Noram Lithium : Corporate Presentation - November 2023

Corporate Presentation - November 2023

Advancing the

Zeus Lithium Project in

Nevada

TSXV: NRM | OTCQB: NRVTF | FRA: N7R

Forward Looking Statements

This presentation contains "forward-looking information "with in the meaning of Canadian securities legislation. All information contained here in that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates "or "does not anticipate", or "believes", or variation so such words and phrases or state that certain actions, event so results" may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) volatile stock price; (ii) the general global markets and economic conditions; (iii) the possibility of write-downs and impairments; (iv) the risk associated with exploration, development and operations of mineral deposits;(v)the risk associated with establishing title to mineral properties and assets; (vi) the risks associated with entering into joint ventures; (vii) fluctuations in commodity prices; (viii) the risks associated with uninsurable risks arising during the course of exploration, development and production; (ix) competition faced by the resulting issuer in securing experienced personnel and financing; (x) access to adequate infrastructure to support mining, processing, development and exploration activities; (xi) the risks associated with changes in the mining regulatory regime governing the resulting issuer; (xii) the risks associated with the various environmental regulations the resulting issuer is subject to; (xiii) risks related to regulatory and permitting delays; (xiv) risks related to potential conflicts of interest; (xv) the reliance on key personnel; (xvi) liquidity risks; (xvii) the risk of potential dilution through the issue of common shares; (xviii) the Company does not anticipate declaring dividends in the near term; (xix) the risk of litigation; and(xx) risk management.

Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, no material adverse change in metal prices, exploration and development plans proceeding in accordance with plans and such plans achieving their stated expected outcomes, receipt of required regulatory approvals, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward- looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations and exploration plan sand may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking in formation. Forward-looking information is made as of the date of this press release, and the Company does not undertake to update such forward-looking information excepting accordance with applicable securities laws.

QUALIFIED PERSON AND TECHNICAL INFORMATION

The scientific and technical information contained in this Presentation has been reviewed and approved by Brad Peek, VP Exploration of Noram, who is a Qualified Persons as defined in National Instrument 43-101. Certain scientific and technical information with respect to the Zeus Lithium Project contained in this Presentation has been taken from the technical report entitled "Updated Mineral Resource Estimate Zeus Project, Esmeralda County, Nevada" with an effective date of December 1, 2022 and prepared by ABH Engineering, a copy of which is available on Noram Lithium's SEDAR profile at www.sedar.com. Mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the mineral resources will be upgraded to mineral reserves, even with additional work. In addition, the mineral resource estimates could be materially affected by environmental, geotechnical, permitting, legal, title, taxation, socio-political, marketing or other relevant factors. All figures are reported in US dollars ("$"), unless otherwise noted.

The Mineral Resource estimates contained in this presentation were prepared in accordance with the requirements of securities laws in effect in Canada, including NI 43-101, which governs Canadian securities law disclosure requirements for mineral properties. NI 43-101 differs significantly from the requirements of the United States Securities and Exchange Commission (SEC) that are applicable to domestic United States reporting companies. Any mineral reserves and mineral resources reported by the Company herein may not be comparable with information made public by United States companies subject to the SEC's reporting and disclosure requirements.

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Capital Structure & Current Ownership

Capital Structure (CAD$)1
Share Price	$0.45
Market Capitalization	$40.0 M
Cash & Cash Equivalents2	$8.9 M
Shares Issued	88.8 M
Options	8.7M
Warrants	5.9M
Total Issued & Outstanding	103.4 M
52 Week High / Low	$0.35 / $0.89
30 Day Average Daily Volume	106,085

1. As at Oct 23, 2023
2. Un-auditedQ2 2023 Financial Statements July 31, 2023
3. SEDAR Flings as at September 30, 2023

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Shareholdings3

Insiders	12.0%
Waratah E&D Fund	9.5%
Waratah LI Equity Fund	2.0%
Others	75.0%

Lithium Royalty Corp (LRC) owns a 1% G.O.R. on Zeus

Analyst Coverage

Sid Rajeev, Fundamental Research Corp. David Talbot/Alina Islam, Red Cloud Securities

TSXV: NRM | OTCQB: NRVTF | FRA: N7R

Zeus Lithium Project - Nevada, USA

• Large-scaledeposit situated at surface with minimum to nil overburden
• • Suitable for conventional mining methods.
  • 100%-owned2,800 acres with 146 placer claims and 136 lode claims.
• Strategically located
• • Adjacent to the only other U.S. Lithium producer - Albemarle Silver Peak. Lithium brine producer for >60 years.
  • Extensive existing infrastructure including nearby power and paved road access.
• Development is well advanced
• • 82 drill holes (4,942 meters) completed with most holes ending in mineralization.
  • Updated Mineral Resource Estimate in January 2023

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ZEUS

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Updated Mineral Resource Estimate

Zeus Global Mineral Resource Estimate1

	Tonnes	Li	Contained	Contained
	Grade	Li	LCE
	(Million Tonnes)	(ppm)	(Tonnes)	(Tonnes)
Measured	116	860	99,917	531,860
Indicated	917	951	872,162	4,642,550
Measured &	1,034	941	972,079	5,174,411
Indicated
Inferred	235	871	204,678	1,089,508

1. The Mineral Resource estimate has been prepared in conformity with CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines and are reported in accordance with the Canadian Securities Administrators NI 43-101.
2. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into mineral reserve.

