EV RESOURCES LTD — Interim / Quarterly Report 2019

Apr 28, 2019

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadarlithium.com.au

ASX ANNOUNCEMENT

JADAR LITHIUM QUICK STATS

29 April 2019

Quarterly Activities Report

For the period ending 31 March 2019

ASX Code: JDR Shares on Issue: 480.4 million Market Cap: $4.8 million Cash: $2.25m (at 31 Mar ‘19)

BOARD & MANAGEMENT

Highlights

• Target evaluation continued on Rekovac, Cer and Vranje-South projects in Serbia

• The Company completed the Acquisition of Austrian Lithium Exploration Assets adjacent to the Wolfsberg Project In Austria

• Initial Rock and soil sampling on the Weinebene Lithium Project defines anomalies including high grade lithium mineralisation from pegmatites

• High grade lithium results returned from Austrian Satellite project after 1[st] sampling campaign

Non- Executive Chairman Mr Luke Martino

Non-Executive Directors Mr Steven Dellidis Mr Nicholas Sage Mr Stefan Müller

Company Secretary Ms Louisa Martino

ASSET PORTFOLIO

AUSTRIA

Jadar Lithium Limited (ASX: JDR ) (“ Jadar ” or “the Company ”), is pleased to provide shareholders with this Quarterly Activities Report for the three (3) months ending 31 March 2019.

Weinebene

(80% interest – ~28km[2] )

Eastern Alps Projects

EXPLORATION ACTIVITIES

Serbia

Throughout the reporting period, the Company has continued to advance target definition on its most promising Serbia projects, including Cer, Rekovac and Vranje-South. During the winter months the Company focused on re-evaluating the data sets generated to date and further evaluation of historical data and literature generated by previous State explorers.

The Company will initiate follow up field activities in April 2019, with the objective of defining the source of the B and Li anomalies defined on the Vranje-South project, conduct further work on the Rekovac project to narrow in the zones of interest, as well as, continue to map and sample the Cer project in further detail to define Lithium bearing pegmatites.

(80% interest – ~37km[2] )

SERBIA

Cer

(100% interest - ~92.77km[2] )

Rekovac

(100% interest - ~31.21km[2] )

Vranje-South

(100% interest - ~90.44km[2] )

On completion of a technical review, the Company has decided to relinquish the Bukulja and Krajkovc projects in Serbia. The results indicated that the likelihood of defining economic grades and tonnages of lithium bearing pegmatite mineralization on these

projects was low. These relinquishments are in line with the Company’s objectives to fund the most promising projects within its portfolio.

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Figure 1- Vranje-South project area with Phase 1 and Phase 2 lithium values from soil sampling[1]

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Figure 2 - Vranje South project area with Phase 1 and 2 Boron values from soil sampling[1]

1 20th August 2018 and 14th November 2018 ASX Announcements. The Company is not aware of any new information or data that materially affects the information contained in this original ASX market announcement.

Austria

Weinebene Lithium Project

During the first quarter of 2019 the Company completed initial soil and rock chip sampling on the Weinebene – Wolfsberg lithium project. During this initial field program, the Company collected 11 rock chips and 166 soil samples from the Weinebene project located adjacent and along strike of European Lithium’s Wolfsberg deposit. The rock chips samples returned high-grade Li values (up to 3.39 % Li2O) with an average value of 1.61% Li2O.[2] The soil sampling program defines Li, Be, Cs geochemical anomaly indicating the spodumene veins may laterally extend and continue into the Weinebene project area.

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Figure 3 - Field samples with spodumene (1 cm) crystals embedded into a qtz-feldspar matrix. Figure left sample 75001 3.39% Li20, Figure right sample 75010 1.68% Li2O.[3]

Austrian Eastern Alps Projects

During the first quarter of 2019 the Company completed initial rock chip sampling on the Eastern Alps Lithium Satellite Projects in Austria. During this initial field program, the Company collected 70 rock chips samples from numerous outcropping pegmatites. Initial pegmatite outcrops sampling results returned high-grade Li2O values with the highest value returning 3.88% Li2O and the average value over the 70 samples being 1.54% Li2O.[3]

2 19th February 2019 ASX Announcement. The Company is not aware of any new information or data that materially affects the information contained in this original ASX market announcement.

3 14th March 2019 ASX Announcements. The Company is not aware of any new information or data that materially affects the information contained in this original ASX market announcement.

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Figure 4 -Field samples with large spodumene crystals (up to 10 cm) embedded int qtz-feldspar matrix. Figure left sample 75065 2.91% Li20, Figure right sample 75091 2.06% Li2O[4]

CORPORATE ACTIVITY

Austrian Lithium Project Acquisition

During the quarter the Company completed the acquisition of the Austrian Lithium Exploration Licences.

