Lithium Ionic Corp.

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NI 43-101 Technical Report – Mineral Resource Update on Bandeira Project, Araçuaí and Itinga, Minas Gerais State, Brazil

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Prepared by GE21 Consultoria Mineral Ltda . on behalf of:

Project GE21 nº : 240403 Effective date : March 5[th] , 2024

Qualified Persons:

Carlos José Evangelista Silva – MSc. (Geo), MAIG Leonardo Rocha – BSc. (Geo), MAIG Paulo Bergman – BSc. (Min Eng), FAusIMM

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NI 43-101 Technical Report – Mineral Resource Update on Bandeira Project, Araçuaí and Itinga, Minas Gerais State, Brazil

GE21 Projeto n[o] : 240403 Effective date: March 5[th] , 2024 Issue date: May 27[th] , 2024 Version: Initial issue S:\Projetos\MGLIT-Empreendimento\240403-MRE- Work directory: Bandeira\23_Relatorio Lithium Ionic Corp. (1) Copies: GE21 Consultoria Mineral Ltda. (1)

Version Description Author(s) Date

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DATE AND SIGNATURE PAGE

This Report, entitled “NI 43-101 Technical Report – Mineral Resource Update on Bandeira Project, Araçuaí and Itinga, Minas Gerais State, Brazil”, was prepared by Carlos José Evangelista Silva, Leonardo Silva Santos Rocha, and Paulo Roberto Bergman Moreira, on behalf of Lithium Ionic Corp.

Dated at Belo Horizonte, Brazil, on May 27[th] , 2024.

Original document signed and sealed Carlos José Evangelista Silva, MSc (Geo), MAIG Original document signed and sealed Leonardo Silva Santos Rocha, BSc (Geog), MAIG

Original document signed and sealed

Paulo Bergman, BSc (Min Eng), FAusIMM

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5th, 2024

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UNITS, SYMBOLS, AND ABBREVIATIONS

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Units and Symbols
“ Inches
°C Celsius
% Percentage
Au g/t Grams of Gold per Tonne
Au Gold
CDN$ Canadian Dollars
Cm Centimetre(s)
E East
Ga Gigaannum
g/t Grams per Tonne
Ha Hectare(s)
hp Horse Power
hr Hour
k Thousands
k$ Thousands of Dollars
kg Kilogram
km Kilometre(s)
kt Thousands of Tonnes
kV Kilovolt
l Litre
m Metres
m³/h Cubic Metres per Hour
Mt Megatonne
M Millions
Mtpa Million Tonnes per Annum
mg Milligram
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Units and Symbols
Oz Ounce
NE Northeast
NW Northwest
t/h Tonnes per Hour
tpd Tonnes per Day
USD United States dollars ($)
V Volts
w/v Weight by volume
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Abbreviations
3D Three Dimensional
AA Atomic Absorption
AARL Anglo American Research Laboratories
AHD Average Hauling Distance
AI Abrasion Index
AMPRD Absolute Mean Paired Relative Difference
ANM National Mining Agency of Brazil
ASL Above Sea Level
BWI - Bond Work Index
CA Certificate of Authorization
CDN Canadian
Financial Compensation for Exploitation of
CFEM
Mineral Resources
Chl Chlorite
Canadian Institute of Mining, Metallurgy and
CIM
Petroleum
CoG Cut-off Grade
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Abbreviations
CRM Certified Reference Material
CSA Canadian Securities Administrators
Cum Cumulative
DDH Diamond Drill Hole
DGPS Differential Global Positioning System
DWT Drop Weight Test
EBPP Eastern Brazilian Pegmatite Province
EIA Environmental Impact Assessment
Esp Sphalerite
FA Fire Assay
FS Feasibility Study
GE21 GE21 Consultoria Mineral
GPS Global Positioning System
GRG Gravity Recoverable Gold Tests
Hem Hematite
IBGE Brazilian Institute of Geography and Statistics
ICU Intensive Cyanidation Unity
JV Joint Venture
LOM Life of Mine
LCT Lithium-Cesium-Tantalum
LP Preliminary License
LPG Liquefied Petroleum Gas
Mag Magnetite
MAR Metarenites
MGL Metaconglomerate
MYL Upper Schist and Schist
NI 43-101 National Instrument 43-101
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Abbreviations
NSR Net Smelter Revenue
Py Pyrite
P80 Passing 80%
QA/QC Quality Assurance and Quality Control
QP Qualified Person
Qtz Quartz
ROM Run of Mine
Sd Siderite
Ser Sericite
SO2 Sulphur dioxide
SPI SAG power index and
SR Stripping Ratio
SRP spodumene-rich pegmatites
TAH Annual Rate per Hectare
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1	EXECUTIVE SUMMARY .................................................................................................... 1-1	EXECUTIVE SUMMARY .................................................................................................... 1-1
	1.1	Introduction and Terms of Reference ............................................................................ 1-1
	1.1.1 Qualified Persons ................................................................................................. 1-1
	1.2	Reliance on Other Experts ............................................................................................ 1-2
	1.3	Property Description and Location ................................................................................ 1-2
	1.4	Accessibility, Climate, Local Resources, Infrastructure and Physiography .................. 1-2
	1.5	History ........................................................................................................................... 1-2
	1.6	Geological Setting and Mineralization ........................................................................... 1-2
	1.7	Deposit Types ............................................................................................................... 1-3
	1.8	Exploration..................................................................................................................... 1-3
	1.9	Drilling ............................................................................................................................ 1-4
	1.10	Sample Preparation, Analysis, and Security ............................................................. 1-4
	1.11	Data Verification ........................................................................................................ 1-5
	1.12	Mineral Processing and Metallurgical Testing .......................................................... 1-5
	1.13	Mineral Resources Estimates ................................................................................... 1-5
	1.14	Adjacent Properties ................................................................................................... 1-6
	1.15	Interpretation and Conclusions ................................................................................. 1-6
	1.16	Recommendations .................................................................................................... 1-7
2	INTRODUCTION ................................................................................................................. 2-9
	2.1	Terms of Reference ....................................................................................................... 2-9
	2.2	Units and Currency ........................................................................................................ 2-9
	2.3	Effective Date ................................................................................................................ 2-9
	2.4	Visits to the Project ...................................................................................................... 2-10
	2.5	Qualified Experts ......................................................................................................... 2-10
3	RELIANCE ON OTHER EXPERTS .................................................................................... 3-1
	3.1	Mining Law .................................................................................................................... 3-1
4	PROPERTY DESCRIPTION AND LOCATION ................................................................... 4-1
	4.1	History of the Process and Legal Status of ANM Case n° 832.439/2009 ..................... 4-3
5	ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND

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PHYSIOGRAPHY ....................................................................................................................... 5-1	PHYSIOGRAPHY ....................................................................................................................... 5-1	PHYSIOGRAPHY ....................................................................................................................... 5-1
	5.1	Accessibility ................................................................................................................... 5-1
	5.2	Climate .......................................................................................................................... 5-1
	5.3	Local Resources and Infrastructure .............................................................................. 5-2
	5.4	Physiography ................................................................................................................. 5-3
6	HISTory ............................................................................................................................... 6-1
	6.1	History of Lithium ........................................................................................................... 6-1
	6.2	Historical Exploration ..................................................................................................... 6-3
	6.3	Historical Mineral Resource Estimates ......................................................................... 6-3
	6.3.1 MRE August 10, 2023........................................................................................... 6-3
	6.3.2 PEA October 19, 2023 .......................................................................................... 6-4
	6.3.3 MRE November 20, 2023 ..................................................................................... 6-5
7	GEOLOGICAL SETTING AND MINERALIZATION ............................................................ 7-1
	7.1	Regional Lithium History and Geology .......................................................................... 7-1
	7.1.1 Pegmatites ............................................................................................................ 7-4
	7.2	Structural Geology ....................................................................................................... 7-10
	7.3	Local Geology ............................................................................................................. 7-16
	7.4	Mineralization Model ................................................................................................... 7-19
8	DEPOSIT TYPES ................................................................................................................ 8-1
9	EXPLORATION ................................................................................................................... 9-1
	9.1	Chip Rock Sampling ...................................................................................................... 9-1
	9.2	Soil Sampling Program .................................................................................................. 9-1
	9.3	Trench Program ............................................................................................................ 9-2
	9.4	Structural Analysis ......................................................................................................... 9-5
	9.5	Geophysical Surveys ..................................................................................................... 9-7
10		DRILLING .................................................................................................................... 10-1
	10.1	Lithium Ionic Drilling Campaigns ............................................................................. 10-1
	10.2	Drill Type ................................................................................................................. 10-1
	10.3	Drilling Companies in Bandeira Project .................................................................. 10-1
	10.4	Drill Collar Monuments ............................................................................................ 10-1

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10.5	Drillhole Surveying .................................................................................................. 10-1
10.6	Core Orientation ...................................................................................................... 10-2
10.7	Drill Core Chain Custody ........................................................................................ 10-3
10.8	Core Logging Procedures ....................................................................................... 10-3
10.9	Ore Drilling Intercepts ............................................................................................. 10-3
10.10	QP's Comments ...................................................................................................... 10-4
11 SAMPLE PREPARATION, ANALYSES AND SECURITY .......................................... 11-1
11.1	Sampling ................................................................................................................. 11-1
11.2	Sample Preparation, Security and Custody Chain of Custody ............................... 11-2
11.3	Sample Analysis...................................................................................................... 11-2
11.4	Density Measurements ........................................................................................... 11-2
11.5	Quality Assurance and Quality Control (QA/QC) .................................................... 11-3
11.5.1	Preparation Blank – Coarse Blank ..................................................................... 11-5
11.5.2	Analytical Blank – Fine Blank ............................................................................. 11-6
11.5.3	Certified/Standard Reference Material – CRM/SRM .......................................... 11-8
11.5.4	Crushed Duplicates .......................................................................................... 11-10
11.5.5	Pulverized Duplicates ....................................................................................... 11-11
11.5.6	Check Assay ..................................................................................................... 11-12
11.6	QP Opinion ............................................................................................................ 11-13
12 DATA VERIFICATION ................................................................................................. 12-1
12.1	QP Verification ........................................................................................................ 12-1
12.2	QP Opinion ............................................................................................................ 12-19
13 MINERAL PROCESSING AND METALLURGICAL TESTING ................................... 13-1
13.1	Ore Mineralogical Characterization......................................................................... 13-1
13.2	Ore Chemical Analysis ............................................................................................ 13-2
13.3	Metallurgical Testing ............................................................................................... 13-3
13.3.1	Preliminary HLS Test at SGS Geosol................................................................. 13-3
13.3.2	Vendors Tests ..................................................................................................... 13-7
13.3.3	Ore Variability ................................................................................................... 13-12
13.3.4	Pilot Plant – Ore Sorter (Steinert) & DMS (SGS Geosol) ................................. 13-22

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14 MINERAL RESOURCE ESTIMATES ......................................................................... 14-1
14.1 Drilling Database ..................................................................................................... 14-1
14.2 Geological Modeling ............................................................................................... 14-2
14.3 Geostatistical Structural Analysis ............................................................................ 14-5
14.3.1 Regularization of Samples .................................................................................. 14-5
14.3.2 Exploratory Data Analysis (EDA) ........................................................................ 14-5
14.3.3 Variographic Analysis ......................................................................................... 14-1
14.4 Block Model ............................................................................................................. 14-3
14.5 Grade Estimation .................................................................................................... 14-4
14.6 Estimation Validation .............................................................................................. 14-4
14.7 Density .................................................................................................................... 14-5
14.8 Classification of Mineral Resources ........................................................................ 14-9
15 MINERAL RESERVES ESTIMATES .......................................................................... 15-1
16 MINING METHODS .................................................................................................... 16-1
17 RECORVERY METHODS ........................................................................................... 17-1
18 PROJECT INFRAESTRUCTURE ............................................................................... 18-1
19 MARKET STUDIES AND CONTRACTS ..................................................................... 19-1
20 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY
IMPACTS .................................................................................................................................. 20-1
21 CAPITAL AND OPERATING COSTS ......................................................................... 21-1
22 ECONOMIC ANALYSIS .............................................................................................. 22-1
23 ADJACENT PROPERTIES ......................................................................................... 23-1
24 OTHER RELEVANT DATA AND INFORMATION ...................................................... 24-1
25 INTERPRETATION AND CONCLUSIONS ................................................................. 25-1
26 RECOMMENDATIONS ............................................................................................... 26-1
27 REFERENCES ............................................................................................................ 27-1
28 CERTIFICATE OF QUALIFIED PERSON .................................................................. 28-1
28.1 Carlos José Evangelista da Silva............................................................................ 28-1
28.2 Certificate of Leonardo Silva Santos Rocha ........................................................... 28-2
28.3 Certificate of Paulo Bergman .................................................................................. 28-3

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LIST OF TABLES

Table 1-1 – Bandeira Drill Holes Summary ................................................................................ 1-4 Table 1-2 – Bandeira Mineral Resource Estimates (base case cut-off grade of 0.5 % Li2O) ... 1-6 Table 2-1 – Presents the QPs Matrix of Responsibility ............................................................ 2-11 Table 6-1 – Itinga Property; Bandeira In-Pit and Underground (below-pit) Mineral Resource Estimate, June 24, 2023 ............................................................................................................. 6-4 Table 6-2 – Itinga Property; Bandeira Deposits Underground Mineral Resource Estimate, October 11, 2023 ...................................................................................................................................... 6-5 Table 6-3 – Bandeira Deposits Underground Mineral Resource Estimate, November 20t[h] , 2023 .................................................................................................................................................... 6-6 Table 7-1 – Main Features of the Orogenic Igneous Supersuites of the Araçuaí Orogen ......... 7-5 Table 7-2 – Features of the Main Pegmatite Districts of the Eastern Brazilian Pegmatite Province .................................................................................................................................................... 7-8 Table 9-1 – Summary of the Trenches Executed in the Bandeira Deposit ................................ 9-3 Table 10-1 – Bandeira Drill Holes Summary ............................................................................ 10-1 Table 11-1 – QA/QC Program Summary ................................................................................. 11-5 Table 13-1 – Lithium Minerals Identified at Bandeira Pegmatite Deposit ................................ 13-1 Table 13-2 – Mineralogical Composition Average of 7 Metallurgical Drill Holes – X-Ray Difraction, Rietveld Method........................................................................................................................ 13-2 Table 13-3 – Average Chemical Composition of the 07 Drill Holes of Bandeira Deposit ........ 13-3 Table 13-4 – Ore Sorter Results for the Size Fraction of -31,5 +19.1 mm .............................. 13-8 Table 13-5 – Ore Sorter Results for the Size Fraction of -19.1 + 9,5 mm ............................... 13-8 Table 13-6 – Ore Sorter Results for the Size Fraction of -19.1 + 9.5 mm (ITDD-22-054) ....... 13-9 Table 13-7 – Ore Sorter Results for the Size Fraction of -19.1 +9.5 mm (ITDD-22-098) ........ 13-9 Table 13-8 – Ore Sorter Results for the Size Fraction of -31.5 +19.1 mm (ITDD-22-054) ...... 13-9 Table 13-9 – Ore Sorter Results for the Size Fraction of -31.5 +19.1 mm (ITDD-22-098) .... 13-10 Table 13-10 – Average CWi Results for the Bond Low-Energy Impact Tests ....................... 13-10 Table 13-11 – Test Work Statistics ........................................................................................ 13-11 Table 13-12 – Crushability Tests Results .............................................................................. 13-11 Table 13-13 – HLS Results for Coarse Fraction (-12.7+6.35 mm) ........................................ 13-13

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Table 13-14 – HLS Results for Fine Fraction (-6.35+0.85 mm) ............................................. 13-13 Table 13-15 – HLS Rougher Step Results ............................................................................. 13-20 Table 13-16 – HLS Scavenger Step Results ......................................................................... 13-21 Table 13-17 – Polishing HLS Results .................................................................................... 13-22 Table 13-18 – Ore Sorter Pilot Plant Results ......................................................................... 13-24 Table 13-19 – HLS Results for Each Particle Size Range for Spodumene Liberation .......... 13-24 Table 13-20 – Accumulated HLS Results by Particle Size .................................................... 13-25 Table 14-1 – Li2O (%) Spodumene Pegmatites Veins Model Statistics – Statistics Table ..... 14-1 Table 14-2 – Variographic Parameters .................................................................................... 14-1 Table 14-3 – Block Model Dimensions ..................................................................................... 14-3 Table 14-4 – Block Model Variables Summary ........................................................................ 14-3 Table 14-5 – Kriging Parameters ............................................................................................. 14-4 Table 14-6 – Density Values .................................................................................................... 14-5 Table 14-7 – Bandeira Mineral Resource Estimates (base case cut-off grade of 0.5 % Li2O) . 1410 Table 25-1 – Bandeira Mineral Resources ............................................................................... 25-1

LIST OF FIGURES Figure 4-1 – Project Location ..................................................................................................... 4-1 Figure 4-2 – Mining Rights of the Bandeira Project ................................................................... 4-2 Figure 4-3 – Consult Webpage the History and Situation on the Official Website of the Brazilian Government for Mineral Rights 832.439/2009 ........................................................................... 4-4 Figure 4-4 – Consult the Polygonal Webpage on the Brazilian Government's Official Website for Mineral Rights 832.439/2009 ..................................................................................................... 4-5 Figure 5-1 – Weather Conditions in Araçuaí/MG ....................................................................... 5-1 Figure 5-2 – Maximum and Minimum Temperatures in Araçuaí/MG ......................................... 5-2 Figure 5-3 – Physiography on Project ........................................................................................ 5-3 Figure 7-1 – Simplified Geologic Map of the Araçuaí Orogen ................................................... 7-1 Figure 7-2 – Distributions of U-Pb Ages for Detrital Zircon Grains from Metamorphosed Sedimentary and Volcanic Rocks............................................................................................... 7-5

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Figure 7-3 – Araçuaí Orogen – Eastern Brazilian Pegmatite Province ...................................... 7-7 Figure 7-4 – Geological Map of the Araçuaí Pegmatite District ............................................... 7-12 Figure 7-5 – Photos from Outcrops and a Drill Core Showing Structures of the Deformation Events D1 and D2 on the Salinas Formation in the Araçuaí Pegmatite District .................................. 7-14 Figure 7-6 – Geological Map of the Bandeira Deposit ............................................................. 7-17 Figure 7-7 – Schists of the Salinas Formation Observed in the Bandeira Deposit .................. 7-18 Figure 7-8 – Spodumene-Rich Pegmatites Observed in the Bandeira Deposit ....................... 7-19 Figure 7-9 – Location of the Bandeira Deposit in Relation to the CBL’s Cachoeira Mine and the Sigma’s Barreiro Deposit .......................................................................................................... 7-20 Figure 7-10 – The Cachoeira Mine in the Mid 1970’s .............................................................. 7-21 Figure 7-11 – Map of the Cachoeira Pegmatite Group in CBL’s Mine Area ............................ 7-22 Figure 7-12 – Thirteen Photos from Spodumene-Rich Pegmatites (SRP) in the Cachoeira Underground Mine (CBL) ......................................................................................................... 7-23 Figure 7-13 – Photos from Underground Galleries of an Old Digging for Gem Prospecting ... 7-24 Figure 7-14 – Spodumene Pegmatites interpretations............................................................. 7-25 Figure 7-15 – Photos from host rocks of spodumene-rich orebodies in the Bandeira deposit 7-26 Figure 7-16 – Drill Core Samples from Spodumene-Rich Orebodies and Their Host Rocks in the Bandeira Deposit ...................................................................................................................... 7-28 Figure 7-17 – Characterization Illustrated Summary for a Typical Spodumene-Rich Pegmatite (SRP) of the Bandeira Deposit, Based on Intercept with 6,75 m Thick and 1.99 wt% Li2O .... 7-29 Figure 9-1 – Chip Rock Map in the Bandeira Deposit Emphasizing the Distribution of Each Collected Sample [Li (ppm)] and the Regions Where the Pegmatites are Exposed on the Surface .................................................................................................................................................... 9-1 Figure 9-2 – Soil Geochemical Map of the Bandeira Deposit .................................................... 9-2 Figure 9-3 – Trench Map of the Bandeira Deposit ..................................................................... 9-4 Figure 9-4 – Trenches ................................................................................................................ 9-5 Figure 9-5 – Structural Map of the Bandeira Target Emphasizing the Distribution of the Mapped Structures ................................................................................................................................... 9-6 Figure 9-6 – Structural Planes in Bandeira Outcrop .................................................................. 9-7 Figure 9-7 – Location of the Lines and Measuring Stations of the Chargeability and Resistivity Data of Area 1 and Area 2 of the Lithium Project ....................................................................... 9-8 Figure 9-8 – Depth Model of the Chargeability (Top Panel) and the Actual Resistivity (Bottom Panel) of Line 2 of Area 1 ........................................................................................................... 9-8

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Figure 9-9 – Depth Model of the Actual Chargeability (Top Panel) and the Actual Resistivity (Bottom Panel) of Line 3 of Area 1 ............................................................................................. 9-9

Figure 9-10 – Depth Model Chargeability (Top Panel) and Resistivity (Bottom Panel) of Line 3 Area 2 ......................................................................................................................................... 9-9 Figure 9-11 – Conceptual Geological Model from Geophysics Data ....................................... 9-10 Figure 10-1 – MGLIT Drill Holes and Trenches ....................................................................... 10-4 Figure 10-2 – Bandeira Drill Holes ........................................................................................... 10-1 Figure 10-3 – Bandeira Drill Collars ......................................................................................... 10-2 Figure 10-4 – Mineralized Intercepts by Bandeira Drill Holes .................................................. 10-3 Figure 10-5 – Mineralized Intercepts by Bandeira Drill Holes .................................................. 10-4 Figure 10-6 – Mineralized Intercepts by Bandeira Drill Holes .................................................. 10-5 Figure 10-7 – Mineralized Intercepts by Bandeira Drill Holes .................................................. 10-6 Figure 10-8 – Horizontal Projection of Bandeira Drilling Holes with Mineralized Intercepts .... 10-7 Figure 10-9 – Oblique View of Drill Holes with Mineralized Intercept ...................................... 10-8 Figure 11-1 – QA/QC Program ................................................................................................. 11-4 Figure 11-2 – Blank Control Chart – ITAK QG-01 .................................................................... 11-5 Figure 11-3 – Blank Control Chart – ITAK QF-15 .................................................................... 11-6 Figure 11-4 – Blank Control Chart – ITAK QF-16 .................................................................... 11-7 Figure 11-5 – Blank Control Chart – ITAK QF-18 .................................................................... 11-7 Figure 11-6 – Standard Reference Material Chart – ITAK 1100 .............................................. 11-8 Figure 11-7 – Standard Reference Material Chart – ITAK 1101 .............................................. 11-9 Figure 11-8 – Standard Reference Material Chart – OREAS 750 ........................................... 11-9 Figure 11-9 – Standard Reference Material Chart – OREAS 752 ......................................... 11-10 Figure 11-10 – Crushed Duplicates Control Chart ................................................................. 11-11 Figure 11-11 – Pulverized Duplicates Control Chart .............................................................. 11-12 Figure 11-12 – Check the Assay Control Chart ..................................................................... 11-13 Figure 12-1 – Visited Points on Lithium Ionic Bandeira Property by QP Carlos J. E. Silva ..... 12-2 Figure 12-2 – Spodumene Pegmatites Outcrops and Trench on Lithium Ionic Bandeira Property .................................................................................................................................................. 12-3 Figure 12-3 – Collar Moments Lithium Ionic Bandeira Property .............................................. 12-4 Figure 12-4 – Drilling Rig and Survey Equipment on Lithium Ionic Bandeira Property ........... 12-5

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Figure 12-5 – Lithium Ionic Core Shed Storage Houses in Araçuaí ........................................ 12-6 Figure 12-6 – Cores Boxes Storage in Lithium Ionic Core Shed Houses ................................ 12-7 Figure 12-7 – Lithium Ionic Staff Working in Logs and Sampling Procedures ......................... 12-8 Figure 12-8 – Lithium QA/QC Standards Stock and Sampling Standards .............................. 12-9 Figure 12-9 – Lithium Ionic Density Procedures and Drill Core Cutting Saw ........................ 12-10 Figure 12-10 – Lithium Ionic Data Base System Interface and Cloud Data Center ............... 12-11 Figure 12-11 – Lithium Ionic Physical Drillhole Files Storage ................................................ 12-12 Figure 12-12 – Lithium Ionic Bandeira Property Spodumene Pegmatites Intercepts ............ 12-13 Figure 12-13 – Lithium Ionic Bandeira Property Spodumene Pegmatites Intercepts ............ 12-14 Figure 12-14 – Visited Points on Lithium Ionic Bandeira Property by QP Leonardo Rocha .. 12-15 Figure 12-15 – Collar landmarks and Outcrops in Lithium Ionic Bandeira Property .............. 12-16 Figure 12-16 – Lithium Ionic Physical Drillhole Files Storage ................................................ 12-17 Figure 12-17 – Lithium Ionic Bandeira Property Spodumene Pegmatites Intercepts ............ 12-18 Figure 13-1 – Bandeira Composite Sample Preparation Procedure ........................................ 13-4 Figure 13-2 – Product Size Distribution after Crushing at 12,7 mm ......................................... 13-5 Figure 13-3 – Bandeira Composite Sample Chemical Analysis .............................................. 13-5 Figure 13-4 – HLS Test Flowsheet........................................................................................... 13-6 Figure 13-5 – Li2O and Fe2O3 Chemical Analysis Results for Each HLS Step ...................... 13-6 Figure 13-6 – Li2O Recovery and Grade per HLS Step .......................................................... 13-7 Figure 13-7 – Ore Sorter Test Procedure Using XRT Sensor ................................................. 13-8 Figure 13-8 – Variability Study Drill Holes Map ...................................................................... 13-12 Figure 13-9 – HLS Metallurgical Recovery in Function of Feed Grade ................................. 13-14 Figure 13-10 – HLS Mass Recovery in Function of Feed Grade ........................................... 13-14 Figure 13-11 – Metallurgical Polynomial Model Adherence ................................................... 13-15 Figure 13-12 – Spodumene Mass Distribution in HLS tEst for Coarse Material (-12.7+6.35 mm) ................................................................................................................................................ 13-15 Figure 13-13 – Spodumene Mass Distribution in HLS Test for Fine Material (-6.35+0.85 mm) 1316 Figure 13-14 – Montebrasite Mass Distribution in HLS Test for Coarse Material (-12.7+6.35 mm) ................................................................................................................................................ 13-16 Figure 13-15 – Montebrasite Mass Distribution in HLS Test for Fine Material (-6.35+0.85 mm)

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................................................................................................................................................ 13-16

Figure 13-16 – Petalite Mass Distribution in HLS Test for Coarse Material (-12.7+6.35 mm) ... 1317 Figure 13-17 – Petalite Mass Distribution in HLS Test for Fine Material (-6.35+0.85 mm) ... 13-17 Figure 13-18 – Elbaite Mass Distribution in HLS Test for Coarse Material (-12.7+6.35 mm) 13-17 Figure 13-19 – Elbaite Mass Distribution IN Hls Test FOR Fine Material (-6.35+0.85 mm) .. 13-18 Figure 13-20 – Variability Additional Drill Hole Location Map ................................................ 13-19 Figure 13-21 – Ore Sorter Results for Lithium and Iron ......................................................... 13-19 Figure 13-22 – Comparative Recovery for 2-Stage and 3-Stage Circuit ............................... 13-22 Figure 13-23 – Pilot Plant Flowsheet ..................................................................................... 13-23 Figure 13-24 – HLS Separation for Rougher Stage ............................................................... 13-26 Figure 13-25 – DMS Pilot Plant Flowchart ............................................................................. 13-28 Figure 13-26 – Rougher Coarse Metallurgical Recovery x Li2O Grade in Concentrate ........ 13-29 Figure 13-27 – Rougher Fine Metallurgical Recovery x Li2O Grade in Concentrate ............ 13-29 Figure 13-28 – Rougher Composite Metallurgical Recovery x Li2O Grade in Concentrate .. 13-30 Figure 13-29 – Rougher Test Work Results and Metallurgical Recovery .............................. 13-30 Figure 13-30 – Rougher Stage Mass Balance ....................................................................... 13-31 Figure 13-31 – Scavenger Test Work Results and Metallurgical Recovery .......................... 13-31 Figure 14-1 – Drillhole Location Map ....................................................................................... 14-2 Figure 14-2 – Assay Composites Classified by Li2O > 0.3% Grade Limit in Pegmatites Veins, Oblique view NW-SE ................................................................................................................ 14-3 Figure 14-3 – Assays Composites within the Li2O > 0.3% Limit in Pegmatite Veins Grouped by Separated Lenses and Dykes .................................................................................................. 14-3 Figure 14-4 – Spodumene Grade Shells Modelled with Assays Composites Li2O > 0.3 % .... 14-4 Figure 14-5 – Spodumene Grades Shells Model – Assays Composites Li2O > 0.3 % – Section View .......................................................................................................................................... 14-4 Figure 14-6 – Weathering Zone Model .................................................................................... 14-4 Figure 14-7 – Bandeira Assays Interval Length Statistics ....................................................... 14-5 Figure 14-8 – Li2O (%) Spodumene Pegmatites Veins Model Statistics ................................. 14-6 Figure 14-9 – Variographic Model – Domains Set NW ............................................................ 14-1 Figure 14-10 – Variographic Model – Domains Set SE ........................................................... 14-2

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5th, 2024

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Figure 14-11 – Variographic Ellipsoid – Domains Set NW ...................................................... 14-2 Figure 14-12 – Variographic Ellipsoid – Domains Set SE ........................................................ 14-3 Figure 14-13 – Estimation Validation – NN Check to Li2O ...................................................... 14-6 Figure 14-14 – Estimation Validation – NN Check to Density .................................................. 14-6 Figure 14-15 – Estimation Validation – Swath Plot Li2O ......................................................... 14-7 Figure 14-16 – Estimation Validation – Swath Plot Density ..................................................... 14-8 Figure 14-17 – Resource Classification with RPE3 – Horizontal View .................................. 14-11 Figure 14-18 – Resource Classification with RPEE – Oblique view ...................................... 14-11 Figure 23-1 – Mining Right ....................................................................................................... 23-2

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1 EXECUTIVE SUMMARY

Lithium Ionic Corp. is a Canadian mining company exploring and developing its lithium properties in Brazil. Its flagship Itinga and Salinas projects cover 14,182 ha in the northeastern part of Minas Gerais state, a mining-friendly jurisdiction that is quickly emerging as a world-class hard-rock lithium district.

The Bandeira Project is situated in the same region as CBL’s Cachoeira lithium mine, which has produced lithium for +30 years, as well as Sigma Lithium Corp.’s Grota do Cirilo project, which hosts the largest hard-rock lithium deposit in the Americas.

1.1 Introduction and Terms of Reference

This Report titled “NI 43-101 Technical Report – Mineral Resource Update on Bandeira Project, Araçuaí and Itinga, Minas Gerais State, Brazil” outlines all relevant data about the Bandeira Project (The “Project”). They are technical information and data related to the drilling program and the status of the current Lithium Mineral Resources contained in the spodumene-bearing pegmatites.

1.1.1 Qualified Persons

The technical information for the MRE has been reviewed and approved by independent qualified persons as defined in NI 43-101.

GE21 is an independent mineral consulting firm based in Brazil formed by a team of professionals accredited by the Australian Institute of Geoscientists (“AIG”) as Qualified Persons (“QP”) for the declaration of Mineral Resources and Mineral Reserves in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

The independent QP responsible for this report’s content on issues related to Mineral Resources is Carlos José Evangelista Silva (MAIG, M.Sc.), a Geologist with at least 17 years of experience in the mineral industry, including lithium mining companies.

The independent QP responsible for this report’s content on issues related to data verification and QA/QC procedures is Leonardo Silva Santos Rocha (MAIG, M.Sc.), a Geologist who has at least 12 years of experience in the mineral industry, including lithium mining companies.

The independent QP responsible for this report’s content on issues related to Mineral Processing and Metallurgical Tests, and Recovery Methods is Paulo Bergman (FAusIMM, B.Sc.), a Mining Engineer of GE21 Consultoria Mineral, who has at least 43 years of experience in mining projects. Porfirio Cabaleiro Rodriguez (FAIG, B.Sc.) is the reviewer of this technical report. Mr. Rodriguez

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has at least 45 years of experience in all aspects of mining project evaluation, from initial exploration to bankable feasibility studies. He is a senior mining engineer and managing director of GE21 Mineral Consulting.

1.2 Reliance on Other Experts

The authors have not independently verified ownership or mineral title beyond the information that Lithium Ionic has provided. The Property description presented in this Report is not intended to represent a legal or any other opinion as to title.

The Authors are not qualified to express any legal opinion concerning Property titles or current ownership.

1.3 Property Description and Location

The Bandeira Project (The “Project”) covers 175 hectares within Lithium Ionic’s large land package of 14,182 hectares and is located between the towns of Araçuaí and Itinga within Brazil’s “Lithium Valley” - a hard rock lithium district that is quickly emerging as an important global lithium producer.

1.4 Accessibility, Climate, Local Resources, Infrastructure and Physiography

The Project is situated in the northeastern region of Minas Gerais State, Brazil, within the Jequitinhonha Valley, approximately 600 kilometres northeast of Belo Horizonte. Lithium Ionic fully owns the property. It is conveniently located about 75 kilometres south of the town of Salinas, with a population of approximately 42,000, and roughly 25 kilometres east of the town of Araçuaí, with a population of approximately 40,000. Access to the project is facilitated by well-maintained public and private roads, thanks to its proximity to National Roads 251 and 116.

The Project remains accessible year-round through a network of main and secondary service roads. National routes BR 116 and 262 provide access to the Port of Vitória in the State of Espírito Santo, located approximately 850 kilometres from the project site. This port offers potential export opportunities for any spodumene production from the project. Additionally, national roads BR 116 and BR 415 connect to the Ilhéus Port in the Bahia State, which is about 540 kilometres from the project and is an alternative shipping port option.

1.5 History

The Bandeira site and all other Mineral Tenures have not had any drilling activity before 2022.

1.6 Geological Setting and Mineralization

The Bandeira Project lies in the Middle Jequitinhonha River valley, northeastern Minas Gerais State, currently known as the Lithium Valley of Brazil. The region is part of the Eastern Brazilian

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Pegmatite Province (EBPP), one of the largest pegmatitic provinces worldwide, with 150,000 km2 (cf. synthesis in Pedrosa-Soares et al., 2011). The EBPP is an outcome of magmatic and tectonicmetamorphic events that formed the Araçuaí Orogen from the Early Ediacaran (ca. 630 Ma) to the Late Cambrian (ca. 490 Ma). The significant EBPP pegmatite populations found within the Araçuaí Orogen have been grouped into twelve pegmatite districts (Pedrosa-Soares et al., 2011, 2023) that include residual pegmatites (representing late silicate melts released by fractional crystallization of parent granites) and/or anatectic pegmatites (formed directly from partial melting of country rocks).

The Itinga Pegmatite Field includes the spodumene mines and deposits of CBL (Companhia Brasileira de Lítio) and Sigma Lithium, as well as Lithium Ionic’s properties of its Bandeira Project, such as the Bandeira spodumene deposit. The lithium ore bodies exploited in the CBL’s underground mine, since the early 1990’s, display a closely spaced swarm of relatively narrow (6 m thick on average) but long (up to 700 m along strike) non-zoned spodumene-rich pegmatites (SRP) with on average 25 vol% of disseminated spodumene (Romeiro and Pedrosa-Soares, 2005). In the Sigma Lithium properties, where several large spodumene-rich pegmatites are found (e.g., Barreiro, Murial, Xuxa; Delboni Jr. et al., 2023), an open pit mine is currently being developed on the Xuxa SRP deposit (15 m thick x 1800 m long x 500 m downdip open).

1.7 Deposit Types

According to the most accepted petrologic-metallogenetic classification of pegmatites, published by Cerný (1991) and updated by Cerný and Ercit (2005) and Cerný et al. (2012), all the spodumene-rich pegmatites found within the Bandeira deposit, as well as in the whole Cachoeira Pegmatite Group, belong to the rare element class, Li subclass, and albite-spodumene type.

Although generally included in the LCT (Lithium-Cesium-Tantalum) family, the non- to poorly zoned spodumene-rich pegmatites (SRP) found in the Bandeira deposit, as well as all the orebodies mined in CBL’s Cachoeira Mine since the 1990’s, the Xuxa and other spodumene-rich deposits of Sigma Lithium (Sá, 1977; Delboni et al., 2023), and the Outro Lado deposit of Lithium Ionic, are rather poor both in Ta and Cs when compared with the complex zoned LCT pegmatites.

1.8 Exploration

Trench sampling program, rock chip sampling programs, structural mapping and geophysical surveys were completed on the Property. A total of 26 trenches were completed until 2024 at the Bandeira target by Lithium Ionic totaling 1,401 m. Field work included rock samples in the field and a preliminary field mapping of visible outcrops.

Some basic field data such as outcrop attitude (strike and dip), foliation and cleavage which located several occurrences of spodumene never previously known or reported. Since this initial discovery, Lithium Ionic rapidly advanced the Project with drill testing of the target(s) and the pegmatite system.

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1.9 Drilling

All drilling activities conducted within the Bandeira Property until March 2024 have been incorporated into the Mineral Resource estimation process. It is important to note that any drill holes completed in 2024 after this date, as well as pending sample assay results, have not been considered in the present resource statement Table 1-1.

Table 1-1 – Bandeira Drill Holes Summary

Source: GE21 2024

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Drill Type Year Number Drill Length (m)
2022 47 5,394
DDH 2023 181 44,576
2024 5 789
Total 233 50,760
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1.10 Sample Preparation, Analysis, and Security

Sample intervals in the mineralized zones are defined based on a 1.0m support. Mineralized samples must have a minimum length of 1.0m and a maximum length of 1.5m. In some specific situations, samples shorter than 1.0m can be generated.

All samples received at SGS Geosol were inventoried and weighted before processing. Samples were dried at 105°C, crushed to 75% passing a 3 mm sieve, homogenized, split (jones riffle splitter), and pulverized (250 to 300 g of sample) in a steel mill to 95% passing 150 mesh.

Samples are prepared from NQ diameter drill cores (47.6mm core diameter). The sampling procedures described in this section reflect the current Standard Operational Procedures (SOP) in use by Lithium Ionic.

The sample batch composition includes 5 Quality Control Samples for every 30 regular samples. The Quality Control composition of the batches is described next:

Coarse (Preparation) and Fine (Analytical) Blanks: 6% of the batch, or two blanks per batch, one of each type.
Standards: 6% of the batch, or two standards per batch.
Crushed Duplicates: 3% of the batch, or 1 sample per batch.
Pulverized Duplicates: 3% of the batch, or 1 sample per batch.

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In the QP opinion the sampling, sample preparation, security and analysis performed by Lithium Ionic and hired companies are suited for a Mineral Resource Estimation study. Quality Assurance procedures follow the industry’s best practices, and Quality Control results are within industry standards, attesting to the quality of the Database information.

1.11 Data Verification

Mr. Carlos José E. Silva, an independent QP for Geology Exploration and Mineral Resource Estimate, carried out a site visit on the Bandeira Project between 13 and 14 September 2023, and the 12th of December 2023. Lithium Ionic allowed unlimited access to the Company's facilities during this time.

Mr. Leonardo Silva Santos Rocha, an independent QP for Geology Exploration and Mineral Resource Estimate, conducted an additional site visit on the Bandeira Project on the 11th of April 2024. The main purpose of this visit was to check on the additional infill drilling and geochemical data included in the current Mineral Resource Estimate. Lithium Ionic allowed unlimited access to the Company's facilities during this time.

All verified procedures related to sampling management, storage, logging, sample preparation and assay were checked, and it is considered inside acceptance limits and in compliance with mineral industry practices. Rock-type descriptions fit with the checked mineralization style.

1.12 Mineral Processing and Metallurgical Testing

The ROM from the Bandeira Project's underground mine consists of pegmatite mineralized with minerals such as spodumene, albite, quartz, muscovite, K-feldspar, cookeite, and minor amounts of petalite. The technological characterization of this material to define the process flowchart for size reduction, classification, and concentration by dense media was carried out using 2" (50.8 mm) diameter drill samples.

The technological characterization was carried out through chemical and mineralogical analyses, physical tests to determine hardness, particle size distribution in crushing tests, level of abrasiveness and metallurgical tests to understand the response of the material when subjected to the simulation of the industrial process of concentrating the mineral, spodumene.

1.13 Mineral Resources Estimates

A set of solid-grade shells for estimation domains was created using a 0.3% Li2O (%) threshold. These interpretations were then transformed into a series of implicit 3D models, aligned with the dominant strike directions of 235° and 140°. Additionally, weathering modelling was performed, considering the information provided in the logs. The model was built from implicit modelling using the Leapfrog 2023.2 software.

The MRE was constrained by a grade shell using a cut-off content of 0.5% Li2O to report the underground mining resource, this value is commonly adopted for SRP-type pegmatites in the

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Lithium Valley province.

The updated MRE contains M&I resources of 23.68Mt grading 1.34% Li ₂ O, containing 783.0 thousand tonnes (“kt”) of Lithium Carbonate Equivalent (“LCE”), the benchmark equivalent raw material used in the lithium industry, along with Inferred resources of 18.25Mt grading 1.37% Li ₂ O in the Inferred category, or 618.4kt of LCE (see MRE results in Table 1-2).

The MRE is based on 233 diamond drill holes comprising 50,760 metres of drilling completed between April 2022 and March 2024.

Table 1-2 – Bandeira Mineral Resource Estimates (base case cut-off grade of 0.5 % Li2O)

Source: GE21 2024

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Deposit / Resource Grade Contained LCE
Category
Cut-Off Grade (Mt) (% Li2O) (kt)
Measured 3.32 1.38 113.1
Indicated 20.36 1.33 669.6
Bandeira
(0.5% cut-off)
Measured + Indicated 23.68 1.34 783.0
Inferred 18.25 1.37 618.4
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Notes related to the Mineral Resource Estimate:

The spodumene pegmatite domains were modelled using composites with Li2O grades greater than
0.3%
The mineral resource estimates were prepared following the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit.
Mineral Resources are not ore reserves or demonstrably economically recoverable.
Grades reported using dry density.
The effective date of the MRE is March 05, 2024.
The QP responsible for the MRE is the geologist Carlos Silva (MAIG #7868).
The MRE numbers provided have been rounded to the estimated relative precision. Values cannot be added due to rounding.
The MRE is delimited by Lithium Ionic Bandeira Target Claims (ANM).
The MRE was estimated using ordinary kriging in 12m x 12m x 4m blocks.
The MRE report table was produced in Leapfrog Geo software.
The reported MRE only contains fresh rock domains.
The MRE was restricted by RPEEE with grade shell using 0.5% Li2O cut-off.

1.14 Adjacent Properties

The Itinga Pegmatite Field includes the spodumene mines and deposits of CBL (Companhia Brasileira de Lítio) and Sigma Lithium.

The Lithium ore bodies exploited in the CBL’s underground mine, since the early 1990’s, display a closely spaced swarm of relatively narrow (6 m thick on average) but long (up to 700 m along strike) non-zoned spodumene-rich pegmatites (SRP) with on average 25 vol% of disseminated coarse-grained spodumene (Romeiro and Pedrosa-Soares, 2005).

In the Sigma Lithium properties, where several large spodumene-rich pegmatites are found (e.g., Barreiro, Murial, Xuxa; Delboni Jr. et al., 2023), an open pit mine is currently being developed on the Xuxa SRP deposit (15 m thick x 1800 m long x 500 m downdip open).

1.15 Interpretation and Conclusions

Mineral Resources were estimated and limited to the areas outlined using the Mining Rights

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polygonal that comprise the Bandeira Property and the Reasonable Prospect for Eventual Economic Extraction - RPEEE.

