Quarterly Report for the quarter ended 30 June 2024

• Goulamina Project reached 86% completion milestone
• Settled with Mali Government, agreed to sell remaining 40% stake in project to Ganfeng
• Committed to return net proceeds from sale to shareholders

Leo Lithium provided an update on the progress of its Goulamina Lithium Project in Mali for the quarter ended 30 June 2024. The project reached an 86% completion milestone, with the dry plant commissioning commenced and the wet plant progressing well. Mining activities continued as planned, with 1.07 million BCM of material mined during the quarter. The company also announced that it has reached a settlement with the Mali Government, including a US$60 million payment to resolve all outstanding issues. As part of this, Leo Lithium has agreed to sell its remaining 40% stake in the Goulamina project to Ganfeng Lithium for US$342.7 million, subject to shareholder approval. The company plans to return 100% of the net after-tax proceeds from the first tranche payment to shareholders in January 2025, with a further distribution planned for July 2025. Leo Lithium will cease involvement with the project by November 2024, with Ganfeng taking over management responsibilities. The company also provided an update on its cash position, with A$77.6 million in cash at the end of the quarter. Overall, the quarter was significant for Leo Lithium as it progressed the Goulamina project, reached a settlement with the Mali Government, and announced the sale of its remaining stake in the project to Ganfeng.

The company expects to receive net proceeds of between A$0.15-0.18 per share from the first tranche payment of the Goulamina project sale, which will be distributed to shareholders in January 2025.