GLOBAL LITHIUM RESOURCES LIMITED — Interim / Quarterly Report 2021

Oct 18, 2021

For the period ending 30 September 2021

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19 October 2021
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Quarter Highlights

• In late September 2021, a new 10,000m RC drilling program commenced at the Marble Bar Lithium Project (MBLP) to further test for lithium mineralisation

• Experienced Pilbara lithium Geologist Bryan Bourke appointed to lead exploration at the MBLP.

• Assay results[1] from the 5,454m RC drilling program undertaken in Q2 confirmed lithium mineralisation extends over >6km of strike, including MBRC0135, which was drilled outside the Archer mineral resource envelope , and returned exceptional results including:

• 28m @ 1.51% Li2O and 46ppm Ta2O5 from 69m (down hole length, true width not known), and

• 9m @ 1.11% Li2O and 42ppm Ta2O5 from 108m (down hole length, true width not known)

• First diamond drilling program completed with occurrences of spodumene observed within pegmatite. Preliminary metallurgical test work commenced.

• Completed acquisition of lithium tenements E45/4669 and E45/4724 to the immediate south of existing tenements, almost doubling the size of the MBLP project landholding.

• Gold potential demonstrated at the Twin Veins prospect where MBRC0157 intersected[2] :

• 12m @ 2.95g/t from 37m; including

▪ 3m @ 9.9g/t.

• 3m @ 1.1g/t from 81m

• Heritage engagement and clearance ongoing.

• As at 30 September 2021, Cash balance of $7.3m.

Global Lithium Resources Limited ( ASX: GL1 , “ Global Lithium ” or the Company ”) is pleased to provide an update on its activities for the September 2021 quarter.

Global Lithium Managing Director, Jamie Wright said,

“We continued our exploration momentum through the September quarter, completing valuable targeting work and commencing our next 10,000m RC drilling program – our third drilling program in four months.

Our team is excited by the results of the targeting program and are currently on site as part of this new drilling campaign.

1 Refer ASX release titled “Assays confirm lithium mineralisation extends over >6km”, dated 28 July 2021. 2 Refer ASX release titled “12m at 2.95g/t Gold Intercepted at Twin Veins Prospect”, dated 4 August 2021.

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Page 2 of 10 | ACN 626 093 150 | ASX: GL1
Suite 8, 7 The Esplanade, Mt Pleasant, WA 6153
info@globallithium.com.au | www.globallithium.com.au
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By completing the acquisition of E45/4669 and E45/4724 we are in an envious position with respect to our exploration activities, with an opportunity to now apply the learnings gained at the Archer deposit to these large new tenements.

Looking ahead, we see a busy time through to next year as we continue drilling our lithium and gold targets, start to explore our newly acquired tenements, receive assays as well as continuing to review potential growth opportunities.”

CY4Q Exploration Program commenced[3]

On 22 September 2021, Global Lithium announced it had commenced its CY4Q Exploration Program, which includes approximately 10,000m of planned RC drilling to follow up on new and existing lithium targets, as well as follow up drilling at the Twin Veins gold prospect. The program also includes field work and collection of soils samples in the newly acquired tenements to the south of the Archer deposit.

Targeting work leading into the program has identified more than 100 pegmatite trends for the Company to inspect and explore.

Heritage Update

As part of the ongoing heritage engagement at MBLP, the Company is discussing protection measures for the Two Sisters hills located in the vicinity of the Archer deposit and the Brockman Creek located in the east of the project area. The Company’s CY4Q Exploration Program is focused outside these areas.

The Company recognises that the Nyamal are key stakeholders to the MBLP and we look forward to continuing to build on our ongoing relationship as we progress discussions in a positive manner.

Subsequent to the end of the quarter, the Company has confirmed that a Heritage Information Submission Form has been lodged with the Department of Planning, Lands and Heritage ( DPLH ) in relation to the Two Sisters hills for the purposes of WA’s Aboriginal Heritage Act[4] . At this stage of the process, there is no change to the Company’s stated JORC Inferred Mineral Resources and the heritage processes have no impact on the Company’s planned exploration programs in the near term.