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Figure 5 - Exploration Licences acquired (red); Exploration Licences held by European Lithium Limited (green)

4 14th March 2019 ASX Announcements. The Company is not aware of any new information or data that materially affects the information contained in this original ASX market announcement.

The Austrian Lithium Exploration Licences surround European Lithium Limited’s (ASX: EUR) underground Wolfsberg Lithium project, which has previously announced on 3 July 2017 a JORC total Resource of 10.98MT (comprising Measured, Indicated and Inferred Resources) @ 1.00% Li2O, with 37 exploration permits (together covering an area of 7.62 km2) overlapping those of Jadar Lithium Limited (see figure 4 above).

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Figure 5 - Geological Map showing the potential extensions of European Lithium Ltd´s lithium deposit. (source: European Lithium Limited Corporate Presentation – November 2017. The original has been edited)

The acquisition included the Austrian Easter Alps permits, consisting of 75 exploration permits “Freischurf” (39 permits acquired from Exchange Minerals as reported on 4 February 2019 and an additional 36 permits acquired directly from the Ministry), which together cover a total area of 36.63 km2 issued by Federal Ministry for Sustainability and Tourism of Austria.

Appointment of New Director

Under the terms of the Acquisition, Mr Steven Dellidis is appointed to the Board of Jadar Lithium Limited. Mr Dellidis has been involved in project management and strategic investment for over 20 years. He has significant experience in managing a number of listed companies and has assisted in the initial acquisitions of important assets bolstering company profiles. Mr Dellidis has a broad range of experience from start to end project management and is a hands-on individual who is active in the supervision of early type of project management. Mr Dellidis currently runs a variety of businesses across a range of industries from mechanical engineering to earth moving, with an understanding of site construction and off site camp building involving environmental study impact on areas of work and setup. His skills will reinforce the talents and diversity of the Board.

The Group’s cash balance as at 31 March 2019 was $2.25million.

MARCH QUARTER ANNOUNCEMENTS

This Quarterly Activities Report contains information extracted from ASX market announcements reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“2012 JORC Code”). Further details (including 2012 JORC Code reporting tables, where applicable) of exploration results referred to in this Quarterly Activities Report can be found in the following announcements lodged on the ASX:

Update on Proposed Acquisition of Austrian Lithium	16 Jan 2019
Exploration Assets adjacent to the successful Wolfsberg
Project
Completion of Acquisition of Austrian Lithium	04 Feb 2019
Exploration Assets adjacent to the successful Wolfsberg
Project
Press Release by Jadar Lithium on Initial Soil	19 Feb 2019
Sampling Work done on the Weinebene –
Wolfsberg Project Area of Austria
Press Release by Jadar Lithium on Initial Reconnaissance	14 March 2019
Sampling on the Eastern Alps Lithium Satellite Projects of
Austria and Serbian Update

These announcements are available for viewing on the Company’s website jadarlithium.com.au under the News and Research tab. Jadar confirms that it is not aware of any new information or data that materially affects the information included in any original ASX announcement.

SCHEDULE OF TENEMENTS

Project	Tenement ID	Indirect **Interest ***
SERBIA PERMITS
Cer	2223	100%
Rekovac	2224	100%
Vranje-South	2225	100%
AUSTRIA – CENTRAL PERMIT
Weinebene	82/16 (001/16) – 141/16 (060/16)	80%
AUSTRIA – EASTERN ALPS PERMITS
Glanzalm-Ratzell-Poling	2/16/T (FS 14) 25/19/T (01/19/JDR) – 41/19/T (17/19/JDR)	80%
Millstätter Seerücken	55/16 (FS 13) 327/19 (18/19/JDR) – 332/19 (23/19/JDR)	80%
Falkenberg	43/16 (FS 1) 44/16 (FS 2)	80%
Hohenwart	56/16 (1083/16) – 81/16 (1181/16)	80%
Mitterberg	45/16 (FS 3) – 49/16 (FS 7)	80%
St. Radegund	51/16 (FS 9) – 53/16 (FS-11)	80%
Untere Mittagwand	70/16 (1134/16), 71/16 (1135/16), 75/16 (1156/16)	80%
Garrach	53/16 (FS 11)	80%
Pallbaueralm Mittereck Zinkenschlucht	333/19 (24/19/JDR) – 345/19 (36/19/JDR)	80%
		80%
		80%
Lug-ins-Land	55/16 (FS 13)	80%
Kreuzstein	329/19 (20/19/JDR) 330/19 (21/19/JDR)	80%

• Designates Jadar Lithium Limited’s interest in permits held through subsidiaries as follows:

• Centurion Metals d.o.o, Beograd incorporated in Serbia and owned 100% by Jadar Lithium Limited; and

• Subsidiary Jadar Lithium GmbH incorporated in Austria and owned 80% by Jadar Lithium Limited.