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LIGHTNING MINERALS LTD Capital/Financing Update 2024

May 12, 2024

65212_rns_2024-05-12_a83bebfe-5ae9-480f-bc60-4d5cf104cfd3.pdf

Capital/Financing Update

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Strong Lithium Anomalism Continues at Dundas Project

ASX Announcement 13 May 2024

Lightning Minerals (L1M or the Company) is pleased to provide an update for the Dundas South Project and reports assay results for its recent drilling program on tenement E63/2000. The drilling program tested lithium and rubidium targets identified through regional soil exploration work (refer ASX release 9th February). The results demonstrate a continuation of strong lithium and rubidium occurrences (up to 994ppm lithium and 1,834 ppm rubidium at depths of up to 26m.

Highlights

  • Positive assays for the Company’s 96 hole, 3,820m Aircore drill campaign[1] on tenement E63/2000 have now been received

  • Assays have returned elevated lithium values on composite samples with peak results of 994ppm lithium, confirming and increasing the tenor of the previously identified anomalism

  • Results highlight three sites of interest which exhibit correlated elevations in lithium and pathfinder elements supporting continued exploration

Strong assay results have continued at the Company’s Dundas South Project within tenement E63/2000 following completion of drilling in February 2024. Results continue to demonstrate the presence of elevated lithium across the project area with strategies now being reviewed to identify the potential source of the anomalous lithium values. The staged approach to exploration across the Company’s Dundas projects continues to build confidence in lithium potential throughout the region.

Lightning Minerals Managing Director Alex Biggs said , “Drilling on E63/2000 has yielded positive results that suggest we are potentially closing in on what might be a source of lithium mineralisation. The staged approach we have taken: geophysics, soil sampling, infill soil sampling and now Aircore drilling have helped us identify the areas of highest importance and we will continue to follow up on these with further targeted drilling. It also demonstrates that this approach to exploration works, while at the same time conserving capital and ensuring maximum value proposition for exploration expenditure.

The Company remains committed to its exploration at its Dundas project and is excited to begin exploration at its newly acquired Caraíbas and Sidrônio projects in Brazil’s Lithium Valley region of Minas Gerais. It is important that we generate optionality in our exploration strategy and we now hold projects in three of the most prospective lithium districts in the world: Minas Gerais, Brazil, Dundas, Western Australia and Quebec, Canada. We remain excited about the Company’s project’s potential and are supportive of the overall lithium thematic”.

1ASX Announcement 9th February

Level 6 505 Little Collins St Melbourne VIC 3000 Australia | [email protected] | (08) 9429 8806

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Drilling Results for Dundas Tenement E63/2000

During early 2023 Lightning Minerals completed a first pass reconnaissance soil geochemistry program consisting of 1,391 soil samples at its Dundas South Project. Results within tenements E63/2000 and E63/1993 defined a broad lithium in-soil anomaly over an approximate 2.4km x 1.0km area, including a peak result of 218ppm lithium (Figure 1). Infill sampling was then completed to further define anomalism and to delineate drill targets through the shallow regolith and alluvial cover present in the area. The positive results of the infill program were sufficient to support the continuation of exploration activities through Aircore drilling.

Figure 1: Dundas South tenement E63/2000 and E63/1993 showing UFF+ lithium soil geochemistry results and recent Aircore drill collar locations (white)

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Level 6 505 Little Collins St Melbourne VIC 3000 Australia | [email protected] | (08) 9429 8806

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The maiden drill program within E63/2000 was then completed in February 2024 and assays have now been received for all samples submitted for laboratory analysis. Results show three sites of interest, these exhibit broadly correlated elevations in pathfinder elements within highly weathered saprolites. Two of the three sites (Drill Traverse 4 and 6, Figure 2) are located on the eastern extents of east west orientated drill lines and will require follow up exploration to continue vectoring toward any potential lithium mineral system that may be responsible for the elevated results.

Samples were collected from all holes using a 4m composite sampling technique from surface. The samples were then submitted to Nagrom laboratories for a full suite of exploration stage low level elemental analysis. Lithological logging via suitably qualified contract geologists reported a range of end of hole (EOH) rock types including mafic volcanics, granites, and metasediments, with some holes ending at hard undifferentiated saprock/saprolite boundaries.

