DELTA LITHIUM LIMITED — Interim / Quarterly Report 2021

Apr 28, 2021

ASX Announcement 29 April 2021

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

MARCH 2021 QUARTERLY ACTIVITIES REPORT

HIGHLIGHTS

• Eureka Gold project’s maiden reverse circulation drilling program completed, comprising 89 holes for 11,441m

• Results confirm gold mineralisation extended to the north and south of the existing Eureka pit

• Eureka resource update incorporating latest drilling in progress and expected to be completed in coming weeks

• WA drilling activity shifted to Reids Ridge, part of the Warriedar Gold Project in the Murchison region

• Three holes at Reids Ridge have intersected the targeted structure, assays pending

• Application progressed for first phase drilling program at East Canyon UraniumVanadium Project, south-eastern Utah.

• Experienced mining executive Nader El Sayed appointed Non-Executive Director

TNT Mines Ltd (ASX: TIN , ‘ TNT Mines ’ or ‘ the Company ’), is pleased to present its Quarterly Activities Report for the period ended 31 March 2021.

EUREKA GOLD PROJECT, WA

During the March quarter, TNT completed the phase 1 drilling program at its 100%-owned Eureka Gold Project 50km north of Kalgoorlie in the West Australian goldfields. The program comprised 89 reverse circulation (RC) drill holes for 11,441m testing four separate target areas within the Eureka tenement package.

Results for all but three holes drilled as part of the program were received in the March quarter, with the first 26 arriving in early February followed by a larger batch subsequent to the end of the quarter. Both batches contained significant intercepts that confirmed the potential to expand significantly on the existing Indicated and Inferred Mineral Resource of 762,000 tonnes at 1.80 g/t Au for 43,100 ounces.

Among the better assays returned were:

• 34m @ 1.75 g/t Au from 103m in hole WRRC0081 including 9m @ 2.78 g/t Au and 3m @ 7.89 g/t Au;

• 4m @ 10.99 g/t Au from 42m in hole WRRC0019 including 2m @19.2 g/t from 43m

• o 6m @ 4.17 g/t Au from 52m in WRRC0095 o 6m @ 2.78 g/t Au from 114m in hole WRRC0052

• 4m @ 6.56 g/t Au from 74m in hole WRRC0082 including 2m @ 11.8 g/t Au and 5m @ 2.23 g/t Au from 129m; and

• o 14m @ 2.09 g/t Au from 51m in hole WRRC0001 including 4m @ 5.48 g/t Au .

( Refer TIN:ASX Announcement 22 April 20 21).

ASX Announcement 29 April 2021

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

Based on the results, the north-east extension has emerged as a priority focus for the next round of drilling. Drillhole WRRC0052 intersected 6m @ 2.78 g/t Au from 114m approximately 150m north-east of the Eureka pit in a previously untested portion of the structure. Furthermore, WRRC0059 collared some 175m to the north-east along the same interpreted trend intersected a broad interval of 8m @ 1.14 g/t Au including 4m @ 1.75 g/t Au from 112m in altered basalt with quartz veining. Mineralisation in this area is open in all directions along strike and down dip.

==> picture [544 x 331] intentionally omitted <==

Figure 1. Long section showing grade metre contours and Au drillhole pierce points at Eureka

Significantly, the intercept from hole WRRC0001 extended the known boundary of the mineralisation more than 100m beyond the southern limit of the existing pit, while the highgrade hits in holes WRRC0019 and WRRC0095 were returned from a previously untested area north-east of high-grade historical workings 600m north of the pit.

The drilling also confirmed the grade and extent of the northern laterite, which will potentially provide an easily accessible, low cost source of oxidised ounces that have not previously been included in any resource inventory. Intersections within the outcropping laterite included 6m @ 0.98 g/t Au from 2m in WRRC0035, 5m @2.01 g/t Au from 5m in WRRC0073, 6m @ 1.09 g/t Au from 4m in WRRC0033, 5m @1.22 g/t Au from 5m in WRRC0028 and 4m @ 1.07 g/t Au from 4m in WRRC 0036.

Following the receipt of the bulk of the results, geological modelling and interpretation has commenced to aid in planning a second phase of drilling at Eureka. This program is anticipated to begin immediately after the completion of drilling at the Warriedar Gold Project. Assays for the three remaining outstanding holes drilled to the south of the Eureka pit are expected imminently.

ASX Announcement 29 April 2021

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

WARRIEDAR GOLD PROJECT, WA

A Program of Works was approved for the Warriedar Gold Project north-west of Paynes Find in the Murchison region during the quarter and a drill program comprising 40 holes for 5,000 metres has commenced testing for high-grade extensions to the Reids Ridge gold system and the Mt Laws prospect.

At Reids Ridge, a series of holes were designed to intersect the interpreted down dip extension of the known mineralisation at the base of the existing pit, where to date very little exploration has been carried out below a depth of 150m.

