Quarterly Activities Report

Highlights:

• Entered into a binding offtake agreement and share subscription agreement with Stellantis N.V. (Stellantis) in relation to future offtake from the NiWest Nickel Cobalt Project.
• Tranche 1 of Strategic Placement (the Placement) completed with Stellantis subscribing for A$15 million in new equity for 70.6 million shares at a subscription price of A$0.18 per share representing a 90% premium to the 30 day VWAP trading at that time.
• Engagement continues with a range of other Tier 1 OEM and EV battery supply chain manufacturers regarding potential future offtake and strategic investment(s).
• Blackbird Partners (Blackbird) appointed as financial advisor to assist with Alliance’s project financing strategy for the NiWest Nickel Cobalt Project.
• The Company is considering a range of debt financing options, including traditional bank debt, government debt, strategic partner financing and export credit agency funding.
• Key Definitive Feasibility Study (DFS) work programs progressing to plan and on budget with expected delivery of the NiWest DFS in Q4 2023.
• Geotechnical assessment drilling completed for the Mt Kilkenny mine pit as well as planned infrastructure construction sites around the refinery, heap leach pads and evaporation ponds.
• Infill drilling at Mt Kilkenny completed with results being used to define final mine pit designs and defining additional Ore Reserve tonnage.
• Water Search drilling commenced, looking for ground water at the Mt Kilkenny site and on other licenced areas.
• Six tonnes of NiWest ore shipped to SGS in Canada for pilot plant processing into premium battery grade product as part of the offtake customer qualification process.
• A metallurgical testwork program commenced, to assess the Acid Digestion Variability of the NiWest ores to further refine the operating costs associated with Heap Leaching activities.
• Strong interest from mining contractors regards contracting of the NiWest mining operations. A Request for Quotation (RFQ) process was undertaken to determine the DFS mining costs, which included a site visit to the NiWest tenements.
• Discussions continue to advance with rail logistics providers Qube and Aurizon, for the import and transport of sulphur through the Port of Esperance.