GLOBAL LITHIUM RESOURCES LIMITED — Capital/Financing Update 2022

Oct 24, 2022

ASX Announcement

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25[th] October 2022

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Not for release to US wire services or distribution in the United States

GLOBAL LITHIUM AGREES TO ACQUIRE 100% INTEREST IN MANNA LITHIUM PROJECT

A$111.4 MILLION PLACEMENT AND $10.1M SPP TO FUND THE MANNA TRANSACTION, EXPLORATION INITIATIVES AND THE MANNA FEASIBILITY STUDY

KEY HIGHLIGHTS

• Global Lithium agrees to acquire the underlying tenements and the remaining 20% interest in the lithium rights in the Manna Lithium Project from Breaker Resources NL (ASX:BRB)

• Acquisition consideration of $60 million cash for a 100% interest in the Manna Lithium Project, excluding precious metals rights

• Consolidation of Manna provides Global Lithium with a clearer development pathway for Manna, being one of the leading emerging lithium projects in Australia

• Substantial exploration and drilling program underway at Manna, with an updated Mineral Resource estimate scheduled for early December 2022

• Global Lithium has launched an underwritten institutional placement to raise up to approximately A$111.4 million together with a non-underwritten SPP targeting a further approximately A$10.1 million, for total Equity Raising proceeds of up to approximately A$121.5 million (before costs)

• Major Global Lithium shareholders continue to support the Company with Suzhou TA&A Ultra Clean Technology Co, the controlling shareholder of Yibin Tianyi Industry Co. Limited maintaining their 9.9% interest, and Mineral Resources Limited (ASX:MIN) increasing its interest to 9.9%

• Placement and SPP issue price of $2.25 per share, representing a discount of 13.8% to the last closing share price and a 14.7% discount to the 5-day VWAP

• Proceeds from the Placement and SPP, together with existing cash, to be applied towards the Manna Transaction, exploration at Manna and the Marble Bar Lithium Project, the Manna Feasibility Study, approvals and permitting, camp infrastructure and general working capital

• The completion of the Equity Raising is expected to fully fund the Company through to completion of a Feasibility Study for Manna (currently scheduled for H2, 2023), while

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providing the balance sheet strength and flexibility to execute its corporate strategy during the critical project growth and study phase

• Additional prospective exploration corridors discovered at the Marble Bar Lithium Project (MBLP) with project review and expanded exploration strategy underway to grow the MBLP

Growing multi-asset West Australian lithium company Global Lithium Resources Limited ( ASX:GL1 ) ( Global Lithium or the Company ) is pleased to advise that it has entered into binding agreements to acquire the underlying Manna Lithium Project ( Manna or the Manna Project ) tenements in conjunction with the remaining 20% interest in the exploration and future mining rights to lithium and lithium associated co-mineral rights in the tenements from Breaker Resources NL ( Breaker ) (the Manna Transaction ).

Manna Lithium Project

Manna Lithium Project Overview

Manna is an outcropping spodumene bearing pegmatite project located in an infrastructure rich Tier 1 mining jurisdiction approximately 100km east of Kalgoorlie, Western Australia.

Since Global Lithium acquired an interest in the Manna Project in late 2021, the Company delivered a maiden Mineral Resource of 9.9Mt @ 1.14% Li 2 O[1] and is currently undertaking an extensive exploration program comprising over 24,000m of RC and diamond drilling

Global Lithium Chair Warrick Hazeldine said:

“The outstanding on-the-ground exploration work completed by the Global Lithium team over the past 6 months has delivered impressive results at Manna, affording us the opportunity to now present an offer to Breaker which we believe is a win-win for both companies. The acquisition of the underlying tenements provides Global Lithium with a clearer development pathway as we look to conclude these development focused studies in late 2023.”

Transaction Highlights

• Global Lithium, through its wholly owned subsidiary GLR Australia Pty Ltd, has agreed to acquire the underlying Manna tenements E28/2551 and E28/2522 ( Tenements ) plus the remaining 20% interest in the exploration rights and future mining rights to lithium and lithium associated co-mineral rights at Manna, being the defined project area (see map in Figure 1) ( Manna Project Area ). Breaker will continue to hold the precious metals rights over the Tenements

• Total cash consideration payable to Breaker of A$60 million due at completion, which includes an amount of $20 million by way of deferred consideration relating to Global Lithium’s initial acquisition

1 Refer GL1 ASX Release dated 17 February 2022

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of the 80% interest in Manna in December 2021[2] which Global Lithium has agreed to pay on an accelerated basis

• Completion of the Manna Transaction is not subject to any conditions precedent and is expected to occur by 15 November 2022

• Global Lithium has granted Breaker a 1.5% net smelter return royalty over all minerals mined from the Tenements (excluding the Manna Project Area), but excluding gold, silver and platinum group metals that are mined by Breaker ( Royalty )

• Breaker has granted Global Lithium a right of first refusal on any future sale by Breaker of the Royalty

Next Steps

Global Lithium is continuing its 20,000m RC and 4,000m diamond drilling programs at Manna, working towards an updated JORC Mineral Resource Estimate ( MRE ) in early December 2022. Results from the Manna drilling campaign which are being carried out up until the end of October 2022 will be incorporated into the updated MRE. Any subsequent drilling will be included in a further MRE update, which is expected in H2 CY2023.

Global Lithium has already commenced planning a substantial exploration and drilling campaign at Manna in 2023 which is proposed to include:

• Applying systematic exploration approach to build on the targeting and drilling work already completed;

• Undertaking a broad drilling campaign to understand the extent of mineralisation in the immediate project vicinity and more regionally;

• An additional 30,000m RC and 4,000m diamond drilling campaigns, including exploration in the broader tenement package; and

• Working towards a further MRE update expected in H2 CY2023

2 Refer GL1 ASX release dated 23 December 2021

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Figure 1: Manna Lithium Project tenement map with Manna Project Area

Equity Raising

Global Lithium is pleased to announce the launch of an equity raising of up to approximately $121.5 million of new fully paid ordinary shares in the Company ( New Shares ) comprising:

• An underwritten institutional placement of New Shares to raise up to approximately A$100.2 million ( Institutional Placement ), which includes a placement of approximately $19.6 million to Mineral Resources Limited[3] ;

• A non-underwritten strategic placement of New Shares ( Strategic Placement ) to raise approximately A$11.1 million pursuant to an irrevocable commitment received from Suzhou TA&A Ultra Clean Technology Co ( Suzhou TA&A ), the controlling shareholder of Yibin Tianyi Lithium Industry Co Ltd[4] ; and

• A non-underwritten Share Purchase Plan for eligible retail investors targeting to raise up to a further approximately A$10.1 million (before costs) ( SPP )

(the Institutional Placement, the Strategic Placement and the SPP together, the Equity Raising ).

