Pilot Plant operations update

Lepidico Ltd (ASX:LPD) (“Lepidico” or “Company”) advises that Pilot Plant leach discharge
filter operations commenced as per the schedule on 27 June but operations were
temporarily suspended that evening due to degradation of the filter cloths. Subsequent
engagement with the filter Original Equipment Manufacturer (OEM) revealed that nylon
rather than the specified polypropylene filter cloth had been supplied. The OEM has
undertaken, “to provide [Strategic Metallurgy] with replacement cloth under a matter of
urgency” and that, “the fastest shipment method will be employed to deliver them to site.”

In the interim, alternative filtration equipment that is on site is being used to allow Pilot
Plant commissioning on concentrate feed to advance to the point where the next filter
downstream is required.

Operating costs for the Pilot Plant will not be materially impacted during shutdowns and this
advanced commissioning phase. Once the replacement parts are received it is estimated
that normal Pilot Plant operations will be able to resume within 24 hours.