FIRST LITHIUM LIMITED — Capital/Financing Update 2022

Aug 30, 2022

ASX Announcement 31 August 2022

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ACN 009 081 770

Project Update – Messok East Co-Ni Project

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 Chair)

Joseph van den Elsen (Non-Executive Director)

Emmanuel Correia (Non-Executive Director)

Andrew Law (Non-Executive Director)

Company Secretary: Justin Mouchacca

Securities on Issue:

45,446,667 ordinary shares 3,500,000 unlisted options

Current Share Price – $0.17 (as at 30 August 22)

Market capitalisation – $7.7m (as at 30 August 22)

Cash at Bank – $5.215M (as at 30 June 22)

Further to the Project Update – Messok East Co-Ni Project announcement released on the ASX on 21 July 2022, Ookami Limited (ASX: OOK) (‘ Ookami ’ or ‘ the Company’ ) is pleased to confirm that it has completed the field component of the follow-up work program on its 100% owned Messok East Co-Ni Project.

Having spent over a month in the field, the Company now awaits the geochemical lab assays of the samples collected prior to finalisation of the desktop component of the follow-up work program.

Over 100 samples were collected, targeting Co and Ni enriched laterite mineralisation.

• Ookami holds one exploration permit and three applications for exploration permits prospective for Co-Ni laterite mineralization, which collectively form the Messok East Co-Ni Project.

• As announced to the ASX on 11 October 2021, SRK completed a detailed desk top review of available geological data and identified a range of exploration targets across the Messok East Co-Ni Project based on coincident digital elevation model (‘ DEM ’) and magnetic anomalies and field observations.

• Following the relaxation of COVID related travel restrictions, OOKAMI commenced a follow-up work program on the Messok East Co-Ni Project. This program focused on geochemical testing of the previously defined exploration targets, with a view to the design and execution a maiden auger drilling program (depending on results).

• Over 100 samples were collected, targeting Co and Ni enriched laterite mineralisation. The Company now awaits the geochemical lab assays of the samples collected prior to finalisation of the desktop component of the follow-up work program.

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)

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Tenure

Ookami Limited (‘ OOK ’ or the ‘ Company ’) holds a 100% interest in the Messok East Co-Ni Project, comprised of the Messok East Permit which covers an area of 455km[2] and three applications for exploration permits.

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Figure 1: Messok East Co-Ni Project Area

Ookami’s tenure is located adjacent to the Geovic Co-Ni Permit which covers an area of ~1,250km[2] and contains seven irregularly shaped laterite plateaus hosting a substantial Resource[1] .

Ookami holds no interest in the Geovic permit.

Work completed to date on the Geovic property has focused predominantly on the Nkamouna and Mada plateaus[2] .

1 NI 43-101 Technical Report. Geovic Mining Corp. Nkamouna and Mada Deposits, by SRK Consulting, dated June 2, 2011. https://www.sec.gov/Archives/edgar/data/1398005/000119312511161283/dex991.htm 2 NI 43-101 Technical Report. Geovic Mining Corp. Nkamouna and Mada Deposits, by SRK Consulting, dated June 2, 2011. https://www.sec.gov/Archives/edgar/data/1398005/000119312511161283/dex991.htm

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Historical exploration work completed on Geovic’s tenements includes:

• Airborne magnetic, radiometric and DTM surveys;

• 1,000’s of samples collected from identified magnetic anomalies;

• 100’s of pits dug to depths of >20m; and

• 50,000 metres of drilling on predominantly the Nkamouna and Mada plateaus.

The Nkamouna and Mada are unusual laterite deposits for their high Co and low Mg content and are hosted in residual laterites which have formed by prolonged tropical weathering of serpentinites.

Large extensions of mineralised laterite are preserved on low-relief mesas or plateaus underlain by ultramafic rocks.

Messok East Co-Ni Project site visits

The Company first travelled to Cameroon during the Due Diligence phase and has since made an additional six trips.

During these visits and in addition to site visits, the Company has met with key stakeholders, including Government officials, as well as local service providers with exploration capabilities.

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Figures 2, 3 & 4 – 2021 & 2022 Site Visits

SRK Desktop review

As announced to the ASX in October 2021, SRK have identified numerous priority target areas for initial field work and exploration activities on the Messok East Project, as shown in Figure 4, based on:

• DEM – Co-Ni laterite mineralisation commonly occurs on low-relief mesas or plateaus;

• Magnetics – deposits in the area correlate with magnetic anomalies in regional geophysical surveys; and

• Geology – extensive mapping, sampling, pitting and drilling of the Geovic property confirms the source of Co-Ni as the weathering of ultramafic rocks.

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Figure 5 – Messok East Ni-Co Targets

Completion of the field work component of the follow-up work program

The Company is pleased to advise that it has completed the field work component of the follow-up work program announced to the market on 21 July 2022 and designed to map and sample the previously identified exploration targets.

Over a month was spent in the field and over 100 samples collected. The Company now awaits receipt of the corresponding assays prior to finalising the desktop component of the follow-up work program.

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This follow-up work program will further build on the Company’s understanding of the local geology and provide a solid basis for the design and ultimate execution of a maiden drilling campaign targeting Co and Ni enriched laterite mineralisation (depending on results).

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Figures 6 & 7 – Samples - Messok East follow-up work program

-Ends-

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

For more information, please contact:

Investor enquiries: Justin Mouchacca Company Secretary P: +61 (0)3 8630 3321

About Ookami Limited

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.

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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.

Competent Person’s Statement

The exploration results in this announcement were previously announced to the ASX in the Company's Replacement Prospectus titled ‘Ookami Limited – Replacement Prospectus’ dated 23 April 2021. The Company confirms that it is not aware of any new information or data that materially affects the exploration results as contained in the Ookami Limited – Replacement Prospectus dated 23 April 2021.

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