3 To result in Mineral Resources increasing its shareholding from 8.0% to 9.9% post completion of the Placement, ignoring the effects of any New Shares issued in connection with the SPP

4 To maintain Suzhou TA&A’s shareholding at 9.9% post completion of the Placement, ignoring the effects of any New Shares issued in connection with the SPP. This investment may be subject to Chinese and Australian regulatory approvals and force majeure.

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Shares issued under the Institutional Placement and the Strategic Placement (collectively, the Placement ) will be issued pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1 and 7.1A.

Global Lithium is targeting gross proceeds of approximately A$121.5 million (before costs) from the Equity Raising, with New Shares to be issued at a price of $2.25 per New Share.

Proceeds from the Equity Raising, together with existing cash, will be applied to:

• Pay the cash acquisition costs associated with the Manna Transaction;

• Exploration at Manna and the MBLP;

• Completion of the Manna Scoping and Feasibility Study;

• Metallurgical test work;

• Approvals and Permits;

• Camp infrastructure; and

• General working capital (including the Manna Transaction and costs associated with the Equity Raising).

Subject to successful completion of the Equity Raising, the Company expects to be fully funded through to the completion of a Feasibility Study for Manna (currently scheduled for H2, 2023). The successful completion of the Equity Raising will also provide Global Lithium with balance sheet strength and flexibility to execute its corporate strategy during the critical project growth and study phase as it seeks to grow and accelerate the development of Manna at a time of unprecedented demand for lithium.

Global Lithium Chair Warrick Hazeldine continued:

“The Placement announced, along with the accompanying SPP, allows Global Lithium to complete the Manna Transaction whilst continuing to undertake value accretive exploration and study activities. We believe these additional funds will drive long term shareholder value.

We look forward to introducing further institutional investors to our share register.”

Placement Details

New Shares will be issued at an offer price of $2.25 per New Share, which represents a:

• 13.8% discount to the last closing price of $2.61 on 24 October 2022; and

• 14.7% discount to the 5-day VWAP of $2.639 on 24 October 2022.

New Shares will be issued under the Placement pursuant to the Company’s placement capacity under ASX Listing Rule 7.1 and 7.1A as follows: LR 7.1 29,386,930 shares, LR 7.1A – 20,113,070 New Shares. The Institutional Placement is scheduled to settle on Wednesday, 2 November 2022. Settlement of the Strategic Placement is expected to occur on Tuesday, 15 November 2022.

Argonaut Securities Pty Ltd is acting as Global Coordinator, Joint Lead Manager & Joint Bookrunner and Argonaut PCF Limited as an Underwriter. Canaccord Genuity (Australia) Limited and Macquarie Capital (Australia) Limited are acting as Joint Lead Managers, Underwriters & Joint Bookrunners.

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Placement Underwriting Agreement

The Institutional Placement component of the Equity Raising is underwritten by Argonaut PCF Limited (ACN 099 761 547), Canaccord Genuity (Australia) Limited (ABN 19 075 071 466) and Macquarie Capital Australia Limited (ABN 79 123 199 548) (together, the Underwriters ) on the terms and conditions of an underwriting agreement with the Company ( Underwriting Agreement ). Material terms of the Underwriting Agreement are disclosed in the Investor Presentation released to the ASX simultaneously with this announcement.

Share Purchase Plan

Following completion of the Placement, Global Lithium intends to undertake a non-underwritten SPP targeting to raise a further approximately A$10.1 million. Under the SPP, eligible existing shareholders on the Company's share register at 4.00pm (AWST) on 24 October 2022 with a registered address in Australia or New Zealand and are not in the United States and are not acting for the account or benefit of a person in the United States, will be offered the opportunity to subscribe for up to A$30,000 of New Shares in the Company at an offer price of A$2.25 per New Share (being the same price as the Placement).

The terms and conditions of the SPP will be set out in a SPP Offer Booklet that will be released on ASX and provided to eligible shareholders in accordance with the timetable.

The SPP is not underwritten and there is no guarantee that the Company will raise the targeted amount. If applications under the SPP exceed A$10.1 million, the Company will undertake a scale back of applications for New Shares in accordance with the scale back policy that will be set out in the SPP Offer Booklet.

Applications under the SPP must be made and payment must be received by 5.00pm (Perth time) on Wednesday, 23 November 2022. Payment instructions will be included in the SPP Offer Booklet.

New Shares issued under the Placement and SPP will rank equally with the Company’s existing fully paid ordinary shares.

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Timetable*

Event	Date
Record date for eligibility to participate in SPP	4:00pm (AWST), Monday 24 October 2022
Trading halt	Tuesday, 25 October 2022
Announcement of Equity Raising & Placement opens	Tuesday, 25 October 2022
Trading halt lifted and announcement of completion of Placement	Wednesday, 26 October 2022
Settlement of New Shares under the Institutional Placement	Wednesday, 2 November 2022
Dispatch SPP offer booklet and SPP open date	Wednesday, 2 November 2022
Allotment of New Shares issued under the Institutional Placement	Thursday, 3 November 2022
Settlement of New Shares under the Strategic Placement5	Tuesday, 15 November 2022
Allotment of New Shares under the Strategic Placement	Wednesday, 16 November 2022
SPP closing date	5:00pm (AWST) Wednesday, 23 November 2022
Announcement of SPP results	Wednesday, 30 November 2022
Allotment and issue of New Shares under SPP	Wednesday, 30 November 2022

* All times referenced are to Perth time, Australia unless denoted otherwise. This timetable is indicative only and the Company may, at its discretion and without notice, vary any of the above dates, subject to the ASX Listing Rules and the Corporations Act 2001 (Cth) and other applicable laws. The Company reserves the right to close the SPP early or to withdraw the SPP, in its sole and absolute discretion, by lodging an announcement with the ASX. The commencement of trading and quotation of New Shares is subject to ASX confirmation.

Additional information

Additional information in relation to the Equity Raising and the Company can be found in the Investor Presentation released to the ASX simultaneously with this announcement, which contains important information, including key risks and foreign offer restrictions.

Nothing contained in this announcement constitutes investment, legal, tax or other advice. Investors should seek appropriate professional advice before making any investment decision. All amounts are in Australian dollars unless otherwise indicated.

An Appendix 3B for the proposed issue of New Shares will follow this announcement.

Global Lithium Advisors

Argonaut PCF Limited acted as financial advisor and Corrs Chambers Westgarth acted as legal advisor to Global Lithium in relation to the Manna Transaction and the Equity Raising.

5 This investment may be subject to Chinese and Australia regulatory approvals and force majeure. If so, this settlement date may be delayed.

