Day 1 - Session 1: Strategic metals and the clean-tech revolution Outlook for Lithium Objective Capital Global Mining Investment Conference 2010 Stationers' Hall, City of London 28-29 September 2010 Speaker: Jay Chmelauskas - Western Lithium Corp

1. day 1 – Session 1: Strategic metals and the clean-tech revolution ? Outlook for LithiumJay Chmelauskas – President, Western Lithium Corp

2. GLOBAL MININGINVESTMENT CONFERENCE 2010 Lead sponsors: Media partners: Other sponsors & participating organisations:

3. Western Lithium September 2010 “Outlook for Lithium” www.westernlithium.com

4. Kings Valley Lithium Project Cautionary Statement This presentation contains projections and forward looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Corporation. These risks and uncertainties could cause actual results and the Corporation's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking statements are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change. 4

5. China Overtakes USA in 2009 Automobile Production and Sales Source: Wikipedia; Associated Press; US Bureau of Economic Analysis 5

6. Oil Consumption for Emerging Economies China/India can expect a 10 to 20 fold increase Source: Marc Faber 6

7. $280 Billion (Auto’s, Electronics) This Decade… Major Multi-National Companies will Depend on Lithium Producers $70 Billion (Batteries) $1 to 3 Billion (Lithium) 7

8. Worldwide Lithium Production 2008 USA 1 deposit 3,700 T China - Multiple deposits 9,900T Chile & Argent. - 2 deposits 71,000T Australia 1 deposit 28,700T Source: Roskill 2008 8

9. Quotes “Demand will be so big there will have to be new sources of supply….” Rockwood (Chemetall) Holdings Chairman &CEO, Seifi Ghasemi – Feb. 2010 “We have begun to look for our next source of lithium to be ready [by the middle of the decade]” FMC Corp President, Pierre Brondeau - July 2010 "We are one of the largest and most responsible companies in the world, so we are always looking at options….. If we don't move fast enough, we will miss our chance,“ SQM president , Patricio de Solminihac – Aug. 2010 9

10. World Lithium Resources Western Lithium Producing Development Projects M Tonnes LCE No Development Plans Source: R. Keith Evans, 2010; Roskill Information Services Ltd., 2009 for China; and company disclosures. Estimates are not NI 43-101 compliant. 10 10

11. Estimated Lithium Supply and Cost Curve Includes Announced Producer Expansions Spodumene (hard rock) Mines1,3 Chinese Salars4 Uyuni, Bolivia4 7 Argentinean (silty clastic) Salars3 6 5 000s $/Tonne Estimated Production Cost Atacama (halite) Salar1,3, Chile FMC1,3, Argentina Western Lithium Nevada2 Est. Cost Range 4 000s Tonne/pa LCE 3 2 1 400 500 300 200 100 000s Tonne/pa LCE 2008 World Production1 Incremental demand from 5% EV and 10% Hybrid adoption5 Incremental demand from 10% EV and 20% Hybrid adoption5 Roskill 2009. (2) WLC PAEE, Jan. 2010. (3) Company Estimates for selected proposed projects. (4) Analyst Estimates. (5) Canaccord Adams. 11 11

12. Market Opportunity – Explosive Growth Est. World Market with EV's Demand - Tonnes LCE (000’s) Price - US$/Tonnes LCE Price Demand Est. World Market with 5.9% CAGR (no EV’s) Financial Crisis World Lithium Market Potential World Lithium Market Source for Market Size: Roskill 2009 for historical demand; Canaccord Adams for projections (No EV scenario includes 12% annual growth in electronic use and 4% growth in industrial use). Source for Pricing: Industrial Minerals. Lithium carbonate, del continental, USA large contracts, US$ per lb, high. 12

13. Western Lithium in Nevada 13

14. Highlights of Stage I Scoping Study Proposed Project Expected Low-cost LCE Producer Planned production: 27,700 tpa LCE 115,000 tpa potassium sulphate (SOP) Cash operating costs: $1,967 per tonne ($0.89/pound) LCE (after SOP by-product credit) Average annual revenue: $263 million NPV (discounted at 8%): $714 million IRR (pre-tax): 28% Capital costs: $427 million Operating Life: 18 years (with expansion potential) NI 43-101 compliant Preliminary Assessment and Economic Evaluation (PAEE). All above figures in U.S. dollars. 14

15. Stage I Development Timeline 15 2008 2009 2010 2011 2012 2013 2014 Resource Delineation Engineering Scoping & Feasibility Studies Pilot Testing Permitting Detailed Engineering & Construction Commissioning 15

17. $6.5 Million In-The-Money Warrants

18. 82.8 Million Shares Outstanding

19. 111.4 Million Fully Diluted

20. 23.7% owned by Western Uranium

21. Market Cap. $93 million (Cdn)WLC Share Price 16

22. www.westernlithium.com Email: info@westernlithium.com Western Lithium Investor Relations: 1-604-681-3071 Exchange Symbols: TSX-V: WLC; PK: WLCDF

23. GLOBAL MININGINVESTMENT CONFERENCE 2010 Lead sponsors: Media partners: Other sponsors & participating organisations: