DELTA LITHIUM LIMITED — Capital/Financing Update 2020

Aug 10, 2020

ASX Announcement 11 August 2020

==> picture [150 x 52] intentionally omitted <==

HIGH-GRADE URANIUM & VANADIUM RESULTS CONTINUE AT EAST CANYON PROJECT

Highlights:

• High-grade uranium and vanadium results received from underground channel sampling at Bonanza Workings, include;

o EC2004 1.25m @ 0.26% U3O8 & 1.68% V2O5 o EC2007 1m @ 0.20% U3O8 & 1.89% V2O5 o EC2010: 1m @ 0.19% U3O8 & 1.08% V2O5 o EC2002b: 0.76m @ 0.17% U3O8 & 3.86% V2O5 o EC2003: 1.25m @ 0.16% U3O8 & 0.82% V2O5 o EC2009: 1m @ 0.14% U3O8 & 4.50% V2O5

• Two (2) further underground channel sample assays pending, delayed due to radiation limits exceeding labs threshold

• Extensive visible mineralisation throughout Bonanza workings with old drill holes and vent shafts located

• Numerous exploration targets identified

• Planning and permitting of initial drilling program underway, on schedule Q4 2020

TNT Mines Limited (ASX: TIN ) (TNT or the Company) is pleased to announce the receipt of further highly encouraging results received from the exploration channel sampling program recently completed at its 100%-owned East Canyon Uranium-Vanadium Project, located in the extended Uravan Mineral Belt in south-eastern Utah, USA.

As announced to ASX on 24 June 2020, visible uranium and vanadium mineralisation has been observed throughout both the None Such and Bonanza workings. The Bonanza workings were discovered to be more extensive than first understood while being mapped, and given the extent of the mineralisation now tested, TNT is very encouraged by these results and the assays already received from None Such. The current testing program has demonstrated the potential of the East Canyon Project to host extensive high-grade uranium and vanadium mineralisation.

Mapping and Channel Sampling Program Completed on Historic Workings

Mapping and sampling during this initial exploration program was focused in the northern area of the East Canyon claim holdings where the historic None Such and Bonanza mine workings are located (refer location map, Figure 1). None Such and Bonanza are among multiple old workings scattered throughout the East Canyon claims area which are highly prospective for uranium-vanadium mineralisation.

Samples from Bonanza were initially sent to ALS laboratory in Reno, Nevada for assaying; which have now been received and are set out in this announcement.

==> picture [595 x 105] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----

ASX Announcement 11 August 2020

==> picture [151 x 52] intentionally omitted <==

However, some of the samples emitted radiation at levels that exceeded the laboratory’s safe handling limits and required special packaging before being transported to the ALS facility in Vancouver, Canada, which is suitably configured to handle samples of this nature.

These further assay results from Bonanza, and the remaining three samples from None Such (as announced to ASX 5 August 2020) are expected to be received in the coming weeks.

Channel Sample Assays from Bonanza

Field mapping of the underground Bonanza mine workings with sample locations and assays are shown in Figure 2 and Table 1. Very encouraging uranium assay results have been received such as 1.25m @ 0.26% U3O8 and 1m @ 0.22% U3O8 as well as extremely high vanadium assay results up to 4.50% V2O5 . These results builds upon the success of initial sample results at None Such, where underground channel sample grades were reported up to 0.35% U3O8 .

Sampling from within the underground workings was predominantly focused on exposed mineralisation, guided by handheld scintillometer. Face-rock chip channel samples were taken to representatively sample vertical intervals for assaying.

The remaining underground channel sample assays from Bonanza and None Such workings that were over the ALS Nevada lab threshold limit are expected in the coming weeks.

Next Steps – First Phase Exploration Drilling Program in Q4 2020

The underground face-cut channel assay results received to date from None Such and Bonanza confirm the potential for high grade uranium and vanadium within the area, and given the multiple historic mine workings scattered throughout the East Canyon project claims, TNT is immediately moving forward with planning and the permitting process for a first phase exploration drilling program to define the prospectivity of the East Canyon project. The exploration drilling program will be finalised once all results from the initial program have been received and interpreted.