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Marble Bar Lithium Project Update

Key Highlights

• Additional prospective exploration corridors discovered at the MBLP

• Regional exploration uncovers multiple corridors or prospective pegmatite zones to the North and East

• New expanded exploration strategy planning is underway to cover off the larger project area to generate new drilling targets

• Large RC drilling program planned to include these new areas in the next exploration season.

• Recent results from GL1’s MBLP drilling continue to report significant intersections of spodumene lithium mineralisation

• Project Review and expanded exploration strategy planned to grow the Marble Bar Lithium Project

Numerous significant intersections of lithium mineralisation continue to be reported from GL1’s South Archer drilling program. A number of these include:

•	8m @	0.93% Li2O from 21m	MBRC0332
•	5m @	1.04 Li2O from 82m	MBRC0419
•	5m @	1.47% Li2O from 33m	MBRC0469
	O	Incl, 1m @ 3.55% Li2O from 34m
•	10m @	1.00% Li2O from 8m	MBRC0492
•	10m @	0.98% Li2O from 26m	MBRC0496
•	2m @	2.43% Li2O) from 51m	MBRC0498
	O	Incl, 1m @ 3.00% Li2O from 51m
•	5m @	1.46% Li2O from 34m	MBRC0521

Expanded Exploration Area

Exploration within the MBLP has been focused mainly on the Archer prospect, which covers an approximate area of 6km[2] .

In total, the GL1 MBLP tenements cover approximately 280km[2] so there remains a considerable opportunity to expand its exploration focus to include other areas within the MBLP tenements.

During the current drilling program, further exploration work has continued to discover multiple pegmatite corridors that have been interpreted to be prospective geological and structural targets.

The newly discovered pegmatite corridors 2, 3 and 4 follows the interpreted depositional “Goldilocks Zone” for LCT pegmatites distance from the parent Granite rock (Figure 2). Each of these areas are being assessed in the field by reconnaissance mapping and sampling surveys currently.

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Corridor 2 is of particular interest and is an interpreted regional North-South trending structure that aligns with the Brockman River structural feature. Reconnaissance traverses have located spodumene pegmatites in some locations, however, much of the area is covered with alluvium and drilling will be required to test these areas.

A small number of holes have been drilled south of the Corridor 2 area with one hole, MBRC0236 intersecting several wide mineralised zones with 20m @ 0.47% Li2O from surface and 12m @ 0.53% Li2O from 44m (refer ASX release dated 2[nd] May 2022). These wide anomalous lithium values indicate the zone may be close to a more significant mineralised system.

Corridors 3 and 4 have had little work carried out as they are within the two eastern tenements E45/5843 and E45/5812. These two tenements were only granted in the latter part of 2021 and were surveyed by the high resolution magnetic, radiometric, and digital terrain data surveyed by MagSpec in January 2022.

The high-resolution magnetics imagery covering the tenement areas show numerous magnetic low trends that are interpreted to be prospective pegmatite within what are interpreted to be mafic or moderately magnetic granites comparable to those that have been mapped in the main Archer deposit area.

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Figure 2: MBLP – Exploration Geology Structures and Target Areas

Similar trends have also been mapped in the southeast of the MBLP project area where spodumene bearing pegmatites have been mapped over several kilometres of strike.

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The drilling program for the southern Archer lithium area is now complete for this drilling season which allows Global Lithium to concentrate on developing these new prospective areas and to generate additional drilling targets as part of the expanded regional exploration program which will commence in the 2023 drilling season.

Global Lithium General Manager Exploration, Stuart Peterson commented,

“ Over the past two years, GL1 has built up a thorough understanding of the MBLP geological setting and has developed a more technical understanding of the origin of the LCT pegmatites in the region, firming up its a proven exploration model.

The Company now has a fantastic opportunity expand its exploration program to incorporate these new prospective corridors to provide quality drilling targets for the 2023 drilling season utilising its successful exploration model.”

Marble Bar Lithium Project Overview

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 3). The MBLP is also located approximately 15km from the town of Marble Bar, which provides ready access to services, skills and accommodation for our geology teams.

The MBLP is located in the East Pilbara region of WA and is the initial project that provided the impetus for Global Lithium to grow its lithium exploration and development profile. The project presently comprises seven granted Exploration Licenses covering an area of about 280km[2] . The project area straddles the Port Hedland – Marble Bar road and is located about 15km from the Marble Bar townsite and 180km by sealed road from Port Hedland. The project has the best available infrastructure any prospective resource development would need.

The MBLP presently has a JORC 2012 inferred Mineral Resource for its main Archer prospect of 10.5Mt at 1.0% Li2O at a cut-off grade of 0.6% Li2O[6] . The results from the drilling that has been undertaken over the past 18 months are now being compiled and an upgrade of the inferred Mineral Resource estimate is expected in December 2022.

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6 See the Company’s Prospectus dated 22 March 2021, which was released to ASX as an announcement on 4 May 2021.

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Figure 3: Marble Bar Lithium Project

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

For more information:

Ron Mitchell Victoria Humphries Managing Director Media & Investor Relations info@globallithium.com.au victoria@nwrcommunications.com.au +61 8 6103 7488 +61 (0) 431 151 676

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Not an offer in the United States

This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements under the US Securities Act and applicable US state securities laws.

Forward looking statements disclaimer

This announcement as prepared by Global Lithium Resources Limited (the “ Company ”) includes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant securities exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

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About Global Lithium

Global Lithium Resources Limited (ASX:GL1, Global Lithium) is a diversified West Australian focused mining exploration company with multiple assets in key lithium branded jurisdictions with a primary focus on the 100%-owned Marble Bar Lithium Project (MBLP) in the Pilbara region and the Manna Lithium Project in the Goldfields, Western Australia.

Global Lithium has now defined a total Inferred Mineral Resource of 20.4Mt @ 1.068% Li2O at its MBLP and Manna Lithium projects, confirming Global Lithium as a new lithium player in Western Australia.

Global Lithium’s major shareholders include Suzhou TA&A Ultra Clean Technology Co. Limited (Suzhou TA&A), a controlling shareholder of Yibin Tianyi Lithium, a joint venture between Suzhou TA&A (SZSE: 300390) (75%) and CATL (SZSE: 300750) (25%), the world’s largest EV battery producer, and ASX listed Mineral Resources Limited (ASX: MIN).

