Announcement PDF www.fulcrumlithium.com P. +61 2 9300 3377 E. info@fulcrumlithium.com ABN 23 665 528 ASX:FUL ASX:FUL The Directors of Fulcrum Lithium Ltd (ASX: FUL, Fulcrum or the Company) are pleased to provide an update to the market in the attached presentation and announce the launch of a new company website and interactive Investor Hub. The new Fulcrum website provides a refreshed and updated company information, as well as an interactive Investor Hub allowing shareholders and prospective investors more access to foster direct engagement with management to ask questions, receive responses and access enhanced investor communications. The Company's new corporate website can be accessed at www.fulcrumlithium.com . To ask questions directly to Fulcrum Lithium and watch the video about this announcement, visit: https://fulcrumlithium.com/link/yano2e pjn13041 For more information, please contact Scott Keenan Managing Director P: +61 2 9300 3377 E: info@fulcrumlithium.com W: www.fulcrumlithium.com Presentation to Investors and Launch of New Interactive Website 3 NOVEMBER 2026 ASX:FUL Developing American Lithium with Scale, Speed & Intent Corporate investor presentation - NOVEMBER 2026 Commercially de-risking the 7th largest lithium resource in the USA 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 (“Fulcrum Lithium” 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 Lithium. This presentation has been prepared by Fulcrum Lithium and each recipient must make his/her own independent assessment and investigation of Fulcrum Lithium and its business and assets and should not rely on any statement or the adequacy and accuracy of any information. Fulcrum Lithium makes no representation or warranty (either expressed or implied) as to the accuracy, reliability or completeness of the Information. Fulcrum Lithium 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 Lithium. 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 Lithium may be influenced by a number of factors, many of which are outside the control of Fulcrum Lithium. No representation or warranty, express or implied, is made by Fulcrum Lithium 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 Lithium pursuant to the Corporations Act 2001 (Cth). 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. Competent Person’s StatementsThe information in this Report that relates to the Mineral Resource Estimation is based on, and fairly represents, information and supporting documentation prepared by Mrs Claudia Olvera, a geologist and resource engineer who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM #3078444) 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’. Mrs Olvera is an independent consultant and consents to the inclusion of the Mineral Resource Estimation and supporting information in the form and context in which it appears. The information in this Report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Mr Bill R. Fleshman of Global Geological Services, LLC, a geologist who is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy and (FAusIMM CP Geology #107342) 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 Fleshman is an independent consulting geologist and consents to the inclusion of the Exploration Results and Exploration Targets and supporting information in the form and context in which it appears. Authorisation This Presentation has been authorised for release by the Board of Directors. ASX:FUL www.fulcrumlithium.com I 3 A top-10 US lithium resource, priced like an explorer Proven delivery 10.7 Mt maiden resource in ~20 months — through the downturn Nevada Tier 1 jurisdiction and the most advanced US lithium supply chain Scale + upside Large, well-defined resource, >90% early recoveries, high-impact exploration Claystones rising Thacker Pass and a US Govt stake prove the category. More will follow. Market turning Prices rebounding off multi-year lows; strong demand growth ahead Proven board Repeat discovery- to-development track record: NIC, A4N, SMI Proven team. Turning market. ~13× upside gap to ASX peers. 10.7 Mt Contained LCE 7th Largest Li resource in the USA 40% Measured & Indicated ~A$0.88 /t Implied value per tonne LCE ~13× upside to ASX peer median ASX:FUL www.fulcrumlithium.com I 4 Why now — the US needs lithium it doesn't have A ~180× supply gap, a Government priority to close it, and Nevada claystones the answer ~5,000 tpa US production today (Silver Peak only) ~900,000 tpa US demand by 2034 (Fastmarkets) Washington is paying to close it • 5% Government equity in Thacker Pass • FAST-41 fast-track permitting • US$12B Project Vault critical-mineral stockpile • DOE, DOD & EXIM loans; 25% tariffs on Chinese batteries Nevada claystones are the answer >200 Mt LCE in the Nevada Lithium Belt ~25% of global Li resources ~4× Australia's total Li resources • Thacker Pass (GM + US Govt backed) is the ‘Greenbushes moment’ that proves the category • Where WA spodumene was a decade ago • Fulcrum is a deliberate second-wave developer: scale, lower- cost options, a seat in the emerging US hub No lithium boom needed — only continued US support for domestic supply. ASX:FUL www.fulcrumlithium.com I 5 We did what we said — delivery since IPO A large-scale maiden resource in ~20 months, through the worst of the lithium downturn Nov 2024 ASX IPO Listed with the mission to prove a large-scale US resource Q3 2025 Discovery Phase 2 drilling confirms a significant lithium claystone discovery Aug 2026 Maiden MRE 10.7 Mt LCE1 — 7th largest in the USA, From 49 holes, 25km CSAMT, Including 40% M&I What we delivered — the largest lithium landholding in the USA, systematically explored: 4 Projects systematically explored 4 Drill campaigns 2 Geophysical surveys Multiple Geological sampling Metallurgy phases Under time and budget Result: a high-confidence, large-scale maiden resource with strong early metallurgy and a clear path to grow the higher-grade core. Efficient ASX:FUL www.fulcrumlithium.com I 6 What we are doing next IPO capital proved the large-scale resource and exploration model, now we commercially de-risk and grow the higher value base Dry Canyon Exploration Maiden drill program to test, shallow, thick, large-scale, high-grade targets Alkali Flats Resource Upgrade Targeting growth and category upgrades in the shallower, higher-grade easterly trend Alkali Flats Expansion Resource and Portfolio Growth Optimal Processing Concept Define the optimal process route and development concept with a low-cost focus. Progress to a Scoping Study Metallurgy Optimisation Scale and optimise early positive metallurgical extraction results (>90%) across multiple paths. Technical & Commercial De-risking 10.7 Mt Contained LCE 7th Largest Li resource in the USA 40% Measured & Indicated Capture of easterly higher-grade trend extension. ASX:FUL www.fulcrumlithium.com I 7 Alkali Flats — 10.7 Mt LCE and poised for growth Alkali Flats: 3.57 Bt @ 563 ppm Li, open in multiple directions1 Growth upside • Clearly defined growth targets • Upgrade to M&I and extensions • Focused on shallower, higher- grade eastern trend • Drilling targeted 1H 2027 Advancing Metallurgy • >90% across multiple pathways2,3 • 2 successful lower-cost heap leach3,4 • Scaling tests and optimising for the lowest-cost flowsheet • Challenging the conventional approaches 7th largest in the US, 3rd largest on the ASX— and 40% already in higher-confidence categories Resource Category Mass (Mt) Li (ppm) Contained LCE (Mt) Measured 714.6 604 2.3 Indicated 676.9 564 2.0 Measured + Indicated 1,391.5 585 4.3 Inferred 