FIRST LITHIUM LIMITED — Capital/Financing Update 2021

Dec 19, 2021

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ASX Announcement 20 December 2021

ACN 009 081 770

Project Update – Boulbi Permit

Registered Office:

Level 21, 459 Collins Street Melbourne VIC 3000

Contact:

Phone: +61 (0)3 8630 3321 Email: admin@ookami.com.au

Board of Directors: John Ciganek (Non-Executive Chairman)

Joseph van den Elsen (Managing Director)

Emmanuel Correia (Non-Executive Director)

Company Secretary: Justin Mouchacca

Securities on Issue:

38,148,324 ordinary shares 3,500,000 unlisted options

Current Share Price – $0.165 (as at 17 December 21)

Market capitalisation – $6.3M (as at 16 December 21)

Cash at Bank – $4.53M (as at 30 September 21)

About Ookami Limited

Ookami Limited (ASX: OOK) is an ASX listed company focused on the exploration and development of resource projects in Africa. The Company’s current projects are:

• Messok East Co-Ni Project

• (located in Cameroon)

• Boulbi Project (located in Senegal)

• The Boulbi exploration permit (Boulbi Permit) is located in the Tambacounda region of Senegal, along the Mauritanide Belt which hosts the Akjouit (Guelb Moghrein) copper-gold (Cu-Au) mine, currently operated by First Quantum Minerals, and the Saboussiri Project (Algold Resources (formerly Gryphon Minerals)).

• Previous exploration on the Boulbi Permit includes airborne and ground geophysics, geochemical soil sampling and exploration drilling which focused on a series of gossanous outcrops with elevated copper (Cu) grades.

• The primary historical exploration target, AN1, is approximately 1.2 km long, up to 200 m wide and drilling reportedly intersected a copper bearing chlorite schist layer (0.2-0.7% Cu) associated with NNW-SSW trending faults immediately underlying the gossans. The target hosts a series of Cu and Zn soil anomalies and deeper fracture intersections included 1 m at 6.39% Cu, 10.5g/t Silver (Ag) and 0.7% Zinc (Zn).

• SRK Exploration Services ( SRK ) has completed a detailed desktop review of available geological data, including analysis and reprocessing of satellite imagery, geophysical and geochemical data using modern techniques.

• SRK’s remote sensing study has generated 20 exploration targets and their review of available soil geochemistry data has identified four additional exploration targets for Cu-Zn mineralisation. The recommended follow-up work programme includes geological and structural mapping, drone surveying, trenching and geochemical sampling.

Project Overview & Tenure

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Figure 1: Boulbi Permit Project Area

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The Boulbi Permit is located in the Tambacounda region of eastern Senegal adjacent to the borders with both Mali and Mauritania and can be accessed by sealed roads from Dakar, the Senegalese capital.

The Boulbi Permit sits along the Mauritanide Belt, the result of an ancient orogeny running broadly parallel to the west coast of West Africa, which has historically been identified as prospective for copper mineralisation. The Mauritanide Belt hosts the Akjouit (Guelb Moghrein) Cu-Au mine, currently operated by First Quantum Minerals in Mauritania as well as the Saboussiri Project (Algold Resources (formerly Gryphon Minerals)) which is comprised of the Diaguili and Toumbou Cu-Au advanced exploration prospects 15 km to the northeast of the Boulbi permit, across the Mauritanian border (Figure 1).

Mineralised host rock includes a chalcopyrite-bearing chlorite schist, observed at primary exploration target AN1, within a wider Greenschist unit (Figure 2).

OOK has acquired an initial 51% interest in the Boulbi Cu exploration project with the ability to earn-in to the project and increase its interest to 70%.

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Figure 2: Boulbi Permit Project Area

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Previous Exploration

Historical exploration has focused on a series of gossanous outcrops associated with elevated Cu grades in geochemical samples and is summarised below:

• United Nations Development Programme 1962-1972 – Airborne and ground geophysical surveys; regional and prospect-scale geochemical surveys; exploration drilling campaign totalling 57 holes over the Gabou area.

• FUGRO 2007 – Regional airborne geophysical survey of eastern Senegal, including magnetic and radiometric data.

• BRGM and GEOTER 2009 – Regional soil geochemical survey over eastern Senegal, including the area of the Boulbi Permit.

• Oranto Petroleum 2008-2014 – Interpretation of FUGRO geophysical datasets; soil geochemical survey covering most of the Boulbi Permit, collected in two phases and identifying four primary exploration targets (AN1-4); ground geophysics including magnetic and induced polarisation (IP) surveys over the AN1 and AN2 targets; exploration pitting over targets AN1 and AN2.

The primary historical exploration target, AN1, is approximately 1.2 km long and up to 200 m wide.

Historical drilling underneath AN1 reportedly intersected a chlorite schist layer (with low sample analysis results, 0.20.7% Cu) associated with NNW-SSW trending faults immediately underlying gossans.

Intersections of a deeper copper-mineralised fracture zone returned more positive results including 1 m at 6.39% Cu, 10.5g/t Ag and 0.7% Zn (unverified) from hole 27/70.

