FIRST LITHIUM LIMITED — Capital/Financing Update 2023

Dec 19, 2023

20 December 2023

SIGNIFICANT DISCOVERY CONFIRMED AT BLAKALA INCLUDING 111m @ 1.57% Li2O

HIGHLIGHTS

• Results received for first 3 diamond drill holes drilled at the Blakala prospect: ✓ 111.0m intersection @ 1.57% Li2O (from 33m) in hole BDFS02

  • Including 10.0m intersection @ 3.39% Li2O (from 33m) in hole BDFS02

• ✓ 60.00m intersection @ 1.59% Li2O (from 39m) in hole BDFS03

  • Including 38.0m intersection @ 1.76% Li2O (from 51 m)

• Assay results validate the visual estimates of spodumene % in the core samples

• Importantly, the spodumene mineralisation is high grade, outcrops at surface, and is open at depth and along strike

• Second and third batches of core samples have been submitted to SGS laboratory SA for BDFS04 to BDFS15, with the results expected early January

• Diamond core drilling is ongoing in the western and eastern pegmatites

• The second diamond drilling rig has been moved from Faraba to Blakala, with the aim of rapidly advancing the Blakala discovery to a JORC compliant Mineral Resource in 2024

First Lithium Ltd (“FL1” or “the Company”) is pleased to announce that it has received the first batch of assay results for the three diamond drill holes BDFS01, BDFS02 and BDFS03 of the priority 1 lithium prospect Blakala, located in the Gouna permit, Mali. Another two batches of 726 samples from 12 drill holes BDFS04 to BDFS15 have been submitted to the SGS laboratory in South Africa and the next available results are expected early January. A total of 2,300m from 19 diamond core drill holes of the 6,000m program at Blakala has been completed (ASX:FL1 08/12/23[1] ).

DETAILS

Further to the very significant pegmatite intersections observed in 19 drilled holes BDFS01 to BDFS19 at the Blakala prospect[1] and the high Li₂O analytical results from outcrop channel samples (ASX:FL1 04/12/2023[2] ), the initial 3 drill hole core samples assayed at the SGS laboratory in Johannesburg, South Africa, have proven significant highly attractive lithium content in the intersected pegmatites.

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FIRST LITHIUM LIMITED ACN 009 081 770 (FL1.ASX) https://firstlithium.com.au
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BDSF02 (Figure 1) returned some significant grades of 1.57% Li2O over 111m (intersection thickness) which incorporated a very high grade zone of 3.39% over 10m (33m to 43m) and a significant 4.43% over 5m (34m to 39m) within this zone, where all assayed samples returned 4%+ Li2O in an extremely high grade section (Table 1 and Figure 2).

The results further highlighted very high grades towards the top of hole BDFS02 with 2.23% over 20m (33m to 53m) as well as towards the bottom of the hole where results showed 1.67% over 73m (71m to 144m) (Table 1 and Figure 3).

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Figure 1: High Grade Results in Blakala BDFS02

BDFS03 (Figure 3) also highlights further significant grades with 1.59% over 60.0m (39m to 99m, intersection thickness), including a higher grade 1.76% Li2O identified over 38m (51m to 89m), confirming that the high grade mineralisation remains open at depth and along strike.

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The lack of pegmatite intersections within BDFS01 is interpreted as the hole being drilled in the footwall of the pegmatite due to too steep drilling (-60°), as well as the main pegmatite dipping towards the west. A correction in inclination has been made to -50[o] and all further drillholes were at -50[o] , drilling as of hole BDFS05 are all also drilled from the west to east. Further, drillholes BDFS13 and BDFS14 were drilled at 40m interval on either side of drillhole BDFS01 at -50[o] inclination from west to east. Both the drillholes BDFS13 and BDFS14 have intercepted the main pegmatite with good visual mineralization (cumulative 53.68m and 44.87m of pegmatite respectively) as have BDFS15 and BDFS16 on the northern continuation (cumulative 34.66m and 39.87m of pegmatite respectively).

FL1 Managing Director, Venkat Padala said “ The laboratory results have delivered the outstanding grades we were all anticipating based on the previous visual estimates. The grades and depth of the discovery in this region, provide further confidence the Blakala prospect could deliver a significant high grade mineral resource in 2024 as the grades and depth of results to date at Blakala provide great confidence for the project.

Drilling will continue at Blakala as the project advances towards completion of the initial 6,000m program, and with results remaining open at depth and along strike as well as opening up in the western pegmatites the team is also focused on speeding up the drilling program with the relocation of the Faraba diamond core drill rig to Blakala."

The analytical results from the first three drill holes resulted in ~1.5% Li₂O with the extended spans up to 35m in width and an open 1,000m strike still to be assayed at the laboratory. The Blakala prospect is extremely well located being less than 5 km from the main highway connecting Boughini to the port of Abidjan, with approximately 10,000 hectares of tenure in the Gouna area and 7,500 hectares of tenure in the Faraba area. The first batch of results confirm First Lithium’s view that this deposit is a further significant deposit in the region as seen by the drilling assays reported. Further high target visual estimate areas are yet to be assayed[2] and the Company awaits these results in early January.

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Table 1: Sampling and analytical results from diamond drillholes BDSF01, BDSF02 and BDSF03.

BHID	SAMP ID	FROM (m)	TO (m)	Interval (m)	LITH	Li %	Li2O%	Weighted Li2O%	Interval (m)	Weighted Li2O%	Interval (m)	Weighted Li2O%	Interval (m)
BDFS01	K6941	58.43	59.40	0.97	Diorite	0.21	0.45
BDFS01	K6942	59.40	60.00	0.60	Peg	0.04	0.08
BDFS01	K6943	60.00	61.00	1.00	Peg	0.12	0.26
BDFS01	K6944	61.00	62.00	1.00	Peg	0.16	0.35
BDFS01	K6945	62.00	63.00	1.00	Peg	0.05	0.12
BDFS01	K6946	63.00	63.99	0.99	Peg	0.08	0.17
BDFS01	K6947	63.99	64.94	0.95	Peg + Thin diorite	0.21	0.45
BDFS01	K6948	71.00	71.70	0.70	Diorite	0.18	0.39	0.60	1.30
BDFS01	K6949	71.70	72.00	0.30	Peg	0.28	0.60
BDFS01	K6950	72.00	73.00	1.00	Peg	0.28	0.60
BDFS01	K6951	73.00	74.00	1.00	Peg	0.11	0.24
BDFS01	K6952	74.00	75.00	1.00	Peg	0.09	0.18
BDFS01	K6953	75.00	76.00	1.00	Peg	0.10	0.21
BDFS01	K6954	76.00	76.73	0.73	Peg + Thin diorite	0.11	0.23
BDFS01	K6955	76.73	77.70	0.97	Diorite	0.17	0.37
BDFS02	K6956	31.00	31.70	0.70	Schist + Thin Peg	0.25	0.54
BDFS02	K6957	31.70	32.00	0.30	Peg	0.11	0.23
BDFS02	K6958	32.00	33.00	1.00	Peg	0.03	0.07
BDFS02	K6961	33.00	34.00	1.00	Peg	0.98	2.11	1.57	111.00	2.23	20.00	3.39	10.00
BDFS02	K6962	34.00	35.00	1.00	Peg	1.94	4.19
BDFS02	K6963	35.00	36.00	1.00	Peg	2.02	4.35
BDFS02	K6964	36.00	37.00	1.00	Peg	2.00	4.31
BDFS02	K6965	37.00	38.00	1.00	Peg	2.02	4.34
BDFS02	K6966	38.00	39.00	1.00	Peg	2.29	4.93
BDFS02	K6967	39.00	40.00	1.00	Peg	1.46	3.15
BDFS02	K6968	40.00	41.00	1.00	Peg	1.14	2.45
BDFS02	K6969	41.00	42.00	1.00	Peg	0.92	1.98
BDFS02	K6971	42.00	43.00	1.00	Peg	0.94	2.03
BDFS02	K6972	43.00	44.00	1.00	Peg	0.44	0.94
BDFS02	K6973	44.00	45.00	1.00	Peg	0.20	0.44
BDFS02	K6974	45.00	46.00	1.00	Peg	0.48	1.03
BDFS02	K6975	46.00	47.00	1.00	Peg	0.16	0.34
BDFS02	K6976	47.00	48.00	1.00	Peg	0.49	1.06
BDFS02	K6977	48.00	49.00	1.00	Peg	0.77	1.65
BDFS02	K6978	49.00	50.00	1.00	Peg	0.62	1.33
BDFS02	K6981	50.00	51.00	1.00	Peg	0.85	1.82
BDFS02	K6982	51.00	52.00	1.00	Peg	0.36	0.79
BDFS02	K6983	52.00	53.00	1.00	Peg	0.64	1.37
BDFS02	K6984	53.00	54.00	1.00	Peg	0.06	0.14			0.45	18.00
BDFS02	K6985	54.00	55.00	1.00	Peg	0.08	0.18
BDFS02	K6986	55.00	56.00	1.00	Peg	0.10	0.21
BDFS02	K6987	56.00	57.00	1.00	Peg	0.13	0.27
BDFS02	K6988	57.00	58.00	1.00	Peg	0.30	0.66
BDFS02	K6989	58.00	59.00	1.00	Peg	0.10	0.21
BDFS02	K6990	59.00	60.00	1.00	Peg	0.69	1.49
BDFS02	K6991	60.00	61.00	1.00	Peg	0.33	0.71
BDFS02	K6992	61.00	62.00	1.00	Peg	0.14	0.30
BDFS02	K6993	62.00	63.00	1.00	Peg	0.11	0.24