Directors

Warrick Hazeldine Non-Executive Chair Ron Mitchell Managing Director Dr Dianmin Chen Non-Executive Director Greg Lilleyman Non-Executive Director Hayley Lawrance Non-Executive Director

Global Lithium – Mineral Resources

Project (equity)	Category	Tonnes (mt)	Li2O%	Ta2O5 ppm
MBLP (100%) Manna(100%)	Inferred Inferred	10.5 9.9	1.00 1.14	53 49
Combined Total		20.4	1.068	51

Competent Persons Statement:

The information in this announcement that relates to Exploration Results for the Manna Lithium Project complies with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and is based on, and fairly represents, information and supporting documentation prepared by Mr Stuart Peterson, a full-time employee of Global Lithium Resources Limited. Mr Peterson is a member of the Australasian Institute of Mining and Metallurgy (MAusIMM). 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. Mr Peterson considers that the information in the market announcement is an accurate representation of the available data and studies for the mining project. Mr Peterson consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Information on historical exploration results and Mineral Resources with respect to the MBLP 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.

Information on historical exploration results and Mineral Resources with respect to the Manna Lithium Project presented in this Announcement, together with JORC Table 1 information, is contained in the ASX announcement “Maiden Manna Project Lithium Resource” which was released on 17 February 2022.

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

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.

Table 1: RC drilling summary for the ongoing program being carried out at the MBLP (drill holes where assays have been received).

Hole ID	Northing (MGA50)	Easting (MGA50)	RL (m)	Dip (degrees)	Azimuth (degrees)	Total Depth (m)
MBRC0245	7666761.50	796666.75	173.29	-59.71	274.03	170.00
MBRC0273	7666278.65	796200.59	178.19	-60.41	275.37	160.00
MBRC0304	7664648.56	795741.55	182.40	-59.29	268.40	180.00
MBRC0332	7666633.97	796652.25	174.58	-60.17	270.43	160.00
MBRC0372	7664560.51	795457.07	184.59	-60.66	268.90	160.00
MBRC0373	7664560.19	795379.01	186.65	-60.32	263.60	160.00
MBRC0374	7664559.76	795297.81	186.72	-60.61	266.56	160.00
MBRC0375	7664560.27	795216.88	185.83	-60.24	273.09	160.00
MBRC0376	7664559.31	795137.11	190.73	-61.03	270.56	160.00
MBRC0377	7664401.24	795698.53	181.69	-61.03	271.53	160.00
MBRC0378	7664400.57	795618.08	182.70	-60.47	268.17	160.00
MBRC0379	7664400.48	795537.82	183.82	-60.54	272.48	160.00
MBRC0380	7664401.30	795459.08	184.66	-60.38	270.56	160.00
MBRC0381	7664400.35	795219.41	186.37	-60.40	274.43	160.00
MBRC0382	7664400.36	795137.94	187.17	-59.41	270.49	160.00
MBRC0383	7664760.27	795839.59	180.63	-60.48	269.43	160.00
MBRC0384	7664760.20	795758.70	182.08	-60.55	271.97	160.00
MBRC0385	7664759.92	795679.80	182.18	-60.41	268.40	160.00
MBRC0386	7664759.55	795598.86	182.18	-60.56	270.46	160.00
MBRC0387	7664761.16	795519.11	183.48	-61.40	269.25	160.00
MBRC0388	7664922.37	795918.97	179.68	-60.23	269.18	160.00
MBRC0389	7664921.67	795839.86	181.41	-60.47	269.07	160.00
MBRC0390	7664921.23	795761.57	182.85	-60.04	271.36	160.00
MBRC0391	7664921.99	795677.88	181.10	-60.38	267.50	160.00
MBRC0392	7664920.99	795597.79	179.54	-60.22	268.74	160.00
MBRC0393	7664922.06	795521.85	181.65	-59.96	270.58	160.00
MBRC0394	7665473.13	796043.83	178.24	-59.33	270.32	160.00
MBRC0395	7665481.04	795959.40	179.31	-59.85	269.52	160.00
MBRC0396	7666443.71	796034.01	175.64	-60.39	284.57	160.00
MBRC0397	7665961.34	795959.45	173.30	-60.27	270.39	160.00
MBRC0405	7664769.14	795923.01	179.42	-60.30	268.53	180.00
MBRC0406	7664241.47	795713.61	182.79	-60.51	268.25	160.00

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Hole ID	Northing (MGA50)	Easting (MGA50)	RL (m)	Dip (degrees)	Azimuth (degrees)	Total Depth (m)
MBRC0407	7662756.24	794922.84	180.84	-60.62	270.37	160.00
MBRC0408	7662759.87	794820.51	180.56	-60.00	268.49	160.00
MBRC0409	7662760.61	794742.87	181.37	-64.66	267.83	160.00
MBRC0419	7666399.95	796661.79	173.61	-61.25	270.77	160.00
MBRC0436	7665803.06	796600.26	173.25	-60.66	273.28	168.00
MBRC0450	7662743.52	794657.88	183.32	-60.42	268.40	160.00
MBRC0451	7662746.72	794669.25	182.79	-60.19	89.53	100.00
MBRC0452	7664252.95	795898.20	179.57	-60.63	270.60	160.00
MBRC0453	7664254.25	795836.22	180.23	-60.85	268.53	160.00
MBRC0454	7666840.66	796923.05	169.55	-60.24	270.52	200.00
MBRC0455	7666763.18	796917.96	170.92	-60.22	269.19	220.00
MBRC0456	7666601.69	796838.16	171.78	-60.08	270.56	160.00
MBRC0457	7666603.27	796918.91	171.19	-60.61	269.59	202.00
MBRC0458	7666438.61	796761.04	172.13	-60.42	271.25	202.00
MBRC0459	7666441.72	796837.98	171.49	-58.98	268.08	160.00
MBRC0460	7666441.98	796918.57	170.74	-60.28	270.15	160.00
MBRC0461	7666399.04	796761.13	172.09	-60.01	269.37	160.00
MBRC0462	7666339.06	796761.80	172.58	-60.18	270.68	180.00
MBRC0463	7666280.90	796759.14	172.38	-60.00	270.00	100.00
MBRC0464	7666277.72	796678.33	173.79	-59.70	260.25	160.00
MBRC0465	7666279.30	796839.25	170.99	-59.95	269.09	160.00
MBRC0466	7666120.01	796600.05	172.59	-59.88	271.63	160.00
MBRC0467	7666116.21	796682.30	170.74	-61.54	270.05	160.00
MBRC0468	7666117.70	796761.65	170.96	-59.95	270.85	160.00
MBRC0469	7666201.15	796640.55	172.95	-60.50	272.21	160.00
MBRC0470	7665959.18	796519.61	174.24	-59.86	271.14	160.00
MBRC0471	7665959.69	796720.42	172.15	-59.87	269.80	200.00
MBRC0472	7665959.87	796787.29	171.71	-59.98	268.88	230.00
MBRC0473	7665321.48	796271.80	175.89	-58.61	271.13	160.00
MBRC0474	7665320.20	796352.67	174.81	-61.19	267.52	160.00
MBRC0475	7665321.14	796432.74	174.56	-60.35	268.20	160.00
MBRC0476	7665319.33	796513.27	173.89	-59.77	269.57	160.00
MBRC0477	7665078.54	796235.02	177.86	-60.89	268.48	150.00
MBRC0478	7664998.79	796238.86	177.47	-59.85	267.09	160.00
MBRC0479	7664758.41	796157.01	176.80	-60.03	268.87	160.00
MBRC0480	7664758.93	796235.77	176.20	-59.67	267.38	160.00
MBRC0481	7663280.50	795394.46	182.45	-59.34	269.50	120.00
MBRC0482	7663279.94	795436.01	182.15	-60.33	269.33	180.00
MBRC0483	7663121.46	795395.25	182.64	-59.68	272.18	120.00
MBRC0484	7663121.90	795432.25	182.50	-60.00	270.00	22.00
MBRC0485	7666040.65	796521.41	173.31	-60.20	268.95	202.00
MBRC0486	7666041.76	796600.08	172.80	-59.91	265.29	180.00
MBRC0487	7666038.67	796678.85	171.81	-59.94	266.66	202.00
MBRC0488	7665880.39	796518.74	175.24	-59.65	269.11	142.00

