603 page 1/2 15 July 2001

Form 603

Corporations Act 2001

Section 671B

Notice of initial substantial holder

To Company Name/ Scheme

OROCOBRE LIMITED

ACN/ ARSN

112 589 910

1. Details of substantial holder (1)

Name

L1 Capital Pty Ltd

ACN/ ARSN (if applicable)

21 125 378 145

The holder became a substantial holder on

19/11/2020

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)

Number of securities

Person's votes

(5)

Voting power (6)

FPO

17,468,893

17,468,893

5.08%

*Based on issued capital of 344,043,556 shares

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest

Nature of relevant interest (7)

Class and number of securities

See Schedule 1

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Registered Holder of

Person entitled to be

Holder of relevant interest

securities

registered as holder (8)

Class and number of securities

See Schedule 1

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of

Date of

Consideration (9)

relevant

interest

acquisition

Cash

Non-cash

Class and number of securities

603 page 2/2 15 July 2001

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ ARSN (if applicable)

Nature of association

N/A

7. Addresses

The addresses of persons named in this form are as follows:

Name

Address

L1 Capital Pty Ltd

Level 28, 101 Collins Street, Melbourne, VIC, 3000

Signature

Print name

Mark Landau

Capacity

Director

Sign here

Date

23/11/2020

DIRECTIONS

(1)

If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

  1. See the definition of "associate" in section 9 of the Corporations Act 2001.
  2. See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
  3. The voting shares of a company constitute one class unless divided into separate classes.

(5)

The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant

  1. The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
  2. Include details of:

(a)

any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

(b)

any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

(8)

If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because of an option) write "unknown".

  1. Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

Schedule 1 - L1 Capital Pty Ltd becoming a substantial holder in Orocobre Limited

Details of relevant interests

Holder of relevant interest

Nature of relevant interest

Class and number of securities

L1 Capital Pty Ltd

Power to (or to control) exercise vote and/or

Fully paid ordinary shares

17,468,893

dispose of the securities as discretionary investment

managers or advisers of superannuation funds,

pooled superannuation trusts, managed investment

schemes and investment management agreements.

Details of present registered holders

Holder of relevant interest

Registered holder of securities

Persons entitled to be a registered holder Class and number of

securities

L1 Capital Pty Ltd

Credit Suisse

Credit Suisse

17,468,893 FPO

17,468,893

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