Announcement PDF Market Update September 30, 2025 Disclaimer Important legal information This presentation has been prepared by Fulcrum Lithium Ltd (ABN 23 665 528 307) (FUL). The information contained in this presentation is for information purposes only and has been prepared for use in conjunction with a verbal presentation and should be read in that context. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing this presentation, FUL has not considered the objectives, financial position or needs of any particular recipient. FUL strongly suggests that investors consult a financial advisor prior to making an investment decision. This presentation is strictly confidential and is intended for the exclusive use of the institution to which it is presented. It may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of FUL. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of FUL, their respective related bodies corporates, shareholders, directors, officers, employees, agents or advisors, nor any other person accepts any liability, including, without limitation, any liability for any loss arising from the use of information contained in this presentation. This presentation may include “forward looking statements”. Such forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of FUL and their respective officers, employees, agents or associates that may cause actual results to differ materially from those expressed or implied in such statement. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. FUL assumes no obligation to update such information. This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained in it forms the basis of any contract or commitment. STRICTLY PRIVATE AND CONFIDENTIAL 2 Agenda 1. Post-IPO Recap 2. Alkali Flats Phase 2 Drilling Highlights 3. Analogue Lithium Clay Comparisons 4. Forward Program & News flow STRICTLY PRIVATE AND CONFIDENTIAL 3 Post-IPO Recap • Nov 2024 – ASX IPO • Dec 2024 – Alkali Flats Phase 1 Drill Program • 14 holes, proved Alkali Flats is a Lithium basin in a sub-optimal location. • Feb-Mar 2025: Geological Mapping Program across all 3 projects • Jun 2025 3 • Alkali Flats Phase 2 Drilling – 10 holes • Fairway Maiden Drill Campaign – 5 holes • Sep 2025 2 1 • Alkali Flats Phase 2 Results - DISCOVERY • Claims Portfolio Reconfiguration • Re-shape Alkali Flats, drop Fairway and Sumit Projects STRICTLY PRIVATE AND CONFIDENTIAL 4 Alkali Flats Phase 2 Highlights • 10 RC holes totalling 1666m in June 2025. • Lithium mineralisation > 300ppm in all Seibert intersections ( 8 holes) • Discovery of significant scale confirmed; • Significant grades: ~450-1050ppm (ave 622ppm) • Significant thickness: >112m in AF2-2 • Significant aerial extent: >9km2 between widely spaced holes, potential to be much larger with more drilling • Comparable metrics with nearby large-scale advanced claystone deposits. • Project advances from exploration into appraisal phase. A major de-risking event. • Remains open in all directions & at depth in the deepest hole AF2-2. STRICTLY PRIVATE AND CONFIDENTIAL 5 Alkali Flats Phase 2 Highlights • Scoping metallurgical study on RC cuttings commenced. Nearby clay comparisons. • Phase 3 permitting work has commenced to plan an infill and extension drilling program (> 20 holes incl core) 42m @413ppm • Claims expansion has been secured. 112m @554ppm 23m @611ppm 14m @528ppm 67m @644ppm 9m @667ppm 53m @735ppm 16m @801ppm STRICTLY PRIVATE AND CONFIDENTIAL 6 Nevada Lithium Deposits • Alkali Flats is located ~ 20km immediately south of TLC (10.7Mt) & Tonopah Flats (16.9Mt) in the same connected ancient lake system. • Southern hub around Tonopah & Clayton Valley are lower grade compared to Thacker & Surge, yet large resources with robust economics. Source: Surge Presentation, 2024 Alkali Flats Tonopah Lithium Clay Deposits v USA Lithium • USA’s largest scale lithium deposits are dominated by claystone projects in the McDermitt Caldera & Tonopah hubs in Nevada. • Future major supply centres for domestic lithium production. McDermitt Caldera Tonopah Area >40mt LCE 3.9 3.9 Source: Modified from Chariot Corp Presentation, 2023 STRICTLY PRIVATE AND CONFIDENTIAL 8 Nevada Lithium Deposit Comparisons TLC (ALC) 839ppm Tonopah Flats (ABAT) 575ppm AVE GRADE Rhyolite Ridge (INR) 1460ppm Thacker Pass ~2000ppm Surge 2950ppm >300 3000ppm ~620ppm 1077ppm max Thacker Pass, Rhyolite Ridge, Surge ~60-70m Tonopah Flats, TLC ~250m THICKNESS >112m max Rhyolite Ridge (INR) 3km2 TLC & Tonopah Flats ~30km2 Surge 10km2 Thacker Pass 40km2 AERIAL EXTENT >9km2 Note: Summary metrics of other deposits compiled from various public reports for relative comparative purposes only and may not be quoted as exact. STRICTLY PRIVATE AND CONFIDENTIAL 9 Forward Program • October • Geophysical Program – 25km CSAMT Survey • Alkali Flats Claims Expansion – 268 claims staked • Metallurgy Results – initial scoping CSAMT Survey New Claims • Q4 2025 • Alkali Flats Phase 3 Drill program • Core & RC • Detailed metallurgy Renewed Claims • Q1 2026 • Maiden Resource Estimate STRICTLY PRIVATE AND CONFIDENTIAL 10