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BREAKTHROUGH MINERALS LIMITED Capital/Financing Update 2023

Oct 15, 2023

64579_rns_2023-10-15_84fbf424-59eb-43d8-a4f5-22d1dfaf45e9.pdf

Capital/Financing Update

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ASX Announcement | 16 October 2023

Addendum to Prior Announcement

IEC Discovers Multiple Pegmatites at Llama Lithium Project in James Bay, Québec

Intra Energy Corporation Limited ( ASX:IEC ) ( “ IEC ” or the “ Company ”) provides an addendum to its ASX announcement released on 4 October 2023. This announcement provides a cautionary statement relating to visual estimates of mineral abundance and adds a table showing the location and observation of rock samples.

Highlights

  • Initial exploration program completed, 83 rock samples collected.

  • Multiple large scale pegmatite dykes discovered, spread over several kilometre-scale trends, with thickness exceeding 200 metres locally.

  • Pegmatites have Lithium-Cesium-Tantalum (LCT) affinities, highlighted by the presence of beryl (beryllium) and columbite (niobium).

  • Samples have been sent to the laboratory for analysis.

Intra Energy Corporation Limited ( ASX:IEC ) ( “ IEC ” or the “ Company ”) is pleased to announce that it has completed the first phase of exploration on its Llama Lithium Project (“ Llama ” or the “ Project ”) located in the prolific James Bay region, Québec, Canada. Multiple large scale pegmatite dykes have been identified with Lithium-Cesium-Tantalum (LCT) affinities including the presence of the minerals beryl and columbite. The first stage program was undertaken by Dahrouge Geological Consulting (“ DGC ”), IEC’s geological services partner in Canada.

DGC has mapped approximately 52 kilometres of ground traverses and collected a total of 83 rock samples with the objective of identifying drill targets (Refer Figures 2 to 5).

The presence of columbite, beryl, tourmaline, and muscovite in some of the rock samples is indicative of enrichment of beryllium, niobium, and boron (incompatible elements) in late-stage granitic fluids. The incompatible elements crystallize as minerals in zones parallel to the

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia

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boundary of the fertile source granite and can provide a vector towards any potential lithium enrichment zone. The rock samples have been sent to the SGS Canada Inc. laboratory in Lakefield, ON, Canada, for a comprehensive multi-element analysis, including all lithium indicator elements with results expected early in the December quarter. Further details of the location of rock sampling and abundance of minerals observed is set out in the Annexure.

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Figure 1: Location of Llama Lithium Project

IEC Managing Director, Benjamin Dunn, commented:

prospective areas within the Llama Project area. Our patience has been rewarded and we thank the Dahrouge Geological Consulting team for their hard work and keen eyes, covering the area by foot. We await the results of the samples taken in the field which, along with planned LIDAR and Hyperspectral analysis, will focus the next round of fieldwork and set us up for what we believe will be a successful exploration campaign .”

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia

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Exploration Summary

The Dahrouge Geological Consulting (“ DGC exploration program, on several prospective targets including, potential pegmatite outcrops and areas anomalous in lithium (Li), rubidium (Rb), tantalum (Ta). A significant portion of the targets were visited resulting in the discovery of numerous kilometric-scale pegmatite dykes. LCT indicator minerals including tourmaline, beryl and columbite were identified at multiple locations (Figure 2).

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Figure 2. Map of the Llama project, illustrating the location of the 83 rock samples collected, including beryl, columbite and tourmaline observations along with the traverses conducted during the initial exploration program.

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia

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Figure 3. Tourmaline pegmatite showing potential LCT affinity.

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Figure 4. Columbite crystal along with a tourmaline crystal within a sub-crop pegmatite.

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia

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Figure 5. Massive pegmatite outcrops trend.

Next Steps

Several areas remain to be prospected and, after receiving laboratory results, the company anticipates conducting a second field exploration program to collect more samples.

extensions, and provide a deeper insight into their geochemical signatures. Options to conduct this work at the earliest practical opportunity are being evaluated.

Llama Lithium Project

The Project is comprised of 135, wholly owned mineral claims consolidated into one block covering approximately 69.2km[2] and is situated in the James Bay region of Québec, Canada.

