Atlantic Lithium Limited — Capital/Financing Update 2024

Jul 29, 2024

30 July 2024

New Dog-Leg Target Delivers Increase to Ewoyaa MRE

Drilling at the new Dog-Leg target increases the Mineral Resource Estimate for the Ewoyaa Lithium Project to 36.8Mt at 1.24% Li2O

Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, OTCQX: ALLIF, “Atlantic Lithium” or the “Company”), the African-focused lithium exploration and development company targeting to deliver Ghana’s first lithium mine, is pleased to announce an increase to the JORC (2012) compliant Mineral Resource Estimate (“MRE” or “Resource”) at the Company’s flagship Ewoyaa Lithium Project (”Ewoyaa” or the “Project”) in Ghana, West Africa.

Highlights:

• Total Mineral Resource Estimate for the Company’s flagship Ewoyaa Lithium Project increased to 36.8Mt at 1.24% Li2O, reported in accordance with the JORC Code (2012).

• Measured category, 26.1Mt at 1.24% in the Indicated category and 7.0Mt @ 1.15% Li₂O in the Inferred category).

• MRE increase follows targeted drilling programme, undertaken in 2023 and H1 2024, comprising sterilisation drilling to support the plant and haul road design and resource conversion drilling, converting Inferred resources to Indicated and Measured resources, to provide mine plan optionality; new Dog-Leg target identified through this process.

• Drilling subsequently undertaken on the Dog-Leg target, where the Company has identified a shallow-dipping, near-surface mineralised pegmatite body with true thickness up to 35m, which contributed 890,892 tonnes of the Resource increase to 36.8Mt at 1.24% Li2O.

• Potential to grow the Resource further; step-out drilling planned at five priority deposits and one new exploration target identified for initial reverse circulation (“RC”) evaluation.

: Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said

“We are pleased to report an increase in the Mineral Resource for the Ewoyaa Lithium Project to 36.8Mt at 1.24% Li2O, which reaffirms Ewoyaa’s status as one of the leading hard rock lithium projects.

“The increase follows the limited drilling programme completed recently, which was focused on supporting our mine planning activities rather than expanding the resource base, but through which we identified the Dog-Leg target, which has added near-surface tonnes to the Ewoyaa Resource. We are pleased to see this lucky strike at DogLeg contributing an additional circa 891,000 tonnes to the enlarged 36.8Mt at 1.24% Li2O Resource.

“While our current focus remains firmly on advancing Ewoyaa towards shovel-readiness, we recognise the significant potential across our exploration portfolio to increase the Resource further.”

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Mineral Resource Estimate Upgrade

An upgraded MRE of 36.8Mt at 1.24% Li2O was completed for the Ewoyaa deposit and surrounding pegmatites; collectively termed the “Ewoyaa Lithium Project”.

The MRE increase follows a targeted drilling programme aimed at supporting the mine build activities at the Project. This comprised sterilisation drilling to support the plant and haul road design and resource conversion drilling, aimed at converting Inferred resources to Indicated and Measured, to provide mine plan optionality. The drilling programme resulted in the combined Measured and Indicated resource increasing to 81% of the Total Mineral Resource (to 29.8 Mt at 1.26% Li2O).

During drilling programme, the Dog-Leg target was identified, with prioritised drilling subsequently undertaken, which returned multiple broad and high-grade intersections, from which the Company has identified a shallow-dipping, nearsurface mineralised pegmatite body with true thickness up to 35m. The Dog-Leg target contributed 890,892 tonnes, comprising 332,100 tonnes at 1.01% Li2O Indicated and 558,792 tonnes at 1.13% Li2O Inferred, of the increase in resources to 36.8Mt at 1.24% Li2O.

extensional drilling undertaken since the February 2023 MRE reported by the Company, comprising 148,865m of reverse circulation (“RC”), 12,639m of diamond core (“DD”), 5,311m of reverse circulation with diamond tail (“RCD”) and 1,200m of reverse circulation hydrology holes (“RCH”).

The MRE includes a total of 3.7Mt at 1.37% Li2O in the Measured category, 26.1Mt at 1.24% Li2O in the Indicated category and 7.0Mt at 1.15% Li2O in the Inferred category ( refer Table 1 ). The independent MRE for Ewoyaa was completed by Ashmore Advisory Pty Ltd (“Ashmore”) of Perth, Western Australia, with results tabulated in the Statement of Mineral Resources in Table 1 . The Statement of Mineral Resources is reported in line with requirements of the JORC Code (2012) and is therefore suitable for public reporting. High-level Whittle optimisation was completed and demonstrates reasonable prospects for eventual economic extraction.

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Table 1: Ewoyaa Mineral Resource Estimate (0.5% Li2O Cut-off)

Type	Measured Mineral Resource
	Tonnage Li2O Cont. Lithium Oxide Mt % kt
Primary	3.7 1.37 51
Total	3.7 1.37 51
Type	Indicated Mineral Resource
	Tonnage Li2O Cont. Lithium Oxide Mt % kt
Weathered Primary	0.5 1.08 5 25.6 1.25 319
Total	26.1 1.24 324
Type	Inferred Mineral Resource
	Tonnage Li2O Cont. Lithium Oxide Mt % kt
Weathered Primary	1.8 1.12 20 5.2 1.16 60
Total	7.0 1.15 80
Type	Total Mineral Resource
	Tonnage Li2O Cont. Lithium Oxide Mt % kt
Weathered Primary	2.3 1.11 25 34.5 1.25 430
Total	36.8 1.24 455

Note : The Mineral Resource has been compiled under the supervision of Mr. Shaun Searle who is a director of Ashmore Advisory Pty Ltd and a Registered Member of the Australian Institute of Geoscientists. Mr. Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the JORC Code.

All Mineral Resources figures reported in the table above represent estimates at June 2024. Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate. Rounding may cause some computational discrepancies.

Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code – JORC 2012 Edition).

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Table 2 below details the history of Mineral Resource Estimates reported by the Company for the Ewoyaa Lithium Project to date, inclusive of the MRE increase reported in this announcement.

Table 2: Ewoyaa Mineral Resource Estimates Reported to Date

Date	Classification	**Tonnage **	**Li2O **
January 2020	Indicated Mineral Resource	4.5 Mt	1.39
	Inferred Mineral Resource	10.0 Mt	1.27
	Total Mineral Resource	14.5 Mt	1.31
December 2021	Indicated Mineral Resource	5.2 Mt	1.39
	Inferred Mineral Resource	16.1 Mt	1.28
	Total Mineral Resource	21.3 Mt	1.31
March 2022	Indicated Mineral Resource	20.5 Mt	1.29
	Inferred Mineral Resource	9.6 Mt	1.19
	Total Mineral Resource	30.1 Mt	1.26
February 2023	Measured Mineral Resource	3.5 Mt	1.37
	Indicated Mineral Resource	24.5 Mt	1.25
	Inferred Mineral Resource	7.4 Mt	1.16
	Total Mineral Resource	35.3 Mt	1.25
July 2024	Measured Mineral Resource	3.7 Mt	1.37
	Indicated Mineral Resource	26.1 Mt	1.24
	Inferred Mineral Resource	7.0 Mt	1.15
	Total Mineral Resource	36.8 Mt	1.24

There are four main geometallurgical domains at the Project (Primary P1 and P2 and their weathered subsets). Their relative abundances, metallurgical recoveries and concentrate grades are shown in Table 3 . The tonnage and grade distribution throughout the entire deposit is illustrated graphically in Figure 1 , where a mining bench breakdown using a 10m bench height has been used. The grade tonnage curve for the Ewoyaa Lithium Project Mineral Resource is shown in Figure 2 .

