GREEN TECHNOLOGY METALS LIMITED — Capital/Financing Update 2021

Nov 17, 2021

18 November 2021 ASX | GT1

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ASX RELEASE

SEYMOUR DIAMOND DRILLING SET TO COMMENCE

HIGHLIGHTS

• Step-out, 11-hole, 3,500m diamond drilling program at Seymour to commence in coming weeks.

• Signing of amended Early Exploration Agreement with Whitesand First Nation.

• Maiden aerial geophysics survey completed at Seymour.

• 1,191-line km fixed wing survey at high resolution collected Radiometric, Magnetics and VLF Electro-Magnetics.

• Preliminary indications are highly encouraging given strong identified anomalies alignment with current Mineral Resources, Exploration Targets, and geological interpretations.

Green Technology Metals Limited ( ASX: GT1 ) ( GreenTech, GT1 or the Company ) is pleased to advise that it is rapidly ramping up exploration activities at the Seymour Lithium Asset in Ontario, Canada. This includes the recently completed maiden aerial geophysical survey that covered 1,191-line kilometres at low altitude and high resolution at Seymour. The survey was conducted by MPX Geophysics, a leading geophysical consultant based in Ontario, Canada.

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Figure 1: Step-out 11-hole diamond drill program at North Aubry (Seymour)

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Green Technology Metals 94 Rokeby Road, Subiaco, Western Australia 6008 +61 8 6557 6825

www.greentm.com.au info@greentm.com.au ABN 99 648 657 649

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Aerial Geophysical Survey at Seymour

The survey covered the full extent of the Seymour tenement package and was designed and supervised by Principal Geophysicist, Karen Gilgallon, who has extensive experience in these types of surveys and lithium bearing pegmatites. The survey was completed safely, on budget and on time with the preliminary results turned around rapidly.

These results are highly encouraging given excellent alignment of identified geophysical anomalies on the Seymour tenements with currently defined Mineral Resources, Exploration Targets, and geological interpretations (see Figure 2).

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Figure 2: Plan image of Seymour Lithium Assets overlain with Total Magnetic Intensity (TMI)

Green Technology Metals

www.greentm.com.au

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“We couldn’t have asked for a better set of initial aerial geophysics at Seymour. The alignment of identified anomalies with existing resources and key target areas is strong, and the prospectivity of recently mapped targets has also been substantially enhanced by these geophysical results. In short, the potential for additional stacked lithium-bearing pegmatites at Seymour is real. We have been systematic in our approach from the outset and are now very excited about commencing extensional and step-out drilling of these targets at Seymour.”

• GT1 Chief Executive Officer, Luke Cox

Ground Rapid Response Team

The GT1 exploration team has been active on site at Seymour sampling identified geophysical anomalies and mapping pegmatite occurrences. Initial observations from the field mapping and sampling have also been very encouraging with large pegmatites exposed at surface and mapped along several of the identified geophysical anomalies. Samples have been dispatched to the local laboratory in Thunder Bay, Ontario, for full suite geochemical analysis to ensure both lithium and alteration data is captured.

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Figure 3: Pye (Seymour) – Channel sampling across Spodumene bearing pegmatite exposure

Green Technology Metals

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Figure 4: North Aubry (Seymour) – Field mapping Spodumene bearing pegmatites

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Figure 5: Central Aubry (Seymour) – Pegmatites partly covered by glacial till, lichens, moss and vegetation

Green Technology Metals

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First Nations Relationships Advanced

GreenTech is pleased to announce the signing of an amended Early Exploration Agreement ( EEA ) with the Whitesand First Nation ( WFN ). This initiative further develops our commitment with the WFN and the Seymour Project.

GT1’s General Manager, North America Operations, Matt Herbert, met with WFN Chief, Allan Gustafson, and Band Manager, Craig Toset, to formalise and execute the amended EEA.

Diamond Drilling Set to Commence at Seymour

Execution of the EEA was the final practical step enabling commencement of drilling activities at Seymour. GreenTech has an initial 11-hole, 3,500m step-out and extensional diamond drilling program planned for Seymour over the next few months (see Figure 1).

This Phase 1 program is targeted to substantially extend and grow the existing Mineral Resource of 4.8 Mt @ 1.25% Li2O. In addition to this Mineral Resource, Seymour also hosts an Exploration Target of 22-26 Mt @ 0.8-1.5% Li2O.

The information in this release that relates to Exploration Results, Mineral Resources and Exploration Targets for the Ontario Lithium Projects was released in the Company's prospectus (see GT1 ASX release dated 8 November 2021). The Company confirms that it is not aware of any new information or data that materially affects the information in that release and that the material assumptions and technical parameters underpinning these estimates continue to apply and have not materially changed.

The Exploration Target potential quantities and grades are conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target is not being reported as part of any Mineral Resource.

Following initial ground preparatory activities, drilling of the first diamond hole is expected to commence in the next few weeks. Completion of this Phase 1 diamond program is expected by March 2022, which includes the typical site operational Christmas break from 15 December 2021 to 15 January 2022.

