FIRST LITHIUM LIMITED — Interim / Quarterly Report 2021

Jan 26, 2022

27 January 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

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

Joseph van den Elsen (Managing Director)

Emmanuel Correia (Non-Executive Director)

Company Secretary: Justin Mouchacca

Securities on Issue:

31 December 2021 Quarterly Activities Report & Appendix 5B

• On 10 October 2021, the Company provided shareholders with a Project Update on the Messok East Project.

• On 19 December 2021, the Company provided shareholders with a Project Update on the Boulbi Permit.

• During the quarter, the Company completed the Small Share Holding Sale Facility announced on 20 September 2021.

• The Company sought and obtained shareholder approval to cancel 201,657 fully paid ordinary shares previously issued as collateral for an At The Market facility.

• The assessment and evaluation by the Board of complementary acquisition opportunities remained ongoing.

• As at 31 December 2021, Ookami held cash reserves of $4,458,000.

37,946,667 ordinary shares 3,500,000 unlisted options

Current Share Price – $0.18 (as at 25 January 2022)

Market capitalisation – ~$7.6m (as at 25 January 2022)

Cash at Bank – $4.46M (as at 31 December 21)

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 December 2021.

Exploration activities

During the quarter Ookami’s Managing Director made several trips to Cameroon and discussions with local service providers and stakeholders remain ongoing.

On 11 October 2021, the Company provided shareholders with an update on the Messok East Co-Ni Project. SRK Exploration Services ( SRK) completed a detailed desk top review of available geological data and identified a range of exploration targets across the project based on coincident digital elevation model ( DEM ), magnetic anomalies and field observations.

On 19 December 2021, the Company provided shareholders with an update on the Boulbi Cu Project. SRK completed a detailed desktop study of available geological data and identified 20 exploration targets across the project based on analysis and reprocessing of satellite imagery and geophysical and geochemical data using modern techniques. A review and reprocessing of available soil geochemistry datasets through multivariate statistical methods also identified 4 additional exploration targets for Cu-Zn mineralisation.

The Board continues to evaluate and assess complementary acquisition and business development opportunities.

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 December 2021)
Boulbi Project Exploration Expenditure	$2,500,000	$89,435
Messok East Project Exploration Expenditure	$700,000	$77,760
Corporate Administration and Loan Repayment	$815,000	$589,356
Working Capital	$1,027,373	-
Costs of the Offers	$735,400	$767,566
Total	$5,777,773	$1,524,117

Summary of Corporate activity

During the quarter and following approval sought at the Company’s 2021 Annual General Meeting of shareholders, the Company bought back 201,657 fully paid ordinary shares previously issued as collateral for a funding facility provided by Acuity Capital Investment Management Pty Ltd.

During the quarter the Company closed the Small Shareholding Sale Facility having sold a total of 372,573 shares held by 1,569 shareholders at a price of $0.205 (20.5 cents) per share.

Shareholders who participated in the Small Shareholding Sale Facility were distributed the proceeds, with the Company covering the brokerage and associated transaction costs.

During the December 2021 quarter the Company sold its interest in Akela Capital Pty Ltd for cash consideration of $20,000 to an unrelated party.

Summary of Cash Flows

Ookami finished the quarter with cash reserves of $4,458,000.

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 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.

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 and 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.

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 December 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 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	- (71) - - (18) (36) - - - - - 6	- (168) - - (201) (261) - - - - - (180)
	(119)	(810)
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	- - - - - -	- - - - - -

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 (6 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 - - - - - - -	20 - - - - - - -
	20	20
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	- - - 28 3 (1) - - -	5,779 - - (489) 3 (78) (11) - -
	30	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)	4,527 (119) 20 30	38 (810) 20 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 (6 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
	4,458	4,458
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)	4,443 15 - -	4,507 20 - -
	4,458	4,527
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) (91) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (91) Cash and cash equivalents at quarter end (item 4.6) 4,458 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 4,458 Estimated quarters of funding available (item 8.6 divided by item 8.3) 48.9 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?		(91) - (91) 4,458 -
			4,458
	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.

27 January 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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