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Figure 3: Boulbi Permit Prioritised Target Areas

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SRK Desktop review

SRK Exploration Services (SRK) acquired, processed and conducted an interpretative review of available elevation, spectral and geophysical data relating to the Boulbi Permit. The objective of this review was to confirm and validate historically identified targets for Cu mineralisation and generate further prospective targets within the Boulbi Permit that warrant future exploration.

SRK’s remote sensing study generated 20 exploration targets from an assessment of indirect proxies for mineralisation, utilising available elevation, spectral, magnetic and radiometric datasets (refer to Figures 3 and 4).

The generated targets were ranked in order of priority based on prospective mineralisation characteristics identified at historical targets, including low Potassium-Thorium (K-Th) responses from FUGRO radiometric data, iron oxide responses from Sentinel 2 spectral data and lineaments interpreted from elevation, spectral and geophysical data.

A review and reprocessing of the available soil geochemistry datasets through multivariate statistical methods also identified four additional exploration targets for Cu-Zn mineralisation (refer to Figures 3 and 4).

A preliminary 3D geological model was also constructed for the Boulbi AN1 target which illustrates the interpreted structure of the Cu mineralised fracture zone intercepted by the 1968-1971 UNDP drilling programme. The 3D model is separated into a north and south section based on the density and spacing of available data. The fracture zone is modelled as a southeast-dipping continuous feature over 3.5 km in the Boulbi North model and is associated with intercepts of Cu mineralisation over an interval of 5-10 m and reaching grades up to 6.39% Cu (unverified). Multiple northwest-dipping (70-80°) faults are interpreted to cut this mineralised fracture zone, two of which have been constrained in the model. There is insufficient data and a lack of consistency in the available UNDP logs and cross sections to constrain the pyrite- and chalcopyrite-bearing chlorite schists observed during the drilling programme. Geophysical (chargeability and resistivity) anomalies identified by the Oranto Petroleum IP survey beneath historical prospect AN1 suggest potential for further sulphide mineralisation at depth, however data is unavailable for the deep UNDP drill holes and these anomalies remain largely untested.

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Figure 4: Boulbi Permit Geochemistry Target Generation
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SRK Recommendations

SRK has recommended a follow-up work programme to evaluate the potential of the targets generated by the desktop review and verify historic data.

Geological and structural mapping will enable a more detailed understanding of the underlying structural controls on mineralisation at the Boulbi Project and allow the AN1 target geological model to be refined. Mapping over all Priority 1 targets (both remote sensing and geochemistry targets) will add structural knowledge to any observed surface mineralisation and enable future exploration in these areas to be tailored to the underlying structural geology. Mapping should be accompanied by litho-geochemical sampling to build a database of lithologies and associated mineralisation styles observed within the Boulbi Permit. This will enable the soil geochemical responses identified from clustering analysis to be interpreted with respect to underlying geological sources.

SRK proposes the mapping is conducted in conjunction with a drone survey over prioritised targets to allow highdefinition photogrammetry, 3D digital elevation modelling (DEM) and image / film making to be made over these target areas to support the results of the ground mapping.

A trenching programme across the AN1 target is proposed to collect structural data, verify and validate aspects of the 3D the model and identify the surface extent of copper mineralisation.

-Ends-

This announcement has been approved for release by the Board of OOK.

For more information, please contact:

Joseph van den Elsen	Investor enquiries:
Managing Director	Justin Mouchacca
P: +61 (0)3 8630 3321	Company Secretary
	P: +61 (0)3 8630 3321

About Ookami Limited

The Company was admitted to the Official List (ASX code: OOK) in February 2000 and was previously focused on the operation of the Akela Platform, a fintech Software as a Service platform, and its passive 18.3% equity interest in BronTech Pty Ltd, a data exchange and identity platform.

Since July 2021, the Company has been focused on the assessment and evaluation of its 100% owned Messok East Co-Ni Project and the Boulbi Permit Joint Venture (51% earning to 70%). The Company actively seeks to identify, assess and potentially acquire complementary opportunities.

Forward Looking Statement

This ASX announcement may include forward-looking statements. These forward-looking statements are not historical facts but rather are based on Ookami Ltd.’s current expectations, estimates and assumptions about the industry in which Ookami Ltd operates, and beliefs and assumptions regarding Ookami Ltd.’s future performance. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “potential” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only predictions and are not guaranteed, and they are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of Ookami Ltd. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forwardlooking statements or other forecast. Actual values, results or events may be materially different to those expressed or implied in this ASX announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Ookami Ltd does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions, or circumstances on which any such forward looking statement is based.

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Competent Person’s Statement

The information in this announcement that relates to Exploration Results in relation to the Boulbi Project is based on and fairly represents Project information and supporting documentation provided by Ookami Ltd. and compiled and analysed under the direction of Mr. William Kellaway (MSc. Mining Geology) who is a Member of the Australasian Institute of Mining and Metallurgy ("AusIMM"), membership number 306203. Mr. Kellaway is a fulltime employee and Executive Chairman of SRK Exploration Services Ltd.

By virtue of his education, membership to a recognised professional association and relevant work experience, Mr Kellaway qualifies as a Competent Persons as this term is defined under the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“JORC Code, 2012”).

Mr Kellaway has reviewed this press release and consents to the inclusion in the press release of the matters based on his information in the form and context in which this appears.

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