Two drillholes (DSAC0140 and DSAC0151) intersected albite-quartz-muscovite pegmatites. This supports the thesis that pegmatite producing hydrothermal systems are present and may support lithium enrichment if the genetic lithological conditions are correct. Due to the pegmatite intersection, drillhole DSAC0151 was sampled at 1m intervals. Potassium to rubidium ratios (K/Rb) are encouraging for this intersection as they may indicate that pegmatites in this location have experienced fractionation.

Figure 2: Peak downhole lithium result plan for composite samples within E63/2000 Aircore program. (Background lithium heatmap derived from UFF+ lithium soil geochemistry results)

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Level 6 505 Little Collins St Melbourne VIC 3000 Australia | [email protected] | (08) 9429 8806

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Peak results for elements considered as potential pathfinders for the target commodity include 125ppm beryllium, 115ppm caesium, 35ppm tin, and 38ppm tantalum. A full list of results for drillholes in the located in the three areas of elevated lithium results with values greater than 100ppm are shown in Appendix 1 Table 2. Geological cross sections for the three sites are presented in Figure 5.

The peak lithium result of 994ppm lithium occurs within a 2m composite sample at EOH in drillhole DSAC0227 (Figure 4). The lithology for this sample is described as highly weather mafic saprock (2425m), followed by moderately weathered, fine grained mafic basalt (25-26m EOH). A lithium response of this magnitude is unusual for this lithology without the presence of an underlying modifying factor, investigating this will form part of the next stage of works. Resampling of DSAC0227 to a 1m downhole resolution will now be undertaken to provide further confidence in the identified area of interest.

Drill sections for each of the three areas of interest are shown in Figures 3 to 5. A full list of results for drillholes displayed in Figures 3 to 5 are shown in Appendix 1 Table 2. In cross sections ‘C-D’ and ‘EF’ it is noted that a gradual increase in the tenor of results occurs as drilling moves toward the east. Exploration will focus on areas located immediately east of drillholes DSAC0227 and DSAC0151 and may require follow up exploration to determine the potential of a lithium mineral system.

Level 6 505 Little Collins St Melbourne VIC 3000 Australia | [email protected] | (08) 9429 8806

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Figure 3: Cross Section A-B showing composite downhole lithium and rubidium intercepts

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Level 6 505 Little Collins St Melbourne VIC 3000 Australia | [email protected] | (08) 9429 8806

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Figure 4: Cross Section C-D showing composite downhole lithium and rubidium intercepts

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Level 6 505 Little Collins St Melbourne VIC 3000 Australia | [email protected] | (08) 9429 8806

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Figure 5: Cross Section E-F showing composite downhole lithium and rubidium intercepts

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Level 6 505 Little Collins St Melbourne VIC 3000 Australia | [email protected] | (08) 9429 8806

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Dundas Project (Lightning Minerals 100%)

The Dundas Project area is located near Norseman in Western Australia and comprises eight tenements totalling approximately 454km2. Norseman has a strong history of mining dating back to 1892 and is located 190km south of Kalgoorlie. Historically, Norseman and the Dundas area has experienced mining in gold and nickel although over recent years the region has become an emerging lithium and critical minerals province with multiple discoveries and significant exploration activity.

There are two project areas at Dundas:

  • a) South/western tenements surrounding Liontown Resources’ Buldania/Anna lithium deposit, and,

  • b) North/eastern tenements approximately 30km to the east of Alliance Mineral Assets’ Bald Hill lithiumtantalum mine.

Figure 6: Location of Lightning Minerals’ projects

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Approved for release by the Board of Directors

-END-

More information at www.lightnmingminerals.com.au

Level 6 505 Little Collins St Melbourne VIC 3000 Australia | [email protected] | (08) 9429 8806

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ABOUT LIGHTNING MINERALS

Lightning Minerals is a mineral exploration company, listed on the Australian Securities Exchange (ASX:L1M) and focused on the exploration of critical minerals and lithium at its tenements across Western Australia. The Company’s flagship Dundas project is located in the prolific Dundas region of Western Australia. The Company also owns the Dalmas and Hiver lithium projects in Quebec, Canada, another significant and evolving lithium region globally as well as other projects in Western Australia which include Mt Jewell, Mt Bartle and Mailman Hill which are prospective for base metals and critical minerals.

FORWARD LOOKING STATEMENTS

Information included in this release constitutes 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 licences 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 stock 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.

