GLOBAL LITHIUM RESOURCES LIMITED — Capital/Financing Update 2021

Jun 16, 2021

STRATEGIC ACQUISITION OF PILBARA LITHIUM TENEMENTS

EXPANDS GL1 LANDHOLDING AND SIGNIFICANTLY EXTENDS KNOWN LITHIUM MINERALISATION AT THE MBLP

Key Highlights:

• GL1 to acquire over 120km[2] of highly prospective lithium tenure located immediately south of its exciting Marble Bar Lithium Project (MBLP), almost doubling the size of its project landholding.

• Complementary acquisition consistent with GL1’s stated strategy, with known lithium pegmatite swarm within 15km of GL1’s Archer deposit, where limited previous drilling returned encouraging results, including 4m @ 1.52% Li2O in MBRC009 (refer historical information at the end of this release).

• The acquisition delivers the Company more than 25km of strike extent of the North Star Basalt greenstone belt, which is the main host rock for lithium bearing pegmatite dykes at the Archer deposit to the north and surrounding outcropping spodumene bearing pegmatite dykes.

Pilbara focussed lithium explorer, Global Lithium Resources Limited (ASX: GL1 , Global Lithium or the Company ) is pleased to announce it has entered into an agreement ( Agreement ) to acquire tenements E45/4669 and E45/4724 and all associated information from Fe Limited (ASX: FEL ).

The tenements join the southern border of the Company’s wholly owned Marble Bar Lithium Project ( MBLP ), located 150km southeast of Port Hedland, in the Pilbara region of Western Australia.

The acquisition almost doubles the size of the MBLP tenement package from approximately 150km[2] to more than 270km[2] , and the Company has a further 93km[2] of tenements under application in its name, giving GL1 a dominant position in the area.

Through the acquisition of E45/4724, the Company increases its holding of the North Star Basalt greenstone belt, from 11km of strike to more than 25km of strike extending to the south ( Figure 1 ). This belt is already demonstrated to host lithium bearing pegmatites at the Company’s Archer other deposit and other outcropping spodumene bearing pegmatites within GL1’s existing tenements. The Archer deposit has a Mineral Resource of 10.5Mt @ 1% Li2O[1] from over 12,700m of drilling.

1 Information on historical exploration results and Mineral Resources presented in this Announcement, together with JORC Table 1 information, is contained in the Independent Geologists Report within the Company’s Prospectus dated 22 March 2021, which was released as an announcement on 4 May 2021.

The continuation of greenstone south into this new tenement makes the area highly prospective for further lithium bearing pegmatite exploration work.

ASX listed Kalamazoo Resources Limited holds a coexisting rights agreement over E45/4724 whereby it has rights to all minerals other than LCT pegmatite minerals and another entity holds a 2% net smelter return royalty over the tenements.

Previous exploration on E45/4669, forming part of the Agreement with FEL, has identified a lithium bearing pegmatite swarm across a 3.5km long and 4km wide zone. Individual pegmatite dykes have so far been traced for up to 1km along strike with widths of between 5-15m. Spodumene and lepidolite minerals have been observed within the pegmatites from mapping and a small amount of RC drilling by previous tenement holders. This RC drilling returned significant lithium results, with hole MBRC009 returning 4m @ 1.52% Li2O from 14m (refer historical information at the end of this release).

Importantly, this lithium mineralisation is located within 15km from GL1’s Archer deposit, significantly expanding the prospective landholding of the Company’s MBLP.

Global Lithium Managing Director, Jamie Wright said, “ The acquisition of these two tenements significantly increases the size and lithium prospectivity of the MBLP. Not only do we acquire an area containing known lithium bearing pegmatite, we also more than double the strike length of our greenstone belt holding and almost double our tenement area in the region. The acquisition is highly complementary to the Company’s strategy of acquiring and exploring ground in the highly prospective MBLP area for exploration and potentially for further discoveries.”

“We are excited to commence this growth strategy so soon after listing, and think it is appropriate that our first acquisition sees us materially expand our MBLP landholding.”

GL1 considers that the majority of the new tenements remain underexplored and intends to now incorporate them into the existing MBLP work plan, including mapping, reconnaissance fieldwork and target generation, and has sufficient funding to carry out this work.

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Prospective
greenstone / basalt
strike extended to
over 25km
Lithium
mineralization
15km from Archer
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Figure 1: Newly acquired tenements in white-blue labels significantly expand GL1’s Marble Bar Lithium Project landholding.