2,176.8 549 6.4 TOTAL 3,568.2 563 10.7 Lithium Carbonate Equivalent (LCE) = Li x 5.323 400ppm Li Cut-off grade Highly correlatable geology and mineralisation across deposit ~2km Increasing Li Grade Trend ASX:FUL www.fulcrumlithium.com I 8 Dry Canyon — high-grade upside, drilling Q4 2026 A second large-scale, high-grade target — shallow, thick and ready to drill L2600 L00 L5100 The geophysics — large targets, easily tested • Shallow (<25 m), very thick (>500 m) clay targets6 • Directly beneath high-grade surface samples • Large, continuous anomalies (13 km CSAMT) The geology — high-grade potential • Surface samples up to 1,219 ppm Li (6 >1,000 ppm)5 • All the building blocks of a high-grade lithium basin • Whole basin secured by Fulcrum claims What’s next? • Up to 11 holes — approved • Rig sourcing underway • Targeting Q4 2026 ASX:FUL www.fulcrumlithium.com I 9 The value gap — and the work to close it A top-10 US resource priced at ~A$0.88/t — ~13× upside to ASX peer median Implied value, A$ per tonne LCE (total resource) A$0.88 A$4.10 A$11.21 Fulcrum Nevada clay peer median ASX lithium peer median How we are closing the gap 1 2 Grow the higher-grade resource Alkali Flats upgrade of the higher-grade east Catalysts: drill results Q1'27; upgrade 1H'27 3 Share price growth doesn’t need a lithium boom. Only the market to value what we've already proven. Fulcrum vs ASX peer median: 13× cheaper on Total 12× on M&I 8× on Meas Peer = Lithium explorers/developers with pre-construction projects, see references slide Prove the economics Metallurgy → lowest-cost flowsheet → scoping study Catalyst: scoping study (2027) High impact exploration drilling Dry Canyon maiden drilling – with potential to add a second large-scale deposit to the portfolio. Catalysts: drill results Q4'26–Q1'27 ASX:FUL www.fulcrumlithium.com I 10 Board & management — proven value creators Backing people who have done this before, repeatedly, at scale 24 Public companies listed 45 yrs Combined track record 14 Discoveries 9 Mines built 9 Companies acquired Nickel Industries (ASX: NIC) • ~A$4.4B market capitalisation — built and scaled by this board Anthony McDonald Non-Executive Director Norman Seckold Executive Chairman 40+ years building natural resource companies. Current Chairman of Nickel Industries, Alpha HPA and Sky Metals. Former Chairman of Bolnisi Gold, Santana and Perseverance. Alpha HPA (ASX: A4N) • ~A$1B market capitalisation — high-purity alumina developer Recent ASX value-creation Santana Minerals (ASX: SMI) • ~A$450M market capitalisation — gold developer Sky Metals (ASX: SKY) • ~A$160M market capitalisation — tin & tungsten developer Anthony Sgro Independent Non- Executive Director Scott Keenan Managing Director Foster Wilson Non-Executive Director Chemical Engineer, Director Alpha HPA (ASX:A4N) COO from IPO (Nov 2024), leading exploration, resource definition and strategy. 20+ years discovering and developing resources — Oil Search, Santos (Pikka, Alaska). 40+ years USA minerals industry experience and focused on Li clay/brines exploration Lawyer. Former MD Cerro Resources, Santana Minerals. ASX:FUL www.fulcrumlithium.com I 11 Why invest in Fulcrum Proven delivery Every milestone hit since IPO, through a downturn by proven value creators A top-10 US resource 10.7 Mt LCE, 40% high-confidence, positive advancing metallurgy The right thesis Early in Nevada claystones — the next dominant supply, with strong government support Non-Conventional thinking A commitment to non-textbook thinking to develop the resource Near Term catalysts Dry Canyon drilling, Alkali Flats drilling & resource upgrades, advancing metallurgy and processing concepts. Clear growth targets Resource upgrades, extensions and portfolio growth A 16x value gap Priced below the entire