COMPETENT PERSONS STATEMENT

The information contained herein that relates to exploration results is based on information compiled or reviewed by Mr Jarrad Woodland, who is a Competent Person and a member of the Australasian Institute of Mining and Metallurgy. Mr Woodland is a full-time employee of the Company. Mr Woodland has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Woodland consents to the inclusion of his name in the matters based on the information in the form and context in which it appears. Mr Woodland holds options in Lightning Minerals.

REFERENCES TO PREVIOUS ANNOUNCEMENTS

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements, and that all material assumptions and technical parameters have not materially changed. The Company also confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Level 6 505 Little Collins St Melbourne VIC 3000 Australia | [email protected] | (08) 9429 8806

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Appendix 1: Dundas – JORC Code 2012 Table 1 Criteria

The Table below summarises the assessment and reporting criteria used for exploration results for the Dundas Exploration Project and reflects the guidelines in Table 1 of The Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC 2012 Code).

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.

Aircore (AC) drilling samples are collected at 1m intervals from the beginning to the end of each AC hole. Drill sample piles
are placed in an orderly fashion on the drill site pad. When impenetrable lithologies are intersected a 90mm hammer is
used to re-enter the hole to continue drilling. When the hammer is used, a 2-3kg samples are taken from a cone splitting
device to provide drill sample for laboratory analysis.

Composite sampling of the Aircore samples are collected with a tube spear at 4m composite sample intervals to an
approximate weight of 2-3kg.

Samples submitted to the analytical laboratory are at the discretion of the representative geologist.

Sample quality was supervised with no material sample loss or excess moisture recorded.

Sampling was carried out using Lightning Minerals procedures and QAQC processes as per current industry standard
practice.

Drillhole collars are located using a Garmin Map 62s handheld device.
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).

AC drilling used an aircore blade drill bit of 90mm diameter, collecting samples at 1m intervals, with the drill sample
being placed onto the drill site pad. When impenetrable lithologies are intersected by the rotation blade bit, a 90mm
percussion hammer is used to re-enter the hole to continue drilling.
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.

Sample quality and % recoveries are recorded as a visual estimate percentage as part of the field drill rig geologist’s rig
data capture template.

Recoveries remained relatively consistent throughout the program, little water was intersected downhole.

Care was taken to ensure calico samples were of consistent volume and weight.

Samples are representative of the drilled intervals.
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.

All drillholes are geologically domain logged by suitably experienced and qualified geologists.

Logging is both quantitative and qualitative in nature, including lithology, mineralisation, mineralogy, weathering, and
colour. Logging is of a standard able support future resource studies should they be required.

A representative washed chip sample for each end of hole interval as placed in a chip tray for future reference.

Photographs are taken of chip trays for each drillhole and stored on L1M company servers.

The field lithological logging and subsequent reporting of pegmatites are not indicative of economic pegmatite hosted
mineralisation. Further exploration work including an assessment of the current drill sampling results and follow up
drillingand samplingwill be required to confirm thepresence of anymineralisation.

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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.

4m composite spear sampling is undertaken on each aircore drillhole, this method is considered appropriate given the early
stage of exploration works.

DSAC0151 was sampled at 1m intervals due to the presence of a pegmatite unit.

All reported samples are analysed at Nagrom Laboratories, samples are dried to 105C°, crushed to nominal top-size of
6.5mm in a Terminator Jaw crusher using method CRU01. Pulverised up to 3 kg in a LM5 pulveriser mill at 80% or better
passing 75μm, using method PUL01. If the sample is greater than 3 kg, the sample is dried, and split with rotary splitter
before analysis.

Industry standard QAQC practices of duplicate and blank sampling, and the appropriate use of Certified Reference Material
for LCT pegmatite mineralisation are used for all laboratory sample submissions. CRM’s are utilised by the company at a
rate of 1:25 samples.
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) andprecision have been established.

Samples, including QA/QC samples, have been processed by Nagrom Perth, Perth Western Australia.

Methods utilised for laboratory analysis are ICP003, ICP003_OES, and ICP003_MS. Review of QA/QC, including blanks, field
duplicates, high-grade and low-grade CRM’s has been completed with no issues interpreted from results. All sampling has
rigorous QAQC in terms of reference sampling as well as blank and standards introduced into the sample stream.

Prepared sample is digested with a mixture of acids and boiled to dryness. Residue is leached and the resultant solution is
analysed by ICP. This method is a near total digestion, most mineral species will be decomposed under these conditions.
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.