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BDFS02	K6994	63.00	64.00	1.00	Peg	0.39	0.84
BDFS02	K6995	64.00	65.00	1.00	Peg	0.37	0.80
BDFS02	K6996	65.00	66.00	1.00	Peg	0.13	0.28
BDFS02	K6997	66.00	67.00	1.00	Peg	0.23	0.50
BDFS02	K6998	67.00	68.00	1.00	Peg	0.11	0.24
BDFS02	K7001	68.00	69.00	1.00	Peg	0.08	0.17
BDFS02	K7002	69.00	70.00	1.00	Peg	0.09	0.19
BDFS02	K7003	70.00	71.00	1.00	Peg	0.28	0.60
BDFS02	K7004	71.00	72.00	1.00	Peg	0.81	1.74			1.67	73.00
BDFS02	K7005	72.00	73.00	1.00	Peg	0.55	1.18
BDFS02	K7006	73.00	74.00	1.00	Peg	0.99	2.13
BDFS02	K7007	74.00	75.00	1.00	Peg	1.02	2.20
BDFS02	K7008	75.00	76.00	1.00	Peg	0.87	1.87
BDFS02	K7009	76.00	77.00	1.00	Peg	0.81	1.74
BDFS02	K7010	77.00	78.00	1.00	Peg	0.76	1.64
BDFS02	K7011	78.00	79.00	1.00	Peg	1.14	2.45
BDFS02	K7012	79.00	80.00	1.00	Peg	0.84	1.81
BDFS02	K7013	80.00	81.00	1.00	Peg	0.98	2.11
BDFS02	K7014	81.00	82.00	1.00	Peg	0.93	2.00
BDFS02	K7015	82.00	83.00	1.00	Peg	0.76	1.64
BDFS02	K7016	83.00	84.00	1.00	Peg	0.79	1.70
BDFS02	K7017	84.00	85.00	1.00	Peg	0.72	1.55
BDFS02	K7018	85.00	86.00	1.00	Peg	0.27	0.58
BDFS02	K7021	86.00	87.00	1.00	Peg	0.42	0.90
BDFS02	K7022	87.00	88.00	1.00	Peg	1.05	2.26
BDFS02	K7023	88.00	89.00	1.00	Peg	0.96	2.07
BDFS02	K7024	89.00	90.00	1.00	Peg	0.84	1.81
BDFS02	K7025	90.00	91.00	1.00	Peg	0.39	0.84
BDFS02	K7026	91.00	92.00	1.00	Peg	0.12	0.26
BDFS02	K7027	92.00	93.00	1.00	Peg	0.17	0.37
BDFS02	K7028	93.00	94.00	1.00	Peg	0.12	0.26
BDFS02	K7029	94.00	95.00	1.00	Peg	0.53	1.14
BDFS02	K7031	95.00	96.00	1.00	Peg	0.82	1.77
BDFS02	K7032	96.00	97.00	1.00	Peg	0.81	1.74
BDFS02	K7033	97.00	98.00	1.00	Peg	0.74	1.59
BDFS02	K7034	98.00	99.00	1.00	Peg	1.12	2.41
BDFS02	K7035	99.00	100.00	1.00	Peg	0.36	0.78
BDFS02	K7036	100.00	101.00	1.00	Peg	0.78	1.68
BDFS02	K7037	101.00	102.00	1.00	Peg	0.96	2.07
BDFS02	K7038	102.00	103.00	1.00	Peg	1.11	2.39
BDFS02	K7041	103.00	104.00	1.00	Peg	0.90	1.94
BDFS02	K7042	104.00	105.00	1.00	Peg	0.89	1.92
BDFS02	K7043	105.00	106.00	1.00	Peg	0.70	1.51
BDFS02	K7044	106.00	107.00	1.00	Peg	0.75	1.61
BDFS02	K7045	107.00	108.00	1.00	Peg	0.22	0.47
BDFS02	K7046	108.00	109.00	1.00	Peg	0.45	0.97
BDFS02	K7047	109.00	110.00	1.00	Peg	0.65	1.40
BDFS02	K7048	110.00	111.00	1.00	Peg	1.09	2.35
BDFS02	K7049	111.00	112.00	1.00	Peg	0.62	1.33
BDFS02	K7050	112.00	113.00	1.00	Peg	0.70	1.51
BDFS02	K7051	113.00	114.00	1.00	Peg	0.43	0.93
BDFS02	K7052	114.00	115.00	1.00	Peg	1.00	2.15
BDFS02	K7053	115.00	116.00	1.00	Peg	0.15	0.32

