER MARKET 10-Year Silver Price Trend (USD/oz) For personal use only 35 • Demand has started to outstrip supply 30 • Market deficit 118 mil oz 25 • Significant silver price increase • US$15/oz in 2018 to US$38/oz 2025 20 • 153% increase since 2018 • Silver recovery from recycling will 15 become i
Slide 13: 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 14: 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 15: Traditional PV recycling ends with fine unusable powder
TRADITIONAL PV RECYCLING END WITH FINE UN-USEABLE POWDER For personal use only Glass Powder Land Fill Crushing Toxic Gases Produced De-Glass Silicon Cell Solar Panel Deframe EVA Removal Silver in Solution Pyrolysis Chemical Process Hot Knife EVA Removal Silicon Burning Al CO2 Produced, Carbon Juncti
Slide 16: LU7 PV recycling technology
LU7 PV RECYCLING TECHNOLOGY For personal use only • Acquired global rights from Macquarie University • Photovoltaic (PV) solar panel recycling technology 1) Microwave Joule Heating Technology (MJHT) 2) Jet Electrochemical Silver Extraction (JESE) • Layer by layer separation • Preserves materials in
Slide 17: Australian technology
AUSTRALIAN TECHNOLOGY For personal use only • Led by Dr. Binesh Puthen Veettil (School of Engineering) • School of Photovoltaics at UNSW and the Australian Centre for Advanced Photovoltaics • Patent registered and pending • License agreement with LU7
Slide 18: Microwave delamination
MICROWAVE DELAMINATION For personal use only Microwave Delamination • Utilizes Microwave Technology • Selectively heat and delaminates PV cells Microwave Radiation • Layer by layer separation Front Glass Glass Plate • Preserves materials in cleaner separable form EVA EVA Solar Cell Solar Cells Sheet
Slide 19: For personal use only
For personal use only
Slide 20: 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 21: Silver extraction technology
SILVER EXTRACTION TECHNOLOGY For personal use only • Silver Extraction (JESE) Technology • JESE uses electrochemical low-voltage jet to selectively extract silver • Anodic oxidation of silver - dissolves into dilute nitric acid electrolyte • Leaves aluminum and other impurities • High purity silver
Slide 22: Silver extraction technology
SILVER EXTRACTION TECHNOLOGY For personal use only Cathode - - + + Anode Ag → Ag + + e- Carbon Fiber 2H2O → O2 + 4H+ + 4e- Electrolyte Recycled electrolyte Ag+ ion HNO3 molecule
Slide 23: Electrojet nozzle
ELECTROJET NOZZLE For personal use only Diluted Diluted HNO3 HNO3 -ve -vevoltage voltage Electrojet Electrojet Ag Ag (silver contacts) (silver contacts) NO NO33-- H H++ Ag Ag++ NO NO33-- → AgNO AgNO33 (silver in solution) (silver in solution) +ve voltage +ve voltage at at Solar Solar cell cell
Slide 24: Silver extraction and silver deposition
SILVER EXTRACTION SILVER DEPOSITION For personal use only Cathode Anode High Purity Solar Cell Silver Anode Silver Cathode Silver Deposition Extraction
Slide 25: Advantages of technology
ADVANTAGES OF TECHNOLOGY For personal use only • Silver removal leaves impurities – adjust voltage • Silver deposited at the same process • Recoveries better than 95% • High purity of silver deposited • Dopants can be cleaned off silicon wafer • Silicon wafer high purity for direct reuse • All high
Slide 26: 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 27: Process steps
PROCESS STEPS For personal use only • Remove the aluminum frame • Remove copper wires and connectors • PV cell in Microwave Heating • Softens the ethylene vinyl acetate (EVA) encapsulant • Separates glass from EVA / Si wafer / back sheet • Separates Si wafer from back sheet • Silver extraction proce
Slide 28: 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 29: PV recycling growth future: investor highlights
For personal use only PV RECYCLING GROWTH FUTURE The need for PV recycling is Compelling TECHNOLOGY IS KEY Macquarie Microwave Heating Delamination Technology CHEMICAL EXPERTISE LU7 Team has Chemical Experience to develop Technology INVESTOR HIGHLIGHTS
Slide 30: Closing
For personal use only CLOSING
Slide 31: Lithium conversion gap: mine, supply, demand
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 32: Problems filling the gap
PROBLEMS FILLING THE GAP For personal use only • Many failures, technical difficulties • Existing Lithium producers Experienced Operators • Relative young industry • Complex chemical business Proven Technology
Slide 33: Challenges with lithium conversion plants today
For personal use only CHALLENGES WITH LITHIUM CONVERSION PLANTS TODAY
Slide 34: Failed Canadian Li projects
FAILED CANADIAN Li PROJECTS For personal use only North American Lithium Nemaska Lithium • Shutdown 2015 • DFS completed 2018 • Spent circa CAD 250m • Spent CAD 411 m • Produced 109 t LC • Failed to start up 2019 THE COMPETITION
Slide 35: Troubled LiOH plants
TROUBLED LiOH PLANTS For personal use only Tianqi Kwinana LiOH Albemarle Kemerton LiOH Alkaline Pressure Leach • 8 Years so far • 5 years so far • New Technology • Capital Cost Blowout • Still <20% of design rate • Unproven • > A$1 billion • Shut trains 2,3,4 • 1995 Greenbushes 5Ktpa • Care and Main
Slide 36: Why have these projects failed?