The CP independently verified drilling, sampling, assay and logging results from a validated, externally maintained and
stored geological database.

No adjustments to assay data have been performed. The CP has verified the drill collar, assay and assay QAQC data.
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.

Handheld Garmin GPS instruments were used to geo locate each drill collar, these instruments are understood to be
accurate within a nominal ±5m in the horizontal and vertical planes.

The level of topographic control offered by a handheld GPS is considered sufficient for early exploration drilling.

All samples were collected in the Geocentric Datum of Australia 1994 (GDA94) system. (MGA94, Zone 51)
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.

The drillhole spacing is considered appropriate for the reporting of the exploration results.

No Mineral Resource or Ore Reserve Estimates have been completed.

One-metre downhole AC drill chip samples were composited to 4m via tube spear and prepared for sample submission.
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.

The drilling of soil geochemical targets was targeted as best possible at this early stage of exploration activities.

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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.
The measures taken to ensure sample security.
The chain of custody for sampling procedures and sample analysis was managed by the rig geologists during drilling.
The results of any audits or reviews of sampling techniques and data.
No audits or reviews of sampling techniques have been conducted to date.

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.

The Dundas Projects are located ~600km east of Perth and 20 to 50 km ENE of Norseman in Western Australia.

The Dundas Project area totals ~450km2and comprises eight granted exploration licences separated into two exploration
areas – Dundas North (E28/3027 and E28/3028) and Dundas South (E15/1748, E63/1932, E63/1993, E63/2000, E63/2001,
and E63/2028)

The Tenements are covered by the Ngadju Determined Native Title Claim (WCD2014/004). An agreement is in Place
between the Ngadju Native Title Aboriginal Corporation RNTBC and Lightning Minerals.

The Tenements are considered ingood standingat the time of this report.
Exploration done by other
parties

Acknowledgment and appraisal of exploration by other parties.

The Dundas South Project area has been explored predominantly for gold and nickel by various prior parties.

More recent exploration has included a focus on Lithium via explorers such as Matsa Resources (2008-2018), West
Resource Ventures (2018 – 2019), and Liontown Resources (2018-2020).

The result of this work is described in numerous publicly available Geological Society of Western Australia publications.

Review of the considerable historic exploration activities has been completed; data is collated into company databases as
per industrystandard data collectionpractice.
Geology Deposit type, geological setting and style of mineralisation.
No known mineral deposits occur within project tenure.

The mineralisation style related to this release are metals related to lithium-caesium-tantalum (LCT) pegmatites intrusives.
There are publicly reported occurrences of LCT pegmatites within an acceptable proximity to the Dundas Project
exploration tenure. (Liontown Resources (ASX:LTR) – Buldania Deposit)

The Dundas Project is located at the southern-eastern end of the Norseman-Wiluna Belt within the Archaean Yilgarn
Craton. The project area sits adjacent to the Jerdacuttup Fault which represents the boundary or the Archaean Yilgarn
Craton with the adjacent Proterozoic Albany-Fraser Province.
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
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.

Relevant drill hole information has been provided in Appendix 1 of this release

No material information has been excluded from this report, laboratory analytical results have been adequately
communicated and described within the body of this report.

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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.

No levelling of the raw geochemical data was undertaken.

Plan images have been generated using QGGIS software, 3D modelling of drill results has been undertaken using
Micromine software.

No metal equivalent values are reported.
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 AC drilling data described in this report are reported as downhole widths.

There is insufficient data provided by the drill intercepts contained within this report for a relationship between pegmatite
true width and intercept lengths to be reported. The true width of the pegmatites is not known, only down hole length is
reported.
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.

Appropriate reporting of results has been included in the body of this announcement; the plans, or lack thereof suitably
represent the nature of the drilling results.
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.

Comprehensive reporting of all exploration results is not considered practicable for this announcement. Pertinent
information has been communicated to ensure balanced and representative reporting of exploration results has been
achieved.
Other substantive
exploration data
Other exploration data, if meaningful and material, should be reported
including (but not limited to): geological observations; geophysical survey
results; geochemical survey results; bulk samples – size and method of
treatment; metallurgical test results; bulk density, groundwater,
geotechnical and rock characteristics; potential deleterious or
contaminating substances.