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia

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For reference, the Project is 65km from the Winsome Resources (ASX: WR1) Adina Project and 120km from Patriot Battery Metals (TSX: PMET) Corvette Project, which we believe puts it at the exploration heart of the James Bay Region (Figure 1).

This announcement has been approved for release by the Board of Intra Energy Corporation.

For further information:

Benjamin Dunn

Chloe Hayes

Managing Director Investor Relations Manager T: +61 (0) 412 559 918 T: +61 (0) 458 619 317 E: [email protected] E: [email protected]

About IEC

group with a core focus on battery, base, and precious metals exploration to support the global decarbonisation and electrification for the clean energy future.

IEC is currently focused on the development of two highly prospective and underexplored projects in Canada and Australia:

  • mineral claims for 69.2 km[2] , with reported outcropping pegmatites.

  • Yalgarra Project - located in Western Australia near Kalbarri is a 70% owned joint venture targeting the exploration of magmatic nickel-copper-cobalt-PGE mineralisation.

The Company combines many years of experience in developing major projects, along with a highly skilled board and a demonstrated track record of success.

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia

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The information in this announcement is based on, and fairly represents information compiled by Kevin Vigouroux, P. Geo, who supervised the field work, and is a member of the Ordre des Géologues du Québec (OGQ) (Geologist Permit number 2365). M. Vigouroux consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

The technical content of this news release has been reviewed and approved by John Gorham, P. Geo., Senior Geologist for Dahrouge Geological Consulting Ltd, and a registered member of the Ordre des Géologues du Québec (OGQ) (Geologist Permit number 2405). Mr. Gorham has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the exploration activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia

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JORC Code, 2012 Edi�on – Table 1

Sec�on 1 Sampling Techniques and Data

(Criteria in this sec�on apply to all succeeding sec�ons.)

Criteria JORC Code Explanation JORC Code Explanation Commentary Commentary
Sampling
Techniques
Nature and quality of sampling (e.g.
cut channels, random chips, or specifc
Not Applicable - no sample results reported in
this announcement.
specialized
industry
standard
measurement tools appropriate to the
minerals under investgaton, such as
down hole 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
mineralizaton that are Material to the
Public Report.
Drilling
Techniques
Drill type (e.g. core, reverse circulaton,
open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc.) and details
Not Applicable – no drilling results are
reported.
(e.g. core diameter, triple or standard
tube, depth of The samples were rock
chip samples, no drill samples were
collected.
Drill
Sample
Recovery
Method of recording and assessing
core and chip sample recoveries and
results assessed.
Not Applicable - no drilling results are
reported.
Measures taken to maximize sample
recovery and ensure representatve
nature of the samples.
Whether a relatonship exists between
sample recovery and grade and
whether sample bias may have
occurred due to preferental loss/gain
of fne/coarse material.

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia

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Criteria JORC Code Explanation JORC Code Explanation Commentary Commentary
Logging Whether core and chip samples have
been geologically and geotechnically
logged to a level of detail to support
Not Applicable – no drilling results are
reported.
appropriate
Mineral
Resource
estmaton,
mining
studies
and
metallurgical studies.
Whether logging is qualitatve or
quanttatve in nature. Core (or
costean, channel, etc.) photography.
The total length and percentage of the
relevant intersectons logged.
Sub-sampling
Techniques
and
Sample
Preparation


If core, whether cut or sawn and
whether quarter, half or all core taken.
If non-core, whether rifed, tube
sampled, rotary split, etc. and whether
sampled wet or dry.
For all sample types, the nature,
quality, and appropriateness of the
No geochemical results for core are reported.
Grab samples from outcrop were take where
possible. They are for inital evaluaton of
pegmatte mineralizaton on the Property
may not be representatve of overall
mineralizaton
sample preparaton technique.
Quality control procedures adopted for
all sub-sampling stages to maximize
representvity of samples.
Measures taken to ensure that the
sampling is representatve of the in-situ
material
collected,
including
for
instance
results
for
feld
duplicate/second-half sampling.
Whether sample sizes are appropriate
to the grain size of the material being
sampled.
Quality of
Assay Data
The
nature,
quality,
and
appropriateness of the assaying and
Four QA/QC samples
and laboratory
procedures
used
and
Laboratory whether the technique is considered
Tests partal or total.
For geophysical tools, spectrometers,
handheld XRF instruments, etc, the
parameters used in determining the
analysis including instrument make
and model, reading tmes, calibratons
factors applied and their derivaton,
etc.
Nature of quality control procedures
adopted
(e.g.
standards,
blanks,
duplicates, external laboratory checks)