The dataset provided by Lithium Ionic to MRE encompassed data from 233 surface diamond drill holes (totalling 50,760 meters) executed by Lithium Ionic data available from 2022 until March 5[th] , 2024. This Bandeira database contains 8,693 assay intervals covering 8,168 meters.

The Ordinary Kriging (OK) estimation method was used on the Li2O% and Density variables based on the structural analysis results.

The mathematical/geostatistical criterion for classifying the resource was based on:

The Measured Mineral Resource classification had as a reference the 50 meters of the Average Euclidean distance to sample (AvgD) used in ordinary kriging estimation with a minimum of five composites in at least three different drill holes.
The Indicated Mineral Resource classification had as a reference the 100 meters of the Average Euclidean distance to sample (AvgD) used in ordinary kriging with a minimum of five composites in at least three different drill holes.
The Inferred Mineral Resource classification is all remaining estimated blocks.

1.16 Recommendations

GE21 proposes the following recommendations for the continuous improvement of the Mineral Resource estimate:

A 50x50m infill drilling program in the domain of the indicated resource classification that will focus on resource delineation improvement.
A 100x100m infill drilling program in the domain of the inferred resource classification that will focus on resource delineation improvement.
A density campaign to measure the density of drill hole cores by drying the samples in an oven, as well as waterproofing them. Compare the results with the methodology used in the current project procedure to check whether there is a bias in the results.
Conduct an on-site density survey in the weathered zone.
An updated mineral resource assessment is currently underway through the ongoing infill drilling program.

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Detail Geotechnical analysis, including a geotechnical-oriented diamond drilling campaign and logging, including sampling collecting for tensile, compressive and shear strength tests.
Perform supplementary geotechnical investigations of planned infrastructure sites including at waste pile areas; supplementary geochemical tests (ARD); large-scale waste rock and tailings co-disposal stockpile field test.
To implement the hydrological and hydrogeological studies for the project's next phases.

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2 INTRODUCTION

GE21 Consultoria Mineral Ltda. (“GE21”) was engaged by Lithium Ionic Corp. to prepare an Independent Technical Report (“ITR”) containing a NI 43-101 Technical Report (The “Report”) on Lithium Ionic’s Bandeira deposit located in Minas Gerais State, Brazil (“Project”). This report titled “NI 43-101 Technical Report – Mineral Resource Update on Bandeira Project, Araçuaí and Itinga, Minas Gerais State, Brazil” outlines all relevant data about the Bandeira Project (“The Project”). They are technical information and data related to the drilling program and the status of the current Lithium Mineral Resources contained in the spodumene-bearing pegmatites.

The Project is located between Araçuaí and Itinga in Brazil’s “Lithium Valley” - a complex rock lithium district. The Update Mineral Resources (MRE) includes only the Bandeira lithium deposits. Lithium Ionic Corp. is headquartered in Toronto, Ontario (36 Lombard Street, Floor 4, Toronto, ON, Canada, M5C 2X3) with management offices in Nova Lima (Alameda Oscar Niemeyer, 1033 – sls 133/134 Vila da Serra – Nova Lima – Minas Gerais- CEP 34006-065 – Brazil) and Araçuaí (Recife Street 96, Araçuaí, Minas Gerais – CEP 39600-000, Brazil). It is a publicly traded Canadian exploration and development company listed on the TSX Venture Exchange (“TSXV”). The Company is acquiring, exploring, and developing mineral properties, primarily focusing on exploring in Brazil. Exploration is conducted through the Company’s wholly owned Brazilian subsidiary, MGLIT Empreendimentos Ltda. (“MGLIT”) and Neolit Minerals Participações Ltda. (“Neolit”).

2.1 Terms of Reference

This Report and the estimates herein comply with the requirements of the Canadian Securities Administrators’ National Instrument 43-101 – Standard of Disclosure for Mineral Projects (“NI 43101”) and Form 43-101F1 – Technical Report (“Form 43-101F1”).

2.2 Units and Currency

The International metric system was used to compile this report. The main currency used was the US dollar, and in some cases, the Reais (Brazil) or Canadian dollar, which is always indicated in these cases.

2.3 Effective Date

The effective date of this report is March 5[th] , 2024, and the information in this report, including the reported resource estimates, are all contained within a conceptual underground mineable MRE. The Report supports the disclosure by Lithium Ionic in the news release outlining the current MRE dated April 12, 2024.

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2.4 Visits to the Project

The MGLIT Bandeira Project site visit was conducted by Mr. Carlos José Evangelista Silva between the 13th and 14th of September 2023 and the 12th of December 2023, and Mr. Leonardo Silva Santos Rocha on the 11th of April 2024.

During the site visit, the following activities were carried out:

Data review, sampling, protocols, and procedures for QA QC of samples.
Data collection procedures and review of the geological record procedure.
Review of core sampling procedures and data management.
Presentations and overview of how geological interpretation, modelling, and resource estimation are carried out by the company's in-house experts.

2.5 Qualified Experts

This technical report was prepared by GE21 and received contributions from Lithium Ionic (Table 2-1).

The QP responsible for the Mineral Resource Estimation, carried out at the Mineral Resources Update, is Geologist Carlos José Evangelista Silva, who has more than 15 years of relevant experience in Geology Exploration and Mineral Resource Estimation. Mr. Silva is a full-time employee of GE21 Consultoria Mineral. He has considerable experience dealing with commodities like iron ore, lithium, and gold. Mr. Silva is a member of the Australian Institute of Geoscientists (MAIG).

The QP responsible for the Mineral Resources Update site visit and QAQC procedures and results is Geologist Leonardo Silva Santos Rocha, who has more than 11 years of relevant experience in Geology Exploration, QA/QC procedures, and Mineral Resource Estimation. Mr. Rocha is a full-time employee of GE21 Consultoria Mineral. He has considerable experience dealing with iron ore, lithium, and gold commodities. Mr. Rocha is a member of the Australian Institute of Geoscientists (MAIG #7623).

The QP responsible for this report’s content on setion related to Mineral Processing and Metallurgical Tests, is Paulo Bergman (FAusIMM, B.Sc.), a Mining Engineer of GE21 Consultoria Mineral, who has more than 40 years of experience in mining projects. Mr. Bergman is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM).

Porfirio Cabaleiro Rodriguez (FAIG, B.Sc.) is the peer reviewer of this technical report. Mr. Rodriguez has at least 45 years of experience in all aspects of mining project evaluation, from initial exploration to bankable feasibility studies. He is a senior mining engineer and managing director of GE21 Mineral Consulting.

Each of the authors of this report has the required qualifications, experience, competence, and independence to be considered a "Qualified Person," as defined by NI 43-101.

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Neither GE21 nor the authors of this report have or have had, any material interest vested in Lithium Ionic Corp. or any of its related entities. GE21's relationship with Lithium Ionic is strictly professional, consistent with that held between a client and an independent consultant. This report was prepared in exchange for payment based on fees stipulated in a commercial agreement. Payment of these fees is not dependent on the results of this Report.

Table 2-1 – Presents the QPs Matrix of Responsibility

Source: GE21 2024

			Responsibility
Company	Professional	Site Visit
GE21	Carlos José Evangelista Silva	between the 13th and 14th of September 2023 and the 12th of December 2023	Items 2 to 10, 14 and partial responsibility on 1, 11,12, 25, 26 and 27.
GE21	Leonardo Silva Santos Rocha	11th of April 2024	Items 11 to 12 and partial responsibility on 1, 25, 26 and 27.
GE21	Paulo Bergman	-	Items 13, and partial responsibility 1, 25, 26 and 27.
GE21	Porfirio Cabaleiro Rodriguez	-	Report Peer Reviewer

Notes:

All QPs are responsible for the corresponding sections within Items related to the preceding Items of this Technical Report.

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3 RELIANCE ON OTHER EXPERTS

3.1 Mining Law

The QPs did not assess the legal situation of the mining rights and the status of mining environmental licensing for this project. The Legal and Mining Law Discipline informed the professionals of the good standing of the asset to carry out all the necessary studies to prepare each of the chapters that make up the Project's Economic and Financial Feasibility Study.

This information is described in Chapter 4 and is mainly used to estimate resources and conduct a project financial analysis.

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4 PROPERTY DESCRIPTION AND LOCATION

The Project is situated in the northeastern region of Minas Gerais State, Brazil, within the Jequitinhonha Valley area, approximately 600 km northeast of Belo Horizonte. It is positioned roughly 75 km south of the town of Salinas (population: approx. 42,000) and about 25 km east of Araçuaí (population: approx. 40,000), accessible via major paved roads (Figure 4-1).

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Figure 4-1 – Project Location

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Source: GE21 2024
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The area of mining right number 832439/2009 is located on the border of the municipalities of Araçuaí and Itinga, in the valley of the Piauí River. This mining right was requested from the National Mining Agency in 2016. The Piauí River, which cuts through the western portion of the Lithium Ionic (MGLIT) area, serves as the border between the municipalities of Araçuaí and Itinga. The area of the Bandeira project therefore covers parts of both municipalities (Figure 4-2).

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Figure 4-2 – Mining Rights of the Bandeira Project

Source: GE21 2024

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4.1 History of the Process and Legal Status of ANM Case n° 832.439/2009

The exploration right to the area which is covered by the ANM process No. 832.439/2009 was requested on 10/22/2009 by FALCON METAIS LTDA for the exploration of Lithium minerals in an area covered by the municipalities of Itinga and Araçuaí, state of Minas Gerais.

On 05/06/2014, after the study was rectified, permit No. 3785/2014 was published, authorizing the applicant to research the substance for a period of 3 (three) years.

The start of the research was promptly communicated on 05/07/2014. The annual fees per hectare, referring to the first permit validity period, were duly paid.

On 03/03/2017, Falcon Metais submitted a Partial Research Report with a request for an extension of the license, and the publication of the approval took place on 04/28/2020, extending the term of validity of the license for 3 (three) years.

The holder again communicated the start of the research work and requested the installment payment of the TAH due in July/2020. This was granted by the ANM.

On 12/28/2020, a request for the Total Assignment of Mining Rights from Falcon Metais Ltda to MGLIT Empreendimentos Ltda. was filed. And, due to the assignment now being effected, a requirement was published for the assignee and current holder of the process, MGLIT EMPREENDIMENTOS LTDA and presented a Term of Assumption of Debt referring to the 2 (two) current installments of TAH. The requirement was fulfilled on 05/04/2021.

Subsequently, the TAHs of July 2021 and 2022 were paid, and the installments were considered paid on 02/02/2022.

The expiration date of the research permit was changed from 04/28/2023 to 09/30/2024 by ANM resolution no. 76/2021, which determined the suspension of material and procedural deadlines due to the state of public calamity resulting from the COVID-19 pandemic.

The original essential data of the area in question is below, according to the website, on May 6, 2024, of the ANM's own Mining Registry (Figure 4-3).

With an area of 156.77 hectares, the area of the DNPM 832.439/2009 process has its envelope defined according to the data below (Figure 4-4):

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Figure 4-3 – Consult Webpage, on May 6, 2024, the History and Situation on the Official Website of the Brazilian Government for Mineral Rights 832.439/2009

Source: https://sistemas.anm.gov.br/SCM/site/admin/dadosProcesso.aspx

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Figure 4-4 – Consult the Polygonal Webpage, on May 6, 2024, on the Brazilian Government's Official Website for Mineral Rights 832.439/2009

Source: https://sistemas.anm.gov.br/SCM/site/admin/dadosProcesso.aspx

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5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY

5.1 Accessibility

The Project is in northeastern Minas Gerais State, in the Municipalities of Itinga and Araçuaí, approximately 75 km south of Salinas and 600 km northeast of Belo Horizonte.

A public and private road network serves the Project well because of its proximity to National Highway BR-251 and BR-116. The Project is accessible year-round by a network of arterial and backcountry service roads.

National Highway BR-116 and BR-262 access the Port of Vitoria in Espirito Santo, approximately 850 km from the Project site. This port could represent a potential export exit for spodumene production from the Project. The National Highways BR-116 and BR-415 access

Ilhéus Port, which is 540 km from the project, they are an option as a shipping port (Figure 4-1).

5.2 Climate

The region is characterized by a hot, dry and semi-arid climate. The average temperature is 24.5ºC with an average annual rainfall of 750mm. The driest period of the year is June, and the wettest period is November. There is no harsh cold season. Exploration and mining activities can take place throughout the year.

The hot season lasts for 1.7 months, from September 10 to October 31, with an average daily high temperature above 91°F. The hottest month of the year in Araçuaí is February, with an average high of 91°F and low of 71°F.

The cool season lasts for 2.5 months, from May 26 to August 10, with an average daily high temperature below 86°F. The coldest month of the year in Araçuaí is July, with an average low of 62°F and high of 85°F. The weather conditions in Araçuaí/MG are detailed in the figures below (Figure 5-1 and Figure 5-2).

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Figure 5-1 – Weather Conditions in Araçuaí/MG

Source: https://weatherspark.com/y/30709/Average-Weather-in-Ara%C3%A7ua%C3%AD-Minas-Gerais-Brazil-YearRound

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Figure 5-2 – Maximum and Minimum Temperatures in Araçuaí/MG

Source: https://weatherspark.com/y/30709/Average-Weather-in-Ara%C3%A7ua%C3%AD-Minas-Gerais-Brazil-YearRound

5.3 Local Resources and Infrastructure

Regarding the Bandeira Project, the largest and closest cities are Itinga and Araçuaí, with populations of 14,000 and 40,000 inhabitants, respectively. Araçuaí is served by a small airport and large commercial mobile phone networks.

In 2021, the average monthly wage in Araçuaí was 170% of the minimum wage. The proportion of unemployed persons in relation to the total population was 12.5%.

Araçuaí has 38.3% households with adequate sanitary sewage, 53.6% urban households on public roads with trees and 5.3% urban households with adequate urbanization (presence of culverts, sidewalks, paving and curbs).

The nearest medium-sized airport with regular commercial flights is located in Vitória da Conquista (BA), about 297 km north of Araçuaí, via BR-367 and BR-116. Another medium-sized airport is located in Montes Claros, 322 km from Araçuaí, accessed via federal highways BR-342 and BR-251. The nearest small airport, with regular commercial flights since December 2023, is

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located in Salinas, around 110 km north of Araçuaí via BR-342.

5.4 Physiography

The topography of the area where the Project will be implemented has low hills, ravines and wide valleys, with elevation differences of less than 100 meters.

The Project area is characterized by thick thorn scrub and trees of medium height - except where it has been cleared for agriculture. The natural vegetation on the hilltops is typical of savannah grassland.

The Project occupies areas on both banks of the Piauí River, which will provide raw water to meet the demands of the mine, processing and concentration plants, and mining facilities, as shown in the aerial view in Figure 5-3.

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Figure 5-3 – Physiography on Project

Source: Lithium Ionic 2024

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6 HISTORY

6.1 History of Lithium

The history of lithium has an important relationship with Brazil. Between 1790 and 1800, José Bonifácio de Andrada e Silva, a native of the city of Santos, state of São Paulo, Brazilian naturalist, politician and scientist, was the one who first characterized and named spodumene and petalite, both anhydrous aluminum and lithium silicates, contained in samples from Sweden (ref. 1).

Most likely, prospectors already knew about lithium minerals in the Middle Jequitinhonha since the 18th century, although they did not know how to identify or value them. The occupation of the region was based on the discoveries of rock salt in the region of Salinas, and of gold in the Araçuaí River Valley from 1727 onwards, reaching the outskirts of Araçuaí in 1728. Since the early days of the mining of "chrysolite" (chrysoberyl) in the valley of the Piauí River, spodumene crystals have earned the nickname "rotten chrysolite" and "cambalacho", due to their similarity to chrysoberyl (cf. Sá, 1977 – ref. 2), as can still be heard today in conversations in the mines.

In 1823, Spix & Martius (1823) arrived at the headwaters of the Calhauzinho and Piauí Rivers in search of the sources of semi-precious stones, particularly chrysoberyl ("chrysolite"), which were already mined there, and described a "white granite with little mica, but with a lot of black tourmaline" (i.e., pegmatite).

In 1882, the first report of the occurrence of "trifana" (spodumene) in the Middle Jequitinhonha was due to Costa Sena (ref. 4). He identified "Andalusite, cimophana (chrysoberyl) and trifana, with sharp edges, in sands and gravel of the stream in the valley of the Piauí River, concluding that the primary deposits of these minerals would be located there".

Occurrences of spodumene were mentioned in the "Compendium of the Minerals of Brazil" (Ferraz, 1928 – ref. 5), among other pegmatite minerals. During the Second World War until the end of the Cold War, industrial beryl was widely exploited, starting in the region of Salinas and extending to the valleys of the Piauí and Jenipapo rivers (cf. Sá, 1977).

In Brazil, the production of lithium minerals began in the 1940s with the exploration of amblygonite (lithium phosphate) in the states of Ceará, Paraíba and Minas Gerais, to supply the chemical processing unit of Orquima (later Nuclemon), located in the neighbourhood of Santo Amaro, city of São Paulo. This lithium compound production unit operated until the late 1980s when it ceased its operation due to difficulties in the supply of raw materials and financial and environmental issues.

On pegmatites and the production of lithium minerals in the Jequitinhonha Valley, Haroldo de Sá, in his doctoral thesis, presented in 1977 at IG-USP, described the following:

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"In 1950, the farmer Avelar Pereira, who was exploiting beryl in the Jenipapo Mine, found in the place called Fumal, to the right of the Middle Piauí, a very dark and very heavy material, which was analyzed by Mr. Khalil Afgouni and found that it was cassiterite. At the same time, it was also known that amblygonite had existed in some pegmatites in the Piauí valley."
"The cassiterite found near the Piauí stream attracted the attention of the companies Estanífera do Brasil and Produco (a subsidiary of Orquima) that settled in the region around 1952, and then began research and exploitation work on an industrial scale. At that time, the most important pegmatite bodies were the Fumal, Urubu and Generosa mines, the first two producing cassiterite and the last producing amblygonite."
"Glycon de Paiva, in 1957, identified lepidolite in the Urubu and Generosa mines, and the first tons of this ore were exported to Japan in 1959."
"At the Cachoeira mine (which is currently under CBL's mining right) spodumene production began in the late 1960s, to supply the demand of the domestic market."
"Petalite, abundant in the region, was called "white slag" by the miners and was often confused with feldspar. Its correct identification took place at the end of the 1960s, and it soon went into production for export purposes."
"Companhia Produco withdrew from the region in 1958, while Companhia Estanífera do Brasil maintained its activities until 1972, being succeeded by Companhia Arqueana de Minérios e Metais Ltda, which holds the mining and research rights in most of the area that comprises the valleys of the Piauí River, Jenipapo River and Tesouras River. This Company has today (i.e., in 1977) more than twenty pegmatite bodies producing petalite, spodumene, amblygonite, lepidolite, beryl, cassiterite and reduced quantities of tantalitecolumbite, employing about a hundred workers. The mines are semi-mechanized and some of them have mechanized development." (cf. Sá, 1977.)

Khalil Afgouni & Haroldo de Sá published, in 1978, a article on lithium in the journal Energy (vol. 3, Pergamon Press, see ref. 6), entitled "Lithium Ore in Brazil", in which they state, at the end of the abstract of the work, that: “Another new use is in lithium batteries for electric cars and, if this application becomes a reality, Brazil will be a big consumer, ranking at the same level as the most developed countries in the world with the advantage of being one of the few countries capable of producing its own raw material.”

Correia-Neves, Pedrosa-Soares & Marciano published, in the Brazilian Journal of Geosciences (1986, ref. 7), a synthesis of studies on the Eastern Pegmatite Province of Brazil, applying, for the first time, petrological and metallogenetic concepts still current in the approach to litiniferous pegmatites, with emphasis, in particular, on the metallogenetic specialization of the Itinga Pegmatite Field for the production of spodumene and petalite, compared to other more lithiumpoor pegmatite populations in the provinc

In 1985, Companhia Brasileira de Lithium (CBL) acquired from Companhia Arqueana de Minérios

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e Metais Ltda, the mining rights and assets of the areas that include the Cachoeira Mine and its surroundings, having started producing spodumene concentrate in the early 1990s. In 1991, CBL acquired Nuclemon's chemical unit, which was paralyzed, and transferred it to Divisa Alegre, in the state of Minas Gerais, for processing spodumene concentrate. The first systematic study of the structural control of pegmatitic bodies and the variation of spodumene granulation at the Cachoeira Mine (CBL) was presented in the master's thesis of Júlio Romeiro (1998, IGC-UFMG).

In 2012, Sigma Lithium acquired several mining rights from Arqueana de Minérios e Metais Ltda, starting an exploration work to produce spodumene concentrate for export. In the second quarter of 2023, the concentration unit's commercial operation began to produce 270,000 tpa of spodumene, treating approximately 1.5 million tpa of ore from the Xuxa mine.

To encourage the development of the lithium production chain, the Brazilian government created the Lithium Decree, which was in force from 1992 until 2022.

Currently, in Brazil, there are three producers of spodumene concentrate: CBL, AMG, and Sigma Lithium, all of which are located in Minas Gerais. CBL is the only one that produces lithium compounds, such as carbonate and hydroxide.

6.2 Historical Exploration

All works in the Bandeira target started in 2022, and there is no historical exploration data.

6.3 Historical Mineral Resource Estimates

6.3.1 MRE August 10, 2023

SGS Geological Services (SGS), on behalf of Lithium Ionic Corp., prepared an MRE released on August 10, 2023; the effective date of this MRE was June 24, 2023 (Table 6-1).

This MRE includes an in-pit and an underground (below pit) Mineral Resources (estimated from the bottom of the pit). Highlights of the Mineral Resource Estimate are as follows:

The Bandeira in-pit Mineral Resource includes, at a base case cut-off grade of 0.5 % Li2O, 1.14 Mt grade 1.43 % Li2O, in the Measured category, 3.1 Mt grade 1.33 % Li2O, in the Indicated category and 5.9 Mt grade 1.40 % Li2O, in the Inferred category.

The Bandeira below-pit Mineral Resource includes, at a base case cut-off grade of 0.8 % Li2O, 3.0 Kt grade 1.1 % Li2O, in the Measured category, 0.35 Mt grade 1.26 % Li2O, in the Indicated category and 5.5 Mt grade 1.147 % Li2O, in the Inferred category.

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Table 6-1 – Itinga Property; Bandeira In-Pit and Underground (below-pit) Mineral Resource Estimate, June 24, 2023

Source: SGS-Lithium Ionic 2023 - https://lithiumionic.com/investors/reports-filings/

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Resource Grade (% Contained
Deposit/Cut-Off Grade Category
(Mt) Li2O) LCE (t)
Measured 1.14 1.43 40,000
Indicated 3.11 1.33 102,000
Bandeira Open-Pit
(0.5% Li2O) Measured + Indicated 4.24 1.36 142,000
Inferred 5.92 1.40 205,000
Measured 0.003 1.10 0
Bandeira Indicated 0.35 1.26 11,000
Underground
(0.8% Li2O) Measured + Indicated 0.36 1.26 11,000
Inferred 5.53 1.47 201,000
Measured 1,14 1.43 40,000
Indicated 3,46 1.32 113,000
TOTAL
Measured + Indicated 4,60 1.35 153,000
Inferred 11.45 1.43 406,000
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Notes related to the Mineral Resource Estimate:

The effective date of the MRE is June 24, 2023.
The classification of the current Mineral Resource Estimate into Measured, Indicated and Inferred is consistent with the current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves.
All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not be added due to rounding.
All Resources are constrained by continuous 3D wireframe models (constraining volumes) and are considered to have reasonable prospects for eventual economic extraction.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
The pit optimization results are used solely to test the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Project. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade.
It is envisioned that parts of the Bandeira deposit may be mined using open pit mining methods. In-pit mineral resources are reported at a cut-off grade of 0.5% Li2O within a conceptual pit shell,
The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade.
It is envisioned that parts of the Bandeira deposit may be mined using underground mining methods. Underground (below-pit) Mineral Resources are estimated from the bottom of the pit (base of transition mineralization) and are reported at a base case cut-off grade of 0.8% Li2O. The underground Mineral Resource grade blocks were quantified above the base case cut-off grade, below the constraining pit shell and within the constraining mineralized wireframes.
Based on the size, shape, location and orientation of the Bandeira and Outro Lado deposit, it is envisioned that the deposit may be mined using low-cost underground bulk mining methods.
Bulk density values were determined based on physical test work from each deposit model and waste model.

6.3.2 PEA October 19, 2023

GE21 Consultoria (GE21), on behalf of Lithium Ionic Corp., prepared a Preliminary Economic Assessment Independent Technical Report (PEA) released on October 19, 2023, based on an updated MRE for the Bandeira Project summarized in Table 6-2. The Bandeira MRE contains

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Measured and Indicated (“M&I”) Resources of 13.72Mt grading 1.40% Li2O, containing 474,892 tonnes of Lithium Carbonate Equivalent (“LCE”), the benchmark equivalent raw material used in the lithium industry, in addition to Inferred Resources of 15.79Mt grading 1.34% Li2O, or 523,118 tonnes of LCE.

The updated MRE for Bandeira is based on 182 diamond drill holes conducted on the Bandeira property until August 30, 2023. This compares to drill data from 120 holes in the previous MRE for Bandeira announced on June 27, 2023. This additional drilling significantly expanded the MRE, with the tonnes in the Indicated category increasing by 196% compared to the previous Estimate.

Table 6-2 – Itinga Property; Bandeira Deposits Underground Mineral Resource Estimate, October 11, 2023

Source: GE21-Lithium Ionic 2023 - https://lithiumionic.com/investors/reports-filings/


Category	Resource (Mt)	Grade (% Li2O)	Contained LCE (t)
Measured	2.00	1.40	69,226
Indicated	11.72	1.40	405,666
Measured + Indicated	13.72	1.40	474,892
Inferred	15.79	1.34	523,118

Notes related to the Mineral Resource Estimate:

The spodumene pegmatite domains were modelled using composites with Li2O grades greater than 0.3%.
The Mineral Resource Estimates were prepared in accordance with the CIM Standards, and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit.
Mineral Resources are not Ore Reserves and are not demonstrably economically recoverable.
Grades reported using Dry Density.
The effective date of the MRE is October 11, 2023.
The QP responsible for the Mineral Resources is geologist Carlos José Evangelista da Silva (MAIG #7868).
The MRE numbers provided have been rounded to the estimated relative precision. Values cannot be added due to rounding.
The MRE is delimited by Lithium Ionic Bandeira Target Claims (ANM).
The MRE was estimated using Ordinary Kriging in (12 x 12 x 4) m blocks.
The MRE Report Table was produced in Leapfrog Geo Software.
The reported MRE only contains Fresh Rock Domains.
The MRE was restricted by grade shell, simulating a UG method, using 0.5% Li2O cut-off.

6.3.3 MRE November 20, 2023

GE21 Consultoria (GE21), on behalf of Lithium Ionic Corp., prepared an update of the MRE released on November 20, 2023 (Table 6-3). This unpublished MRE is being used to develop the Feasibility Study by Atkins Réalis and is scheduled for publication by the end of the first half of 2024.

The Bandeira MRE contains Measured and Indicated (“M&I”) Resources of 20.95Mt grading 1.39% Li2O, containing 696.52 tonnes of Lithium Carbonate Equivalent (“LCE”), the benchmark equivalent raw material used in the lithium industry, in addition to Inferred Resources of 16.91Mt grading 1.4% Li2O, or 583.53 tonnes of LCE.

The updated MRE for Bandeira is based on 7,351 assay intervals covering 6,895 meters, comprising 166 assays from trenches totalling 160 meters and 7,185 assay intervals from diamond drill holes totalling 6,735 meters.

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Table 6-3 – Bandeira Deposits Underground Mineral Resource Estimate, November 20t[h] , 2023

Source: GE21 2024

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Category Resource (Mt) Grade (% Li2O) Contained LCE (kt)
Measured 3.42 1.39 117.61
Indicated 17.52 1.34 578.92
Measured + Indicated 20.95 1.35 696.52
Inferred 16.91 1.40 583.53
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Notes related to the Mineral Resource Estimate:

The spodumene pegmatite domains were modelled using composites with Li2O grades greater than 0.3%.
The mineral resource estimates were prepared by the CIM Standards and the CIM Guidelines, using geostatistical and classical methods, plus economic and mining parameters appropriate to the deposit.
Mineral Resources are not ore reserves or demonstrably economically recoverable.
Grades reported using dry density.
The effective date of the MRE was November 13, 2023.
Geologist Carlos José Evangelista da Silva (MAIG #7868) is the QP responsible for the Mineral Resources.
The MRE numbers provided have been rounded to estimate relative precision. Values cannot be added due to rounding.
The MRE is delimited by Lithium Ionic Bandeira Target Claims (ANM).
The MRE was estimated using ordinary kriging in 12m x 12m x 4m blocks.
The MRE report table was produced using Leapfrog Geo software.
The reported MRE only contains fresh rock domains.
The MRE was restricted by RPE3 with grade shell using 0.5% Li2O cut-off.
To convert percentage lithium (Li) to percentage lithium oxide (Li2O), multiply by 2.153; to convert Li to lithium carbonate (Li2CO3), multiply by 5.323. To convert a percentage of lithium oxide (Li2O) to lithium carbonate (Li2CO3), multiply by 2.472

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7 GEOLOGICAL SETTING AND MINERALIZATION

7.1 Regional Lithium History and Geology

The Project lies in the Eastern Brazilian Pegmatite Province (EBPP), located in terranes of the Araçuaí Orogen (Figure 7-1 and Figure 7-3). The EBPP, one of the largest pegmatitic populations in the world with c. 150,000 km2, contains pegmatite districts located in eastern Minas Gerais (c. 90% of the whole province), southeastern Bahia, and Espírito Santo States of Brazil.

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Figure 7-1 – Simplified Geologic Map of the Araçuaí Orogen

Legend: highlighting the granite supersuites and pegmatite districts of the Eastern Brazilian Pegmatite Province (cf. Pedrosa-Soares et al., 2011, 2023): AD, Araçuaí; AtD, Ataléia; CD, Caratinga; CPD, Conselheiro Pena; ESD, Espírito Santo; ID, Itambé; MD, Malacacheta; PAD, Pedra Azul; PPD, Padre Paraíso; SJSD, São José da Safira; SMID, Santa Maria de Itabira.

Source: modified from Pedrosa-Soares et al., 2020.

The Eastern Brazilian Pegmatite Province is the most important region in the history of pegmatite studies and development of lithium deposits in Brazil. Pegmatite gemstones are officially known

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in Brazil since the last decades of the 17th century, when green tourmalines, initially mistaken for emeralds, were found by the explorer Fernão Dias Paes Leme in the region of São José da Safira, a pegmatite district very rich in gem-quality elbaite (Li-bearing tourmaline). Long after, in the first decades of the 19th century, pioneer naturalists and geologists, such as Eschwege, Spix, Martius, and Saint-Hilaire, described pegmatite gem deposits located in the Jequitinhonha and Doce river valleys. In 1818, Spix and Martius reached the headwaters of the Calhauzinho and Piauí rivers in the Araçuaí region (Figure 7-4), searching for the gemstones’ primary sources, particularly chrysoberyl (then called “chrysolite” locally) that was already mined there. They found a “white granite with little mica, but rich in black tourmaline” (i.e., pegmatite). At that time, spodumene (discovered and named by the Brazilian mineralogist José Bonifácio de Andrada in a volume of the Journal der Chemie, 1800) was already called “rotten chrysolite” by pioneer prospectors and gemstone diggers (“garimpeiros” in Brazilian Portuguese) of the Jequitinhonha Valley. In 1866, Charles Hartt described the N45E-trending structure of the mica schists hosting very coarsegrained “granite” veins between Araçuaí and Itinga. In 1882, Costa Sena published the first paper directly referring to spodumene (also called “triphane” at that time) in the Middle Jequitinhonha region, after identifying “andalusite, cymophane (chrysoberyl) and triphane with sharp edges, in sands and gravels from streams of the Piauí river valley” and suggested that the primary deposits would also be located there. Several spodumene occurrences, among other pegmatite minerals, of the Middle Jequitinhonha Valley are described by Luiz Caetano Ferraz in his “Compendio dos Mineraes do Brasil”, published in 1928.

The importance of pegmatites as economic mineral deposits greatly increased in Brazil from the Second World War, due to the large production of mica, beryl, and quartz to supply the military industry of allied countries, to the end of the Cold War in early 1990’s. Just after the Second World War, in 1946, the largest pegmatitic populations of Brazil were grouped into provinces by Glaycon de Paiva. Among them the Eastern Brazilian Pegmatite Province was first defined. Since then, more than one thousand pegmatites have been mined there for gemstones, cassiterite, Li and Be ores, Nb-Ta oxides, industrial minerals (K-feldspar, muscovite, albite, quartz), collection and rare minerals, dimension stone, and minerals for esoteric purposes.

Historical milestones in the discoveries and mining of lithium deposits in the Araçuaí-Itinga region were reported by Haroldo de Sá in his PhD thesis (1977). According to him:

“The discoveries and production of cassiterite, lepidolite, and amblygonite in pegmatites of the Piauí river valley (e.g., Fumal, Generosa, Jenipapo, and Urubu) by the Estanífera do Brasil and Produco companies dated back to the early 1950s. Although spodumene has been known for a long-time by gem diggers (“garimpeiros”), who called it “cambalacho” or “crisólita podre” (i.e., rotten chrysolite in reference to its similarity to chrysoberyl), its commercial production only started at the end of the 1960s at the Cachoeira mine (then owned by Companhia Estanífera do Brasil) to supply the increasing demand of the national market.

Petalite, formerly called “escória branca” (white scoria) and very often mistaken for feldspar, was correctly identified at the end of the 1960’s and immediately mined for exportation by the

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Companhia Estanífera do Brasil until 1972, followed by Companhia Arqueana de Minérios e Metais Ltda. Around 1977, this mining company has more than twenty distinct pegmatite bodies producing petalite, spodumene, amblygonite, lepidolite, beryl, cassiterite and columbite-tantalite.” For his PhD thesis (1977), Haroldo de Sá compiled map, sections and other data from the archives of the Companhia Arqueana de Minérios e Metais Ltda. and produced the first geochronological data for the local granites and pegmatites (whose similar ages, around 500 Ma, is evidence of a genetic link between them). He also produced the first geochemical data (K, Rb, Cs) for minerals of non-economic and pegmatites with mineralization of petalite, spodumene, lepidolite and/or pollucite. His spatial interpretation of the distribution and zoning of different Lirich pegmatites, even with present-day knowledge, remains realistic.

Khalil Afgouni, an outstanding pioneer of the lithium mining in Brazil and the owner of Companhia Arqueana de Minérios e Metais Ltda, together with Haroldo de Sá published a farseeing article entitled “Lithium Ore in Brazil” in the prestigious magazine Energy in 1978 (vol. 3, pp. 247-253). In the article, they predict that “another new use (for that metal) is in lithium batteries for electric cars and, if this application becomes reality, Brazil will be a big consumer, ranking at same level as the most developed countries in the world, with the advantage of being one of few countries producing its own raw material.” Although this is not yet a full reality, the remarkable increase in lithium ore production in the Jequitinhonha Lithium Valley is a result of the invaluable heritage of Arqueana’s discoveries of world-class lithium deposits.

The assets were later bought by CBL (Cachoeira mine) in the early 1990’s and, more recently, by Sigma Lithium (Xuxa mine, and other spodumene and petalite deposits such as Barreiro, Maxixe, Murial, and others). That heritage continues to drive new companies to the region, whose exploration efforts have led to the discovery of subsurface spodumene deposits in areas lacking outcrops, such as the Bandeira deposit of Lithium Ionic.

Since the early 1980s, the region encompassing the Eastern Brazilian Pegmatite Province (EBPP) has been completely covered by systematic geological mapping (in 1:100,000 scale) and experienced an outstanding increasing in scientific studies supported by robust analytical data. That allowed genetic and metallogenetic links between pegmatite populations and the tectonomagmatic events of the regional geological evolution to be established. In fact, the EBPP is the result of the magmatic and tectono-metamorphic events that formed the Araçuaí Orogen from the Early Ediacaran (ca. 630 Ma) to the Late Cambrian (ca. 490 Ma).

These events comprise the regional deformation, metamorphism and partial melting of sedimentary and volcanic successions deposited in the Tonian-Cryogenian precursor (rift to passive margin) basin system and the Ediacaran orogenic (arc-related) basins (Figure 7-2), as well as of the continental basement. The melting events resulted in the production of huge volumes of orogenic granitic rocks and thousands of pegmatites grouped into five supersuites (G1 to G5; Figure 7-1, Table 7-1).

The sedimentary and volcano-sedimentary successions involved in the tectono-

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metamorphicanatectic processes that generated granites and pegmatites show two contrasting distributions of U-Pb ages for detrital grains of zircon (Figure 7-2). One is a classic multimodal age spectrum of a basin system evolved from continental rift to passive margin, represented by the Macaúbas Group and Jequitinhonha Complex.

The other age distribution shows an unimodal spectrum typical of orogenic basins largely filled by material from a rather dominant zircon source (e.g., an active magmatic arc), representing the Salinas Formation and Rio Doce Group that host most Li-bearing pegmatites in the EBPP (Figure 7-1). The Salinas Formation, comprising quartz-mica schist (metapelite) with lenses of calcsilicate rock (metamarl), metawacke (metasandstone) and metaconglomerate, is the main host unit of Lirich pegmatites in the whole EBPP, including the spodumene-rich pegmatites of the Bandeira deposit of Lithium Ionic.

Tectono-metamorphic events and the G1 to G5 granitic supersuites of the Araçuaí Orogen play distinct roles in relation to pegmatite abundance, distribution, genesis, and metallogenetic specialization, imposing important prospecting constraints with regards to metallic potential of distinct pegmatite populations along the EBPP (Table 7-2).

The G4 is the most important granitic supersuite related to Li-rich pegmatites, followed by the G2 supersuite, while the G5 and G1 supersuites are related to Be-rich pegmatites generally free of or poor in Li-minerals. Tourmaline-bearing pegmatites are widespread in the EBPP, except in some clusters of Be-rich and Li-rich pegmatites.

The G4 intrusions and batholiths show the classical distribution of granitic facies, from pluton root to top, found in other Li-rich pegmatite districts around the world, comprising biotite leucogranite, two-mica leucogranite, muscovite leucogranite, albite leucogranite and pegmatoid granite. Apatite, beryl, tourmaline, and garnet occur in the pegmatoid granites, and muscovite-albite leucogranites. The Salinas Formation is also the main host unit of G4 intrusions associated with Li-rich pegmatites (Figure 7-1).

7.1.1 Pegmatites

Granitic pegmatites represent silica-saturated magmas variably rich in H2O and bearing fluids, as well as in other hyperfusible (fluxing) components (e.g., Li, Na), crystallized in rather closed chemical systems (cf. Cerný, 1991; London, 2008). The EBPP comprises the two known genetic types of pegmatites, both formed during the evolution of the Araçuaí Orogen: i) the anatectic pegmatites generated directly from the partial melting of country rocks; and ii) the residual pegmatites, representing late silicate melts released by fractional crystallization of parental granites. Genetic affiliation and other criteria allow pegmatite districts to be distinguished in the EBPP (Figure 7-3; Table 7-2).

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Figure 7-2 – Distributions of U-Pb Ages for Detrital Zircon Grains from Metamorphosed Sedimentary and Volcanic Rocks

Legend: (A) precursor basins (e.g., Macaúbas Group and Jequitinhonha Complex); and (B) orogenic basins (e.g., Salinas Formation, Rio Doce Group) of the Araçuaí Orogen within the Eastern Brazilian Pegmatite Province. Source: Pedrosa-Soares et al., 2023.

Table 7-1 – Main Features of the Orogenic Igneous Supersuites of the Araçuaí Orogen

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Supersuites G1 G2 G3 G4 G5
Ages (Ma) 630 – 585 585 – 540 540 – 500 535 – 500 525 – 490
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Supersuites G1 G2 G3 G4 G5	Supersuites G1 G2 G3 G4 G5	Supersuites G1 G2 G3 G4 G5	Supersuites G1 G2 G3 G4 G5	Supersuites G1 G2 G3 G4 G5	Supersuites G1 G2 G3 G4 G5
Ages (Ma) 630 – 585 585 – 540 540 – 500 535 – 500 525 – 490

Lithotypes	mostly tonalite and granodiorite, minor diorite to gabbronorite, with biotite, amphibole and/or pyroxenes; poor in pegmatites	mostly biotitegarnet syenogranite to alkali feldspar granite, garnet- rich monzogranite to tonalite, and garnet-two-mica granite, locally with sillimanite; associated with external rare element pegmatites	alkali feldspar granite to syenogranite with cordierite and/or garnet and/or sillimanite, free of or poor in biotite; poor in pegmatites	from pluton root to top: biotite granite, twomica leucogranite, muscovite and/or albite and/or schorlite granite, pegmatoid granite; associated with external rare element pegmatites	alkali feldspar granite to granodiorite, orthopyroxenebearing charnockitic rocks, basic (norite) to ultrabasic rocks, and beryl-topaz pegmatites

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Supersuites G1 G2 G3 G4 G5
Ages (Ma) 630 – 585 585 – 540 540 – 500 535 – 500 525 – 490
batholiths and
stocks,
generally rich balloon- to
in dioritic to batholiths, stocks stratoid-
mostly
mafic and stratoid shaped balloon-shaped
autochthonous,
enclaves and bodies, showing intrusions, plutons and multiple
non-deformed
facies, solid-state postkinematic intrusions,
patches, veins,
showing solid- deformation, in locally rich in mafic
and lodes of
state metamorphism relation to the and/or
deformation and G3 regional microgranular
leucosome,
Field and migmatization, ductile enclaves with
and
Relations migmatization, with common foliation, magma mixing
minor stocks,
local well- restites and locally features, and norite-
free of the
preserved xenoliths of imposing late rich
regional
igneous metasedimentary deformation bodies, postkinematic
foliation,
fabrics, rocks, and on the in
hosted
associated localized well- regional relation to the
by migmatites
with the arc- preserved structural regional ductile
related igneous with G2 trend foliation
paleosome
metavolcano- fabrics (circumscribed
sedimentary intrusions)
Rio
Doce Group
metaluminous
to
slightly
peraluminous, strongly to
peraluminous, metaluminous to
magnesian, weakly peraluminous,
sub-alkalic (K slightly
Geochemical calcic to peraluminous, sub-alkalic (K
> peraluminous,
Signatures alkali-calcic, calc-alkalic to >
Na) to alkalic ferroan, high-K calc-
medium- to subalkalic (K > Na)
(Na > K) alkalic, minor tholeiite
high- Na)
K, expanded
calcalkaline
series
metaluminous peraluminous
Itype, locally Stype, locally
Petrogenetic
peraluminous peraluminous S-type S-type A-type and Itype
Type
Itype Itype
pre-collisional
late pre- late collisional
Tectonic to early post-
collisional to post-collisional
Stage collisional collisional
to late collisional post-collisional
magmatic arc
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Source: simplified from Pedrosa-Soares et al., 2023.

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Figure 7-3 – Araçuaí Orogen – Eastern Brazilian Pegmatite Province

Legend: A) Location of Eastern Brazilian Pegmatite Province (EBPP). B) Simplified geological map highlighting the granite supersuites (G1 to G5) and EBPP pegmatite districts: A, Araçuaí; At, Ataléia; C, Caratinga; CP, Conselheiro Pena; EF, Espera Feliz; ES, Espírito Santo; I, Itambé; M, Malacacheta; PA, Pedra Azul; PP, Padre Paraíso; SMI, Santa Maria de Itabira; SJS, São José da Safira. C) Distribution of zircon U-Pb ages from orogenic granite supersuites (G1 to G5), regional metamorphism and post-collisional thermal events, correlated to pegmatite districts. Source: Pedrosa-Soares et al., 2023.