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BDFS02	K7054	116.00	117.00	1.00	Peg	1.04	2.24
BDFS02	K7055	117.00	118.00	1.00	Peg	0.92	1.98
BDFS02	K7056	118.00	119.00	1.00	Peg	0.62	1.33
BDFS02	K7057	119.00	119.50	0.50	Peg	0.85	1.83
BDFS02	K7058	119.50	120.00	0.50	Peg	0.93	2.00
BDFS02	K7061	120.00	121.00	1.00	Peg	1.06	2.28
BDFS02	K7062	121.00	122.00	1.00	Peg	0.88	1.89
BDFS02	K7063	122.00	123.00	1.00	Peg	0.79	1.70
BDFS02	K7064	123.00	124.00	1.00	Peg	0.71	1.53
BDFS02	K7065	124.00	125.00	1.00	Peg	0.83	1.79
BDFS02	K7066	125.00	126.00	1.00	Peg	0.69	1.49
BDFS02	K7067	126.00	127.00	1.00	Peg	0.88	1.89
BDFS02	K7068	127.00	128.00	1.00	Peg	1.03	2.22					2.16	8.00
BDFS02	K7069	128.00	129.00	1.00	Peg	1.02	2.20
BDFS02	K7071	129.00	130.00	1.00	Peg	0.93	2.00
BDFS02	K7072	130.00	131.00	1.00	Peg	0.84	1.81
BDFS02	K7073	131.00	132.00	1.00	Peg	0.98	2.11
BDFS02	K7074	132.00	133.00	1.00	Peg	1.11	2.39
BDFS02	K7075	133.00	134.00	1.00	Peg	0.96	2.07
BDFS02	K7076	134.00	135.00	1.00	Peg	1.16	2.50
BDFS02	K7077	135.00	136.00	1.00	Peg	0.85	1.83
BDFS02	K7078	136.00	137.00	1.00	Peg	0.85	1.83
BDFS02	K7081	137.00	138.00	1.00	Peg	1.13	2.43
BDFS02	K7082	138.00	139.00	1.00	Peg+ Schist	0.83	1.79
BDFS02	K7083	139.00	140.00	1.00	Peg	0.39	0.84
BDFS02	K7084	140.00	141.00	1.00	Peg	0.98	2.11
BDFS02	K7085	141.00	142.00	1.00	Peg	0.67	1.44
BDFS02	K7086	142.00	143.00	1.00	Peg	0.88	1.89
BDFS02	K7087	143.00	144.00	1.00	Peg	0.72	1.55
BDFS02	K7088	144.00	144.50	0.50	Peg	0.08	0.17
BDFS02	K7089	144.50	145.00	0.50	Schist	0.13	0.28
BDFS02	K7090	153.00	153.84	0.84	Schist	0.12	0.26
BDFS02	K7091	153.84	154.90	1.06	Peg	0.29	0.62
BDFS02	K7092	156.00	157.15	1.15	Schist	0.18	0.39
BDFS02	K7093	157.15	157.70	0.55	Peg	0.73	1.57
BDFS02	K7094	159.00	159.61	0.61	Schist	0.12	0.26
BDFS02	K7095	159.61	160.75	1.14	Peg	0.02	0.04
BDFS02	K7096	160.75	161.75	1.00	Schist	0.10	0.22
BDFS03	K7097	1.50	2.50	1.00	Laterite + Soil	0.08	0.17		8.00
BDFS03	K7098	2.50	3.50	1.00	Sap + Peg	0.04	0.09
BDFS03	K7101	3.50	5.00	1.50	Sap of Peg	0.03	0.06
BDFS03	K7102	5.00	6.00	1.00	Sap of Peg	0.06	0.13
BDFS03	K7103	6.00	7.00	1.00	Sap of Peg	0.11	0.24
BDFS03	K7104	7.00	8.00	1.00	Sap of Peg	0.04	0.09
BDFS03	K7105	8.00	9.00	1.00	Sap of Peg	0.32	0.69	1.17	8.00
BDFS03	K7106	9.00	10.00	1.00	Saprock of Peg	0.82	1.77
BDFS03	K7107	10.00	11.00	1.00	Saprock of Peg	0.43	0.93
BDFS03	K7108	11.00	12.00	1.00	Saprock of Peg	0.60	1.29
BDFS03	K7109	12.00	13.00	1.00	Saprock of Peg	0.31	0.67
BDFS03	K7110	13.00	14.00	1.00	Saprock of Peg	0.05	0.11
BDFS03	K7111	14.00	15.00	1.00	Saprock of Peg	0.44	0.95
BDFS03	K7112	15.00	16.00	1.00	Peg	1.36	2.93

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BDFS03	K7113	16.00	17.00	1.00	Peg	0.23	0.50
BDFS03	K7114	17.00	18.00	1.00	Peg	0.15	0.32
BDFS03	K7115	18.00	18.35	0.35	Peg	0.05	0.11
BDFS03	K7116	18.35	19.35	1.00	Schist	0.11	0.24
BDFS03	K7117	38.00	39.00	1.00	Schist	0.16	0.34
BDFS03	K7118	39.00	40.00	1.00	Peg	0.38	0.82	1.58	59.30
BDFS03	K7121	40.00	41.00	1.00	Peg	0.78	1.68
BDFS03	K7122	41.00	42.00	1.00	Peg	0.77	1.66
BDFS03	K7123	42.00	43.00	1.00	Peg	0.49	1.05
BDFS03	K7124	43.00	44.00	1.00	Peg	0.53	1.14
BDFS03	K7125	44.00	45.00	1.00	Peg	0.69	1.49
BDFS03	K7126	45.00	46.00	1.00	Peg	0.61	1.31
BDFS03	K7127	46.00	47.00	1.00	Peg	0.47	1.01
BDFS03	K7128	47.00	48.00	1.00	Peg	0.58	1.25
BDFS03	K7129	48.00	49.00	1.00	Peg	0.71	1.53
BDFS03	K7131	49.00	50.00	1.00	Peg	0.55	1.18
BDFS03	K7132	50.00	51.00	1.00	Peg	0.82	1.77
BDFS03	K7133	51.00	52.00	1.00	Peg	0.97	2.09			1.76	38.00
BDFS03	K7134	52.00	53.00	1.00	Peg	0.96	2.07
BDFS03	K7135	53.00	54.00	1.00	Peg	0.64	1.38
BDFS03	K7136	54.00	55.00	1.00	Peg	0.69	1.49
BDFS03	K7137	55.00	56.00	1.00	Peg	0.72	1.55
BDFS03	K7138	56.00	57.00	1.00	Peg	0.51	1.10
BDFS03	K7141	57.00	58.00	1.00	Peg	0.76	1.64
BDFS03	K7142	58.00	59.00	1.00	Peg	0.98	2.11
BDFS03	K7143	59.00	60.00	1.00	Peg	0.90	1.94
BDFS03	K7144	60.00	61.00	1.00	Peg	0.75	1.61
BDFS03	K7145	61.00	62.00	1.00	Peg	1.15	2.48
BDFS03	K7146	62.00	63.00	1.00	Peg	0.56	1.21
BDFS03	K7147	63.00	64.00	1.00	Peg	0.56	1.21
BDFS03	K7148	64.00	65.00	1.00	Peg	0.85	1.83
BDFS03	K7149	65.00	66.00	1.00	Peg	1.17	2.52
BDFS03	K7150	66.00	67.00	1.00	Peg	0.78	1.68
BDFS03	K7151	67.00	68.00	1.00	Peg	0.83	1.79
BDFS03	K7152	68.00	69.00	1.00	Peg	1.01	2.17
BDFS03	K7153	69.00	70.00	1.00	Peg	0.80	1.72
BDFS03	K7154	70.00	71.00	1.00	Peg	0.71	1.53
BDFS03	K7155	71.00	72.00	1.00	Peg	0.77	1.66
BDFS03	K7156	72.00	73.00	1.00	Peg	0.63	1.36
BDFS03	K7157	73.00	74.00	1.00	Peg	0.80	1.72
BDFS03	K7158	74.00	75.00	1.00	Peg	0.86	1.85
BDFS03	K7161	75.00	76.00	1.00	Peg	0.77	1.66
BDFS03	K7162	76.00	77.00	1.00	Peg	0.81	1.74
BDFS03	K7163	77.00	78.00	1.00	Peg	0.68	1.46
BDFS03	K7164	78.00	79.00	1.00	Peg	0.60	1.29
BDFS03	K7165	79.00	80.00	1.00	Peg	0.77	1.66
BDFS03	K7166	80.00	81.00	1.00	Peg	0.89	1.92
BDFS03	K7167	81.00	82.00	1.00	Peg	1.15	2.48
BDFS03	K7168	82.00	83.00	1.00	Peg	0.74	1.59
BDFS03	K7169	83.00	84.00	1.00	Peg	0.99	2.13
BDFS03	K7171	84.00	85.00	1.00	Peg	0.96	2.07
BDFS03	K7172	85.00	86.00	1.00	Peg	0.65	1.40
BDFS03	K7173	86.00	87.00	1.00	Peg	0.66	1.42