Table 3: Material Types, Recoveries and Concentrate Grades (recoveries based on laboratory results)

Geomet Type	Weathered	Weathered
	Tonnage Li2O Cont. Lithium Mt % kt	Recovery Conc. Grade % Li2O (%)
P1 P2	2.1 1.12 24 0.2 1.03 2	68 6.0 50 6.0
Total	2.3 1.11 25
Geomet Type	Primary
	Tonnage Li2O Cont. Lithium Mt % kt	Recovery Conc. Grade % Li2O (%)
P1 P2	31.1 1.27 393 3.5 1.06 37	70 6.0 50 5.5
Total	34.5 1.25 430

Note : As per Table 1 above and metallurgical sign off in Competent Persons section at end of report.

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Figure 1: Ewoyaa Tonnage and Grade – 10m Bench Elevation

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Figure 2: Ewoyaa Grade - Tonnage Curve for Classified Pegmatite Resource

A plan view of the Ewoyaa Lithium Project prospect areas is shown in Figure 3 , with a long section shown in Figure 4 and cross-section within the Ewoyaa Main indicated category zone shown in Figure 5 .

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Figure 3: Ewoyaa Lithium Project prospect location map (all pegmatite zones) – Asan is located approximately 2.2km northeast of Kaampakrom

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Z Z’
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Figure 4: Long Section Z-Z’ of Ewoyaa Main Wireframes and Drilling (View towards 300°; Solid Colours = Resource Wireframes, Wireframe Edges = Pegmatite Wireframes)

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A A’
BOTR
BOCO
TOFR
Spodumene Pegmatite
Pegmatite
50m
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Figure 5: Cross Section A-A’ of Ewoyaa Wireframes and Drilling

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Geology and Geological Interpretation

The Project area lies within the Birimian Supergroup, a Proterozoic volcano-sedimentary basin located in Western Ghana. The Project area is underlain by three forms of metamorphosed schist; mica schist, staurolite schist and garnet schist. Several granitoids intrude the basin metasediments as small plugs. These granitoids range in composition from intermediate granodiorite (often medium grained) to felsic leucogranites (coarse to pegmatoidal grain size), sometimes in close association with pegmatite veins and bodies. Pegmatite intrusions generally occur as sub-vertical dykes with two dominant trends: either east-northeast (Abonko, Asan, Kaampakrom and Ewoyaa Northeast) dipping sub-vertically northeast; or north-northeast (Ewoyaa Main) and dip sub-vertically to moderately southeast to east-southeast. Pegmatite thickness varies across the Project, with thinner mineralised units intersected at Abonko and Kaampakrom between 4 and 12m; and thicker units intersected at Ewoyaa Main between 30 and 60m, and up to 100m at surface.

The Project area has two clearly defined material types of spodumene bearing lithium mineralisation. The Company has termed these material types as Pegmatite Type 1 (“P1”) and Pegmatite Type 2 (“P2”). P1 material is characterised by coarse grained spodumene bearing pegmatite which exhibits very coarse to pegmatoidal, euhedral to subhedral spodumene crystals. P2 material consists of medium grained spodumene, euhedral to subhedral in shape and can compose up to 50% of the rock. The two material types have different metallurgical recoveries.

Drill Methods

The database contains data for the drilling conducted by the Company since 2018, with an overview of drill types shown in Figure 6 .

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Figure 6: Drill Type Location Map

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Drilling at the deposit extends to a maximum drill depth of 386m and the mineralisation was modelled from surface to a depth of approximately 380m below surface. The estimate is based on good quality reverse circulation (“RC”) and diamond core (“DD”) drilling data. Drill hole spacing is as close as 20m by 15m in some portions of the Ewoyaa deposit; then spacing is predominantly 40m by 40m across the Project and up to 80m by 80m in parts of lesser known mineralisation.

The RC drilling used a combination of 5.25’ and 5.75’, face sampling hammers. The DD used PQ and HQ (resulting in 85mm and 63.5mm diameter core respectively) diameter core barrels. The DD holes were completed from surface with PQ to maximise recovery in weathered zones, with reversion to HQ once ground conditions improved within fresh material.

In 2018, Phase 1 RC holes were completed on a nominal 100m by 50m grid pattern, targeting the Ewoyaa Main mineralised system. Phases 2 to 5 reduced the wide spacing to 80m by 40m and down to 40m by 40m in the well drilled portions of the Project. Phase 5 was a major infill drilling program down to 40m by 40m over most of the Project. Phases 6 and 7 included extensional drilling in areas of open mineralisation, as well as close spaced infill drilling in portions of the Ewoyaa deposit.

A summary of the drilling data within the Ewoyaa Lithium Project Mineral Resource area is shown in Table 4 .

Table 4: Summary of Drilling at the Project

Hole Type	In Database	In Mineral Resource	In Mineral Resource
	Drill holes Number Metres	Drill holes Number Metres	Intersection Metres
RCH	12 1,200
RC	1,048 148,865	722 106,609	19,580
RCD	36 5,311	33 4,881	786
DD	109 12,639	101 11,558	5,393
Total	1,205 168,015	856 123,048	25,759

Sampling Methodology

During Phase 1 and 2, RC drilling bulk samples and splits were collected at the rig for every metre interval drilled, the splits being undertaken using a riffle splitter. Since Phase 3, RC samples were split with a rig mounted cone spitter which took duplicate samples for quality control purposes.

Diamond core was cut with a core saw and selected half core samples totalling 2,131.1kg were dispatched to Nagrom Laboratory in Australia for preliminary metallurgical test work.

Selected core intervals were cut to quarter core with a saw at one metre intervals or to geological contacts; and since December 2018 were sent to Intertek Laboratory in Tarkwa for sample preparation. Prior to that, samples were sent to SGS Laboratory in Tarkwa for sample preparation.

Sample Preparation

Since December 2018, samples were submitted to Intertek Tarkwa (SP02/SP12) for sample preparation. Samples were weighed, dried and crushed to -2mm in a Boyd crusher with an 800-1,200g rotary split, producing a nominal 1,500g split crushed sample; which was subsequently pulverised in a LM2 ring mill. Samples were pulverised to a nominal 85% passing 75µm. All the preparation equipment was flushed with barren material prior to the commencement of the job. Coarse reject material was kept in the original bag. Lab sizing analysis was undertaken on a nominal 1:25 basis. Final pulverised samples (20g) were airfreighted to Intertek in Perth for assaying.

Prior to December 2018, all Phase 1 samples were submitted to SGS Tarkwa for preparation (PRP100) and subsequently forwarded to SGS Johannesburg and later SGS Vancouver for analysis (ICP90A).

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Sample Analysis Method

Since December 2018, samples were sent to Intertek Laboratory in Perth for analysis (FP6/MS/OES). FP6/MS/OES is an analysis for lithium and a suite of 21 other elements. Detection limits for lithium range between 5ppm and 20,000ppm. The sodium peroxide fusion (in nickel crucibles) is completed with hydrochloric acid to dissolve the sub-sample and is considered a total dissolution. Analysis is conducted by Inductively Coupled Plasma Mass Spectrometry (“ICP-MS”).

Prior to December 2018, Phase 1 samples were submitted to SGS Johannesburg and later SGS Vancouver for analysis (ICP90A). ICP90 is a 28 element combination Na2O2 fusion with ICP-OES. ICP-MS was added to some submissions for additional trace element characterisation purposes.

All phase 1 SGS pulps were subsequently sent to Intertek Laboratory Perth for re-analysis (FP6/MS/OES) and included in the resource estimate.

