FIRST LITHIUM LIMITED — Capital/Financing Update 2022

May 30, 2022

31 May 2022

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ACN 009 081 770

ASX Announcement

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 (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 – $0.18 (as at 30 May 2022)

Market capitalisation – $8.18m (at $0.18)

Cash at Bank –

$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:

Rights Issue Offer Period Extension & Postponement of General Meeting

Ookami Limited ( Ookami or the Company ) refers to its announcement on 22 April 2022 and prospectus dated 27 April 2022 in respect to the proposed acquisition of up to an 85% interest in a Rutile and Mineral Sands Project in Cameroon and capital raising by way of a placement and a non-renounceable rights issue.

The Company wishes to advise that, in light of recent market volatility and the low take up (to date) under the non-renounceable rights issue offer, the Company has determined to extend the closing date of its non-renounceable rights issue to 5:00pm (AEST) on Tuesday 5 July 2022 to provide shareholders with additional time, to consider the transaction and entitlement offer, and participate in the entitlement offer ( Extension ). Having regard to the Extension, the Company has also determined to postpone the Company's general meeting, which was scheduled to be held on Monday, 6 June 2022, to Tuesday 5 July 2022 at 11:00am (WST) (Postponed Meeting). The Postponed Meeting will be held at 108 Outram Street, West Perth, Western Australia 6008.

The Company confirms that there have been no changes to the Proxy Form previously provided to shareholders. Shareholders are advised that:

• If you have already completed and returned the Proxy Form and you do not wish to change your vote , you do not need to take any action as the earlier submitted Proxy Form will be accepted by the Company unless you submit a new Proxy Form.

• If you have not yet completed and returned a Proxy Form and you wish to vote on the resolutions in the Notice of Meeting , please complete and return the Proxy Form enclosed with your shareholders letter by no later than 48 hours before commencement of the Postponed Meeting (ie. by 11:00am (WST) on Sunday 3 July 2022).

• If you have already completed and returned the Proxy Form enclosed with your shareholders letter and you wish to change your vote , you must complete and return the Proxy Form enclosed with your shareholders letter no later than 48 hours before commencement of the Postponed Meeting (ie. by 11:00am (WST) on Sunday 3 July 2022).

To vote in person, please attend the Postponed Meeting at the time, date and place detailed above. Shareholders are advised that, by this announcement, the notice of meeting dated 5 May 2022 is amended and supplemented by the information detailed above.

• Messok East Co-Ni Project

• (located in Cameroon)

• Boulbi Project (located in Senegal)

A revised timetable is detailed below:

Event	Indicative Date*
Last day to extend the Entitlement Offer Closing Date	Thursday, 30 June 2022
General Meeting	Tuesday, 5 July 2022
Entitlement Offer closes	5.00pm (AEST) Tuesday, 5 July2022
Announce results of Entitlement Offer	Friday, 8 July 2022
Settlement of Entitlement Offer	Monday, 11 July 2022
Issue new securities under Entitlement Offer	Tuesday, 12 July 2022
ASX quotation of New Shares and New Options	Tuesday, 12 July 2022

Note that updated timetable remains indicative and subject to change.

Ookami continues to advance its work programs on its existing assets and assess other complementary business development opportunities.

A revised Appendix 3B will be lodged by the Company.

FURTHER INFORMATION

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.

For more information, please contact:

Justin Mouchacca 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.