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BDFS03	K7174	87.00	88.00	1.00	Peg	0.96	2.07
BDFS03	K7175	88.00	89.00	1.00	Peg	1.02	2.20
BDFS03	K7176	89.00	90.00	1.00	Peg	0.60	1.29
BDFS03	K7177	90.00	91.00	1.00	Peg	0.80	1.72
BDFS03	K7178	91.00	92.26	1.26	Peg	0.62	1.33
BDFS03	K7181	92.26	93.00	0.74	Schist	0.20	0.43
BDFS03	K7182	93.70	94.70	1.00	Schist	0.14	0.30
BDFS03	K7183	94.70	95.00	0.30	Peg	0.07	0.15
BDFS03	K7184	95.00	96.00	1.00	Peg	0.83	1.79
BDFS03	K7185	96.00	97.00	1.00	Peg	0.68	1.46
BDFS03	K7186	97.00	98.00	1.00	Peg	0.79	1.70
BDFS03	K7187	98.00	99.00	1.00	Peg	0.41	0.88
BDFS03	K7188	99.00	99.66	0.66	Peg	0.03	0.06
BDFS03	K7189	99.66	100.66	1.00	Schist	0.14	0.30

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Figure 2: Assay sample BDFS02 33m to 41m average 3.73% Li₂O

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Figure 3: Assay sample BDFS03 80 to 89m average 1.92% Li₂O

ABOUT FIRST LITHIUM

First Lithium (ASX code: FL1) is at the forefront of lithium exploration and sustainable development, focusing on pioneering projects like Blakala and Faraba in Mali. Our management team has significant in-country experience and specialist advisors with extensive lithium exploration and government relations expertise.

Our commitment goes beyond the pursuit of lithium riches; it’s about powering tomorrow responsibly. We recognise the global demand for lithium and are dedicated to positively impacting local communities while ensuring environmentally sensitive practices.

Ends-

The Board of Directors of First Lithium Ltd authorised this announcement to be given to the ASX.

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Further information contact:

Venkatesh Padala

Managing Director

T: +61 8 9481 0389 E: info@frstlithium.com.au

1 ASX Announcement 08/12/2023 – Blakala deposit continues to expand with step out drilling 2 ASX Announcement 04/12/23 – High grade average of 1.70% Li2O from first 2 outcrop sample lines at Blakala prospect

Competent Persons Statement

Except where indicated, exploration results above have been reviewed and compiled by Mr Kobus Badenhorst, a Competent Person who is a Member of SACNASP and the South African Geological Society (GSSA), with over 25 years of experience in metallic and energy mineral exploration and development, and as such has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Badenhorst is the Managing Director of GeoActiv Dynamic Geological Services and consents to the inclusion of this technical information in the format and context in which it appears.

Cautionary Statement – Visual Estimates

This announcement contains references to visual results and visual estimates of mineralisation. FL1 advises there is uncertainty in reporting visual results. Visual estimates of mineral findings should not be considered a substitute for laboratory analysis where concentrations or grades are provided with scientific accuracy. Visual estimates also potentially provide no information regarding impurities or other factors relevant to mineral result valuations. The presence of pegmatite rock does not necessarily indicate the presence of Lithium mineralisation. Laboratory chemical assays are required to determine the grade of mineralisation.

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Forward-Looking Statements

This announcement contains forward-looking statements which are identified by words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’, or ‘intends’ and other similar words that involve risks and uncertainties.

These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place.

Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and the Company’s management.

The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur, and investors are cautioned not to place undue reliance on these forward-looking statements.

The Company has no intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by law.

These forward-looking statements are subject to various risk factors that could cause the Company’s actual results to differ materially from the results expressed or anticipated in these statements.

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Appendix 1

BHID	SAMP ID	FROM (m)	TO (m)	Interval (m)	LITH	Li %	Li2O %	Visual Spodumene %
BDFS01	K6941	58.43	59.40	0.97	Diorite	0.21	0.45
BDFS01	K6942	59.40	60.00	0.60	Pegmatite	0.04	0.08	0
BDFS01	K6943	60.00	61.00	1.00	Pegmatite	0.12	0.26
BDFS01	K6944	61.00	62.00	1.00	Pegmatite	0.16	0.35	0
BDFS01	K6945	62.00	63.00	1.00	Pegmatite	0.05	0.12	0
BDFS01	K6946	63.00	63.99	0.99	Pegmatite	0.08	0.17	0
BDFS01	K6947	63.99	64.94	0.95	Pegmatite + Thin diorite	0.21	0.45	0
BDFS01	K6948	71.00	71.70	0.70	Diorite	0.18	0.39	0
BDFS01	K6949	71.70	72.00	0.30	Pegmatite	0.28	0.60	1 to 2
BDFS01	K6950	72.00	73.00	1.00	Pegmatite	0.28	0.60	1 to 2
BDFS01	K6951	73.00	74.00	1.00	Pegmatite	0.11	0.24	1 to 2
BDFS01	K6952	74.00	75.00	1.00	Pegmatite	0.09	0.18	0
BDFS01	K6953	75.00	76.00	1.00	Pegmatite	0.10	0.21	0
BDFS01	K6954	76.00	76.73	0.73	Pegmatite + Thin diorite	0.11	0.23	0
BDFS01	K6955	76.73	77.70	0.97	Diorite	0.17	0.37	0
BDFS02	K6956	31.00	31.70	0.70	Schist + Thin Pegmatite	0.25	0.54	0
BDFS02	K6957	31.70	32.00	0.30	Pegmatite	0.11	0.23	0
BDFS02	K6958	32.00	33.00	1.00	Pegmatite	0.03	0.07	0
BDFS02	K6961	33.00	34.00	1.00	Pegmatite	0.98	2.11	15
BDFS02	K6962	34.00	35.00	1.00	Pegmatite	1.94	4.19	15
BDFS02	K6963	35.00	36.00	1.00	Pegmatite	2.02	4.35	30
BDFS02	K6964	36.00	37.00	1.00	Pegmatite	2.00	4.31	30
BDFS02	K6965	37.00	38.00	1.00	Pegmatite	2.02	4.34	20
BDFS02	K6966	38.00	39.00	1.00	Pegmatite	2.29	4.93	15
BDFS02	K6967	39.00	40.00	1.00	Pegmatite	1.46	3.15	15
BDFS02	K6968	40.00	41.00	1.00	Pegmatite	1.14	2.45	2 to 15
BDFS02	K6969	41.00	42.00	1.00	Pegmatite	0.92	1.98	2
BDFS02	K6971	42.00	43.00	1.00	Pegmatite	0.94	2.03	15
BDFS02	K6972	43.00	44.00	1.00	Pegmatite	0.44	0.94	1
BDFS02	K6973	44.00	45.00	1.00	Pegmatite	0.20	0.44	1
BDFS02	K6974	45.00	46.00	1.00	Pegmatite	0.48	1.03	1
BDFS02	K6975	46.00	47.00	1.00	Pegmatite	0.16	0.34	1
BDFS02	K6976	47.00	48.00	1.00	Pegmatite	0.49	1.06	1 to 10
BDFS02	K6977	48.00	49.00	1.00	Pegmatite	0.77	1.65	10
BDFS02	K6978	49.00	50.00	1.00	Pegmatite	0.62	1.33	10
BDFS02	K6981	50.00	51.00	1.00	Pegmatite	0.85	1.82	2 to 20
BDFS02	K6982	51.00	52.00	1.00	Pegmatite	0.36	0.79	1
BDFS02	K6983	52.00	53.00	1.00	Pegmatite	0.64	1.37	5 to 10
BDFS02	K6984	53.00	54.00	1.00	Pegmatite	0.06	0.14	1
BDFS02	K6985	54.00	55.00	1.00	Pegmatite	0.08	0.18	1
BDFS02	K6986	55.00	56.00	1.00	Pegmatite	0.10	0.21	1
BDFS02	K6987	56.00	57.00	1.00	Pegmatite	0.13	0.27	1
BDFS02	K6988	57.00	58.00	1.00	Pegmatite	0.30	0.66	0
BDFS02	K6989	58.00	59.00	1.00	Pegmatite	0.10	0.21	0
BDFS02	K6990	59.00	60.00	1.00	Pegmatite	0.69	1.49	0 to 15
BDFS02	K6991	60.00	61.00	1.00	Pegmatite	0.33	0.71	0
BDFS02	K6992	61.00	62.00	1.00	Pegmatite	0.14	0.30	0
BDFS02	K6993	62.00	63.00	1.00	Pegmatite	0.11	0.24	0
BDFS02	K6994	63.00	64.00	1.00	Pegmatite	0.39	0.84	5