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia

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Criteria JORC Code Explanation JORC Code Explanation Commentary Commentary
and whether acceptable levels of
accuracy (i.e. lack of bias) and precision
have been established.
Verification of
Sampling and
Assaying
The
verifcaton
of
signifcant
intersectons by either independent or
alternatve company personnel.
Early-stage prospectng – only internal sample
verifcaton
The use of twinned holes.
Documentaton of primary data, data
entry procedures, data verifcaton,
data storage (physical and electronic)
protocols.
Discuss any adjustment to assay data.
Location of
Data Points
Accuracy and quality of surveys used to
locate drillholes (collar and down-hole
surveys), trenches, mine workings and
other locatons used in Mineral
Resource estmaton.

Grab sample locatons were surveyed using a
handheld Garmin GPS with an accuracy of +/-
5 m.
Locatons are reported in metres in NAD 83,
Specifcaton of the grid system used. UTM Zone 19.
Quality and adequacy of topographic
control.
Data Spacing
and
Distribution

Data
spacing
for
reportng
of
Exploraton Results.
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

The data is not appropriate for use in
estmatng a Mineral Resource and is not
intended for such. There has been insufcient
exploraton to defne a Mineral Resource and
it is uncertain if further exploraton will result
in the determinaton of a Mineral Resource.
No sample compositng was undertaken
applied.
Whether sample compositng has been
applied.
Orientation of
data in
Whether the orientaton of sampling
achieves unbiased sampling of possible
Samples were outcrop grab samples and not
oriented
relation to structures and the extent to which this
geologic al is known, considering the deposit type.
structure If the relatonship between the drilling
orientaton and the orientaton of key
mineralized structures is considered to
have introduced a sampling bias, this
should be assessed and reported if
material.

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia

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Criteria JORC Code Explanation JORC Code Explanation Commentary Commentary
Sample
security
The measures taken to ensure sample
security.
Samples were collected, boxed, and sealed by
Dahrouge personnel.
Samples were subsequently delivered to SGS
Laboratories by Dahrouge personnel and a
third-party freight company.
All samples were received as expected by the
laboratory with no missing or mis-labelled
samples.
Audits or The results of any audits or reviews of No audits or reviews were undertaken
Reviews sampling techniques and data.

Sec�on 2 Repor�ng of Explora�on Results

(Criteria listed in the preceding sec�on also apply to this sec�on.)

Criteria JORC Code Explanation
Commentary
Mineral
Tenement and
Land Tenure
Status
Exploration
Done by Other
Parties.

Type, reference name/number, locaton
and ownership including agreements or
material issues 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 obtaining a license to
operate in the area.

135 mineral claims totaling 69.2 km2
located 465 km east of Wemindji
Quebec, Canada (Figure 2).

Claims are wholly owned by Intra
Energy Corp. and are in good standing
(4 until 2025-11-07, 119 until 2025-11-
08 and 12 to 2026-02-23)

No known impediment to obtaining an
exploration permit exists.

Acknowledgment
and
appraisal
of
exploraton by other partes.

There has been no previous historical
exploraton work reported on in this
report,other
than
government
geophysical and mapping products.
Geology
Deposit type, geological setng, and
style of mineralizaton.

The Llama property is situated within
Opinaca geological Sub-Province and is
in mainly within metasedimentary and
metavolcanic
units
of
the
Dallas
Formaton,
in
close
proximity
to
pegmattc granite of the Lariboisière
Suite and tonalitc plutons of the
Savonnière. The target mineralizaton is
within LCT pegmattes. The investgaton
includes a survey of pegmattes