The anatectic pegmatites are coarse-grained quartz-feldspathic bodies (i.e., granitic leucosomes) hosted by migmatitic gneisses and micaschists, mostly formed in the collisional tectonometamorphic event (585 – 540 Ma) and in the post-collisional thermal event (540 – 490 Ma). Therefore, their spatial distribution, and genetic and metallogenetic features are directly

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related to the melted country rocks. Conversely, the residual pegmatites, especially those enriched in rare elements, have restricted spatial distributions and genetic links directly related to the distinct granite types from which they ultimately inherited their geochemical characteristics and metallogenetic specializations (Figure 7-3, Figure 7-2).

Therefore, residual pegmatites released from peraluminous, subalkalic to alkalic, hydrous, S-type, two-mica leucogranites formed from the partial melting of metasedimentary rocks might have a rather distinct metallogenetic specialization (e.g., richer in Li, Cs, Ta, Sn, and P) in relation to residual pegmatites (e.g., richer in Be, F, and Fe) from metaluminous, high-K calc-alkalic, ferroan, relatively anhydrous, A-type, amphibole-biotite granites formed from the partial melting of mainly igneous rocks. The first case (S-type granites) refers to Li-bearing pegmatites associated with the G4 and G2 supersuites, while the second (A-type granites) stands for the Be-bearing (but Li-free) pegmatites comprised by the G5 supersuite (Figure 7-3, Table 7-2).

Table 7-2 – Features of the Main Pegmatite Districts of the Eastern Brazilian Pegmatite Province

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Genetic affiliation;
Historical and present-day
District names class, subclass, type,
mineral production, and rare Parent and host rocks
and ages (Ma) subtype,
minerals
and family [ ()]
biotite-hornblende
anatectic; muscovite-rare
K-feldspar, quartz crystals, mica, gneisses,
Itambé 508 Ma element, REE,
beryl, columbite, monazite sillimanitefeldspar-mica
allanitemonazite, NYF
schists
Pedra Azul residual; REE,
quartz, beryl (aquamarine), topaz A-type G5 granites
501 Ma beryltopaz, NYF
quartz, beryl (aquamarine), topaz,
Padre Paraíso residual; REE, A- and I-types G5
quartz crystals, goshenite,
519 Ma beryltopaz, NYF granites and charnockites
chrysoberyl
Greenish to pinkish spodumene,
petalite, lepidolite, Li-phosphates,
S-type G4 leucogranites;
cookeite, cassiterite, residual; mostly rare
low-P/high-T (andalusite,
columbitetantalite, industrial element and minor
cordierite, sillimanite) to
minerals muscovite-rare element,
medium-PT (garnet,
Araçuaí (perthitic K-feldspar, albite, Li, beryl, complex
staurolite, kyanite,
muscovite), tourmalines (elbaite, (spodumene, petalite,
sillimanite) mica schists
535-500 Ma schorlite), beryl ore and gems lepidolite, elbaite,
to paragneisses,
(aquamarine, morganite), amblygonite), albite-
metasandstones, calc-
pollucite, quartz crystals, spodumene (SRP), albite,
silicate rocks,
cleavelandite, herderite and other LCT
metaultramafic rocks
rare phosphates, topaz,
bismuthinite
Ataléia quartz crystals, beryl residual; REE, A- and I-types G5
502 Ma (aquamarine), topaz, chrysoberyl beryltopaz, NYF granites and charnockites
tourmalines (elbaite, schorlite), residual; muscovite-rare S-type G4 and G2
São José da industrial minerals (perthitic K- element and rare leucogranites; medium-
element, PT
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Genetic affiliation;
Historical and present-day
District names class, subclass, type,
mineral production, and rare Parent and host rocks
and ages (Ma) subtype,
minerals
and family [ ()]
Safira feldspar, albite, muscovite), beryl Li, beryl, complex (garnet, staurolite,
ore and gems (aquamarine, (elbaite, lepidolite, Li- kyanite, sillimanite) mica
545-490 Ma heliodor, morganite), lepidolite, phosphates, schists to paragneisses,
Liphosphates, spodumene, spodumene), LCT metasandstones, calc-
garnet, silicate rocks,
cleavelandite, columbite-tantalite, metaultramafic rocks
cassiterite, bertrandite, microlite,
zircon, rare phosphates
industrial minerals (perthitic
Kfeldspar, albite, muscovite), S-type G2 (and I-type
tourmalines (elbaite, schorlite), G1?) granites; medium-
residual; muscovite-rare
beryl ore and gem, spodumene PT to intermediate low-P
element and rare
Conselheiro (kunzite), lepidolite, (garnet, staurolite,
element;
Pena Liphosphates, quartz crystals, cordierite, kyanite,
Li, beryl, complex
cleavelandite, columbite-tantalite, sillimanite), mica schists
(elbaite,
570-545 Ma cassiterite, rare phosphates to paragneisses,
Li-phosphates, lepidolite,
(arrojadite, barbosalite, metasandstones, calc-
spodumene), LCT
brasilianite, childrenite, silicate rocks,
correianevesite, eosphorite, metaultramafic rocks
roscherite, vivianite, etc.)
residual; muscovite-rare S-type G4 leucogranites;
Malacacheta muscovite, beryl, chrysoberyl; element, beryl, LCT; and mica schists, meta-
535-500 Ma alexandrite, sapphire anatectic to hydrothermal ultramafic rocks,
processes migmatites
Santa Maria de quartz-feldspathic ultramafic schists,
emerald, alexandrite,
Itabira, 545-500 hydrothermal deposits, banded iron formations,
aquamarine, amazonite
Ma and pegmatites migmatites
Caratinga, 570 kaolin, corundum (sapphire, anatectic; abyssal,
migmatitic paragneisses
Ma ruby), beryl ceramic
Espera Feliz, quartz crystals, beryl residual; REE,
G5 granites
500 (aquamarine), topaz beryltopaz; NYF
anatectic; ceramic; and
kaolin, quartz, beryl
Espírito Santo residual; REE, migmatitic paragneisses,
(aquamarine), topaz, tourmalines
570-500 Ma beryltopaz, NYF (and G5 (and G2?) granites
(and spodumene?)
LCT?)
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Source: Pedrosa-Soares et al., 2023, updated after Pedrosa-Soares et al., 2011; (*) Cerný et al., 1991, 2012; LCT, Lithium-Cesium-Tantalum; and NYF, Niobium-Fluorine pegmatites.

The EBPP was subdivided into twelve pegmatite districts based on the mineral production, genetic and metallogenetic affiliation and classification, parental granite type, host rocks and metamorphic regime, and crystallization ages of a relatively large and clustered pegmatite population (Figure 7-3; Table 7-2). Most of them are districts of residual pegmatites of the rare element class, distinguished by their affinities with the LCT (Lithium-Cesium-Tantalum) or NYF (Niobium-Yttrium-Fluorine) geochemical-metallogenetic families that, in turn, are related to distinct types of parental granites. Beryl-topaz (NYF) pegmatites cluster in districts almost

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completely circumscribed or very close to A-type and I-type G5 intrusions, encompassing granitic and igneous charnockitic (orthopyroxene-bearing) rocks with features of magma mingling-mixing involving mafic melts.

Contrastingly, complex LCT pegmatites and albite-spodumene-rich pegmatites (SRP) are found in the external aureoles of S-type intrusions mostly composed of two-mica leucogranites with pegmatoid cupolas, generally hosted by metasedimentary rocks of the greenschist to amphibolite facies. Among the EBPP Li-bearing districts, the Araçuaí Pegmatite District stands out by having the largest historical and current production of lithium ore and the only world-class spodumene deposits of Brazil. Those deposits include the CBL, Sigma, and the newly discovered deposits by other companies, such as the Bandeira and other spodumene-rich deposits of Lithium Ionic Corporation.

The Araçuaí Pegmatite District includes several LCT pegmatite fields distinguished by their mineral production, pegmatite types and subtypes, and pressure-temperature (P-T) conditions of both the regional and contact metamorphisms (Figure 7-4). Besides complex LCT pegmatites, spodumene-rich pegmatites (SRP) are known in the Curralinho, Itinga, Neves-Tesouras and Salinas pegmatite fields. However, the Itinga Pegmatite Field remains the most important for spodumene production and prospecting, owing to the outstanding abundance of non-zoned to poorly zoned SRP ranging from a few to dozens of meters thick, hundreds to a few thousand meters in length along strike, and dozens to hundreds of meters in downdip width. Many spodumene orebodies mined by Arqueana, CBL and Sigma, as well as those discovered by Lithium Ionic at Bandeira and other targets, belong to the SRP (or albite-spodumene) type.

7.2 Structural Geology

In the Araçuaí Pegmatite District (Figure 7-4), the present-day structural framework was established after four deformation events (D1, D2, DG, and DNt). Two of them (D1, D2) are directly related to the regional tectono-metamorphic evolution of the Araçuaí Orogen in the Ediacaran-Cambrian. The third deformation event (DG) was caused by the widespread and voluminous intrusions of Cambrian G4 granites that caused thermal metamorphism and significant structural disturbance on the regional fabrics along areas relatively close to granitic stocks and batholiths (Pedrosa-Soares et al. 1987, 1993, 2011; Alkmim et al., 2006; Santos et al., 2009; Peixoto et al., 2017). Much later, the last deformation event (DNt) resulted from neotectonics reactivation in the Late Tertiary (Saadi and Pedrosa-Soares, 1989). The EdiacaranCambrian deformation events (D1, D2, and DG) formed the structural framework that passively hosts the rare element pegmatites in the Araçuaí District (Figure 7-4). The much younger neotectonic deformation (DNt) reworked prior structures in upper crustal levels in the Late Tertiary (Miocene), forming normal faults and graben basins (e.g., the Virgem da Lapa Graben, Figure 7-4) filled by the fluvial to lacustrine sandstone-mudstone piles of the São Domingos Formation that reach more than 100 m in thickness (Saadi and Pedrosa-Soares, 1989; Pedrosa-Soares, 1997). Locally, neotectonic faults may cut and displace blocks with pegmatite

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deposits.

The D1 deformation results from regional tectono-metamorphic processes imposed by compressive stresses during the collisional stage (580-540 Ma) of the Araçuaí Orogen. Megascopic to macroscopic D1 structures are asymmetric tight folds with long limbs and short hinges, parasitic folds, and ductile shear zones related to thrust ramps and oblique to transcurrent strike-slip domains.

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Figure 7-4 – Geological Map of the Araçuaí Pegmatite District

Legend: highlighting lithium-bearing pegmatite fields (see inbox), major tectonic domains (names in italics on map), metamorphic regimes according to relative pressure (P) and temperature (T) conditions (LP/HT, low-P/high-T; IP/IT, intermediate-low P and T; and MP/MT, medium P and T), spodumene active mines (Cachoeira, Xuxa) and main spodumene deposits: Bandeira and Outro Lado (Lithium Ionic), Barreiro (Sigma), and Colina (Latin Resources). Source: modified and updated from Pedrosa-Soares et al., 2023, based on the district map by Paes et al., 2016.

The macroscopic to microscopic D1 structures include the main regional planar structure that

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evolved from a cleavage to the schistosity S1 (Figure 7-5) that contains the L1 mineral/stretching lineation. S1 is generally (sub)parallel to the layering (S0) along D1 fold limbs, becoming an axialplane surface in fold hinges (Figure 7-5). Anastomosed and S-C foliations characterizes higher strain shear zones syn-kinematic to S1. Although it generally is a very penetrative structure, the S1 foliation also provides host surfaces for pegmatites.

Distinct metamorphic regimes related to the D1 deformation of schists and gneisses rich in micas have been recognized in the region encompassing the Araçuaí Pegmatite District (PedrosaSoares et al., 1984, 1993, 1996; Costa et al., 1984; Costa, 1989; Santos et al., 2009; Peixoto et al., 2017). In the western and southwestern sectors of the region (Figure 7-4), the S1 schistosity shows syn-kinematic (syn-S1) assemblages with Fe-rich garnet (almandine), staurolite, kyanite and/or sillimanite. Such index-minerals series is typical of a medium pressure and medium temperature (MP/MT) metamorphic regime (Figure 7-4). This, together with quantitative geothermobarometric data, characterize the M1 metamorphic event as a syn-collisional (syn-D1) Barrovian-type (MP/MT) metamorphism dating between 575 – 550 Ma. P and T increase from c. 3.5 kbar at 450 °C in the garnet zone at the southwest of Francisco Badaró, passing northeastwards through the staurolite, kyanite and sillimanite zones, and reaching up to 8.5 kbar at 650 °C at the southeast of Coronel Murta (Figure 7-4).

In the northeastern and northern sectors of the region, the S1 schistosity shows syn-kinematic (syn-S1) assemblages with biotite, Mn-rich garnet (spessartine), andalusite, cordierite and/or sillimanite. Such index-minerals series is typical of a low pressure and high temperature (LP/HT) metamorphic regime (Figure 7-4). From the most northeastern andalusite zone to the southwest of Itinga, quartz-feldspathic leucosomes with aplitic to pegmatitic textures formed from the breakdown of muscovite along the S1 foliation of cordierite-quartz-mica schists. Northeastwards, through the andalusite-cordierite, cordierite-sillimanite, sillimanite, and K-feldspar zones, increasing metamorphism and partial melting of quartz-mica schists formed migmatitic paragneisses in the eastern tip of the Itinga Pegmatite Field (Figure 7-4). Regionally, the metamorphic event (M2) records a low-P/high-T metamorphism with pressures from 2 kbar to 5.5 kbar under temperatures from 400 °C to 700 °C, at around 540-530 Ma. The M2 metamorphism reached partial melting conditions on quartz-mica schists of the Salinas Formation with increasing anatexis rates that formed leucosome-rich migmatites (diatexites) in the easternmost sector of the Araçuaí Pegmatite District. This implies that, in deeper crustal levels, the widespread anatexis on the Salinas Formation could have produced large volumes of S-type granitic magmas in the late collisional to post-collisional stages of the Araçuaí Orogen. Indeed, the time interval of the M2 metamorphism (540-530 Ma) fits well with the oldest ages of G4 granites (535-525 Ma). This, together with the fact that the M2 metamorphism culminated in partial melting of quartz-mica schists and paragneisses in the easternmost Araçuaí Pegmatite District, indicate that the S-type G4 magmas were formed from the anatexis of thick metasedimentary packages in deep levels of the Salinas Formation.

Along the boundary between the M1 and M2 metamorphic domains (Figure 7-4), the syn-S1

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mineral assemblages include almandine and/or staurolite and andalusite and/or cordierite, characterizing an intermediate-low pressure (Buchan-type) metamorphic regime (IP/IT, Figure 7-4) transitional between the M1 Barrovian-type (MP/HT) and the M2 low-P/high-T (LP/HT) metamorphic regimes found in the Araçuaí Pegmatite Districts. Bearing in mind the relations between distinct pegmatite populations, their metallogenetic specializations and metamorphic regimes (Cerný, 1991; Cerný et al., 2012), such metamorphic characterization is of great importance for prospecting different rare element pegmatites, as Li-rich pegmatites are typically found in terranes with relatively low-P/high-T metamorphism.

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----- Start of picture text -----

A B
S1
S0
S0
laminated to banded metawacke / biotite schist
C D
laminated metawacke / biotite schist laminated quartz -mica schist with quartz veins
E saprolite F
quartz-mica schist
----- End of picture text -----

Figure 7-5 – Photos from Outcrops and a Drill Core Showing Structures of the Deformation Events D1 and D2 on the Salinas Formation in the Araçuaí Pegmatite District

Legend: (A and B) Large tight fold (A) with a hinge (B) showing the sedimentary layering (S0) cut by the low-angle dip to flat axial-plane S1 cleavage. C) Tight folds with limbs transposed by S1 foliation. D) Hinges of tight folds with metamorphic quartz veins in quartz-mica schist. E) Spaced cleavage S2 cutting the schistosity S1, and subvertical joints (JA) cutting across both S1 and S2 in the Bandeira area. F) S2 spaced foliation marked by recrystallized mica, cutting the S1 schistosity in a drill core sample from the Bandeira deposit.

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The D2 deformation developed from the late collisional to the post-collisional stages of the Araçuaí Orogen, when increasing decompression conditions, imposed by the orogen gravitational collapse, gradually replaced the tangential D1 compressive stresses. In the Araçuaí Pegmatite District, the D2 deformation comprises mostly brittle structures, such as the S2 spaced cleavage, joint families, and normal faults, as well as large open folds (flexures). The spacing between surfaces of the S2 cleavage ranges from less than one centimeter to decimeters (Figure 7-5). Locally, S2 may be very well developed in micaschists, becoming a tight crenulation cleavage to schistosity. The S2 spaced cleavage and other brittle structures, as being more open surfaces than the S1 schistosity, provided host surfaces for Li-rich pegmatites, generally the thicker ones, in the Itinga Pegmatite Field.

The latest Cambrian deformation event (DG) was caused by the intrusion of large volumes of Stype magmas that formed the G4 granites and cut across and disturbed the regional framework imprinted by the D1 and D2 deformations. The DG event deformed the regional structural trend of the host rocks around granitic plutons, forming radial fractures irradiating from the granitic plutons, and imprinting ring-shaped fracture systems that reworked regional structures around the intrusions. All these DG structures can host late orogenic rare element pegmatites.

During emplacement and cooling, the G4 plutons caused contact metamorphism on their country rocks and released residual silicate melts that formed pegmatites that either crystallized within the parental granite or migrated outwards and were hosted by D1, D2 and DG structures of the Salinas Formation and other metasedimentary units. While barren and beryl-bearing pegmatites are found both within parental G4 granites and country rocks, the Li-bearing pegmatites have been only found in places rather far from (> 1 km) granite massifs, emplaced in the Salinas Formation and other metasedimentary units. The G4 batholith emplaced along the whole eastern boundary of the Araçuaí Pegmatite District is formed by multiple coalescent plutons and places an eastern limit for the occurrence of Li-bearing pegmatites.

Regionally, the deformational events formed large structures with distinct implications for the occurrence and structural control of pegmatites in the Araçuaí District, such as the Salinas Synclinorium, the Lagoa Nova Anticline, and the Minas Novas - Araçuaí - Itinga Corridor (Figure 7-4).

The axial zone of the Salinas Synclinorium shows the best-preserved section of the Salinas Formation, comprising non-deformed to weakly deformed metawacke, metapelite and metaconglomerate, metamorphosed in the biotite and garnet zones of the low greenschist facies. This low-grade metasedimentary section reaches up to 2 km in thickness, with no evidence of pegmatite along the synclinorium keel. However, a Li-rich pegmatite cluster, including SRP bodies, was recently found to the east of the Salinas Synclinorium, along the andalusitecordieritebearing, low-pressure/high-temperature metamorphic zone of the Curralinho Pegmatite Field (Figure 7-4).

In the case of the Lagoa Nova Anticline, although there are LCT pegmatites emplaced along its structural surfaces, no SRP was yet found there, much probably due to the rather unfavorable

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pressure-temperature conditions of the regional and contact metamorphisms (between the medium PT (MP/MT) and intermediate PT (IP/IT) regimes).

The Minas Novas - Araçuaí - Itinga Corridor, in turn, plays a special role in the understanding of the structural control and the most favourable pressure-temperature conditions for the SRP occurrence in the Araçuaí Pegmatite District. That corridor has been characterized as a flowershaped transpressive (during D1) to transtensive (during D2) structure (Pedrosa-Soares et al., 1993, 1996; Alkmim et al., 2006) with the S1 foliation dipping to SE in the NW flank, and to NW in the SE flank (Figure 7-4).

In the Itinga Pegmatite Field, the S1 schistosity and S2 spaced cleavage show NE-trending strikes, with the S1 schistosity dipping to NW and the S2 cleavage dipping to SE (if they have not been disturbed by later deformations, i.e., DG and DNt). The S1 foliation, as well as the S2 spaced cleavage and other brittle surfaces (i.e., the flat-lying and subvertical joints) host many Li-rich pegmatites, with the thicker SRP bodies generally emplaced in more open surfaces of brittle structures.

The regional metamorphism associated with the S1 schistosity gradually increases from southwest to northeast along the corridor, reaching c. 3.5 kbar at c. 550 °C at the andalusite cordierite zone in the Piauí river valley, where the contact metamorphism was imposed by G4 granitic intrusions also under relatively low-pressure conditions. All those tectono-metamorphic and magmatic features favorable to SRP occurrence characterize the Itinga Pegmatite Field where several of the most important spodumene deposits already found in Brazil are located, such as those of the CBL and Sigma, and the SRP deposits of Lithium Ionic.

7.3 Local Geology

Field mapping in the Bandeira area revealed the existence of two geological units: (i) Salinas

Formation, characterized by banded quartz-mica schists with lenses of calcsilicate rocks; and (ii) G4 Supersuite, represented by an extensive pegmatite dike-swarm (pegmatite veins) composed of spodumene-rich orebodies and some non-mineralized pegmatites (Figure 7-6).

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Figure 7-6 – Geological Map of the Bandeira Deposit

Figure Source: Lithium Ionic 2024

Owing to the significant weathering typical of tropical regions, the surface of the Bandeira area predominantly comprises recent residual soils resulting from the decomposition of the underlying rocks. The schist residual soil is a red to brown fine-grained (silt to clay) eluvium. In contrast, the pegmatite soil is typically a whitish, fine to coarse-grained, powdered eluvium, with a composition dominated by quartz, kaolinized feldspar and altered muscovite. In cases of lithium mineralization, this soil can also contain fine-grained, partially to almost wholly weathered spodumene fragments.

Based on the few exposed outcrops, the Salinas Formation in the Bandeira area is composed of biotite schist and cordierite-biotite schists of gray color and medium-grained size. When these rocks contain a higher concentration of mica, the schistosity is more penetrative and tends to be more fractured (Figure 7-7a). When the amount of quartz is greater, a preserved original bedding can be observed marked by the alternance of dark biotitic and light quartzfeldspathic layers (Figure 7-7b). Cordierite-biotite schist was also identified in the Bandeira target, and they are characterized by the enrichment of millimetric to centimetric cordierite porphyroblasts (Figure 7-7c), which can be stretched along the schistosity (syn-tectonic) or undeformed and latestage (post-tectonic). Based on observations in the drill cores it is also possible to verify the presence of calc-silicate rocks interlayered in the schists, which can be classified in three types (based on the mineralogy): (i) biotite-quartz schist; (ii) quartz-biotite schist; and (iii) cordieritequartz-biotite schist.

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Figure 7-7 – Schists of the Salinas Formation Observed in the Bandeira Deposit

Legend: a) fractured biotite schist (UTM: 189,232 / 8,141,577); b) banded biotite-schist with preserved original bedding (UTM: 189,733 / 8,142,094); c) detail of the cordierite-biotite schist (UTM: 190,441 / 8,141,664). Coordinates in SIRGAS 2000, zone 24S. Abbreviation: Cd-cordierite. Figure Source: Lithium Ionic 2024

The pegmatites in the Bandeira target constitute a swarm of several dikes with variable thicknesses (metric to decametric). They are normally concordant to the Salinas Formation schistosity (5055°NE/40-50°NW). The nature of the contact between the pegmatite and the host rock is abrupt and sharp (Figure 7-3a). Records of the pegmatites mineralized in lithium in the Bandeira area (i.e., Spodumene-Rich Pegmatites – SRP) can be observed in some exposed outcrops that show centimetric coreless to greenish spodumene crystals, with whitish colour when weathered. In such veins, it is common the occurrence of euhedral prismatic centimetric crystals with a preferred orientation indicative of mineral growth orthogonal to the borders of the dike (Figure 7-3b).

Based on the observations from these outcrops and the intercepts from the drill cores, it is possible to define the Bandeira mineralized bodies as non-zoned pegmatitic dikes with a simple and consistent mineralogy composed essentially of albite (33%), perthitic K-feldspar (25%), spodumene (19%), quartz (15%), and muscovite (5%). Accessory phases (3%) vary from petalite, columbite, tantalite, cassiterite, apatite, tourmaline, and sphalerite. The log analysis unveiled well preserved spodumene crystals of variable sizes, typically centimeter-scale and disseminated throughout the rock. Notably decimeter-sized crystals also occur (Figure 7-3b).

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The concordant SRP pegmatites in the Bandeira area are dominantly concordant with the regional schistosity (S1) but discordant bodies, with similar strike and dipping to southeast, also occur. The best example are the pegmatites observed in the southeastern region (Figure 7-3), where a more flattened large discordant body fed smaller intrusions that dips towards southeast. These discordant bodies share identical mineralogical composition with the concordant bodies, leading to the interpretation as both products of the same coeval magmatism.

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Figure 7-8 – Spodumene-Rich Pegmatites Observed in the Bandeira Deposit

Legend: a) pegmatite of ca. 2 m thick concordant to the regional foliation (S1) of the host schists; b) outcropping and weathered prismatic spodumene crystals that grew perpendicular to the contact; c) detail of the cordierite-biotite schist (UTM: 190,441 / 8,141,664). Coordinates in SIRGAS 2000, zone 24S. Abbreviation: Cd-cordierite. Figure Source: Lithium Ionic 2024

7.4 Mineralization Model

The following text and illustrations were compiled from Pedrosa-Soares et al. (2023) and complemented with data from Lithium Ionic public and internal reports, if not otherwise specified.

The Bandeira spodumene deposit is located immediately to the southeast of the CBL’s Cachoeira mine (Figure 7-9). This mine has played a major role in the understanding of the mineralogical, petrographic, geochemical, and structural features of spodumene-rich pegmatites (SRP) through the scientific and technical studies carried out on the Cachoeira Pegmatite Group, a specific

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pegmatitic population of the Itinga Pegmatite Field (e.g., Sá, 1977; Afgouni and Sá, 1978; CorreiaNeves et al., 1986; Afgouni and Marques, 1997; Pedrosa-Soares et al., 2009, 2011, 2023; Romeiro, 1998; Quéméneur and Lagache, 1999; Romeiro and Pedrosa-Soares, 2005; Dias, 2015; Chaves et al., 2018; Luiz, 2023). The Cachoeira Pegmatite Group comprises a SRP swarm that has been mined at least since the 1970’s by the Arqueana Company (Figure 7-10), followed by the production of spodumene ore in industrial scale by CBL since 1993 (Figure 7-11). It is yet the best characterized spodumene deposit in Brazil, providing solid information to support the mineralization model that was applied to the exploration work on the Bandeira deposit (Figure 7-4).

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Figure 7-9 – Location of the Bandeira Deposit in Relation to the CBL’s Cachoeira Mine and the Sigma’s Barreiro Deposit

Source: Corporate Presentation, Lithium Ionic Corporation, March 2023, available at https://www.lithiumionic.com/projects/itinga-project/.

The typical SRP orebodies of the Cachoeira Pegmatite Group are non-zoned but rather inequigranular pegmatites composed of spodumene (on average 23 vol%), perthitic microcline, albite, quartz, and muscovite, generally totalizing more than 95% of the whole orebody volume. Montebrasite, beryl, cassiterite, columbite-tantalite, cookeite, zabuyelite and petalite are scarce accessory minerals.

The Cachoeira SRP cluster forms a pegmatite swarm characterized by a staggered (en-échelon)

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spatial distribution of parallel to subparallel, locally branched orebodies showing lateral and vertical offsets among them (Figure 7-11 and Figure 7-12). They are roughly tabular bodies with lens-shaped terminations, ranging from decimeters up to 30 m in thickness orthogonal to dip, from a few meters to many hundreds of meters in length along strike, and up to many hundreds of meters downdip. The Cachoeira pegmatites were emplaced in the Salinas Formation that consists of banded cordierite-quartz-mica schist with intercalations of calcsilicate rock, recording P-T conditions suitable for SRP occurrence. In the Salinas Formation, the main host surfaces for pegmatites are the regional foliation (schistosity) S1 and the S2 spaced cleavage, although late joint surfaces can also host SRP bodies (Figure 7-10, Figure 7-11, and Figure 7-12).

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Figure 7-10 – The Cachoeira Mine in the Mid 1970’s

Legend: A (map) and B (section) showing four NE-trending, parallel to sub-parallel, branched, tubular shaped, spodumene-rich pegmatites (SRP) both concordant with the NW-dipping S1 schistosity of host rocks and discordant with S1, (i.e., emplaced in the SE-dipping S2 spaced cleavage). C (photo) shows a concordant, c. 7 m thick SRP hosted by cordierite-quartz-mica schist, with both rocks increasingly weathered (saprolites to soils) towards the topographic surface.

Source: map, cross section, and photo adapted from Sá, 1977.

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The tectonic structure of the Salinas Formation behaved passively during the intrusion of Li-rich magmas that crystallized as spodumene-rich pegmatites, which in turn do not record any evidence of ductile or brittle deformations (Figure 7-11 and Figure 7-12), except for small faults that locally cut pegmatite contacts and may be related to the latest D2 or DG deformations (Figure 7-12; see also section 7.2).

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Figure 7-11 – Map of the Cachoeira Pegmatite Group in CBL’s Mine Area

Legend: A) Showing the staggered (en-échelon) spatial pattern of parallel to subparallel, locally branched, NE-trending orebodies of spodumene-rich pegmatites (SRP, in light brown) with indications of mapped strike and dip directions of the pegmatite bodies. SRP concordant bodies, emplaced along the S1 schistosity, dip to NW. SRP discordant bodies, hosted by the S2 spaced cleavage, dip to SE. B) A fractal example of the en-échelon distribution pattern of SRP bodies shown by three smaller veins (above the main SRP orebody) in CBL’s Cachoeira mine. Source: adapted and updated from Romeiro, 1998; photo by A.C. Pedrosa-Soares, August 2022.

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Figure 7-12 – Thirteen Photos from Spodumene-Rich Pegmatites (SRP) in the Cachoeira Underground Mine (CBL)

Legend: A) The G4-5 SRP in the G5 gallery, level 272, showing a discordant orebody (c. 7 m thick) hosted by the S2 spaced cleavage; B) A closing edge of the main G4-5 orebody, showing SRP branches cutting across the host quartz-mica schist; C) Mining front showing a concordant SRP orebody (1D/1C gallery) ranging from c. 3 m to more than 4 m thick, hosted by the S1 foliation dipping to NW, with unidirectional solidification texture (UST, black arrows) outlined by orientated greenish spodumene crystals orthogonal to the SRP contacts; D) Sharp lithological contact, concordant with S1, between a SRP and the host schist, showing small offsets along short brittle surfaces (yellow ellipses) and unidirectional solidification texture (UST, black arrow) outlined by oriented spodumene and feldspar; E) Stereograms (Schmidt projection, lower hemisphere) for the SRP host structures in the Cachoeira underground mine and surface outcrops showing that both S1 and S2 are Ne-trending but dip to opposite directions: S1 to NW and S2 to SE.

Source: A), B) photo from Romeiro, 1998; C), D) photo from Romeiro and Pedrosa-Soares, 2005; E) adapted from Romeiro, 1998.

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Based on available information from the Cachoeira Pegmatite Group and CBL’s underground mine (Figure 7-10 and Figure 7-12), a mineralization model for spodumene-rich pegmatites (SRP) was conceived to assist in the exploration work on the Bandeira target. After a soil geochemistry campaign, Li anomalies roughly parallel to the Cachoeira SRP swarm were revealed and, together with lithological and structural data from few outcrops, old diggings, and new exploration trenches (Figure 7-13) provided the basis for a very successful drilling campaign that discovered dozens of new SRP bodies rather close to each other from the near surface to more than 800 m in depth. The newly discovered Bandeira deposit comprises spodumene-rich orebodies, arranged along the same structural trend of Cachoeira’s SRP swarm (Figure 7-14).

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Figure 7-13 – Photos from Underground Galleries of an Old Digging for Gem Prospecting

Legend: showing a rather weathered pegmatite very rich in pseudomorphs of spodumene (sp) replaced by white clay (A and B), with local mica-rich rich metasomatic bodies, small miarolitic cavities and rare lepidolite books (D) at the pegmatite top. A new trench (E) revealed another rather weathered pegmatitic body concordant with the S1 foliation of the host quartz-mica schist, showing pseudomorphs of tabular-shaped spodumene (sp) replaced by white clay (F), depicting unidirectional solidification texture (UST) orthogonal to the pegmatite/schist contact. Source: Garimpo in Brazilian Portuguese.

Following the regional NE-SW structural trend, the Bandeira deposit comprises SRP swarms of NE-striking orebodies mostly hosted by and concordant with the NW-dipping schistosity (S1), but also some discordant SRP emplaced along the SE-dipping fracture system (S2 spaced cleavage), as well as a few SRP bodies hosted by late flat-lying joints (Figure 7-14). The Bandeira pegmatites are tabular bodies with convex lens-shaped terminations, arranged in tight and staggered (enechellon) swarms, locally with branched connections linking ore bodies. Single SRP bodies normally reach hundreds of meters in length along the strike, ranging in thickness from a few decameters to decimeters, with the discordant SRP bodies tending to be thicker than the concordant ones. With known downdip-width up to 800 m, several Bandeira SRP bodies remain open in depth. The exploration drilling work revealed two main SRP swarms in the Bandeira

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deposit: i) the northern swarm, with thicker, longer, and wider SRP bodies concordant to the S1 foliation of host rocks; and ii) the southern swarm, with somewhat smaller SRP bodies (Figure 7-14).

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Figure 7-14 – Spodumene Pegmatites interpretations

Legenda: A) simplified map showing the distributions of Li anomalies in soil and drilled SRP bodies projected to surface in the Bandeira deposit, and CBL’s SRP swarm (see Figure 7-11); B) simplified cross sections showing the SRP swarm discovered in depth by Lithium Ionic after exploration work; C) and D) outcrop and structural sketch illustrating the tectonic surfaces of the country rocks (Salinas Formation) that host pegmatites in the Bandeira deposit: S1, regional ductile foliation (schistosity); S2, post-S1 spaced cleavage; Jh, late horizontal joints; and Jv, late vertical joints; E) cartoon illustrating a model for the spatial distribution and lateral relations of SRP orebodies in the Bandeira deposit.

Source: map and sections for A and B from Lithium Ionic reports, and CBL map from Romeiro, 1998; C, D, and E by Geologist Anderson Victoria.

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The host rocks of SRP orebodies in the Bandeira deposit are banded to laminated cordieritequartz-mica schists, locally containing disseminated sulphide and/or graphite-rich bands, with intercalations of massive calcsilicate rocks (Figure 7-15 and Figure 7-16). Most cordierite forms ellipsoidal (egg-shaped) stretched poikiloblasts syn-kinematic to the regional S1 schistosity (Figure 7-15).

The banded to laminated quartz-mica schists represent metamorphosed sand-mud sediments, and the calcsilicate rocks are metamorphosed Ca-rich carbonate-mud sediments (marls). They show sharp contacts with the SRP orebodies that generally are concordant to the regional S1 foliation (often parallel to the compositional layering S0) but are also hosted by the S2 cleavage or foliation (Figure 7-16). The host schists may be enriched in decussate muscovite and/or biotite, black to green tourmaline, and recrystallized cordierite along narrow (cm to dm) fringes of contact metamorphism imposed by pegmatites (Figure 7-17). Although the host schists may be anomalous in lithium content close to pegmatites, they show no Li-ore mineral.

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Figure 7-15 – Photos from host rocks of spodumene-rich orebodies in the Bandeira deposit

Legend: A) partially weathered cordierite-quartz-mica schist rich in poikiloblasts (dark spots) of eggshaped (ellipsoidal) cordierite (Crd) crowded of biotite and/or quartz inclusions and coronated by biotite; B) calcsilicate rock with porphyroblasts of amphibole (dark green) and grossular garnet (light pink) within a massive matrix (greenish gray) mostly composed of quartz and plagioclase; C) drill core segment showing the banded to laminated cordieritequartz-mica schist with ellipsoidal cordierite (Crd; light spots coronated by biotite), light-colored quartz-rich laminae, and an intercalation of calcsilicate rock (CR).

The Bandeira spodumene orebodies show a rather simple mineralogical assemblage (Figure 7-16 and Figure 7-17), consisting of medium - to very coarse-grained spodumene phenocrysts, reaching up to 35 vol% on average, within a fine - to medium-grained matrix mostly composed of albite, perthitic K-feldspar (microcline), quartz, muscovite, and petalite, summing up to 95 vol% of the total matrix. The scarce accessory (mainly montebrasite, and Nb-Sn-Ta oxides) and

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secondary minerals (cookeite, sericite, zabuyelita, Fe-Mn oxides, clay minerals) generally comprise less than 5 vol% in total. In drill cores, the spodumene crystals are mostly free of hydrothermal and weathering alterations and very poor in mineral inclusions (Figure 7-16 and Figure 7-17)). Conversely, surface outcrops, shallow diggings and exploration trenches cutting SRP bodies generally show weathered spodumene (Figure 7-13), forming pseudomorphs composed of white clay (kaolinite and montmorillonite). Rare spodumene-quartz intergrowth (SQUI) may be found associated with spodumene crystals (Figure 7-17). Petalite has been found in SRP's drill cores and thin sections, mostly occurring in the matrix as very fine- to fine-grained (sub-millimetric to 1 cm) crystals (Figure 7-17) and, more rarely, as coarser crystals locally found in rather restricted intervals.

The thicker SRP bodies may show a lithium-barren and thin marginal zone rich in albite, generally rather discontinuous, followed inwards by a thick internal zone rich in disseminated spodumene (although spodumene may also be more ROM in some domains than others along the internal zone). Owing to the upward migration of H2O-rich fluids, flat-lying SRP sections close to the hanging-wall contact, as well as the top termination (“head”) of high-angle dip bodies, may show metasomatic units with miarolitic cavities that partially replaced the primary mineral assemblage. Many SRP bodies lack the external lithium-barren zone, showing disseminated spodumene along virtually the whole orebody (Figure 7-16 and Figure 7-17)). Unidirectional solidification textures outlined by tabular to telescope-shaped spodumene crystals are common in the Bandeira’s SRP orebodies. Thin albite-rich pegmatites, barren to poor in lithium, are also found in the Bandeira pegmatite swarms.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 7-16 – Drill Core Samples from Spodumene-Rich Orebodies and Their Host Rocks in the Bandeira Deposit

Legend: A) Segment of a non-zoned SRP body with medium - to coarse-grained greenish spodumene disseminated in the quartz-albite-microcline-muscovite matrix; black minerals in spots and fracture fillings are Nb-Sn-Ta oxides and graphite. B to D) Features of roughly tabular, greenish to white spodumene crystals free of or poor in inclusions. E) Concordant contact (CC) between albite-rich pegmatite border and laminated quartz-mica schist; the host surface is the regional schistosity S1 parallel to the compositional (sedimentary) layering S0. F) Discordant contact (DC) between albite-rich pegmatite border and laminated cordierite-quartz-mica schist; the host surface is the S2 cleavage/foliation.

Source: photos by Geologist Fabiana Guimarães.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 7-17 – Characterization Illustrated Summary for a Typical Spodumene-Rich Pegmatite (SRP) of the Bandeira Deposit, Based on Intercept with 6,75 m Thick and 1.99 wt% Li2O

Legend: pegmatitic textures based on average grain size (cm): fine < 2.5; medium = 2.5–10; coarse = 10– 30; and very coarse > 30. Spd size (e.g., 15 x 1.5 cm) based on average length and thickness of spodumene crystals. Photo types indicated by dots: black, photo from unpolished sample; blue, photomicrography under parallel polarizers light; green, photo from polished thin section; red: photomicrography under crossed polarizers light. Drill core and thin sections described by Geologists Fabiana Guimarães and Laura Wisniowscki, respectively. Source: Pedrosa-Soares et al., 2023.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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8 DEPOSIT TYPES

The following text and illustrations were compiled from Pedrosa-Soares et al. (2023) and complemented with data from Lithium Ionic public and internal reports, if not otherwise specified. According to the most accepted petrologic-metallogenetic classification of pegmatites, published by Cerný (1991) and updated by Cerný and Ercit (2005) and Cerný et al. (2012), all the spodumene-rich pegmatites found within the Bandeira deposit, as well as in the whole Cachoeira Pegmatite Group, belong to the rare element class, Li subclass, and albite-spodumene type.

2005), the Xuxa and other spodumene-rich deposits of Sigma Lithium (Sá, 1977; Delboni et al., 2023), and the Outro Lado deposit of Lithium Ionic, are rather poor both in Ta and Cs when compared with the complex zoned LCT pegmatites (e.g., Generosa, Jenipapo, Murundu, Urubu and others) found in the Itinga Pegmatite Field (cf. Sá, 1977; Romeiro, 1998; Quéméneur and Lagache, 1999; Dias, 2015) and elsewhere (e.g., Cerný 1991; London, 2008; Cerný et al., 2012).

The SRP deposits consist of non-zoned to poorly zoned spodumene-rich pegmatites with spodumene reaching up to 35 vol% on average, and the total modal content of spodumene, albite, K-feldspar, quartz, and white mica (muscovite and/or Li-rich mica) summing up more than 90 vol% of the whole body. Therefore, SRP bodies are very poor in accessory minerals, which are generally represented by Li-micas, Li-phosphates, Nb-Sn-Ta oxides, cookeite, carbonate and graphite. They are also poor in secondary (metasomatic) units due to their rather fluid-poor (anhydrous) nature (Figure 7-12, Figure 7-16, and Figure 7-17).

As a corollary, the scarcity of rare elements, except for lithium, imposes constraints on the geochemical prospecting methods to be applied on searching for spodumene-rich deposits. Conversely, the high Li content (1.4 wt% Li2O on average) in SRP-type magmas promotes a significant decrease in the crystallization temperature and viscosity of the silicate melt, leading to the high mobility that allows such a Li-rich magmas to crystallize as very large but relatively narrow SRP bodies, with hundreds to thousands of meters in length and width, but only decimeters to a few decameters in thickness.

Therefore, for prospection and exploration work related to spodumene-rich deposits, it is very important to distinguish between the non- to poorly zoned spodumene-rich pegmatites (SRP, i.e., pegmatites of the albite-spodumene type) and the complex zoned LCT pegmatites.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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9 EXPLORATION

Fieldwork was conducted in the Bandeira deposit with an approach encompassing chip rock sampling, soil sampling, a trench program, structural analysis and a drilling program. These activities aimed to achieve a more profound comprehension of the local geology and the identification of potential spodumene-rich pegmatites.

9.1 Chip Rock Sampling

Despite the extensive residual soil cover, the field mapping led to the recognition of pegmatites in artisanal mines (garimpos), in situ outcrops or fragments dispersed on the surface. Spodumene crystals were only identified in pegmatites found in artisanal mines and surrounding areas. The chip rock map (Figure 9-1) shows the location of each collected sample, with their respective lithium content (Li ppm), and the location of the outcropping pegmatites, mineralized in spodumene or not.

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Figure 9-1 – Chip Rock Map in the Bandeira Deposit Emphasizing the Distribution of Each Collected Sample [Li (ppm)] and the Regions Where the Pegmatites are Exposed on the Surface Source: Lithium Ionic 2024

9.2 Soil Sampling Program

The soil program in the Bandeira area was conducted in two distinct campaigns. In the first survey, the lines were oriented along the azimuth N120° and were spaced at regular intervals of 250

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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meters. Within each of these lines, samples were collected every 50 meters. In the second campaign, the lines were oriented at N150°, were spaced at regular intervals of 150 meters, and the samples were collected every 25 meters.

A total of 537 samples were collected in the Bandeira area, and the lithium content in the soil varied from 10 ppm to 573 ppm. Calculations based on the distribution of the results indicated a subdivision of the content as low grade (< 69 Li ppm), low to moderate grade (70-107 Li ppm), moderate to high grade (108-152 ppm), and high grade (> 153ppm). Based on the distribution of the results, it was possible to interpret at least five high-grade anomalous zones that represent more favourable spots to prospect spodumene-rich pegmatites (Figure 9-2). These anomalous regions are strongly oriented along the NE-SW direction, which is the same strike of the regional foliation and the mapped pegmatites in the Bandeira area and adjacent region.

