FIRST LITHIUM LIMITED — Capital/Financing Update 2010

Mar 23, 2010

ACN: 009 081 770

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24 March 2010

ADVANCED ENGINE COMPONENTS LIMITED

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14 ENERGY STREET PO BOX 3126 MALAGA 6090 WESTERN AUSTRALIA TEL: +61 8 9209 6900 FAX: +61 8 9209 6999

ISO 9001 Lic.13705 SAI Global

Company Announcements Office Australian Securities Exchange

By: e-lodgement (ASX code ACE)

EXTENSION OF RIGHTS ISSUE TO 30 APRIL 2010

Advanced Engine Components Limited (“ACE” or “the Company”) announces the extension of the closing date of its non-renounceable rights issue from the current date of 30 March 2010 to 5.00pm (WST) on Friday 30 April 2010 . The revised timetable is set out below.

As previously announced on 23 February 2010, the Company has offered all eligible shareholders as at 3 March 2010 the opportunity to participate in the rights issue on the basis of 1 new share for every 3 shares held together with the right to acquire additional shares without any brokerage fees at 5.5 cents, being the same price as the $1,200,000 placement completed on 18 February 2010.

The Company is pleased to advise that all ACE Directors, including newly appointed Director Mr Nathan, have subscribed for their full personal share entitlements in the rights issue raising approximately $560,000. Further, 698 Capital, the Company’s major shareholder, has accepted 20,000,000 shares of its 21,474,577 share entitlement under the Rights Issue being $1,100,000.

REVISED RIGHTS ISSUE TIMETABLE	2010
Revised Closing Date (5.00pm WST)	30 April
Company to notify ASX of under-subscriptions (if any)	5 May
Allotment and issue of shares	7 May
ASX trading of shares commences	10 May
Dispatch of holding statements	10 May
The above timetable is indicative only. The Company reserves the right, subject to ASIC and ASXrequirements, to extend the Closing Date at its discretion. Should this occur, the extension will havea consequential effect on the subsequent dates.

For further information please contact: Tony Middleton (Managing Director) on (08) 9209 6900; or email shares@advancedengine.com

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