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia

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Criteria JORC Code Explanation JORC Code Explanation Commentary Commentary Commentary
identfed in the provincial database
outcrops, along with a menton of
certain critcal minerals such as
spodumene, columbite- tantalite, beryl,
tourmaline, and green muscovite.
Drillhole
Information
A summary of all informaton material to
the understanding of the exploraton
results including a tabulaton of the
Not Applicable as no drilling results
included in this release.
are
following informaton for all Material
drillholes:
eastng and northing of the drillhole
collar elevaton or RL (Reduced Level –
elevaton above sea level in metres) of
the drillhole collar dip and azimuth of the
hole
down hole length and intercepton depth
hole length.
Data
Aggregation
In
reportng
Exploraton
Results,
weightng
averaging
techniques,
Not Applicable – prospec�ng only
Methods maximum
and/or
minimum
grade
truncatons (e.g. cutng of high grades)
and cut-of grades are usually Material
and should be 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.
The assumptons used for any reportng
of metal equivalent values should be
clearly stated.
Relationship
Between
If the geometry of the mineralizaton
with respect to the drillhole angle is
Not applicable.
Mineralization known, its nature should be reported.
Widths and
Intercept
Lengths
Diagrams Appropriate maps and sectons (with
scales) and tabulatons of intercepts
should be included for any signifcant
discovery being reported These should
See
maps
in
the
body
of
the
accompanying news release. (Figure 1
and 2).
include, but not be limited to a plan view
of
drillhole
collar
locatons
and

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia

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Criteria JORC Code Explanation JORC Code Explanation Commentary Commentary
appropriate sectonal views.
Balanced
Reporting
Where comprehensive reportng of all
Exploraton Results is not practcable,
Not applicable
representatve reportng of both low and
high grades and/or widths should be
practced avoiding misleading reportng
of Exploraton Results.
Other
Substantive
Exploration
Data
Other exploraton data, if meaningful
and material, should be reported
including (but not limited to): geological
observatons; geophysical survey results;
geochemical survey results; bulk samples
– size and method of treatment;
metallurgical test results; bulk density,
This news release announces feld
mapping across the property, mul�ple
large scale pegma�te dykes discovered
with
Lithium-Cesium-Tantalum
(LCT)
afni�es including the presence of the
mineral’s beryl and columbite.
groundwater, geotechnical and rock
characteristcs; potental deleterious or
contaminatng substances.
Further Work The nature and scale of planned further
work (e.g. tests for lateral extensions or
depth extensions or large-scale step-out
Compila�on and evalua�on of the 1st
phase of feld mapping results.
drilling). 2ndphase of prospec�ng, based on the
Diagrams clearly highlightng the areas outcomes and focusing on the remaining
of possible extensions, including the target regions.
main geological interpretatons and
future drilling areas, provided this
informaton
is
not
commercially
sensitve.

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia

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Annexure – Sample location and details

Sample N° Easting Northing Lithology Sample
Type
Spodumene (%) range
visual estimate
surrounding sample
C00430801 301325 5935571 Pegmatite Outcrop 0%
C00430802 301298 5935564 Pegmatite Outcrop 0%
C00430803 301148 5935438 Pegmatite Outcrop 0%
C00430804 301077 5935403 Pegmatite Subcrop 0%
C00430805 301051 5935371 Pegmatite Outcrop 0%
C00430806 300902 5935161 Pegmatite Subcrop 0%
C00430807 300664 5935212 Pegmatite Subcrop 0%
C00430808 300438 5935401 Pegmatite Boulder 0%
C00430809 303926 5934533 Pegmatite Outcrop 0%
C00430810 303882 5934456 Pegmatite Outcrop 0%
C00430811 303973 5934643 Pegmatite Outcrop 0%
C00430812 304086 5934789 Pegmatite Outcrop 0%
C00430813 304172 5934834 Granite Outcrop 0%
C00430814 304486 5934788 Pegmatite Outcrop 0%
C00430815 304637 5934714 Pegmatite Outcrop 0%
C00430816 304791 5934683 Pegmatite Outcrop 0%
C00430817 304911 5934712 Pegmatite Outcrop 0%
C00430818 305096 5934733 Pegmatite Outcrop 0%
C00430819 305003 5934988 Pegmatite Outcrop 0%
C00430821 299883 5939307 Pegmatite Outcrop 0%
C00430822 299744 5939344 Pegmatite Outcrop 0%
C00430823 299617 5939406 Pegmatite Outcrop 0%
C00430824 299521 5939449 Pegmatite Outcrop 0%
C00430825 299551 5939008 Pegmatite Outcrop 0%
C00430826 299854 5939150 Pegmatite Outcrop 0%
C00430827 300032 5939194 Pegmatite Outcrop 0%
C00430828 299979 5938986 Pegmatite Outcrop 0%
C00430829 300551 5938233 Pegmatite Outcrop 0%
C00430830 300677 5938237 Pegmatite Outcrop 0%
C00430831 300135 5942003 Pegmatite Outcrop 0%
C00430832 299945 5941951 Pegmatite Outcrop 0%
C00430833 299844 5941839 Pegmatite Outcrop 0%
C00430834 299724 5941716 Pegmatite Outcrop 0%
C00430835 299597 5941584 Pegmatite Outcrop 0%
C00430836 299455 5941503 Pegmatite Outcrop 0%
C00430837 299408 5941614 Pegmatite Outcrop 0%
C00430838 299220 5941758 Pegmatite Boulder 0%
C00430839 299222 5941986 Granite Outcrop 0%
C00430841 309016 5935357 Pegmatite Outcrop 0%
C00430842 308823 5935618 Granite Outcrop 0%