ASX lithium peer range For more information, please contact Scott Keenan Managing Director P. +61 2 9300 3377 fulcrumlithium.com ASX:FUL Appendices ASX:FUL www.fulcrumlithium.com I 14 Indicative work program outlook Key Workstream Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Alkali Flats Scoping metallurgy results COMPLETED Phase 3 Drill Program COMPLETED Mineral Resource Estimate (MRE) COMPLETED Alkali Flats claims expansions COMPLETED Phase 3 & 4 metallurgy program ONGOING Drilling - Resource Upgrade Targets SCHEDULED Resource Model Upgrade Work SCHEDULED Dry Canyon CSAMT Survey COMPLETED Claims Expansion COMPLETED Drill Permitting COMPLETED Maiden Drill Program SCHEDULED Assay Results SCHEDULED ASX:FUL www.fulcrumlithium.com I 15 Lithium market outlook Volatile short-term sentiment has run ahead of fundamentals, with long term market growth and diversification Theme 1: Demand is stronger than the headlines suggest Global EV unit sales are flat to low-single-digit growth this year. Lithium demand is still growing quickly because battery packs are getting bigger and energy storage (ESS) is booming. Theme 2: Energy storage is a structural second engine Storage demand comes from renewables integration, energy-security buying in the Middle East and Latin America, and AI data centres. That diversifies demand away from EVs and away from China. Theme 3: Supply keeps disappointing and is policy- constrained Several supply sources keep missing or stalling. The market stays in deficit into 2027, with long-term tightness FUL IPO Alkali Flats Discovery Alkali Flats MRE ASX:FUL www.fulcrumlithium.com I 16 US battery storage demand The emergence of a major demand driver supporting data centers and renewables  Each gigawatt-hour of grid-scale storage capacity requires approximately 900 tonnes of lithium carbonate equivalent (LCE).  In Q1 2026, US battery energy stationary storage (BESS) installations reached 9.7 GWh, the largest Q1 in history and a 32% year-over-year increase.  By 2030, the US market is set to exceed annual installations of 110 GWh and install a cumulative 613 GWh.  Data centres are increasingly deploying battery storage systems. https://www.canarymedia.com/articles/clean-energy/chart-us-overwhelmingly-build-clean-power ASX:FUL www.fulcrumlithium.com I 17 A Globally Significant, Large-Scale Deposit Alkali Flats (FUL) MRE (M+I+I) 3.57 Bt @ 536ppm, 10.7Mt (LCE) 7th largest Li resource in the USA 3rd largest Li resource* on the ASX (*pre-construction) Thacker Pass (LAC) Forecast Production (LCE) 85yrs @ 160ktpa Total LOM Ore Mined 1,057 Mt LOM LCE produced 11.5 Mt Project NPV $8.7B Rhyolite Ridge (INR) Forecast Production (LCE) 77yrs @ 26ktpa Total LOM Ore Mined 265 Mt LOM LHM produced 1.7 Mt Project NPV $2.2B Tonopah Flats (ABAT) Forecast Production (LCE) 45yrs @ 30ktpa Total LOM Ore Mined 717 Mt LOM LHM produced 1.3 Mt Project NPV $2.6B 1.. Resource estimates and project details sourced from public reports detailed in the references slide Note: Comparison project NPV / mine-plan / production figures relate to more advanced studies not directly applicable to Alkali Flats as Fulcrum has not defined any Ore Reserve or Production Target and only are included as a sense of scale for Nevada lithium claystone projects forecasts. ASX:FUL www.fulcrumlithium.com I 18 Location and infrastructure  Nevada will be a future critical hub of the US battery supply chain, highlighted by the established lithium supply chain and vast lithium resources (>200Mt) with multi-decade production potential and strong government support.  Nevada is one of the world’s top mining jurisdictions.  Established road infrastructure, with direct access to major highways and nearby rail.  