Seymour Project Advancement Status

GreenTech has been working to a systematic plan with respect to the Seymour Project since execution of the original acquisition agreement. Progress against this staged approach at Seymour is outlined below:

1. Review historical exploration, drilling and mining – Complete

2. Build geological database and model – Complete

3. LIDAR, aerial photography, and composite 3D mapping – Complete

4. Geophysical surveying – Complete

5. Geophysical interpretation – Commenced

6. Geological mapping – Ongoing

1. Drill targeting – Phase 1 diamond drill campaign ready

2. Ground preparations and drilling – Work commenced with drilling to start in next few weeks

3. Updated Mineral Resource and geotechnical modelling – post Phase 1 drilling program

Green Technology Metals

www.greentm.com.au

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This ASX release has been approved for release by: Luke Cox, Chief Executive Officer

KEY CONTACTS

Media

Investors Media Luke Cox Andrew Edge Chief Executive Officer Fivemark Partners l uke@greentm.com.au andrew.edge@fivemark.com.au +61 8 6557 6825 +61 410 276 744

Green Technology Metals (ASX:GT1)

Green Technology Metals is a North American focussed lithium exploration and development business. The Company’s Ontario Lithium Projects comprise three high-grade, hard-rock spodumene assets (Seymour, Root and Wisa) covering 95km[2] of highly prospective tenure north-west of Thunder Bay in Ontario, Canada.

All sites are proximate to excellent existing infrastructure (including hydro power generation and transmission facilities), readily accessible by road, and with nearby rail delivering transport optionality.

Seymour has an existing Mineral Resource of 4.8 Mt @ 1.25% Li2O. Accelerated, targeted exploration across all three projects delivers outstanding potential to grow resources rapidly and substantially.

Area	Category	MT	Li2O (%)
North Aubry	Indicated	2.1	1.29
North Aubry	Inferred	1.7	1.50
South Aubry	Inferred	1.0	0.80
		4.8	1.25

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Figure 6: Location of GreenTech’s Ontario Lithium Assets – Seymour, Root and Wisa

Green Technology Metals

www.greentm.com.au

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Appendix A: Key Notices

Competent Person’s Statements

The information in this release that relates to Exploration Results and Exploration Targets at Seymour is based on activities carried out by Mr Luke Cox (Fellow AusIMM). Mr Cox has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity they are undertaking to qualify as Competent Persons as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Mr Cox consents to the inclusion in this release of the matters based on the information in the form and context in which it appears in this release. Mr Cox is the Chief Executive Officer of the Company and holds securities in the Company.

Forward Looking Statement

Certain information in this document refers to the intentions of Green Technology Metals Limited (ASX: GT1), however these are not intended to be forecasts, forward looking statements or statements about the future matters for the purposes of the Corporations Act or any other applicable law. Statements regarding plans with respect to GT1’s projects are forward looking statements and can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. There can be no assurance that the GT1’s plans for its projects will proceed as expected and there can be no assurance of future events which are subject to risk, uncertainties and other actions that may cause GT1’s actual results, performance or achievements to differ from those referred to in this document. While the information contained in this document has been prepared in good faith, there can be given no assurance or guarantee that the occurrence of these events referred to in the document will occur as contemplated. Accordingly, to the maximum extent permitted by law, GT1 and any of its affiliates and their directors, officers, employees, agents and advisors disclaim any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of, the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).

Green Technology Metals

www.greentm.com.au

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Appendix B: JORC Code, 2012 Edition – Table 1 report

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • 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 Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	• NA
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• NA
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the 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.	• NA
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• NA
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the 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 that the sampling is representative of the in situ 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.	• NA

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Criteria	JORC Code explanation	Commentary
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • 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 (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• NA
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• NA
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• NA
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• NA
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• NA
Sample security	• The measures taken to ensure sample security.	• NA
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• NA

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• Joint Venture between Green Technology Metals (ASX:GT1) 51% and Ardiden Ltd (ASX:ADV) 49%. • GT1 has the option to acquire 80% of the Ardiden Lithium Assets for consideration of $3.5M in cash and/or GT1 shares • Seymour Lithium Asset consists of 265 Cell Claims (Exploration Licences) with a total claim area of 5,205 ha. • All Cell Claims are in good standing • An Active Exploration Permit exists over the Seymour Lithium Assets and is due for renewal February 2022 • Renewal is a simple on-line application process • An Early Exploration Agreement is current with the Whitesand First Nation who are supportive of GT1 exploration activities.