3 Refer ASX release titled “10,000m RC Drilling Campaign Commenced”, dated 22 September 2021. 4 Refer ASX release titled “Exploration and Heritage Update”, dated 18 October 2021

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Suite 8, 7 The Esplanade, Mt Pleasant, WA 6153
info@globallithium.com.au | www.globallithium.com.au
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Partly
Two Sisters reviewed
Initial area
reviewed
for
targeting
Partly
reviewed
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Figure 1: Map of the E45/4309 showing the Pegmatite trend areas identifying initial target areas and

areas for further review along with the location of the Two Sisters hills.

Experienced Exploration Manager appointed[5]

Former Altura Mining Limited Exploration Manager Bryan Bourke was appointed to lead exploration at the MBLP. Mr Bourke is a highly credentialed geologist with more than 30 years’ experience in a number of commodities and geological settings. Notably, Bryan was Exploration Manager at Altura Mining Limited between 2010-2017, where he initiated exploration for lithium bearing pegmatites at Altura’s Pilgangoora Project. The company welcomes Bryan to the GL1 team.

• 5 Refer ASX release titled “GL1 Appoints Experienced Exploration Manager”, dated 24 August 2021.

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Suite 8, 7 The Esplanade, Mt Pleasant, WA 6153
info@globallithium.com.au | www.globallithium.com.au
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Assays confirm lithium mineralisation extends over >6km of strike[6]

Assay results from the CYQ2 RC drilling program highlighted multiple drillholes intersecting lithium mineralisation within and along strike from the existing Archer deposit with significant lithium anomalism detected in isolated scout holes.

Lithium mineralisation has now been identified over a 6km strike length, indicating strong potential for a large and fertile lithium bearing pegmatite system. The system remains open, confirming growth potential of the MBLP.

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Figure 2 : Map showing select RC drilling intercepts at the main Archer deposit at the MBLP, based on a lower cut-off grade of 0.4% Li2O.

Diamond Drilling program completed[7]

In July 2021, a diamond drilling program was completed at the MBLP, with occurrences of spodumene observed within pegmatite aligned with known lithium mineralisation recorded in nearby twinned RC drillholes.

Core from the diamond drilling program will provide valuable insight for future exploration programs. Preliminary metallurgical test work is underway.

6 Refer ASX release titled “Assays confirm lithium mineralisation extends over >6km”, dated 28 July 2021. 7 Refer ASX release titled “Spodumene mineralisation logged in diamond core”, dated 12 July 2021

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Page 5 of 10 | ACN 626 093 150 | ASX: GL1
Suite 8, 7 The Esplanade, Mt Pleasant, WA 6153
info@globallithium.com.au | www.globallithium.com.au
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One of many logged
large spodumene
crystals. This one occurs
at 32.0m
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Figure 3 : Core photos of pegmatite intervals from MBDD0001 showing spodumene mineralisation (LHS) at 32.0m and spodumene in pegmatite between 29.8-34.9m (full intersection of 29.8-45.8m not shown).

Completed strategic acquisition of Pilbara lithium tenements[8]

The MBLP was expanded with the completion of the acquisition of tenements E45/4274 and E45/4669 located immediately south of the Company’s Archer deposit. This acquisition of this highly prospective land with previously identified lithium bearing pegmatite swarm within 15kms of GL1’s Archer deposit almost doubled the size of the project landholding.

12m @ 2.95g/t gold intercepted at Twin Veins prospect[9]

RC drillholes targeting gold mineralisation on the Company’s underexplored Twin Veins prospect on E45/4631 returned assays of 12m @ 2.95g/t from 37m; including 3m @ 9.91g/t from 40m, and 3m @ 1.10g/t from 81m. Twin Veins is a >1km long soil and rock chip geochemical anomaly coinciding with quartz vein outcrops.

Further gold exploration holes are planned during the CY4Q Exploration Program to follow up initial successful results.

8 Refer ASX release titled “Completes Strategic Acquisition of Pilbara Lithium Tenements”, dated 16 July 2021 9 Refer ASX release titled “12m at 2.95g/t Gold Intercepted at Twin Veins Prospect”, dated 4 August 2021.

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Page 6 of 10 | ACN 626 093 150 | ASX: GL1
Suite 8, 7 The Esplanade, Mt Pleasant, WA 6153
info@globallithium.com.au | www.globallithium.com.au
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Figure 4: Overview of Global Lithium’s gold prospects located to the north of its lithium prospects.

Tenement Movements

Table 1: Tenement movements during the period.