Mineral Resource Classification

The Project deposits show good continuity of the main mineralised units which allowed the drill hole intersections to be modelled into coherent, geologically robust domains. Consistency is evident in the thickness of the structure, and the distribution of grade appears to be reasonable along and across strike.

sample spacing, and lode continuity. The Measured Mineral Resource was confined to fresh rock within areas drilled at 20m by 15m along with robust continuity of geology and Li2O grade. The Indicated Mineral Resource was defined within areas of close spaced drilling of less than 40m by 40m, and where the continuity and predictability of the lode positions was good. In addition, Indicated Mineral Resource was classified in weathered rock overlying fresh Measured Mineral Resource. The Inferred Mineral Resource was assigned to transitional material, areas where drill hole spacing was greater than 40m by 40m, where small, isolated pods of mineralisation occur outside the main mineralised zones, and to geologically complex zones.

The block model has an attribute “class” for all blocks within the mineralisation wireframes coded as either “mes” for Measured, “ind” for Indicated “inf” for Inferred. The Mineral Resource classification is shown in Figure 7 and Figure 8 .

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Figure 7: Mineral Resource Classification Plan View

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100m
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Figure 8: Mineral Resource Classification Oblique View – Ewoyaa Main (Facing NE)

The extrapolation of the lodes along strike and down-dip have been limited to distances of 40m. Zones of extrapolation

The JORC Code (2012) describes a number of criteria which must be addressed in the documentation of Mineral Resource estimates prior to public release of the information. The criteria provide a means of assessing whether or not parts of or the entire data inventory used in the estimate are adequate for that purpose. The Mineral Resources stated in this document are based on the criteria set out in Table 1 of that Code. These criteria are listed in Appendix 1 and Appendix 2 .

The Statement of Mineral Resources has been constrained by the mineralisation solids, reported above a cut-off grade of 0.5% Li2O. Whittle optimisations demonstrate reasonable prospects for eventual economic extraction.

Estimation Methodology

A Surpac block model was created to encompass the extents of the known mineralisation, including an additional block model for the Asan prospect. The block model was rotated on a bearing of 30°, with block dimensions of 10m NS by 10m EW by 5m vertical with sub-cells of 2.5m by 2.5m by 1.25m. The block model was estimated using Ordinary Kriging (“OK”) grade interpolation. The mineralisation was constrained by pegmatite geology wireframes and internal lithium bearing mineralisation wireframes prepared using a nominal 0.4% Li2O cut-off grade and a minimum down-hole length of 3m. The wireframes were used as hard boundaries for the interpolation.

Bulk densities ranging between 1.7t/m[3] and 2.78t/m[3] were assigned in the block model dependent on lithology, mineralisation and weathering. These densities were applied based on 14,046 bulk density measurements conducted by the Company on 101 DD holes and 35 RC holes with diamond tails conducted across the breadth of the Project. The measurements were separated using weathering surfaces, geology and mineralisation solids, with averages assigned in the block model.

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Mining and Metallurgical Methods and Parameters

It is assumed that the Ewoyaa Project can be mined with open pit mining techniques. Preliminary metallurgical test work indicates that there are four main geometallurgical domains; weathered and fresh coarse grained spodumene bearing pegmatite (P1); and weathered and fresh medium grained spodumene bearing pegmatite (P2). From test work completed to date at a 6.3mm crush, the P1 material produces a 6% Li2O concentrate at approximately 70 to 85% recovery (average 75% recovery), whilst P2 material produces 5.5 to 6% Li2O concentrate at approximately 35 to 65% recovery (average 47% recovery).

JORC Table 1, Section 1 (Sampling Techniques and Data) and Section 2 (Reporting of Exploration Results) are included in Appendix 1 .

JORC Table 1, Section 3 (Estimation and Reporting of Mineral Resources) is included in Appendix 2 .

End Note

1 Ore Reserves, Mineral Resources and Production Targets

The information in this announcement that relates to Ore Reserves, Mineral Resources and Production Targets complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). The Company is not aware of any new information or data that materially affects the information included in this announcement, the Ewoyaa Lithium Project Definitive Feasibility Study announcement, dated 29 June 2023 (in which the Company reported Ore Reserves and Production Targets in respect of the Project), or the Grant of the Ewoyaa Mining Lease announcement, dated 20 October 2023 (in which the Company reported the revision of material assumptions for the Project). This announcement and the announcements dated 29 June 2023 and 20 October 2023 are available at www.atlanticlithium.com.au.

2 Ewoyaa to become one of the largest spodumene concentrate producers globally - Based on a comparison of targeted spodumene concentrate production capacity (ktpa, 100% basis) of select hard rock spodumene projects globally ( refer Company presentation dated 8 September 2023 ).

Competent Persons

Information in this announcement relating to the exploration results is based on data reviewed by Mr I. Iwan Williams (BSc. Hons Geology), General Manager - Exploration of the Company. Mr Williams is a Member of the Australian Institute of Geoscientists (#9088) who has in excess of 30 years’ experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Williams consents to the inclusion of the information in the form and context in which it appears.

Information in this announcement relating to Mineral Resources was compiled by Shaun Searle, a Member of the Australian Institute of Geoscientists. Mr Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and is a Qualified Person under the AIM Rules. Mr Searle is a director of Ashmore. Ashmore and the Competent Person are independent of the Company and other than being paid fees for services in compiling this report, neither has any financial interest (direct or contingent) in the Company. Mr Searle consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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For any further information, please contact:

Atlantic Lithium Limited

Neil Herbert (Executive Chairman)

Amanda Harsas (Finance Director and Company Secretary)

[www.atlanticlithium.com.au ]

IR@atlanticlithium.com.au

Tel: +61 2 8072 0640

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SP Angel Corporate Finance LLP Nominated Adviser Jeff Keating Charlie Bouverat Tel: +44 (0)20 3470 0470

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Yellow Jersey PR Limited Canaccord Genuity Limited Charles Goodwin Financial Adviser: Bessie Elliot Raj Khatri (UK) / atlantc@yellowjerseypr.com Duncan St John, Christian Calabrese Tel: +44 (0)20 3004 9512 (Australia)

Corporate Broking: James Asensio Tel: +44 (0) 20 7523 4500

Notes to Editors:

About Atlantic Lithium

www.atlanticlithium.com.au

Atlantic Lithium is an AIM, ASX, GSE and OTCQX-listed lithium company advancing its flagship project, the Ewoyaa Lithium Project, a significant lithium spodumene pegmatite discovery in Ghana, through to production to become the country’s first lithium-producing mine.

The Definitive Feasibility Study for the Project indicates the production of 3.6Mt of spodumene concentrate over a 12year mine life, making it one of the largest spodumene concentrate mines in the world.

The Project, which was awarded a Mining Lease in October 2023, is being developed under an earn-in agreement with Piedmont Lithium Inc.

Atlantic Lithium holds a portfolio of lithium projects within 509km[2] and 774km[2] of granted and under-application tenure across Ghana and Côte d'Ivoire respectively, which, in addition to the Project, comprises significantly underexplored, highly prospective licences.