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Figure 9-2 – Soil Geochemical Map of the Bandeira Deposit

Legend: the Remarkable NE-SW Anomalous Trend coincides with the Spodumene-Rich Pegmatites' Direction. Source: Lithium Ionic 2024

9.3 Trench Program

After the soil geochemistry survey, a trench program was devised to investigate the anomalous areas. A total of 26 trenches were executed, totaling 1733 m of excavated lines (Table 9-1). The trenches were preferably positioned on top of the soil anomalies and the majority were positive, with pegmatite intercepts (Figure 9-3). Due to the high weathering, the exposed pegmatites are very decomposed in some trenches, exhibiting a characteristic whitish colour that shows a significant contrast with the horst schist (see an example of trench ITTRE-22-006 in Figure 9-4 a

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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and b). These pegmatites are friable, and it was possible to diagnose only quartz, kaolin and flake muscovite. In other trenches, however, it was possible to observe more preserved pegmatites, with visible spodumene centimetric crystals (see an example of trench ITTRE-22-001 in Figure 9-4 c and d). Independent of the conservation state, as part of the procedure, every pegmatite higher than 30cm mapped in the trench was sampled to verify the Li content (see channel sampling line on the pegmatite excavated in trench ITTRE-22-001 shown in the scheme of Figure 9-4 e).

In addition to confirming the presence of pegmatites and studying their mineral composition, the trenches played an important role in determining the strike and dip of the dikes. This valuable information contributed significantly to the mapping of the area and provided a higher level of confidence in planning the boreholes for the drilling campaign.

Table 9-1 – Summary of the Trenches Executed in the Bandeira Deposit

Source: Lithium 2024

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TRENCH X Y Z AZIMUTH (°) DIP (°) LENGHT (m)
ITTRE-22-001 189772 8141689 296 308 0 43
ITTRE-22-002 190395 8141705 304 155 0 67
ITTRE-22-003 190156 8142046 336 150 0 41
ITTRE-22-003B 190158 8142055 336 146 0 11
ITTRE-22-004 189960 8141898 298 155 0 45
ITTRE-22-005 190401 8142141 343 151 0 47
ITTRE-22-006 190451 8142056 343 150 0 52
ITTRE-22-007 190292 8142082 340 149 0 50
ITTRE-22-008 190055 8141994 324 150 0 79
ITTRE-22-009 189941 8142179 325 150 0 74
ITTRE-22-010 189888 8142019 279 150 0 91
ITTRE-22-011 190001 8141581 324 150 0 140
ITTRE-22-012 190077 8142201 311 149 0 51
ITTRE-22-014 190280 8141600 325 150 0 53
ITTRE-22-015 190480 8141902 317 150 0 8
ITTRE-22-016 190124 8141624 353 150 0 66
ITTRE-22-017 190319 8142037 335 150 0 109
ITTRE-22-018 190189 8141789 339 150 0 102
ITTRE-22-020 190543 8142143 340 150 0 51
ITTRE-23-013 189710 8141979 278 150 0 78
ITTRE-23-014A 190244 8141651 324 150 0 53
ITTRE-23-019 190174 8141686 321 150 0 95
ITTRE-23-021 189819 8141408 350 150 0 98
ITTRE-23-023 189335 8141926 350 330 0 70
ITTRE-23-024 189978 8142317 275 150 0 67
ITTRE-23-025 190214 8142105 336 150 0 92
Total 1733
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Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 9-3 – Trench Map of the Bandeira Deposit

Legend: twenty-two trenches were executed, preferably in the soil anomalous region. Most of them intercepted pegmatites.

Source: Lithium Ionic 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 9-4 – Trenches

Legend: (a-b) photo of the trench ITTRE-22-006 and detail of the highly decomposed excavated whitish pegmatite contrasting to the host reddish decomposed schist; c-d) general aspect of the trench ITTRE-22-001 and detail of the spodumene crystals in the excavated pegmatite; e) scheme of the trench ITTRE-22-001 emphasizing the mapped units in the trench and the channel samples collected on the spodumene-rich pegmatite. Source: a-b) UTM: 190451/ 8142056; SIRGAS 2000, 24S); c-d) UTM: 189772/ 8141689; SIRGAS 2000, 24S.

9.4 Structural Analysis

Although lacking outcrops, the few exposures of mica schists from the Salinas Formation are very relevant and helpful to understanding the structures in the Bandeira deposit. Ductile and brittle structures are recognized. The ductile structures were produced during the progressive metamorphism related to the syn-collisional phase of the Araçuaí orogen. In contrast, the brittle structures are younger and have been interpreted as related to the gravitational collapse of the orogen during the post-collisional phase. The structural map of the Bandeira target (Figure 9-5) shows the distribution of the structures and the projection of the non-exposed pegmatites. In that case, the attitude of each body was measured considering the interpreted geological model.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 9-5 – Structural Map of the Bandeira Target Emphasizing the Distribution of the Mapped Structures

Source: Lithium Ionic 2024

The pegmatite veins are projections of the known intrusions based on the intercepts in drillholes. The attitude of each vein is based on the modelled veins.

The dominant ductile structural feature is the pervasive regional schistosity (S1), which exhibits a consistent orientation in both strike and dip across the entire area (modal: N50E/45NW). The stretched lineation (Lx) complements the ductile structural framework, often manifested as elongated micas or ellipsoidal cordierite porphyroblasts crystalized along S1. This lineation is downdip and indicates tectonic transport along the NW-SE direction.

The brittle structures are represented by a series of fractures, occasionally joints, that intersect the S1 schistosity and seem part of a conjugate system (Figure 9-6). Each structure was denoted as either F1 (fractures with a moderate dip to the southeast) or F2 (sub-vertical fractures), and their presence and prevalence may vary depending on the outcrop. The F1 structure seems more pervasive in the entire region, which also allows the interpretation of these structures as related to the development of a cleavage fracture system (secondary foliation S2). All these planar structures in the Bandeira area (S1, F1 and F2) consistently display a standard orientation along the NE-SW strike, with variations only in their dip angles.

Understanding the structural patterns in the host rocks is crucial for prospecting pegmatites since these structures serve as the surfaces that guide the migration of the silicate magmatic residues. Consequently, they profoundly influence the shape and continuity of the pegmatite bodies enriched in spodumene in the Bandeira area.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 9-6 – Structural Planes in Bandeira Outcrop

Legend: a) fractured biotite-schist in the Bandeira area (UTM: 189,232 / 8,141,577); b) scheme emphasizing the interpreted structures in the same outcrop (a): regional ductile foliation (schistosity S1) and spaced brittle structures possibly related to conjugated system (F1, with moderate dip to southeast; and F2, subvertical).

9.5 Geophysical Surveys

A small-scale geophysical survey consisting of Induced Polarization was conducted on both Bandeira and Outro Lado prospects in 2022.

Induced polarization (IP) and resistivity (RES) are commonly used to delineate the resistive or conductive portions of the pegmatites subsurface. Although common in use by some operators, the inverted data is not always helpful or productive in the very early stages of exploration; however, in the case of Lithium Ionic, there were sufficient outcrops to measure some attitude data, so the general trend of the pegmatites could be extrapolated using the subsurface IP anomalies. Energy-induced data were acquired through the dipole-dipole arrangement in two distinct areas: Area 1 involved six lines and totaled 5,150 m linear. Area 2 had five lines totaling 2,850 m linear profiling executed in March and April 2022.

The principle for this prospecting method is based on the injection of current through several electrodes into the ground. Data acquired depended on the resistivity values at each point, terrain

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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geometry and the electrodes’ geometric arrangement (arrays). For an uninterrupted flow of current, the induced polarization depends on the terrain’s impedance and the current’s frequency. The induced polarization can be measured in the time and frequency domains. Despite being complex, IP resembles the discharge of a capacitor (time domain), or the impedance variation of an alternating current (frequency domain) can be measured. Once processed, the raw data can be viewed in 2D or, if available, in a 3D environment. Resistivity and induced polarization data were acquired in Areas 1 and 2 with the dipole-dipole arrangement (AB=MN=25 m). The map in Figure 9-7 shows the location of the lines and measuring stations of the Chargeability and Resistivity data. Some pseudo-sections of apparent chargeability and apparent resistivity 2D models of the processed data are shown below.

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Figure 9-7 – Location of the Lines and Measuring Stations of the Chargeability and Resistivity Data of Area 1 and Area 2 of the Lithium Project

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Figure 9-8 – Depth Model of the Chargeability (Top Panel) and the Actual Resistivity (Bottom Panel) of Line 2 of Area 1

Source: Stevanato, 2022.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 9-9 – Depth Model of the Actual Chargeability (Top Panel) and the Actual Resistivity (Bottom Panel) of Line 3 of Area 1

Source: Stevanato, 2022.

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Figure 9-10 – Depth Model Chargeability (Top Panel) and Resistivity (Bottom Panel) of Line 3 Area 2

Source: Stevanato, 2022.

The Geophysical-Geological model was designed from the accurate resistivity data of Line 3 of Area 1. This model was parameterized from the log data of the ITDD-22-001 rotary drilling and is composed of a unit of shales throughout the length measured by geophysics. Superimposed on this homogeneous unit is another consisting of soil and conductive shale that in the probing

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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carried out intercepted the pegmatite lenses to a depth of 13.7 meters. Other interpretations suggest the presence of conductive geoelectric discontinuities that probably correspond to fault and/or fracture systems.

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Figure 9-11 – Conceptual Geological Model from Geophysics Data

Source: Stevanato, 2022.

The inverted data was reviewed by Lithium Ionic geoscientists to determine some baseline information to choose a general attitude of the pegmatitic dykes and, if possible, to assist in designing some drill hole targets.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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10 DRILLING

10.1 Lithium Ionic Drilling Campaigns

As of November 13, 2023, Lithium Ionic has successfully executed 242 diamond drill holes within the Bandeira Property, as detailed in Table 10-1 and Figure 10-1 to Figure 10-3.

All diamond drilling activities conducted within the Bandeira Property until March 2024 have been incorporated into the Mineral Resource estimation process. It is important to note that any drill holes completed in 2024 after this date and pending sample assay results have not been considered in the present resource statement.

Table 10-1 – Bandeira Drill Holes Summary

Source: GE21 2024

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Drill Type Year Number Drill Length (m)
2022 47 5,394
2023 181 44,576
DDH
2024 5 789
Total 233 50,760
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10.2 Drill Type

All drilling operations were conducted using core techniques with HQ and NQ core size specifications, featuring a 63.5mm and 47.6 mm core diameter, respectively. This approach was chosen to ensure the retrieval of pristine and representative core samples, which are essential for accurate geological logging, adequate sample support, and to secure a material supply for future metallurgical testing purposes.

10.3 Drilling Companies in Bandeira Project

Three Brazilian-based companies undertook the 2022-2024 Drill Program in Bandeira:

Servdrill Perfuração e Sondagens Ltda (http://servdrill.com.br/);
Servitec Foraco Sondagem AS (https://www.foraco.com.br/);
GEOSOL Ltda (https://www.geosol.com.br).

10.4 Drill Collar Monuments

All Drill Core Monuments were surveyed by a Differential GPS and the monuments were placed by the driller once the hole had been completed.

10.5 Drillhole Surveying

The drill holes were drilled with a plunge between 50º to 90º. Core holes are generally oriented at azimuth 340° and 152°, perpendicular to both general orientations of the pegmatite intrusions.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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MGLIT used the REFLEX GYRO IQ downhole survey tool to obtain all downhole survey data. According to The REFLEX GYRO-IQ™ website, the tool can maintain high accuracy of surveys. The device is connected to a cloud-based data hub, with a secure chain of custody and QA/QC application with real-time access to drilling survey data. Data transfer from field to office ensures minimum clerical errors related to processing and interpretation.

MGLIT rented the downhole Reflex tool and completed all hole surveys at various locations and attitudes, where all necessary surveys were done in real-time. MGLIT staff had quick access to results through the cloud-based data hub. The design of the high-speed survey allowed Lithium Ionic field staff (including geologists and drillers) to obtain the following:

Survey speeds of more than 150 meters surveyed per minute,
There were no significant issues with the accuracy of results, which was confirmed once holes were plotted on a 3D modelling software.
Continuous survey data comes from the tool’s north-seeking sensors assisted with GPS.
The report’s authors have no way to verify the accuracy of the survey method; hence, the authors will rely on the statements and information provided by MGLIT.

10.6 Core Orientation

MGLIT began implementing REFLEX ACT III to establish core orientation for drill holes within the Bandeira project after July 2023. As of the effective date, core orientation has been determined for four drill holes. Lithium Ionic has consistently integrated core orientation into its drilling program and will now prioritize its application in strategically significant sections of the geological model moving forward.”

The Reflex core orientation system is based on recovering the core barrel orientation after a run. The Reflex orientation tool begins the orientation process by inserting the device in the core barrel using a specially made shoe. The tool records core barrel orientation each minute during a core run. The Reflex sleeve that attaches to the upper drill rod measures the direction of the top-ofhole using built-in accelerometers. Upon completion of a run, the drill string is left undisturbed while the communication tool, which is on the surface, counts down the time to the next reading; after this, the barrel can be withdrawn. On the surface, the tool is inserted into the end of the barrel, and the barrel is rotated until it indicates that the barrel is in the same up-down position as it was in the hole. The core, barrel, and shoe are then marked using a level to confirm verticality upward position. After the line is split, the top of the core marks is transferred along the length of the recovered core.

The Report’s authors have no way to verify the accuracy of the orientation method; the authors will rely on the statements and information provided by MGLIT.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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10.7 Drill Core Chain Custody

The drill cores are primarily stored in plastic or wooden boxes.

It is always transported by the drilling companies from the drilling site directly to the MGLIT core sheds in Araçuaí. MGLIT’s staff receives all core boxes delivered.

10.8 Core Logging Procedures

Lithium Ionic adheres to a core logging methodology, carried out by geologists and technicians.

In summary, the following procedures are conducted:

Preparation of drilling site.
Collar Drilling location.
Verify and validate meterage and quality of drill cores in the field.
Core survey drilling.
Photographs of the core box.
Detailed petrographic and geological structural core logging.
Geotechnical logging (RQD, weathering types).
Sample geochemistry logging programming and QA/QC procedures.
Drill core density determinations for each programmed sample.
Core sample preparation for geochemistry analysis.
Logistics protocols for sending samples to the laboratory.

Each procedure has its respective sheet and is stored in digital form within Lithium Ionic customized database system.

10.9 Ore Drilling Intercepts

Drill spacing typically ranges from 50m to 150m, with narrower spacing observed in the central portion of the drill pattern and wider spacing towards the pattern’s edges. The ore intercepts vary in thickness, ranging from approximately 85% of the true width to nearly the true width of the mineralization.

The average pegmatite intersection spans from 0.3m to 40m, with an average true thickness of about 5m. In total, 760 mineralized intercepts from diamond drill holes (DDH) were utilized for modelling the 34 mineralized solids within the Bandeira Project. Each solid was assigned a numerical code in the tag column.

Figure 10-4 to Figure 10-7 list the mineralized intervals from Bandeira drill holes that were incorporated into the 3D modelling of the mineralized solids (Figure 10-8 and Figure 10-9).

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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10.10 QP's Comments

No significant drilling, sampling or recovery factors would impact the outcome of the drilling results and the estimated MRE (covered in section 14).

In the Author’s opinion, based on a review of all possible information, the drilling procedures put in place by MGLIT meet acceptable industry standards, and the data can be and has been used for Geological and Resource Modelling

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Figure 10-1 – MGLIT Drill Holes and Trenches

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Source: GE21 2024
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Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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HOLE-ID	LOCATION-X	LOCATION-Y	LOCATION-Z	maxdepth	METHOD	CampaignType	Year	HOLE-ID	LOCATION-X	LOCATION-Y	LOCATION-Z	maxdepth	METHOD	CampaignType	Year	HOLE-ID	LOCATION-X	LOCATION-Y	LOCATION-Z	maxdepth	METHOD	CampaignType	Year
ITDD-22-001	189738	8141720	296	100.55	DDH	MRR	2022	ITDD-22-036	190127	8141515	317	121.10	DDH	MRR	2022	ITDD-23-077	190220	8141554	322	100.10	DDH	MRR	2023
ITDD-22-002	189760	8141770	302	96.25	DDH	MRR	2022	ITDD-22-037	189954	8141411	305	121.50	DDH	MRR	2022	ITDD-23-078	189625	8142181	306	361.70	DDH	MRR	2023
ITDD-22-002T	189761	8141769	302	45.05	DDH	MET	2023	ITDD-22-038	190379	8142276	327	150.35	DDH	MRR	2022	ITDD-23-079	190483	8141640	320	170.65	DDH	MRR	2023
ITDD-22-003	190330	8141641	323	60.30	DDH	MRR	2022	ITDD-22-039	190284	8142238	331	150.45	DDH	MRR	2022	ITDD-23-080	190241	8142509	305	310.35	DDH	MRR	2023
ITDD-22-004	190153	8142051	336	75.60	DDH	MRR	2022	ITDD-22-040	190063	8141421	306	151.35	DDH	MRR	2022	ITDD-23-081	190418	8141628	304	172.30	DDH	MRR	2023
ITDD-22-004B	190153	8142051	336	40.40	DDH	MRR	2022	ITDD-22-041	190467	8142324	338	150.75	DDH	MRR	2022	ITDD-23-082	190009	8142326	275	298.00	DDH	MRR	2023
ITDD-22-005	190183	8142008	336	68.45	DDH	MRR	2022	ITDD-22-042	190606	8142283	341	110.20	DDH	MRR	2022	ITDD-23-083	190017	8142506	275	420.25	DDH	MRR	2023
ITDD-22-006	190116	8142101	331	124.90	DDH	MRR	2022	ITDD-22-043	190143	8141485	314	150.90	DDH	MRR	2022	ITDD-23-083T	190015	8142504	276	74.25	DDH	MET	2023
ITDD-22-007	189861	8141823	302	70.50	DDH	MRR	2022	ITDD-22-044	190420	8142398	334	201.90	DDH	MRR	2022	ITDD-23-084	189625	8142181	306	305.15	DDH	MRR	2023
ITDD-22-008	189744	8141782	299	75.08	DDH	MRR	2022	ITDD-22-045	190536	8142005	333	100.60	DDH	MRR	2022	ITDD-23-085	190246	8141501	315	115.10	DDH	MRR	2023
ITDD-22-009	190426	8142095	345	109.70	DDH	MRR	2022	ITDD-22-046	190179	8141423	305	120.45	DDH	MRR	2022	ITDD-23-086	190241	8142509	305	340.55	DDH	MRR	2023
ITDD-22-010	190379	8142168	341	4.40	DDH	MRR	2022	ITDD-22-047	190507	8142451	340	157.35	DDH	MRR	2022	ITDD-23-087	190322	8141375	296	89.85	DDH	MRR	2023
ITDD-22-011	189803	8141864	292	100.25	DDH	MRR	2022	ITDD-22-048	190448	8141960	326	100.00	DDH	MRR	2022	ITDD-23-087T	190320	8141379	296	75.00	DDH	MET	2023
ITDD-22-012	189901	8141897	288	99.80	DDH	MRR	2022	ITDD-22-048T	190450	8141961	326	84.40	DDH	MET	2023	ITDD-23-088	190118	8142359	300	303.80	DDH	MRR	2023
ITDD-22-013	189881	8141940	284	99.95	DDH	MRR	2022	ITDD-22-049	190179	8141421	305	109.00	DDH	MRR	2022	ITDD-23-089	190371	8141611	317	184.20	DDH	MRR	2023
ITDD-22-014	189784	8141910	285	102.60	DDH	MRR	2022	ITDD-22-050	190200	8142183	327	150.75	DDH	MRR	2022	ITDD-23-090	190037	8142639	276	589.15	DDH	MRR	2023
ITDD-22-015	189675	8141694	275	50.90	DDH	MRR	2022	ITDD-23-051	190101	8141351	298	90.70	DDH	MRR	2023	ITDD-23-091	189367	8142228	335	544.20	DDH	MRR	2023
ITDD-22-016	189980	8141955	308	102.55	DDH	MRR	2022	ITDD-23-052	190166	8142446	294	480.75	DDH	MRR	2023	ITDD-23-092	189847	8142001	277	129.95	DDH	MRR	2023
ITDD-22-017	189725	8141824	293	100.30	DDH	MRR	2022	ITDD-23-053	190109	8142146	325	140.90	DDH	MRR	2023	ITDD-23-093	190200	8141385	302	75.30	DDH	MRR	2023
ITDD-22-018	190064	8142024	326	153.65	DDH	MRR	2022	ITDD-23-054	189739	8141981	275	144.85	DDH	MRR	2023	ITDD-23-093T	190199	8141386	302	60.05	DDH	MET	2023
ITDD-22-019	189658	8141728	276	101.80	DDH	MRR	2022	ITDD-23-055	190101	8141352	298	130.15	DDH	MRR	2023	ITDD-23-094	189943	8142030	300	109.35	DDH	MRR	2023
ITDD-22-020	190082	8141993	327	91.30	DDH	MRR	2022	ITDD-23-056	190228	8141350	299	75.60	DDH	MRR	2023	ITDD-23-095	189746	8142172	277	249.85	DDH	MRR	2023
ITDD-22-021	190258	8142082	339	130.90	DDH	MRR	2022	ITDD-23-058	189739	8141982	275	155.75	DDH	MRR	2023	ITDD-23-096	189942	8142031	300	118.40	DDH	MRR	2023
ITDD-22-022	190006	8141920	311	100.35	DDH	MRR	2022	ITDD-23-059	190229	8141349	299	57.05	DDH	MRR	2023	ITDD-23-097	189780	8141805	299	48.75	DDH	MRR	2023
ITDD-22-023	190063	8142225	304	148.70	DDH	MRR	2022	ITDD-23-060	190165	8142447	292	490.15	DDH	MRR	2023	ITDD-23-098	189760	8141845	294	350.20	DDH	MRR	2023
ITDD-22-023T	190061	8142224	304	49.10	DDH	MET	2023	ITDD-23-061	190281	8141453	297	105.25	DDH	MRR	2023	ITDD-23-099	189836	8141914	284	79.10	DDH	MRR	2023
ITDD-22-024	190156	8142264	313	180.35	DDH	MRR	2022	ITDD-23-062	190163	8142649	278	433.05	DDH	MRR	2023	ITDD-23-100	189691	8141761	278	49.90	DDH	MRR	2023
ITDD-22-025	190233	8142129	335	130.00	DDH	MRR	2022	ITDD-23-063	190281	8141452	297	121.15	DDH	MRR	2023	ITDD-23-101	189835	8141915	284	100.40	DDH	MRR	2023
ITDD-22-026	190357	8142121	342	121.40	DDH	MRR	2022	ITDD-23-065	190130	8142523	283	504.90	DDH	MRR	2023	ITDD-23-102	189745	8142173	277	262.35	DDH	MRR	2023
ITDD-22-027	190449	8142159	342	109.15	DDH	MRR	2022	ITDD-23-066	190332	8141354	297	150.95	DDH	MRR	2023	ITDD-23-103	189511	8141957	273	221.30	DDH	MRR	2023
ITDD-22-028	190333	8142162	339	111.90	DDH	MRR	2022	ITDD-23-067	190364	8141497	301	129.70	DDH	MRR	2023	ITDD-23-104	189684	8141773	278	67.05	DDH	MRR	2023
ITDD-22-029	189962	8142198	299	170.90	DDH	MRR	2022	ITDD-23-068	189692	8141876	287	136.30	DDH	MRR	2023	ITDD-23-105	189907	8142302	277	421.35	DDH	MRR	2023
ITDD-22-030	190426	8142200	337	110.30	DDH	MRR	2022	ITDD-23-069	190364	8141496	302	220.25	DDH	MRR	2023	ITDD-23-106	189700	8141948	279	141.80	DDH	MRR	2023
ITDD-22-030T	190425	8142199	337	61.30	DDH	MET	2023	ITDD-23-070	190163	8142649	280	422.60	DDH	MRR	2023	ITDD-23-107	189588	8142044	273	240.80	DDH	MRR	2023
ITDD-22-031	190540	8142196	339	130.00	DDH	MRR	2022	ITDD-23-071	190332	8141561	320	153.45	DDH	MRR	2023	ITDD-23-108	189760	8141846	294	95.05	DDH	MRR	2023
ITDD-22-032	190245	8142309	320	163.10	DDH	MRR	2022	ITDD-23-072	189691	8141876	287	140.30	DDH	MRR	2023	ITDD-23-109	189780	8142016	275	315.65	DDH	MRR	2023
ITDD-22-033	190516	8142242	339	100.10	DDH	MRR	2022	ITDD-23-073	190016	8142507	275	480.20	DDH	MRR	2023	ITDD-23-110	189915	8141968	288	72.10	DDH	MRR	2023
ITDD-22-033A	190517	8142242	339	21.70	DDH	MRR	2022	ITDD-23-074	189848	8142000	276	120.75	DDH	MRR	2023	ITDD-23-111	189834	8141827	299	41.45	DDH	MRR	2023
ITDD-22-034	190043	8141461	311	120.50	DDH	MRR	2022	ITDD-23-075	190395	8141550	303	169.05	DDH	MRR	2023	ITDD-23-112	189699	8141949	279	320.05	DDH	MRR	2023
ITDD-22-035	190326	8142368	320	204.90	DDH	MRR	2022	ITDD-23-076	190009	8142325	276	260.10	DDH	MRR	2023	ITDD-23-113	189601	8141814	273	108.60	DDH	MRR	2023

Figure 10-2 – Bandeira Drill Holes

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

10-1

==> picture [90 x 45] intentionally omitted <==

HOLE-ID	LOCATION-X	LOCATION-Y	LOCATION-Z	maxdepth	METHOD	CampaignType	Year	HOLE-ID	LOCATION-X	LOCATION-Y	LOCATION-Z	maxdepth	METHOD	CampaignType	Year	HOLE-ID	LOCATION-X	LOCATION-Y	LOCATION-Z	maxdepth	METHOD	CampaignType	Year	HOLE-ID	LOCATION-X	LOCATION-Y	LOCATION-Z	maxdepth	METHOD	CampaignType	Year
ITDD-23-114	189916	8141968	288	91.60	DDH	MRR	2023	ITDD-23-153	189295	8141951	322	450.00	DDH	MRR	2023	ITDD-23-194	190025	8141793	302	150.35	DDH	MRR	2023	ITDD-23-234	190243	8141714	319	199.45	DDH	MRR	2023
ITDD-23-115	189866	8141864	294	47.50	DDH	MRR	2023	ITDD-23-154	190266	8142274	325	550.25	DDH	MRR	2023	ITDD-23-195	189983	8142037	312	106.20	DDH	GEOTEC	2023	ITDD-23-235	190277	8141759	314	232.80	DDH	MRR	2023
ITDD-23-116	189859	8142069	276	139.45	DDH	MRR	2023	ITDD-23-155	190110	8142252	305	241.45	DDH	MRR	2023	ITDD-23-196	190024	8141794	302	150.90	DDH	MRR	2023	ITDD-23-236	190316	8141793	309	230.75	DDH	MRR	2023
ITDD-23-117	189891	8142149	297	220.05	DDH	MRR	2023	ITDD-23-156	190189	8142309	316	340.55	DDH	MRR	2023	ITDD-23-197	190258	8142235	330	110.30	DDH	GEOTEC	2023	ITDD-23-237	190376	8142585	324	100.35	DDH	COND	2023
ITDD-23-118	189592	8141949	273	183.95	DDH	MRR	2023	ITDD-23-157	189888	8142227	285	379.65	DDH	MRR	2023	ITDD-23-198	190447	8141960	326	118.35	DDH	MRR	2023	ITDD-23-238	190470	8142519	334	100.45	DDH	COND	2023
ITDD-23-119	189779	8142016	275	138.50	DDH	MRR	2023	ITDD-23-158	189474	8142246	327	481.30	DDH	MRR	2023	ITDD-23-199	189711	8142225	293	450.55	DDH	MRR	2023	ITDD-23-239	190544	8142585	332	100.05	DDH	COND	2023
ITDD-23-120	189859	8142070	277	279.85	DDH	MRR	2023	ITDD-23-159	190027	8142186	309	489.15	DDH	MRR	2023	ITDD-23-200	189910	8141596	322	100.30	DDH	MRR	2023	ITDD-23-240	190659	8142591	328	100.20	DDH	COND	2023
ITDD-23-121	189891	8142150	297	361.55	DDH	MRR	2023	ITDD-23-160	190091	8142079	329	259.20	DDH	MRR	2023	ITDD-23-201	190550	8142051	337	50.00	DDH	GEOTEC	2023	ITDD-23-241	190723	8142490	328	100.40	DDH	COND	2023
ITDD-23-122	189591	8141950	273	340.20	DDH	MRR	2023	ITDD-23-161	190276	8142353	312	420.45	DDH	MRR	2023	ITDD-23-202	190028	8142086	320	280.50	DDH	MRR	2023	ITDD-23-242	190598	8142398	342	100.45	DDH	COND	2023
ITDD-23-123	189712	8142030	275	350.90	DDH	MRR	2023	ITDD-23-162	189367	8142228	335	486.70	DDH	MRR	2023	ITDD-23-203	190199	8141891	324	150.15	DDH	MRR	2023	ITDD-23-243	190696	8142247	333	100.50	DDH	COND	2023
ITDD-23-124	190154	8142164	327	130.00	DDH	MRR	2023	ITDD-23-163	190031	8142574	277	534.45	DDH	MRR	2023	ITDD-23-204	190029	8141840	303	40.10	DDH	GEOTEC	2023	ITDD-23-244	190320	8142578	316	100.00	DDH	COND	2023
ITDD-23-125	189648	8141947	273	330.10	DDH	MRR	2023	ITDD-23-164	189954	8142306	275	480.30	DDH	MRR	2023	ITDD-23-205	190484	8142053	342	50.00	DDH	GEOTEC	2023	ITDD-23-245	190264	8142578	304	100.30	DDH	MRR	2023
ITDD-23-126	190154	8142165	327	170.10	DDH	MRR	2023	ITDD-23-165	189910	8142302	276	367.40	DDH	MRR	2023	ITDD-23-206	190412	8142053	341	50.00	DDH	GEOTEC	2023	ITDD-23-246	190616	8142164	335	70.00	DDH	MRR	2023
ITDD-23-127	190029	8142087	320	150.95	DDH	MRR	2023	ITDD-23-166	190132	8141805	310	121.00	DDH	MRR	2023	ITDD-23-207	190119	8141934	326	50.00	DDH	GEOTEC	2023	ITDD-23-247	190617	8142163	335	110.60	DDH	MRR	2023
ITDD-23-128	189591	8141950	273	205.55	DDH	MRR	2023	ITDD-23-167	189703	8142142	284	412.20	DDH	MRR	2023	ITDD-23-208	190371	8142053	340	13.50	DDH	GEOTEC	2023	ITDD-23-248	190751	8142232	333	87.95	DDH	MRR	2023
ITDD-23-129	189665	8142009	274	199.00	DDH	MRR	2023	ITDD-23-168	190131	8141806	310	145.60	DDH	MRR	2023	ITDD-23-209	190228	8141432	301	75.00	DDH	GEOTEC	2023	ITDD-23-249	190752	8142230	333	150.30	DDH	MRR	2023
ITDD-23-130	190154	8142164	327	300.25	DDH	MRR	2023	ITDD-23-169	190322	8142475	321	445.05	DDH	MRR	2023	ITDD-23-210	190170	8141944	330	607.85	DDH	MRR	2023	ITDD-24-250	190654	8142199	334	69.65	DDH	MRR	2024
ITDD-23-131	190029	8142088	320	301.00	DDH	MRR	2023	ITDD-23-170	189950	8141728	314	141.00	DDH	MRR	2023	ITDD-23-211	190082	8141993	327	233.05	DDH	MRR	2023	ITDD-24-251	190822	8142208	341	217.15	DDH	MRR	2024
ITDD-23-132	189664	8142010	274	210.35	DDH	MRR	2023	ITDD-23-171	190019	8141998	317	249.15	DDH	MRR	2023	ITDD-23-212	190149	8141879	322	150.20	DDH	MRR	2023	ITDD-24-252	190605	8142086	334	121.45	DDH	MRR	2024
ITDD-23-133	189561	8141898	277	184.25	DDH	MRR	2023	ITDD-23-172	190274	8142355	312	392.05	DDH	MRR	2023	ITDD-23-213	190336	8141450	300	130.85	DDH	GEOTEC	2023	ITDD-24-253	190605	8142086	334	199.75	DDH	MRR	2024
ITDD-23-134	189648	8141947	273	164.75	DDH	MRR	2023	ITDD-23-173	189950	8141729	314	150.10	DDH	MRR	2023	ITDD-23-214	190079	8141894	317	45.10	DDH	GEOTEC	2023	ITDD-24-254	190133	8142562	283	200.20	DDH	HYDRO
ITDD-23-134T	189647	8141946	273	38.55	DDH	MET	2023	ITDD-23-174	189704	8142141	284	370.00	DDH	MRR	2023	ITDD-23-215	189981	8141954	307	233.35	DDH	MRR	2023	ITDD-24-255	190222	8142648	288	181.65	DDH	MRR	2024
ITDD-23-135	190179	8142220	321	250.40	DDH	MRR	2023	ITDD-23-175	190028	8142573	275	550.15	DDH	MRR	2023	ITDD-23-216	189881	8141940	284	228.15	DDH	MRR	2023
ITDD-23-136	190248	8142197	331	334.35	DDH	MRR	2023	ITDD-23-176	190018	8141999	318	255.25	DDH	MRR	2023	ITDD-23-217	190238	8141807	315	90.60	DDH	MRR	2023
ITDD-23-137	189664	8142010	274	400.60	DDH	MRR	2023	ITDD-23-177	189954	8142306	276	390.70	DDH	MRR	2023	ITDD-23-218	190332	8141452	299	93.35	DDH	MRR	2023
ITDD-23-138	189476	8142045	298	330.10	DDH	MRR	2023	ITDD-23-178	189500	8141899	273	211.00	DDH	MRR	2023	ITDD-23-219	189914	8141970	288	220.15	DDH	MRR	2023
ITDD-23-139	189550	8142111	304	366.90	DDH	MRR	2023	ITDD-23-179	189432	8141928	294	249.90	DDH	MRR	2023	ITDD-23-220	190106	8141742	314	99.45	DDH	MRR	2023
ITDD-23-140	190208	8142068	338	80.05	DDH	MRR	2023	ITDD-23-180	189987	8142411	276	508.65	DDH	MRR	2023	ITDD-23-221	190336	8141451	300	220.80	DDH	MRR	2023
ITDD-23-141	190297	8142120	339	61.35	DDH	MRR	2023	ITDD-23-181	189588	8142043	273	250.30	DDH	MRR	2023	ITDD-23-222	189803	8141863	292	223.60	DDH	MRR	2023
ITDD-23-142	190111	8142251	306	200.15	DDH	MRR	2023	ITDD-23-182	190322	8142475	322	380.65	DDH	MRR	2023	ITDD-23-223	190018	8141703	315	118.05	DDH	MRR	2023
ITDD-23-143	190190	8142309	316	439.45	DDH	MRR	2023	ITDD-23-183	189500	8141899	273	200.60	DDH	MRR	2023	ITDD-23-224	189835	8141827	299	193.15	DDH	MRR	2023
ITDD-23-144	190247	8142198	331	119.85	DDH	MRR	2023	ITDD-23-184	190274	8142356	313	420.50	DDH	MRR	2023	ITDD-23-225	189933	8141659	320	106.90	DDH	MRR	2023
ITDD-23-145	189625	8142180	306	330.25	DDH	MRR	2023	ITDD-23-185	190027	8142574	276	591.60	DDH	MRR	2023	ITDD-23-226	189865	8141865	294	199.15	DDH	MRR	2023
ITDD-23-146	189809	8142068	274	295.30	DDH	MRR	2023	ITDD-23-186	189305	8142134	331	421.25	DDH	MRR	2023	ITDD-23-227	189940	8141867	291	214.35	DDH	MRR	2023
ITDD-23-147	190110	8142251	306	510.05	DDH	MRR	2023	ITDD-23-187	189500	8141900	273	220.05	DDH	MRR	2023	ITDD-23-228	190377	8141470	301	153.20	DDH	MRR	2023
ITDD-23-148	190310	8142199	335	349.95	DDH	MRR	2023	ITDD-23-188	189967	8142591	276	664.10	DDH	MRR	2023	ITDD-23-229	189830	8141711	312	147.35	DDH	MRR	2023
ITDD-23-149	189367	8142227	335	469.20	DDH	MRR	2023	ITDD-23-189	189615	8141692	277	120.20	DDH	MRR	2023	ITDD-23-230	190077	8141892	317	187.20	DDH	MRR	2023
ITDD-23-150	189861	8142069	276	349.40	DDH	MRR	2023	ITDD-23-191	189753	8141816	296	80.35	DDH	GEOTEC	2023	ITDD-23-231	189880	8141745	312	156.60	DDH	MRR	2023
ITDD-23-151	189474	8142246	327	442.00	DDH	MRR	2023	ITDD-23-192	189783	8142204	276	380.55	DDH	MRR	2023	ITDD-23-232	190028	8141840	303	165.50	DDH	MRR	2023
ITDD-23-152	190190	8142309	316	315.35	DDH	MRR	2023	ITDD-23-193	190571	8141953	323	150.20	DDH	MRR	2023	ITDD-23-233	189958	8141810	303	170.55	DDH	MRR	2023