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Hole ID	Northing (MGA50)	Easting (MGA50)	RL (m)	Dip (degrees)	Azimuth (degrees)	Total Depth (m)
MBRC0489	7665878.40	796599.49	174.06	-60.80	269.62	202.00
MBRC0490	7665721.01	796517.14	174.29	-59.94	269.55	142.00
MBRC0491	7665719.14	796599.32	172.37	-60.47	269.21	202.00
MBRC0492	7665641.84	796515.94	173.15	-60.18	274.25	142.00
MBRC0493	7665642.92	796596.72	171.98	-60.34	268.14	202.00
MBRC0494	7665562.44	796516.21	172.84	-59.30	271.09	142.00
MBRC0495	7665560.08	796597.34	172.06	-60.56	270.48	202.00
MBRC0496	7665480.97	796516.88	173.03	-60.87	270.09	142.00
MBRC0497	7665483.87	796597.94	172.35	-61.26	269.55	202.00
MBRC0498	7665400.51	796515.30	173.37	-61.72	270.83	142.00
MBRC0499	7665401.08	796597.88	172.99	-60.48	271.74	202.00
MBRC0500	7665861.84	796313.36	177.10	-60.25	272.81	160.00
MBRC0501	7667203.56	796748.72	165.96	-60.69	269.18	160.00
MBRC0502	7667125.74	796747.67	166.60	-59.98	269.96	172.00
MBRC0503	7667045.60	796718.74	167.49	-60.78	272.54	160.00
MBRC0504	7666962.26	796716.47	168.67	-59.33	270.56	160.00
MBRC0505	7666963.85	796798.51	171.08	-60.09	270.13	190.00
MBRC0506	7666362.59	796458.09	176.66	-59.94	269.77	180.00
MBRC0507	7666199.63	796041.35	174.71	-59.94	271.01	142.00
MBRC0508	7666198.17	795961.64	174.45	-59.69	268.66	100.00
MBRC0509	7666357.14	796359.84	177.43	-60.11	270.19	142.00
MBRC0510	7666357.99	796278.57	179.86	-60.18	268.31	120.00
MBRC0511	7666359.72	796199.01	179.45	-59.28	269.81	240.00
MBRC0512	7666360.16	796118.49	176.94	-61.26	268.23	202.00
MBRC0513	7667043.01	796640.87	169.35	-60.13	269.31	160.00
MBRC0514	7667200.88	796588.68	167.24	-59.90	269.66	250.00
MBRC0515	7667200.88	796670.15	167.48	-60.28	269.86	160.00
MBRC0516	7667118.46	796502.61	167.01	-59.67	269.16	232.00
MBRC0517	7667121.94	796588.83	171.00	-60.46	267.78	130.00
MBRC0518	7667122.37	796669.13	168.52	-60.37	271.48	160.00
MBRC0519	7666679.11	796361.01	177.67	-60.72	269.60	184.00
MBRC0521	7663740.04	795338.51	182.24	-59.72	270.73	82.00
MBRC0531	7663886.65	795401.74	182.43	-60.55	270.67	100.00
MBRC0533	7665918.49	796567.42	174.48	-60.93	270.45	100.00
MBRC0535	7665875.37	796567.86	174.54	-60.94	272.28	100.00

Table 2: Significant Drillhole Intercepts[ (1)]

Hole_ID	Northing	Easting	From (m)	To (m)	Thickness (m)	Li2O (%)	Ta2O5 (ppm)	Fe (%)
MBRC0304	7664648.56	795741.55	17	18	1	0.61	26.25	0.47
MBRC0332	7666633.97	796652.25	21	29	8	0.93	53.74	0.34
MBRC0380	7664401.3	795459.08	43	44	1	1.02	85.97	0.52
MBRC0383	7664760.27	795839.59	89	90	1	0.41	157.89	1.17
MBRC0384	7664760.2	795758.7	34	35	1	1.00	47.14	0.53