Green Technology Metals

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Criteria	JORC Code explanation	Commentary
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Regional exploration for lithium deposits commenced in the 1950’s. In 1957, local prospector, Mr Nelson Aubry, discovered the North Aubry and the South Aubry pegmatites. • Geological mapping by the Ontario Department of Mines commenced in 1959 and was completed in 1962 (Pye, 1968), with the publication of “Map 2100 Crescent Lake Area” in 1965. • From the late 1950’s to 2002, exploration by the Ontario Department of Mines was generally restricted to geological mapping and surface sampling, although some minor drilling was completed to test the North Aubry pegmatite in late 1957 (Rees, 2011). • In 2001, Linear Resources Inc. (“Linear Resources”) obtained the Seymour Lake Project with an initial focus on the project’s tantalum potential. In 2002, a 23-diamond drill-hole campaign was completed at North Aubry, and a further 8 diamond drill-holes at South Aubry. • In 2008, Linear Resources completed a regional soil- sampling program which resulted in the identification of a number soil geochemical anomalies. Based on these anomalies, another drilling campaign (completed in 2009), with 12 diamond drill-holes at North Aubry, 2 diamond drill- holes at South Aubry, and further 5 diamond drill-holes peripheral to the Aubry prospects designed to test the main 2008 soil geochemical anomalies. • Little work was undertaken between 2010 and 2016 until Ardiden acquired the project from Linear Resources in 2016. Further drilling was carried out by Ardiden between 2017 and 2018 resulting in the completion of an updated mineral resource estimate of the Aubry pegmatites in 2018. Ground Penetrating Radar (GPR) was also undertaken by Ardiden in 2018 to test any further exploration potential beyond the current Aubry pegmatite delineating numerous targets.
Geology	• Deposit type, geological setting and style of mineralisation.	• Regional Geology:The general geological setting of the Seymour Lithium Asset consists of the Precambrian Canadian Shield that underlies approximately 60% of Ontario. The Shield can be divided into three major geological and physiographic regions, from the oldest in the northwest to the youngest in the southeast. • Local Geology:The Seymour Lithium Asset is located within the eastern part of the Wabigoon Subprovince, near the boundary with the English River Subprovince to the north. These subprovinces are part of the Superior Craton, comprised mainly of Archaean rocks but also containing some Mesoproterozoic rocks such as the Nipigon Diabase. • Bedrock Geology:The bedrock is best exposed along the flanks of steep-sided valleys scoured by glaciers during the recent ice ages. The exposed bedrock is commonly metamorphosed basaltic rock, of which some varieties have well-preserved pillows that have been intensely flattened in areas of high tectonic strain. Intercalated between layers of basalt are lesser amounts of schists derived from sedimentary rocks and lesser rocks having felsic volcanic protoliths. These rocks are typical of the Wabigoon Subprovince, host to most of the pegmatites in the region. • Ore Geology:Pegmatites are reasonably common in the region intruding the enclosing host rocks after metamorphism, evident from the manner in which the pegmatites cut across the well developed foliation within the metamorphosed host rocks. This post-dating relationship is supported by radiometric dating; an age of 2666 + 6 Ma is given for the timing of intrusion of the pegmatites (Breaks, et al., 2006).

Green Technology Metals

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Criteria	JORC Code explanation	Commentary
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the 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.	• The original MRE for the Seymour Lake Project area was undertaken by Ardiden in February 2019. Ardiden commissioned an independent consultant, Mr Phil Jones (MAusIMM [#105653] / MAIG [#1903]) to produce the MRE as a competent person as defined by the JORC Code (JORC., 2012). • Mr Phil Jones subsequently agreed to act as the Competent Person for the current MRE for the Seymour Lake Project under the 51% owner Green Technology Metals. • A total of 185 diamond holes, on a nominal 20m x 20m grid, have been drilled and used in the resource modelling at North Aubry and South Aubry. A total of 130 holes were drilled by Ardiden, with the previous owners Linear drilling 44 holes • The 2018 Ardiden drilling was completed by Rugged Aviation Inc. using BTW coring equipment producing 4.20 cm diameter core. • The earlier drill holes were either vertical or inclined towards the west. Once the pegmatite was determined to be dipping towards the north-east, the later drill holes were inclined towards the south-west
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • 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.	• length weighted averages and all resource estimates are tonnage weighted averages • Grade cut-offs have not been incorporated. • No metal equivalent values are quoted.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg‘down hole length, true width not known’).	• The reported results are stated as down hole lengths and it is clearly stated that this is the case. • The pierce angle of the drilling with the pegmatite varies hole by hole so all intersection widths are longer than true widths. • The resource modelling considers the intersections in 3D and adjusts accordingly.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• The appropriate maps are included in the announcement.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• All data has been reported.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• GT1 completed a fixed wing single sensor magnetic/radiometric/VLF airborne geophysical survey. • Survey details, 1191 line-km, 75m line spacing, direction 90 degrees to cross cut pegmatite strike, 70m altitude. • Preliminary images have been received for Total Count Radiometric, Total Magnetics and VLF. • Raw data currently being processed by MPX Geophysics. • Interpretation will be completed by Southern Geoscience
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large- scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Geological field mapping of anomalies and associated pegmatites • Sampling pegmatites for spodumene • Step out 11-hole, 3,500m diamond drilling program at North Aubry (Seymour Project). • Drill targeting and then drilling with RC and Diamond over

Green Technology Metals

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Criteria	JORC Code explanation	Commentary
		the next 24 months.

Green Technology Metals

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