Announcement PDF ASX:FUL fulcrumlithium.com ASX:FUL Market Update INVESTOR PRESENTATION I 27 MAY 2026 ASX:FUL fulcrumlithium.com 2 Disclaimer Caution Regarding Forward Looking Information The information contained in this presentation or subsequently provided to any recipient of this presentation whether orally or in writing by or on behalf of Fulcrum Lithium Ltd (ABN 23 665 528 307) (“Fulcrum” or “the Company”) or its respective employees, agents or consultants (“Information”) is provided to the recipients on the terms and conditions set out in this notice. The purpose of this presentation is to provide recipients with information relating to Fulcrum. This presentation has been prepared by Fulcrum and each recipient must make his/her own independent assessment and investigation of Fulcrum and its business and assets and should not rely on any statement or the adequacy and accuracy of any information. Fulcrum makes no representation or warranty (either expressed or implied) as to the accuracy, reliability or completeness of the Information. Fulcrum and its directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or for any omissions from the presentation, except liability under statute that can not be excluded. This presentation contains references to certain intentions, expectations and plans of Fulcrum. These intentions, expectations and plans may or may not be achieved. They are based on certain assumptions which may not be met or on which views may differ. The performance and operation of Fulcrum may be influenced by a number of factors, many of which are outside the control of Fulcrum. No representation or warranty, express or implied, is made by Fulcrum or its respective directors, employees, officers, agents, consultants or advisers that intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved. This presentation does not constitute in any way an offer or invitation to subscribe for securities in Fulcrum pursuant to the Corporations Act 2001 (Cth). Competent Person’s Statements The information in this Report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr Scott Keenan, who is a Fellow of the Australian Institute of Geoscientists. Mr Keenan is the Chief Operating Officer of Fulcrum Lithium Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which are being undertaken to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Keenan consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Fulcrum confirms it is not aware of any new information or data which materially affects the information included in the original market announcements. Fulcrum confirms the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. Authorisation This Presentation has been authorised for release by the Company Secretary. ASX:FUL www.fulcrumlithium.com I 3 Fulcrum’s Investment Opportunity Focused approach Fulcrum consistently delivering on objectives since IPO with scale, speed and intent even throughout lithium market downturn from 2023-2025. Strategically positioned Nevada is a Tier 1 mining jurisdiction, strategically positioned near the broader US EV and battery supply chain, providing strong access to domestic demand and infrastructure. Geological endowment A significant discovery in the heart of Nevada’s “Lithium Belt”. Same basin and geology as south as American Lithium TLC & American Battery's Tonopah Flats projects. Increasing confidence Confidence building in lithium claystones emerging as a major new near future supply stream. E.g. Progression of Lithium America’s Thacker Pass Project and US govt government stake. Lithium resurgence Lithium price rebounding strongly over the past year from multi-year lows, driven by supply discipline, tightening inventories, and renewed EV and energy storage demand. Proven record Board and management consisting of highly experienced mining executives with proven track records in discovering and developing mineral assets. ASX:FUL www.fulcrumlithium.com I 4 Global Lithium Market FUL IPO Alkali Flats Discovery AF Phase 3 Drilling Barrenjoey Research, 15 May 2026 “We believe demand looks incrementally more positive - battery production remains strong, driven by larger EV battery pack sizes and a robust ESS pipeline, with headline EV sales figures increasingly less relevant to the lithium demand story. Additionally, our recent China trip has left us more constructive on the supply side, with restarts and project accelerations unlikely to deliver a material near-term surge, disruption risk across China and Zimbabwe, and lower supply elasticity into the next few years. On balance, we see continued upside to both lithium pricing and the duration of the upcycle.” ASX:FUL www.fulcrumlithium.com I 5 2026 Major Project and Operational Highlights Jan – Mar: Alkali Flats Phase 3 Drill Program confirms and extends Phase 2 discovery 34 RC holes and 5 diamond core holes – 5-fold increase in drilling data Grades: ~400 – 1,145ppm Li Thickness: >147.9m in AF3-E13, 4 holes >100m, 17 holes >70m Aerial Extent: >32km2 of mineralisation proven by Phase 3 & 2 Apr: Dry Canyon Geophysical Survey – CSAMT survey delivers first 2D data on targets. May: Alkali Flats Metallurgy Results High recoveries Fast leach times at ambient temperatures Processing flexibility and low-cost extraction pathway potential is emerging May: Dry Canyon Claims Expansion – doubling of claims area to capture high potential basin. Refer ASX announcements 19 May 2026, 25 May 2026 and 26 May 2026. Fulcrum’s project locations across Nevada, USA ASX:FUL www.fulcrumlithium.com I 6 Alkali Flats Phase 3 Results  Phase 3 Drill program has materially de-risked Alkali Flats discovery  Confirming highly continuous, thick mineralization over large aerial extent  High density and confidence drill data (~600m) in the core of the deposit.  