All meaningful data and relevant information have been included in the body of the report.
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.

The planning of follow up Reverse Circulation or Diamond Drilling of the reported pegmatites is dependent on a full review
of the laboratory analytical results and remains under consideration.

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Appendix 1 - Table 1: Drill program collar locations within E63/2000

Tenement Hole ID Drill Type Collar Easting
(MGA94_Z51)
Collar Northing
(MGA94_Z51)
RL (mASL) Dip (°) Mag Azimuth (°) Hole Max Depth (m)
E63/2000 DSAC0140 Aircore 427943 6461155 290 -60 90 24
E63/2000 DSAC0141 Aircore 427790 6461151 290 -60 90 34
E63/2000 DSAC0142 Aircore 427646 6461150 290 -60 90 40
E63/2000 DSAC0143 Aircore 425260 6459603 290 -60 90 41
E63/2000 DSAC0144 Aircore 425184 6459600 290 -60 90 37
E63/2000 DSAC0145 Aircore 425109 6459605 290 -60 90 33
E63/2000 DSAC0146 Aircore 425666 6459208 290 -60 90 49
E63/2000 DSAC0147 Aircore 425586 6459203 290 -60 90 29
E63/2000 DSAC0148 Aircore 425525 6459214 290 -60 90 28
E63/2000 DSAC0149 Aircore 425218 6459211 290 -60 90 43
E63/2000 DSAC0150 Aircore 425139 6459221 290 -60 90 28
E63/2000 DSAC0151 Aircore 426815 6458407 290 -60 90 22
E63/2000 DSAC0152 Aircore 426650 6458406 290 -60 90 48
E63/2000 DSAC0153 Aircore 426499 6458415 290 -60 90 69
E63/2000 DSAC0154 Aircore 426342 6458404 290 -60 90 95
E63/2000 DSAC0155 Aircore 426193 6458402 290 -60 90 50
E63/2000 DSAC0156 Aircore 426050 6458410 290 -60 90 75
E63/2000 DSAC0157 Aircore 425968 6458402 290 -60 90 64
E63/2000 DSAC0158 Aircore 425522 6458405 290 -60 90 21
E63/2000 DSAC0159 Aircore 425594 6458410 290 -60 90 24
E63/2000 DSAC0160 Aircore 425672 6458404 290 -60 90 38
E63/2000 DSAC0161 Aircore 426643 6458600 290 -60 90 41
E63/2000 DSAC0162 Aircore 426489 6458599 290 -60 90 69
E63/2000 DSAC0163 Aircore 426127 6458598 290 -60 90 29
E63/2000 DSAC0164 Aircore 425967 6458597 290 -60 90 14
E63/2000 DSAC0165 Aircore 425820 6458603 290 -60 90 73
E63/2000 DSAC0166 Aircore 425655 6458609 290 -60 90 38
E63/2000 DSAC0167 Aircore 425509 6458602 290 -60 90 23
E63/2000 DSAC0168 Aircore 425378 6458604 290 -60 90 30
E63/2000 DSAC0169 Aircore 427427 6458804 290 -60 90 24
E63/2000 DSAC0170 Aircore 427253 6458809 290 -60 90 46
E63/2000 DSAC0171 Aircore 427182 6458805 290 -60 90 35
E63/2000 DSAC0172 Aircore 427097 6458806 290 -60 90 40
E63/2000 DSAC0173 Aircore 426951 6458807 290 -60 90 37
E63/2000 DSAC0174 Aircore 426872 6458811 290 -60 90 31
E63/2000 DSAC0175 Aircore 425810 6458816 290 -60 90 60
E63/2000 DSAC0176 Aircore 425732 6458802 290 -60 90 82
E63/2000 DSAC0177 Aircore 427873 6461151 290 -60 90 22
E63/2000 DSAC0178 Aircore 427739 6461147 290 -60 90 47
E63/2000 DSAC0179 Aircore 427566 6461144 290 -60 90 18
E63/2000 DSAC0180 Aircore 425030 6459608 290 -60 90 25