The key terms of the acquisition are as follows:

• GL1 is acquiring a 100% interest in E45/4724 and E45/4669 (including all lithium rights) together with all mining information;

• Consideration payable is $350,000 payable on Completion;

• Completion is scheduled for not more than 20 business days after signing (unless otherwise agreed);

• At Completion, FEL is to deliver to GLR all documents and consents necessary to transfer the tenements to GL1, all information pertaining to the tenements, all required third party consents and documents and undertake other actions standard of a transaction of this nature to facilitate GL1 to become the registered holder of the tenements; and

• FEL provides standard representations and warranties in respect of the status of the tenements in favour of GL1.

The MBLP is situated close to major road infrastructure, with direct links into Port Hedland where bulk commodities, including spodumene concentrate are currently being exported ( Figure 2 ). The MBLP is also located approximately 15km from the town of Marble Bar, which provides ready access to services and skills.

Global Lithium is well funded following its successful $10.0 million IPO completed in May 2021.

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Figure 2 : Marble Bar Lithium Project location map.

Approved for release by the Board of Global Lithium Resources Limited.

For more information:

Jamie Wright

Managing Director info@globallithium.com.au +61 8 6103 7488

Victoria Humphries Media & Investor Relations victoria@nwrcommunications.com.au +61 (0) 431 151 676

About Global Lithium

Global Lithium Resources Limited (ASX:GL1, Global Lithium) is an emerging lithium exploration company with a primary focus on the 100%-owned Marble Bar Lithium Project (MBLP) in the Pilbara region of Western Australia.

Global Lithium has defined a maiden Inferred Mineral Resource of 10.5Mt @ 1.0% Li2O at its Archer deposit, confirming the MBLP as a significant new greenfields lithium discovery.

Directors Warrick Hazeldine Non-Executive Chair Jamie Wright Managing Director Dr Dianmin Chen Non-Executive Director Capital Structure Shares on issue: 131,808,339 fully paid ordinary shares Options on issue: 4,780,614 options with an exercise price of $0.30 per option and an expiry of 6 May 2025

Performance Rights: 5,000,000 performance rights, subject to certain performance milestones

Competent Persons Statement:

The information in this announcement that relates to Exploration Results complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and has been compiled and assessed under the supervision of Dr Jayson Meyers, a consultant to Global Lithium Resources Limited and a Director of Resource Potentials Pty Ltd. Dr Meyers is a Fellow of the Australasian Institute of Geoscientists. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Dr Meyers consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Dr Meyers holds securities in the Company.

Information on historical exploration results and Mineral Resources presented in this Announcement, together with JORC Table 1 information, is contained in the Independent Geologists Report within the Company’s Prospectus dated 22 March 2021, which was released as an announcement on 4 May 2021.

The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the form and context in which the Competent Persons findings are presented have not been materially modified from the original reports.

Where the Company refers to Mineral Resources in this announcement (referencing previous releases made to the ASX), it confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and technical parameters underpinning the Mineral Resource estimate with that announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not materially changed from the original announcement.

Appendix: Previous Exploration

Reconnaissance exploration in 2016 by Denis O’Meara and Brian Richardson discovered new lithium bearing pegmatite swarms at the project, with rock chip sampling returning assay values shown in Table 1 . Details of sampling methods and assay results are presented in Blaze International Limited’s ASX release of 2 August 2016 (ASX: BLZ ).

In November of 2016, Blaze International conducted a limited shallow 12 hole, 702m RC drilling program. Drilling returned the results presented in Table 1. Refer ASX release made by Fe Limited on 22 February 2019 for further information (ASX: FEL ).

Table 1: Rock chip sample and drilling summary (from BLZ ASX release dated 2 August 2016).

Sample ID	Easting MGA50 (m)	Northing MGA50 (m)	Li2O (%)	Field Description
L103743	797366	7654349	3.72	composite coarse feld minor qtz peg
103744	797369	7654349	1.87	coarse feld minor lepid "carbonate look'
L103745	797379	7654354	2.86	coarse feld minor qtz peg
L103746	797343	7654241	1.21	lepid rich peg coarse qtz feld
L103747	797345	7654186	3.32	coarse feld peg
L103748	797334	7654121	1.19	coarse lepid peg qtz feld
L103749	797330	7654030	1.22	lepid rich peg
L103750	797759	7653722	1.41	lepid rich peg 4m wide 30 dip E
L103751	797759	7653782	1.05	lepid rich peg 7m wide coarse
L103752	797758	7653857	0.14	coarse felp peg 'carbonate text' minor lepid
L103753	797759	7653899	1.85	lepid breccia coarse feld qtz
L103754	798734	7651745	0.69	weak mineralised lepid peg
L103755	799469	7652181	2.07	lepid rich peg
L103756	799419	7652274	1.8	lepid rich peg,large qtz
L103757	799399	7652400	1.35	lepid peg
L103758	799494	7652029	2.17	lepid rich peg
L103759	799434	7652220	2.06	lepid rich peg
L103760	796452	7654111	0.68	lepid rich peg laminated
L107445	797348	7654544	2.39	coarse green spodumene rich pegmatite
L107446	797361	7654642	3.14	coarse green and pink spodumene rich pegmatite
L107451	797334	7654119	1.36	coarse spodumene minor lepidolite rich pegmatite
L107452	797326	7654497	3.12	coarse spodumene qtz feld pegmatite minor lepidolite