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BDFS02	K6995	64.00	65.00	1.00	Pegmatite	0.37	0.80	0
BDFS02	K6996	65.00	66.00	1.00	Pegmatite	0.13	0.28	0
BDFS02	K6997	66.00	67.00	1.00	Pegmatite	0.23	0.50	0
BDFS02	K6998	67.00	68.00	1.00	Pegmatite	0.11	0.24	0
BDFS02	K7001	68.00	69.00	1.00	Pegmatite	0.08	0.17	0
BDFS02	K7002	69.00	70.00	1.00	Pegmatite	0.09	0.19	1
BDFS02	K7003	70.00	71.00	1.00	Pegmatite	0.28	0.60	5
BDFS02	K7004	71.00	72.00	1.00	Pegmatite	0.81	1.74	5
BDFS02	K7005	72.00	73.00	1.00	Pegmatite	0.55	1.18	5
BDFS02	K7006	73.00	74.00	1.00	Pegmatite	0.99	2.13	20
BDFS02	K7007	74.00	75.00	1.00	Pegmatite	1.02	2.20	20
BDFS02	K7008	75.00	76.00	1.00	Pegmatite	0.87	1.87	20
BDFS02	K7009	76.00	77.00	1.00	Pegmatite	0.81	1.74	5
BDFS02	K7010	77.00	78.00	1.00	Pegmatite	0.76	1.64	10
BDFS02	K7011	78.00	79.00	1.00	Pegmatite	1.14	2.45	10
BDFS02	K7012	79.00	80.00	1.00	Pegmatite	0.84	1.81	15
BDFS02	K7013	80.00	81.00	1.00	Pegmatite	0.98	2.11	15
BDFS02	K7014	81.00	82.00	1.00	Pegmatite	0.93	2.00	15
BDFS02	K7015	82.00	83.00	1.00	Pegmatite	0.76	1.64	6
BDFS02	K7016	83.00	84.00	1.00	Pegmatite	0.79	1.70	10
BDFS02	K7017	84.00	85.00	1.00	Pegmatite	0.72	1.55	5
BDFS02	K7018	85.00	86.00	1.00	Pegmatite	0.27	0.58	3
BDFS02	K7021	86.00	87.00	1.00	Pegmatite	0.42	0.90	0
BDFS02	K7022	87.00	88.00	1.00	Pegmatite	1.05	2.26	5
BDFS02	K7023	88.00	89.00	1.00	Pegmatite	0.96	2.07	5
BDFS02	K7024	89.00	90.00	1.00	Pegmatite	0.84	1.81	5
BDFS02	K7025	90.00	91.00	1.00	Pegmatite	0.39	0.84	2
BDFS02	K7026	91.00	92.00	1.00	Pegmatite	0.12	0.26	0
BDFS02	K7027	92.00	93.00	1.00	Pegmatite	0.17	0.37	0
BDFS02	K7028	93.00	94.00	1.00	Pegmatite	0.12	0.26	0
BDFS02	K7029	94.00	95.00	1.00	Pegmatite	0.53	1.14	5
BDFS02	K7031	95.00	96.00	1.00	Pegmatite	0.82	1.77	5
BDFS02	K7032	96.00	97.00	1.00	Pegmatite	0.81	1.74	5
BDFS02	K7033	97.00	98.00	1.00	Pegmatite	0.74	1.59	2
BDFS02	K7034	98.00	99.00	1.00	Pegmatite	1.12	2.41	5
BDFS02	K7035	99.00	100.00	1.00	Pegmatite	0.36	0.78	0
BDFS02	K7036	100.00	101.00	1.00	Pegmatite	0.78	1.68	5
BDFS02	K7037	101.00	102.00	1.00	Pegmatite	0.96	2.07	5
BDFS02	K7038	102.00	103.00	1.00	Pegmatite	1.11	2.39	5
BDFS02	K7041	103.00	104.00	1.00	Pegmatite	0.90	1.94	5
BDFS02	K7042	104.00	105.00	1.00	Pegmatite	0.89	1.92	5
BDFS02	K7043	105.00	106.00	1.00	Pegmatite	0.70	1.51	5-10
BDFS02	K7044	106.00	107.00	1.00	Pegmatite	0.75	1.61	1-2
BDFS02	K7045	107.00	108.00	1.00	Pegmatite	0.22	0.47	1-2
BDFS02	K7046	108.00	109.00	1.00	Pegmatite	0.45	0.97	1-2
BDFS02	K7047	109.00	110.00	1.00	Pegmatite	0.65	1.40	5-10
BDFS02	K7048	110.00	111.00	1.00	Pegmatite	1.09	2.35	5-10
BDFS02	K7049	111.00	112.00	1.00	Pegmatite	0.62	1.33	5-10
BDFS02	K7050	112.00	113.00	1.00	Pegmatite	0.70	1.51	5-10
BDFS02	K7051	113.00	114.00	1.00	Pegmatite	0.43	0.93	2
BDFS02	K7052	114.00	115.00	1.00	Pegmatite	1.00	2.15	2
BDFS02	K7053	115.00	116.00	1.00	Pegmatite	0.15	0.32	10
BDFS02	K7054	116.00	117.00	1.00	Pegmatite	1.04	2.24	10