==> picture [842 x 53] intentionally omitted <==

Tenement Hole ID Drill Type Collar Easting
(MGA94_Z51)
Collar Northing
(MGA94_Z51)
RL (mASL) Dip (°) Mag Azimuth (°) Hole Max Depth (m)
E63/2000 DSAC0181 Aircore 424955 6459620 290 -60 90 48
E63/2000 DSAC0182 Aircore 424895 6459614 290 -60 90 35
E63/2000 DSAC0183 Aircore 425747 6459211 290 -60 90 34
E63/2000 DSAC0184 Aircore 425432 6459213 290 -60 90 32
E63/2000 DSAC0185 Aircore 425368 6459200 290 -60 90 25
E63/2000 DSAC0186 Aircore 425069 6459242 290 -60 90 53
E63/2000 DSAC0187 Aircore 424992 6459268 290 -60 90 38
E63/2000 DSAC0188 Aircore 424923 6459233 290 -60 90 29
E63/2000 DSAC0189 Aircore 426530 6458206 290 -60 90 64
E63/2000 DSAC0190 Aircore 426456 6458211 290 -60 90 42
E63/2000 DSAC0191 Aircore 426388 6458209 290 -60 90 52
E63/2000 DSAC0192 Aircore 426307 6458201 290 -60 90 74
E63/2000 DSAC0193 Aircore 426081 6458199 290 -60 90 44
E63/2000 DSAC0194 Aircore 425996 6458202 290 -60 90 34
E63/2000 DSAC0195 Aircore 425930 6458209 290 -60 90 29
E63/2000 DSAC0196 Aircore 426723 6458409 290 -60 90 44
E63/2000 DSAC0197 Aircore 426567 6458406 290 -60 90 67
E63/2000 DSAC0198 Aircore 426430 6458402 290 -60 90 83
E63/2000 DSAC0199 Aircore 426269 6458394 290 -60 90 73
E63/2000 DSAC0200 Aircore 426123 6458411 290 -60 90 63
E63/2000 DSAC0201 Aircore 425909 6458435 290 -60 90 65
E63/2000 DSAC0202 Aircore 425829 6458400 290 -60 90 54
E63/2000 DSAC0203 Aircore 425746 6458399 290 -60 90 53
E63/2000 DSAC0204 Aircore 425443 6458400 290 -60 90 40
E63/2000 DSAC0205 Aircore 425392 6458404 290 -60 90 34
E63/2000 DSAC0206 Aircore 427909 6458605 290 -60 90 26
E63/2000 DSAC0207 Aircore 427790 6458594 290 -60 90 23
E63/2000 DSAC0208 Aircore 427691 6458602 290 -60 90 25
E63/2000 DSAC0209 Aircore 427589 6458601 290 -60 90 21
E63/2000 DSAC0210 Aircore 427513 6458606 290 -60 90 20
E63/2000 DSAC0211 Aircore 427395 6458607 290 -60 90 25
E63/2000 DSAC0212 Aircore 427225 6458611 290 -60 90 33
E63/2000 DSAC0213 Aircore 427169 6458621 290 -60 90 24
E63/2000 DSAC0214 Aircore 427096 6458624 290 -60 90 32
E63/2000 DSAC0215 Aircore 427017 6458606 290 -60 90 42
E63/2000 DSAC0216 Aircore 426942 6458607 290 -60 90 30
E63/2000 DSAC0217 Aircore 426870 6458611 290 -60 90 40
E63/2000 DSAC0218 Aircore 426780 6458596 290 -60 90 19
E63/2000 DSAC0219 Aircore 426731 6458605 290 -60 90 32
E63/2000 DSAC0220 Aircore 426582 6458600 290 -60 90 50
E63/2000 DSAC0221 Aircore 426429 6458596 290 -60 90 60
E63/2000 DSAC0222 Aircore 426042 6458605 290 -60 90 16
E63/2000 DSAC0223 Aircore 425895 6458610 290 -60 90 52

==> picture [842 x 53] intentionally omitted <==

Tenement Hole ID Drill Type Collar Easting
(MGA94_Z51)
Collar Northing
(MGA94_Z51)
RL (mASL) Dip (°) Mag Azimuth (°) Hole Max Depth (m)
E63/2000 DSAC0224 Aircore 425747 6458607 290 -60 90 74
E63/2000 DSAC0225 Aircore 425584 6458601 290 -60 90 27
E63/2000 DSAC0226 Aircore 425443 6458604 290 -60 90 23
E63/2000 DSAC0227 Aircore 427707 6458806 290 -60 90 26
E63/2000 DSAC0228 Aircore 427621 6458807 290 -60 90 28
E63/2000 DSAC0229 Aircore 427518 6458807 290 -60 90 16
E63/2000 DSAC0230 Aircore 427458 6458818 290 -60 90 9
E63/2000 DSAC0231 Aircore 427390 6458805 290 -60 90 24
E63/2000 DSAC0232 Aircore 427023 6458806 290 -60 90 38
E63/2000 DSAC0233 Aircore 426800 6458809 290 -60 90 45
E63/2000 DSAC0234 Aircore 425663 6458812 290 -60 90 22
E63/2000 DSAC0235 Aircore 425295 6459203 290 -60 90 23