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia

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Sample N° Easting Northing Lithology Sample
Type
Spodumene (%) range
visual estimate
surrounding sample
C00430844 308139 5935611 Granite Outcrop 0%
C00430845 307994 5935687 Granite Boulder 0%
C00430846 307786 5935439 Granite Outcrop 0%
C00430847 307666 5935399 Pegmatite Outcrop 0%
C00430848 306726 5935388 Pegmatite Outcrop 0%
C00430849 306500 5935497 Pegmatite Outcrop 0%
C00430850 300861 5932704 Pegmatite Outcrop 0%
C00430851 301876 5931810 Pegmatite Outcrop 0%
C00430852 304113 5932915 Pegmatite Outcrop 0%
C00430853 303652 5932555 Pegmatite Outcrop 0%
C00430854 303463 5932849 Pegmatite Outcrop 0%
C00430855 303503 5932921 Granite Outcrop 0%
C00430856 305397 5932575 Pegmatite Outcrop 0%
C00430857 304373 5936429 Pegmatite Outcrop 0%
C00430858 304669 5936468 Pegmatite Outcrop 0%
C00430859 304939 5936534 Pegmatite Outcrop 0%
C00430861 305186 5936593 Pegmatite Boulder 0%
C00430862 303217 5936987 Pegmatite Outcrop 0%
C00430863 303115 5936843 Granite Outcrop 0%
C00430864 302937 5936817 Pegmatite Outcrop 0%
C00430865 302535 5936561 Pegmatite Outcrop 0%
C00430866 302085 5936230 Pegmatite Outcrop 0%
C00430867 295671 5937309 Pegmatite Outcrop 0%
C00430868 295323 5937157 Pegmatite Outcrop 0%
C00430869 294670 5937466 Pegmatite Outcrop 0%
C00430870 294851 5937450 Pegmatite Outcrop 0%
C00430871 294485 5937733 Pegmatite Boulder 0%
C00430872 294822 5938067 Pegmatite Outcrop 0%
C00430873 294805 5938204 Pegmatite Outcrop 0%
C00430874 294915 5938147 Pegmatite Outcrop 0%
C00430875 295006 5938202 Pegmatite Outcrop 0%
C00430876 301223 5933674 Pegmatite Outcrop 0%
C00430877 301237 5933613 Pegmatite Outcrop 0%
C00430878 301145 5934120 Pegmatite Outcrop 0%
C00430879 304033 5931917 Pegmatite Outcrop 0%
C00430881 304263 5931995 Pegmatite Outcrop 0%
C00430882 307408 5932980 Granite Outcrop 0%
C00430883 307602 5933038 Granite Outcrop 0%
C00430884 307886 5933197 Granite Outcrop 0%
C00430885 307972 5933045 Granite Outcrop 0%
C00430886 301365 5937183 Pegmatite Outcrop 0%

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia

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Cautionary Statement

Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

ASX: IEC | ABN: 65 124 408 751 | W: www.intraenergycorp.com.au E: [email protected] | A: Level 40, 2 Park Street, Sydney, Australia