GLOBAL LITHIUM RESOURCES LIMITED — Capital/Financing Update 2021

Dec 30, 2021

ASX ANNOUNCEMENT 31 December 2021

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80% Manna Lithium Project Divestment Completes

Breaker Resources NL (ASX: BRB; Breaker or the Company ) is pleased to announce that on 30 December 2021 the Company completed the sale of an 80% interest in rights to lithium and lithium-related minerals at its Manna Lithium discovery ( Project ) to a subsidiary of Global Lithium Resources Limited (ASX: GL1; Global Lithium ) and formed a joint venture that will further advance the Project. Breaker retains a minimum 20% equity in the Project with Global Lithium carrying all costs and expenditure to complete a bankable positive feasibility within five (5) years.

At yesterday’s completion of the transaction, Breaker received $6.5 million in cash consideration and 10.268 million Global Lithium shares ($6.5m at 5-day VWAP up to and including 21 December 2021 (being $0.633)). In addition to the upfront consideration received upon completion, Global Lithium will pay Breaker up to a further $20 million in deferred consideration comprising:

• $10 million payable on the definition of a Mineral Resource containing more than 250,000 tonnes of contained Li2O (equivalent to 20Mt @ 1.25% Li2O for illustrative purposes); and

• $10 million payable upon the production of 100,000 tonnes of contained Li2O (equivalent to approximately 1.67Mt @ 6% spodumene concentrate for illustrative purposes).

If Global Lithium’s subsidiary fails to define a bankable positive feasibility study within five (5) years, Breaker’s equity in the joint venture claws back to 50%.

Completion of the transaction marks the commencement of the Manna Lithium Project Joint Venture with Global Lithium’s subsidiary.

Breaker’s Chairman, Peter Cook said: “We are pleased to be forming this JV with Global Lithium which is backed by downstream heavyweights of the Lithium industry. We will be a supportive and appurtenant partner focussed on our milestone payments and residual 20% interest as they fervently progress the project. The additional cash and share component has topped up our available treasury and enables Breaker to be funded through the initial steps of unveiling what we believe will be sound economics for our Lake Roe Gold Project without dilution impositions on our shareholders.”

Authorised by the Board of Directors,

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Tom Sanders Managing Director, Breaker Resources NL 31 December 2021

For further information on Breaker Resources NL please visit the Company’s website at www.breakerresources.com.au, or contact:

Investors/Shareholders Tom Sanders Tel: +61 8 9226 3666 Email: breaker@breakerresources.com.au

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