LIVIUM LTD — Capital/Financing Update 2014

Nov 25, 2014

ASX Announcement

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26 November 2014

COMPANY DETAILSABN:29 126 129 413PRINCIPAL ANDREGISTERED OFFICECobre Montana NLSuite 323 Belgravia StreetBelmont WA 6104POSTAL ADDRESSPO Box 588Belmont WA 6984W www.cobremontana.com.auE info@cobremontana.com.auP+61 8 6145 0288F+61 8 9475 0847**ASX CODE:**CXBCORPORATEINFORMATION(25 November 2014)85M Ordinary Shares50M Contributing Partly Paid Shares12M Unlisted OptionsBOARD OF DIRECTORSEduardo Valenzuela(Non-Executive Chairman)Adrian Griffin(Managing Director)Bryan Dixon(Non-Executive Director)Tel: +61 (08) 6145 0288info@cobremontana.com.auWeb: www.cobremontana.com.au

COBRE MONTANA & PILBARA MINERALS SIGN MOU TO TEST BATTERY-GRADE LITHIUM CARBONATE POTENTIAL OF PILGANGOORA PROJECT, WAHIGHLIGHTS•Cobre Montana signs MoU with Pilbara Minerals (PLS) to evaluatethe potential to produce battery-grade lithium carbonate fromPLS’s Pilgangoora project near Port Hedland in Western Australia•MOU follows Cobre Montana’s recent 25 year exclusive licensingagreement over only known technology able to produce lithiumfrom WA’s deposits•Agreement covers a six month test program by Cobre Montana ofPilgangoora’s lepidolite style mica mineralisation as a lithium-focused base feedstockSUMMARYCobre Montana Limited (ASX “CXB” and Pilbara Minerals Limited (ASX: “PLS”have executed a Memorandum of Understanding (MoU) to test thelepidolite potential of PLS’s Pilgangoora project southeast of Port Hedlandin Western Australia, to produce high grade lithium carbonate for use inadvanced hi-tech batteries.The centerpiece to the MOU will be a six month study by Cobre Montana ofthe Pilgangoora deposit leading at the end of that period, to an anticipatedpresentation of a commercial development proposal by Cobre to PilbaraMinerals.The terms of the agreement will see Cobre Montana include in its report,the ways in which the combined expertise of both companies can beoptimized to enable more complete exploitation of Pilgangoora’s lepidolitemineralized areas as feed to produce lithium carbonate for the rapidlyexpanding global lithium battery industry.Lepidolite is one of the most common lithium minerals. It is a lilac-gray orrose coloured mica which is a secondary source of lithium. The only practicalmeans of recovering lithium from lepidolite was developed by Perth-basedStrategic Metallurgy P/L and is subject of exclusive licensing to CobreMontana.

Cobre Montana’s test work program will include field inspections, data using past resource calculations, results from Pilbara Minerals’ current 10,000m drilling campaign (PLS announcement 6 November 2014) and laboratory work to confirm the suitability of Pilgangoora lepidolite as a source for battery-grade lithium carbonate.

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The MOU with Pilbara Minerals is the second major advance in a month for Perth-based Cobre Montana’s aspirations to become a lithium developer.

The Company announced earlier this month (CXB announcement 11 November 2014) that it had secured exclusive licensing rights to the only practical technology for extracting lithium from micas. The licensing rights will extend for up to 25 years, giving Cobre Montana a competitive edge with respect to processing such materials.

Cobre Montana Managing Director, Mr Adrian Griffin, said today that securing the access to processing technology had proven the catalyst for the Company and Pilbara Minerals to advance assessment work on the Pilgangoora project, located near Port Hedland in WA.

Pilbara Minerals controls significant resources of lithium within the Pilgangoora project. The lithium ore is hosted 150 km south-east of Port Hedland, in the Pilbara region of Western Australia (Figure 1).

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Figure 1 Location of the Pilgangoora lithium project

The project hosts a JORC 2012 Inferred Resource of 8.6M tonnes @ 1.01% Li2O for 87,000 tonnes of lithium (PLS announcement 17 June 2014). The Pilgangoora pegmatite field was discovered in 1905 and contains swarms of lepidolite-spodumene bearing pegmatites( Jacobson et al, 2007*) outcrop of which is shown in Figure 2. Pegmatites are coarse-grained intrusive dykes and sills of granitic affinity.

The project is located immediately north of and along strike from Altura Mining Limited’s (ASX: AJM) Pilgangoora lithium deposit, which has a JORC Resource of 25.2Mt @ 1.23% Li2O (AJM announcement 3 October 2014).

Mr Griffin said “ Pilbara Minerals and Cobre Montana recognised the significant opportunity that presents itself at Pilgangoora by combining:

• The economic advantage of exploiting both tantalum and lepidolite simultaneously

• The complementary experience of PLS and CXB, and

• The benefits of the exclusive licence rights with identified resources, to expedite potential commercialisation opportunities.”

*Jacobson M.I., Calderwood M.A., and Grguric B.A., 2007. Guide Book to the Pegmatites of Western Australia. P 23-30

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Figure 2. Tenement plan showing Pilbara Minerals, Pilgangoora project tenements with bold outline and mapped exposure of pegmatites (navy blue).

MEDIA CONTACT: Adrian Griffin Cobre Montana 08 6145 0288 | 0418 927 658 Kevin Skinner Field Public Relations 08 8234 9555 | 0414 822 631

ABOUT COBRE MONTANA

Cobre Montana NL (ASX:CXB) has strategic alliances with Focus Metals Limited and Tungsten Mining NL, to investigate lithium and rare metals in prospective locations of Western Australia close to well-developed infrastructure. Cobre also has lithium exploration assets near Ravensthorpe, Western Australia, and a technical alliance with Strategic Metallurgy P/L to optimize lithium extraction technology on the type of mineralization under investigation. Cobre also holds a 55% interest in the Piedrecillas copper/silver project 180km SW of Santiago, Chile.

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