Figure 10-3 – Bandeira Drill Collars

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

10-2

==> picture [90 x 45] intentionally omitted <==

holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain
ITDD-22-001	8.50	13.70	5.20	1.53	1	ITDD-22-028	38.64	40.25	1.61	1.95	1	ITTRE-22-004	12.80	14.80	2.00	0.56	01A-SW	ITDD-23-060	252.75	254.57	1.82	0.04	04-NE	ITDD-23-069	58.55	60.55	2.00	0.18	SE-A
ITDD-22-001	19.00	19.45	0.45	1.37	01B-SW	ITDD-22-028	51.39	53.39	2.00	0.67	04-NE	ITTRE-22-004	14.80	15.80	1.00	0.22	01A-SW	ITDD-23-060	283.30	284.48	1.18	2.16	04C-NE	ITDD-23-069	60.55	75.48	14.93	1.44	SE-A
ITDD-22-002	33.08	38.74	5.66	2.02	1	ITDD-22-029	17.35	17.75	0.40	0.28	02C-NE	ITTRE-22-012	33.20	37.20	4.00	0.28	02-NE	ITDD-23-060	315.98	316.93	0.95	2.25	05A-NE	ITDD-23-070	78.30	84.30	6.00	1.06	03-NE
ITDD-22-004B	37.45	38.13	0.68	0.44	1	ITDD-22-029	41.46	42.25	0.79	1.56	02-NE	ITTRE-22-012	42.06	44.06	2.00	0.38	02A-NE	ITDD-23-060	319.40	321.20	1.80	0.99	05A-NE	ITDD-23-070	84.30	89.30	5.00	0.04	03-NE
ITDD-22-006	54.90	57.60	2.70	2.23	1	ITDD-22-029	44.28	46.93	2.65	1.29	02A-NE	ITTRE-22-012	44.06	46.06	2.00	0.16	02A-NE	ITDD-23-060	332.62	334.00	1.38	1.49	05-NE	ITDD-23-070	89.30	97.30	8.00	1.32	03-NE
ITDD-22-007	18.20	18.75	0.55	0.50	01A-SW	ITDD-22-029	145.91	149.08	3.17	1.21	1	ITDD-22-050	80.70	81.00	0.30	0.63	1	ITDD-23-060	399.67	402.45	2.78	1.79	06-NE	ITDD-23-070	152.73	156.40	3.67	1.83	02D-NE
ITDD-22-007	21.62	27.58	5.96	1.33	1	ITDD-22-030	46.60	53.30	6.70	1.49	04-NE	ITDD-22-050	96.60	99.31	2.71	0.81	04-NE	ITDD-23-060	405.94	408.44	2.50	0.81	06A-NE	ITDD-23-070	332.74	336.36	3.62	2.15	04-NE
ITDD-22-008	45.45	46.80	1.35	0.13	1	ITDD-22-032	13.18	14.33	1.15	0.29	02-NE	ITDD-22-049	64.87	67.87	3.00	0.86	SE-A	ITDD-23-060	444.29	449.43	5.14	1.44	07-NE	ITDD-23-070	339.94	341.09	1.15	0.72	04C-NE
ITDD-22-011	53.14	59.89	6.75	1.99	1	ITDD-22-032	18.35	19.95	1.60	1.95	02A-NE	ITDD-23-051	56.98	59.68	2.70	0.64	SE-A	ITDD-23-061	61.50	78.58	17.08	1.43	SE-A	ITDD-23-070	341.39	343.42	2.03	1.41	04C-NE
ITDD-22-012	33.70	34.45	0.75	0.74	01A-SW	ITDD-22-032	130.30	133.92	3.62	0.71	1	ITDD-23-052	99.96	100.73	0.77	0.87	02-NE	ITDD-23-061	78.58	79.27	0.69	0.07	SE-A	ITDD-23-071	86.49	90.49	4.00	0.90	SE-A
ITDD-22-012	36.23	36.71	0.48	2.16	1	ITDD-22-032	134.34	135.34	1.00	0.39	1	ITDD-23-052	108.25	109.28	1.03	1.32	02A-NE	ITDD-23-061	79.52	80.19	0.67	0.34	SE-A	ITDD-23-072	99.14	100.94	1.80	1.37	1
ITDD-22-012	37.03	42.03	5.00	1.70	1	ITDD-22-032	137.40	139.20	1.80	1.58	04-NE	ITDD-23-052	110.98	111.94	0.96	0.60	02A-NE	ITDD-23-062	104.43	124.43	20.00	1.62	03-NE	ITDD-23-072	113.69	117.69	4.00	1.38	01B-SW
ITDD-22-013	53.18	57.08	3.90	1.56	01A-SW	ITDD-22-033	6.25	10.23	3.99	0.00	04B-NE	ITDD-23-052	205.44	209.44	4.00	1.79	1	ITDD-23-062	167.88	168.86	0.98	0.30	02D-NE	ITDD-23-073	77.82	83.66	5.84	1.99	03-NE
ITDD-22-013	62.90	65.66	2.76	1.66	1	ITDD-22-033A	6.05	10.05	4.00	0.41	04B-NE	ITDD-23-052	223.63	225.63	2.00	2.33	04-NE	ITDD-23-062	349.55	353.47	3.92	1.05	04-NE	ITDD-23-073	206.62	213.30	6.68	1.99	02-NE
ITDD-22-014	77.10	82.80	5.70	1.14	1	ITDD-22-034	17.42	18.42	1.00	0.30	SE-A	ITDD-23-052	255.36	256.10	0.74	1.62	04C-NE	ITDD-23-062	384.50	385.60	1.10	0.67	04C-NE	ITDD-23-073	243.54	245.10	1.56	1.43	02B-NE
ITDD-22-015	6.16	8.74	2.58	1.04	1	ITDD-22-035	103.27	105.17	1.90	1.04	04A-NE	ITDD-23-052	256.39	257.46	1.07	0.56	04C-NE	ITDD-23-062	386.68	388.67	1.99	1.67	04C-NE	ITDD-23-073	246.82	247.63	0.81	0.79	02B-NE
ITDD-22-015	10.97	11.70	0.73	0.66	01B-SW	ITDD-22-035	111.93	113.21	1.28	1.43	04B-NE	ITDD-23-052	279.04	280.00	0.96	0.74	05A-NE	ITDD-23-063	41.67	55.24	13.57	1.73	SE-A	ITDD-23-073	298.08	299.08	1.00	0.81	1
ITDD-22-016	39.50	45.35	5.85	1.27	1	ITDD-22-035	128.48	129.24	0.76	0.56	1	ITDD-23-052	308.20	310.33	2.13	1.32	05-NE	ITDD-23-065	159.62	164.60	4.98	1.12	02-NE	ITDD-23-073	352.92	360.92	8.00	1.66	04-NE
ITDD-22-017	62.21	67.15	4.94	1.06	1	ITDD-22-035	171.62	176.50	4.88	1.28	04-NE	ITDD-23-052	311.08	312.46	1.38	0.80	05-NE	ITDD-23-065	203.93	208.16	4.23	1.53	02B-NE	ITDD-23-073	408.21	411.86	3.65	1.83	05A-NE
ITDD-22-018	44.96	45.96	1.00	0.52	1	ITDD-22-035	179.30	181.02	1.72	0.56	04C-NE	ITDD-23-052	327.28	328.28	1.00	0.51	05B-NE	ITDD-23-065	216.53	217.63	1.10	1.30	02E-NE	ITDD-23-073	412.04	412.34	0.30	0.76	05A-NE
ITDD-22-019	29.83	33.57	3.74	1.97	1	ITDD-22-036	39.10	45.10	6.00	0.90	SE-A	ITDD-23-052	381.30	386.00	4.70	1.11	06-NE	ITDD-23-065	271.20	277.29	6.09	2.53	1	ITDD-23-073	413.90	423.97	10.07	1.30	05A-NE
ITDD-22-021	23.50	24.19	0.69	0.74	1	ITDD-22-038	43.26	44.66	1.40	2.43	04A-NE	ITDD-23-052	392.20	398.52	6.32	1.37	06A-NE	ITDD-23-065	321.20	324.22	3.02	1.24	04-NE	ITDD-23-073	425.10	426.35	1.25	1.25	05A-NE
ITDD-22-021	31.90	34.73	2.83	1.29	04-NE	ITDD-22-038	55.73	56.81	1.08	0.39	04B-NE	ITDD-23-052	415.48	416.48	1.00	1.20	06B-NE	ITDD-23-065	336.67	339.41	2.74	1.32	04C-NE	ITDD-23-073	443.07	447.07	4.00	2.10	05-NE
ITDD-22-021	36.53	37.33	0.80	0.31	04-NE	ITDD-22-038	67.32	71.32	4.00	1.04	1	ITDD-23-052	433.13	435.39	2.26	2.16	07-NE	ITDD-23-065	354.23	378.23	24.00	1.32	05A-NE	ITDD-23-074	85.77	89.55	3.78	1.58	01A-SW
ITDD-22-022	14.31	18.31	4.00	0.55	1	ITDD-22-038	98.13	104.85	6.72	1.24	04-NE	ITDD-23-052	436.36	438.74	2.38	2.14	07-NE	ITDD-23-065	390.10	397.82	7.72	1.88	05-NE	ITDD-23-074	89.55	89.96	0.41	0.25	01A-SW
ITDD-22-023	33.50	34.26	0.76	0.96	02-NE	ITDD-22-039	86.24	91.95	5.71	2.13	1	ITDD-23-052	439.79	440.30	0.51	0.65	07-NE	ITDD-23-065	400.74	403.08	2.34	1.30	05B-NE	ITDD-23-074	90.06	90.40	0.34	0.63	01A-SW
ITDD-22-023	38.53	43.59	5.06	2.13	02A-NE	ITDD-22-039	94.19	95.86	1.67	1.71	04-NE	ITDD-23-053	74.65	77.19	2.54	1.95	1	ITDD-23-065	431.25	434.45	3.20	0.67	06-NE	ITDD-23-074	95.31	95.91	0.60	1.98	1
ITDD-22-023	114.34	115.90	1.56	1.01	1	ITDD-22-040	55.90	56.90	1.00	0.37	SE-A	ITDD-23-054	118.00	123.00	5.00	1.66	1	ITDD-23-065	441.88	445.37	3.49	2.04	06A-NE	ITDD-23-074	96.52	96.75	0.23	0.00	1
ITDD-22-024	28.14	31.00	2.86	2.04	02-NE	ITDD-22-041	37.16	37.97	0.81	0.60	04A-NE	ITDD-23-055	36.97	38.95	1.98	0.24	SE-A	ITDD-23-065	456.28	457.62	1.34	0.42	07-NE	ITDD-23-074	96.84	100.25	3.41	1.98	1
ITDD-22-024	32.22	33.86	1.64	2.34	02-NE	ITDD-22-043	38.05	42.41	4.36	1.43	SE-A	ITDD-23-056	37.75	49.02	11.27	0.88	SE-A	ITDD-23-065	458.05	459.74	1.69	1.01	07-NE	ITDD-23-075	109.00	112.38	3.38	1.44	SE-A
ITDD-22-024	36.35	37.35	1.00	1.07	02A-NE	ITDD-22-044	157.06	158.03	0.97	0.32	1	ITDD-23-058	122.55	128.55	6.00	1.96	1	ITDD-23-065	460.29	461.88	1.59	1.17	07-NE	ITDD-23-075	112.38	113.03	0.65	0.07	SE-A
ITDD-22-024	117.39	118.76	1.37	0.07	1	ITDD-22-045	21.65	24.65	3.00	0.22	10-NE	ITDD-23-059	28.72	32.96	4.24	1.32	SE-A	ITDD-23-065	463.95	465.95	2.00	0.38	07-NE	ITDD-23-075	113.57	115.18	1.61	0.09	SE-A
ITDD-22-024	159.72	161.72	2.00	2.46	04-NE	ITDD-22-045	34.94	38.78	3.84	0.40	09-NE	ITDD-23-060	111.44	112.13	0.69	2.00	02-NE	ITDD-23-065	484.11	485.10	0.99	1.12	08-NE	ITDD-23-075	115.18	119.43	4.25	0.98	SE-A
ITDD-22-025	57.47	58.08	0.61	0.33	1	ITDD-22-045	41.57	44.88	3.31	1.42	09-NE	ITDD-23-060	170.03	171.08	1.05	1.34	02B-NE	ITDD-23-066	28.16	37.16	9.00	0.73	SE-A	ITDD-23-075	130.10	141.90	11.80	1.00	08-NE
ITDD-22-025	67.62	71.31	3.69	2.22	04-NE	ITDD-22-046	63.00	68.00	5.00	1.17	SE-A	ITDD-23-060	171.85	172.38	0.53	0.47	02B-NE	ITDD-23-067	86.96	103.96	17.00	1.21	SE-A	ITDD-23-076	82.64	84.05	1.41	2.03	02-NE
ITDD-22-027	22.78	29.09	6.31	0.43	04-NE	ITDD-22-048	57.50	60.11	2.61	0.70	10-NE	ITDD-23-060	173.29	174.36	1.07	1.10	02B-NE	ITDD-23-068	92.23	93.97	1.74	1.03	1	ITDD-23-076	85.55	86.84	1.29	2.24	02A-NE
ITDD-22-028	34.30	35.35	1.05	2.17	04B-NE	ITDD-22-048	69.39	74.20	4.81	1.08	09-NE	ITDD-23-060	225.23	229.50	4.27	2.03	1	ITDD-23-068	112.79	114.45	1.66	0.38	01B-SW	ITDD-23-076	165.53	166.49	0.96	2.05	1

Figure 10-4 – Mineralized Intercepts by Bandeira Drill Holes

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

10-3

==> picture [90 x 45] intentionally omitted <==

holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain
ITDD-23-076	167.12	168.98	1.86	1.43	1	ITDD-23-088	83.32	86.32	3.00	0.96	02-NE	ITDD-23-099	63.04	65.04	2.00	1.91	01A-SW	ITDD-23-116	132.52	132.78	0.26	0.49	1	ITDD-23-130	88.49	91.08	2.59	1.15	1
ITDD-23-078	313.14	314.34	1.20	0.62	01A-SW	ITDD-23-088	199.94	202.63	2.69	1.59	04-NE	ITDD-23-099	67.96	72.49	4.53	1.10	1	ITDD-23-116	133.12	134.17	1.05	1.32	1	ITDD-23-130	201.33	203.33	2.00	0.60	05-NE
ITDD-23-078	315.48	315.94	0.46	0.04	01A-SW	ITDD-23-088	206.00	210.19	4.19	1.87	04-NE	ITDD-23-100	27.85	28.85	1.00	0.26	1	ITDD-23-117	35.00	36.69	1.69	0.21	02A-NE	ITDD-23-130	240.32	242.41	2.09	1.46	05B-NE
ITDD-23-078	316.38	317.90	1.52	1.54	01A-SW	ITDD-23-088	272.46	274.62	2.16	2.21	05-NE	ITDD-23-100	32.49	33.49	1.00	0.40	01B-SW	ITDD-23-117	143.90	145.00	1.10	2.81	01A-SW	ITDD-23-131	99.48	101.48	2.00	1.98	1
ITDD-23-078	321.95	323.43	1.48	0.86	1	ITDD-23-088	287.18	287.96	0.78	0.74	05C-NE	ITDD-23-101	76.74	81.74	5.00	1.55	1	ITDD-23-117	166.63	169.18	2.55	0.74	1	ITDD-23-131	272.94	278.00	5.06	0.96	05-NE
ITDD-23-078	324.44	337.78	13.34	1.56	1	ITDD-23-088	294.83	295.63	0.80	0.48	05B-NE	ITDD-23-102	52.60	56.09	3.49	1.16	02C-NE	ITDD-23-118	155.35	156.56	1.21	1.76	01A-SW	ITDD-23-132	69.56	72.73	3.17	1.66	01C-SW
ITDD-23-080	65.52	65.63	0.11	0.22	02D-NE	ITDD-23-089	63.26	72.02	8.76	1.37	SE-A	ITDD-23-102	202.45	204.35	1.90	0.99	01A-SW	ITDD-23-118	160.13	160.82	0.69	0.40	1	ITDD-23-132	166.14	167.86	1.72	1.75	01A-SW
ITDD-23-080	255.45	256.94	1.49	2.87	04-NE	ITDD-23-089	155.53	161.53	6.00	1.22	08-NE	ITDD-23-102	226.35	226.90	0.55	2.01	1	ITDD-23-118	161.16	164.07	2.91	1.12	1	ITDD-23-132	168.98	169.88	0.90	1.31	01A-SW
ITDD-23-080	258.05	258.77	0.72	3.00	04-NE	ITDD-23-090	161.74	169.95	8.21	1.03	03-NE	ITDD-23-102	228.55	233.36	4.81	1.63	1	ITDD-23-120	109.66	114.98	5.32	1.33	01A-SW	ITDD-23-132	172.68	178.59	5.91	1.59	1
ITDD-23-080	260.45	261.66	1.21	1.99	04-NE	ITDD-23-090	253.07	255.80	2.73	0.66	02-NE	ITDD-23-103	197.00	200.00	3.00	1.33	1	ITDD-23-120	115.28	115.92	0.64	0.84	01A-SW	ITDD-23-133	150.20	154.79	4.59	1.20	1
ITDD-23-080	274.70	275.70	1.00	0.53	04C-NE	ITDD-23-090	259.50	263.50	4.00	1.80	02-NE	ITDD-23-104	55.89	57.89	2.00	0.84	1	ITDD-23-120	126.06	127.18	1.12	0.52	1	ITDD-23-134	32.45	34.95	2.50	2.43	01C-SW
ITDD-23-081	120.07	129.07	9.00	1.49	08-NE	ITDD-23-090	386.98	389.98	3.00	1.62	1	ITDD-23-104	58.89	59.89	1.00	0.84	01B-SW	ITDD-23-120	253.93	259.63	5.70	1.86	05-NE	ITDD-23-134	135.63	137.16	1.53	0.50	01A-SW
ITDD-23-081	144.40	149.12	4.72	1.50	08A-NE	ITDD-23-090	442.90	445.66	2.76	1.79	04-NE	ITDD-23-105	97.01	99.52	2.51	1.47	02C-NE	ITDD-23-112	124.79	131.18	6.39	1.74	1	ITDD-23-134	138.85	141.96	3.11	2.24	1
ITDD-23-082	50.63	56.40	5.77	2.17	02C-NE	ITDD-23-090	465.61	466.26	0.65	1.05	04C-NE	ITDD-23-105	110.73	116.40	5.67	1.49	02-NE	ITDD-23-112	142.43	144.36	1.93	1.20	01B-SW	ITDD-23-135	111.38	112.27	0.89	0.13	1
ITDD-23-082	99.92	102.23	2.31	1.04	02-NE	ITDD-23-090	466.85	471.85	5.00	1.72	04C-NE	ITDD-23-105	214.09	215.79	1.70	0.96	01A-SW	ITDD-23-119	118.90	119.42	0.52	0.31	01A-SW	ITDD-23-135	136.02	137.59	1.57	2.96	04-NE
ITDD-23-082	196.20	201.00	4.80	1.48	1	ITDD-23-090	564.45	567.45	3.00	1.56	06-NE	ITDD-23-105	220.44	229.59	9.15	1.32	1	ITDD-23-119	124.13	130.85	6.72	1.57	1	ITDD-23-135	205.63	206.63	1.00	0.35	05-NE
ITDD-23-083	59.09	66.12	7.03	1.37	03-NE	ITDD-23-090	580.60	581.60	1.00	0.47	07-NE	ITDD-23-105	370.38	372.70	2.32	1.46	05-NE	ITDD-23-121	36.85	37.50	0.65	0.31	02-NE	ITDD-23-135	247.22	248.46	1.24	0.31	05B-NE
ITDD-23-083	171.31	177.15	5.84	1.90	02-NE	ITDD-23-091	62.26	63.07	0.81	0.43	01E-SW	ITDD-23-105	373.42	375.38	1.96	1.19	05-NE	ITDD-23-121	38.85	40.85	2.00	0.80	02-NE	ITDD-23-136	75.02	75.76	0.74	0.43	1
ITDD-23-083	225.68	226.38	0.70	0.71	02B-NE	ITDD-23-091	426.04	427.97	1.93	0.89	01D-SW	ITDD-23-106	133.08	135.23	2.15	0.95	01B-SW	ITDD-23-121	44.74	45.12	0.38	0.73	02A-NE	ITDD-23-136	85.97	89.97	4.00	1.73	04-NE
ITDD-23-083	230.83	231.48	0.65	1.09	02E-NE	ITDD-23-091	479.83	482.00	2.17	2.04	1	ITDD-23-107	194.96	195.83	0.87	0.46	01A-SW	ITDD-23-121	163.40	164.25	0.85	2.07	01A-SW	ITDD-23-136	283.33	286.25	2.92	0.19	06-NE
ITDD-23-083	310.73	314.78	4.05	1.11	04-NE	ITDD-23-091	486.04	489.24	3.20	0.82	1	ITDD-23-107	197.74	199.94	2.20	1.37	1	ITDD-23-121	165.12	169.82	4.70	2.15	01A-SW	ITDD-23-136	318.38	319.63	1.25	0.28	07-NE
ITDD-23-083	371.44	372.42	0.98	0.43	05-NE	ITDD-23-092	92.81	95.83	3.02	1.57	01A-SW	ITDD-23-107	209.54	213.54	4.00	1.81	01B-SW	ITDD-23-121	182.04	183.59	1.55	2.59	1	ITDD-23-136	328.82	329.29	0.47	1.26	07A-NE
ITDD-23-083	372.67	379.76	7.09	2.29	05-NE	ITDD-23-092	103.81	109.42	5.61	1.23	1	ITDD-23-108	75.26	81.26	6.00	1.59	1	ITDD-23-121	331.55	337.47	5.92	1.83	05-NE	ITDD-23-137	81.68	85.18	3.50	1.48	01C-SW
ITDD-23-084	273.30	274.06	0.76	0.92	01A-SW	ITDD-23-093	43.65	51.65	8.00	1.47	SE-A	ITDD-23-108	81.26	81.89	0.63	0.10	1	ITDD-23-122	157.52	158.16	0.64	0.73	01A-SW	ITDD-23-137	182.18	183.70	1.52	0.92	01A-SW
ITDD-23-084	275.42	278.93	3.51	1.60	1	ITDD-23-094	80.58	81.72	1.14	1.25	1	ITDD-23-108	86.52	88.52	2.00	1.73	01B-SW	ITDD-23-122	164.11	168.11	4.00	1.49	1	ITDD-23-137	185.16	185.66	0.50	1.81	01A-SW
ITDD-23-084	279.20	284.87	5.67	1.16	1	ITDD-23-094	82.97	83.37	0.40	1.73	1	ITDD-23-109	120.09	126.07	5.98	1.34	1	ITDD-23-123	150.16	150.51	0.35	0.38	01A-SW	ITDD-23-137	186.06	187.39	1.33	1.38	01A-SW
ITDD-23-085	73.40	74.47	1.07	0.21	SE-A	ITDD-23-094	83.88	88.26	4.38	2.17	1	ITDD-23-109	126.60	127.08	0.48	1.34	1	ITDD-23-123	151.75	159.40	7.65	2.39	1	ITDD-23-137	189.80	196.65	6.85	1.44	1
ITDD-23-086	69.92	72.11	2.19	1.48	02D-NE	ITDD-23-095	46.35	48.48	2.13	0.70	02C-NE	ITDD-23-109	127.30	127.60	0.30	0.32	1	ITDD-23-123	285.88	286.88	1.00	0.73	05-NE	ITDD-23-137	207.90	208.90	1.00	0.50	01B-SW
ITDD-23-086	272.46	274.84	2.38	1.52	04-NE	ITDD-23-095	202.91	203.63	0.72	0.54	01A-SW	ITDD-23-109	247.87	255.66	7.79	1.69	05-NE	ITDD-23-124	80.04	81.04	1.00	0.70	1	ITDD-23-138	289.52	291.29	1.77	1.56	1
ITDD-23-086	276.00	282.45	6.45	1.07	04-NE	ITDD-23-095	205.40	206.91	1.51	1.13	01A-SW	ITDD-23-110	55.33	56.10	0.77	1.35	01A-SW	ITDD-23-125	133.72	134.77	1.05	0.29	1	ITDD-23-138	292.62	296.62	4.00	0.97	1
ITDD-23-086	282.97	283.27	0.30	0.60	04-NE	ITDD-23-095	216.19	217.88	1.69	1.98	1	ITDD-23-110	58.58	62.84	4.26	2.15	1	ITDD-23-125	144.94	147.92	2.98	1.44	01B-SW	ITDD-23-140	27.30	28.08	0.78	0.57	1
ITDD-23-086	293.70	299.86	6.16	1.33	04C-NE	ITDD-23-095	218.84	223.07	4.23	1.38	1	ITDD-23-111	27.80	34.40	6.60	1.51	1	ITDD-23-126	105.80	108.37	2.57	1.02	1	ITDD-23-140	28.83	30.62	1.79	1.22	1
ITDD-23-087	53.24	56.07	2.83	0.70	SE-A	ITDD-23-096	88.95	90.40	1.45	1.03	1	ITDD-23-113	97.33	99.89	2.56	1.75	1	ITDD-23-127	81.91	82.66	0.75	1.11	1	ITDD-23-141	39.98	44.45	4.47	1.32	1
ITDD-23-087	56.92	58.73	1.81	1.90	SE-A	ITDD-23-096	91.20	97.18	5.98	1.91	1	ITDD-23-114	66.26	67.26	1.00	0.38	01A-SW	ITDD-23-128	178.46	178.94	0.48	1.38	1	ITDD-23-141	47.25	49.25	2.00	0.52	04-NE
ITDD-23-087	60.20	64.85	4.65	1.38	SE-A	ITDD-23-097	38.70	44.12	5.42	1.48	1	ITDD-23-114	71.78	78.15	6.37	0.96	1	ITDD-23-128	179.31	183.31	4.00	2.43	1	ITDD-23-141	49.58	51.61	2.03	0.69	04-NE
ITDD-23-087	65.45	66.15	0.70	0.85	SE-A	ITDD-23-098	62.59	67.59	5.00	1.64	1	ITDD-23-115	34.08	41.00	6.92	1.26	1	ITDD-23-129	153.61	155.00	1.39	0.83	01A-SW	ITDD-23-142	36.36	40.36	4.00	1.39	02-NE
ITDD-23-087	67.79	69.96	2.17	1.88	SE-A	ITDD-23-098	194.04	196.69	2.65	1.02	05-NE	ITDD-23-116	112.82	117.36	4.54	2.18	01A-SW	ITDD-23-129	157.10	160.35	3.25	1.40	1	ITDD-23-142	40.36	41.36	1.00	1.39	02A-NE

Figure 10-5 – Mineralized Intercepts by Bandeira Drill Holes

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

10-4

==> picture [90 x 45] intentionally omitted <==

holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain
ITDD-23-142	126.70	128.70	2.00	2.05	1	ITDD-23-147	404.20	405.27	1.07	1.00	07A-NE	ITDD-23-154	310.17	310.99	0.82	0.77	06A-NE	ITDD-23-161	313.74	315.43	1.69	2.10	06-NE	ITDD-23-165	195.00	202.00	7.00	2.08	1
ITDD-23-144	82.50	82.98	0.48	2.34	1	ITDD-23-147	406.79	409.13	2.34	1.12	07A-NE	ITDD-23-154	332.07	335.08	3.01	1.80	06B-NE	ITDD-23-161	322.93	324.22	1.29	0.95	06A-NE	ITDD-23-165	202.64	202.99	0.35	0.72	1
ITDD-23-144	94.46	99.42	4.96	1.85	04-NE	ITDD-23-147	430.72	436.67	5.95	2.01	08-NE	ITDD-23-154	336.32	337.38	1.06	0.68	06B-NE	ITDD-23-161	326.51	327.94	1.43	1.10	06A-NE	ITDD-23-165	338.94	342.77	3.83	1.42	05-NE
ITDD-23-139	304.00	315.16	11.16	1.63	1	ITDD-23-147	479.02	480.29	1.27	1.25	08A-NE	ITDD-23-154	337.82	338.28	0.46	0.90	06B-NE	ITDD-23-161	351.41	354.37	2.96	1.16	06B-NE	ITDD-23-166	89.68	90.72	1.04	1.58	05D-NE
ITDD-23-143	48.05	49.46	1.41	1.18	02-NE	ITDD-23-147	481.53	481.90	0.37	0.95	08A-NE	ITDD-23-154	359.89	361.12	1.23	2.19	07-NE	ITDD-23-161	377.01	378.76	1.75	0.15	07-NE	ITDD-23-166	97.55	99.71	2.16	2.03	05-NE
ITDD-23-143	49.87	52.40	2.53	2.21	02A-NE	ITDD-23-147	483.52	486.52	3.00	2.13	08A-NE	ITDD-23-154	361.50	363.56	2.06	1.89	07-NE	ITDD-23-162	53.69	56.49	2.80	1.10	01E-SW	ITDD-23-167	65.42	67.10	1.68	0.12	02C-NE
ITDD-23-143	156.45	158.76	2.31	0.71	1	ITDD-23-147	488.57	489.06	0.49	2.05	08B-NE	ITDD-23-154	369.23	370.37	1.14	1.24	07A-NE	ITDD-23-162	395.57	398.57	3.00	1.56	01D-SW	ITDD-23-167	228.46	229.56	1.10	0.81	01A-SW
ITDD-23-143	164.12	167.19	3.07	1.34	04-NE	ITDD-23-148	60.55	61.40	0.85	1.07	04B-NE	ITDD-23-155	44.50	49.50	5.00	1.71	02-NE	ITDD-23-162	458.62	462.24	3.62	1.22	1	ITDD-23-167	230.45	238.50	8.05	1.93	1
ITDD-23-143	168.75	169.75	1.00	1.43	04-NE	ITDD-23-148	62.30	64.65	2.35	0.50	1	ITDD-23-155	49.50	50.49	0.99	1.71	02A-NE	ITDD-23-163	204.32	206.32	2.00	0.87	02-NE	ITDD-23-167	345.55	351.27	5.72	1.86	05-NE
ITDD-23-143	187.65	188.03	0.38	2.99	04C-NE	ITDD-23-148	73.61	77.87	4.26	1.17	04-NE	ITDD-23-155	149.36	151.36	2.00	1.67	1	ITDD-23-163	245.30	245.81	0.51	0.20	02B-NE	ITDD-23-168	88.20	88.79	0.59	1.07	05D-NE
ITDD-23-143	189.75	190.05	0.30	0.32	04C-NE	ITDD-23-148	257.50	260.54	3.04	3.18	06-NE	ITDD-23-156	63.03	67.36	4.33	1.30	02A-NE	ITDD-23-163	256.24	257.48	1.24	1.78	02E-NE	ITDD-23-168	116.69	120.59	3.90	0.88	05-NE
ITDD-23-143	190.45	191.02	0.57	0.65	04C-NE	ITDD-23-148	262.83	266.60	3.77	1.39	06A-NE	ITDD-23-156	209.37	211.94	2.57	0.90	04-NE	ITDD-23-163	298.22	299.76	1.54	0.66	1	ITDD-23-169	32.29	33.27	0.98	1.71	02D-NE
ITDD-23-143	231.53	233.40	1.87	0.64	05-NE	ITDD-23-148	317.40	320.17	2.77	2.11	07-NE	ITDD-23-156	213.86	218.63	4.77	2.02	04-NE	ITDD-23-163	301.28	302.28	1.00	0.21	1	ITDD-23-169	199.77	200.44	0.67	0.43	04B-NE
ITDD-23-143	251.16	251.77	0.61	0.94	05C-NE	ITDD-23-148	326.16	328.99	2.83	1.44	07A-NE	ITDD-23-156	290.10	292.08	1.98	0.94	05A-NE	ITDD-23-163	348.35	349.35	1.00	0.14	04-NE	ITDD-23-169	214.79	215.79	1.00	0.53	1
ITDD-23-143	341.86	344.37	2.51	1.52	06-NE	ITDD-23-149	46.51	48.45	1.94	1.52	01E-SW	ITDD-23-156	299.55	301.20	1.65	1.11	05-NE	ITDD-23-163	354.35	359.42	5.07	0.72	04C-NE	ITDD-23-169	241.60	243.89	2.29	1.27	04-NE
ITDD-23-143	347.82	349.48	1.66	0.73	06A-NE	ITDD-23-149	434.80	438.60	3.80	1.94	1	ITDD-23-156	301.70	302.52	0.82	1.30	05-NE	ITDD-23-163	382.72	385.73	3.01	1.03	05A-NE	ITDD-23-169	359.01	360.46	1.45	2.26	06-NE
ITDD-23-143	359.64	361.75	2.11	0.42	06B-NE	ITDD-23-149	439.41	440.56	1.15	1.61	1	ITDD-23-156	305.01	306.31	1.30	1.41	05-NE	ITDD-23-163	387.92	389.09	1.17	1.51	05A-NE	ITDD-23-170	101.62	106.04	4.42	1.46	05-NE
ITDD-23-143	383.35	384.95	1.60	1.79	07-NE	ITDD-23-150	123.60	129.60	6.00	1.74	01A-SW	ITDD-23-156	313.78	317.61	3.83	1.78	05B-NE	ITDD-23-163	392.27	394.69	2.42	1.26	05A-NE	ITDD-23-171	51.37	52.05	0.68	1.22	1
ITDD-23-143	385.37	388.72	3.35	1.89	07-NE	ITDD-23-150	142.44	146.34	3.90	2.15	1	ITDD-23-157	78.37	79.17	0.80	0.77	02-NE	ITDD-23-163	395.05	397.65	2.60	0.96	05A-NE	ITDD-23-171	52.69	54.96	2.27	0.64	1
ITDD-23-143	398.90	400.75	1.85	2.40	07A-NE	ITDD-23-150	293.11	301.75	8.64	1.45	05-NE	ITDD-23-157	87.20	89.20	2.00	0.93	02A-NE	ITDD-23-163	404.30	410.30	6.00	0.75	05-NE	ITDD-23-171	208.35	208.77	0.42	1.74	05D-NE
ITDD-23-145	283.58	284.05	0.47	1.70	01A-SW	ITDD-23-151	8.66	10.35	1.69	0.68	01E-SW	ITDD-23-157	190.25	194.07	3.82	0.61	01A-SW	ITDD-23-163	425.03	434.90	9.87	2.11	05B-NE	ITDD-23-171	222.89	228.56	5.67	1.95	05-NE
ITDD-23-145	290.15	290.59	0.44	2.33	1	ITDD-23-151	348.98	351.05	2.07	1.17	01D-SW	ITDD-23-157	203.54	205.60	2.06	1.78	1	ITDD-23-163	469.10	473.67	4.57	1.75	06-NE	ITDD-23-172	15.84	16.93	1.09	1.89	02-NE
ITDD-23-145	290.95	302.05	11.10	1.38	1	ITDD-23-151	411.87	421.66	9.79	1.84	1	ITDD-23-157	354.35	359.35	5.00	1.53	05-NE	ITDD-23-163	474.65	477.57	2.92	1.79	06A-NE	ITDD-23-172	26.83	27.74	0.91	1.11	02A-NE
ITDD-23-146	132.78	134.82	2.04	0.34	01A-SW	ITDD-23-152	53.19	55.35	2.16	0.44	02-NE	ITDD-23-158	13.30	14.55	1.25	1.44	01E-SW	ITDD-23-163	511.31	517.88	6.57	1.62	07-NE	ITDD-23-172	136.38	140.13	3.75	1.78	1
ITDD-23-146	142.88	147.88	5.00	1.29	1	ITDD-23-152	56.15	58.31	2.16	1.29	02A-NE	ITDD-23-158	393.02	396.02	3.00	1.09	01D-SW	ITDD-23-164	64.12	65.36	1.24	1.46	02C-NE	ITDD-23-172	180.94	185.33	4.39	1.58	04C-NE
ITDD-23-146	267.31	276.18	8.87	1.57	05-NE	ITDD-23-152	165.09	166.09	1.00	0.42	1	ITDD-23-158	444.60	445.03	0.43	1.22	01A-SW	ITDD-23-164	80.29	83.39	3.10	1.22	02-NE	ITDD-23-172	317.72	320.13	2.41	2.05	06-NE
ITDD-23-147	41.30	44.43	3.13	1.96	02-NE	ITDD-23-152	183.78	185.86	2.08	0.30	04-NE	ITDD-23-158	445.93	446.80	0.87	0.86	01A-SW	ITDD-23-164	87.48	100.06	12.58	1.50	02A-NE	ITDD-23-172	331.69	332.79	1.10	2.92	06A-NE
ITDD-23-147	45.04	47.62	2.58	1.35	02A-NE	ITDD-23-152	250.73	252.51	1.78	0.92	05A-NE	ITDD-23-158	453.28	453.59	0.31	0.39	1	ITDD-23-164	170.49	173.30	2.81	1.73	1	ITDD-23-172	350.08	352.13	2.05	0.52	06B-NE
ITDD-23-147	138.02	140.27	2.25	1.11	1	ITDD-23-152	272.95	274.60	1.65	1.52	05-NE	ITDD-23-158	453.97	455.14	1.17	2.92	1	ITDD-23-164	325.78	326.42	0.64	1.82	05-NE	ITDD-23-172	353.90	354.98	1.08	2.17	06B-NE
ITDD-23-147	268.30	271.03	2.73	1.63	05-NE	ITDD-23-152	291.98	295.53	3.55	2.02	05B-NE	ITDD-23-158	456.50	468.92	12.42	2.02	1	ITDD-23-164	328.68	333.75	5.07	0.74	05-NE	ITDD-23-172	368.65	368.95	0.30	1.89	07-NE
ITDD-23-147	285.15	287.81	2.66	1.57	05C-NE	ITDD-23-154	108.52	113.42	4.90	1.57	1	ITDD-23-160	66.94	67.50	0.56	0.50	1	ITDD-23-164	415.18	417.35	2.17	0.86	07-NE	ITDD-23-172	369.88	371.88	2.00	1.84	07-NE
ITDD-23-147	307.66	310.36	2.70	2.16	05B-NE	ITDD-23-154	116.50	118.26	1.76	0.56	04-NE	ITDD-23-160	230.18	230.77	0.59	1.50	05-NE	ITDD-23-164	418.75	419.65	0.90	0.54	07-NE	ITDD-23-173	122.48	129.13	6.65	1.50	05-NE
ITDD-23-147	391.75	392.34	0.59	1.87	07-NE	ITDD-23-154	119.76	121.15	1.39	1.46	04-NE	ITDD-23-160	234.27	237.37	3.10	1.18	05-NE	ITDD-23-164	424.78	427.02	2.24	0.84	07A-NE	ITDD-23-174	55.70	57.78	2.08	0.74	02C-NE
ITDD-23-147	393.84	395.03	1.19	0.75	07-NE	ITDD-23-154	296.12	298.14	2.02	1.58	06-NE	ITDD-23-161	13.66	14.34	0.68	1.77	02-NE	ITDD-23-164	434.58	437.39	2.81	0.78	08-NE	ITDD-23-174	211.36	212.40	1.04	0.72	01A-SW
ITDD-23-147	395.79	396.24	0.45	0.47	07-NE	ITDD-23-154	302.70	303.78	1.08	2.80	06A-NE	ITDD-23-161	25.12	25.77	0.65	1.41	02A-NE	ITDD-23-164	438.59	443.52	4.93	2.06	08-NE	ITDD-23-174	213.11	214.99	1.88	2.09	1
ITDD-23-147	396.66	398.68	2.02	1.30	07-NE	ITDD-23-154	305.07	306.29	1.22	2.38	06A-NE	ITDD-23-161	129.12	133.12	4.00	1.27	1	ITDD-23-165	79.48	80.70	1.22	0.20	02C-NE	ITDD-23-174	216.09	221.72	5.63	1.58	1
ITDD-23-147	399.92	401.23	1.31	0.63	07-NE	ITDD-23-154	308.01	308.78	0.77	1.09	06A-NE	ITDD-23-161	174.56	177.56	3.00	2.57	04C-NE	ITDD-23-165	100.21	101.21	1.00	0.35	02-NE	ITDD-23-174	342.54	346.82	4.28	1.65	05-NE

Figure 10-6 – Mineralized Intercepts by Bandeira Drill Holes

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

10-5

==> picture [90 x 45] intentionally omitted <==

holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain	holeid	from	to	Legth	Li2O %	Domain
ITDD-23-175	214.57	216.09	1.52	0.64	02-NE	ITDD-23-182	228.72	231.25	2.53	1.49	04-NE	ITDD-23-188	634.37	643.24	8.87	1.59	08-NE	ITDD-23-213	54.87	59.87	5.00	1.37	SE-A	ITDD-23-227	12.58	14.82	2.24	1.18	1	ITDD-23-159	291.65	292.65	1.00	1.25	05-NE
ITDD-23-175	275.37	276.40	1.03	0.38	02E-NE	ITDD-23-182	358.81	359.69	0.88	0.35	06-NE	ITDD-23-192	196.40	197.60	1.20	1.40	01A-SW	ITDD-23-213	59.87	60.32	0.45	0.08	SE-A	ITDD-23-227	149.37	154.62	5.25	2.19	05D-NE	ITDD-23-159	350.16	351.23	1.07	0.91	07-NE
ITDD-23-175	323.64	325.56	1.92	1.85	1	ITDD-23-183	177.37	178.64	1.27	3.40	1	ITDD-23-192	198.71	202.91	4.20	1.66	01A-SW	ITDD-23-213	61.02	61.68	0.66	0.84	SE-A	ITDD-23-227	179.03	181.93	2.90	1.67	05-NE	ITDD-23-159	351.66	353.08	1.42	1.09	07-NE
ITDD-23-175	383.34	385.19	1.85	1.02	04C-NE	ITDD-23-184	21.01	22.05	1.04	0.56	02-NE	ITDD-23-192	210.10	210.75	0.65	1.46	1	ITDD-23-213	62.69	64.69	2.00	1.24	SE-A	ITDD-23-228	98.34	106.93	8.59	1.46	SE-A	ITDD-23-159	372.21	379.28	7.07	1.78	08-NE
ITDD-23-175	398.59	402.11	3.52	1.63	05A-NE	ITDD-23-184	156.12	159.73	3.61	1.03	1	ITDD-23-192	346.48	348.84	2.36	1.11	05-NE	ITDD-23-213	64.69	66.03	1.34	0.13	SE-A	ITDD-23-228	110.13	122.94	12.81	1.43	SE-A	ITDD-23-159	425.97	426.72	0.75	2.01	08A-NE
ITDD-23-175	404.49	407.49	3.00	1.50	05A-NE	ITDD-23-184	188.74	189.51	0.77	0.28	04-NE	ITDD-23-192	349.42	355.84	6.42	1.73	05-NE	ITDD-23-213	66.67	98.66	31.99	1.36	SE-A	ITDD-23-229	122.55	124.72	2.17	1.30	05-NE	ITDD-23-159	428.03	429.06	1.03	2.91	08A-NE
ITDD-23-175	479.11	480.55	1.44	0.60	06-NE	ITDD-23-184	201.67	203.01	1.34	0.99	04C-NE	ITDD-23-193	48.07	49.34	1.27	0.24	10-NE	ITDD-23-213	100.85	102.87	2.02	1.12	SE-A	ITDD-23-230	136.25	137.06	0.81	1.63	05D-NE	ITDD-23-159	430.60	431.54	0.94	2.81	08A-NE
ITDD-23-175	484.82	488.20	3.38	1.86	06A-NE	ITDD-23-184	203.67	205.70	2.03	2.91	04C-NE	ITDD-23-193	65.08	68.85	3.77	1.39	09-NE	ITDD-23-218	56.17	72.40	16.23	1.65	SE-A	ITDD-23-230	161.98	162.79	0.81	1.09	05-NE	ITDD-23-159	431.98	433.53	1.55	1.72	08A-NE
ITDD-23-175	488.20	488.80	0.60	0.27	06A-NE	ITDD-23-184	207.71	210.57	2.86	1.21	04C-NE	ITDD-23-194	96.22	96.94	0.72	1.02	05D-NE	ITDD-23-215	37.48	43.52	6.04	1.36	1	ITDD-23-230	163.40	167.49	4.09	1.85	05-NE	ITDD-23-159	435.46	437.60	2.14	2.42	08A-NE
ITDD-23-175	489.59	492.19	2.60	2.58	06A-NE	ITDD-23-184	337.76	338.67	0.91	0.38	06-NE	ITDD-23-194	114.65	115.58	0.93	1.34	05-NE	ITDD-23-215	187.71	188.49	0.78	0.38	05D-NE	ITDD-23-210	139.91	142.91	3.00	1.79	05-NE	ITDD-23-159	445.38	446.60	1.22	3.23	08B-NE
ITDD-23-175	502.82	503.65	0.83	1.52	07-NE	ITDD-23-184	339.45	341.69	2.24	1.87	06-NE	ITDD-23-194	117.31	119.50	2.19	1.83	05-NE	ITDD-23-215	188.95	189.90	0.95	0.49	05D-NE	ITDD-23-210	219.57	223.51	3.94	1.98	07-NE	ITDD-23-159	448.60	450.94	2.34	1.80	08B-NE
ITDD-23-175	524.36	525.90	1.54	1.43	08-NE	ITDD-23-184	348.01	349.42	1.41	1.94	06A-NE	ITDD-23-195	80.91	81.95	1.04	1.36	1	ITDD-23-215	203.86	208.94	5.08	2.44	05-NE	ITDD-23-210	256.99	259.01	2.02	1.75	08-NE	ITDD-23-243	45.06	54.06	9.00	1.52	11-NE
ITDD-23-175	526.83	528.21	1.38	1.78	08-NE	ITDD-23-184	384.79	385.63	0.84	0.44	07-NE	ITDD-23-195	83.20	84.24	1.04	0.00	1	ITDD-23-215	209.38	212.54	3.16	0.92	05-NE	ITDD-23-210	285.60	287.94	2.34	1.22	08A-NE	ITDD-23-246	45.70	50.70	5.00	1.17	11-NE
ITDD-23-175	529.05	529.94	0.89	1.38	08-NE	ITDD-23-184	386.31	387.52	1.21	0.93	07-NE	ITDD-23-195	84.75	86.51	1.76	0.61	1	ITDD-23-216	55.24	60.12	4.88	1.54	01A-SW	ITDD-23-210	298.00	300.05	2.05	0.83	08B-NE	ITDD-23-247	86.62	96.77	10.15	0.95	11-NE
ITDD-23-176	56.11	57.66	1.55	1.54	1	ITDD-23-185	240.77	244.06	3.29	1.84	02-NE	ITDD-23-196	110.73	111.46	0.73	1.41	05D-NE	ITDD-23-216	65.36	70.42	5.06	1.13	1	ITDD-23-210	301.85	302.98	1.13	1.92	08B-NE	ITDD-23-248	71.41	76.41	5.00	1.02	11-NE
ITDD-23-176	60.09	61.88	1.79	1.24	1	ITDD-23-185	360.36	365.03	4.67	1.54	1	ITDD-23-196	113.06	113.82	0.76	2.01	05D-NE	ITDD-23-216	197.59	206.18	8.59	1.59	05-NE	ITDD-23-231	129.79	130.53	0.74	1.31	05-NE	ITDD-23-249	122.10	124.10	2.00	0.56	11-NE
ITDD-23-176	221.74	223.08	1.34	0.91	05D-NE	ITDD-23-185	417.41	420.23	2.82	0.98	04-NE	ITDD-23-196	137.13	138.60	1.47	1.88	05-NE	ITDD-23-219	56.49	57.17	0.68	1.16	01A-SW	ITDD-23-231	131.14	132.27	1.13	0.99	05-NE	ITDD-24-250	43.42	49.42	6.00	1.09	11-NE
ITDD-23-176	230.14	235.14	5.00	1.57	05-NE	ITDD-23-185	434.34	437.34	3.00	1.22	04C-NE	ITDD-23-196	140.15	146.05	5.90	1.61	05-NE	ITDD-23-219	58.54	62.54	4.00	0.76	01A-SW	ITDD-23-231	133.26	136.35	3.09	1.57	05-NE	ITDD-24-251	193.16	197.00	3.84	1.28	11-NE
ITDD-23-177	78.86	79.52	0.66	0.10	02C-NE	ITDD-23-185	443.78	447.25	3.47	1.10	05A-NE	ITDD-23-197	94.36	95.84	1.48	0.57	1	ITDD-23-219	67.05	69.31	2.26	0.53	1	ITDD-23-232	116.40	116.98	0.58	0.86	05D-NE	ITDD-24-252	94.07	101.07	7.00	1.14	11-NE
ITDD-23-177	110.89	113.89	3.00	1.12	02-NE	ITDD-23-185	520.91	521.41	0.50	0.04	06-NE	ITDD-23-197	97.91	102.40	4.49	1.76	04-NE	ITDD-23-219	197.86	200.53	2.67	1.62	05-NE	ITDD-23-232	138.70	145.95	7.25	1.35	05-NE	ITDD-24-253	181.75	188.30	6.55	1.01	11-NE
ITDD-23-177	199.14	200.30	1.16	1.03	01A-SW	ITDD-23-185	529.52	531.92	2.40	3.57	06A-NE	ITDD-23-198	67.98	71.67	3.69	0.91	10-NE	ITDD-23-220	66.48	66.89	0.41	2.38	05D-NE	ITDD-23-233	125.59	126.30	0.71	0.67	05D-NE
ITDD-23-177	204.16	209.98	5.82	2.18	1	ITDD-23-185	539.78	540.32	0.54	0.59	07-NE	ITDD-23-198	93.91	99.94	6.03	1.26	09-NE	ITDD-23-220	68.46	69.48	1.02	0.77	05D-NE	ITDD-23-233	127.47	129.17	1.70	0.47	05D-NE
ITDD-23-177	354.96	355.75	0.79	1.86	05-NE	ITDD-23-185	567.15	569.57	2.42	2.00	08-NE	ITDD-23-200	69.11	72.49	3.38	1.06	05-NE	ITDD-23-220	76.92	78.00	1.08	1.60	05-NE	ITDD-23-233	146.75	148.90	2.15	1.27	05-NE
ITDD-23-177	356.86	359.59	2.73	1.35	05-NE	ITDD-23-186	16.90	17.95	1.05	0.22	01E-SW	ITDD-23-202	85.10	86.07	0.97	3.68	1	ITDD-23-222	57.30	63.57	6.27	1.22	1	ITDD-23-234	95.12	97.53	2.41	1.44	07-NE
ITDD-23-177	362.09	363.55	1.46	1.54	05-NE	ITDD-23-187	196.58	198.86	2.28	1.85	1	ITDD-23-202	87.04	87.62	0.58	1.04	1	ITDD-23-222	197.78	202.62	4.84	1.45	05-NE	ITDD-23-234	147.34	148.34	1.00	0.27	08-NE
ITDD-23-178	171.00	173.18	2.18	0.67	1	ITDD-23-189	70.07	72.93	2.86	0.97	1	ITDD-23-202	252.08	253.19	1.11	1.20	05D-NE	ITDD-23-223	64.00	64.70	0.70	1.20	05D-NE	ITDD-23-235	104.46	105.70	1.24	1.87	07-NE
ITDD-23-180	171.59	177.38	5.79	1.78	02-NE	ITDD-23-188	130.48	139.59	9.11	2.45	03-NE	ITDD-23-202	258.82	262.81	3.99	1.83	05-NE	ITDD-23-223	94.04	98.19	4.15	1.49	05-NE	ITDD-23-235	107.81	111.29	3.48	1.62	07-NE
ITDD-23-180	264.35	269.85	5.50	1.15	1	ITDD-23-188	272.46	275.86	3.40	2.07	02-NE	ITDD-23-203	83.29	83.69	0.40	0.81	05-NE	ITDD-23-221	113.37	124.56	11.19	1.61	SE-A	ITDD-23-235	167.04	171.04	4.00	1.29	08-NE
ITDD-23-180	390.61	393.13	2.52	1.41	05-NE	ITDD-23-188	347.55	356.50	8.95	1.30	02B-NE	ITDD-23-209	41.61	51.61	10.00	1.13	SE-A	ITDD-23-221	127.64	167.10	39.46	1.87	SE-A	ITDD-23-235	188.10	189.10	1.00	0.40	08A-NE
ITDD-23-180	393.51	401.35	7.84	2.06	05-NE	ITDD-23-188	391.25	392.79	1.54	0.26	1	ITDD-23-199	127.38	129.42	2.04	2.03	02C-NE	ITDD-23-224	28.43	34.32	5.89	1.96	1	ITDD-23-235	206.29	207.29	1.00	0.14	08B-NE
ITDD-23-181	203.14	205.32	2.18	1.26	01A-SW	ITDD-23-188	393.13	394.86	1.73	0.55	1	ITDD-23-199	270.33	272.10	1.77	0.93	01A-SW	ITDD-23-224	166.46	170.87	4.41	1.67	05-NE	ITDD-23-236	101.89	104.89	3.00	1.39	07-NE
ITDD-23-181	223.00	229.00	6.00	1.02	1	ITDD-23-188	461.28	461.99	0.71	0.67	04-NE	ITDD-23-199	288.91	294.47	5.56	1.59	1	ITDD-23-224	171.28	172.45	1.17	2.45	05-NE	ITDD-23-236	173.04	174.04	1.00	0.35	08-NE
ITDD-23-182	30.47	31.47	1.00	0.40	02D-NE	ITDD-23-188	463.82	465.66	1.84	1.05	04-NE	ITDD-23-199	408.52	413.16	4.64	0.74	05-NE	ITDD-23-225	78.99	81.13	2.14	1.85	05-NE	ITDD-23-159	16.50	18.75	2.25	0.43	02-NE
ITDD-23-182	151.73	152.75	1.02	0.32	04A-NE	ITDD-23-188	466.64	471.60	4.96	1.71	04-NE	ITDD-23-211	197.53	198.63	1.10	1.54	05D-NE	ITDD-23-225	83.80	85.97	2.17	0.72	05-NE	ITDD-23-159	23.36	25.16	1.80	0.77	02A-NE
ITDD-23-182	181.36	182.40	1.04	0.77	04B-NE	ITDD-23-188	483.13	485.78	2.65	0.39	04C-NE	ITDD-23-211	211.54	212.82	1.28	0.40	05-NE	ITDD-23-226	35.27	42.50	7.23	2.12	1	ITDD-23-159	115.78	117.32	1.54	0.34	1
ITDD-23-182	201.09	202.74	1.65	1.21	1	ITDD-23-188	581.89	582.23	0.34	0.03	06-NE	ITDD-23-212	110.38	112.78	2.40	1.21	05D-NE	ITDD-23-226	171.61	179.57	7.96	1.53	05-NE	ITDD-23-159	278.40	279.00	0.60	1.24	05D-NE
ITDD-23-182	226.06	228.07	2.01	1.33	04-NE	ITDD-23-188	631.34	633.20	1.86	1.86	08-NE	ITDD-23-212	124.48	124.98	0.50	0.71	05-NE	ITDD-23-227	9.76	11.66	1.90	1.73	1	ITDD-23-159	287.50	289.55	2.05	1.28	05-NE

Figure 10-7 – Mineralized Intercepts by Bandeira Drill Holes

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 10-8 – Horizontal Projection of Bandeira Drilling Holes with Mineralized Intercepts

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 10-9 – Oblique View of Drill Holes with Mineralized Intercept

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

10-8

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11 SAMPLE PREPARATION, ANALYSES AND SECURITY

11.1 Sampling

Sample intervals in the mineralized zones are defined based on a one-meter support. Mineralized samples must have a minimum length of 1.00m and a maximum length of 1.50m. In some specific situations, samples shorter than 1.00m can be generated. These situations are described in detail in the SOP.