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APPENDIX 1

JORC Table 1, Section 1 – Sampling Techniques and Data

Criteria Sampling techniques	JORC Code Explanaton • Nature and quality of sampling (e.g. cut channels, random chips, or specifc specialised industry standard measurement tools appropriate to the minerals under investgaton, such as down hole	Commentary • RC drill holes were routnely sampled at 1m intervals with a nominal 3-6kg sub-sample split of for assay using a rig- mounted cone spliter at 1m intervals. • DD holes were quarter core sampled at 1m intervals or to
	gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limitng the broad meaning of sampling. • Include reference to measures taken to ensure sample representvity and the appropriate calibraton of any measurement tools or systems used. • Aspects of the determinaton of mineralisaton that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatvely simple (eg ‘reverse circulaton drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fre assay’). In other cases more explanaton may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodites or mineralisaton types (eg submarine nodules) may warrant disclosure of detailed informaton.	geological contacts for geochemical analysis. • For assaying, splits from all prospectve ore zones (i.e. logged pegmattes +/- interburden) were sent for assay. Outside of these zones, the splits were composited to 4m using a portable rife spliter. • Holes without pegmatte were not assayed. • Approximately 5% of all samples submited were standards and coarse blanks. Blanks were typically inserted with the interpreted ore zones afer the drilling was completed. • Approximately 2.5% of samples submited were duplicate samples collected afer logging using a rife spliter or as a second split using the rig mounted cone spliter at 1 m interval and sent to an umpire laboratory. This ensured zones of interest were duplicated and not missed during alternatve routne splitng of the primary sample. • Prior to the December 2018 - SGS Tarkwa was used for sample preparaton (PRP100) and subsequently forwarded to SGS
		Johannesburg for analysis; and later SGS Vancouver for analysis
		(ICP90A).
		• Post December 2018 to present – Intertek Tarkwa was used for
		sample preparaton (SP02/SP12) and subsequently forwarded
		to Intertek Perth for analysis (FP6/MS/OES - 21 element
		combinaton Na2O2fusion with combinaton OES/MS), and also
		(4A/OM) for Na.
		• ALS Laboratory in Brisbane was used for the Company’s inital
		due diligence work programs and was selected as the umpire
		laboratory since Phase 1. ALS conducts ME-ICP89, with a
		Sodium Peroxide Fusion. Detecton limits for lithium are 0.01-
		10%. Sodium Peroxide fusion is considered a “total” assay
		technique for lithium. In additon, 22 additonal elements assayed with Na2O2fusion, and combinaton MS/ICP analysis.
Drilling	• Drill type (eg core, reverse circulaton, open-hole	• Seven phases of drilling were undertaken at the Project using
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc)	RC and DD techniques. All the RC drilling used face sampling
	and details (eg core diameter, triple or standard tube,	hammers.
	depth of diamond tails, face-sampling bit or other	• Phase 1 and 2 programs used a 5.25 inch hammers while Phase
	type, whether core is oriented and if so, by what	3 used a 5.75-inch hammer. Phase 4 through 7 used 5.5 inch
	method, etc).	• All DD holes were completed using PQ and HQ core from
		surface (85mm and 63.5mm).
		• All DD holes were drilled in conjuncton with a Refex ACT II tool; to provide an accurate determinaton of the botom-of-hole orientaton.
		• All fresh core was orientated to allow for geological, structural
		and geotechnical logging by a Company geologist.
Drill sample	• Method of recording and assessing core and chip	• A semi-quanttatve estmate of sample recovery was
recovery	sample recoveries and results assessed.	completed for the vast majority of drilling. This involved
	• Measures taken to maximise sample recovery and ensure representatve nature of the samples. • Whether a relatonship exists between sample recovery and grade and whether sample bias may	weighing both the bulk samples and splits and calculatng theoretcal recoveries using assumed densites. Where samples were not weighed, qualitatve descriptons of the sample size were recorded. Some sample loss was recorded in the collaring of the RC drill holes.

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Criteria	JORC Code Explanaton have occurred due to preferental fne/coarse material.	loss/gain of	Commentary • DD recoveries were measured and recorded. Recoveries in excess of 95.8% have been achieved for the DD drilling
			program. Drill sample recovery and quality is adequate for the
			drilling technique employed.
			• The DD twin program has identfed a positve grade bias for
			iron in the RC compared to the DD results.
Logging	• Whether core and chip samples	have been	• All drill sample intervals were geologically logged by Company
	geologically and geotechnically logged	to a level of	geologists.
	detail to support appropriate Mineral Resource estmaton, mining studies and metallurgical studies. • Whether logging is qualitatve or quanttatve in		• Where appropriate, geological logging recorded the abundance of specifc minerals, rock types and weathering using a standardised logging system that captured preliminary
	nature. Core (or costean, channel, etc) photography.		metallurgical domains.
	• The total length and percentage of the relevant intersectons logged.		• All logging is qualitatve, except for the systematc collecton of magnetc susceptbility data which could be considered semi quanttatve.
			• Strip logs have been generated for each drill hole to cross-check
			geochemical data with geological logging.
			• A small sample of washed RC drill material was retained in chip
			trays for future reference and validaton of geological logging,
			and sample reject materials from the laboratory are stored at
			the Company’s feld ofce.
			• All drill holes have been logged and reviewed by Company
			technical staf.
			• The logging is of sufcient detail to support the current reportng of a Mineral Resource.
Sub-sampling	• If core, whether cut or sawn and whether quarter,		• RC samples were cone split at the drill rig. For interpreted
techniques	half or all core taken.		waste zones the 1 or 2m rig splits were later composited using
and sample preparaton	• If non-core, whether rifed, tube sampled, rotary split, etc and whether sampled wet or dry.		a rife spliter into 4m composite samples. • DD core was cut with a core saw and selected half core samples
	• For all sample types, the nature,	quality and	dispatched to Nagrom Laboratory in Perth for preliminary
	appropriateness of the sample technique. • Quality control procedures adopted	preparaton for all sub-	metallurgical test work. • The other half of the core, including the botom-of-hole orientaton line, was retained for geological reference.
	sampling stages to maximise representvity of		• The remaining DD core was quarter cored for geochemical
	samples.		analysis.
	• Measures taken to ensure that the sampling is representatve of the in situ material collected, including for instance results for feld		• Since December 2018, samples were submited to Intertek Tarkwa (SP02/SP12) for sample preparaton. Samples were weighed, dried and crushed to -2mm in a Boyd crusher with an
	duplicate/second-half sampling.		800-1,200g rotary split, producing a nominal 1,500g split
	• Whether sample sizes are appropriate	to the grain	crushed sample; which was subsequently pulverised in a LM2
	size of the material being sampled.		ring mill. Samples were pulverised to a nominal 85% passing 75µm. All the preparaton equipment was fushed with barren
			material prior to the commencement of the job. Coarse reject
			material was kept in the original bag. Lab sizing analysis was
			undertaken on a nominal 1:25 basis. Final pulverised samples
			(20g) were airfreighted to Intertek in Perth for assaying.
			• The vast majority of samples were drilled dry. Moisture content
			was logged qualitatvely. All intersectons of the water table
			were recorded in the database.
			• Field sample duplicates were taken to evaluate whether
			samples were representatve and understand repeatability,
			with good repeatability.
			• Sample sizes and laboratory preparaton techniques were
			appropriate and industry standard.
Quality of	• The nature, quality and appropriateness of the		• Analysis for lithium and a suite of other elements for Phase 1
assay data	assaying and laboratory procedures used and		drilling was undertaken at SGS Johannesburg / Vancouver by
and	whether the technique is considered partal or total.		ICP-OES afer Sodium Peroxide Fusion. Detecton limits for