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BDFS02	K7055	117.00	118.00	1.00	Pegmatite	0.92	1.98	10
BDFS02	K7056	118.00	119.00	1.00	Pegmatite	0.62	1.33	10
BDFS02	K7057	119.00	119.50	0.50	Pegmatite	0.85	1.83	10
BDFS02	K7058	119.50	120.00	0.50	Pegmatite	0.93	2.00	10
BDFS02	K7061	120.00	121.00	1.00	Pegmatite	1.06	2.28	10
BDFS02	K7062	121.00	122.00	1.00	Pegmatite	0.88	1.89	10
BDFS02	K7063	122.00	123.00	1.00	Pegmatite	0.79	1.70	10
BDFS02	K7064	123.00	124.00	1.00	Pegmatite	0.71	1.53	10
BDFS02	K7065	124.00	125.00	1.00	Pegmatite	0.83	1.79	10
BDFS02	K7066	125.00	126.00	1.00	Pegmatite	0.69	1.49	10
BDFS02	K7067	126.00	127.00	1.00	Pegmatite	0.88	1.89	10
BDFS02	K7068	127.00	128.00	1.00	Pegmatite	1.03	2.22	10
BDFS02	K7069	128.00	129.00	1.00	Pegmatite	1.02	2.20	10
BDFS02	K7071	129.00	130.00	1.00	Pegmatite	0.93	2.00	10-15
BDFS02	K7072	130.00	131.00	1.00	Pegmatite	0.84	1.81	10-15
BDFS02	K7073	131.00	132.00	1.00	Pegmatite	0.98	2.11	10
BDFS02	K7074	132.00	133.00	1.00	Pegmatite	1.11	2.39	10
BDFS02	K7075	133.00	134.00	1.00	Pegmatite	0.96	2.07	10
BDFS02	K7076	134.00	135.00	1.00	Pegmatite	1.16	2.50	10
BDFS02	K7077	135.00	136.00	1.00	Pegmatite	0.85	1.83	10
BDFS02	K7078	136.00	137.00	1.00	Pegmatite	0.85	1.83	10
BDFS02	K7081	137.00	138.00	1.00	Pegmatite	1.13	2.43	10
BDFS02	K7082	138.00	139.00	1.00	Pegmatite+ Schist	0.83	1.79	10
BDFS02	K7083	139.00	140.00	1.00	Pegmatite	0.39	0.84	3
BDFS02	K7084	140.00	141.00	1.00	Pegmatite	0.98	2.11	10
BDFS02	K7085	141.00	142.00	1.00	Pegmatite	0.67	1.44	10
BDFS02	K7086	142.00	143.00	1.00	Pegmatite	0.88	1.89	10
BDFS02	K7087	143.00	144.00	1.00	Pegmatite	0.72	1.55	10
BDFS02	K7088	144.00	144.50	0.50	Pegmatite	0.08	0.17	10
BDFS02	K7089	144.50	145.00	0.50	Schist	0.13	0.28	0
BDFS02	K7090	153.00	153.84	0.84	Schist	0.12	0.26	0
BDFS02	K7091	153.84	154.90	1.06	Pegmatite	0.29	0.62	2
BDFS02	K7092	156.00	157.15	1.15	Schist	0.18	0.39	0
BDFS02	K7093	157.15	157.70	0.55	Pegmatite	0.73	1.57	2
BDFS02	K7094	159.00	159.61	0.61	Schist	0.12	0.26	0
BDFS02	K7095	159.61	160.75	1.14	Pegmatite	0.02	0.04	1
BDFS02	K7096	160.75	161.75	1.00	Schist	0.10	0.22	0
BDFS03	K7097	1.50	2.50	1.00	Laterite + Soil	0.08	0.17	0
BDFS03	K7098	2.50	3.50	1.00	Saprolite + Pegmatite	0.04	0.09	0
BDFS03	K7101	3.50	5.00	1.50	Saprolite of Pegmatite	0.03	0.06	0
BDFS03	K7102	5.00	6.00	1.00	Saprolite of Pegmatite	0.06	0.13	0
BDFS03	K7103	6.00	7.00	1.00	Saprolite of Pegmatite	0.11	0.24	0
BDFS03	K7104	7.00	8.00	1.00	Saprolite of Pegmatite	0.04	0.09	0
BDFS03	K7105	8.00	9.00	1.00	Saprolite of Pegmatite	0.32	0.69	0
BDFS03	K7106	9.00	10.00	1.00	Saprock of Pegmatite	0.82	1.77	0
BDFS03	K7107	10.00	11.00	1.00	Saprock of Pegmatite	0.43	0.93	0
BDFS03	K7108	11.00	12.00	1.00	Saprock of Pegmatite	0.60	1.29	0
BDFS03	K7109	12.00	13.00	1.00	Saprock of Pegmatite	0.31	0.67	0
BDFS03	K7110	13.00	14.00	1.00	Saprock of Pegmatite	0.05	0.11	0
BDFS03	K7111	14.00	15.00	1.00	Saprock of Pegmatite	0.44	0.95	0
BDFS03	K7112	15.00	16.00	1.00	Pegmatite	1.36	2.93	5-10
BDFS03	K7113	16.00	17.00	1.00	Pegmatite	0.23	0.50	1-2
BDFS03	K7114	17.00	18.00	1.00	Pegmatite	0.15	0.32	1-2