Outside the mineralized domains, the sampling support is 1.50m, and samples can range from 1.00m to 3.00m.

The visual indicators for sample interval definition include lithological contacts, structures, and mineralization.

The sample collection and sample definition procedures adopted by Lithium Ionic are described below:

Drill core is brought in by the drilling contractor team, one or more times per shift, from the drill rig to a drill logging and sampling area.
The disposition and orientation of boxes are checked, and the depth lengths are marked.
Core boxes are photographed (three boxes per picture) and logged.
Sample intervals are marked with a pencil in the core box.
Before sampling, the drill core is marked by a line drawn along the core at high angles to the foliation to orient the saw cut. The left side of the core is selected as a sample. The remaining half of the core is retained for future reference.
Sample tags are attached to the core box at the end of each sample.
Sample bags are numbered before sampling.
Sample tags are inserted in the bags only after samples are bagged.
After the samples are tagged and bagged, they are weighted.
The core is cut lengthwise along the core axis. A Geologist defines the position of the cut, and a Geology Technician performs the cutting.
For weathered material, a spatula or a machete is used to split the sample into two subsamples along the drilling direction.
Fresh rock cores are cut in half using a diamond saw and flushed with water between cuts.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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After bagging, the samples are weighted, and the weight is registered.
Batches are assembled and sent to the laboratory.

The standard batch size is 35 samples, consisting of 29 core samples and six quality control samples.

11.2 Sample Preparation, Security and Custody Chain of Custody

Samples are defined and marked on-site after logging and entering the data into the database. Cores are split in half using a diamond saw. Half of the core is retained in the core box, while the other half is stored in plastic bags, accompanied by a printed sample tag, and sent to the lab.

Drill core samples are prepared and analyzed by an independent commercial laboratory (SGS Geosol). The SGS Geosol facility is certified in ISO 9001, ISO 14001, and ISO 17025. The sample shipment is delivered to the SGS Geosol facility in Vespasiano, Minas Gerais, Brazil, via a parcel transport company. At all times, samples are in the custody and control of the Company’s representatives until delivery to the laboratory, where samples are held in a secure enclosure until processing. SGS Geosol sends a confirmation e-mail with details of samples received upon delivery. The chain of custody of the batches was carefully maintained from collection at the drill rig to delivery at the laboratory to prevent accidental contamination or mixing of samples and render active tampering as tricky as possible.

All samples received at SGS Geosol are inventoried and weighed before processing. Samples are dried at 105°C, crushed to 75% passing <3 mm sieve, homogenized, split (jones riffle splitter), and pulverized (250 to 300 g of sample) in a steel mill to 95% passing 150 mesh.

11.3 Sample Analysis

After the preparation, the core samples are analyzed by SGS Geosol. The chemical assays are performed using SGS’s analytical method ICP90A, a multi-element analysis using fusion by sodium peroxide (Na2O2) and an ICP-OES analysis. If lithium results are above 15000 ppm, SGS Geosol re-analyzes for lithium through the ICP90Q_Li method, similar to the ICP90A but with higher Detection Limits.

All chemical analysis conducted by SGS Geosol are reported to Lithium Ionic on PDF certificates, accompanied by an MS Excel digital file.

11.4 Density Measurements

The density SOP currently in use by Lithium Ionic states that density measurements should be taken for every geochemical sample generated. When the drill core quality does not allow for the density assay, this should be registered in the density sampling plan with a specified tag. The high frequency of the density sampling aims to acquire a statistically robust database.

Three samples should be taken for the geochemical samples with more heterogeneity: one on

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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the top of the sample, the other in the middle and one further in the base. Homogenous geochemical samples should generate only one density sample. Density samples must have a minimum length of 10 cm and a maximum of 25 cm. The density assay procedures do not include drying or sample sealing. Density is commonly measured in the unsampled half-cores, reflecting a faster and more dynamic drillhole data collection process. All density data is stored in a database. A summary of the procedures described in the density SOP is presented next:

Sample selection and registration in the density plan.
Weighing of the sample.
Weighing of the sample while submerged.
Density values are acquired from the following formula:
D = PA / (PA – PB).
D = Density.
PA = Sample weight (in the air).
PB = Sample weight (submerged in water).

The density assay procedures do not include drying or sample sealing with paraffin. Not implementing the mentioned procedures might be acceptable considering the deposit's climate and lithological characteristics.

For a more conclusive evaluation of the effect of those procedures on the density results, GE21 recommends duplicate density assays, using the SOP procedure in one sample and a procedure that includes drying and sealing in the other sample. For the sealed samples, the density formula to be used is:

Ds = Ps / [(Pp – Pj) – (Pp – Ps) * dp] Ds = Dry Density.

Ps =Dry sample weight (in the air).

Pp = Sealed sample weight (in the air).

Pj = Sealed sample weight (submerged in water). Dp = Paraffin density.

11.5 Quality Assurance and Quality Control (QA/QC)

The Quality Assurance and Quality Control program implemented was proposed by the independent company GE21. The sample batch composition includes 5 Quality Control Samples for every 30 regular samples. The Quality Control composition of the batches is described next:

Coarse (Preparation) and Fine (Analytical) Blanks: 6% of the batch, or two blanks per batch, one of each type.
Standards: 6% of the batch, or two standards per batch.
Crushed Duplicates: 3% of the batch, or 1 sample per batch.
Pulverized Duplicates: 3% of the batch, or 1 sample per batch.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Additionally, one sample is selected for the Check Assay procedure for every sample batch, representing 3% of the batch. Check samples are chosen from the pulverized material of a regular sample reserved by the primary laboratory. These samples are sent to a secondary laboratory, ALS Vancouver, monthly. ALS Vancouver is ISO 17025 accredited.

The same control sample proportion criteria should be respected on Check Assay batches: 2 standards, two blanks, and two duplicates. Particle Size Analysis (PSA) is also performed on the Check Assay samples. Figure 11-1 presents the batch composition scheme for batches with mineralized samples or zones and unmineralized batches. Table 11-1 shows the proportion of Quality Control samples in the Lithium Ionic geochemical database.

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Figure 11-1 – QA/QC Program

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Source: GE21 2024
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Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Table 11-1 – QA/QC Program Summary

Source: GE21 2024

CRM/SRM	Crushed Duplicates	Pulverized Duplicates	Preparation Blanks	Analytical Blanks	Check- Assay	Total QA/QC Samples	Total Database
556	273	273	279	279	72	1732	10437
5.3%	2.6%	2.6%	2.7%	2.7%	0.7%	16.6%	100.0%

11.5.1 Preparation Blank – Coarse Blank

Preparation blank samples are inserted in the sample batch before the physical preparation of the samples. This measure helps to track any contamination problems that might occur in the granulometric reduction or sample-splitting processes. Blank samples are inserted at the beginning of the possibly mineralized intervals, following the sequence:

Mineralized sample.
Analytical/Fine Blank.
Preparation/Coarse Blank.
If an unmineralized batch is assembled, blank samples must be inserted at the beginning of the batch.
Lithium Ionic uses a commercial blank, ITAK-QG-01, as its Coarse Blank material. More than 95% of the Coarse Blank samples are below the 5x Detection Limit threshold, indicating no major contamination. Figure 11-2 presents the Preparation Blank control chart for Lithium.

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Type of Control Blank Code BLK_QG_01 Minimum 10
Reference BLK_QG_01 Detection Limit 10 Maximum 129
Variable Li_ppm Standard desviation 12 Average 15
Number of analysis 279 Upper limit (5DL) 50 Median 10
BLANK - QG-01
150
140
130 Li_ppm
120
110
100
90
80 Upper limit (5DL)
70
60
50
40
30 Average
20
10
0
Detection Limit
Batches
Li (ppm)
GQ2204652 GQ2205976 GQ2212073 GQ2213034 GQ2214121 GQ2215524 GQ2300828 GQ2300832 GQ2301873 GQ2302611 GQ2303030 GQ2303691 GQ2304344 GQ2304815 GQ2306246 GQ2306248 GQ2307503 GQ2309086 GQ2310200 GQ2311524 GQ2312082 GQ2312704 GQ2313005 GQ2313420 GQ2313557 GQ2314102 GQ2314105 GQ2316063 GQ2316200 GQ2317514 GQ2318402
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Figure 11-2 – Blank Control Chart – ITAK QG-01

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

11-5

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11.5.2 Analytical Blank – Fine Blank

Analytical or Fine Blank samples are inserted in the analytical batches after the samples’ physical preparation. This type of blank sample is used to assess contamination problems that might occur in the sample digestion or sample fusion processes and to evaluate analytical equipment (in this case, ICP-OES) miscalibrations. Blank Samples are inserted at the beginning of the possibly mineralized intervals, following the sequence:

Mineralized sample.
Analytical/Fine blank.
Preparation/Coarse blank.

If an unmineralized batch is assembled, blank samples must be inserted at the beginning of the batch.

For its QA/QC Program, Lithium Ionic used three types of commercial Fine Blank controls: ITAKQF-15, ITAK-QF-16 and ITAK-QF-18. Only two in 279 control samples inserted have returned grades higher than the 5x Detection Limit threshold, indicating no systematic contamination or calibration problems in the final stages of the geochemical analysis. Figure 11-3 to Figure 11-5 present the Analytical Blanks control charts for Lithium:

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Type of Control Blank Code BLK_QF_15 Minimum 10
Reference BLK_QF_15 Certificate Value 18.7 Maximum 62
Variable Li_ppm Standard desviation 13 Average 18
Number of analysis 38 Upper limit (5DL) 50 Median 12
BLANK - QF-15
100
95
90
85 Li_ppm
80
75
70
65
60
55 Upper limit (5DL)
50
45
40
35
30
25
20 Average
15
10
5
0
Certificate Value
Batches
Li (ppm)
GQ2204652 GQ2205607 GQ2205608 GQ2206063 GQ2205974 GQ2205972 GQ2206524 GQ2206986 GQ2212071 GQ2212073 GQ2212398 GQ2212602 GQ2212764 GQ2213029 GQ2213390 GQ2213394 GQ2213621 GQ2213624 GQ2214896
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Figure 11-3 – Blank Control Chart – ITAK QF-15

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

11-6

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Type of Control Blank Code BLK_QF_16 Minimum 10
Reference BLK_QF_16 Certificate Value 36.6 Maximum 74
Variable Li_ppm Standard desviation 6 Average 14
Number of analysis 228 Upper limit (5DL) 50 Median 12
BLANK - QF-16
100
95
90
85 Li_ppm
80
75
70
65
60
55 Upper limit (5DL)
50
45
40
35
30
25
20 Mean
15
10
5
0
Certificate Value
Batches
Figure 11-4 – Blank Control Chart – ITAK QF-16
Source: GE21 2024
Type of Control Blank Code BLK_QF_18 Minimum 10
Reference BLK_QF_18 Certificate Value 18.3 Maximum 22
Variable Li_ppm Standard desviation 4 Average 13
Number of analysis 13 Upper limit (5DL) 50 Median 10
BLANK - QF-18
100
95
90
85 Li_ppm
80
75
70
65
60
55 Upper limit (5DL)
50
45
40
35
30
25
20 Mean
15
10
5
0
Certificate Value
Batches
Li (ppm)
GQ2214120 GQ2215524 GQ2215830 GQ2300911 GQ2301235 GQ2301872 GQ2302428 GQ2302814 GQ2303176 GQ2304046 GQ2304344 GQ2304810 GQ2305514 GQ2305870 GQ2306780 GQ2307383 GQ2308691 GQ2309538 GQ2309913 GQ2311524 GQ2312205 GQ2312580 GQ2312703 GQ2313103 GQ2313110 GQ2313418 GQ2313719 GQ2314104 GQ2314105 GQ2315789 GQ2316017 GQ2317139 GQ2317584
Li (ppm)
GQ2317941 GQ2317943 GQ2317944 GQ2317942 GQ2318338 GQ2400862 GQ2400871 GQ2400863 GQ2400864 GQ2401055 GQ2400865 GQ2401054 GQ2401278
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Figure 11-5 – Blank Control Chart – ITAK QF-18

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Source: GE21 2024
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Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

11-7

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11.5.3 Certified/Standard Reference Material – CRM/SRM

Certified or Standard Reference Materials are reference materials for which one or more parameters have been certified by a technically valid and recognized procedure. A certifying body has issued a Certificate or other accurate documentation. These materials are used as quality control samples to evaluate the accuracy of the analytical methods and procedures.

Lithium Ionic uses 4 CRMs/SRMs: ITAK – 1100, ITAK – 1101, OREAS 750 and OREAS 752. These Reference Materials evaluate high, medium, and low-grade assay results.

Medium-grade or high-grade Reference Materials are inserted at the beginning of the possible mineralized zones. The insertion can occur immediately or a few samples before the mineralized zone. The low-grade Materials are inserted at the end of the zone where the Geologist interprets mineralization. The insertion can be immediately after or a few samples after the mineralized zone. The order of the Reference Materials can be changed based on geological features or mineralization characteristics.

Figure 11-6 to Figure 11-9 present Lithium's CRM/SRM control charts. More than 80% of the samples are constrained within the 2x Standard Deviation limits.

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Type of Control STANDARD Code ITAK-1100 Minimum 2256
Reference ITAK-1100 Certificate Value 2430 Maximum 2680
Variable Li_ppm Upper limit (95%CL) 2526 Mean 2478
Number of analysis 182 Lower limit (95%CL) 2334 Standard deviation 76
Bias 1.97%
STANDART - ITAK-1100
2800
2700 Li_ppm
2600
2500 Mean
2400
2300 Certificate Value
2200
2100 Upper Limit (95%CL)
2000
Lower Limit (95%CL)
Batches
Li (ppm)
GQ2303691 GQ2304042 GQ2304346 GQ2304809 GQ2305513 GQ2305868 GQ2305867 GQ2306883 GQ2307504 GQ2308692 GQ2309538 GQ2309911 GQ2310767 GQ2311788 GQ2312084 GQ2312708 GQ2312706 GQ2313103 GQ2313257 GQ2313259 GQ2313558 GQ2313717 GQ2314183 GQ2314106 GQ2315789 GQ2316016 GQ2316842 GQ2317513 GQ2317584 GQ2400862 GQ2401054
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Figure 11-6 – Standard Reference Material Chart – ITAK 1100

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

11-8

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Type of Control STANDARD Code ITAK-1101 Minimum 6436
Reference ITAK-1101 Certificate Value 6710 Maximum 7201
Variable Li_ppm Upper limit (95%CL) 6950 Mean 6840
Number of analysis 176 Lower limit (95%CL) 6470 Standard deviation 152
Bias 1.94%
STANDARD - ITAK-1101
7400
Li_ppm
7200
7000
Mean
6800
6600
Certificate Value
6400
6200 Upper Limit (95%CL)
6000
Lower Limit (95%CL)
Batches
Figure 11-7 – Standard Reference Material Chart – ITAK 1101
Source: GE21 2024
Type of Control STANDARD Code OREAS_750 Minimum 2093
Reference OREAS_750 Certificate Value 2300 Maximum 2515
Variable Li_ppm Upper limit (95%CL) 2350 Mean 2284
Number of analysis 97 Lower limit (95%CL) 2250 Standard deviation 92
Bias -0.67%
STANDARD - OREAS 750
2600
Li_ppm
2500
2400
Mean
2300
Certificate Value
2200
2100
Upper Limit (95%CL)
2000
Lower Limit (95%CL)
Batches
Li (ppm)
GQ2303688 GQ2304042 GQ2304814 GQ2305516 GQ2306246 GQ2306249 GQ2306882 GQ2307503 GQ2308691 GQ2309539 GQ2310200 GQ2310764 GQ2311794 GQ2312082 GQ2312705 GQ2312706 GQ2313103 GQ2313257 GQ2313259 GQ2313558 GQ2313717 GQ2314183 GQ2314106 GQ2315789 GQ2316016 GQ2316842 GQ2317513 GQ2317584 GQ2400862 GQ2401278
Li (ppm)
GQ2204652 GQ2205605 GQ2206063 GQ2205976 GQ2206524 GQ2212070 GQ2212073 GQ2212399 GQ2212764 GQ2213034 GQ2213394 GQ2213623 GQ2214121 GQ2214119 GQ2214896 GQ2215524 GQ2215527 GQ2215829 GQ2300828 GQ2300830 GQ2300912 GQ2300832 GQ2301235 GQ2301598 GQ2301873 GQ2302099 GQ2302093 GQ2302611 GQ2302813 GQ2302814 GQ2303030 GQ2303098 RE2300326
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Figure 11-8 – Standard Reference Material Chart – OREAS 750

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Source: GE21 2024
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Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

11-9

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Type of Control STANDARD Code OREAS_750 Minimum 2093
Reference OREAS_750 Certificate Value 2300 Maximum 2515
Variable Li_ppm Upper limit (95%CL) 2350 Mean 2284
Number of analysis 97 Lower limit (95%CL) 2250 Standard deviation 92
Bias -0.67%
STANDARD - OREAS 750
2600
Li_ppm
2500
2400
Mean
2300
Certificate Value
2200
2100
Upper Limit (95%CL)
2000
Lower Limit (95%CL)
Batches
Li (ppm)
GQ2204652 GQ2205605 GQ2206063 GQ2205976 GQ2206524 GQ2212070 GQ2212073 GQ2212399 GQ2212764 GQ2213034 GQ2213394 GQ2213623 GQ2214121 GQ2214119 GQ2214896 GQ2215524 GQ2215527 GQ2215829 GQ2300828 GQ2300830 GQ2300912 GQ2300832 GQ2301235 GQ2301598 GQ2301873 GQ2302099 GQ2302093 GQ2302611 GQ2302813 GQ2302814 GQ2303030 GQ2303098 RE2300326
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Figure 11-9 – Standard Reference Material Chart – OREAS 752

Source: GE21 2024

11.5.4 Crushed Duplicates

Duplicates are used in the Quality Control program to evaluate the precision of geochemical analysis. Insertion of blind duplicates of crushed (75% passing in 3mm sieve) material is used to test the laboratory’s reproducibility and determine if the sample preparation process generates bias or imprecision in the results.

A total of 273 crushed duplicates were evaluated. Control charts for this control type show high correlations and good reproducibility, with over 90% of the samples falling below the 20% HARD limit. Figure 11-10 presents the control chart.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

11-10

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SMP DUP
Type of control Duplicate Minimum 17 10
Reference 3mm Maximum 17130 18020
Variable Li_ppm Average 5414 5400
Accuracy limit 10% Median 5270 5102
Inside HARD
Number of pairs 273 95.24%
Limits
Correlation Chart y = 0.9882x + 50.389 Quantil-Quantil Chart
R² = 0.9875
20000 20000
18000 18000
16000 16000
14000 14000
12000 12000
10000 10000
8000 8000
6000 6000
4000 4000
2000 2000
0 0
0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000
SMP SMP
T & H Rank HARD Chart
Precision Chart 100%
90%
80%
1000 70%
60%
50%
10
40%
30%
0.1 20%
10 1000 100000 10%
Pair of duplicates average 0%
0% 20% 40% 60% 80% 100%
Média das leituras 10% 20% 30% 50% RANK
DUP Dup
HARD
Absolute Difference
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Figure 11-10 – Crushed Duplicates Control Chart

Source: GE21 2024

11.5.5 Pulverized Duplicates

Duplicates are used in the quality control program to evaluate the precision of the geochemical analysis. The insertion of blind duplicates of pulverized material (95% passing 150# sieve) is used to test the laboratory’s reproducibility and determine if the milling process is not generating bias or imprecision in the results.

A total of 273 pulverized duplicates were evaluated. Control charts for this control type show high correlations and good reproducibility, with approximately 91% of the samples falling below the 5% HARD limit. Figure 11-11 presents the control chart.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

11-11

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SMP DUP
Type of control Duplicate Minimum 32 19
Reference 150# Maximum 23330 22900
Variable Li_ppm Average 7357 7338
Accuracy limit 5% Median 7231 7132
Inside HARD
Number of pairs 273 90.84%
Limits
Correlation Chart y = 0.9998x - 17.538 Quantil-Quantil Chart
R² = 0.9943
25000 25000
22500 22500
20000 20000
17500 17500
15000 15000
12500 12500
10000 10000
7500 7500
5000 5000
2500 2500
0 0
0 2500 5000 7500 10000 12500 15000 17500 20000 22500 25000 0 2500 5000 7500 10000 12500 15000 17500 20000 22500 25000
SMP SMP
T & H Rank HARD Chart
Precision Chart 100%
90%
80%
1000
70%
60%
50%
10
40%
30%
0.1 20%
10 1000 100000 10%
Pair of duplicates average 0%
0% 20% 40% 60% 80% 100%
Média das leituras 10% 20% 30% 50% RANK
DUP Dup
HARD
Absolute Difference
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Figure 11-11 – Pulverized Duplicates Control Chart

Source: GE21 2024

11.5.6 Check Assay

Lithium Ionic has submitted Check Assay batches for analysis at the ALS Laboratory in Vancouver, British Columbia, Canada. This procedure is used to verify the reliability of the primary laboratory results by crosschecking it with a secondary reference laboratory. Check Assay results are presented in the following control chart (Figure 11-12). Only 1 sample of 72 has returned a pair above the 30% HARD limit, representing 1.4% of the total Check Assays, presenting the control chart of the Check Assay results.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

11-12

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Figure 11-12 – Check the Assay Control Chart

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Source: GE21 2024
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11.6 QP Opinion

The QP’s opinion is that sampling, sample preparation, security and analysis performed by Lithium Ionic and hired companies are suited for a Mineral Resource Estimation study. Quality Assurance procedures follow the industry’s best practices, and Quality Control results are within industry standards, attesting to the quality of the Database information.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

11-13

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12 DATA VERIFICATION

12.1 QP Verification

GE21 team members have conducted several field visits since 2022 at the Bandeira Project in Araçuaí to verify the company’s infrastructure, the procedures in the course, and the results obtained from the activities carried out by Lithium Ionic staff.

Mr. Carlos José Evangelista Silva, an independent QP for Geology Exploration and Mineral Resource Estimate, conducted a site visit on the Bandeira Project between the 13th and 14th of September 2023 and the 12th of December 2023. Lithium Ionic allowed unlimited access to the Company's facilities during this time.

The QP inspected mainly the following points:

Drilling Sites and Trenches (Figure 12-1 to Figure 12-4):
Collar landmarks.
Trenches.
Drilling Rigs.
Drill Core Shed House (Figure 12.5 to Figure 12-13):
Installations and Overall core shed procedures flowchart.
Core box archive and Drillhole landmark checking.
Drill core saw and Drill core sample bags.
Batches of sample bags.
Pulverized and crushed samples were returned from labs.
Density test procedures by water displacement methodology.
Physical file storage for drill hole loggings and bulletins.
Check the mineralization style and sampling procedures.
The assay data was cross-checked within the drill sample database. Digital assay records were randomly selected and scrutinized against the available laboratory assay certificate reports.
Additionally, a comprehensive review of the assay database was conducted to identify errors, including overlaps, interval gaps, and typographical errors in assay values. The database generally exhibited high accuracy, requiring no adjustments to the assay values contained within.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

12-1

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to the Company's facilities during this time.

The QP inspected mainly the following points:

Drilling sites (Figure 12-14 and Figure 12-15):
Collar landmarks of selected infill drilling.
Drill Core Shed House (Figure 12-16 and Figure 12-17):
Installations and Overall core shed procedures flowchart.
Core box archive and Drillhole landmark checking.
Batches of sample bags.
Density test procedures by water displacement methodology.
Physical file storage for drill hole loggings and bulletins.
Check the mineralization style and sampling procedures.
The assay data was cross-checked within the drill sample database. Digital assay records were randomly selected and scrutinized against the laboratory assay certificate reports and core samples in the core shed.

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Figure 12-1 – Visited Points on Lithium Ionic Bandeira Property by QP Carlos J. E. Silva

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

12-2

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Pegmatite Vein with Spodumene Outcrop

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Trench ITTRE-22-001 – Pegmatite Vein with Trech ITTRE-22-001 – Spodumene Pegmatite Spodumene Outcrop Vein Outcrop

Figure 12-2 – Spodumene Pegmatites Outcrops and Trench on Lithium Ionic Bandeira Property Source: GE21 2023 taken by QP Carlos J. E. Silva

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

12-3

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Collar landmarks - Drilling Site ITDD-23-196 Drilling Site ITDD-23-196
Collar landmarks - Drilling Site ITDD-23-162 Drilling Site ITDD-23-162
Collar landmarks - Drilling Site ITDD-23-093 Drilling Site ITDD-23-093
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Figure 12-3 – Collar Moments Lithium Ionic Bandeira Property

Source: GE21 2023 taken by QP Carlos J. E. Silva

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

12-4

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Drill Rig on site of the Bandeira, drilling in 13/09/2023 the DDH ITDD-23-192 - azimuth 140 – dip ~70

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Drill Rig on site of the Bandeira, drilling in
13/09/2023 - DDH ITDD-23-192 – Spodumene in
pegmatite veins cores recovered from drilling –
depth 355m
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Drill Rig on site of the Bandeira, drilling in 13/09/2023 – DDH ITDD-23-192 - Technicians recovering the cores and using the REFLEX ACT III for core orientation

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Drill Rig on site of the Bandeira, drilling in
13/09/2023 the DDH ITDD-23-192 - REFLEX
GYRO IQ used by Lithium Ionic Staff to do the
survey measurement
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Figure 12-4 – Drilling Rig and Survey Equipment on Lithium Ionic Bandeira Property

Source: GE21 2023 taken by QP Carlos J. E. Silva

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

12-5

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Office and Core Shed House 1 of the Lithium Office and Core Shed House 1 of the Lithium
Ionic in Araçuaí-MG-Brazil – external view Ionic in Araçuaí-MG-Brazil – internal view
Core Shed House 2 of the Lithium Ionic in Core Shed House 2 of the Lithium Ionic in
Araçuaí-MG-Brazil – external view Araçuaí-MG-Brazil – internal view
Core Shed House 3 of the Lithium Ionic in Core Shed House 3 of the Lithium Ionic in
Araçuaí-MG-Brazil – external view Araçuaí-MG-Brazil - internal view
Figure 12-5 – Lithium Ionic Core Shed Storage Houses in Araçuaí
Source: GE21 2023 taken by QP Carlos J. E. Silva
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Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

12-6

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Core boxes storage – House 2 Core boxes storage – House 3
Storage of the pulverized samples and crushed Storage of the pulverized samples and
samples after return from Labs crushed samples after return from Labs
Core boxes storage Core boxes storage
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Figure 12-6 – Cores Boxes Storage in Lithium Ionic Core Shed Houses

Source: GE21 2023 taken by QP Carlos J. E. Silva

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

12-7

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The technician is working with the cores.

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Geologists are doing the structural and
geological logs.
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Cores after sampling with assays identified
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Cores sampled and identified to send to
labs.
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Figure 12-7 – Lithium Ionic Staff Working in Logs and Sampling Procedures

Source: GE21 2023 taken by QP Carlos J. E. Silva

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

12-8

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DDH batch of samples ready to be sent to the
DHH standardized sample identification
laboratory
Stock of the Standards used in QA/QC
Stock of the Blank used in QA/QC procedures
procedures
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Figure 12-8 – Lithium QA/QC Standards Stock and Sampling Standards Source: GE21 2023 taken by QP Carlos J. E. Silva

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

12-9

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Density measurement – dry core weight

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Density measurement – core weight underwater

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Drill core cutting saw. Drill core cutting saw sediment settling tank.
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Figure 12-9 – Lithium Ionic Density Procedures and Drill Core Cutting Saw

Source: GE21 2023 taken by QP Carlos J. E. Silva

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

12-10

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Customized database management system for mineral research from Lithium Ionic

Customized database management system for mineral research from Lithium Ionic – Registration of Collar Drilling

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Customized database management system for mineral research from Lithium Ionic -Registration of the Geological log

Customized database management system for Customized database management system for mineral research from Lithium Ionic -Registration mineral research from Lithium Ionic -Registration of of the Geological log the Drilling daily report Lithium Ionic Cloud data center Lithium Ionic Cloud data center – DDH folders

Figure 12-10 – Lithium Ionic Data Base System Interface and Cloud Data Center

Source: GE21 2023 taken by QP Carlos J. E. Silva

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

12-11

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Physical Drillhole Files Storage Folders with drill-hole documents
Folder of the DDH ITDD-23-196 - with drill hole Folder of the DDH ITDD-23-196 - Daily
documents - Drilling Bulletin
Folder of the DDH ITDD-23-196 – geological log Folder of the DDH ITDD-23-196 – assay
results, certificates
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Figure 12-11 – Lithium Ionic Physical Drillhole Files Storage

Source: GE21 2023 taken by QP Carlos J. E. Silva

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

12-12

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Core boxes of the modelled mineralized Core boxes of the modelled mineralized
spodumene zone – ITDD-23-147 – – 207,80m spodumene zone – ITDD-23-139 – 305m depth,
depth, detail of the Spodumene crystal detail of the Spodumene crystal
Core boxes of the modelled mineralized Core boxes of the modelled mineralized
spodumene zone – ITDD-23-162 – 460,5m spodumene zone – ITDD-23-163 – 146m depth,
depth - detail of the Spodumene crystal detail of the Spodumene crystal
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Figure 12-12 – Lithium Ionic Bandeira Property Spodumene Pegmatites Intercepts

Source: GE21 2023 taken by QP Carlos J. E. Silva

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Core boxes of the modelled mineralized spodumene zone – ITDD-23-120 – 109m to 115m

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Core boxes of the modelled mineralized spodumene zone – ITDD-23-091 – 479m to 489m

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Core boxes of the modelled mineralized Core boxes of the modelled mineralized spodumene zone – ITDD-23-091 – 479m to 489m spodumene zone – ITDD-23-120 – 111m depth, - samples identification detail of the Spodumene crystal

Figure 12-13 – Lithium Ionic Bandeira Property Spodumene Pegmatites Intercepts

Source: GE21 2023 taken by QP Carlos J. E. Silva

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 12-14 – Visited Points on Lithium Ionic Bandeira Property by QP Leonardo Rocha

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Collar landmarks - Drilling Site ITDD-23-120 Drilling Site ITDD-23-210
Collar landmarks - Drilling Site ITDD-23-235 Drilling Site ITDD-23-235
Collar landmarks - Drilling Site ITDD-23-236 Drilling Site ITDD-23-236
Collar landmarks - Drilling Site ITDD-23-221 Drilling Site ITDD-23-221
Collar landmarks - Drilling Site ITDD-23-159 Drilling Site ITDD-23-159
Pegmatite Vein with Spodumene (detail) Pegmatite Vein contact with Schist Spodumene
Outcrop Outcrop
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Figure 12-15 – Collar landmarks and Outcrops in Lithium Ionic Bandeira Property

Source: GE21 2024 taken by QP Leonardo S. S. Rocha

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Folder of the DDH ITDD-23-236 - with drill hole Folder of the DDH ITDD-23-236 - Daily Drilling
documents - Bulletin
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Folder of the DDH ITDD-23-236 – assay
Folder of the DDH ITDD-23-236 – geological log
results, certificates
DDH batch of samples ready to be sent to the
Core boxes storage shed
laboratory
Stock of the Standards and Blanks used in
Bulk Density Measurement
QA/QC procedures
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Figure 12-16 – Lithium Ionic Physical Drillhole Files Storage

Source: GE21 2024 taken by QP Leonardo S. S. Rocha

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Core boxes of the modelled mineralized Core boxes of the modelled mineralized
spodumene zone – ITDD-23-236 – – 174m spodumene zone – ITDD-23-235 – 108m depth,
depth, detail of the Spodumene crystal detail of the Spodumene crystal
Core boxes of the modelled mineralized Core boxes of the modelled mineralized
spodumene zone – ITDD-23-159 – 446m depth - spodumene zone – ITDD-23-210 – 220m depth,
detail of the Spodumene crystal detail of the Spodumene crystal
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Figure 12-17 – Lithium Ionic Bandeira Property Spodumene Pegmatites Intercepts

Source: GE21 2024 taken by QP Leonardo S. S. Rocha

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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12.2 QP Opinion

No major issues were identified with the database. The QP’s opinion is that the practices and procedures used to generate the Lithium Ionic database are sufficient to support Mineral Resource estimation. Some observations that were recorded during visits as they relate to the generation, collection, control, and storage of exploration data on-site at Araçuaí-MG are:

The site visits included reviewing the QA/QC, field checks of the core shed, drilling in progress, review of density procedures, and discussions of the current geological interpretations with geologists of Lithium Ionic.
Drill hole collars have a physical identification marker. The markers comprise a concrete pad with a metal plate designating the drilling contractor, drill hole number, drilling area, orientation, coordinate location, start and end date drilled, and total depth. A PVC pipe protruding from the marker provides a physical record of the drill hole orientation.
All core boxes were labelled and adequately stored in a core shed house. Sample tags were present in the boxes, and it was possible to validate sample numbers and confirm the presence of mineralization in witness half-core samples from the mineralized zone.
The QP considered the Drill Hole Logging as standard industry practice logging procedures, which Lithium Ionic has standardized. They reviewed logging procedures for randomly selected drill cores and verified the completeness of the logs.
Lithium Ionic has its database software. Data storage procedures at Lithium Ionic are considered within standard industry practice. As part of the validation process, 12 holes were verified. Database validation was conducted with the Lithium Ionic staff according to standard validation procedures, including a review of collar locations, drill hole deviations and database check-assay review. QP found no inconsistencies in the database.
An extensive database of wet density information was collected during the exploration phase. Assessing density samples' moisture and porosity impact on bulk density measurements is strongly recommended.
The QP checked the Lithium Ionic procedures for sampling management, storage, logging, sample preparation, and assay. They are considered inside acceptance limits and in compliance with mineral industry practices.
Rock-type descriptions fit with the checked mineralization style. Lithium Ionic has demonstrated that it understands geology.

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13 MINERAL PROCESSING AND METALLURGICAL TESTING

The underground mine ore body at Bandeira Project are spodumene-rich pegmatites, SRP type (cf. Pedrosa-Soares et al., 2023), characterized by being non-zoned to poorly zoned pegmatites, rich in spodumene crystals (average in size 5 to 30 cm) disseminated in a matrix composed of albite, quartz, perthitic microcline (i.e., potassium feldspar with exsolved albite lamellae), muscovite, and petalite, totaling over 90% volume, with subordinate amounts (up to 10% volume) of accessory and alteration minerals, such as lithium minerals (cookeite, montebrasite, triphylite, and zabuyelite), apatite, Nb-Sn-Ta and Fe-Mn oxides, graphite, and clay minerals (kaolinite and montmorillonite).

The technological characterization includes chemical and mineralogical analyses, physical tests for hardness determination, particle size distribution in crushing assays, abrasiveness level, and metallurgical tests to identify the ore's response when subjected to simulation of the industrial process of ore mineral concentration (in this case, spodumene).

13.1 Ore Mineralogical Characterization

The lithium minerals present in the pegmatites of the Bandeira Deposit have been routinely characterized through systematic logging of drilling cores. From core intervals selected samples are taken through the description of thin polished sections under an optical microscope. Those descriptions, macroscopic (log) and microscopic (thin sections), are accompanied by modal evaluation (in vol%) of spodumene versus matrix contents, and within the matrix, the quantities of minerals identified, particularly those that may significantly interfere with ore processing. As a result of these descriptions, the lithium minerals identified in the pegmatites of the Bandeira Deposit are listed in Table 13-1. In addition to the lithium minerals listed in Table 13-1, the spodumene ore from the Bandeira Deposit contains the following main gangue minerals (average modal values in vol%): albite, quartz, perthitic potassium feldspar and muscovite.

Other accessory minerals, besides those listed in Table 13-1, typically present in amounts less than 1% volume, include: apatite, beryl, cassiterite, columbite-tantalite (including Fe-columbite determined by SEM-EDS), and graphite.

Table 13-1 – Lithium Minerals Identified at Bandeira Pegmatite Deposit

Source: Lithium Ionic 2024

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Mineral Formula Specific Density Dureza Li2O Li2O
Mohs %weight %weight
g/cm [3]
5,5 –
Montebrasite LiAl(PO4)(OH) 3,0 – 3,1 10,21 9,0
6,0
2,5 –
Cookeite (Al,Li)3Al2(Si,Al)4O10(OH)8 2,6 – 2,7 2,86 2,5
3,5
Elbaíte Na(Li,Al)3Al6(BO3)3Si6O18(OH)4 2,9 – 3,1 7,5 4,07 4,0
6,5 –
Spodumene LiAlSi2O6 3,1 – 3,2 8,03 7,4
7,0
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Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Mineral Formula Specific Density Dureza Li2O Li2O
Mohs %weight %weight
g/cm [3]
Spodumene
- < 3,1 < 6,5 - < 7,4
parcially alterated
Lepidolite KLi2Al(Si4O10)(F,OH)2 – 6,46 –
(polilitionite – 2,8 - 2,9 2,5 - 3,5 7,1
trilitionite) K(Li1.5Al1.5)(AlSi3O10)(F,OH)2 7,70
LiMn(PO4) – 9,53 –
Litiofilite – Trifilite 3.4 – 3.6 4 9,0
LiFe(PO4) 9,47
Petalite (cristal) LiAlSi4O10 2,4 6,5 4,90 4,7
Petalite alterated
- < 2,4 < 6,5 < 4,90 3,0
( mass )
Zabuyelite Li2CO3 2,09 3 40,44 40,0
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Source: www.mindat.org; and Pöllmann & König, 2021, available at https://doi.org/10.3390/min11101058.

The mineralogical characterization of the Bandeira ore was conducted using X-ray diffraction (XRD) analysis with a Bruker-AXS D8 Advance ECO instrument, utilizing CuKa radiation (40kV/25mA) with a Ni filter, a step size of 0.02º 2ϴ, and an accumulated counting time of 192 seconds per step with a position-sensitive linear detector of the silicon drift type, LynxEye XE, collected from 5 to 105º 2ϴ in θ-2θ geometry on the goniometer. Quantitative analysis was calculated using the total multiphase spectrum refinement method (Rietveld method), by fundamental parameters, with Bruker-AXS Diffrac. Topas software, version 6.

The average mineralogical analysis for the 07 (seven) ore variability is presented in Table 13-2. The ore variability results are presented in the item 13.4 of this chapter.