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Criteria	JORC Code Explanaton		Commentary
laboratory	• For geophysical tools, spectrometers, handheld	XRF	lithium (10ppm – 100,000ppm). Sodium Peroxide fusion is
tests	instruments, etc, the parameters used	in	considered a “total” assay technique for lithium.
	determining the analysis including instrument make and model, reading tmes, calibratons factors applied and their derivaton, etc.		• Review of standards and blanks from the inital submission to Johannesburg identfed failures (multple standards reportng outside control limits). A decision was made to resubmit this
	• Nature of quality control procedures adopted	(eg	batch and all subsequent batches to SGS Vancouver – a
	standards, blanks, duplicates, external laboratory		laboratory considered to have more experience with this
	checks) and whether acceptable levels of accuracy		method of analysis and sample type, but also failed QAQC
	(ie lack of bias) and precision have been established.		checks. All samples have subsequently been analysed by
			Intertek Perth.
			• Results of analyses for feld sample duplicates are consistent with the style of mineralisaton and considered to be representatve. Internal laboratory QAQC checks are reported
			by the laboratory, including sizing analysis to monitor
			preparaton and internal laboratory QA/QC. These were
			reviewed and retained in the company drill hole database.
			• 155 samples were sent to an umpire laboratory (ALS)
			and/assayed using equivalent techniques, with results
			demonstratng good repeatability.
			• Atlantc Lithium’s review of QAQC suggests Intertek Perth
			laboratories performed within acceptable limits.
			• No geophysical methods or hand-held XRF units have been
			used for determinaton of grades in the Mineral Resource.
Verifcaton of sampling and	• The verifcaton of signifcant intersectons by either independent or alternatve company personnel.		• Signifcant intersectons were visually feld verifed by company geologists and Shaun Searle of Ashmore during the 2019 site
assaying	• The use of twinned holes.		visit.
	• Documentaton of primary data, data entry procedures, data verifcaton, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.		• Drill hole data was compiled and digitally captured by Company geologists in the feld. Where hand-writen informaton was recorded, all hardcopy records were kept and archived afer digitsing.
			• Phase 1 and 2 drilling programs were captured on paper or
			locked excel templates and migrated to an MS Access database
			and then into Datashed (industry standard drill hole database
			management sofware). The Phase 3 to 6 programs were captured using LogChief which has inbuilt data validaton protocols. All analytcal results were transferred digitally and
			loaded into the database by a Datashed consultant.
			• The data was audited, and any discrepancies checked by the
			Company personnel before being updated in the database.
			• Twin DD holes were drilled to verify results of the RC drilling
			programs. Results indicate that there is iron contaminaton in
			the RC drilling process.
			• Reported drill hole intercepts were compiled by the Chief
			Geologist.
			• Adjustments to the original assay data included convertng Li
			ppm to Li2O%.
Locaton of	• Accuracy and quality of surveys used to locate	drill	• The collar locatons were surveyed in WGS84 Zone 30 North
data points	holes (collar and down-hole surveys), trenches, mine		using DGPS survey equipment, which is accurate to 0.11mm in
	workings and other locatons used in Mineral Resource estmaton.		both horizontal and vertcal directons. All holes were surveyed by qualifed surveyors. Once validated, the survey data was
	• Specifcaton of the grid system used. • Quality and adequacy of topographic control.		uploaded into Datashed. • RC drill holes were routnely down hole surveyed every 6m using a combinaton of EZ TRAC 1.5 (single shot) and Refex
			Gyroscopic tools.
			• Afer the tenth drill hole, the survey method was changed to Refex Gyro survey with 6m down hole data points measured
			during an end-of-hole survey.
			• All Phase 2 and 3 drill holes were surveyed initally using the Refex Gyro tool,but later usingthe more efcient Refex

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Criteria	JORC Code Explanaton	Commentary
		SPRINT tool. Phases 4 through 7 drill holes were surveyed using
		a Refex SPRINT tool.
		• LiDAR survey Southern Mapping to produce rectfed colour images and a digital terrain model (DTM) 32km2, Aircraf C206 aircraf-mounted LiDAR Riegl Q780 Camera Hasselblad H5Dc
		with 50mm Fixfocus lens.
		• Coordinate system: WGS84 UTM30N with accuracy to ±0.04.
		• The topographic survey and photo mosaic output from the
		survey is accurate to 20mm. In additon, local site survey data
		was used to generate the topographic surface for the Asan area.
		• Locatonal accuracy at collar and down the drill hole is considered appropriate for resource estmaton purposes.
Data spacing	• Data spacing for reportng of Exploraton Results.	• The RC holes were initally drilled on 100m spaced sectons and
and distributon	• Whether the data spacing and distributon is sufcient to establish the degree of geological and grade contnuity appropriate for the Mineral Resource and Ore Reserve estmaton procedure(s) and classifcatons applied. • Whether sample compositng has been applied.	50m hole spacings orientated at 300° or 330° with dips ranging from -50° to -60°. Planned hole orientatons/dips were occasionally adjusted due to pad and/or access constraints. • Hole spacing was reduced to predominantly 40m spaced sectons and 40m hole spacings, with infll to 20m by 15m in the upper portons of the Ewoyaa Main deposit. Holes are generally angled perpendicular to interpreted mineralisaton orientatons at the Project.
		• Samples were composited to 1m intervals prior to estmaton.
Orientaton of data in relaton to	• Whether the orientaton of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the	• The drill line and drill hole orientaton are oriented as close as practcable to perpendicular to the orientaton of the general mineralised orientaton.
geological structure	deposit type. • If the relatonship between the drilling orientaton and the orientaton of key mineralised structures is	• Most of the drilling intersects the mineralisaton at close to 90 degrees ensuring intersectons are representatve of true widths.It is possible that new geological interpretations and/or
	considered to have introduced a sampling bias, this	infill drilling requirements may result in changes to drill orientations
	should be assessed and reported if material.	on future programs.
		• No orientaton based sampling bias has been identfed in the
		data.
Sample security	• The measures taken to ensure sample security.	• Samples were stored on site prior to road transportaton by Company personnel to the SGS preparaton laboratory.
		• With the change of laboratory to Intertek, samples were picked
		up by the contractor and transported to the sample preparaton
		facility in Tarkwa.
Audits or	• The results of any audits or reviews of sampling	• Prior to the drilling program, a third-party Project review was
reviews	techniques and data.	completed by an independent consultant experienced with the
		style of mineralisaton.
		• In additon, Shaun Searle of Ashmore reviewed drilling and
		sampling procedures during the 2019 site visit and found that
		all procedures and practces conform to industry standards.

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JORC Table 1, Section 2 – Reporting of Exploration Results

Criteria Mineral	JORC Code Explanaton • Type, reference name/number, locaton and	Commentary • The Project cover two contguous licences the Mankessim (RL
tenement and	ownership including agreements or material issues	3/55) and Mankessim South (PL.3/109) licence.
land tenure status	with third partes such as joint ventures, partnerships, overriding royaltes, natve ttle interests, historical sites, wilderness or natonal park and environmental setngs. • The security of the tenure held at the tme of reportng along with any known impediments to	• The Ministry of Lands and Natural Resources granted a Mining Lease to Barari DV Ghana Ltd. for the Ewoyaa Lithium Project on 19th October 2023, extending over an area of 42.63 km2 or 203 cadastral blocks and valid for an inital 15-year renewable period. • The Ewoyaa Lithium Project includes mineral resources
	obtaining a license to operate in the area.	defned within the original Mankessim South PL, and as a
		consequence 28 cadastral blocks were transferred from Green
		Metals Resources’ PL.3/109 to Barari DV Ghana’s RL.3/55 and
		were incorporated into the Ewoyaa Lithium Project Mining
		Lease, thus reducing the Mankessim South PL size from 62
		cadastral blocks to 34 cadastral blocks.
Exploraton done by other partes	• Acknowledgment and appraisal of exploraton by other partes.	• Historical trenching and mapping were completed by the Ghana Geological survey during the 1960’s. But for some poorly referenced historical maps, none of the technical data
		from this work was located. Many of the historical trenches
		were located, cleaned and re-logged. No historical drilling was
		completed.
Geology	• Deposit type, geological setng and style of mineralisaton.	• Pegmatte-hosted lithium deposits are the target for exploraton. This style of mineralisaton typically forms as
		dykes and sills intruding or in proximity to granite source rocks.
		• Surface geology within the Project area typically consists of
		sequences of mica, staurolite and garnet-bearing pelitc schist and granite with lesser pegmatte and mafc intrusives. Outcrops are typically sparse and confned to ridge tops with colluvium and motled laterite blanketng much of the undulatng terrain making geological mapping challenging. The hills are ofen separated by broad, sandy drainages.
Drill hole informaton	• A summary of all informaton material to the under- standing of the exploraton results including a tabulaton of the following informaton for all Material drill holes:	• Exploraton results are not being reported. • All informaton has been included in the appendices. No drill hole informaton has been excluded.
	• eastng and northing of the drill hole collar
	• elevaton or RL (Reduced Level – elevaton
	above sea level in metres) of the drill hole collar
	• dip and azimuth of the hole
	• down hole length and intercepton depth
	• hole length
	• If the exclusion of this informaton is justfed on the basis that the informaton is not Material and this
	exclusion does not detract from the understanding
	of the report, the Competent Person should clearly
	explain why this is the case.
Data aggregaton methods	• In reportng Exploraton Results, weightng averaging techniques, maximum and/or minimum grade truncatons (e.g. cutng of high grades) and cut-of grades are usually Material and should be	• Exploraton results are not being reported. • Not applicable as a Mineral Resource is being reported. • No metal equivalent values are being reported.
	stated.
	• Where aggregate intercepts incorporate short
	lengths of high grade results and longer lengths of
	low grade results, the procedure used for such
	aggregaton should be stated and some typical examples of such aggregatons should be shown in
	detail.

