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THACKER PASS PROJECT PFS RESULTS
JUNE 2018
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AGENDA
PROJECT INVESTMENT DIFFERENTIATORS
Resource
Process
Location and Logistics
Financial
Team
Team
President of North American Operations and CEO – Alexi
Zawadazki
Sr. Process Development Manager / Nevada Operations Manager –
Dr. Rene LeBlanc
TeamLead Exploration Geologist – Dr. Tom Benson
Project Manager / Sr. Process Engineer – Brett Rabe
PFS FUNDAMENTALS
Phase 1 Phase 2
30,000 60,000
0 to 3.5 years 3.5 to 46 years
$581M $478M
$4,782 $4,060
$3,507 $2,535
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36.6%
29.3%
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$3.9 billion
$2.6 billion
$407
$368
$20.5
$18.8
$794
$705
$48.1
$41.3
$246 $543
PFS FUNDAMENTALS
Phase 1 Phase 2
Plant Plant
Plant Plant
$383 $899
$0.0632 $0.0632
$0.0756 $0.0756
215 292
$86,400 $86,400
800-1000 500-650
$43M $153M
- $6.7B
$6.4M $12.3M
- $569M
GEOLOGY OF THE THACKER PASS PROJECT
GEOLOGICAL MODEL
COMPARISON OF KNOWN CLAY DEPOSITS
MINERAL RESOURCE
Drilling Program
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THACKER PASS PROJECT INFRASTRUCTURE
CAPEX BREAKDOWN
Open Pit Mine
12%$67M
Lithium Processing & Infrastructure
49%$287M
Sulfuric Acid Plant31%
$182M
Railroad & Yards
1% OwnerCost7%
$41M
Open Pit Mine<1%
Lithium Processing & Infrastructure
26%$126M
Sulfuric Acid Plant44%
$210M
Railroad & Yards22%
$105M
Owner Cost8%
$36M
$581M $478M
OPEX AND SUSTAINING CAPITAL
Mine47%
Lithium Processing
20%
Tailings24%
Infrastructure1%
Indirect Costs
8%
$623M LOM
$13.4M/year
$2,570/ton LCE (with credits)
$4,088 (before credits)
$10.6B LOM
Phase 1: $147M/year
Phase 2: $238M/year
Mine10%
Lithium Processi
ng41%
Sulfuric Acid Plant44%
G&A4%
Product Shipping1%
SUSTAINING CAPITAL COSTS OPERATING COSTS
LOM AVERAGE
OPERATING COSTS PER TONNE LCE
Mine11%
$537
Lithium Processing
38%$1858
Sulfuric Acid Plant46%
$2236
G&A5%
$239
Electricity Delivery & Product Shipping
<1%$13
Phase 1: $146M/year
$4,782/tonne LCE
$3,507/tonne LCE with credits
Sulfuric acid credit: $599
Electricity credit: $676
Phase 2: $247M/year
$4,060/tonne LCE
$2,535/tonne LCE with credits
Sulfuric acid credit: $706
Electricity credit: $819
Mine12%
$478
Lithium Processing
41%$1608
Sulfuric Acid Plant
43%$1723
G&A4%
$150
Electricity Delivery & Product Shipping
<1%
PHASE 1 OPERATING COSTS PHASE 2 OPERATING COSTS
HOW CLAYSTONE FITS THE LITHIUM SUPPLY
HOW CLAYSTONE FITS THE LITHIUM SUPPLY
SENSITIVITY ANALYSIS
Discount
Rate (%)
Low Case NPV
$10,000/Li2CO3
($ billions)
Base Case NPV
$12,000/Li2CO3
($ billions)
High Case NPV
$14,000/Li2CO3
($ billions)
Current Price NPV
$16,000/Li2CO3
($ billions)
SULFUR PRICE SENSITIVITY
Sulfur Price Multiplier NPV
($ Billions)
% IRR* No Crecits
($/t LCE)
Credits
($/t LCE)
MINE OPERATIONS
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MINE OPERATIONS
Phase 1 Phase 2
MINE OPERATIONS
MINE OPERATIONSL
i (p
pm
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Milling Grade
MINE OPERATIONS
MINE OPERATIONS
Alluvium15%
Basalt9%
Volcanic2%
Ore below 2,500 ppm Li
74%
Unclassified Material
<1%
74% of waste material is clay below 2,500 ppm
(excluding ore losses during mining)
Mine Waste Distribution
CLAYSTONE PROCESSING
CLAYSTONE PROCESSING
• Process is comprised of 3 functional areas: Ore Preparation & Leaching,
Sulfuric Acid Plant, & Lithium Processing Plant
• No new process technology, only traditional chemical processing equipment
used in unique ways, specific to the LNC extraction process:
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PLANT
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PLANT – SULFURIC ACID
Input Without Credits
(USD$/t LCE)
Credits Included
(USD$/t LCE)
% of
Total
OPEX
PLANT – FLOWSHEET
PLANT – FLOWSHEET
346 kg H2SO4 per tonne of ore
23.8 tonne H2SO4 per tonne LCE
PLANT – FLOWSHEEET
Water
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RAW MATERIALS
MOU with integrated supply chain partner
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Phase 1 Phase 2
Total per day 136 trucks 46 trucks & 88 rail cars
RAW MATERIALS
55.3%
18.3%
17.5%
8.9%
Limestone
243 $/tonne
LCE
Quicklime
481 $/tonne
LCE
Soda Ash
502 $/tonne
LCE
Sulfur
1,515 $/tonne
LCE
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RAIL LINE
Tailings Management
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ENVIRONMENTAL LIABILITY MANAGEMENT
Dry stack tailings
ENVIRONMENTAL LIABILITY MANAGEMENT
Rehabilitation
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Air Emissions
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PERMITTING
Project has been designed to minimize permitting risk
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Government support at all levels
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2017 Presidential Critical Minerals Executive Order 13817:
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Construction permits expected by Q4 2020
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SCHEDULE
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Exploration
Drilling
(SW Basin)
Pilot Plant
/TradeoffEngineering
Mine Plan of
Operations
Baseline Data
and EIS
Construction
Phase 1
Production
Phase 1
Construction
Phase 2
Production
Phase 2
FORWARD-LOOKING STATEMENTS
Qualified Person.
Forward-looking statements.
CONTACT INFORMATION
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