Table 13-2 – Mineralogical Composition Average of 7 Metallurgical Drill Holes – X-Ray Difraction, Rietveld Method

Source: Lithium Ionic 2024

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Mineral % Weight
Albite 31,70
Quartz 26,50
Microcline 15,00
Spodumene 14,30
Moscovite 6,10
Montebrasite 3,30
Petalite 1,10
Others (Polilitionite, Elbaíte, Cookeite
2,00
and Pyrite)
----- End of picture text -----

Thin section microscopy and visual modal analyses also revealed some accessory minerals with total contents of less than 1% in volume: sphalerite, blue tourmaline, beryl, cassiterite, columbite/tantalite, iron columbite, lithiophilite/triphylite, apatite, zabuyelite and graphite.

13.2 Ore Chemical Analysis

The average chemical analyses for the Bandeira Deposit, considering samples from the 07

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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metallurgical drill holes of the ore variability study and the mean values from the geological database (7,516 chemical analysis, cutoff grade of Li2O>0.5%), are presented in Table 13-3.

Table 13-3 – Average Chemical Composition of the 07 Drill Holes of Bandeira Deposit

Source: Lithium Ionic 2024

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Metallurgical drill Geological Data
Metal Oxides
holes, % weight Base, % weight
Li2O, % 1,40 1,37
Fe2O3, % 0,69 0,70
Al2O3, % 15,40 14,40
K2O, % 2,30 2,58
P2O5, % 0,87 0,85
CaO, % 0,41 0,45
SnO2, ppm 437,00 280,00
Ta2O5, ppm 82,00 80,00
Nb2O5, ppm 160,00 130,00
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Source: reference in the database, maps, and sections: PEGL.

13.3 Metallurgical Testing

Preliminary metallurgical tests using Heavy Liquid Separation (HLS) were conducted by SGS Geosol. Ore sorting tests were carried out by TOMRA in Germany and at Steinert in Brazil. Ore variability test work campaign was develop in different research center and laboratories like SGS Geosol, SGS Chile, CETEM and Metso Outotec.

13.3.1 Preliminary HLS Test at SGS Geosol

Samples from drill holes ITDD-22-001, 002, and 007 were combined to generate a composite and sent to SGS Geosol. This sample was prepared according to the procedure shown in Figure 13-1, to proceed with HLS test. The objective of this test is to evaluate the performance of dense media separation in obtaining lithium concentrate for the Bandeira Project, according to market specifications, by varying the particle size distribution and density of the dense media.

20 kg sample was dried and crushed in a jaw crusher with openings of 31.5, 25.4, and 12.7 mm to obtain material 100% passing 12.7 mm. After this, particle size analysis was conducted using a sequence of sieves of 12.7, 6.3, 1.7, and 0.5 mm. For each size fraction, a representative sample was collected for chemical analysis. HLS tests were conducted at densities of 3.0, 2.9, 2.8, and 2.7 g/cm³, for the size fractions -12.7+6.3 mm, -6.3+1.7 mm, and -1.7+0.5 mm.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 13-1 – Bandeira Composite Sample Preparation Procedure

Source: Lithium Ionic 2024

The particle size distribution of the material passing 100% through 12.7 mm is presented in Figure 13-2. It is worth noting that approximately 12% of the mass does not have suitable particle size for the dense media separation stage, meaning it is smaller than 0.5 mm. The Bandeira Project considers a future study of concentration of the fine fraction (-0,5 mm) using gravity equipment or flotation.

Chemical analysis identified the predominant presence of aluminum oxide (17.10%), potassium oxide (2.39%), and lithium oxide (1.63%), as shown in Figure 13-3. The presence of aluminum can be mainly attributed to albite, K-feldspar, and spodumene. Potassium is predominantly present in K-feldspar, while lithium is in spodumene. Regarding iron oxide, the main contaminant for market specifications, the concentration in the ore is 0.23%. The mineral origin of iron is mainly schists (biotite). Besides the presence of iron, another point of concern regarding the schists is its density, which can vary between 2.40 and 3.05 g/cm³, similar to the cut-off density used for dense media separation commonly employed for spodumene concentration, considering the density of the mineral of interest varies between 3.15 and 3.20 g/cm³ (PEIXOTO, et al., 2016).

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 13-2 – Product Size Distribution after Crushing at 12,7 mm

Source: Lithium Ionic 2024

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Figure 13-3 – Bandeira Composite Sample Chemical Analysis

Source: Lithium Ionic 2024

The Heavy Liquid Separation tests were conducted for each particle size fraction; (i) -12.7 +6.3 mm, (ii) -6.3 +1.7 mm and (iii) -1.7 +0.5 mm, using organic liquid to evaluate the optimal density to achieve the market specification of lithium concentrate, i.e., a minimum of 5.5% Li2O and a maximum of 1% Fe2O3. The densities evaluated were (i) 2.7 g/cm³, (ii) 2.8 g/cm³, (iii) 2.9 g/cm³, and (iv) 3.0 g/cm³, for which solution with different proportions of methylene iodide (density: 3.29 g/cm³) and acetone (density: 0.79 g/cm³) were prepared.

Tests for the particle size fractions of -12.7 +6.3 mm and -6.3 +1.7 mm were conducted in beakers, while the test for the finer particle size fraction (-1.7 +0.5 mm) was carried out using a separating funnel. The test involves mixing the ore and the dense media solution in the reactor (beaker or separating funnel) and waiting for separation. Afterward, the sunken material, the dense media, and the floated material are collected separately. Densities were evaluated sequentially according to Figure 13-4, and for each stage, chemical composition and mass partition were assessed.

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Figure 13-4 – HLS Test Flowsheet

Source: Lithium Ionic 2024

From the results presented in Figure 13-5, the cumulative content of Li2O and Fe2O3 per each density for the three particle size fractions evaluated can be observed. This value was calculated based on the individual content of each sample and the mass partition.

It can be noted that the cut-off density increases with particle size. For finer particles, it is possible to obtain a concentrate meeting the specification using a cut-off density of 2.7 g/cm3. However, for the intermediate particle size range, the cut-off should be performed at 2.8g/cm3, and for the coarser material, at 2.9 g/cm3.

It is observed that the Li2O content in the floated material for the coarser particles is approximately three times higher than the content in the floated material for the finer particles. This indicates lower liberation of spodumene in the coarser particle size range.

Regarding iron oxide, it is found that the maximum content limit was met for all tested densities.

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Figure 13-5 – Li2O and Fe2O3 Chemical Analysis Results for Each HLS Step

Source: Lithium Ionic 2024

The recovery results by particle size range and the overall recovery of the HLS are presented in Figure 13-6, along with the Li2O content in the concentrate. For the particle size range -12.7 +6.3 mm, the cut density was 2.84 g/cm³, representing a recovery of 70.5%. These values were obtained by interpolation. For the -6.3 +0.5 mm range, the density was 2.71 g/cm³ and the recovery was 90.1%. However, considering the loss of fines, i.e., fractions smaller than 0.5 mm, which represent 12% of the mass and 11% of the lithium, the HLS recovery was 74.8%.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 13-6 – Li2O Recovery and Grade per HLS Step

Source: Lithium Ionic 2024

13.3.2 Vendors Tests

Some test work has been conducted by vendors like:

Ore Sorter
Crushing Work Index (CWI)
Crushing equipment to determine BWI (Bond Work Index), ore abrasiveness, equipment working capacity.

13.3.2.1 Ore Sorter at TOMRA

A composite sample from 6 drill holes (ITDD-22-013, 015, 029, 032, 035, and 036) with lithium oxide (Li2O) content ranging from 1.31 to 1.52% was sent to TOMRA in Germany to evaluate the applicability of the Ore Sorter in the pre-concentration stage. The material was crushed to achieve 100% passing at 31.5 mm and separated into 3 particle size ranges (-31.5 +19.1 mm; -19.1 +9.5 mm; and -9.5 mm). Tests were conducted on two particle size ranges, -31.5 +19.1mm and -19.1 +9.5 mm, while the -9.5 mm material was weighed, and its content determined to complete the metallurgical balance of the test. A preliminary analysis on the sample indicated the use of X-ray Transmission (XRT) sensor for conducting the test.

The X-ray Transmission sensor is related to the atomic density of the material, where higher transmitted X-ray intensity corresponds to lower absorption and lower atomic density. Electromagnetic radiation, between 90 and 200 keV, is directed onto the sample, and the transmitted radiation is detected pixel by pixel, converted into an electrical signal to generate a grayscale image. Hence, a lighter shade indicates lower absorption, thus lower atomic density. To distinguish thickness and atomic density, two sensors are utilized, acquiring different energy bands (VERAS, 2018; WOTRUBA & HARBECK, 2012).

The tests were conducted using the principle of cascade classification, as depicted in Figure 13-7. The sample was fed via a vibratory feeder onto a conveyor belt and analyzed by the Duoline X- ray sensor. The initial configuration of the equipment was programmed to eliminate all particles with at least 30% of high atomic density pixels. Subsequently, the previously classified low-density material was reclassified, eliminating all particles with at least 80% of high and medium atomic

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

13-7

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density pixels. Lastly, the particles not ejected in the intermediate stage underwent further classification, where particles with at least 50% of high and medium density pixels were eliminated, while those with low atomic density pixels were retained, constituting the ore sorter concentrate.

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Figure 13-7 – Ore Sorter Test Procedure Using XRT Sensor

Source: Lithium Ionic 2024

The results obtained are presented in Table 13-4 and Table 13-5 for the particle size ranges of - 31.5 +19.1 mm and -19.1 +9.5 mm, respectively. The fine fraction (-9.5 mm) accounted for 16.9% of the mass, which will be sent to the dense medium concentration stage. From the results, it is possible to observe that with the decrease in the ore sorter's average atomic density cut-off, the concentrate grade increases, and the metallurgical recovery decreases for both particle size ranges. Therefore, configuration 2 was selected as the most promising, as it was possible to enrich the dense medium feed grade by 25 to 26%, recovering 91 to 94% of the lithium.

Table 13-4 – Ore Sorter Results for the Size Fraction of -31,5 +19.1 mm

Source: Lithium Ionic 2024

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Mass Conc. Li2O grade Reject Li2O Li2O Enrichment
Configuration Recovery
reduction (%) (%) grade (%) (%)
(%)
1 17.15 1.46 0.23 96.85 17
2 24.81 1.56 0.30 93.97 25
3 48.43 1.74 0.73 71.69 39
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Table 13-5 – Ore Sorter Results for the Size Fraction of -19.1 + 9,5 mm

Source: Lithium Ionic 2024

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Mass Conc. Li2O grade Reject Li2O Li2O Enrichment
Configuration Recovery
reduction (%) (%) grade (%) (%)
(%)
1 16.49 1.52 0.29 96.37 16
2 26.86 1.65 0.43 91.26 26
3 55.01 1.95 0.80 66.51 50
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Subsequently, tests were conducted at TOMRA to evaluate the effect of dilution with shale on the equipment's performance. For this purpose, two drill holes, ITDD-22-054 and ITDD-22-098, with 10% dilution at the intersection with the pegmatite, were selected. The samples were crushed to achieve 100% passing at 31.5 mm and separated into 4 particle size ranges (-31.5 +19.1 mm; - 19.1 +9.5 mm; -9.5 mm +0.85 mm; and -0.85 mm). Tests were conducted for two particle size ranges, -31.5 +19.1 mm and -19.1 +9.5 mm, while the material from the other size ranges was weighed, and its content determined to complete the metallurgical balance.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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The tests were conducted using the same cascade classification principle applied previously, as shown in Figure 13-7. Table 13-6 and Table 13-7 present the results of the ore sorter test for the particle size range -19.1 +9.5 mm for the two drill holes. It is possible to observe that the results obtained for both samples were similar and indicate that configuration 1 is the most suitable. This is because, in this setup, enrichment between 19 and 20% was achieved with 94-96% recovery.

Table 13-6 – Ore Sorter Results for the Size Fraction of -19.1 + 9.5 mm (ITDD-22-054)

Source: Lithium Ionic 2024

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Mass Conc. Li2O grade Reject Li2O Li2O Enrichment
Configuration
reduction (%) (%) grade (%) Recovery (%) (%)
1 20.81 1.77 0.43 94.00 19
2 27.15 1.83 0.56 89.83 23
3 50.68 2.29 0.70 76.09 54
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Table 13-7 – Ore Sorter Results for the Size Fraction of -19.1 +9.5 mm (ITDD-22-098)

Source: Lithium Ionic 2024

Configuration	Mass reduction (%)	Conc. Li2O grade (%)	Reject Li2O grade (%)	Li2O Recovery (%)	Enrichment (%)
1	19.90	1.61	0.26	96.19	20
2	30.89	1.72	0.48	88.94	29
3	54.45	1.98	0.80	67.28	48

The results for the particle size range -31.5 +19.1 mm are presented in Table 13-8 and

Table 13-9 for drill holes ITDD-22-054 and ITDD-22-098, respectively. There were discrepancies in the results between the two samples for the coarse particle size range, despite the difference in Li2O content in the test feed being less than 5% (1.31% for ITDD-22-054 and 1.26% for ITDD22-098). Since no significant variation was observed in the results of the tests with and without dilution for the particle size range of -19.1 +9.5 mm, and no relevant effect of particle size on the undiluted test was observed, the result of drill hole ITDD-22-054 for coarse particle size was not considered in the ore sorter application analysis, as it differs from the other results obtained. Therefore, the second configuration is indicated as the most interesting, as it achieved a recovery of almost 93% of lithium, with an enrichment of 17%.

Table 13-8 – Ore Sorter Results for the Size Fraction of -31.5 +19.1 mm (ITDD-22-054)

Source: Lithium Ionic 2024

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Mass reduction Conc. Li2O grade Reject Li2O Li2O Enrichment
Configuration Recovery
(%) (%) grade (%) (%)
(%)
1 21.35 1.47 0.74 87.97 12
2 30.63 1.62 0.62 85.54 23
3 48.03 1.93 0.65 76.32 47
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Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Table 13-9 – Ore Sorter Results for the Size Fraction of -31.5 +19.1 mm (ITDD-22-098)

Source: Lithium Ionic 2024

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Mass reduction Conc. Li2O Reject Li2O Li2O
Configuration Enrichment (%)
(%) grade (%) grade (%) Recovery (%)
1 14.90 1.39 0.49 94.17 11
2 20.71 1.47 0.43 92.84 17
3 42.17 1.70 0.65 78.24 35
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13.3.2.2 SGS Chile – CWI (Crushability Work Index)

The Bond Low Energy Impact test was conducted at SGS Chile to determine the Crushing Work Index (CWi), a factor indicating the power required for crushing. For the assay, 20 pieces cut to a thickness of 51 mm were sent. Each specimen was subjected to the impact of two hammers mounted on a pendulum. The test was repeated with an increase in the pendulum angle, thus increasing the impact, until the sample fractured. Cwi results varies from 4.1kWh/t to 10.2 kWh/t. The average result was 7.0 kWh/t, characterizing medium crushability work index. Table 13-10 and Table 13-11 shows the results obtained for this test.

Table 13-10 – Average CWi Results for the Bond Low-Energy Impact Tests

Source: Lithium Ionic 2024

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Specimen No Impact Energy, Joules Work Index, kWh/t
1 14.9 5.9
2 10.4 4.1
3 14.9 5.9
4 10.4 4.1
5 14.9 5.9
6 26 10.2
7 26 10.2
8 20.1 7.9
9 10.4 4.1
10 26 10.2
11 10.4 4.1
12 14.9 5.9
13 26 10.2
14 26 10.2
15 20.1 7.9
16 14.9 5.9
17 14.9 5.9
18 20.1 7.9
19 20.1 7.9
20 14.9 5.9
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Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

13-10

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Table 13-11 – Test Work Statistics

Source: Lithium Ionic 2024

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Parameter kWh/t
Maximum Impact Work Index 10.2
Minumum Impact Work Index 4.1
Average Impact Work Index 7
Standard Deviation 2.3
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The specific gravity for the specimens were determined and found the result de 2.68 g/cm3.

13.3.2.3 Metso Outotec Tests

Crushability tests were performed to define crushing size with three composite samples of minimum 50 kg. According to tests the following parameters were determined, as shown in Table 13-12. The material was classified as abrasive and very easy to crush. In general, the results did not vary between the composites samples.

Table 13-12 – Crushability Tests Results

Source: Lithium Ionic 2024

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----- Start of picture text -----

COMPOSITE 1 COMPOSITE 2 COMPOSITE 3
ITDD-22-023T/030T and
Samples ITDD-22-048T ITDD-23-093T/087T
ITDD-23-083T
Abrasion index Average Average Average
(Bond) (0,295 g) (0,300 g) (0,212 g)
Abrasion index Abrasive Abrasive Abrasive
(Macon) (1698 g/t) (1602 g/t) (1600 g/t)
Crushability 69,0 % 68,8 % 79,0 %
(Macon) (very easy) (very easy) (very easy)
Average Average Average
Work index (Bond)
(12,25 kWh/st) (11,35 kWh/st) (10,50 kWh/st)
Bulk density 1,56 t/m³ 1,61 t/m³ 1,60 t/m³
Specific gravity 2,66 t/m³ 2,71 t/m³ 2,70 t/m³
Crusher 75x50mm - Crusher 75x50mm - Crusher 75x50mm -
Jaw crusher Smooth Jaw Plates. Smooth Jaw Plates. Smooth Jaw Plates.
crushability CSS=4,5mm - Load Cell CSS=4,5mm - Load Cell CSS=4,5mm - Load Cell
on Toggle on Toggle on Toggle
Volumetric Standard methods Standard methods Maximum value
capacity index (107,84 %) (107,40 %) (116,47 %)
Minimum setting
Smallest leaflet setting Smallest leaflet setting
Strength index reduced 20%
(96,21 %) (106,96 %)
(88,57 %)
Product flakiness Cubical material Cubical material Cubical material
index (13,29 %) (5,45 %) (4,91 %)
----- End of picture text -----

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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13.3.3 Ore Variability

A variability study was conducted to understand the geological and metallurgical ore variability. First, eight drill holes without schist was selected to evaluate the HLS performance for different samples. Then, fifteen new samples from eleven drill holes were selected to evaluate the ore sorter and HLS performance in different area and depth with schist dilution.

13.3.3.1 Undiluted Samples – HLS tests

Figure 13-8 indicates the location of the eight drill holes selected, those has maximum 100m depth and minimum 5m interception, except ITDD-23-134T only used to Bond Low Energy Impact Test. A total of 906 kg was sent to SGS Geosol to be prepared, which includes crushing, screening, and sampling. The HLS was performed in duplicate at two particle size ranges -12.7 +6.3mm and -6.3 +0.85mm for three densities 2.8 g/cm³, 2.7 g/cm³ and 2.4 g/cm³, simulating a rougher-scavenger circuit and a polishing step for petalite recovery.

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Figure 13-8 – Variability Study Drill Holes Map

Source: Lithium Ionic 2024

HLS rougher-scavenger results are presented in Table 13-13 and Table 13-14 for each particle size range. The 2.4 g/cm³ step did not presented significative mass for all samples, which indicates minor presence of petalite. In general, rougher concentrate presented Li2O grade above 5.5% with average global recovery of 84% for the coarse and 89% for the fine fraction.

Composite samples were tested to evaluate the combined behavior of the cluster. The composite results fit to the polynomial adjustment as shown in Figure 13-9 and Figure 13-10. The metallurgical recovery polynomial adjustment adherence with the composite results is shown in

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

13-12

Figure 13-11 with a R²=0.89.

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Table 13-13 – HLS Results for Coarse Fraction (-12.7+6.35 mm)

Source: Lithium Ionic 2024

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----- Start of picture text -----

Li2O Float Grade Li2O Sink Grade Li2O Global Recovery
Drill Hole Li2O Feed Grade (%)
(%) (%) (%)
T1 T2  T1 T2  T1 T2  T1 T2 
ITDD-22-002T 1.10 1.40 1.25 0.33 0.26 0.29 4.18 3.95 4.06 76.80 88.18 82.50
ITDD-22-023T 1.60 1.48 1.54 0.22 0.23 0.23 5.82 5.55 5.68 89.90 89.30 89.61
ITDD-22-030T 0.83 1.63 1.23 0.38 0.35 0.36 7.13 7.65 7.39 60.40 84.49 72.42
ITDD-22-048T 1.26 0.95 1.10 0.26 0.28 0.27 5.40 5.43 5.41 86.20 78.00 82.08
ITDD-23-083T 1.61 2.14 1.88 0.10 0.14 0.12 6.76 6.33 6.55 95.30 95.93 95.61
ITDD-23-087T 1.53 2.12 1.83 0.38 0.21 0.30 4.96 5.57 5.27 83.20 94.43 88.81
ITDD-23-093T 0.60 0.59 0.60 0.19 0.13 0.16 6.75 6.15 6.45 72.30 81.80 77.06
Composite 1 1.40 - - 0.27 - - 4.52 - - 87.20 - -
Composite 2 1.33 - - 0.29 - - 5.50 - - 84.40 - -
----- End of picture text -----

Table 13-14 – HLS Results for Fine Fraction (-6.35+0.85 mm)

Source: Lithium Ionic 2024

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----- Start of picture text -----

Li2O Float Grade Li2O Sink Grade Li2O Global Recovery
Drill Hole Li2O Feed Grade (%)
(%) (%) (%)
T1 T2  T1 T2  T1 T2  T1 T2 
ITDD-22-002T 1.14 1.07 1.10 0.17 0.17 0.17 5.59 4.98 5.29 88.32 87.71 88.01
ITDD-22-023T 1.59 1.33 1.46 0.22 0.17 0.19 6.75 6.01 6.38 89.57 90.25 89.91
ITDD-22-030T 1.44 1.36 1.40 0.31 0.27 0.29 7.37 6.56 6.96 82.64 84.37 83.51
ITDD-22-048T 0.96 1.00 0.98 0.18 0.13 0.16 6.25 6.83 6.54 85.33 89.91 87.62
ITDD-23-083T 1.45 1.48 1.46 0.12 0.12 0.12 7.15 7.25 7.20 93.48 93.89 93.69
ITDD-23-087T 1.51 1.58 1.54 0.19 0.21 0.20 6.55 6.37 6.46 91.25 90.26 90.76
ITDD-23-093T 1.04 1.19 1.12 0.16 0.15 0.15 6.99 6.74 6.87 87.67 90.48 89.08
Composite 1 1.34 - - 0.19 - - 6.74 - - 89.1 - -
Composite 2 1.42 - - 0.18 - - 6.54 - - 90.8 - -
----- End of picture text -----

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 13-9 – HLS Metallurgical Recovery in Function of Feed Grade

Source: Lithium Ionic 2024

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Figure 13-10 – HLS Mass Recovery in Function of Feed Grade

Source: Lithium Ionic 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 13-11 – Metallurgical Polynomial Model Adherence

Source: Lithium Ionic 2024

All HLS samples was analyzed by X-ray diffraction to understand the mineralogical behavior at HLS. The main lithium bearing minerals founded was spodumene, montebrasite, petalite and elbaite. According to Figure 13-12 and Figure 13-13 spodumene is mainly in the concentrate for both particle size distribution. Montebrasite distribution is presented in Figure 13-14 and Figure 13-15 and it is reported mainly in the tailing fraction. The same behavior happens to petalite distribution as shown in Figure 13-16 and Figure 13-17. Elbaite distribution has no concentration preference, as shown in Figure 13-18 and Figure 13-19 following the mass distribution.

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Figure 13-12 – Spodumene Mass Distribution in HLS tEst for Coarse Material (-12.7+6.35 mm)

Source: Lithium Ionic 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 13-13 – Spodumene Mass Distribution in HLS Test for Fine Material (-6.35+0.85 mm)

Source: Lithium Ionic 2024

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Figure 13-14 – Montebrasite Mass Distribution in HLS Test for Coarse Material (-12.7+6.35 mm)

Source: Lithium Ionic 2024

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Figure 13-15 – Montebrasite Mass Distribution in HLS Test for Fine Material (-6.35+0.85 mm)

Source: Lithium Ionic 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

13-16

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Figure 13-16 – Petalite Mass Distribution in HLS Test for Coarse Material (-12.7+6.35 mm)

Source: Lithium Ionic 2024

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Figure 13-17 – Petalite Mass Distribution in HLS Test for Fine Material (-6.35+0.85 mm)

Source: Lithium Ionic 2024

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Figure 13-18 – Elbaite Mass Distribution in HLS Test for Coarse Material (-12.7+6.35 mm)

Source: Lithium Ionic 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

13-17

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Figure 13-19 – Elbaite Mass Distribution IN Hls Test FOR Fine Material (-6.35+0.85 mm)

Source: Lithium Ionic 2024

13.3.3.2 Diluted Samples – Ore Sorter & HLS Tests

Figure 13-20 indicates the location of the 11 new drill holes (phase 2 in blue) among those two drill holes (ITDD-23-065 and ITDD-23-073) were selected three in different depths, to evaluate the metallurgical response over the LOM. For these samples, were performed ore sorter tests and HLS.

Ore sorter tests were done in two particle size range -31.5+19.1 mm and -19.1+7.5 mm. Then both concentrates were combined jointly together with the fraction size below 7.5 mm, that did not pass through ore sorter concentration. These composite samples were used to perform HLS tests in two particle size range -12.7+6.35 mm and -6.35+0.5 mm in three densities (2.8 g/cm³, 2.7 g/cm³ and 2.45 g/cm³).

Ore sorter results are presented in Figure 13-21 below for lithium and iron. In general, average lithium recovery was 93.6% and 92.6% respectively.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

13-18

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Figure 13-20 – Variability Additional Drill Hole Location Map

Legend: phase 2 in blue. Source: Lithium Ionic 2024

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Figure 13-21 – Ore Sorter Results for Lithium and Iron

Source: Lithium Ionic 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

13-19

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Coarse and fine ore sorter concentrate were combined with fine fraction -7.5+0.5 mm to perform HLS tests. The particle size in HLS was -12.7+6.35 mm and -6.35+0.5 mm. A 3-stage circuit was simulated by HLS test in 2.80 g/cm³, 2.70 g/cm³ and 2.45 g/cm³. Table 13-15,

Table 13-16 and

Table 13-17 present HLS results. Rougher average metallurgical recovery was 77.8% with 22.1% of mass recovery. Scavenger step may increase the metallurgical recovery up to 86.1% with 34.0%. The step in 2.45 g/cm³ to may increase average metallurgical recovery up to 88.2% and mass recovery up to 2.1%. Figure 13-22 indicates the polishing effect.

Table 13-15 – HLS Rougher Step Results

Source: Lithium Ionic 2024

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----- Start of picture text -----

Sample Size Rec. Mas Rec. Met Li2O feed Li2O Li2O tail
(%) (%) (%) conc (%) (%)
ITDD-23-065 270.2 a 277.97 Fine 28.7 85.1 2.22 6.57 0.46
ITDD-23-065 351.23 a 380.7 Fine 8.7 47.4 0.97 5.27 0.56
ITDD-23-065 455.28 a 462.88 Fine 12.4 81.0 0.70 4.59 0.15
ITDD-23-073 76.82 a 84.66 Fine 25.1 90.0 1.83 6.55 0.24
ITDD-23-073 205.62 a 214.3 Fine 24.4 88.2 2.01 7.25 0.31
ITDD-23-073 406.21 a 428.35 Fine 15.0 71.9 1.17 5.60 0.39
ITDD-23-146 266.31 a 277.18 Fine 19.1 81.7 1.53 6.56 0.35
ITDD-23-145 289.82 a 303.05 Fine 19.1 82.0 1.59 6.84 0.35
ITDD-23-226 170.61 a 180.57 Fine 16.4 73.1 1.53 6.83 0.49
ITDD-22-039 85.24 a 96.86 Fine 25.7 85.4 1.59 5.29 0.31
ITDD-23-247 84.62 a 99.58 Fine 12.0 79.1 0.81 5.36 0.19
ITDD-23-232 137.7 a 146.95 Fine 20.6 80.6 1.53 6.00 0.38
ITDD-23-105 219.44 a 230.59 Fine 14.3 80.4 1.16 6.54 0.27
ITDD-23-123 148.16 a 160.4 Fine 14.2 81.2 1.08 6.19 0.24
ITDD-23-131 97.48 a 103.88 Fine 25.4 88.9 1.36 4.76 0.20
ITDD-23-065 270.2 a 277.97 Coarse 44.6 89.7 3.30 6.63 0.61
ITDD-23-065 351.23 a 380.7 Coarse 7.8 37.0 1.07 5.04 0.73
ITDD-23-065 455.28 a 462.88 Coarse 23.5 74.7 0.90 2.85 0.30
ITDD-23-073 76.82 a 84.66 Coarse 30.3 82.9 2.10 5.75 0.51
ITDD-23-073 205.62 a 214.3 Coarse 31.0 85.7 2.25 6.23 0.47
ITDD-23-073 406.21 a 428.35 Coarse 25.2 68.6 1.99 5.41 0.84
ITDD-23-146 266.31 a 277.18 Coarse 29.4 83.9 2.19 6.27 0.50
ITDD-23-145 289.82 a 303.05 Coarse 34.2 83.7 2.03 4.95 0.50
ITDD-23-226 170.61 a 180.57 Coarse 25.1 69.3 2.08 5.73 0.85
ITDD-22-039 85.24 a 96.86 Coarse 31.5 84.7 2.14 5.74 0.48
----- End of picture text -----

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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----- Start of picture text -----

Sample Size Rec. Mas Rec. Met Li2O feed Li2O Li2O tail
(%) (%) (%) conc (%) (%)
ITDD-23-247 84.62 a 99.58 Coarse 13.0 64.9 0.87 4.32 0.35
ITDD-23-232 137.7 a 146.95 Coarse 25.8 71.6 1.59 4.42 0.61
ITDD-23-105 219.44 a 230.59 Coarse 14.0 71.0 1.25 6.33 0.42
ITDD-23-123 148.16 a 160.4 Coarse 20.3 84.8 1.65 6.90 0.32
ITDD-23-131 97.48 a 103.88 Coarse 27.2 86.4 1.60 5.07 0.30
----- End of picture text -----

Table 13-16 – HLS Scavenger Step Results

Source: Lithium Ionic 2024

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----- Start of picture text -----

Sample Size Rec. Rec. Met Li2O Li2O Li2O tail
Mas (%) (%) feed (%) conc (%) (%)
ITDD-23-065 270.2 a 277.97 Fine 13.4 32.7 0.46 1.13 0.36
ITDD-23-065 351.23 a 380.7 Fine 5.6 6.2 0.56 0.62 0.55
ITDD-23-065 455.28 a 462.88 Fine 10.9 38.4 0.15 0.53 0.11
ITDD-23-073 76.82 a 84.66 Fine 13.8 44.9 0.24 0.79 0.16
ITDD-23-073 205.62 a 214.3 Fine 8.2 23.5 0.31 0.89 0.26
ITDD-23-073 406.21 a 428.35 Fine 15.5 25.8 0.39 0.64 0.34
ITDD-23-146 266.31 a 277.18 Fine 9.2 25.9 0.35 0.98 0.28
ITDD-23-145 289.82 a 303.05 Fine 15.1 46.5 0.35 1.09 0.22
ITDD-23-226 170.61 a 180.57 Fine 6.5 24.9 0.49 1.89 0.40
ITDD-22-039 85.24 a 96.86 Fine 12.2 48.4 0.31 1.24 0.18
ITDD-23-247 84.62 a 99.58 Fine 9.5 47.7 0.19 0.97 0.11
ITDD-23-232 137.7 a 146.95 Fine 14.7 62.8 0.38 1.60 0.16
ITDD-23-105 219.44 a 230.59 Fine 14.6 47.7 0.27 0.87 0.16
ITDD-23-123 148.16 a 160.4 Fine 13.5 43.9 0.24 0.77 0.15
ITDD-23-131 97.48 a 103.88 Fine 38.7 75.3 0.20 0.39 0.08
ITDD-23-065 270.2 a 277.97 Coarse 18.1 50.7 0.61 1.72 0.37
ITDD-23-065 351.23 a 380.7 Coarse 6.4 12.4 0.73 1.41 0.68
ITDD-23-065 455.28 a 462.88 Coarse 20.9 71.9 0.30 1.02 0.11
ITDD-23-073 76.82 a 84.66 Coarse 11.4 18.4 0.51 0.83 0.47
ITDD-23-073 205.62 a 214.3 Coarse 8.7 27.9 0.47 1.49 0.37
ITDD-23-073 406.21 a 428.35 Coarse 28.9 45.2 0.84 1.31 0.65
ITDD-23-146 266.31 a 277.18 Coarse 13.7 45.2 0.50 1.64 0.32
ITDD-23-145 289.82 a 303.05 Coarse 17.4 36.8 0.50 1.06 0.38
ITDD-23-226 170.61 a 180.57 Coarse 13.5 49.5 0.85 3.12 0.50
ITDD-22-039 85.24 a 96.86 Coarse 10.4 46.9 0.48 2.17 0.28
ITDD-23-247 84.62 a 99.58 Coarse 11.3 52.8 0.35 1.64 0.19
ITDD-23-232 137.7 a 146.95 Coarse 19.7 57.8 0.61 1.79 0.32
ITDD-23-105 219.44 a 230.59 Coarse 19.1 46.9 0.42 1.04 0.28
ITDD-23-123 148.16 a 160.4 Coarse 19.8 29.5 0.32 0.47 0.28
ITDD-23-131 97.48 a 103.88 Coarse 45.9 12.7 0.30 0.08 0.48
----- End of picture text -----

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Table 13-17 – Polishing HLS Results

Source: Lithium Ionic 2024

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----- Start of picture text -----

Sample Size Mas Rec Met Rec Li2O feed Li2O Li2O tail
(%) (%) (%) conc (%) (%)
ITDD-23-065 270,2 a 277,97 Fine 2.3 27.4 0.36 0.27 4.22
ITDD-23-065 351,23 a 380,7 Fine 5.7 48.8 0.55 0.30 4.72
ITDD-23-073 205,62 a 214,3 Fine 0.8 6.6 0.26 0.24 2.05
ITDD-23-073 406,21 a
Fine 1.0 13.5 0.34 0.30 4.84
428,35
ITDD-23-065 351,23 a 380,7 Coarse 8.9 49.4 0.68 0.38 3.79
ITDD-23-073 205,62 a 214,3 Coarse 2.2 6.2 0.37 0.36 1.06
ITDD-23-073 406,21 a
Coarse 4.5 30.7 0.65 0.47 4.45
428,35
----- End of picture text -----

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Figure 13-22 – Comparative Recovery for 2-Stage and 3-Stage Circuit

Source: Lithium Ionic 2024

13.3.4 Pilot Plant – Ore Sorter (Steinert) & DMS (SGS Geosol)

After completing the variability study from 7(seven) drill holes, the reserved samples were tested by ore sorter equipment and DMS pilot plant, as shown in Figure 13-23. Besides it, a composite sample was selected to perform HLS test by size to evaluate liberation.

Ore sorter tests were performed as describe in Figure 13-23. For the coarse material (-25.4+6.35 mm) each sample had mass around 7 kg. Two samples were tested individually, and the others five samples were composed in one to improve test representative. The fine material (-12.7+6.35 mm) was tested individually.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 13-23 – Pilot Plant Flowsheet

Source: Lithium Ionic 2024

Ore sorter results are shown in Table 13-18. Lithium recovery ranged from 88.1 to 96.1% with average mass loss of 18.1% and enrichment factor of 1.12. Mass recovery to the concentrate should be lower to increase lithium recovery, once were used undiluted samples. New tests using diluted samples were completed to validate the ore sorter results. Regarding iron and potassium, tailings enrichment factor was 1.37 and 2.34, respectively, with good results of discharging schist and feldspar to tailings.

The liberation particle size was evaluated by performing HLS test in 7 particle size range, from top size of 19.1 mm to 0.5 mm. To avoid sampling error all the mass retained in 15.9 mm sieve was used in the coarser HLS test. For HLS test with particle size below 15.9 mm up to 1.7 mm, 500 g were sampled from the total mass retained in each sieve and for the finer samples 150 g

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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were used. This procedure was recommended by SGS Geosol as their best practice.

The tests used two densities, 2.8 g/cm³ and 2.7 g/cm³, simulating rougher and scavenger stages. The results for each particle size range are shown in Table 13-19. In general, the results indicate that the recovery tends to decrease as the particle size increases. On the other hand, the Li2O grade decreases as the particle size increases.

Table 13-20 presented the grade and recovery results accumulated by mass distribution. Figure 13-24 shows the results of each HLS size particle range.

Table 13-18 – Ore Sorter Pilot Plant Results

Source: Lithium Ionic 2024

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FEED CONCENTRATE TAILING RECOVERY
PARTICLE
SAMPLE
SIZE Li2O Fe K Li2O Fe K Li2O Fe K
Mass Li2O Fe K
(%) (%) (%) (%) (%) (%) (%) (%) (%)
ITDD-23- -25.4
1.36 0.51 1.62 1.43 0.45 1.37 0.61 1.08 4.19 91.3 96.1 81.3 77.4
087T +6.35mm
ITTD-22- -25.4
0.96 0.68 1.90 1.07 0.48 1.47 0.53 1.51 3.74 80.9 89.5 57.4 62.4
002T +6.35mm
-25.4
Composite +6.35mm 1.21 0.54 1.74 1.29 0.51 1.27 0.46 0.75 5.77 89.5 96.0 85.3 65.3
ITTD-22- -12.7
1.03 0.73 1.83 1.11 0.67 1.34 0.67 1.01 4.00 81.6 88.1 74.6 59.8
048T +6.35mm
ITDD-23- -12.7
1.59 0.65 1.79 1.76 0.63 1.29 0.82 0.72 4.03 81.6 90.5 79.6 58.7
087T +6.35mm
ITTD-23- -12.7
1.80 0.48 1.84 2.02 0.48 1.15 0.90 0.47 4.60 79.9 89.9 80.3 49.9
083T +6.35mm
ITTD-22- -12.7
1.23 0.88 2.16 1.59 0.53 1.56 0.31 1.79 3.71 72.1 93.0 43.3 52.1
002T +6.35mm
ITTD-23- -12.7
0.66 0.51 1.82 0.72 0.54 1.37 0.35 0.36 3.82 81.7 90.2 87.0 61.5
093T +6.35mm
ITTD-22- -12.7
1.19 0.46 1.83 1.33 0.50 1.14 0.63 0.32 4.56 79.8 89.3 86.0 49.6
030T +6.35mm
ITTD-22- -12.7
1.53 0.40 2.07 1.72 0.39 1.42 0.73 0.42 4.79 80.8 90.8 79.6 55.5
023T +6.35mm
----- End of picture text -----

Table 13-19 – HLS Results for Each Particle Size Range for Spodumene Liberation

Source: Lithium Ionic 2024

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----- Start of picture text -----

-19.1+15.9mm -15.9+12.7mm -12.7+9.5mm -9.5+6.3mm -6.3+3.4mm -3.4+1.7mm -1.7+0.5mm
Li2O Li2O Li2O Li2O Li2O Li2O Li2O Li2O Li2O Li2O Li2O Li2O Li2O Li2O
Assay, Dist, Assay, Dist, Assay, Dist, Assay, Dist, Assay, Dist, Assay, Dist, Assay, Dist,
% % % % % % % % % % % % % %
Feed 1.25 100.0 1.36 100.0 1.54 100.0 1.51 100.0 1.40 100.0 1.34 100.0 1.30 100.0
Sink
2.8 4.13 59.0 4.97 77.9 5.32 74.1 5.87 75.4 6.02 82.3 6.75 84.2 6.48 89.4
g/cm³
Sink
2.7 1.76 25.1 2.48 10.9 2.09 11.7 1.83 16.2 1.43 8.5 1.22 7.3 0.80 3.2
g/cm³
Float
2.7 0.31 15.9 0.21 11.1 0.31 14.1 0.19 8.4 0.18 9.2 0.15 8.6 0.13 7.4
g/cm³
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Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Table 13-20 – Accumulated HLS Results by Particle Size

Source: Lithium Ionic 2024

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----- Start of picture text -----

- - - - - - -
19.1+15.9mm 15.9+12.7mm 12.7+9.5mm 9.5+6.3mm 6.3+3.4mm 3.4+1.7mm 1.7+0.5mm
Mass retained, % 1.53 7.96 12.03 12.72 15.58 12.05 13.28
Li2O grade by
4.13 4.97 5.32 5.87 6.02 6.75 6.48
size, %
Li2O recovery by
84.1 88.9 85.9 91.6 90.8 91.4 92.6
size, %
-19.1+0,5mm -15,9+0,5mm - - - - -
12,7+0,5mm 9,5+0,5mm 6,3+0,5mm 3,4+0,5mm 1,7+0,5mm
Li2O grade
5.93 5.97 6.09 6.26 6.39 6.61 6.48
accumulated, %
Li2O recovery
90.2 90.3 90.5 91.6 91.6 92.0 92.6
accumulated, %
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Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

13-25

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Figure 13-24 – HLS Separation for Rougher Stage

Source: Lithium Ionic 2024

The tests at the DMS pilot plant were conducted using composite samples from the seven drill holes of the variability tests. These samples underwent testing in an Ore Sorter at Steinert for the removal of schist and feldspar, followed by particle size adjustment to meet the specification of the DMS pilot plant. The DMS tests were conducted in two size fractions. The coarser fraction was prepared at -9.5 mm +3.55 mm, and the finer fraction was prepared at -3.55 mm +0.5 mm. Below is the list of drill holes from which the samples were composed:

ITDD-22-048T
ITDD-23-093T

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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ITDD-23-087T
ITDD-22-023T
ITDD-22-002T
ITDD-23-083T
ITDD-23-030T

Figure 13-25 presents a flowchart reproducing the unit operations in the SGS Geosol DMS pilot plant. 25 DMS pilot plant tests were performed (21 Rougher and 4 Scavenger) to obtain supporting information for the Bandeira process development.

The circuit includes a hopper, manually fed with ore, connected to a vibrating feeder responsible for feeding this ore into the static mixer. The solid dense media (Iron Silicon) is fed directly into the agitated tank. This dense media undergoes a dilution process and subsequent pulp density adjustment by injecting water into the tank or the first section of the screen's chute.

The prepared dense media with the appropriate density feeds by gravity into the chute of the first section of the screen. From this point, the dense media is pumped through a demagnetizing coil and a flow divider with manual valves. The flow divider directs part of the dense media to the screen, and the rest recirculates to the agitated tank. The screen's function is to protect the system and retain undesirable or inadequately sized materials. The screen underflow feeds the static mixer, positioned just above the DMS cyclone. This static mixer promotes the mixing of the ore from the vibrating feeder and the dense media from the screen underflow. The gravity feed of the DMS cyclone establishes a cyclone feed pressure based on the height of the liquid column relative to the vertical distance between the DMS cyclone feed flange and the pulp level in the static mixer.

The DMS cyclone, positioned at a 20-degree incline relative to its centerline, separates the mixture by density, partitioning it into sink (underflow) and float (overflow). In this process, the concentrate is directed to the sink flow, and the reject is directed to the float flow. The dewatering screen has a partition into two parallel sections and two underflow chutes. Each chute receives drainage from half of the parallel sections' area. The cyclone sink is directed to the first section of the screen, and the float is directed to the second section. In the first screen chute, the dense media concentrate is drained. From the second chute, wash water is injected to remove residual dense media and drain this diluted flow. The diluted dense media is then pumped to the magnetic separator, which retains Iron Silicon particles and removes excess water, concentrating the dense media mixture. The concentrated dense media is then recirculated to the agitated tank, while the water is discarded. The DMS concentrate is equivalent to the oversize from the first section of the dewatering screen, and the DMS reject is equivalent to the oversize from the second section of the screen.

To conduct the scavenger stage test, this process is repeated by refeeding the reject obtained in the rougher stage.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 13-25 – DMS Pilot Plant Flowchart
Source: Lithium Ionic 2024
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The results of the pilot tests were presented in graphical representations to define trend lines and points of coherence for a comprehensive analysis of the results.