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Criteria	JORC Code Explanaton • The assumptons used for any reportng of metal	Commentary
	equivalent values should be clearly stated.
Relatonship between mineralisaton widths and intercept	• These relatonships are partcularly important in the reportng of Exploraton Results. • If the geometry of the mineralisaton with respect to the drill hole angle is known, its nature should be reported.	• The drill line and drill hole orientaton are oriented as close to 90° degrees to the orientaton of the antcipated mineralised orientaton as practcable. • The majority of the drilling intersects the mineralisaton between 60° and 80° degrees.
lengths	• If it is not known and only the down hole lengths are
	reported, there should be a clear statement to this
	efect (e.g. ‘down hole length, true width not
	known’).
Diagrams	• Appropriate maps and sectons (with scales) and tabulatons of intercepts should be included for any signifcant discovery being reported. These should	• Relevant diagrams have been included within the Mineral Resource report main body of text.
	include, but not be limited to a plan view of drill
	hole collar locatons and appropriate sectonal
	views.
Balanced	• Accuracy and quality of surveys used to locate drill	• All hole collars were surveyed WGS84 Zone 30 North grid using
Reportng	holes (collar and down-hole surveys), trenches, mine workings and other locatons used in Mineral Resource estmaton. • Where comprehensive reportng of all Exploraton Results is not practcable, representatve reportng	a diferental GPS. All RC and DD holes were down-hole surveyed with a north-seeking gyroscopic tool. • Exploraton results are not being reported.
	of both low and high grades and/or widths should
	be practced to avoid misleading reportng of Exploraton Results.
Other substantve exploraton	• Other exploraton data, if meaningful and material, should be reported including (but not limited to): geological observatons; geophysical survey results;	• Results were estmated from drill hole assay data, with geological logging used to aid interpretaton of mineralised contact positons.
data	geochemical survey results; bulk samples - size and method of treatment; metallurgical test results;	• Geological observatons are included in the report.
	bulk density, groundwater, geotechnical and rock
	characteristcs; potental deleterious or contaminatng substances.
Further work	• The nature and scale of planned further work (e.g.	• Follow up RC and DD drilling may be undertaken.
	tests for lateral extensions or depth extensions or	• Further metallurgical test work may be required as the Project
	large- scale step-out drilling).	progresses through the study stages.
	• Diagrams clearly highlightng the areas of possible	• Drill spacing is currently considered adequate for the current
	extensions, including the main geological interpretatons and future drilling areas, provided this informaton is not commercially sensitve.	level of interrogaton of the Project.

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APPENDIX 2

JORC Table 1, Section 3 – Estimation and Reporting of Mineral Resources

Criteria Database integrity	JORC Code Explanaton • Measures taken to ensure that data has not been corrupted by, for example, transcripton or keying errors, between its inital collecton and its use for Mineral Resource estmaton purposes. • Data validaton procedures used.	Commentary • The database has been systematcally audited by Atlantc Lithium geologists. • All drilling data has been verifed as part of a contnuous validaton procedure. Once a drill hole is imported into the database a report of the collar, down-hole survey, geology,
		and assay data are produced. This is then checked by an
		Atlantc Lithium geologist and any correctons are completed
		by the database manager.
Site visits	• Comment on any site visits undertaken by the	• A site visit was conducted by Shaun Searle of Ashmore during
	Competent Person and the outcome of those visits.	February 2019. Shaun inspected the deposit area, drill
	• If no site visits have been undertaken indicate why	core/chips and outcrop. During this tme, notes and photos
	this is the case.	were taken. Discussions were held with site personnel
		regarding drilling and sampling procedures. No major issues
		were encountered.
Geological interpretaton	• Confdence in (or conversely, the uncertainty of) the geological interpretaton of the mineral deposit. • Nature of the data used and of any assumptons	• The confdence in the geological interpretaton is considered to be good and is based on visual confrmaton in outcrop and within drill hole intersectons.
	made.	• Geochemistry and geological logging have been used to assist
	• The efect, if any, of alternatve interpretatons on Mineral Resource estmaton.	identfcaton of lithology and mineralisaton. • The Project area lies within the Birimian Supergroup, a
	• The use of geology in guiding and controlling	Proterozoic volcano-sedimentary basin located in Western
	Mineral Resource estmaton. • The factors afectng contnuity both of grade and geology.	Ghana. The Project area is underlain by three forms of metamorphosed schist; mica schist, staurolite schist and garnet schist. Several granitoids intrude the basin metasediments as small plugs. These granitoids range in
		compositon from intermediate granodiorite (ofen medium
		grained) to felsic leucogranites (coarse to pegmatoidal grain
		size), sometmes in close associaton with pegmatte veins and bodies. Pegmatte intrusions generally occur as sub-vertcal
		dykes with two dominant trends: either east-northeast or
		north-northeast and dip sub-vertcally to moderately
		southeast to east-southeast. Thickness varies across the
		Project, with thinner mineralised units intersected at Abonko
		and Kaampakrom between 4 to 12m; and thicker units
		intersected at Ewoyaa Main between 30 to 60m.
		• Infll drilling has supported and refned the model and the current interpretaton is considered robust.
		• Observatons from the outcrop of mineralisaton and host rocks; as well as infll drilling, confrm the geometry of the mineralisaton.
		• Infll drilling has confrmed geological and grade contnuity.
Dimensions	• The extent and variability of the Mineral Resource	• The Project Mineral Resource area extends over a north-south
	expressed as length (along strike or otherwise),	strike length of 4,390m (from 577,380mN – 581,770mN), and
	plan width, and depth below surface to the upper	includes the 360m vertcal interval from 80mRL to -280mRL.
	and lower limits of the Mineral Resource.
Estmaton and modelling techniques	• The nature and appropriateness of the estmaton technique(s) applied and key assumptons, including treatment of extreme grade values, domaining, interpolaton parameters and maximum distance of extrapolaton from data points. If a computer assisted estmaton method was chosen include a descripton of computer sofware and parameters used.	• Using parameters derived from modelled variograms, Ordinary Kriging (“OK”) was used to estmate average block grades in three passes using Surpac sofware. Linear grade estmaton was deemed suitable for the Cape Coast Mineral Resource due to the geological control on mineralisaton. The extrapolaton of the lodes along strike and down-dip has been limited to a distance of 40m. Zones of extrapolaton are classifed as Inferred Mineral Resource.
	• The availability of check estmates, previous estmates and/or mine producton records and	• It is assumed that there are no by-products or deleterious elements as shown by metallurgical test work.