Three holes to date have intersected the structure with visible gold encountered in RRRC003 at 160-161m down-hole directly adjacent to existing underground workings. RRRC004 and RRRC005 also encountered highly altered quartz-basalt with minor sulphides up tot to 1-2% by volume.

At Mt Laws, drilling will test along strike both to the east and the west of previous drilling.

The Warriedar Project covers a region in the south of the Warriedar Fold Belt, over a sequence of mafic volcanic and sill rocks with interlayered banded iron formations (BIFs). The area is prospective for BIF-hosted epigenetic gold as well as gold hosted in narrow quartz veinbearing structures that trend north-east throughout the area.

First results from the current drilling program are expected early in the June quarter.

EAST CANYON URANIUM-VANADIUM PROJECT, UTAH

During the quarter, TNT reached the final stages of the permitting process for a first phase drilling program at the East Canyon Uranium-Vanadium Project located in the extended Uravan Mineral Belt in south-eastern Utah.

Surety bond monies will be paid to the US Bureau of Land Management as required prior to the issue of permits, with drilling planned to commence shortly after the permits and remaining environmental approvals are received.

The aim of the phase one drilling program will be to better define the prospectivity of the project, focusing on the northern part of the claim holdings and the historic Bonanza and None Such workings, where TNT has conducted the bulk of its underground channel sampling and mapping.

As announced to the ASX on 5[th] and 11[th] August 2020, visible uranium and vanadium mineralisation was observed throughout both None Such and Bonanza during field reconnaissance. The Bonanza workings were discovered to be more extensive than first understood through mapping, while the extent of the high-grade channel sample mineralisation identified at both locations was highly encouraging.

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

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

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

ASX Announcement 29 April 2021

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

Some of the samples collected emitted radiation levels that exceeded the safe handling limits of the ALS laboratory in Nevada and required special packaging before being transported to ALS’s facility in Vancouver, Canada, which is suitably configured to handle samples of this nature. Those sample assay results were reported in October ( TIN:ASX Announcement 2 October 2020 ).

PELLEY RIDGE ZINC PROJECT, MONTANA

No material exploration was carried out on Pelley Ridge during the March quarter. TNT continued discussions with parties that may have an interest in investing in the project as a farm-in partner or buying it outright.

BOARD AND MANAGEMENT CHANGES

At the start of March, TNT announced the appointment of experienced mining executive Mr Nader El Sayed as a Non-Executive Director. Mr El Sayed holds a Bachelor of Commerce (Banking and Finance) and a Masters in Accounting from Curtin University in Western Australia and is currently Chief Executive Officer of Multiplant Holdings, a mining and civil services business based in Perth.

He replaced Peter Woods, who was integral in securing the East Canyon Project for TNT, on the Company’s Board. Mr Woods resigned to concentrate on other business interests but will play an ongoing role in the operational management of East Canyon.

In addition to these changes, Brett Mitchell moved from Executive Director to Non-Executive Director, effective 1 March 2021.

APPENDIX

In accordance with Listing Rule 5.3.3 TIN provides the following information in relation to its mining tenements.

Mining tenements held at the end of the quarter:

Project	Location	Tenement	Status	Beneficial Interest
Pelley Ridge	Montana, North America	Pelley Ridge Claim Group	Granted	100%
East Canyon	Utah, USA	East Canyon Claim Group	Granted	100%
Windanya	Western Australia	P24/5116	Granted	100%
Bardoc	Western Australia	L24/0234	Granted	100%
Warriedar East	Western Australia	E59/1723	Granted	100%
Eureka	Western Australia	M24/0189	Granted	100%
Warriedar	Western Australia	E59/1966	Granted	100%

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

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

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

ASX Announcement 29 April 2021

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

Project	Location	Tenement	Status	Beneficial Interest
Windanya	Western Australia	P24/5116	Granted	100%
Windanya	Western Australia	P24/5116	Granted	100%
Warriedar	Western Australia	P59/2070	Granted	100%
Eureka	Western Australia	M24/0189	Granted	100%
Eureka	Western Australia	M24/0584	Granted	100%
Eureka	Western Australia	M24/0585	Granted	100%
Eureka	Western Australia	M24/0586	Granted	100%

There were no beneficial percentage interests held in farm-in or farm-out arrangements at the end of the quarter.

In accordance with Section 1.2, 6.1 & 6.2 of the March 2021 quarter Appendix 5B, TIN provides the following information:

Section Description $A’000 1.2 Expenditure for staff and administrative corporate costs 211 6.1 & 6.2 Payments made to related parties and their associates include Directors 105 fees and corporate costs.

--Ends--

Authorised for lodgement by Matthew Boyes, CEO.