Future access to grid-connected renewable electricity power transmission (Greenlink currently under construction). “Nevada Lithium Belt” 105 Mt of Li Resources over 12 deposits (Meas + Ind + Inf) McDermitt Caldera 87 Mt of Li Resources (Meas + Ind + Inf) Advanced domestic lithium supply chain Nevada – America’s lithium future ASX:FUL www.fulcrumlithium.com I 19 Nevada Claystones An emerging major low-cost domestic supply  Large scale, low-cost deposits - think porphyry copper, Carlin-type gold or nickel laterites that dominate global production.  Economies of scale & substantial margins  Economics allow full battery grade lithium processing on-site  Potential for reliable, long-life (multi decade), stable lithium production  Simple geology and mineralogy  Large, flat, tabular, continuous ancient lakebeds. No fluid flow or reservoir management issues (e.g. brine).  Efficient, cheap drilling & resource definition  Soft rocks & low strip ratios for ease of mining  Processing is not reliant on promising technology (DLE) or impacted by foreign supply chains, tariffs or international logistics (spodumene). Smaller resource & lower grade. Lowest cost producer (evaporation). DLE technology unproven. Slow to market. Brines Very large resource, moderate grades. Stable long-term supply. Economies of scale support battery grade processing Nevada Claystones Small resource, high grade. Economics rely on 3rd party processing and international supply chains. Quick to market. Pegmatites Modified from Benson et al, 2025 (https://doi.org/10.5382/econgeo.5149 ) ASX:FUL www.fulcrumlithium.com I 20 Nevada Claystones The Concentrated Scale the US Needs for domestic supply dominance Sources USGS Mineral Commodity Summaries 2026 (Lithium); Geoscience Australia, Australia's Identified Mineral Resources 2025; USGS Fact Sheet 2014-3035; Kesler et al. (2012), Ore Geology Reviews; Public Company Documents included in Reference Slide Benson et al, 2025 (https://doi.org/10.5382/econgeo.5149 ) ~4X Australian lithium resources which dominate global supply 25% of Global resources in 1 US State (~ 2 counties) ~equal to global hard rock resources Supply dominance can swing rapidly under the right conditions (e.g. Australian Pegmatites, ~2016) ASX:FUL www.fulcrumlithium.com I 21 Alkali Flats metallurgy Pursuing smarter, lower cost solutions for optimal project economics Mini-column acid leach test results Fulcrum’s metallurgical forward plan with Phase 3 sample database  Continue to evaluate low-cost processing opportunities after 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 hr ambient water leach post calcination roasting  Successful ambient and low temperature testing: both acid and roast/water leach  Two successful scoping tests 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 ASX:FUL www.fulcrumlithium.com I 22 Fulcrum Announcements 1. ASX: FUL 4 Aug 2026, “Large Scale Lithium Resource Defined by Alkali Flats Maiden Mineral Resource Estimate” 2. ASX: FUL 25 Nov 2025, ‘Alkali Flats Initial Metallurgy Results” 3. ASX: FUL 19 May 2026, “Alkali Flats Metallurgy Update” 4. ASX: FUL Oct 1 2026, “Strategic Expansion and Positive Metallurgy at Alkali Flats” 5. ASX: FUL 26 November 2025, ‘High Grade Surface Samples from New Nevada Lithium Project’ 6. ASX: FUL 20 April 2026, ‘Geophysical Survey Completed at Dry Canyon’. Mineral Resource Estimate References a. ASX:JLL, Jindalee Lithium, McDermitt PFS, 19 November 2024 b. ASX:LKE, Lake Resources, Kachi Resource Update, 3 June 2025 c. ASX:EMH, European Metals Holdings, Cinovec DFS, 23 December 2025 d. ASX: AZL, Arizona Lithium, Prairie MRE, August 2023 e. ASX:PMT, Patriot Battery Metals, Shaakichiuwaanaan MRE, August 2024 f. ASX:VMS, Venari Minerals, Red Mountain MRE, February 2026 g. ASX:WC8, Wildcat Resources, Tabba Tabba MRE, November 2024 h. ASX:WR1, Winsome