==> picture [392 x 282] intentionally omitted <==

Figure 1. East Canyon Project Area

TNT Mines | ACN 107 244 039 | tntmines.com.au

ASX Announcement 11 August 2020

==> picture [151 x 52] intentionally omitted <==

Figure 2. Bonanza Mine Map

==> picture [367 x 308] intentionally omitted <==

Table 1. Bonanza Mine – Vertical Channel Sample Assay Results

ID	Interval **(m)3 **	Easting	Northing	**RL4 **	Dip	Azimuth	V **ppm **	**V2O5%1 **	U **ppm **	**U3O8%2 **
EC2001	1m	651656	4214556	1986.5	0	-90	Resultspending 5
EC2002a	1m	651310	4214378	1986.8	0	-90	Resultspending 5
EC2002b	0.76m	651310	4214378	1986.8	0	-90	21600	3.86%	1450	0.17%
EC2003	1.25m	651461	4214464	1986.6	0	-90	4600	0.82%	1380	0.16%
EC2004	1.25m	651533	4214503	1986.8	0	-90	9390	1.68%	2180	0.26%
EC2005	1.8m	651512	4214502	1986.6	0	-90	7160	1.28%	575	0.07%
EC2006	1m	651315	4214382	1986.6	0	-90	8540	1.52%	829	0.10%
EC2007	1m	651324	4214382	1986.3	0	-90	10600	1.89%	1700	0.20%
EC2008a	1m	651319	4214370	1986.2	0	-90	11600	2.07%	1070	0.13%
EC2008b	0.6m	651319	4214370	1987.2	0	-90	4650	0.83%	226	0.03%
EC2009	1m	651336	4214385	1986.9	0	-90	25200	4.50%	1220	0.14%
EC2010	1m	651336	4214393	1986.4	0	-90	6050	1.08%	1570	0.19%
EC2011	1m	651447	4214482	1988.5	0	-90	6920	1.24%	691	0.08%
EC2012a	1m	651498	4214498	1986	0	-90	4900	0.87%	382	0.05%
EC2012b	1m	651498	4214498	1987	0	-90	6800	1.21%	305	0.04%
EC2013	0.6m	651544	4214510	1986.6	0	-90	7970	1.42%	325	0.04%
EC2014	0.36m	651632	4214622	1986	0	-90	2710	0.48%	39	0.01%
1Conversion factor (V) to (V2O5) is by factor of 1.7852 .2Conversion factor (U) to (U3O8) is by factor of 1.1792 3Vertical channel sample4Note: RL is of base of vertical sample. Drive floor- approximately 1986m RL. 5Samples for EC2001, 2002a, exceeded the radiation limits for ALS Reno and have been sent to ALS Vancouver for analysis Note: Slight discrepancies mayoccur due to roundingdecimals

TNT Mines | ACN 107 244 039 | tntmines.com.au

ASX Announcement 11 August 2020

==> picture [151 x 52] intentionally omitted <==

East Canyon Project Overview

The East Canyon Project lies within the extended Uravan Mineral Belt, an important source of uranium and vanadium ore in the US for more than 100 years. The Project is also within trucking distance (50km via major highway 191) of the only fully permitted and fully operational conventional uraniumvanadium mill in the US, Energy Fuels Inc.’s White Mesa Mill.

The East Canyon claims cover ~4,000 acres/16km[2] in the district and feature numerous historic workings including the None Such Mine previously owned and operated by Vanadium Corporation of America (VCA). A 1962 drillhole location map produced by VCA shows mineralised intercepts ranging from two feet at 0.83% V2O5 and 0.127% U3O8 (DH 44-4) to seven feet at 1.07% V2O5 and 0.237% U3O8 (DH D-2-8).

Many of the workings within the project area are still open and appear in relatively good condition. Over 2018 and 2019, Vanacorp representatives collected 26 samples from eight sites including underground ribs/faces and ore dump sites that returned assays as high as 0.47% U3O8 and 9.21% V2O5. They also observed multiple occurrences of visible mineralisation. (Refer to ASX:TIN Announcement 11th May 2020).

==> picture [389 x 373] intentionally omitted <==

----- Start of picture text -----

--Ends--
----- End of picture text -----

Figure 3. Location of project area surrounded by other uranium-vanadium resources. Major highway 191 runs adjacent to the project and Energy Fuels’ White Mesa Mill is 50km away, within trucking distance.

TNT Mines | ACN 107 244 039 | tntmines.com.au

ASX Announcement 11 August 2020

==> picture [151 x 52] intentionally omitted <==

Authorised for lodgement by the Board.

For further information, please contact:

Media Enquiries TNT Mines Ltd Luke Forrestal Brett Mitchell Media and Capital Partners Executive Director +61 411 479 144 +61 8 6319 1900 luke.forrestal@mcpartners.com.au frontdesk@tntmines.com.au

Competent Persons Statement

The information in this announcement that relates to the exploration is based upon information reviewed by Mr Neil Inwood of Sigma resources Consulting. Mr Inwood is a Competent Person whom is a Fellow of the AusIMM . Mr Inwood 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’. Mr Inwood consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

--Ends--

TNT Mines | ACN 107 244 039 | tntmines.com.au

JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

(Criteria listed in the preceding section also apply to this section)

Criteria	JORC Code explanation	Comments
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.	This announcement primarily relates to results of a sampling programme consisting of grab and chip channel samples.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Rock grab samples were randomly taken over an area of 1m square. Chip channels were taken from widths varying from 0.36m up to 2m intervals. Intervals were determined by tape measure.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Samples were taken to test for the presence of uranium- vanadium mineralisation. Samples ranged between 0.5kg to 1.5kg in weight. The samples were then dispatched to ALS Laboratories in Reno, NV, where all samples were analysed by method ME-MS61 and V-XRF10 for vanadium over limit reruns.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	No drilling has been completed
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	No drilling has been completed
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	No drilling has been completed
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No drilling has been completed

