GLOBAL LITHIUM RESOURCES LIMITED — Interim / Quarterly Report 2021

Jul 20, 2021

For the period ending 30 June 2021

Quarter Highlights

• Global Lithium commenced trading on the Australian Securities Exchange ( ASX ) following a heavily oversubscribed Initial Public Offer ( IPO ) that raised $10 million.

• RC drilling program of 36 holes for a total of 5,454m successfully completed at the Marble Bar Lithium Project ( MBLP ), which has an existing JORC Inferred Mineral Resource of 10.5Mt @ 1.0% Li2O[1] at the Archer Deposit.

• All RC drilling samples dispatched to Perth assay lab, with results anticipated in early CYQ3.

• Diamond drilling program completed, providing core for studies including mineralogy and preliminary metallurgical testwork.

• Acquisition of over 120km[2] of highly prospective lithium tenure located immediately south of the MBLP, almost doubling the size of its project landholding and delivering more than 25km of strike extent of the North Star Basalt greenstone belt, which is the main host rock for lithium bearing pegmatites at the Archer deposit.

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

Global Lithium Managing Director, Jamie Wright said,

“It has been an incredibly busy few months for the team at Global Lithium: with our ASX listing, RC drilling program, diamond program and a strategic acquisition all completed in the last two months.

We have hit the ground running post IPO with respect to exploration momentum, completing two drilling programs in the space of two months and we look forward to continuing that momentum through the year, particularly as we receive assays and commence metallurgical test work on our Archer deposit.

We have also commenced our growth strategy, acquiring a highly complementary set of tenements immediately adjacent to the MBLP. This first acquisition almost doubles the size of our landholding in the area, as well as giving us clear strike extensions to the prospective North Star Basalt and surrounding units.

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.

Looking ahead, we see a busy time developing additional targets at the MBLP for further exploration programs and continuing to review potential growth opportunities.”

Global Lithium Commences trading on the ASX

Global Lithium Limited (ASX GL1) commenced trading on the Australian Securities Exchange (ASX) on 6 May 2021 following completion of a heavily oversubscribed IPO which raised $10 million through the issue of 50,000,000 shares at an issue price of $0.20 per share.

Established in 2018, Global Lithium’s focus is the MBLP, an emerging lithium discovery located in the Pilbara, WA. The MBLP is approximately 150km southeast of Port Hedland near the town of Marble Bar. Global Lithium has achieved significant exploration success to date through the discovery of the Archer lithium deposit and declared a maiden JORC Inferred Mineral Resource of 10.5Mt @ 1.0% Li2O.

Global Lithium’s primary focus is to explore the MBLP, seek to grow the Archer deposit and consider growth opportunities where value accretive for shareholders.

RC drilling program at the MBLP

In parallel with the Company’s listing on ASX in May 2021, Global Lithium commenced an RC drilling program to undertake step-out RC drilling where the Archer Deposit may extend along strike and at depth, as well drill testing target areas in the Brockman Zone that have been cleared for land access.

The drilling component of the program was completed in early June 2021 and the RC rig demobilised from site. A total of 34 holes were drilled for 5,208m at the MBLP on E45/4309, and two holes were drilled for 246m on E45/4361 to test gold targets in the northern portion of the Company’s tenements (refer ASX release “ First RC Drilling Campaign Completed ”, dated 22 June 2021).

All RC drill samples have been dispatched to a laboratory in Perth for assaying. Once all assay results have been received and reported, Global Lithium will use the information to assist the design of a further RC drilling program anticipated to commence in CYQ4, subject to approvals.

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Figure 1 : Location map showing drill collar locations of completed RC drillholes.

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Figure 2 : The GL1 Board on site during the RC drilling program (L-R) GL1 Chair - Warrick Hazeldine, GL1 MD - Jamie Wright, Cameron Brooks – Hawkzone Contracting / Limestone Station and GL1 NonExecutive Director – Dianmin Chen.

Diamond drilling program at the MBLP

Following completion of the RC drilling, the Company commenced a short diamond drilling program with the objective of twinning several existing lithium mineralised intersections from RC drilling as part of the Company’s Mineral Resources drilling campaign, and to collect samples for preliminary metallurgical testwork.

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Figure 3: Diamond drilling underway at the MBLP.