WHY HAVE THESE PROJECTS FAILED? For personal use only • Nearly all the expertise is in China • Lack of operating supervision – design • Cultural transfer a problem • Chinese batch → Western continuous Our Lithium Dream Team are Operators DESIGN
Slide 37: The lithium dream team
THE LITHIUM DREAM TEAM 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 38: 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 39: Jiangsu Lithium Carbonate Plant
For personal use only Jiangsu Lithium Carbonate Plant
Slide 40: Closing the lithium conversion gap
For personal use only CLOSING THE LITHIUM CONVERSION GAP
Slide 41: The lithium gap: current conversion
For personal use only THE LITHIUM GAP CURRENT CONVERSION
Slide 42: Closing the lithium gap: 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 43: The lithium refinery: Becancour Lithium Refinery
For personal use only THE LITHIUM REFINERY BECANCOUR LITHIUM REFINERY
Slide 44: Good location
GOOD LOCATION For personal use only 30,000 Spodumene Shipments Bécancour Lithium Refinery THE LITHIUM REFINERY
Slide 45: 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 46: Becancour Lithium Refinery
For personal use only BECANCOUR LITHIUM REFINERY THE LITHIUM REFINERY
Slide 47: Robust process
ROBUST PROCESS For personal use only • Refinery to process all types of spodumene • Sampled - international sources of spodumene • Imports while Canadian Li industry develops • Achieve battery grade specs 99.5% Li2CO3 1. LU7 ASX Announcement 30 Sept 24 – “Strong Preliminary Feasibility for Becancour
Slide 48: 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 49: Margins of a refinery
CLOSING THE LITHIUM GAP MARGINS OF A REFINERY For personal use only BÉCANCOUR EBITDA AT HISTORICAL SC6 & LC PRICES Becancour EBITDA at historical SC6 and LC Prices (US$ Mil) 600 531.3 541.2 547.5 500 493.7 531.5 MARGIN IMPROVES 502.2 DRASTICALLY WITH 400 SOARING PRICES (US 0.5B EBITDA) 300 310.3 227
Slide 50: Margins of a refinery: Tianqi Greenbushes & refinery
CLOSING THE LITHIUM GAP MARGINS OF A REFINERY For personal use only TIANQI GREENBUSHES & REFINERY TIANQI ANNUAL REPORT EXCERPT MARGINS ARE SHARED WITH REFINING
Slide 51: Funding strategy
FUNDING STRATEGY For personal use only Project Ownership • Sell 49% project to 1-2 strategic partners Partner 2, 25 LU7 , 51 • Target OEM with final LC offtake • Equity from sale injected to project • Debt and Equity of 50/50 • Appointment of debt adviser • Discussions with various banks Partner 1,
Slide 52: The big whys
THE BIG WHY’s For personal use only • build a plant – low price environment? WHY? • build a plant - others closing theirs? • can you compete with China? • lithium carbonate not hydroxide? LU7 LITHIUM STRATEGY
Slide 53: Counter cyclical strategy
COUNTER CYCLICAL STRATEGY For personal use only Why build a plant in a depressed-price environment? • Been through 3-4 lithium cycles • Prices have and will always recover • Li demand from EVs and BESS growth strong • Develop a project ready for price recovery LU7 LITHIUM STRATEGY
Slide 54: New capacity is required
NEW CAPACITY IS REQUIRED For personal use only Why build a plant when others are closing theirs? • Higher costs operations being closed • Operations not performing, shutting down • New efficient capacity is required for the growth • World needs non-Chinese conversion • Build “off the shelf” conversi
Slide 55: 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 LU7 LITHIUM STRATEGY
Slide 56: Recovery not if but when
For personal use only RECOVERY NOT IF BUT WHEN
Slide 57: Double whammy
DOUBLE WHAMMY For personal use only • Impact of supply reduction under-estimated • Dramatic reduction 17%, 21% next year • Delayed project development (low prices) • Demand is severely under-estimated • Focus on EV’s only, BESS dark horse • 1.8 TWh of batteries - 600 GWh solar plants PRICES WILL REC
Slide 58: Lithium carbonate price
LITHIUM CARBONATE PRICE 100,000 For personal use only 85,000 6 months 70,000 Price (USD$ / tonne) 55,000 10 months 360% 40,000 25,000 5 months LU7 PFS Price US$20,970 15,000 0 Jun 21 Mar 21 May 21 Jul 21 Sep 21 Nov 21 Jan 22 Mar 22 May 22 Jul 22 Sep 22 Nov 22 Jan 23 Mar 23 May 23 Jul 23 Sep 23 Nov 2
Slide 59: Lithium carbonate
LITHIUM CARBONATE For personal use only Lithium feedstock of choice • LFP batteries technology got better • Range and performance improved • Much safer and cheaper • Li Carb feed for LFP lithium batteries • Majority of EVs have switched to LFP batteries • BESS batteries are all LFP batteries • LFP 6
Slide 60: 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 61: 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 62: Investor highlights
For personal use only LITHIUM DREAM TEAM Proven Lithium Track Record PROVEN TECHNOLOGY Derisking Lithium Conversion Technology BÉCANCOUR LITHIUM REFINERY Competitive & Closing the Conversion Gap INVESTOR HIGHLIGHTS
Slide 63: Cautionary statements
CAUTIONARY STATEMENTS This presentation has been prepared by Lithium Universe Limited (LU7 or the Company). This presentation has been prepared as at 18 June 2025 and statements are current only as at that date. This presentation is provided on the basis that neither the Company nor For personal use
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