Advanced from early-stage exploration into appraisal, now focusing on resource definition.  Phase 3 full assay results confirming:  34 of 39 holes (87 % success rate) intersected Lithium (Li) mineralisation >300ppm Li  17 holes returned more than 70m of continuous mineralisation >300ppm Li  Heart of the project contains wide zones of Li mineralisation (40-147m @ 450-700ppm) with an internal higher grade zone 15-25m @ 800-900ppm.  525m of diamond core from five holes for geological, metallurgical and engineering studies Refer ASX announcements 8 April 2026 and 25 May 2026. AF3-CO2 (100m-135m) lithium mineralised claystones in core* Alkali Flats Phase 2 & 3 dataset *Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. ASX:FUL www.fulcrumlithium.com I 7  Remaining open in 3 of 4 directions and at depth in the core of the project.  Grade increasing in SE direction towards shallowest intersections (<100m deep).  Resource evaluation are now underway for upcoming maiden Mineral Resource Estimate (MRE). Alkali Flats Phase 3 Results Refer ASX announcement dated 25 May 2026. ASX:FUL www.fulcrumlithium.com I 8 Alkali Flats Metallurgy – Flexibility and lowest cost pathways  Positive early results:  Flexibility of extraction pathways: Sulfuric acid leach, roast calcination + water leach  High extraction results: >90% extraction from multiple pathways  Fast extraction times: 57%-66% extraction from 1 hour ambient water leach post calcination roasting  Successful ambient and low temperature testing: both acid and water leach  Successful initial test of low-cost heap leaching process pathway.  Encouraging early beneficiation results:  26%-41% mass reduction  41%-54% carbonate reduction (major acid consumer)  Up to 27% grade increase  Strong platform for our large Phase 3 sample and core database to further drive towards the lowest-cost processing outcomes AF2-2 (Zone 2) AF2-5 (Zone 6) AF2-10 (Zone 8) Mass Reduction 12% 15% Carbonate Reduction 30% 10% Grade Increase 12% 11% AF2-2 (Zone 2) AF2-5 (Zone 6) AF2-10 (Zone 8) Mass Reduction 26% 29% 41% Carbonate Reduction 53% 54% 41% Grade Increase 15% 13% 27% AF2-2 (Zone 2) AF2-5 (Zone 6) Lithium Extraction Roast Blend A Roast Blend B Roast Blend C 66% 59% and 57% 30% and 12% AF2-2 (Zone 2) AF2-5 (Zone 6) AF2-10 (Zone 8) Lithium Extraction 95% 96% 93% Not Run Not Run Not Run Roast Calcination and Water Leach 7-Day Mini Column Leach AF2-10 (Zone 8) Alcohol Screening Hydrocyclone Separation AF2-2 (Zone 2) AF2-5 (Zone 6) AF2-10 (Zone 8) Mass Reduction 12% 15% Carbonate Reduction 30% 10% Grade Increase 12% 11% AF2-2 (Zone 2) AF2-5 (Zone 6) AF2-10 (Zone 8) Mass Reduction 26% 29% 41% Carbonate Reduction 53% 54% 41% Grade Increase 15% 13% 27% AF2-2 (Zone 2) AF2-5 (Zone 6) Lithium Extraction Roast Blend A Roast Blend B Roast Blend C 66% 59% and 57% 30% and 12% AF2-2 (Zone 2) AF2-5 (Zone 6) AF2-10 (Zone 8) Lithium Extraction 95% 96% 93% Not Run Not Run Not Run Roast Calcination and Water Leach 7-Day Mini Column Leach AF2-10 (Zone 8) Alcohol Screening Hydrocyclone Separation * Roast Blend C = test of suboptimal blend ratio Mini-column leach test results Summary of Alkali Flats phase 2 metallurgy results Refer ASX announcement dated 25 November 2025 and 19 May 2026. ASX:FUL www.fulcrumlithium.com I 9 Alkali Flats Forward Plan – MRE and metallurgy focus  Releasing the well-advanced resource modelling and estimation for the company’s maiden JORC mineral resource estimate (MRE).  Anticipated high confidence modelling and estimation results due to:  Low complexity of the ore body  High degree of continuity and correlation  600m hole spacing in the core of the resource  High quality geophysical data  Advance the successful metallurgical results and understanding:  large 34 RC hole and 5 corehole database  focus on low-cost process pathways  parallel testing of multiple process pathways Fulcrum’s metallurgical forward plan with Phase 3 sample database Snapshot of the well-advanced 3d geological and resource model ASX:FUL www.fulcrumlithium.com I 10 Dry Canyon – Large scale, high grade, full basin potential  High-grade, large scale lithium claystone opportunity, claims filed in in November 2025  Surface samples up to 1,219ppm Li, with 31 of 62 samples >300ppm, with 6 samples > 1,000ppm  Highly supportive geology and basin features  13km CSAMT geophysical survey acquired in April 2026  Shallow (<25m), thick (>500m) low resistivity clay targets extending beneath high-grade surface samples  Extensive, correlatable anomalies and structural trends suggest large scale potential  Large expansion of project claims (x 266%) to capture high potential basin acreage  Planning for the maiden drill campaign is underway L2600 L00 L5100 Refer ASX announcement dated 26 May 2026. ASX:FUL www.fulcrumlithium.com I 11 Indicative outlook Revised investor presentation for review Q4 2026 Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Key Workstream Alkali Flats COMPLETED Alkali Flats Phase 2 Discovery Confirmed COMPLETED Alkali Flats claims expansion COMPLETED CSAMT geophysical survey ONGOING COMPLETED Scoping metallurgy results COMPLETED Phase 3 Drill Program SCHEDULED Mineral Resource Estimate (MRE) SCHEDULED SCHEDULED Phase 3 metallurgy program CONTINGENT/ SCHEDULED Follow Up Infill Drilling and/or Scoping Study Dry Canyon COMPLETED Dry Canyon project claim filing and sampling COMPLETED CSAMT Survey COMPLETED Claims Expansion SCHEDULED Maiden Drill Program CONTINGENT/ SCHEDULED Follow Up Exploration/ Appraisal For more information, please contact Scott Keenan Chief Operating Officer P. +61 2 9300 3377 fulcrumlithium.com