• Phase VI drill program completed in 2022
• Mineral Resource Estimate (MRE) updated in January 2023, technical report filed on March 17, 2023
• Updated MRE forms the basis of current engineering work
• Zeus Project well positioned in the United States amongst its peer deposits in terms of grade and contained LCE
• High grade core of deposit represents an opportunity for optimizing the mine plan
• Geological modelling work in Q3 2023 advances knowledge of property and indicates potential for further high-grade zones

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1 See NI 43-101 Technical Report "Updated Resource Estimate Zeus Lithium Project" by ABH Engineering March 17, 2023

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Zeus Mine Plan Optimization Analysis

Preliminary mine plan optimization work focused on the high-grade core completed:

 Based on updated MRE1

 Variable cut-off grade, strategic stockpiling

 Higher-grade material (HGO): 39 Mt at 1,450 ppm Li

	Higher-grade (stockpiled):	22 Mt at 1,360 ppm Li
	Medium-grade (stockpiled):	7 Mt at 1,120 ppm Li
	Lower-grade (stockpiled):	37 Mt at 850 ppm Li
 ~19 year mine-life at nominal processing rate of
	3.5 Mtpa
 ~11 years additional mine-life from lower-grade
 Implied strip ratio of 0.36
 Contains LCE of 668,000t, approximately 11% of
Plan view of lithium grade distribution	global mineral resources

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1 See NI 43-101 Technical Report "Updated Resource Estimate Zeus Lithium Project" by ABH Engineering March 17, 2023

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Updated Geological Model Work

Zeus Updated Geological Model

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• Extensive surface mapping, core re-logging and field survey work conducted in Q3 2023 by Big Rock Exploration ("BRE").
• Fault related diamictites and hot-spring-related siliceous cherty rocks mapped on surface show the hydrothermal remnants of the origin of the lithium-rich clays at Zeus.
• Outcroppings and shallow drilling to a maximum depth of 150 meters form the basis of the current mineral resources.
• Updated Model improves continuity of known high-grade core.
• Strong potential for further layers of high- grade mineralization below current drilling.

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Drilling to Target Second High-grade Zone

 23 drill holes in the high-grade core area, all ended in mineralization

 Evidence of start of second high-grade zone at end of some drill holes:

 CVZ-51: at 119 meters; 1,300ppm Li

 CVZ-70: at 137 meters; 1,410ppm Li

 Drilling campaign planned for November 2023 to test for second high-grade zone.

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Improved Zeus Process Design

Acid Recovery

Coarse Particles

Improvements to the process design are expected to result in more efficient operating and capital

MineralizedBeneficiation

Material

Water

Leaching

Sulphuric Acid

Iron/Aluminum

Removal

Limestone/

Lime

Leach Residue & Fe-Al Residue

To Tailings

costs

	Beneficiation (Feed Preparation):
		10% reduction in mass and a 40% reduction
		in acid-consuming calcite.
	Sulphuric acid leaching:
		89% lithium extraction in 2 hrs at 90°C.
		20% reduction in acid consumption by
		recycling
	Iron and aluminum removal:
		Only 2.6% lithium loss to the iron-aluminum
		residue.

CaCO3

 Residues can be sent to tailings using conventional

process equipment.

Magnesium

Removal

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Calcium

Removal

Soda Ash

Li2CO3

Precipitation

Sodium

Removal

Product

Na2SO4

To Tailings

MgSO4

 Magnesium and sodium successfully removed from

solution by crystallization with lithium losses of only

2.7%.

Overall lithium recovery for the process is

estimated to be 83%.

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Zeus Lithium Project Water Supply

Advancing options for water:

1. Deeper source of water
2. • Hydrogeological study completed in August 2023
   • Concluded unlikely to find a deeper aquafer based on desktop review of information
   • Deep drilling campaign +$2 million not worth pursuing now
3. Inter-basintransfer
4. • Opportunity identified to source water from adjacent Alkali Springs Valley (Esmeralda County)
   • Application for 1,000 acre-ft/year submitted to state engineers
   • Requires 10 km pipeline to property (mostly downhill)

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Water Basins of Emeralda County, Nevada

ZEUS

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