Hole ID	Easting MGA50 (m)	Northing MGA50 (m)	RL (m)	Dip (deg)	Azimuth (deg)	Max Depth (m)
MBRC001	797768	7653586	213	-60	270	40
MBRC002	797807	7653576	203	-60	270	64
MBRC003	797347	7653926	222	-60	270	40
MBRC004	797383	7653929	190	-60	270	52
MBRC005	797475	7654074	210	-60	270	130
MBRC006	797797	7653845	222	-60	270	40
MBRC007	797820	7653807	216	-60	270	70
MBRC008	797837	7653799	221	-90	0	76
MBRC009	797804	7653939	216	-60	270	52
MBRC010	797394	7654675	223	-60	285	40
MBRC011	797381	7654636	225	-60	255	40
MBRC012	796870	7655294	1199	-60	270	58

Table 2: Significant 2016 RC drill intercepts in E45/4669 (from BLZ ASX release dated 2 August 2016).

Hole ID	From (m)	To (m)	Width (m)	Li2O (%)
MBRC001 including	5 6	14 7	9 1	0.34 1.04
MBRC002	17	32	15	0.25
MBRC003	6 8	12 9	6 1	0.33 1.21
MBRC004	26	32	6	0.16
MBRC005	83	86	3	0.10
MBRC006 including	0 8 22	14 11 28	14 3 6	0.58 1.48 0.26
MBRC007 including	30 32	38 35	8 3	0.79 1.63
MBRC008 including	43 56	60 57	17 1	0.26 1.54
MBRC009 including	0 12 14	5 20 18	5 8 4	0.35 0.85 1.52
MBRC010 including	10 10	16 12	6 2	0.55 1.22
MBRC011	8	14	6	0.32
MBRC012	12	15	3	0.48

Appendix 1 JORC Code, 2012 Edition – Table 1 report – Marble Bar Lithium Project

Section 1 Sampling Techniques and Data

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

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.	• Reverse circulation drilling collected 1m drill spoil which was geologically logged and a 1m riffle split sample collected. These 1m split samples approximate to a 3kg representative of the 1m drilled. This work is considered industry standard. • Samples for assay submission were collected following geological logging with all prospective pegmatite material being sampled. • Details of all historical rock sampling techniques and assaying contained with ASX:BLZ release 2 August 2016 and is not repeated in this Table.
	Include reference to measures taken to ensure sample representation and the appropriate calibration of any measurement tools or systems used.	The drill hole collar locations were surveyed by handheld GPS. Sampling was carried out under standard protocols and QAQC procedures as per industry best practice.
	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.	Reverse circulation drilling was used to obtain 1m samples from which 3kg samples were submitted to the laboratory for multi-element analysis.

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Criteria	JORC Code explanation	Commentary
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).	Angled reverse circulation holes were drilled using standard 5.5-inch face sampling hammer.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	The majority of samples were dry. Ground water ingress occurred in some holes at rod change, but overall the holes were kept dry. Typically, drilling operators ensured water was lifted from the face of the hole at each rod change to ensure water did not interfere with drilling and to make sure samples were collected dry. Recovery of the samples was good, generally estimated to be full, except for some sample loss at the collar of the hole
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Reverse circulation face-sample bits and dust suppression were used to minimise sample loss. Samples were collected through a cyclone and riffle split to give a representative 3kg sample.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No relationship between recovery and grade has been identified.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	All chips were geologically logged to a standard suitable for subsequent Mineral Resource estimation.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Logging of RC chips records lithology, mineralogy, mineralisation, weathering, colour and other features of the samples. All samples are wet-sieved and stored in a chip tray
	The total length and percentage of the relevant intersections logged	All holes were logged in full.
Sub-sampling techniques	If core, whether cut or sawn and whether quarter, half or all core taken.	No core was obtained.