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Hole_ID	Northing	Easting	From (m)	To (m)	Thickness (m)	Li2O (%)	Ta2O5 (ppm)	Fe (%)
MBRC0390	7664921.23	795761.57	28	29	1	0.50	68.38	1.46
MBRC0393	7664922.06	795521.85	125	126	1	0.42	58.00	2.16
MBRC0396	7666443.71	796034.01	79	81	2	1.34	51.84	0.71
		and	84	85	1	0.51	71.80	0.69
MBRC0409	7662760.61	794742.87	10	11	1	0.49	92.68	1.81
MBRC0419	7666399.95	796661.79	28	35	7	0.60	51.44	3.45
		and	78	79	1	0.55	8.55	2.58
		and	82	87	5	1.04	236.26	4.92
MBRC0453	7664254.25	795836.22	103	104	1	0.42	26.99	0.62
MBRC0461	7666399.04	796761.13	139	140	1	0.82	34.07	0.53
MBRC0462	7666339.06	796761.8	161	163	2	0.43	179.07	2.13
MBRC0464	7666277.72	796678.33	81	87	6	0.53	52.35	4.58
		and	103	104	1	0.76	207.47	0.83
MBRC0467	7666116.21	796682.3	121	122	1	0.52	59.10	0.77
MBRC0469	7666201.15	796640.55	33	38	5	1.47	49.65	0.54
		incl(2)	34	35	1	3.55	14.04	0.54
		and	64	66	2	0.98	155.26	0.31
MBRC0475	7665321.14	796432.74	39	40	1	2.68	17.46	0.30
MBRC0477	7665078.54	796235.02	29	30	1	2.13	84.13	0.46
MBRC0485	7666040.65	796521.41	69	70	1	0.51	54.10	7.13
MBRC0486	7666041.76	796600.08	39	41	2	1.33	45.73	0.23
		and	150	152	2	0.41	85.48	0.93
MBRC0488	7665880.39	796518.74	12	13	1	1.29	18.07	0.31
MBRC0489	7665878.4	796599.49	78	82	4	0.39	25.92	1.87
		and	86	90	4	1.58	107.18	0.29
		and	99	101	2	1.33	83.83	0.46
MBRC0490	7665721.01	796517.14	1	4	3	1.11	66.79	0.43
		and	8	10	2	0.44	16.91	2.72
		and	35	40	5	0.84	36.95	1.34
		and	48	51	3	0.82	47.30	0.45
MBRC0491	7665719.14	796599.32	83	84	1	0.70	53.73	0.33
		and	89	91	2	0.89	82.06	0.47
		and	100	101	1	1.37	25.40	0.59
MBRC0492	7665641.84	796515.94	8	18	10	0.97	38.82	0.74
		and	22	23	1	0.51	46.16	0.69
MBRC0493	7665642.92	796596.72	96	98	2	0.80	62.89	0.38
		and	110	112	2	0.86	94.82	0.44
MBRC0494	7665562.44	796516.21	19	26	7	0.74	30.96	1.71
MBRC0495	7665560.08	796597.34	96	97	1	0.52	114.17	0.63
		and	125	133	8	0.78	79.98	0.93
MBRC0496	7665480.97	796516.88	26	36	10	0.98	27.22	0.69
		and	69	71	2	1.28	31.38	0.75
MBRC0497	7665483.87	796597.94	108	109	1	1.14	19.05	0.35
		and	153	156	3	1.85	584.34	0.66
		incl(2)	154	155	1	3.05	5.01	0.50

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Hole_ID	Northing	Easting	From (m)	To (m)	Thickness (m)	Li2O (%)	Ta2O5 (ppm)	Fe (%)
MBRC0498	7665400.51	796515.3	41	47	6	0.50	34.27	0.94
		and	51	53	2	2.43	63.93	0.42
		incl(2)	51	52	1	3.00	51.65	0.39
MBRC0504	7666962.26	796716.47	133	139	6	0.74	65.33	0.38
MBRC0507	7666199.63	796041.35	94	96	2	0.57	57.76	9.90
MBRC0509	7666357.14	796359.84	49	52	3	1.36	57.80	0.37
		and	55	56	1	0.60	49.70	0.60
MBRC0516	7667118.46	796502.61	48	50	2	0.98	69.11	0.52
MBRC0521	7663740.04	795338.51	34	39	5	1.46	64.62	0.62
		incl(2)	36	37	1	3.07	51.29	0.38
		and	63	64	1	0.97	100.62	0.53
MBRC0531	7663886.65	795401.74	79	82	3	1.04	71.27	0.43
MBRC0533	7665918.49	796567.42	3	6	3	0.56	78.68	0.36
		and	35	37	2	1.53	52.94	0.64
		and	48	49	1	0.58	94.88	0.50
		and	55	56	1	1.72	42.98	0.32
MBRC0535	7665875.37	796567.86	32	37	5	1.04	59.37	0.77
		and	47	52	5	0.55	75.24	0.75
		and	69	72	3	0.95	67.04	0.39

• (1) Significant intercepts calculated at a 0.4% Li2O cut-off grade, minimum 1m thickness and widths including up to 2m internal dilution.

(2) Significant high-grade intercept calculated using a 3.0% Li2O cut-off grade, minimum 1m thickness and width including up to 2m internal dilution.

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JORC Code, 2012 Edition – Table 1 Report

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	•	Commentary
Sampling	• Nature and quality of	•	Reverse circulation (RC) drilling was used as the primary
techniques	sampling (e.g. cut channels, random chips, or specific specialised industry standard	•	drilling type. RC cuttings were continuously sampled at 1 m intervals through all pegmatite intercepts including at least 2 m of
	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	• • • •	host rocks above and below each intercept. Drill samples were logged for recovery, moisture, lithology (+ %), mineralogy (+ %), weathering, grainsize. RC samples were collected from the drill rig cyclone using a cone splitter in numbered calico bags, which were then placed in sealed polyweave bags, and then into sealed bulk‐ bags for transport to the assay laboratory in Perth. Drill samples were crushed and riffle split to 2 to 2.5 kg for pulverising to 80% passing 75 microns. Prepared samples were fused with sodium peroxide and digested in dilute hydrochloric acid. The resultant solution was analysed using ICP by Jinning Testing and Inspection Laboratory in Perth. The assay technique is considered to be robust as the method used offers total dissolution of the sample and is useful for mineral matrices that may resist acid digestions.
	Material to the Public Report.
	• In cases where ‘industry
	standard’ work has been
	done this would be relatively
	simple (e.g. ‘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 (e.g.
	submarine nodules) may
	warrant disclosure of
	detailed information.
Drilling	• Drill type (e.g. core, reverse	•	RC drilling was undertaken by Orlando Drilling (2022)
techniques	circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc)		using 4.5‐inch (140 mm) rods using a 5.5‐inch (150 mm) diameter face sampling hammer.
	and details (e.g. core	•	All RC drill holes were angled at approximately‐60
	diameter, triple or standard		degrees, drilled to 270 degrees (west) unless otherwise
	tube, depth of diamond tails, face-sampling bit or other		noted in the drilling statistics presented in Table 1.

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Criteria	JORC Code explanation	•	Commentary
	type, whether core is
	oriented and if so, by what
	method, etc).
Drill sample	• Method of recording and	•	Sample chip recovery for RC drilling was visually estimated.
recovery	assessing core and chip sample recoveries and		Sample chip recovery is very good through the interpreted mineralised zones and is estimated to be greater than 80%.
	results assessed.	•	RC drilling utilised an on‐board compressor and auxiliary
	• Measures taken to maximise sample recovery and ensure representative nature of the	•	booster to keep samples dry and maximise recoveries. No relationship between grade and recovery has been identified.
	samples.
	• 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.
Logging	• Whether core and chip	•	Geological logs exist for all drill holes with lithological codes
	samples have been		via an established reference legend.
	geologically and	•	Logging and sampling has been carried out to industry
	geotechnically logged to a		standards support a Mineral Resource estimate.
	level of detail to support	•	Drill holes have been geologically logged in their entirety.
	appropriate Mineral		Where logging was detailed, the subjective indications of
	Resource estimation, mining		spodumene content were estimated and recorded.
	studies and metallurgical studies. • Whether logging is	•	All drill holes were logged in full, from start to finish of the hole.
	qualitative or quantitative in
	nature. Core (or costean,
	channel, etc) photography.
	• The total length and
	percentage of the relevant
	intersections logged.
Sub-	• If core, whether cut or sawn	•	Dry RC samples were collected at 1m intervals and cone
sampling techniques and sample preparation	and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled	•	split from the rig cyclone on‐site to produce a subsample less than 5 kg. Sample preparation is according to industry standards, including oven drying, coarse crush, and pulverisation to 80% passing 75 microns.
	wet or dry. • For all sample types, the	•	Field duplicate samples, field standards, laboratory standards and laboratory repeats were used to monitor
	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	• •	quality of analyses. Sample sizes are considered to be appropriate and correctly represent the style and type of mineralisation. Rock chip samples were taken whole to the laboratory, crushed and riffled to obtain a sub-fraction and assayed using the same lab and method as the RC samples. The sample size was considered appropriate for reconnaissance sampling for lithium mineralisation.
	that the sampling is
	representative of the in-situ