==> picture [595 x 105] intentionally omitted <==

----- Start of picture text -----

TNT Mines | ACN 107 244 039 | tntmines.com.au
----- End of picture text -----

Logging	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	No drilling has been completed
	The total length and percentage of the relevant intersections logged.	No drilling has been completed
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	No drilling has been completed
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	Rock chips were collected dry and placed in Calico bags and then shipped to ALS Laboratories.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	All samples are representative of mineralisation and surrounding host material.
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	No quality control measures were used.
	Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.	The rock chip and chip channel samples taken are representative of the material composing the mineralised zone and wall rocks. No duplicate or half samples were collected as sample program was early-stage in nature.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are considered appropriate for grain size of material sampled.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	The assay techniques used are standard in the industry using a 30gm charge riffled from a total crush and milling of the original sample.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	No geophysical methods or instruments have been reported.
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	No quality control measures were instituted as the program is early stage and the results are not intended for use in reporting JORC resources.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	An independent assay laboratory has been utlised; no independent personnel have verified samples post-program at this stage.
	The use of twinned holes.	Unknown for historical drilling.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	The data are currently stored in hardcopy and digital format in the Company’s office.
	Discuss any adjustment to assay data.	No adjustment was made to assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	All sample location and mapping points were located with a combination of hand-held GPS (accurate to 3m in the X-Y axis at surface); and the chain and bearing technique underground (accuracy in the 10’s of metres). Elevations data is estimated based upon topographic information.
	Specification of the grid system used.	UTM NAD83 Zone 12S.

	Quality and adequacy of topographic control.	No survey has been undertaken. Hand held GPS coordinates have been utilized to locate samples.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	The rock chip sampling described in the report preceding this table are at no specific spacing.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	The sampling is not of a spacing or distribution to establish a resource.
	Whether sample compositing has been applied.	Some samples were taken as representative composites over a given width or area.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Rock chip and chip channel samples were taken across the mineralized zone as identified by the geologist on site.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	No drilling has been undertaken by TNT. Unknown for historical drilling.
Sample security	The measures taken to ensure sample security.	All samples were collected on site and delivered directly to the relative sample preparation/lab facilities.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No reviews have yet been completed.

TNT Mines | ACN 107 244 039 | tntmines.com.au

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	The East Canyon claims of approximately 20 acres each, covering 1618 ha physically staked on Bureau of Land Management, Federally administered land. All indigenous title is cleared and there are no other known historical or environmentally sensitive areas. There are no royalties other than those specified in the Acquisition Agreement.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The claims have been granted and are subject to an annual payment. Other than the payment there is no requirement for minimum exploration or reporting. There is no expiry date on the claims. There are no known impediments to operating on the Federal claims. Established procedures are in place for U. S. Bureau of Land Management and State of Utah permitting prior to land surface disturbance.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	No appraisals are known however exploration tunnels, historic mining evidence, historic drilling evidence does exist dating back to the early-mid1900s.
Geology	Deposit type, geological setting and style of mineralisation.	Uranium and Vanadium mineralization are hosted in Jurassic aged sandstones. These deposits are known to be elliptical and tabular in shape.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:	Results are tabulated in body of announcement.
	o_easting and northing of the drill hole_ collar	N/A
	o_elevation or RL (Reduced Level – _elevation above sea level in metres) of the drill hole collar	Unknown
	o_dip and azimuth of the hole_	N/A
	o_down hole length and interception depth_	N/A
	o_hole length._	N/A
	If the exclusion of this information is justified on the basis that the information 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.	No information has been excluded.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	Results are reported individually, no aggregation has been applied

TNT Mines | ACN 107 244 039 | tntmines.com.au

	Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	No weighted averages have been used.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	N/A
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	Chip samples were confined to separate, potentially mineralized units. Chip sampling was completed across mineralized, tabular bedding planes. Samples were collected to be representative of the sub-horizontal unites encountered. Channel sampling may experience localised biases (high and low) due to the various hardness of the geological units being sampled.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	Mineralisation is understood to be predominantly sub- horizontal. Channel sampling was vertical to obtain a representative sample.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	Mineralisation is understood to be predominantly sub- horizontal. Channel sampling was vertical to obtain a representative sample.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Appropriate maps are included for the level of information.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Samples have been reported based upon vertical widths across mineralised units. All samples have been reported
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	The geology of this deposit consists of replacement mineralization in sandstones. Historic mine maps exist with limited drill intercept data from Vanadium Corp of America. This data is very limited and historical in nature. No geophysics have been completed. No metallurgical results have been completed. No water table has been identified.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive	Further geological mapping and sampling, underground mine mapping and sampling. Gamma anomaly surveying, identify potential targets for follow-up drilling and required permit acquisition. The diagrams in the attached release show the basic geology and results of sampling to date. No drilling is currently planned to date.

TNT Mines | ACN 107 244 039 | tntmines.com.au