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ASX ANNOUNCEMENT
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BDFS03	K7115	18.00	18.35	0.35	Pegmatite	0.05	0.11	0
BDFS03	K7116	18.35	19.35	1.00	Schist	0.11	0.24	0
BDFS03	K7117	38.00	39.00	1.00	Schist	0.16	0.34	0
BDFS03	K7118	39.00	40.00	1.00	Pegmatite	0.38	0.82	5
BDFS03	K7121	40.00	41.00	1.00	Pegmatite	0.78	1.68	5
BDFS03	K7122	41.00	42.00	1.00	Pegmatite	0.77	1.66	5-15
BDFS03	K7123	42.00	43.00	1.00	Pegmatite	0.49	1.05	5-15
BDFS03	K7124	43.00	44.00	1.00	Pegmatite	0.53	1.14	5-15
BDFS03	K7125	44.00	45.00	1.00	Pegmatite	0.69	1.49	5-15
BDFS03	K7126	45.00	46.00	1.00	Pegmatite	0.61	1.31	5-15
BDFS03	K7127	46.00	47.00	1.00	Pegmatite	0.47	1.01	0-2
BDFS03	K7128	47.00	48.00	1.00	Pegmatite	0.58	1.25	5-15
BDFS03	K7129	48.00	49.00	1.00	Pegmatite	0.71	1.53	5-15
BDFS03	K7131	49.00	50.00	1.00	Pegmatite	0.55	1.18	0-5
BDFS03	K7132	50.00	51.00	1.00	Pegmatite	0.82	1.77	5-15
BDFS03	K7133	51.00	52.00	1.00	Pegmatite	0.97	2.09	5-15
BDFS03	K7134	52.00	53.00	1.00	Pegmatite	0.96	2.07	5-15
BDFS03	K7135	53.00	54.00	1.00	Pegmatite	0.64	1.38	10
BDFS03	K7136	54.00	55.00	1.00	Pegmatite	0.69	1.49	5-20
BDFS03	K7137	55.00	56.00	1.00	Pegmatite	0.72	1.55	5-20
BDFS03	K7138	56.00	57.00	1.00	Pegmatite	0.51	1.10	5-20
BDFS03	K7141	57.00	58.00	1.00	pegmatite	0.76	1.64	10
BDFS03	K7142	58.00	59.00	1.00	pegmatite	0.98	2.11	10-30
BDFS03	K7143	59.00	60.00	1.00	pegmatite	0.90	1.94	10-30
BDFS03	K7144	60.00	61.00	1.00	pegmatite	0.75	1.61	10-30
BDFS03	K7145	61.00	62.00	1.00	pegmatite	1.15	2.48	10-30
BDFS03	K7146	62.00	63.00	1.00	pegmatite	0.56	1.21	10-30
BDFS03	K7147	63.00	64.00	1.00	pegmatite	0.56	1.21	10-30
BDFS03	K7148	64.00	65.00	1.00	pegmatite	0.85	1.83	10-30
BDFS03	K7149	65.00	66.00	1.00	pegmatite	1.17	2.52	10-30
BDFS03	K7150	66.00	67.00	1.00	pegmatite	0.78	1.68	10-30
BDFS03	K7151	67.00	68.00	1.00	pegmatite	0.83	1.79	10-30
BDFS03	K7152	68.00	69.00	1.00	pegmatite	1.01	2.17	10-30
BDFS03	K7153	69.00	70.00	1.00	pegmatite	0.80	1.72	10-30
BDFS03	K7154	70.00	71.00	1.00	pegmatite	0.71	1.53	10-30
BDFS03	K7155	71.00	72.00	1.00	pegmatite	0.77	1.66	10-30
BDFS03	K7156	72.00	73.00	1.00	pegmatite	0.63	1.36	10-30
BDFS03	K7157	73.00	74.00	1.00	pegmatite	0.80	1.72	10-30
BDFS03	K7158	74.00	75.00	1.00	pegmatite	0.86	1.85	10-30
BDFS03	K7161	75.00	76.00	1.00	pegmatite	0.77	1.66	10-30
BDFS03	K7162	76.00	77.00	1.00	pegmatite	0.81	1.74	10-30
BDFS03	K7163	77.00	78.00	1.00	pegmatite	0.68	1.46	5-10
BDFS03	K7164	78.00	79.00	1.00	pegmatite	0.60	1.29	10-15
BDFS03	K7165	79.00	80.00	1.00	pegmatite	0.77	1.66	10-15
BDFS03	K7166	80.00	81.00	1.00	pegmatite	0.89	1.92	10-15
BDFS03	K7167	81.00	82.00	1.00	pegmatite	1.15	2.48	10-15
BDFS03	K7168	82.00	83.00	1.00	pegmatite	0.74	1.59	5-10
BDFS03	K7169	83.00	84.00	1.00	pegmatite	0.99	2.13	5-10
BDFS03	K7171	84.00	85.00	1.00	Pegmatite	0.96	2.07	5-10
BDFS03	K7172	85.00	86.00	1.00	Pegmatite	0.65	1.40	5-10
BDFS03	K7173	86.00	87.00	1.00	Pegmatite	0.66	1.42	5-10
BDFS03	K7174	87.00	88.00	1.00	Pegmatite	0.96	2.07	5-10
BDFS03	K7175	88.00	89.00	1.00	Pegmatite	1.02	2.20	5-10

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ASX ANNOUNCEMENT
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BDFS03	K7176	89.00	90.00	1.00	Pegmatite	0.60	1.29	5-10
BDFS03	K7177	90.00	91.00	1.00	Pegmatite	0.80	1.72	5-10
BDFS03	K7178	91.00	92.26	1.26	Pegmatite	0.62	1.33	5-10
BDFS03	K7181	92.26	93.00	0.74	Schist	0.20	0.43	0
BDFS03	K7182	93.70	94.70	1.00	Schist	0.14	0.30	0
BDFS03	K7183	94.70	95.00	0.30	Pegmatite	0.07	0.15	0-5
BDFS03	K7184	95.00	96.00	1.00	Pegmatite	0.83	1.79	5-10
BDFS03	K7185	96.00	97.00	1.00	Pegmatite	0.68	1.46	5-10
BDFS03	K7186	97.00	98.00	1.00	Pegmatite	0.79	1.70	5-10
BDFS03	K7187	98.00	99.00	1.00	Pegmatite	0.41	0.88	0-2
BDFS03	K7188	99.00	99.66	0.66	Pegmatite	0.03	0.06	1
BDFS03	K7189	99.66	100.66	1.00	Schist	0.14	0.30	0

FIRST LITHIUM LIMITED ACN 009 081 770

Level 8, London House 216 St. Georges Terrace Perth Western Australia 6000

Tel: +61 (08) 9481 0389 Facsimile: +61 (08) 9463 6103 http://firstlithium.com.au

CONTACT: Venkatesh Padala Managing Director Tel: +61 8 9481 0389 info@firstlithium.com.au

DIRECTORS

Lee Christensen Venkatesh Padala Jason Ferris Andrew Law CODE: ASX: FL1

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Appendix 1

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. • • • •	Diamond drilling at Blakala Diamond drilling of HQ and NQ2 core size holes was used to obtain core for sampling and analysis. All logging and sampling took place according to detailed Standard Procedure documents. The core was first accurately fitted to the orientation line (bottom of hole) of the orientated core accurately drawn with a permanent paint marker; logging took place using the orientation line, and sampling was then marked on the retention portion of the core. Sampling still to take place, with ½ core sampling to happen.
Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • •	Diamond wireline drillholes of HQ and NQ2 core size of a planned 6,000m drilling program at Blakala Prospect. The drill core was downhole orientated using the electronic REFLEX ACT III tool; a core orientation line was marked for all geological and sampling depth information.

1

Criteria	Criteria	JORC Code explanation	Commentary
			•Diamond drilling is considered a standard industry drilling technique for
			vein or pegmatite deposits.
			•The drilling rig used was a YS1500 with a Cummins QSB 6.7 engine.
			Diamond drill rods used were 3m long.
			•The holes are inclined at -50° to -60°.
			•The drilling onsite is governed by a Daimond Drilling Guideline to
			ensure consistency in application of the method between geologists
			and drillers.
Drill	sample	• Method of recording and assessing core and chip sample recoveries	•Drill sample recovery is monitored by measuring and recording the total
recovery		and results assessed.	core recovery on a drill run basis for the entire hole.
		• Measures taken to maximise sample recovery and ensure	•Core recovery data is entered into the project drillhole database.
		representative nature of the samples.	•RQD data is collected and core recoveries and associated RQD % for
		• Whether a relationship exists between sample recovery and grade and	runs studied, where 100% recovery not obtained.
		whether sample bias may have occurred due to preferential loss/gain	•Very good recovery and generally solid core was found in the 3
		of fine/coarse material.	drillholes.
Logging		• Whether core and chip samples have been geologically and	•Core logging took place only after careful fitting of all core, followed by
		geotechnically logged to a level of detail to support appropriate Mineral	the orientation of the core from the Reflex orientation data, followed by
		Resource estimation, mining studies and metallurgical studies.	core recovery and RQD data collection.
		• Whether logging is qualitative or quantitative in nature. Core (or	•Detailed and appropriate lithological, structural and weathering logging
		_costean, channel, etc) photography. _	tookplace onthefullcore using the orientation linefor interval

