FIRST LITHIUM LIMITED — Capital/Financing Update 2022

Jun 29, 2022

30 June 2022

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ASX Announcement

ACN 009 081 770

Registered Office: Level 21, 459 Collins Street Melbourne VIC 3000

Contact:

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

Update on Entitlement Offer and Rutile and Heavy Minerals Sands Transaction

Ookami Limited ( ASX: OOK ) ( Ookami or the Company ) provides the following update in relation to the pro rata non-renounceable entitlement offer to existing shareholders ( Entitlement Offer ) and acquisition of mineral exploration permits in southern Cameroon via the acquisition of 100% of the issued share capital of African Mining Corporation Pty Ltd ( AMC ) ( Transaction ).

TRANSACTION

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

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 3,900,000 unlisted options

Current Share Price: $0.135 (as at 29 June 2022)

Market capitalisation: $6.135M (at $0.135)

Cash at Bank:

The Company entered into a share sale agreement with the vendors of AMC to acquire 100% of the issue share capital of AMC ( Share Sale Agreement ) in consideration for the issue of 5,555,556 new fully paid ordinary shares in the Company ( Consideration Shares ) (refer to the ASX announcement dated 22 April 2022 for further details).

Having regard to prevailing market conditions, the Company wishes to advise that the parties have agreed to terminate the Share Sale Agreement and release each other party of all claims, liabilities and obligations in relation to the Share Sale Agreement. No Consideration Shares will be issued to the vendors of AMC.

ENTITLEMENT OFFER

Following the termination of the Share Sale Agreement and having regard to limited shareholder participation in the Entitlement Offer, the directors of the Company ( Directors ) have determined to cancel, and refund all amounts to shareholders who participated in, the Entitlement Offer

The Directors thank shareholders who have participated in, and shown their support to, the Entitlement Offer. No securities have been, or will be, issued under the Entitlement Offer and all application monies received by the Company under the Entitlement Offer will be refunded in full (without interest).

Shareholders who have applied for securities through the Entitlement Offer can update their bank account details through the Automic Pty Ltd online shareholder portal.

$5.469M (as at 31 March 2022)*

• Includes proceeds from ~$1.35m placement completed on 5 May 2022

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)

Ookami Chairman, Mr John Ciganek said, “Whilst it is disappointing that the Entitlement Offer and Transaction will not be proceeding, the Company will continue to advance its Boulbi and Messok East projects and continue to investigate further complementary business opportunities. We look forward to providing shareholder further updates on our progress in the future."

MEETING

The Company refers to the notice of meeting dated 5 May 2022 ( Notice of Meeting ) and announcement on 31 May 2022, which (amongst other matters) postponed the general meeting from Monday, 6 June 2022 to Tuesday, 5 July 2022 at 11am (WST) ( Meeting ).

In light of the cancellation of the Entitlement Offer and Transaction, the Company wishes to advise shareholders that it is withdrawing Resolutions 1 and 6 in the Notice of Meeting (which relate to the Entitlement Offer and Transaction). The withdrawal of Resolutions 1 and 6 will not affect the validity of proxy or direct votes already submitted in respect of the remaining items of business that will be put to shareholders at the Meeting.

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FURTHER INFORMATION

For corporate queries, please contact Justin Mouchacca on +61 (03) 8630 3321.

For other questions, you should consult your broker, solicitor, accountant, financial adviser, or other professional adviser.

-Ends-

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

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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