Appendix 1 - Table 2: Analytical results for 4m composite intercepts shown in section A-B, C-D, and E-F, >100ppm lithium, or >1,000ppm rubidium

HoleID SampleID Depth From Depth To Li_ppm Be_ppm Cs_ppm K_ppm Nb_ppm Rb_ppm Sn_ppm Ta_ppm Y_ppm K/Rb Ratio
DSAC0140 LMAC05006 22 23 78 4 38.5 37500 52 1331 12.5 15 13 N/A
DSAC0141 LMAC05015 28 32 122 9.5 10.5 19350 7 106 1 0.5 34.3 N/A
DSAC0141 LMAC05016 32 34 187 9.5 20 23000 7 206.5 2.5 0.5 27.4 N/A
DSAC0142 LMAC05019 8 12 207 3 23.5 9500 152 607 18 38 2 N/A
DSAC0142 LMAC05020 12 16 221 9 23.5 11950 127 663.5 17 35.5 3.8 N/A
DSAC0142 LMAC05021 16 20 459 12 67 9350 63 815 18 23 3.8 N/A
DSAC0142 LMAC05026 36 40 116 5.5 9 17800 8 92.5 1.5 1 39.9 N/A
DSAC0151 LMAC05107 4 5 156 3.5 23 19650 48 720.5 24 14 3.4 27
DSAC0151 LMAC05108 5 6 137 4 25 9900 44 341.5 13 8 4 29
DSAC0151 LMAC05110 7 8 73 3 26 36650 49 1084.5 10.5 10.5 3.6 34
DSAC0151 LMAC05111 8 9 229 5 48 17600 22 407.5 3.5 2 4.2 43
DSAC0151 LMAC05112 9 10 240 7 60 18250 16 463.5 2.5 2 3.1 39
DSAC0151 LMAC05113 10 11 144 4.5 40.5 42850 38 1037.5 9 10 1.9 41
DSAC0151 LMAC05114 11 12 69 4.5 23.5 50800 94 1134 9 7 2.7 45
DSAC0151 LMAC05115 12 13 89 2.5 24.5 50550 32 1170 9 5.5 1.1 43
DSAC0151 LMAC05116 13 14 205 5.5 38 44600 78 1575.5 34.5 22.5 2 28
DSAC0151 LMAC05117 14 15 82 3.5 63.5 48750 53 1719.5 20.5 21 1.1 28
DSAC0151 LMAC05118 15 16 214 4.5 29.5 26150 61 1012.5 21.5 34.5 1 26
DSAC0151 LMAC05119 16 17 104 4.5 10 16150 71 467 12.5 19.5 1.5 35
DSAC0151 LMAC05121 18 19 257 4.5 16 22650 51 738.5 23.5 10.5 0.7 31
DSAC0151 LMAC05122 19 20 126 3.5 30.5 39450 43 1352.5 15 8 0.8 29
DSAC0151 LMAC05123 20 21 201 5 50.5 36850 72 1834 31.5 14 1.3 20
DSAC0151 LMAC05124 21 22 121 99.5 41 17800 85 1083 26.5 27 2 16
DSAC0152 LMAC05130 20 24 134 6 8.5 6550 43 242 8 9 1.3 N/A
DSAC0152 LMAC05131 24 28 159 3 9 7450 60 322 9 18 1.4 N/A