2

Criteria	Criteria		JORC Code explanation	Commentary
			• The total length and percentage of the relevant intersections logged.	measurements.
				•All logging data is entered into the project drillhole database.
				• Sampling stillto take place.
Sub-sampling			• If core, whether cut or sawn and whether quarter, half or all core taken.	•All pegmatite intersections were sampled, as well as all the thin schist
techniques			• If non-core, whether riffled, tube sampled, rotary split, etc and whether	bands within the pegmatites.
and	sample		sampled wet or dry.	•Bulk Density via wet-dry Archimedes technique is still to take place.
preparation			• For all sample types, the nature, quality and appropriateness of the
			sample preparation technique.
			• Quality control procedures adopted for all sub-sampling stages to
			maximise representivity of samples.
			• Measures taken to ensure that the sampling is representative of the in
			situ material collected, including for instance results for field
			duplicate/second-half sampling.
			• Whether sample sizes are appropriate to the grain size of the material
			_being sampled. _
Quality		of	• The nature, quality and appropriateness of the assaying and laboratory	• Samples sent to the analytical laboratory (SGS in Johannesburg, South
assay	data		procedures used and whether the technique is considered partial or	Africa), with assay results for first three drillholes BDFS01 to BDFS03
and			total.	reported on 20 December 2023.
laboratory			• For geophysical tools, spectrometers, handheld XRF instruments, etc,
tests			the parameters used in determining the analysis including instrument
			make and model, reading times, calibrations factors applied and their
			derivation, etc.
			• Nature of quality control procedures adopted (eg standards, blanks,
			duplicates, external laboratory checks) and whether acceptable levels
			_of accuracy (ie lack of bias) and precision have been established. _
Verification		of	• The verification of significant intersections by either independent or	•On site logging took place with experienced geologists, and a senior
sampling and			alternative company personnel.	company geologist checking all the logging being undertaken.
assaying			• The use of twinned holes.	•The geological field data is manually transcribed into a master
			• Documentation of primary data, data entry procedures, data	Microsoft Excel spreadsheet which is appropriate for this stage in the
			verification, data storage (physical and electronic) protocols.	exploration program.
			Discuss any adjustment to assay data.	•The raw field data is checked in the Microsoft Excel format first to
				identify any obvious errors or outlier data. The data is then imported
				into a Microsoft Access database where it is subjected to various
				validation queries.
Location		of	•Accuracy and quality of surveys used to locate drill holes (collar and	•Dillhole locations were recorded using a hand held GPS, collars will be
data points			down-hole surveys), trenches, mine workings and other locations used	surveyed via DGPS.
			in Mineral Resource estimation.	•Down-holeverticality surveys are done onall holes bymultishot survey.

3

Criteria		JORC Code explanation	Commentary
		•Specification of the grid system used.	•A Digital Terrain Model (DTM) will still be conducted on the project.
		•Quality and adequacy of topographic control.
Data spacing		• Data spacing for reporting of Exploration Results.	•Drilling is taking place in phases, the current				inter-drillhole spacing is
and			80m, this spacing will be filled in during follow-up drilling phases.
distribution		•Whether the data spacing and distribution is sufficient to establish the
		degree of geological and grade continuity appropriate for the Mineral
		Resource and Ore Reserve estimation procedure(s) and classifications
		applied.
		•Whether sample compositing has been applied_._
Orientation	of	•Whether the orientation of sampling achieves unbiased sampling of	•Intersection	thicknesses	are	reported	incorporating	deeper
data	in	possible structures and the extent to which this is known, considering	intersections	of the pegmatites confirming dip			and thickness.
relation	to	the deposit type.
geological		•If the relationship between the drilling orientation and the orientation of
structure		key mineralised structures is considered to have introduced a sampling
		bias, this should be assessed and reported if material.

4

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • •	Permits for the Mali Lithium project are in their first renewal period granted by the original Mali decree “Order No. 2022-0276/MMEE-SG” (Blakala Prospect permit) and “Order No. 2022-0275/MMEE-SG” (Gouna permit). Both permits are valid for the exploration of Group 3 elements (Li, Co, Cr, Nb, Ni, PGE, REE, Sn, Ta, Ti, V, W and Zr) and are considered early stage Li exploration projects. On Mali's online repository, the Faraba permit is valid from March 16, 2021 to March 16, 2024, and the Gouna permit is valid from May 15, 2021 to May 15, 2024.
Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • • •	Historic exploration work was completed by Russian geologists during 1963-64. Geological prospecting was carried out in the central part of the Bougouni pegmatite field. The Company has obtained the digital data in relation to this historic information. The historic results have not been reported.
Geology • Deposit type, geological setting and style of mineralisation. • • •	Blakala Prospect Blakala prospect in the Gouna licence is Palaeo-Proterozoic in age. The regional lithological assemblages comprise of felsic intrusives such as granite, granodiorites, and schists of variable composition and laterite. The schists have a metasedimentary origin with coarse grains of quartz and mica, which have been subjected to multiple deformations to form schists. The pegmatites are a pale greyish-white colour, fresh hand specimen shows a whitish-earthy matrix of feldspar with phenocrysts of spodumene, quartz and muscovite. The pegmatites have a varied width from a few centimetres to up to 45 meters where the two separate pegmatite bands merge together.
Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL(Reduced Level –elevation above sea level in • •	Summary drill hole information is presented in the body of the text in Table 1 for Li results only, full results are presented in Appendix 1. Drillhole information reported in ASX:FL1 13/11/23 Spodumene mineralized pegmatite intercepted in all 8 holes drilled at Blakala

5

Criteria		JORC Code explanation	Commentary	Commentary
		metres) of the drill hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
		• If the exclusion of this information is justified on the basis that the
		information is not Material and this exclusion does not detract from the
		understanding of the report, the Competent Person should clearly
		_explain why this is the case. _
Data		• In reporting Exploration Results, weighting averaging techniques,	•	No upper or lower grade cut-offs have been used.
aggregation methods		maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	• •	The pegmatite in the drillhole intersections are mineralised throughout in the results received, no low grade or very low grade areas were aggregated in the intercepts. Intercepts are weighted and shown in Table 1 of the main body, all outcrop sampling results are shown in the table.
		• The assumptions used for any reporting of metal equivalent values	•	The Li to Li₂O conversion of 2.153 has been used.
		should be clearly stated.
Relationship		• These relationships are particularly important in the reporting of	•The	pegmatites generally dip at -80° to the west at Blakala. The
between		Exploration Results.	diamond holes are drilled perpendicular to the general strike of the
mineralisation		• If the geometry of the mineralisation with respect to the drill hole angle	pegmatite bodies, at a dip of -60° for the first hole, -50° for the rest.
widths	and	is known, its nature should be reported.	•The	pegmatites generally dip at -70° to the south-west. The diamond
intercept lengths		• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true	holes are drilled perpendicular to the general strike of the pegmatite bodies, at a dip of -50°.
		width not known’).	•Downhole widths are reported.
Diagrams		• Appropriate maps and sections (with scales) and tabulations of	•Figures are displayed in the main text.
		intercepts should be included for any significant discovery being
		reported These should include, but not be limited to a plan view of drill
		_hole collar locations and appropriate sectional views. _
Balanced		• Where comprehensive reporting of all Exploration Results is not	•NA
reporting		practicable, representative reporting of both low and high grades
		and/or widths should be practiced to avoid misleading reporting of
		_Exploration Results. _

6

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. •	No other material exploration information has been gathered by the Company.
Further work • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • • • • • •	Blakala Prospect An 8,000m diamond drilling program is taking place, with the first nineteen (19) holes completed. Drilling to be done in phases with initial drilling c 25m from the outcrop and holes 80m apart, follow up phases will infill this drilling and also drill deper vertical depth intersections Additional trenching and trench sampling is taking place. Faraba Prospect A 2,000m diamond drilling program is taking place, with the first five (5) holes completed of the current program. Drilling to be done in phases with initial drilling holes 80m apart, follow up phases will infill this drilling and also drill deper vertical depth intersections Additional trenching and trench sampling is taking place.

7