Capital Structure and Financial Snapshot

ASX Code TIN Shares on issue 96.4m Current share price (29/04/21) 16.5c Mkt Cap $15.9m Cash (as at 31 March 2021) $3.08m

For further information, please contact:

TNT Mines Ltd Matthew Boyes Chief Executive Officer +61 8 6319 1900 frontdesk@tntmines.com.au

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

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

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

ASX Announcement 29 April 2021

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

Note 1. Additional notes to Mineral Resource estimation

The Mineral Resources as presented in Table 1 have been estimated on the basis of historical and recent drilling at the Project by Independent consulting resource geologist Richard Maddocks. Further details of the Mineral Resource estimation are provided in ASX: TIN 23[rd] October 2020 ‘ TNT Acquires Historic Western Australian Gold Projects ’.

The aggregate resource figures referenced in this announcement is broken down into JORCcompliant resource categories as set out below.

Current Mineral Resources

Mineral Resources
Category	Tonnes Gradeg/t Ounces Au
Indicated	434,000 1.80 25,200
Inferred	328,000 1.70 17,900
Total	762,000 1.80 43,100

Table 1. Eureka JORC (2012) compliant Mineral Resources reported at 0.50g/t Au cut-off

Competent Persons Statement

The information in this report that relates to Exploration Targets and Mineral Resource estimates is based on information compiled by Richard Maddocks, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Richard Maddocks is an independent consultant to Warriedar Mining Pty Ltd. Mr Maddocks 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 Mineral Resources and Ore Reserves’. Mr. Maddocks consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this release that relates to Exploration as those terms are defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve", is based on information compiled by Mr. Matthew Boyes, who is CEO of the Company and a Fellow of the Australian Institute of Geoscientists. Mr. Boyes has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking 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 Reserve". Mr. Boyes consents to the inclusion of the matters based on his information in the form and context in which it appears

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

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

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

Rule 5.5

==> picture [113 x 37] intentionally omitted <==

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly cash flow report

Name of entity

Name of entity	Name of entity
TNT MINES LIMITED (ASX CODE: TIN)
ABN 67 107 244 039	Quarter ended (“current quarter”)
67 107 244 039	31 MARCH 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (if expensed) (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- - - - - - - - (31) (84) (180) (514) - - 2 6 - - - - 1 1 - -
	(208)	(591)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities (b) tenements (c) property, plant and equipment	- - - - - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

P a g e | 1

==> picture [113 x 37] intentionally omitted <==

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
(d) exploration & evaluation (if capitalised) (e) investments (f) other non-current assets 2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (Warriedar Mining acquisition) 2.6 Net cash from / (used in) investing activities	(1,491) - - (1,942) - - - - 50 50 - - - - - - - - - - - 18
	(1,441)	(1,874)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- 3,950 - - - - (20) (201) - - - - - - - - - -
	(20)	3,749
4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above)	4,749 1,798 (208) (591) (1,441) (1,874)

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

P a g e | 2

==> picture [113 x 37] intentionally omitted <==

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	20 -	3,749 (2)
	3,080	3,080
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	3,080 - - -	4,749 - - -
	3,080	4,749
6. Payments to directors of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 72 6.2 Aggregate amount of payments to related parties and their associates included in item 2 33 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments
		Current quarter $A'000
		72
		33

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

P a g e | 3

==> picture [113 x 37] intentionally omitted <==

7. Financing facilities available Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. 7.1 Loan facilities 7.2 Credit standby arrangements 7.3 Other (please specify) 7.4 Total financial facilities	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
	-	-
	-	-
	-	-
		-

• 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

NIL

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7	Net cash from / (used in) operating activities (Item 1.9) (208) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (1,491) Total relevant outgoings (Item 8.1 + Item 8.2) (1,699) Cash and cash equivalents at quarter end (Item 4.6) 3,080 Unused finance facilities available at quarter end (Item 7.5) - Total available funding (Item 8.4 + Item 8.5) 3,080 Estimated quarters of funding available (Item 8.6 divided by Item 8.3) 1.81 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.	(208) (1,491) (1,699) 3,080 - 3,080
		1.81
8.8	If Item 8.7 is less than 2 quarters, please provide answers to the following questions: 1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?
	Answer: Yes. For the June quarter whilst we complete the current drilling campaign, then the net cash expenditure will reduce dramatically from the March quarter
	2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: No steps have been taken at current, however the Board acknowledge that a capital raising will be required during 2021. The Board is constantly reviewing and managing its cash position and has a number of options to raise new funding if and when needed in the future.
	3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

P a g e | 4

==> picture [113 x 37] intentionally omitted <==

Answer: Yes. The March 21 quarter has considerable payments for exploration expenditure, with over 11,000m drilled during the period. There Upcoming quarter will be substantially less, with a 4,000m drill program planned.

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 29 April 2021

[ Authorised for lodgement by Matthew Boyes, CEO ]

Authorised by: ..........................................................................................................

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

P a g e | 5