==> picture [842 x 53] intentionally omitted <==

DSAC0152 LMAC05132 28 32 221 4 14 14600 55 492.5 10.5 10.5 1.5 N/A
DSAC0152 LMAC05133 32 36 171 3.5 18 20050 62 664 9.5 14 4.1 N/A
DSAC0152 LMAC05134 36 40 140 4 26 29850 69 906.5 9 17 5.1 N/A
DSAC0152 LMAC05136 44 48 485 13.5 106.5 22500 71 1116.5 14.5 20.5 19.2 N/A
DSAC0153 LMAC05145 32 36 110 2 5 2750 15 25 3 2 4.4 N/A
DSAC0153 LMAC05152 60 64 134 8 61 27300 8 462 2 1 18.8 N/A
DSAC0178 LMAC05447 24 28 126 9.5 33.5 10300 7 93.5 2.5 1 7.1 N/A
DSAC0178 LMAC05449 32 36 130 6 28.5 32400 77 1363 10.5 21 3.5 N/A
DSAC0178 LMAC05450 36 40 126 4.5 46.5 31900 69 1552 13 20 1.4 N/A
DSAC0196 LMAC05639 16 20 143 5 6.5 5700 26 111 3.5 2 3.6 N/A
DSAC0196 LMAC05640 20 24 190 4 14.5 9150 51 386 10 10 3.3 N/A
DSAC0196 LMAC05641 24 28 209 3 10 8750 80 388 10 14.5 2.9 N/A
DSAC0196 LMAC05642 28 32 263 4.5 42.5 26700 65 963.5 10.5 11.5 1.6 N/A
DSAC0196 LMAC05643 32 36 184 5 31 28400 71 908 7 13 1.9 N/A
DSAC0196 LMAC05644 36 40 234 6 27 18600 69 694.5 9.5 12.5 2.9 N/A
DSAC0196 LMAC05645 40 44 161 5 17.5 14450 88 499.5 7 16 2.6 N/A
DSAC0197 LMAC05653 28 32 103 2.5 6.5 4450 63 193 9 16.5 2.8 N/A
DSAC0197 LMAC05657 44 48 100 5 1.5 1050 4 10.5 2 1 6.8 N/A
DSAC0197 LMAC05659 52 56 124 6 41.5 17000 8 159 1.5 1 33.6 N/A
DSAC0197 LMAC05660 56 60 153 5 72 23000 7 280 2 0.5 47.6 N/A
DSAC0197 LMAC05661 60 64 144 6 33.5 21950 7 206.5 3.5 0.5 14.3 N/A
DSAC0197 LMAC05662 64 67 139 3.5 25 22450 7 139.5 1.5 0.5 17.1 N/A
DSAC0198 LMAC05670 28 32 103 2 6.5 3150 13 24.5 3 2 3.8 N/A
DSAC0198 LMAC05673 40 44 119 2 3 1400 13 17 3 2 4.3 N/A
DSAC0227 LMAC05972 0 4 165 2.5 76.5 17200 8 269 1.5 4.5 16.1 N/A
DSAC0227 LMAC05973 4 8 224 7 84.5 19300 7 241.5 1.5 2 8.1 N/A
DSAC0227 LMAC05974 8 12 174 3 74 14600 5 146 1 0.5 9.1 N/A
DSAC0227 LMAC05975 12 16 127 4.5 43 15800 6 111.5 1 1 7.9 N/A
DSAC0227 LMAC05976 16 20 316 11 71 19200 6 208 2.5 0.5 10.3 N/A
DSAC0227 LMAC05977 20 24 464 13 83.5 20650 7 326 3.5 1 21.7 N/A
DSAC0227 LMAC05978 24 26 994 17 115.5 25900 11 449 4.5 1.5 16.6 N/A
DSAC0228 LMAC05986 24 28 110 6 41 20150 6 117.5 1 0.5 29.8 N/A

Appendix 1 - Table 3: Logged lithologies for pegmatite intersections

Tenement Hole ID Drill
Type
Collar Easting
(MGA94_Z51)
Collar Northing
(MGA94_Z51)
RL
(mASL)
Dip (°) Mag
Azimuth
**(°) **
Hole Max
Depth
(m)
Pegmatite
Intersections
Downhole
Interval (m)
Pegmatite
% Logged
Geology/Comments
E63/2000 DSAC0140 AC 427943 6461155 290 -60 90 24 23-24m
(EOH)
1 100%
Pegmatite
Coarse grained pegmatite (Fpg), highly weathered, Iron
stained, Feldspar 5%, Quartz 15%, Mica 80%?
E63/2000 DSAC0151 AC 426815 6458407 290 -60 90 22 5-22m(EOH) 17 100%
Pegmatite
Coarse grained pegmatite (Fpg), highly weathered Quartz
70%, Feldspar, 10%, Mica 20%.