Resources, Adina MRE, May 2024 i. ASX:INF, Infinity Lithium, Annual Report 2025 j. ASX:ASN, Anson Resources, Paradox MRE Update, October 2023 k. ASX:PUR, Pursuit Minerals, Rio Sur Grande, 2026MRE Update l. ASX:GL1, Global Lithium Resources, Manna MRE, June 2024 m. ASX:A11, Atlantic Lithium, Ewoyaa MRE, July 2024 n. ASX:GT1, Green Technology Metals, Root ASX Report, June 2023 o. ASX:ELV, Elvera Lithium, Carolina Lithium DFS, January 2022 p. ASX:GW1, Greenwing Resources, San Jorge MRE, January 2025 q. NYSE:LAC, Lithium Americas, Thacker Pass MRE Update, January 2025 r. TSX:NVLH, Nevada Lithium, Bonnie Claire MRE Update, September 2024 s. NASDAQ:ABAT, American Battery Technology, Tonopah Flats PFS, September 2025 t. TSX:NILI, Surge Battery Metals, Nevada North MRE, June 2026 u. Pheonix Lithium, East, https://www.phoenixlithium.com/project v. ASX:CC9, Chariot Resources, Horizon MRE, December 2023 w. TSX:LI, American Lithium Corp, TLC MRE Upgrade, February 2025 x. TSX:NEV, Nevada Sunrise, Gemini MRE, March 2024 y. TSX:LCE, Century Lithium, Clayton Valley PFS, January 2026 z. ASX:NLP, Future Battery Metals, NLP MRE, April 2024 aa. TSX:NRM, Noram Lithium Corp, Zeus Technical Report, May 2024 bb. NYSE: SLI, Standard Lithium, Smackover Project DFS, September 2023 cc. Authium, Clayton Ridge 2020 MRE dd. TSX:SRJ, Spearmint Resources, McGee MRE, June 2022 ee. ASX:INR, Ioneer, Rhyolite Ridge SEC S-K 1300 Technical Report, April 2026 ff. NYSE:ALB, Albermarle Corporation, Kings Mountain/Silve Peak SEC Form 10-K FY2023 gg. AIM:BHL, Bradda Head Lithium, Basin MRE, July 2024 References Adding in table Project Company TOTAL RESOURCE LCE Mt Measured Mt LCE Indicated Mt LCE Inferred Mt LCE Market Cap Oct 12 2026 ($AUD) $ Market Cap per t LCE Total Resource $ Market Cap per t LCE Meas + Ind $ Market Cap per t LCE Measured McDermitt Jindalee Lithium 21.5 0.0 11.1 10.4 37.9 $1.76 $3.41 Mo Meas Kachi Lake Resources 11.1 4.2 4.0 2.9 77.0 $6.94 $9.40 $18.37 Cinovec European Metals Holdings 7.4 0.6 3.9 2.9 32.1 $4.34 $7.10 $50.16 Prarie Project Prairie Lithium (Arizona) 6.3 0.0 4.5 1.8 31.8 $5.05 $7.07 Mo Meas Shaakichiuwaana an Patriot Battery Metals 4.8 0.0 3.8 1.1 641.5 $132.54 $171.07 Mo Meas Red Mountain Venari 3.0 0.0 0.0 3.0 18.5 $6.11 No M&I Mo Meas Adina Winsome Resources 2.2 0.0 1.7 0.5 130.8 $59.45 $75.61 Mo Meas San Jose/Valdeflores Infinity Lithium 1.6 0.0 0.8 0.8 3.5 $2.19 $4.38 Mo Meas Paradox Basin Anson Resources 1.5 0.0 0.4 1.1 60.7 $40.47 $164.05 Mo Meas Rio Grande Sur Pursuit Minerals 1.3 0.0 0.7 0.6 22.3 $17.64 $31.41 Mo Meas Manna & Marble Bar Global Lithium Resources 1.6 0.0 0.9 0.7 249.7 $156.06 $277.44 Mo Meas Root & Seymore Green Technology Metals 1.1 0.0 0.7 0.5 17.5 $15.49 $25.36 Mo Meas Alkali Flats FULCRUM LITHIUM 10.7 2.3 2.0 6.4 9.4 $0.88 $2.19 $4.09 Median $11.21 $25.36 $34.26 Multiple to FUL 12.76 11.60 8.38 Project Company TOTAL RESOURCE LCE Mt Measured Mt LCE Indicated Mt LCE Inferred Mt LCE Market Cap Oct 12 2026 ($AUD) $ Market Cap per t LCE Total Resource $ Market Cap per t LCE Meas + Ind $ Market Cap per t LCE Measured Bonnie Claire Nevada Lithium 34.5 0.0 6.2 28.3 $10.40 $0.30 $1.68 Mo Meas McDermitt Jindalee Lithium 21.5 0.0 11.1 10.4 $37.9 $1.76 $3.41 Mo Meas Nevada North Surge Battery Metals 13.6 3.5 7.0 3.1 $209.50 $15.37 $19.93 $59.35 Clayton Valley Century Lithium 6.7 4.5 1.3 0.8 $36.90 $5.53 $6.36 $8.20 Zeus Noram 4.4 0.0 3.0 1.4 $5.50 $1.26 $1.83 Mo Meas Red Mountain Venari 3.0 0.0 0.0 3.0 $18.5 $6.11 No M&I Mo Meas ALKALI FLATS FULCRUM LITHIUM 10.7 2.3 2.0 6.4 $9.4 $0.88 $2.19 $4.09 Median $3.65 $3.41 $33.77 Multiple to FUL 4.15 1.56 8.26 ASX Peer Value Comparison Nevada Clay Peer Value Comparison For more information, please contact Scott Keenan Managing Director P. +61 2 9300 3377 fulcrumlithium.com