Flemington Cobalt-Scandium-Nickel Royalty

Asset Overview

Flemington Highlights

• Located 370 km west of Sydney, NSW, Australia
• Politically stable, mining-friendly jurisdiction
• Large-scale nickel cobalt deposit, represents an important undeveloped source of cobalt & nickel
• Project under option by Australian Mines Ltd.
• Maiden Cobalt mineral resource of 2.7 Mil at 0.101% of (1.010 ppm) cobalt with only 1% of the Flemington project area tested

Royalty Highlights

• Life-of-Mine 1.5% Gross Revenue Royalty (“GRR”)
• Additionally, acquired 1.7% GRR on the fully permitted and construction-ready Nyngan Scandium project
• Flemington & Nyngan royalties acquired for US$4.5 Mil, comprised of US$1.5 Mil in cash & US$3.0 Mil in common shares

Direct Continuation of Sunrise Orebody

Flemington Orebody

• 2017 Scoping Study by SRK Consultants
• Concluded Flemington deposit & Clean TeQ’s neighboring Sunrise mineralization constitute the same orebody (a single deposit)
• Flemington deposit a direct continuation of the Sunrise orebody, with the deposit separated only by a tenement boundary
• Finding reinforced by Australian Mines’ extensive 239-hole resource extension resource drilling program completed in 2017

Fast-Tracking Development

Development Timeline

• Updated mineral resource expected in 2019, pre-feasibility study scheduled to commence thereafter
• Preliminary Environmental Impact Study completed
• Final Environmental Impact Study & Mining Lease Application underway
• Flemington water allocation secured for future mining operations