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Criteria	JORC Code explanation	Commentary
and sample preparation	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry	One-metre drill samples were collected below a rig mounted cyclone and captured in standard plastic bags. All samples were split dry.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Samples were prepared at the Ultratrace laboratory Perth. Samples were dried, and the whole sample pulverised to 90% passing -75um, and a sub-sample of approx. 200g retained. A nominal 50g was used for the fire assay analysis. The procedure is industry standard for this type of sample.
	Quality control procedures adopted for all sub-sampling stages to maximise representation of samples	A CRM standard and fine blank was submitted at a rate of approximately 1 in 20 samples. At the laboratory, regular Repeats and Lab Check samples are assayed.
	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.	Riffle split samples are regarded as the most representative samples from an RC rig. Duplicate and standard samples were inserted as every 20th sample. The technique to collect the one metre samples was via a portable riffle splitter. The riffle splitter was routinely inspected by the field geologist
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are considered appropriate to give an indication of mineralisation given the particle size and the preference to keep the sample weight at a targeted 2 to 3kg mass.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total	Samples were analysed at the Ultratrace laboratory Perth. The analytical method used was considered to be appropriate for the material and style of mineralisation.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc	No geophysical tools used.
	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.	The sampling protocol for the 2016 RC drilling program was for a single CRM (Certified Reference Material) and a duplicate to be inserted in every 20 samples. At the Laboratory, regular assay Repeats, Lab Standards and Blanks are analysed. Results of the Field and Lab QAQC

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Criteria	JORC Code explanation	Commentary
		were analysed on assay receipt. On analysis, all assays passed QAQC protocols, showing no levels of contamination or sample bias
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Significant results were checked by senior geologists.
	The use of twinned holes	No twinned holes drilled.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	All field logging is carried out using a customised logging form on a Tough Book and transferred into an Access database. Assay files are received electronically from the Laboratory. All data is stored in the Fe Limited database in Perth.
	Discuss any adjustment to assay data	No assay data was adjusted.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	RC hole collar locations were surveyed by handheld GPS. The driller took single shot surveys approximately every 30 metres.
	Specification of the grid system used.	Grid projection is datum MGA94 and MGA projection Zone 50.
	Quality and adequacy of topographic control.	Collar pick-ups of historical drill holes does an adequate job of defining the topography.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	The RC drill holes were sited to test specific mineralised outcrops and distance between holes varied. Access to drill sites was difficult due to local terrain.
	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	This is not considered material.
	Whether sample compositing has been applied.	No compositing was applied.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	It is considered the orientation of the drilling and sampling suitably captures the likely “structures” for each exploration domain
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to	This is not considered material.

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Criteria	JORC Code explanation	Commentary
	have introduced a sampling bias, this should be assessed and reported if material.
Sample security	The measures taken to ensure sample security	Samples were transported by company transport and commercial courier to Perth laboratory.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Sampling and assaying techniques are industry-standard. No specific audits or reviews have been undertaken at this stage in the program.

Section 2 Reporting of Exploration Results

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

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 RC drilling occurred within tenement E45/4669 of which Fe Limited holds a 100% controlling interest.
	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	The tenement is in good standing with the WA DMIRS.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Previous workers in the area include Fe Limited, Great Sandy Pty Ltd, Blaze International, Macarthur Minerals PLC and Southern Hemisphere Holdings Limited.
Geology	Deposit type, geological setting and style of mineralisation.	Pegmatite hosted lithium mineralisation within Archaean granites and gneisses of the Mt Edgar Batholith.
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: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole	Refer to Table 2 in the body of the announcement

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Criteria	JORC Code explanation	Commentary
	• down hole length and interception depth • 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 aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg; cutting of high grades) and cut-off grades are usually Material and should be stated.	Grades are reported as down-hole length-weighted averages of grades above approximately 0.2% Li2O. No top cuts have been applied to the reporting of the assay results. Intercepts averaging values significantly less than 0.2% Li2O were assigned the text “NSI” (No Significant Intercept).
	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.	Higher grade intervals are included in the reported grade interval.
	The assumptions used for any reporting of metal equivalent values should be clearly stated	No metal equivalent values are used.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. 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 width not known’).	The geometry or orientation of the mineralisation is not well established by the 2016 drilling.
Diagrams	Appropriate maps and sections (with scales) and tabulations of 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	Refer to Figure 1 in the body of the announcement for map location. The intercepts reported are not considered to be a significant discovery and have already been reported in 2016 by Blaze International.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	No misleading results have been presented in this announcement.

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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.	All relevant historical data previously reported in BLZ ASX release 2 August 2016.
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.	Further exploration work is currently under consideration, the details of which will be released in due-course.

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