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Criteria	JORC Code explanation	•	Commentary
	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	•	The assay technique is considered to be robust as the
assay data and laboratory	appropriateness of the assaying and laboratory procedures used and whether the technique is	•	method used offers total dissolution of the sample and is useful for mineral matrices that may resist acid digestions. Multielement analysis was carried out on all samples for the following elements: Al, Be, Ca, Cs, Fe, Ga, K, Li and
tests	considered partial or total.		Li2O, Mg, Mn, Mo, Nb, P, Rb, S, Si, Sn, Ta, Ti and V.
	• 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.
	• Nature of quality control
	procedures adopted (e.g.
	standards, blanks,
	duplicates, external
	laboratory checks) and
	whether acceptable levels of
	accuracy (i.e. lack of bias)
	and precision have been
	established.
Verification	• The verification of significant	•	The RC drilling was supervised by CSA Global staff.
of sampling and assaying	intersections by either independent or alternative company personnel. • The use of twinned holes.	• •	The Li assays from previous programs show a marked correlation with the mineralised pegmatite intersections via elevated downhole grades. There were no twin holes drilled during the RC program.
	• Documentation of primary data, data entry procedures,	•	Drill logs exist for all holes as electronic files and hardcopy. Logging was completed on paper logs at time of drilling and
	data verification, data		electronically sent to Perth for data‐entry to digital logs.
	storage (physical and electronic) protocols.	•	All digital logs are exported to an external Database Administrator, validated and loaded to a database and
	• Discuss any adjustment to		validated prior to use.
	assay data.	•	No adjustments made to primary assay data.
Location of	• Accuracy and quality of	•	Prior to drilling, collar coordinates are situated using
data points	surveys used to locate drill holes (collar and down-hole	•	handheld GPS (considered accurate to within 4 m). DGPS collar surveying is undertaken post program to
	surveys), trenches, mine		improve accuracy, and them be draped onto a high
	workings and other locations		resolution digital elevation model.
	used in Mineral Resource	•	Grid used is MGA94 datum and Zone 50 SUTM (“MGA”)
	estimation.		projection.
	• Specification of the grid	•	All RC holes have been surveyed with a Reflex (Orlando)
	system used.		north seeking gyro to determine hole deviation.

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Criteria	JORC Code explanation	•	Commentary
	• Quality and adequacy of	•	Rock chip sample locations were recorded using a
	topographic control.		handheld GPS (+/- 5m accuracy).
Data	• Data spacing for reporting of	•	First pass exploration drilling has not been drilled on a grid
spacing and distribution	Exploration Results. • Whether the data spacing and distribution is sufficient		pattern, rather drilling has been conducted on targeted lines across geochemical anomalies, outcropping pegmatite dykes and extension (+ infill) of previous drill lines on a grid
	to establish the degree of		pattern.
	geological and grade	•	Drill spacing varies between a 100m by 50m grid in selected
	continuity appropriate for the		areas, through to 400m by 50m grid. Exploration holes
	Mineral Resource and Ore		targeting specific geochemical, outcrops or structural
	Reserve estimation		targets are not on a uniform grid spacing.
	procedure(s) and	•	Historic (BCIM) drilling undertaken was very close spaced
	classifications applied.		(nominal 10 m apart) along 4 separate lines targeting
	• Whether sample compositing		outcrop and geochemical anomalies.
	has been applied.	•	Soil grid: 400 m by 100 m (majority), 200m by 100m
			(selected areas), 50m by 50m (small southern area).
		•	No sample compositing was applied.
Orientation	• Whether the orientation of	•	Drilling has been angled to achieve the most representative
of data in	sampling achieves unbiased		(near perpendicular) intersections through mineralisation
relation to geological	sampling of possible structures and the extent to which this is known,	•	(i.e. angled holes for moderately dipping pegmatite bodies). The exception is MBRC0135, which was drilled obliquely to the interpreted dip of the pegmatite, in order to test an area
structure	considering the deposit type.		constrained by access to the Marble Bar Road reserve.
	• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias,	•	The identified target lithium bearing pegmatite dykes are generally moderately dipping (30° to 50°) eastwards in nature. The true width of pegmatites is generally considered 80% to 90% of the intercept width, with minimal opportunity for sample bias.
	this should be assessed and
	reported if material.
Sample	• The measures taken to	•	The drill samples were collected from the drilling rig by
security	ensure sample security.		experienced personnel, stored securely and transported to the laboratory by a registered courier and handed over by
			signature.
Audits or	• The results of any audits or	•	No audits have been undertaken to date.
reviews	reviews of sampling
	techniques and data.