The initial rougher tests for the coarse fraction were discarded as they were part of the pilot plant's calibration period. The results of the tests considered for the rougher stage indicated the following trend curve (Metallurgical Recovery x Li2O Grade in Concentrate) for the -9.5 mm +3.35 mm fraction is presented in Figure 13-26.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

13-28

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Figure 13-26 – Rougher Coarse Metallurgical Recovery x Li2O Grade in Concentrate

Source: Lithium Ionic 2024

The analysis of these data converges to achieve a metallurgical recovery of about 64,0% to obtain a concentrate with a Li2O grade of 5.50% in the -9.5 mm +3.35 mm fraction.

The initial rougher tests for the fine fraction were discarded as they were part of the pilot plant's calibration period. The results of the tests considered for the rougher stage indicated the following trend curve (Metallurgical Recovery x Li2O Grade in Concentrate) for the -3.35 mm +0.5 mm fraction is presented in the Figure 13-27.

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Figure 13-27 – Rougher Fine Metallurgical Recovery x Li2O Grade in Concentrate

Source: Lithium Ionic 2024

Although this trend line does not fit the points as well as in the coarse fraction, the analysis of these data converges to achieve a metallurgical recovery of about 80,5% to obtain a concentrate with a Li2O grade of 5.50% in the -3.35 mm +0.5 mm fraction. The combination of the most

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

13-29

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coherent result points obtained in the two fractions, -9.5 mm +3.35 mm and -3.35 mm +0.5 mm, presented the following trend curve, showed below in Figure 13-28.

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Figure 13-28 – Rougher Composite Metallurgical Recovery x Li2O Grade in Concentrate

Source: Lithium Ionic 2024

The analysis of these data converges to achieve a metallurgical recovery of about 75.42% to obtain a concentrate with a Li2O grade of 5.50% in the rougher stage, considering the combination of the two tested size fractions. To achieve this metallurgical recovery, the results of tests 16 and 17 were adopted as references. Since both produced concentrates with Li2O grades higher than 5.50%, it was necessary to recalculate the metallurgical recoveries. The Figure 13-29 presents the results of tests 16 and 17, as well as the adjusted metallurgical recoveries to obtain a 5.50% concentrate and an overall rougher stage metallurgical recovery of 75.42%.

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Figure 13-29 – Rougher Test Work Results and Metallurgical Recovery

Source: Lithium Ionic 2024

Therefore, the rougher stage of the DMS plant considered the following recoveries:

Coarse Fraction DMS Rougher Metallurgical Recovery: 60.41%
Fine Fraction DMS Rougher Metallurgical Recovery: 88.42%
Composite DMS Rougher Metallurgical Recovery: 75.42%

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

13-30

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13.3.4.1 Bandeira Project Simplified Mass Balance – Global Recovery on Rougher Stage

The metallurgical recoveries mentioned in the previous item and applied to a macro mass balance

of the project indicate the mass distribution as shown in the Figure 13-30:

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Figure 13-30 – Rougher Stage Mass Balance Source: Lithium Ionic 2024

Thus, the analysis of the test results suggests that the rougher stage of the DMS circuit can establish an overall metallurgical recovery of 63.15%.

13.3.4.2 DMS Scavenger Stage Potential Gains – Global Recovery

For the Scavenger stage, the results of the same tests adopted as references in the rougher stage (16 and 17) were considered. The Figure 13-31 presents the metallurgical recoveries and grades of the Scavenger concentrates.

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Figure 13-31 – Scavenger Test Work Results and Metallurgical Recovery

Source: Lithium Ionic 2024

From the Scavenger concentrate, there is a possibility of increasing the overall metallurgical recovery. To achieve this, this material needs to undergo a new crushing stage to increase ore liberation, and then be re-fed into the DMS circuit. This reprocessing was not tested in the pilot plant. However, considering similar operations and the Rougher/Scavenger test work results, it is estimated that a potential gain of up to 5.71% in the overall plant metallurgical recovery could be achieved through this reprocessing. Thus, it would be possible to obtain an overall metallurgical recovery of 68.86%.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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14 MINERAL RESOURCE ESTIMATES

GE21 conducted comprehensive 3D geological modelling, statistical and geostatistical studies, and grade estimation for the Lithium Ionic Bandeira Property. This estimation considered various factors, such as the quantity and distribution of available data, interpreted controls on mineralization, mineralization style, and the quality of the sampling data.

The geological modelling and estimation processes were executed utilizing Leapfrog 2023.2.1 software. The UTM Projection – Zone 23 South in SIRGAS 2000 Datum was adopted as the reference coordinate system for the database in this project.

14.1 Drilling Database

The database underwent a comprehensive visual validation, considering the interrelation of tables, identifying gaps and overlaps, and ensuring the inclusion of crucial information. Using Leapfrog Geo software, GE21 also conducted validation checks on the Collar, Survey, Assay, and Lithology tables. This stage of the work did not reveal any significant inconsistencies, as these had already been verified during the Data Verification stage.

Mineral Resource estimates were based on data derived from drill hole and trench databases, incorporating lithology logs and assay results from HQ drill core samples. The topographic surface bounds the extent of these estimates. Figure 14-1 illustrates the spatial distribution of the utilized drill holes.

The original dataset provided by Lithium Ionic encompassed data from 267 surface diamond drill holes (totalling 54,116 meters) and 31 trench channels (2,245 meters) executed by Lithium Ionic data available from 2022 until March 5[th] , 2024.

Until March 5[th] , 2024, the Bandeira database contains 8,693 assay intervals covering 8,168 meters, comprising 105 assays from trenches totalling 100 meters and 8,588 assay intervals from drill holes totalling 8,068 meters.

The assay table includes data for various elements, including Li (ppm), Li2O (%), Al (%), As (ppm), B (%), Ba (ppm), Be (ppm), Ca (%), Cd (ppm), Co (ppm), Cr (ppm), Cu (ppm), Fe (%), K (%), La (ppm), Mg (%), Mn (ppm), Mo (ppm), Nb (ppm), Ni (ppm), P (%), Pb (ppm), Sb (ppm), Sc (ppm), Sn (ppm), Sr (ppm), Ta (ppm), Ti (%), V (ppm), W (ppm), Y (ppm), and Zn (ppm). Following a thorough review of the database, the Li2O (%) data was extracted explicitly for subsequent statistical analysis, block modelling, and resource estimation.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

14-1

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Figure 14-1 – Drillhole Location Map

Source: GE21 2024

14.2 Geological Modeling

Lithium Ionic undertook a geological interpretation encompassing all documented pegmatite intervals within the Bandeira deposits. Initially, cross-sectional interpretations were crafted utilizing traditional manual techniques and advanced cartographic software platforms such as QGIS, ArcGIS, and Leapfrog. These initial steps laid the groundwork for a robust modelling process.

The Lithium Ionic team interpreted a set of grade shell sections, with an envelope delimiting a zone with a cut-off grade of 0.3% Li2O (%) (Figure 14-2 and Figure 14-3). The resulting interpretations were developed into a series of implicit 3D models aligned with two prevailing strike directions: 235° and 140° (Figure 14-4 and Figure 14-5).

Lithium Ionic also conducted weathering modelling, basing the analysis on the descriptions provided in the logs (Figure 14-6).

The Qualified Person thinks the geological interpretations and modelling suit a Mineral Resource Estimation study. Quality assurance procedures follow the industry’s best practices, and the model honours the mineralized pegmatite intervals and has adequate continuity of the modelled bodies.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

14-2

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Figure 14-2 – Assay Composites Classified by Li2O > 0.3% Grade Limit in Pegmatites Veins, Oblique view NW-SE

Source: GE21 2024

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Figure 14-3 – Assays Composites within the Li2O > 0.3% Limit in Pegmatite Veins Grouped by

Separated Lenses and Dykes

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

14-3

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Figure 14-4 – Spodumene Grade Shells Modelled with Assays Composites Li2O > 0.3 %

Legend: horizontal view plan (left side) and section view (right view plan). Source: GE21 2024

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Figure 14-5 – Spodumene Grades Shells Model – Assays Composites Li2O > 0.3 % – Section View

Source: GE21 2024

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Figure 14-6 – Weathering Zone Model
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Legend: horizontal view plan (left side) and section view (right view plan). Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

14-4

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14.3 Geostatistical Structural Analysis

14.3.1 Regularization of Samples

The analysis of the sample support showed that more than 95% of the drilling samples have a length equal to 1 meter. GE21 regularly analyzed samples in 1 meter for complementary studies of statistics and geostatistics (Figure 14-7).

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Figure 14-7 – Bandeira Assays Interval Length Statistics

Source: GE21 2024

14.3.2 Exploratory Data Analysis (EDA)

Statistical analysis on composited drilling samples was performed for the Li2O% variable inside each modelled typology. Figure 14-8 and Table 14-1 shows the statistics for pegmatite veins.

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

14-5

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Figure 14-8 – Li2O (%) Spodumene Pegmatites Veins Model Statistics

Legend: boxplots (left side). Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

14-6

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Table 14-1 – Li2O (%) Spodumene Pegmatites Veins Model Statistics – Statistics Table

Source: GE21 2024

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----- Start of picture text -----

Li2O%
Coefficient
Standard Lower Upper
Domain Count Length Mean of Variance Minimum Median Maximum
deviation quartile quartile
variation
Total 8901 8870.23 0.52 0.68 1.30 0.46 0.00 0.12 0.22 0.57 5.99
1 625 611.79 1.46 0.77 0.53 0.60 0.07 0.90 1.36 1.94 5.99
02-NE 110 109.40 1.27 0.80 0.63 0.64 0.10 0.56 1.20 1.82 3.48
03-NE 69 69.19 1.47 1.03 0.70 1.05 0.02 0.71 1.25 2.27 4.10
04-NE 176 175.02 1.25 0.80 0.64 0.63 0.04 0.58 1.10 1.80 4.05
05-NE 309 304.55 1.42 0.75 0.53 0.57 0.12 0.81 1.38 1.89 3.58
06-NE 45 43.78 1.38 0.94 0.68 0.89 0.04 0.48 1.55 1.98 3.52
07-NE 85 84.74 1.20 0.70 0.58 0.48 0.06 0.57 1.27 1.74 2.71
08-NE 78 77.67 1.43 0.74 0.51 0.54 0.09 0.92 1.31 1.86 3.65
09-NE 25 24.55 1.02 0.67 0.66 0.45 0.20 0.45 0.81 1.60 2.46
10-NE 11 10.57 0.64 0.40 0.62 0.16 0.17 0.38 0.63 0.66 1.61
11-NE 55 54.54 1.13 0.59 0.52 0.34 0.04 0.72 1.01 1.52 2.90
01A-SW 110 105.74 1.22 0.71 0.58 0.50 0.24 0.66 1.10 1.76 3.54
01B-SW 24 22.90 1.32 0.63 0.48 0.40 0.38 0.86 1.26 1.70 2.71
01C-SW 10 9.17 1.80 0.73 0.40 0.53 0.37 1.27 1.51 2.29 2.86
01D-SW 10 10.00 1.21 0.46 0.38 0.21 0.52 0.76 1.23 1.40 1.91
01E-SW 10 9.54 1.06 0.45 0.42 0.20 0.32 0.95 1.06 1.44 1.56
02A-NE 58 55.57 1.29 0.84 0.65 0.70 0.21 0.46 1.22 1.91 3.91
02B-NE 26 26.42 1.00 0.75 0.75 0.56 0.18 0.39 0.71 1.45 2.82
02C-NE 26 25.39 1.26 0.93 0.74 0.87 0.11 0.35 0.99 1.89 3.10
02D-NE 11 10.61 1.24 0.82 0.66 0.67 0.20 0.40 1.26 1.71 2.76
02E-NE 4 4.02 1.21 0.57 0.47 0.33 0.48 0.48 1.30 1.78 1.78
04A-NE 5 5.13 1.24 0.86 0.69 0.74 0.47 0.60 0.98 2.43 2.43
04B-NE 10 9.97 0.82 0.62 0.76 0.39 0.27 0.38 0.62 1.07 2.17
04C-NE 60 61.02 1.21 0.80 0.66 0.64 0.14 0.56 1.00 1.73 4.15
05A-NE 79 79.38 1.14 0.65 0.57 0.42 0.05 0.71 1.06 1.58 3.31
05B-NE 28 27.42 1.77 1.00 0.56 0.99 0.19 0.92 1.65 2.65 3.69
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Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

14-1

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Li2O%
Coefficient
Standard Lower Upper
Domain Count Length Mean of Variance Minimum Median Maximum
deviation quartile quartile
variation
05C-NE 5 4.05 1.31 0.51 0.39 0.26 0.74 0.94 1.10 1.47 1.97
05D-NE 30 28.52 1.18 0.76 0.64 0.58 0.19 0.68 1.10 1.47 3.47
06A-NE 45 46.24 1.48 1.07 0.72 1.14 0.10 0.55 1.34 2.24 5.23
06B-NE 17 17.18 1.01 0.80 0.80 0.64 0.29 0.49 0.58 2.01 2.51
07A-NE 14 13.46 1.20 0.81 0.67 0.66 0.14 1.00 1.10 1.44 3.52
08A-NE 28 27.19 1.32 0.74 0.56 0.55 0.17 0.60 1.29 1.83 2.75
08B-NE 13 12.03 1.16 0.95 0.82 0.91 0.15 0.40 1.03 1.92 3.23
SE-A 317 316.28 1.32 0.70 0.53 0.50 0.03 0.73 1.35 1.85 3.19
Waste 6373 6377.22 0.20 0.20 0.99 0.04 0.00 0.10 0.17 0.25 3.39
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Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

14-2

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14.3.3 Variographic Analysis

The structural analysis of the domains was conducted to determine the variographic parameters, which are essential for determining the spatial continuity model of the grade variables and for the grade estimate.

Variograms were generated explicitly for Li2O% within the spodumene veins suite. This approach considered the geological similarity among them, enhancing the robustness of the variograms. Two distinct sets of veins were considered:

NW Veins Suite.
SE Veins Suite.

The variographic analysis was executed using Leapfrog Edge software. Figure 14-9 to Figure 14-12 show the variograms for the Li2O% variable for each set of vein domains. Additionally, Table 14-2 presents the variographic parameters obtained from all conducted analyses. These parameters were applied in the process of grade estimation.

Table 14-2 – Variographic Parameters

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Variogram Normalized Normalized Semi- Dip
Variance Nugget Structures Sill Structure Major Minor Dip Pitch
Name Nugget sill major Azi.
Structure 1 0.21 0.35 Spherical 82 17 1.6 37 323 0
NW 0.60 0.13 0.22
Structure 2 0.26 0.43 Spherical 95 68 2.7 37 323 0
Structure 1 0.62 0.19 Spherical 35 14 1.8 20 128 28
SE 0.50 0.06 0.13
Structure 2 0.25 0.48 Spherical 56 50 3.8 20 128 28
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Source: GE21 2024

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Figure 14-9 – Variographic Model – Domains Set NW

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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Figure 14-10 – Variographic Model – Domains Set SE

Source: GE21 2024

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Figure 14-11 – Variographic Ellipsoid – Domains Set NW

Source: GE21 2024

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

14-2

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Figure 14-12 – Variographic Ellipsoid – Domains Set SE

Source: GE21 2024

14.4 Block Model

A block model was built to carry out the grade estimation. The model's dimensions (12m x 12m x 4m) were defined based on the minimum spacing of the drilling grid. The sub-blocks model was set in a 1,5m x 1,5m x 2m size to ensure the geometric adherence of the modelled bodies.

The dimensions of the block models and the attributes are shown in Table 14-3 and Table 14-4.

Table 14-3 – Block Model Dimensions

Source: GE21 2024

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X Y Z
Minimum Coordinates (Center) (m) 189,206 8,141,277 -467
Maximum Coordinates (Center) (m) 190,934 8,142,705 409
Minimum Coordinates (Corner) (m) 189,200 8,141,271 -469
Maximum Coordinates (Corner) (m) 190,940 8,142,711 411
Number of nodes 145 120 220
Block size (m) 12 12 4
Sub-Block 1,5 1,5 2
azimuth: 0 degrees (rotate clockwise around the Z axis when looking down)
dip: 0 degrees (then turn around the X' axis down from the horizontal plane)
pitch: 0 degrees (then rotate clockwise around the Z'' axis when looking down)
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Table 14-4 – Block Model Variables Summary

Source: GE21 2024

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Attribute Name Type Deals Background Description
GM_weat Character - Weathering Model
GM_ grad Character - Spodumene Veins Model
Class Character - Mineral Classification
Density Real 4 -99 Density Values
GM_miner Character - Bandeira Mineral Right
Li2O_ok Real 4 -99 Li2O OK estimation
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Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

14-3

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14.5 Grade Estimation

The Ordinary Kriging (OK) was carried out in the Leapfrog Edge software and was used on the Li2O (%) variable estimation based on the structural analysis results described in this work.

Each mineralized vein was estimated independently, using a hard boundary strategy to ensure that samples from one domain did not influence neighbouring domains. The variograms were initially modelled considering the structural continuity across the entire set of domains, followed by an adjustment for honouring the specific behaviour for each domain. Table 14-5 shows the main parameters of the Kriging strategy applied in the grade estimation.

Table 14-5 – Kriging Parameters

Source: GE21 2024

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Ellipsoid Ranges Number of Samples
Type Steps
Maximum Intermediate Minimum Minimum Maximum
Step 1 50 50 4 6 16
Step 2 100 100 8 6 16
Li2O
Step 3 150 150 16 4 16
Step 4 1500 1500 1600 4 16
----- End of picture text -----

Notes:

Dynamic Variable Orientation for Estimation was applied to each domain in Leapfrog software.
Moving neighbourhood from ellipsoid, Dip = 37° Dip Azimuth = 323° Pitch = 00° (NW Veins).
Moving neighbourhood from ellipsoid, Dip = 20° Dip Azimuth = 128° Pitch = 28° (SE Veins).
Maximum number of samples per Drill = 2.

14.6 Estimation Validation

The QP carried out the validation of the estimate through visual verification and by the Global and Local bias verification. Global and Local bias checks used The Nearest Neighbour as the comparison estimate. NN-Checks plots, Figure 14-13 and Figure 14-14 show the results for global bias analysis of the estimated Li2O% and density variables. It allowed verification of the expected estimation smoothing by Ordinary Kriging within the acceptance limits. The comparison showed that Ordinary Kriging globally respected the average grades, and the global bias in the estimated grades is within the limits of acceptance.

The local bias assessment by the Swath-Plot method aims to analyze the occurrence of local bias by comparing the average grades for the model through Ordinary Kriging and the Nearest Neighbour method in swath coordinates intervals graphs along the X, Y, and Z axes. Figure 14-15 and Figure 14-16 show the validation results of the Li2O% and Density swath plots.

The results from the grade estimate validation by Ordinary Kriging show that the smoothing effect or local and global bias are inside acceptance limits for mineral resource estimation.

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14.7 Density

The density (g/cm³) in the spodumene pegmatites was estimated using Inverse Distance Weighting (IDW). How parameters were utilized for exponent 2, with minimum samples one and maximum samples 28.

The schists density was defined as the mean of the 4,830 samples from the Lithium Ionic database. The weathered zone doesn’t have measurements, and GE21 has adopted the value 1.8 g/cm³ for this domain, a common value used by other companies in the Jequitinhonha Valley region. GE21 recommends that additional density tests be carried out in weathered zones.

Table 14-6 shows the average IDW densities of each estimated pegmatite domain and the adopted densities of the host rocks.

Table 14-6 – Density Values

Source: GE21 2024

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----- Start of picture text -----

Density Density
Spodumene Domains Domains
g/cm³ g/cm³
01 2.68 Shists Rocks 2.8
02-NE 2.66 Weathered Zone 1.8
03-NE 2.68
04-NE 2.66
05-NE 2.69
06-NE 2.69
07-NE 2.71
08-NE 2.71
09-NE 2.48
10-NE 2.44
11-NE 2.46
01A-SW 2.69
01B-SW 2.68
01C-SW 2.67
01D-SW 2.71
01E-SW 2.34
02A-NE 2.56
02B-NE 2.70
02C-NE 2.65
02D-NE 2.64
02E-NE 2.71
04A-NE 2.53
04B-NE 2.49
04C-NE 2.68
05A-NE 2.66
05B-NE 2.69
05C-NE 2.69
05D-NE 2.72
06A-NE 2.70
06B-NE 2.69
07A-NE 2.72
08A-NE 2.74
08B-NE 2.74
SE-A 2.63
Mean 2.68
----- End of picture text -----

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Figure 14-13 – Estimation Validation – NN Check to Li2O

Source: GE21 2024

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Figure 14-14 – Estimation Validation – NN Check to Density

Source: GE21 2024

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Figure 14-15 – Estimation Validation – Swath Plot Li2O

Source: GE21 2024

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Figure 14-16 – Estimation Validation – Swath Plot Density

Source: GE21 2024

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14.8 Classification of Mineral Resources

The Mineral Resource was classified per CIM Standards and CIM Guidelines, utilizing geostatistical and classical methods and economically and mining-appropriate parameters relevant to the deposit type.

The Resource definitions by CIM are transcribed below:

A Mineral Resource is a concentration or occurrence of diamonds, a natural solid inorganic material or natural fossilized solid organic material, including base and precious metals, coal and industrial minerals in the earth’s crust or the earth's crust in such form and quantity and of such grade or quality that allows reasonable prospects of economic extraction. The location, quantity, level, geological characteristics, and continuity of a Mineral Resource are known, estimated, or interpreted from specific geological evidence and knowledge.
An “Inferred Mineral Resource” is that part of a Mineral Resource for which the quantity and level or quality can be estimated based on geological evidence and limited sampling and reasonably presumed but not verified geological and grade continuity. The estimation is based on limited information and sampling collected using appropriate techniques from locations such as outcrops, trenches, wells, and drill holes.
An “Indicated Mineral Resource” is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and assessment of the deposit’s economic viability. The estimation is based on thorough and reliable exploration and testing information gathered using appropriate techniques from locations such as outcrops, trenches, wells, works, and drill holes spaced far enough apart for geological and level continuity to be reasonably assumed.
A “Measured Mineral Resource” is that part of a Mineral Resource for which quantity, level or quality, densities, shape, and physical characteristics are so well established that they can be estimated with sufficient confidence to allow the appropriate application of technical and economic parameters, to support production planning and assessment of the deposit’s economic viability. The estimation is based on thorough and reliable exploration, sampling, and analysis of information gathered using appropriate techniques from locations such as outcrops, trenches, wells, works, and drill holes spaced far enough apart to confirm geological and level continuity.

The classification boundaries made by GE21 for the Measured, Indicated, and Inferred categories were established through an approach that considered a comprehensive set of factors.

These factors included the sampling procedure analysis, the sample grid spacing, the survey methodology, and the quality of assay data.

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Additionally, drilling spacing and the progressive expansion of the search radius during grade estimation stages were also considered, as well as the average anisotropic distance of the samples and the continuity of pegmatite mineralization.

This multi-faceted approach ensured the robustness and accuracy of the classification process.

The Measured Mineral Resource classification referenced the 50 meters of the Average Euclidean distance to sample (AvgD) used in ordinary kriging estimation with a minimum of seven composites in at least three different drill holes.
The Indicated Mineral Resource classification referenced the 100 meters of the Average Euclidean distance to sample (AvgD) used in ordinary kriging with a minimum of seven composites in at least three different drill holes.
The Inferred Mineral Resource classification is all remaining estimated blocks.
The total mineral resources were limited to the boundaries of the mining rights.

The resource classification was supported by a grade shell representing the underground mining appliance (Reasonable Prospect for Eventual Economic Extraction – RPEEE), performed through a restricted wireframe based on a grade shell elaborated considering a cut-off of 0.5% Li2O. this value is commonly adopted for SRP-type pegmatites in the Lithium Valley province.

The Bandeira Mineral Resources Estimates results are shown in Table 14-7, Figure 14-17 and Figure 14-18.

Table 14-7 – Bandeira Mineral Resource Estimates (base case cut-off grade of 0.5 % Li2O)

Source: GE21 2024

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Notes:

The spodumene pegmatite domains were modelled using composites with Li2O grades greater than 0.3%.
The mineral resource estimates were prepared following the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit.
Mineral Resources are not ore reserves or demonstrably economically recoverable.
Grades reported using dry density.
The effective date of the MRE is March 05, 2024.
The QP responsible for the MRE is the geologist Carlos Silva (MAIG #7868).
The MRE numbers provided have been rounded to the estimated relative precision. Values cannot be added due to rounding.
The MRE is delimited by Lithium Ionic Bandeira Target Claims (ANM).
The MRE was estimated using ordinary kriging in 12m x 12m x 4m blocks.
The MRE report table was produced in Leapfrog Geo software.
The reported MRE only contains fresh rock domains.
The MRE was restricted by RPEEE with grade shell using 0.5% Li2O cut-off.

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Figure 14-17 – Resource Classification with RPE3 – Horizontal View

Source: GE21 2024

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Figure 14-18 – Resource Classification with RPEE – Oblique view.

Source: GE21 2024

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15 MINERAL RESERVES ESTIMATES

Not applicable.

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16 MINING METHODS

Not applicable.

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17 RECORVERY METHODS

Not applicable.

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18 PROJECT INFRAESTRUCTURE

Not applicable.

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19 MARKET STUDIES AND CONTRACTS

Not applicable.

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20 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACTS

Not applicable.

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21 CAPITAL AND OPERATING COSTS

Not applicable.

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22 ECONOMIC ANALYSIS

Not applicable.

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23 ADJACENT PROPERTIES

The Araçuaí Pegmatitic District, situated in the northeastern sector of Brazil's Eastern Pegmatitic Province, encompasses the region bounded by Salinas, Araçuaí, and Capelinha to the west, and Itinga and Caraí to the east. In this district, Brazil's is a lithium producer, including lithium-bearing pegmatites, gemological pegmatites, and pegmatites that produce ceramic minerals and ornamental rocks. Many of these have been exploited by mineral exploration and mining companies, as well as by artisanal miners, for over a century.

The lithium-bearing pegmatites in the Araçuaí Pegmatitic District include complex zoned bodies with highly diverse mineralogy type, as well as simply to complexly zoned pegmatites rich in disseminated spodumene within a quartz-feldspar matrix that is rich in albite and relatively poor in accessory minerals. Current lithium exploration focuses on spodumene, which typically makes up deposits that can exhibit ore mass volumes of 5 to 30 million tons, with economic grades of lithium oxide.

The Araçuaí Pegmatitic District, particularly the Itinga Pegmatitic Field, is of extreme importance for prospecting projects, considering its production history and its geological and metallogenetic characteristics in this district, in terms of history and prospects for spodumene production, are the Brazilian Lithium Company (CBL) and the Sigma Lithium Corporation (successor to Arqueana de Minérios e Metais Ltda.).

The Bandeira lithium ore deposit, registered under ANM 832439/2009, is located adjacent to the mineralized areas of spodumene-bearing pegmatites, which include the Cachoeira deposits of the Companhia Brasileira de Lítio (CBL) and the Barreiro, Murial, and Lavra do Meio deposits of Sigma Lithium Corporation.

Figure 23-1 shows the locations of the mineral rights of CBL and Sigma Lithium surrounding the mining right 832.439/2009.

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Figure 23-1 – Mining Right

Legend: MGLIT 832.439/2009 (red), surrounding areas CBL (yellow), and Sigma (blue). Source: GE21 2024

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24 OTHER RELEVANT DATA AND INFORMATION

There is no relevant information which affect the opinions offered in this Report.

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25 INTERPRETATION AND CONCLUSIONS

Mineral Resources were estimated and limited to the areas outlined using the Mining Rights polygonal that comprise the Bandeira Property and the Reasonable Prospect for Eventual Economic Extraction - RPEEE.

The original dataset provided by Lithium Ionic encompassed data from 267 surface diamond drill holes (totalling 54,116 meters) executed by Lithium Ionic data available from 2022 until March 5[th] , 2024. This Bandeira database contains 8,693 assay intervals covering 8,168 meters.

The Ordinary Kriging (OK) estimation method was used on the Li2O% and Density variables based on the structural analysis results.

The mathematical/geostatistical criterion for classifying the resource was based on:

The Measured Mineral Resource classification had as a reference the 50 meters of the Average Euclidean distance to sample (AvgD) used in ordinary kriging estimation with a minimum of five composites in at least three different drill holes.
The Indicated Mineral Resource classification had as a reference the 100 meters of the Average Euclidean distance to sample (AvgD) used in ordinary kriging with a minimum of five composites in at least three different drill holes.
The Inferred Mineral Resource classification is all remaining estimated blocks.

The Bandeira Mineral Resources are summarized in Table 25-1.

Table 25-1 – Bandeira Mineral Resources

Source: GE21 2024

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Notes:

The spodumene pegmatite domains were modelled using composites with Li2O grades greater than 0.3%.

The mineral resource estimates were prepared following the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit.
Mineral Resources are not ore reserves or demonstrably economically recoverable.
Grades reported using dry density.
The effective date of the MRE is March 05, 2024.

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The QP responsible for the MRE is the geologist Carlos Silva (MAIG #7868).
The MRE numbers provided have been rounded to the estimated relative precision. Values cannot be added due to rounding.
The MRE is delimited by Lithium Ionic Bandeira Target Claims (ANM).
The MRE was estimated using ordinary kriging in 12m x 12m x 4m blocks.
The MRE report table was produced in Leapfrog Geo software.
The reported MRE only contains fresh rock domains.
The MRE was restricted by RPEEE with grade shell using 0.5% Li2O cut-off.

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26 RECOMMENDATIONS

GE21 proposes the following recommendations for the continuous improvement of the Mineral Resource estimate:

A 50x50m infill drilling program in the domain of the indicated resource classification that will focus on resource delineation improvement.
A 100x100m infill drilling program in the domain of the inferred resource classification that will focus on resource delineation improvement.
A density campaign to measure the density of drill hole cores by drying the samples in an oven, as well as waterproofing them. Compare the results with the methodology used in the current project procedure to check whether there is a bias in the results.
Conduct an on-site density survey in the weathered zone.
An updated mineral resource assessment is currently underway through the ongoing infill drilling program.
Detail Geotechnical analysis, including a geotechnical-oriented diamond drilling campaign and logging, including sampling collecting for tensile, compressive and shear strength tests.
Perform supplementary geotechnical investigations of planned infrastructure sites including at waste pile areas; supplementary geochemical tests (ARD); large-scale waste rock and tailings co-disposal stockpile field test.
To implement the hydrological and hydrogeological studies for the project's next phases.

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27 REFERENCES

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Pedrosa-Soares, A., Chavez, M., Scholz, R (2009): Field Trip Guide Eastern Brazilian Pegmatite Provinces, 4th International Symposium on Granitic Pegmatite, 28 p.

Pedrosa-Soares, A.C., Alkmim, F.F., Tack, L., Noce, C.M., Babinski, M., Silva, L.C., Martins-Neto, M.A., 2008. Similarities and differences between the Brazilian and African counterparts of the Neoproterozoic Araçuaí-West Congo orogen. Geol. Soc. Spec. Publ. 294, 153–172. https://doi.org/10.1144/SP294.9

Pedrosa-Soares, A.C., de Campos, C.P., Noce, C., Silva, L.C., Novo, T., Roncato, J., Medeiros, S., Castañeda, C., Queiroga, G., Dantas, E., Dussin, I., Alkmim, F., 2011. Late Neoproterozoic-Cambrian granitic magmatism in the Araçuaí orogen (Brazil), the Eastern Brazilian Pegmatite Province and related mineral resources. Geol. Soc. Spec. Publ. 350, 25– 51. https://doi.org/10.1144/SP350.3

Pedrosa-Soares, A.C., De Campos, C.P., Noce, C.M., Silva, L.C., Novo, T., Roncato, J., Medeiros, S., Castañeda, C., Queiroga, G., Dantas, E., Dussin, I., Alkmim, F., 2011. Late Neoproterozoic-Cambrian Granitic Magmatism in the Araçuaí Orogen (Brazil), the Eastern Brazilian Pegmatite Province and Related Mineral Resources. In: Sial, A.N., Bettencourt, J.S., De Campos, C.P., Ferreira, V.P. (Eds.), Granite-Related Ore Deposits. London, Geological Society of London, Special Publication 350, 25–51.

Pedrosa-Soares, A.C., Deluca, C., Araujo, C.S., Gradim, C.S., Lana, C.C., Dussin, I., Silva, L.C., Babinski, M. 2020. Capítulo 11: O Orógeno Araçuaí à luz da Geocronologia: um tributo a Umberto Cordani. In: Bartorelli, A., Teixeira, W., Brito Neves B.B. Geocronologia e evolução tectônica do Continente Sul-Americano: a contribuição de Umberto Giuseppe Cordani. – 1. ed. – São Paulo: Solaris Edições Culturais, p. 250-272.

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Pedrosa-Soares, A.C., Diniz, H.B., Costa, C.H.C., Guimarães, A., Costa, R., 2023. Lithium ore in the Eastern Brazilian Pegmatite Province: a review and new discoveries of spodumene-rich pegmatites. (Article to be submitted).

Pedrosa-Soares, A.C., Monteiro, R., Correia-Neves, J.M., Leonardos, O.H., Fuzikawa, K. 1987. Metasomatic evolution of granites, Northeast Minas Gerais, Brazil. Revista Brasileira de Geociências, 17, 512-518.

Pedrosa-soares, A.C., Noce, C.M., Wiedemann, C.M., Pinto, C.P., 2001. The Araçuaí-WestCongo Orogen in Brazil: an overview of a confined orogen formed during Gondwanaland assembly. Precambrian Res. 110, 307–323. https://doi.org/10.1016/S0301-9268(01)00174-7
Pedrosa-Soares, A.C.; Baars, F.J.; Lobato, L.M.; Magni, M.C.V.; Faria, L.F. 1993. Arquitetura tectono-metamórfica do setor central da Faixa Araçuaí e suas relações com o Complexo Guanhães. In: 4 Simpósio Nacional de Estudos Tectônicos, Belo Horizonte. Anais: SBG Núcleo MG, p. 176-182.
Pedrosa-Soares, A.C.; Chaves, M.; Scholz, R. 2009. Eastern Brazilian Pegmatite Province. PEG 2009, Fieldtrip Guide: https://www.researchgate.net/publication/234037120_Eastern_Brazilian_Pegmatite_Provinc e
Pedrosa-Soares, A.C.; Leonardos, O.H.; Ferreira, J.C.H.; Reis, L.B. 1996. Duplo Regime Metamórfico na Faixa Araçuaí: Uma reinterpretação à luz de novos dados. In: 39 CONGRESSO BRASILEIRO DE GEOLOGIA, 1996, Salvador. Anais. Salvador: SBG Núcleo Bahia-Sergipe, v. 6. p. 5-8.
Pedrosa-Soares, A.C.; Pinto, C. P.; Custódio Netto; Araújo, M. C.; Castañeda, C.; Achtschin, A.B.; Basilio, M. S. 2001. A Província Gemológica Oriental do Brasil. In:
Pedrosa-Soares, A.C.; Romeiro, J.C.P.; Castañeda, C. 1997. Papel do Controle Estrutural de Pegmatitos Graníticos em suas Mineralizações. In: VI Simpósio Nacional de Estudos Tectônicos, 1997, Pirenópolis. Anais. SBG-Núcleo Brasília, 1997. p. 357-359.
Peixoto, A., Ferreira, D., Mattos, I. Catálogo de minerais do laboratório de mineralogia. Fortaleza: UFCE, 2016.
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Peixoto, E., Alkmim, F.F., Pedrosa-Soares, A.C., 2018. The Rio Pardo salient, northern Araçuaí orogen: an example of a complex basin- controlled fold-thrust belt curve. Brazilian J. Geol.

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48(1), 25–49. https://doi.org/10.1590/2317-4889201820170134

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Quéméneur, J. and Lagache, L. (1999). Comparative study of two pegmatitic fields from Minas Gerais, Brazil, using the Rb and Cs contents of micas and feldspars. Revista Brasileira de Geociências, 29(l): 27-32.

Revuelta, M. B. (2018). Mineral resources: from exploration to sustentability assessment. Madrid: Springer

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Sahoo, S. K; Tripathy, S. K; Nayak, A.; Hembrom, A. C; Dey, S. Rath, R. K; Mohanta, M. K. Beneficiation of lithium bearing pegmatite rock: a review. Mineral Processing and Extractive Metallurgy Review, 2022.

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Sepro Laboratories Inc.: Aaron Bazzana and Tanner Parkes, 2023. Lithium Ionic Dense Media

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28 CERTIFICATE OF QUALIFIED PERSON

28.1 Carlos José Evangelista da Silva

I, Carlos José Evangelista da Silva, am a GE21 Consultoria Mineral Geologist at Avenida Afonso Pena, 3130 – 12[th] and 13[th] floor, Belo Horizonte, MG, Brazil, CEP 30.130-910. This certificate applies to the Technical Report entitled “NI 43101 Technical Report – Mineral Resource Update on Bandeira Project, Araçuaí and Itinga, Minas Gerais State, Brazil”, with an effective date of March 5[th] , 2024.

I hold the following academic qualifications:
a B.A.Sc. in Geology from the Federal University of Minas Gerais, in Belo Horizonte, Brazil,
a master’s degree in engineering in Mineral Technology from the Postgraduate Program in Mining, Metallurgical and Materials Engineering (PPGE3M) at the Federal University of Rio Grande do Sul, Brazil,
I am a professional Geologist with more than 17 years of experience in the mining industry. My relevant experience for this Technical Report includes:
I have 12 years of experience as a specialist geologist in Mineral exploration:
- 2006 to 2011 – Geologist in Coffey Mining Brazil, which provides advice, assistance, and audits for the mineral exploration, project development, and geological assessments for JORC and NI 43-101.
- 2011 to 2014 – Geologist in Colossus Minerals, Serra Pelada - Gold Project in Curionópolis – Pará – Brasil. Which assists in brownfield exploration projects.
- 2014 to 2016 - Geologist in SMCA - Sociedade Mineira de Cobre de Angola, Mavio Copper Project – Maquela do Zombo – Uige - Angola, which provides mineral resource management.
I have six years of experience in consultancy companies as a specialist in resource estimate and geostatistics:
- 2018 to present – Resource Geologist of GE21 Consultoria Mineral, which provides advice, assistance, and audits for the Mineral Resource Estimation and mineral exploration for JORC and NI 43-101 reports.
I am a member of the Australian Institute of Geoscientists (#7868).
I meet all the education, work experience, and professional registration requirements of a “Qualified Person” as defined in Section 1.1 of National Instrument 43-101.
I inspected the property subject to this Technical Report between the 13th and 14th of September 2023 and the 13th of December 2023.
I am responsible for Sections 2 to 12, 14, 23 and jointly for Sections 1, 11, 12, 25 and 26 of this Technical Report.
I previously signed as QP the MRE of the Bandeira Project PEA dated November 30, 2023, named “Bandeira Project, Araçuaí and Itinga, Minas Gerais State, Brazil “
Independent Technical Report – Preliminary Economic Assessment “
I am independent of the Issuer, Lithium Ionic Holdings Corp, and its subsidiaries.
I have read National Instrument 43-101, and the parts of the Technical Report I am responsible for have been prepared in compliance with this Instrument, including the CIM Definition Standards on Mineral Resources and Mineral Reserves.

At the effective date of the Technical Report, and at the date it was filed, to the best of my knowledge, information, and belief, the parts of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Belo Horizonte, Brazil, May 27[th] , 2024.

Carlos José Evangelista da Silva

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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28.2 Certificate of Leonardo Silva Santos Rocha

I, Leonardo Silva Santos Rocha, MAIG, (#7623), as an author of the technical report titled “NI 43-101 Technical Report – Mineral Resource Update on Bandeira Project, Araçuaí and Itinga, Minas Gerais State, Brazil”, dated May 27[th] , 2024, with an effective date of March 5[th] , 2024 (the “Technical Report”), prepared for “Lithium Ionic Corp.” (the “Issuer”), do hereby certify that:

I am a geologist for GE21 Consultoria Mineral Ltda., which is located on Avenida Afonso Pena, 3130, 12 and 13[th] floor, Savassi, Belo Horizonte, MG, Brazil - CEP 30130-910.
I am a graduate of the Federal University of Minas Gerais, located in Belo Horizonte, Brazil, and hold a Bachelor of Science Degree in Geology (2013). I have practiced my profession continuously since 2013.
I am a Professional enrolled with the Australian Institute of Geoscientists (“AIG”) Member - (“MAIG”) #7623. 4. I am a professional geologist with over twenty (11) years of experience in economic geology, mineral exploration, and Mineral Resource Estimation.
I have read the definition of “qualified person” set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and certify that, by reason of my education, affiliation with a professional association as defined in NI 43-101, and past relevant work experience, I fulfill the requirements to be a “qualified person” for the purposes of NI 43-101.
I have supervised the preparation of the Technical Report for Chapters 11, 12 with co-responsibility for the corresponding sections within Chapters 1, 25 and 26 that are related to the foregoing Chapters of this Technical Report.
I personally inspected the property that is the subject of this Technical Report on April 11th, 2024.
As of the effective date of the Technical Report, to the best of my knowledge, information, and belief, the sections of the Technical Report that I have authored and am responsible for contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.
I have had no prior involvement with the property that is the subject of this Technical Report.
I have no personal knowledge, as of the date of this certificate, of any material fact or material change which is not reflected in this Technical Report.
I am independent of the Issuer, Lithium Ionic Holdings Corp, and its subsidiaries, applying all the tests in section 1.5 of NI 43-101.
I have read NI 43-101 and Form 43-101F1 – Technical Report and, in my opinion, the Technical Report has been prepared in compliance with such instrument and form.

Belo Horizonte, Brazil, May 27[th] , 2024.

Leonardo Silva Santos Rocha, MAIG

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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28.3 Certificate of Paulo Bergman

I, Paulo Bergman, am a Mining Engineer associated to GE21 Consultoria Mineral, located at Avenida Afonso Pena, 3130 – 12th and 13th floor, Belo Horizonte, MG, Brazil, CEP 30.130-910. This certificate applies to the Technical Report entitled “NI 43-101 Technical Report – Mineral Resource Update on Bandeira Project, Araçuaí and Itinga, Minas Gerais State, Brazil”, with an effective date of March 5th, 2024.

I hold the following academic qualifications: a B.A.Sc. in Mining Engineering from the Federal University of Minas Gerais, in Belo Horizonte, Minas Gerais, Brazil.
I am a professional Mining Engineer, with more than 40 years of experience in the mining industry. My relevant experience for the purpose of this Technical Report includes:
30 years in mining and plant operation management, including AngloGold, Yamana, Jaguar Mining and Buritirama Mineração.
10 years as engineering development and consultancy in the mining industry, including gold, iron, manganese, rare earth elements and others.
I am a Member of the Australasian Institute of Mining and Metallurgy (#333121).
I meet all the education, work experience, and professional registration requirements of a “Qualified Person” as defined in Section 1.1 of National Instrument 43-101.
I am responsible for Technical Report sections 13 and jointly responsible for Sections 1, 25 and 26 of this Technical Report.
I previously signed as QP Chapter 13 of the Bandeira Project PEA dated November 30, 2023, named “Bandeira Project, Araçuaí and Itinga, Minas Gerais State, Brazil “
I am independent of the Issuer, Lithium Ionic Corp, and its subsidiaries.
I have read National Instrument 43-101 and the parts of the Technical Report for which I am responsible have been prepared in compliance with this Instrument, including the CIM Definition Standards on Mineral Resources and Mineral Reserves.
At the effective date of the Technical Report, and at the date it was filed, to the best of my knowledge, information, and belief, the parts of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Belo Horizonte, Brazil, May 27[th] , 2024.

Paulo Bergman

Lithium Ionic Corp. | Bandeira Project, GE21 Project nº 240403 NI 43-101 – March 5[th] , 2024

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AI assistant

Lithium Ionic Corp. — Regulatory Filings 2024

48021_rns_2024-05-27_c8520c0f-f1d7-441e-9853-22a42cf546c1.pdf