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Criteria	JORC Code Explanaton whether the Mineral Resource estmate takes	Commentary • Li2O (%), Fe Factored (%), K (%), Mn (%), Na (%) and Ti (ppm)
	appropriate account of such data.	were interpolated into the block model, and subsequently
	• The assumptons made regarding recovery of by-	converted to their respectve oxide values.
	products.	• A Surpac block model was created to encompass the extents
	• Estmaton of deleterious elements or other non- grade variables of economic signifcance (eg sulphur for acid mine drainage characterisaton). • In the case of block model interpolaton, the block size in relaton to the average sample spacing and the search employed. • Any assumptons behind modelling of selectve	of the known mineralisaton, including an additonal block model for the Asan prospect. The block model was rotated on a bearing of 30°, with block dimensions of 10m NS by 10m EW by 5m vertcal with sub-cells of 2.5m by 2.5m by 1.25m. The parent block size dimension was selected on the results obtained from Kriging Neighbourhood Analysis and also in consideraton of two predominant mineralisaton orientatons of 30° and 100 to 120°.
	mining units. • Any assumptons about correlaton between	• An orientated ‘ellipsoid’ search was used to select data and adjusted to account for the variatons in lode orientatons,
	variables.	however all other parameters were taken from the
	• Descripton of how the geological interpretaton was used to control the resource estmates.	variography derived from Domains 1, 2, 3, 4, 7 and 8. Up to three passes were used for each domain. First pass had a
	• Discussion of basis for using or not using grade cutng or capping. • The process of validaton, the checking process used, the comparison of model data to drill hole data, and use of reconciliaton data if available.	range of 50m, with a minimum of 8 samples. For the second pass, the range was extended to 100m, with a minimum of 4 samples. For the third pass, the range was extended to 200m, with a minimum of 1 or 2 samples. A maximum of 16 samples was used for each pass with a maximum of 4 samples per hole. • No assumptons were made on selectve mining units.
		• Correlaton analysis was conducted on the domains at Ewoyaa Main. It is evident that Li2O has litle correlaton with any of
		the other elements presented in the table. There is a strong
		correlaton between iron and ttanium.
		• The mineralisaton was constrained by pegmatte geology wireframes and internal lithium bearing mineralisaton wireframes prepared using a nominal 0.4% Li2O cut-of grade
		and a minimum down-hole length of 3m. The wireframes
		were used as hard boundaries for the interpolaton.
		• Statstcal analysis was carried out on data from 93 mineralised domains. Following a review of the populaton histograms and log probability plots and notng the low coefcient of variaton statstcs, it was determined that the applicaton of high grade cuts was not warranted.
		• Validaton of the model included detailed visual validaton,
		comparison of composite grades and block grades by northing
		and elevaton and a nearest neighbour check estmate. Validaton plots showed good correlaton between the
		composite grades and the block model grades.
Moisture	• Whether the tonnages are estmated on a dry basis	• Tonnages and grades were estmated on a dry in situ basis.
	or with natural moisture, and the method of
	determinaton of the moisture content.
Cut-of parameters	• The basis of the adopted cut-of grade(s) or quality parameters applied.	• The Statement of Mineral Resources has been constrained by the mineralisaton solids and reported above a cut-of grade of 0.5% Li2O. Whitle optmisatons demonstrate reasonable prospects for eventual economic extracton. Preliminary
		metallurgical test work indicates that there are four main
		geometallurgical domains; weathered and fresh coarse
		grained spodumene bearing pegmatte (P1); and weathered and fresh medium grained spodumene bearing pegmatte
		(P2). From test work completed to date at a 6.3mm crush, the
		P1 material produces a 6% Li2O concentrate at approximately
		70 to 85% recovery (average 75% recovery), whilst P2 material
		produces 5.5 to 6% Li2O concentrate at approximately 35 to
		65% recovery (average 47% recovery).
Mining factors or assumptons	• Assumptons made regarding possible mining methods, minimum mining dimensions and internal	• Ashmore has assumed that the deposit could be mined using open pit mining techniques.

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Criteria JORC Code Explanaton	Commentary	Commentary
(or, if applicable, external) mining diluton. It is always necessary as part of the process of determining reasonable prospects for eventual economic extracton to consider potental mining methods, but the assumptons made regarding mining methods and parameters when estmatng Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanaton of the basis of the mining assumptons made.	• A high level Whitle optmisaton of the Mineral Resource supports this view.
Metallurgical factors or assumptons • The basis for assumptons or predictons regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extracton to consider potental metallurgical methods, but the assumptons regarding metallurgical treatment processes and parameters made when reportng Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanaton of the basis of the metallurgical assumptons made.	• Scoping and PFS level metallurgical test work has been conducted on the Ewoyaa material types. Test work indicates that there are four main geometallurgical material types in occurrence at the Project, with their relatve abundances, concentrate grades and recoveries shown below, including a 4% discount factor for bench scale to mine scale efciencies.
	Geomet	Weathered Tonnage Li2O Rec Conc. Mt % % Li2O (%)
	P1 P2 Total	2.1 1.12 68 6.0 0.2 1.03 50 6.0 2.3 1.11
	Geomet	Primary Tonnage Li2O Rec Conc. Mt % % Li2O (%)
	P1 P2 Total	31.1 1.27 70 6.0 3.5 1.06 50 5.5 34.5 1.25
Environmental factors or assumptons • Assumptons made regarding possible waste and process residue disposal optons. It is always necessary as part of the process of determining reasonable prospects for eventual economic extracton to consider the potental environmental impacts of the mining and processing operaton. While at this stage the determinaton of potental environmental impacts, partcularly for a greenfelds project, may not always be well advanced, the status of early consideraton of these potental environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanaton of the environmental assumptons made. •	No assumptons have been made regarding environmental factors. The Company will work to mitgate environmental impacts as a result of any future mining or mineral processing.
Bulk density • Whether assumed or determined. If assumed, the basis for the assumptons. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representatveness of the samples. • The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and • •	Bulk density measurements were completed on selected intervals of diamond core drilled at the deposit. The measurements were conducted at the Cape Coast core processing facility using the water immersion/Archimedes method. The weathered samples were coated in parafn wax to account for porosity of the weathered samples. A total of 14,046 measurements were conducted on the Cape Coast mineralisaton, with samples obtained from oxide, transitonal and fresh material.