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Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	• Type, reference	•	The Marble Bar project lies entirely within exploration
tenement and land tenure status	name/number, location and ownership including agreements or material issues with third parties such as joint	•	licences (EL 45/4309, EL 45/4328, EL 45/4631, E45/5843, E45/5812, E45/4724, E45/4669) wholly owned by Global Lithium Resources Limited. The Archer lithium deposit is situated entirely within
	ventures, partnerships,		tenement EL 45/4309.
	overriding royalties, native title interests, historical sites,	•	All tenure is wholly owned by Global Lithium Resources Limited.
	wilderness or national park and environmental settings. • The security of the tenure	•	The portfolio of mineral tenements, comprising seven granted exploration licences are in good standing.
	held at the time of reporting
	along with any known
	impediments to obtaining a
	licence to operate in the area.
Exploration	• Acknowledgment and	•	Mineral exploration over the Marble Bar project area
done by other parties	appraisal of exploration by other parties.		has been undertaken for a number of commodities, including gold, base metals, diamonds, tin and tantalum by various companies since the 1960s.
		•	Cominco Exploration Pty Ltd (Cominco) explored the
			area for Witwatersrand style gold and uranium
			mineralisation during the late 1960s. Poor drilling
			results led Cominco to surrender the ground.
		•	Endeavour Resources Limited (Endeavour) undertook
			exploration for alluvial, eluvial, deep lead and pegmatite
			hosted tin-tantalum mineralisation in the area between
			1965 and 1985.
		•	Haoma Mining NL and joint venture partner De Beers
			explored the area for diamonds during the late 1990s to
			early 2000s.
		•	Montezuma Mining Company Limited (Montezuma)
			held the licences covering the current Marble Bar
			project area in 2006. Work by Montezuma included a
			small rock chip sampling program and the collection
			and assaying of over 2,000 soil geochemical samples.
			Montezuma defined some discrete >80 ppb gold
			anomalies in the northeast portion of E45/4309.
		•	Lithex Resources Limited (Lithex) acquired the Project
			area in August 2010 and completed a geological
			mapping and rock chip sampling program, which was
			then followed up by auger sampling program and later
			a reverse circulation (RC) drilling program over the area
			of the Moolyella Tin Field to the southeast of the project
			area. Lithex relinquished the tenements in 2013.
		•	In 2017, BCI Minerals Limited (BCIM) conducted a
			series of exploration programs within the Marble Bar
			project area, initially completing gold exploration
			activities in the northern region of the tenements.
			Detailed geological mapping, rock chip and soil

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Criteria	JORC Code explanation	Commentary	Commentary
			sampling programs were completed which identified
			prospective gold bearing trends with a total strike length
			of 22 km exhibiting rock chip assay results of greater
			than 3 g/t gold. This work led to a small and shallow,
			11 hole RC drilling program (for 796 m) in early 2018
			which provided encouraging results.
		•	BCIM also completed preliminary lithium exploration
			work during early to mid-2018. Initial and extensive soil
			geochemical sampling was conducted by BCIM at 400
			m by 100 m spacing over the southern extents of
			tenement E45/4309, targeting an area immediately
			northwest of the Moolyella Monzogranite. Further infill
			soil sampling at 100 m by 100 m was then completed.
		•	The geochemical sampling programs identified the
			Archer Deposit area, leading to further geological
			mapping which identified multiple outcroppings of
			spodumene-bearing pegmatites with a general north-
			south strike orientation. A program consisting of 21
			shallow RC drill holes (MBRC0012 to MBRC0032) was
			then conducted in late 2018 along four drill lines
			totalling 474 m. These drill lines targeted the
			geologically mapped spodumene-bearing pegmatites.
			Based on the promising lithium grades reported for the
			Archer deposit area, BCIM completed its sale of the
			Marble Bar tenements to Global Lithium Limited (GL1)
			in 2019
		•	After acquiring the project in 2019, GL1 has completed
			several RC drilling campaigns resulting in the
			declaration of Mineral Resources.
Geology	• Deposit type, geological	•	The project lies in a pegmatite field hosted in the North
	setting and style of mineralisation.		Star Basalt and Jenkins Granodiorite. The prospective area for LCT pegmatites has been traced over a
			>20km2area.
		•	Within this area, the Company has discovered the
			Archer deposit, comprising a series of shallow dipping
			pegmatite bodies with lithium mineralisation
			predominantly by way of spodumene hosted
			pegmatites.
		•	These pegmatites have been the focus of exploration
			by the Company.
		•	The MBLP pegmatites have intruded the greenstone
			belt North Star Basalt, which lies between the
			Homeward Bound Granite and Jenkins Granodiorite.
			The source fluids are generally accepted to have come
			from the Split Rock Supersuite granites located to the
			southeast of the project area, locally referred to as the
			Moolyella Granite, and which probably extends beneath
			the project area itself.
Drill hole	• A summary of all information	•	Refer Drilling Table 1 above.
Information	material to the understanding	•	RL is poorly constrained by hand-held GPS and will be
	of the exploration results		updated to a DGPS system accurate to within <10cm
	including a tabulation of the		once the survey is complete, and hole collars will be
	following information for all		draped onto a high-resolution digital elevation model
	Material drill holes:		computed from orthophotography using a drone survey
	o easting and northing of the		method.

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Criteria	JORC Code explanation	Commentary	Commentary
	drill hole collar
	o elevation or RL (Reduced
	Level – elevation above
	sea level in 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	•	No cutting to intercept grades has been undertaken.
aggregation methods	Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually	• •	No aggregation of samples undertaken. Assays are reported as pure elements such as Li, Ta, Nb and Sn, and converted to oxides using atomic formulas.
	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 assumptions used for any
	reporting of metal equivalent
	values should be clearly
	stated.
Relationship	• These relationships are	•	All drilling is angled and / or vertical.
between	particularly important in the	•	The lithium bearing pegmatites identified to date
mineralisation widths and	reporting of Exploration Results. • If the geometry of the		are generally moderately dipping (30° to 50°) eastwards in nature. The true width of pegmatites is generally 80% to 90% of the intercept width, with
intercept	mineralisation with respect to		minimal opportunity for sample bias.
lengths	the drill hole angle is known,	•	The exception is MBRC0135, which was drilled
	its nature should be reported.		obliquely to the interpreted dip of the pegmatite, to
	• If it is not known and only the		test an area constrained by access due to the
	down hole lengths are		Marble Bar Road.
	reported, there should be a
	clear statement to this effect
	(e.g. ‘down hole length, true
	width not known’).
Diagrams	• Appropriate maps and	•	Refer to the Table and Figures in the report.
	sections (with scales) and

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Criteria	JORC Code explanation	Commentary	Commentary
	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.
Balanced	• Where comprehensive	•	All available exploration results related to the RC
reporting	reporting of all Exploration Results is not practicable,		drilling program and rock chip samples have been reported.
	representative reporting of
	both low and high grades
	and/or widths should be
	practiced to avoid misleading
	reporting of Exploration
	Results.
Other	• Other exploration data, if	•	All meaningful and material data have been reported
substantive exploration data	meaningful and material, should be reported including (but not limited to): geological observations; geophysical		either within this JORC table or within the body of the release above.
	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.
Further work	• The nature and scale of	•	The cumulative results provided by the RC drilling
	planned further work (e.g.		program and rock chip sampling will be used to plan
	tests for lateral extensions or		further drilling and the re-estimation of Mineral
	depth extensions or large-		Resources and future feasibility studies.
	scale step-out drilling).	•	Targeting studies and field mapping are ongoing and
	• Diagrams clearly highlighting		supported by drone orthophotography and digital
	the areas of possible		elevation survey.
	extensions, including the main	•	Heritage surveying has been completed to access to
	geological interpretations and		some target areas for further drilling.
	future drilling areas, provided
	this information is not
	commercially sensitive.

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