Tenement	Working Interest (%, beginning of period)	Working Interest (%, end of period)
Granted
E45/4309	100	100
E45/4328	100	100
E45/4361	100	100
E45/4724	100 (lithium minerals only)	100 (lithium minerals only)
E45/4669	100	100
Application
ELA45/5812	100	100
ELA45/5843	100	100
ELA45/5748	100	100

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Page 7 of 10 | ACN 626 093 150 | ASX: GL1
Suite 8, 7 The Esplanade, Mt Pleasant, WA 6153
info@globallithium.com.au | www.globallithium.com.au
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Corporate

As at 30 September 2021, GL1 had a cash balance of $7.3 million and no debt. Exploration and evaluation expenditure incurred during the quarter was $882,000.

Related party transactions

Payments to related parties of the entity and their associates (refer section 6 of Appendix 5B):

• Included at section 6.1 - Comprises: Remuneration of directors ($104,000)

• Included at section 6.2 - Comprises: Remuneration of directors nil

Listing Rule 5.3.1 and 5.2.3

In accordance with ASX Listing Rule 5.3.1, the Company confirms that there have been no material developments or changes to its exploration activities, and provides the following information:

• Approximately $882,000 was incurred by the Company in respect of exploration activity for the quarter ended 30 September 2021, primarily on:

• RC drilling program at Marble Bar Lithium Project; and

• Detailed geological mapping and reconnaissance field work

• A summary of the specific exploration activities undertaken in the MBLP area is included this activity report.

In accordance with ASX Listing Rule 5.3.2, the Company advises that no Mining Development or Production activities were conducted during the quarter.

Listing Rule 5.3.4

The Company provides the following disclosures required by ASX regarding a comparison of actual expenditure to date since listing on 6 May 2021 against the use of funds statement in the Prospectus dated 22 March 2021.

Table 2: Comparison of actual expenditure to the Use of Funds statement in the Prospectus dated 22 March 2021.

Use of Funds (a)	Note	Use of Funds Statement $’000’s	Actual to 30 Sept 2021 $000’s	Variance $000’s
Exploration and Technical Studies		6,940	1,676	5,264
Administration		2,116	622	1,494
Working Capital	1	794	365	429
Costs of the Offer		956	1,031	(75)
Total		10,806	3,694	7,112

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Suite 8, 7 The Esplanade, Mt Pleasant, WA 6153
info@globallithium.com.au | www.globallithium.com.au
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• (a) The use of funds table is a statement of current intentions at the date of the Prospectus. As with any budget intervening events (including exploration success or failure) and new circumstances have the potential to affect the manner in which the funds are ultimately applied. The Board reserves the right to alter the way funds are applied on this basis.

• Actual expenditure relates to the acquisition of tenements from Fe Limited announced to ASX on 17 June 2021.

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Figure 5 : Marble Bar Lithium Project tenement map

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

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Page 9 of 10 | ACN 626 093 150 | ASX: GL1
Suite 8, 7 The Esplanade, Mt Pleasant, WA 6153
info@globallithium.com.au | www.globallithium.com.au
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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

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 relevant market releases, 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.

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Page 10 of 10 | ACN 626 093 150 | ASX: GL1
Suite 8, 7 The Esplanade, Mt Pleasant, WA 6153
info@globallithium.com.au | www.globallithium.com.au
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Rule 5.5

Appendix 5B

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

Name of entity

GLOBAL LITHIUM RESOURCES LIMITED ABN Quarter ended (“current quarter”) 58 626 093 150 30 SEPTEMBER 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	(1,115) (94) (200) 3	(1,115) (94) (200) 3
	(1,406)	(1,406)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets

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

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Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities
	0	0

3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	53	53
	53	53
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	8,637 (1,406) - 53	8,637 (1,406) - 53

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

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Appendix 5B

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

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period
	7,284	7,284
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	1,274 6,010 - -	1,627 7,010 - -
	7,284	8,637
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 104 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		104
		-

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

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Appendix 5B

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

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

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (1,406) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (1,406) Cash and cash equivalents at quarter end (item 4.6) 7,284 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 7,284 Estimated quarters of funding available (item 8.6 divided by item 8.3) 5.18 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(1,406) - (1,406) 7,284 -
		7,284
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A

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

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Appendix 5B

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

8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: N/A

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

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

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

Date: 19 October 2021

Authorised by: The Board of Directors

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

Notes

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

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

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

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

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

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

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