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Criteria	JORC Code Explanaton diferences between rock and alteraton zones	Commentary • Bulk densites ranging between 1.7t/m3and 2.78t/m3were
	within the deposit.	assigned in the block model dependent on lithology,
	• Discuss assumptons for bulk density estmates used in the evaluaton process of the diferent	mineralisaton and weathering.
	materials.
Classifcaton	• The basis for the classifcaton of the Mineral Resources into varying confdence categories. • Whether appropriate account has been taken of all relevant factors (ie relatve confdence in tonnage/grade estmatons, reliability of input data, confdence in contnuity of geology and metal values, quality, quantty and distributon of the data). • Whether the result appropriately refects the Competent Person’s view of the deposit.	• The Mineral Resource estmate is reported here in compliance with the 2012 Editon of the ‘Australasian Code for Reportng of Exploraton Results, Mineral Resources and Ore Reserves’ by the Joint Ore Reserves Commitee (JORC). The Cape Coast Mineral Resource was classifed as Measured, Indicated and Inferred Mineral Resource based on data quality, sample spacing, and lode contnuity. The Measured Mineral Resource was confned to fresh rock within areas drilled at 20m by 15m along with robust contnuity of geology and Li2O grade. The Indicated Mineral Resource was defned within areas of close spaced drilling of less than 40m by 40m, and where the
		contnuity and predictability of the lode positons was good. In additon, Indicated Mineral Resource was classifed in
		weathered rock overlying fresh Measured Mineral Resource.
		The Inferred Mineral Resource was assigned to transitonal
		material, areas where drill hole spacing was greater than 40m
		by 40m, where small, isolated pods of mineralisaton occur
		outside the main mineralised zones, and to geologically
		complex zones.
		• The input data is comprehensive in its coverage of the
		mineralisaton and does not favour or misrepresent in-situ mineralisaton. The defniton of mineralised zones is based
		on high level geological understanding producing a robust
		model of mineralised domains. This model has been
		confrmed by infll drilling which supported the interpretaton. Validaton of the block model shows good correlaton of the input data to the estmated grades.
		• The Mineral Resource estmate appropriately refects the view
		of the Competent Person.
Audits or	• The results of any audits or reviews of Mineral	• Internal audits have been completed by Ashmore which
reviews	Resource estmates.	verifed the technical inputs, methodology, parameters and results of the estmate.
Discussion of relatve accuracy/ confdence	• Where appropriate a statement of the relatve accuracy and confdence level in the Mineral Resource estmate using an approach or procedure deemed appropriate by the Competent Person. For example, the applicaton of statstcal or geostatstcal procedures to quantfy the relatve accuracy of the resource within stated confdence limits, or, if such an approach is not deemed appropriate, a qualitatve discussion of the factors that could afect the relatve accuracy and confdence of the estmate.	• The geometry and contnuity have been adequately interpreted to refect the applied level of Measured, Indicated and Inferred Mineral Resource. The data quality is good, and the drill holes have detailed logs produced by qualifed geologists. A recognised laboratory has been used for all analyses. • The Mineral Resource statement relates to global estmates of tonnes and grade. • No historical mining has occurred; therefore, reconciliaton could not be conducted.
	• The statement should specify whether it relates to
	global or local estmates, and, if local, state the
	relevant tonnages, which should be relevant to
	technical and economic evaluaton. Documentaton should include assumptons made and the
	procedures used.
	• These statements of relatve accuracy and confdence of the estmate should be compared with producton data, where available.

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APPENDIX 3

Glossary of Terms and Abbreviations

Assay Measure of valuable mineral content. Block Model A three-dimensional structure into which parameters are interpolated during the resource estimation process. Competent Person ‘CP’ Competent Person, as defined by the JORC Code. A ‘Competent Person’ is a minerals industry professional who is a Member or Fellow of The Australasian Institute of Mining and Metallurgy, or of the Australian Institute of Geoscientists, or of a ‘Recognised Professional Organisation’ (RPO), as included in a list available on the JORC and ASX websites. These organisations have enforceable disciplinary processes including the powers to suspend or expel a member. A Competent Person must have a minimum of five years relevant experience in the style of mineralisation or type of deposit under consideration and in the activity which that person is undertaking. If the Competent Person is preparing documentation on Exploration Results, the relevant experience must be in exploration. If the Competent Person is estimating, or supervising the estimation of Mineral Resources, the relevant experience must be in the estimation, assessment and evaluation of Mineral Resources. If the Competent Person is estimating, or supervising the estimation of Ore Reserves, the relevant experience must be in the estimation, assessment, evaluation and economic extraction of Ore Reserves. Core A solid, cylindrical sample of rock typically produced by a rotating drill bit, but sometimes cut by percussive methods. Cut-off grade The lowest grade of mineralised material that qualifies as ore in a given deposit; rock of the lowest assay included in an ore estimate. DD Diamond core drilling. Deposit An occurrence of economically interesting minerals. Dip The angle at which a bed, stratum, or vein is inclined from the horizontal, measured perpendicular to the strike and in the vertical plane. DMS Dense media separation. Drill hole Technically, a circular hole drilled by forces applied percussively and/or by rotation; loosely and commonly, the name applies to a circular hole drilled in any manner. Drilling The operation of making deep holes with a drill for prospecting, exploration, or valuation. Grade The relative quantity or the percentage of ore-mineral or metal content in an orebody. Exploration The act of investigation for the location of undiscovered mineral deposits. HQ Diamond drill bit and sample tube size resulting in 96mm diameter hole and 63.5mm diameter core. ICP-MS Inductively Coupled Plasma-Mass Spectrometry is an analytical technique where samples are ionised using inductively coupled plasma for analysis. ICP-OES Inductively Coupled Plasma–Optical Emission Spectrometry is an analytical technique where the composition of samples is determined using plasma and spectroscopy. ICP90A Laboratory analytical method for rock samples where multi-element analysis is undertaken by sodium peroxide fusion with ICP-OES finish . Indicated Mineral Resource That part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered. An Indicated Mineral Resource has a lower level of

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confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Ore Reserve.

Inferred Mineral Resource	That part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of
	limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify
	geological and grade (or quality) continuity. It is based on exploration, sampling and testing information
	gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and
	drill holes. An Inferred Mineral Resource has a lower level of confidence than that applying to an
	Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that
	the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with
	continued exploration.
JORC Code	The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012
	Edition, Prepared by the Joint Ore Reserves Committee of The Australasian Institute of Mining and
	Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (“JORC”).
LM2 Ring Mill	Rock pulverising equipment using vibrating steel bowl containing nested steel rings resulting where
	crushed rock samples are ground to 85% minus 75 micron in minutes.
Measured Mineral Resource	That part of a Mineral Resource for which quantity, grade (or quality), densities, shape, and physical
	characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to
	support detailed mine planning and final evaluation of the economic viability of the deposit. Geological
	evidence is derived from detailed and reliable exploration, sampling and testing gathered through
	appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is
	sufficient to confirm geological and grade (or quality) continuity between points of observation where
	data and samples are gathered. A Measured Mineral Resource has a higher level of confidence than that
	applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to
	a Proved Ore Reserve or under certain circumstances to a Probable Ore Reserve.
Mineral Resource	A concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such
	form, grade (or quality), and quantity that there are reasonable prospects for eventual economic
	extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a
	Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge,
	including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into
	Inferred, Indicated and Measured categories
Mineralisation	The process by which minerals are introduced into a rock. More generally, a term applied to
	accumulations of economic or related minerals in quantities ranging from weakly anomalous to
	economically recoverable.
Modifying Factors	Considerations used to convert Mineral Resources to Ore Reserves. These include, but are not restricted
	to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social
	and governmental factors.
MRE	Mineral Resource Estimate
Mt	Million tonnes
Ore	The naturally occurring material from which a mineral or minerals of economic value can be extracted
	profitably or to satisfy social or political objectives. The term is generally but not always used to refer to
	metalliferous material, and is often modified by the names of the valuable constituent.
Ore Reserves	Is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting
	materials and allowances for losses, which may occur when the material is mined or extracted and is
	defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of
	Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably
	be justified.
PQ	Diamond drilling bit and sample tube size resulting in 122.6mm diameter hole and 85mm diameter core.
PRP100	SGS sample preparation procedure where rocks are dried, crushed, pulverised and a 100g sub-sample
	produced for assay.
RC	Reverse circulation

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RCD Reverse circulation with diamond tail. RCH Reverse circulation hydrology holes. Riffle Splitter Manual sample splitting device to produce representative samples from larger sample (typically used with RC drill chip samples).

Strike The course or bearing of the outcrop of an inclined bed, vein, or fault plane on a level surface; the direction of a horizontal line perpendicular to the direction of the dip. Whittle Optimisation The Four-X Whittle Optimisation process uses the Lerchs-Grossmann algorithm to determine the optimal shape for an open pit in three dimensions. Based on the economic input parameters selected it can define a pit outline that has the highest possible total value, subject to the required pit slopes. Wireframe Three dimensional solids representing geological/mineralogical domains.

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