While originally scheduled to commence in CYQ3, Global Lithium opportunistically accelerated this portion of the planned diamond drilling program due to rig and team availability.

The program resulted in the first core from the Archer deposit (refer ASX release “ Spodumene Mineralisation Logged in Diamond Core ”, dated 12 July 2021).

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Figure 4: Resource Potentials Consulting Geologist Logan Barber on site at the MBLP with a section of spodumene bearing pegmatite from MBDD002.

Acquisition of additional Pilbara lithium tenements – expanding the MBLP

In June, the Company entered 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 MBLP (refer ASX release “ Strategic Acquisition of Pilbara Lithium Tenements ”, dated 17 June 2021).

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

Previous exploration on E45/4669 has identified a lithium bearing pegmatite swarm across a 3.5km long and 4km wide zone.

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.

The acquisition was completed shortly after the end of the quarter.

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Figure 5: GL1’s MBLP tenement holding post acquisition.

Corporate

Global Lithium had a cash balance of $8.6 million at 30 June 2021 and no debt. Exploration and evaluation expenditure incurred during the quarter was $794,000.

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 ($111,000)

• Included at section 6.2 - Comprises: Remuneration of directors ($13,000)

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 $794,000 was incurred by the Company in respect of exploration activity for the quarter ended 30 June 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 1: 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 June 2021 $000’s	Variance $000’s
Exploration and Technical Studies		6,940	794	6,146
Administration		2,116	314	1,802
Working Capital	1	794	350	444
Costs of the Offer		956	1,031	(75)
Total		10,806	2,489	8,317

• (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 6 : Marble Bar Lithium Project location map.

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

For more information:

Jamie Wright Victoria Humphries Managing Director Media & Investor Relations info@globallithium.com.au victoria@nwrcommunications.com.au +61 8 6103 7488 +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 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.

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 JUNE 2021

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Consolidated statement of cash flows Current quarter Year to date (12
$A’000 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 (67) (103)
(e) administration and corporate costs (234) (301)
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 (301) (404)
activities
2. Cash flows from investing activities
2.1 Payments to acquire or for:
(a) entities
(b) tenements
(c) property, plant and equipment (2) (8)
(d) exploration & evaluation (597) (611)
(e) investments
(f) other non-current assets
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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

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Consolidated statement of cash flows Current quarter Year to date (12
$A’000 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 (599) (619)
activities
3. Cash flows from financing activities
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities) 10,000 10,000
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 (879) (1,084)
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 9,121 8,916
activities
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of 416 744
period
4.2 Net cash from / (used in) operating (301) (404)
activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities (599) (619)
(item 2.6 above)
4.4 Net cash from / (used in) financing activities 9,121 8,916
(item 3.10 above)
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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

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Consolidated statement of cash flows Current quarter Year to date (12
$A’000 months)
$A’000
4.5 Effect of movement in exchange rates on
cash held
4.6 Cash and cash equivalents at end of 8,637 8,637
period
5. Reconciliation of cash and cash Current quarter Previous quarter
equivalents $A’000 $A’000
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
5.1 Bank balances 1,627 416
5.2 Call deposits 7,010 -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of 8,637 416
quarter (should equal item 4.6 above)
6. Payments to related parties of the entity and their Current quarter
associates $A'000
6.1 Aggregate amount of payments to related parties and their 111
associates included in item 1
6.2 Aggregate amount of payments to related parties and their 13
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.
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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

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7. Financing facilities Total facility Amount drawn at
Note: the term “facility’ includes all forms of financing amount at quarter quarter end
arrangements available to the entity.
end $A’000
Add notes as necessary for an understanding of the
$A’000
sources of finance available to the entity.
7.1 Loan facilities - -
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities - -
7.5 Unused financing facilities available at quarter end -
7.6 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.
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8. Estimated cash available for future operating activities $A’000
8.1 Net cash from / (used in) operating activities (item 1.9) (301)
8.2 (Payments for exploration & evaluation classified as investing (597)
activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (898)
8.4 Cash and cash equivalents at quarter end (item 4.6) 8,637
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 8,637
8.7 Estimated quarters of funding available (item 8.6 divided by 9.62
item 8.3)
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.
8.8 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?
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Answer: N/A

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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?
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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: 21 JULY 2021

Authorised by: 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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