FIRST LITHIUM LIMITED — Interim / Quarterly Report 2022

Apr 28, 2022

ASX Announcement

29 April 2022

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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

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

Joseph van den Elsen (Managing Director)

Emmanuel Correia (Non-Executive Director)

Andrew Law (Non-Executive Director)

31 March 2022 Quarterly Activities Report & Appendix 5B

• During the quarter, the Company continued to advance the assessment and evaluation of its Messok East and Boulbi Projects.

• The Company’s Managing Director spent time during the quarter in Cameroon, assessing a complementary acquisition opportunity.

• As at 31 March 2022, Ookami held cash reserves of $4,290,000.

• Subsequent to the quarter’s end, Ookami entered into an agreement under which it will have the right to acquire up to an 85% interest in a Rutile and Heavy Mineral Sands Project in Cameroon.

• Subsequent to the quarter’s end, and concurrent with the aforementioned acquisition, the Company announced a ~$2 million capital raising via a ~A$1.35 million placement and a ~A$683,000 fully underwritten entitlement offer.

Company Secretary: Justin Mouchacca

Securities on Issue: 37,946,667 ordinary shares 3,500,000 unlisted options

Current Share Price – $0.175 (as at 28 April 2022)

Market capitalisation – ~$6.6m (as at 28 April 2022)

Cash at Bank – $4.29M (as at 31 March 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 Limited (ASX: OOK) (“Ookami” or the “Company”) provides the following report and attached Appendix 5B to its shareholders for the quarter ending 31 March 2022.

Exploration activities

During the quarter Ookami’s Managing Director returned to Cameroon to continue discussions with local service providers and stakeholders and to assess complementary acquisition opportunities.

Subsequent to the quarter’s end, the Company announced that it had entered into a share sale agreement to acquire 100% of the issued share capital of African Mining Corporation Pty Ltd ( AMC ) ( Transaction ). AMC has the right to earn up to an 85% equity interest in three Cameroonian incorporated entities, Heritage Mining Ltd, Mungo Resources Ltd and Elephant Mining Ltd (together, the Cameroonian Companies ), which have applied for six mineral exploration permits in southern Cameroon ( Permits ). These Permits cover a total area of approximately 2,600km[2] and are considered prospective for Rutile and Heavy Mineral Sands ( HMS ) ( Transaction ).

In connection with the Transaction, the Company has received firm commitments for a placement to institutional, professional and sophisticated investors to raise ~A$1.35 million (before costs) and will also undertake a fully underwritten pro rata non-renounceable entitlement offer to existing shareholders to raise an additional ~A$683,000 (before costs) (together, the Capital Raising ). Funds raised from the Capital Raising will be used to fund exploration at the Permits and working capital purposes.

To support the Company’s activities, the Company is pleased to also announce the appointment of Andrew Law to the Board as an Independent Technical Director. Andrew has over 35 years’ experience in the mining and resources industry in Australia, Africa and South America and has extensive technical and management experience including large mineral sands dry mining and dredging environments.

Joseph van den Elsen, the Company’s Managing Director, will transition to a Non-Executive Director role.

Exploration Expenditure

The table below compares the Company’s actual expenditure against the 2 Year Use of Funds table contained in the Replacement Prospectus dated 23 April 2021:

Use of funds as contained in the Prospectus	2 Year Use of Funds as contained in the Prospectus	Actual amount spent to date (for the period between 14 July and 31 March 2022)
Boulbi Project Exploration Expenditure	$2,500,000	$124,500
Messok East Project Exploration Expenditure	$700,000	$112,100
Corporate Administration and Loan Repayment	$815,000	$668,728
Working Capital	$1,027,373	-
Costs of the Offers	$735,400	$725,350
Total	$5,777,773	$1,630,678

Summary of Corporate activity

Subsequent to the quarter’s end, the Company announced the proposed acquisition of a Cameroonian HMS Project, a Capital Raising and the appointment of a Technical Director.

Summary of Cash Flows

Ookami finished the quarter with cash reserves of $4,290,000.

Appendix 5B related party payments

Payments to related parties of $63k for Director remuneration were made during the December 2021 quarter.

Interests in Mining Tenements

Below is a summary of the mining tenements held by the Company at the end of the quarter:

Mining Project	Location	Beneficial Percentage held	Interest acquired/farm-in or disposed/farm-out during the quarter
Messok East Project – Licence No. 000095	Republic of Cameroon, Africa	100%	100%
Boulbi Project – Licence No. 000502	Republic of Senegal, Africa	51%	51%

-Ends-

This report and the attached Appendix 5B have been authorised for release by the Board of Ookami Limited.

For more information, please contact:

Investor enquiries:

Joseph van den Elsen Managing Director: P: +61 (0)3 8630 3321

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

About Ookami Limited

The Company

was readmitted to the Official List (ASX code: OOK) in July 2021 and 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.

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity OOKAMI LIMITED ABN Quarter ended (“current quarter”) 67 009 081 770 31 March 2022

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (if expensed) (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (Transaction costs) 1.9 Net cash from / (used in) operating activities	- (69) - - (26) (71) - - - - - -	- (245) - - (219) (333) - - - - - (179)
	(166)	(976)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (if capitalised) (e) investments (f) other non-current assets	- - (2) - - -	- - (2) - - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	20 - - - - - - -
	(2)	18
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - - - - - - - -	5,779 - - (489) 3 (78) (11) - -
	-	5,204
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	4,458 (166) (2) -	38 (976) 18 5,204

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash acquired on acquisition of assets 4.6 Cash and cash equivalents at end of period	-	-
	-	6
	4,290	4,290
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	4,275 15 - -	4,443 15 - -
	4,290	4,458
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 63 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note : If any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Aggregate amount paid to Directors.		63
		-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-
	N/A

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (166) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (166) Cash and cash equivalents at quarter end (item 4.6) 4,290 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 4,290 Estimated quarters of funding available (item 8.6 divided by item 8.3) 26 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(166) - (166) 4,290 -
		4,290
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

29 April 2022

Date: ...................................................................................

The Board of Directors

Authorised by: ...................................................................................

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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