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LOYAL METALS LTD Capital/Financing Update 2022

Nov 14, 2022

65244_rns_2022-11-14_2a9167dd-a3f2-4c92-b7f2-00d917e4e181.pdf

Capital/Financing Update

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ASX:LLI
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ASX Amended Announcement | 15 November 2022

West Australian Gold and Base Metal Assets – Operations Update

Highlights:

  • Monger Gold Limited (ASX:MMG) has successfully transitioned to Loyal Lithium Limited (ASX:LLI) and is now focused on exploring and developing its Tier 1 North American Lithium Assets

  • Loyal’s prospective North American Lithium landholdings (396km2) are now 8 times larger than the Gold and Base Metal assets it holds in Western Australia (50km2)

  • An August 2022 strategic review of West Australian assets concluded that: Monger North and Gibraltar Projects are better suited to a larger regional package therefore the company will look to joint venture or divest these assets.

  • The Company has since completed exploration works on Monger South to discover a zinc-copper-silver FLEM geophysics conductor anomaly. On review the Company has concluded that Monger South would also be better suited to a joint venture or divestment.

  • A due diligence data room has been established for prospective buyers of Loyal Lithium’s Western Australian Gold and Base Metal assets. Stronger market conditions are likely required to source an accretive JV or divestment outcome for shareholders.

  • Loyal Lithium’s North American Lithium portfolio in Tier 1 mining jurisdictions includes:

  • Hard Rock – Trieste Lithium Project (Québec, Canada)

  • Hard Rock – Brisk Lithium Project (Québec, Canada)

  • Brines and Clay – Scotty Lithium Project (Nevada, USA)

Loyal Lithium Lithium ( ASX: LLI ) (" Loyal Lithium ", the " Company ") wishes to announce that it has completed a coordinated exploration program at its Monger South Project. The program discovered an anomalous zinc-copper-silver FLEM geophysics conductor after a soils program, geological mapping/sampling and a FLEM geophysics survey. The findings have been reviewed and the company believes that the Project is better suited to a third party with motivations to develop these types of metals in the Eastern Goldfields region.

A: 5/10 Johnston St,

ASX Code: LLI ACN : 644 564 241 www.loyallithium.com

Peppermint Grove WA, 6011 P: (08) 6245 2490

E: [email protected]

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This conclusion, in addition to the August Strategic Review (see LLI announcement: Operations Update – 22 August) now lists all Western Australian Gold and Base Metal Assets as better suited for joint venture or divestment:

  1. Monger North Project: 16,400 oz JORC Inferred gold resource [1] discovered by LLI

  2. Gibraltar Project: Exploration target [2] tonnage and gold grade range between a minimum of 285,500t @ 0.71g/t; maximum 386,000t @ 0.97g/t, advanced by LLI. NOTE: due to the uncertainty in supporting data, these minimum/maximum tonnage and grade ranges are conceptual in nature, as there has been insufficient exploration to estimate a JORC Mineral Resource. It is uncertain if further exploration will result in JORC Mineral Resource estimates

  3. Monger South Project: zinc-copper-silver FLEM geophysics conductor anomaly discovered by LLI

Loyal Lithium’s Chief Executive Officer, Adam Ritchie, commented:

“The exploration team at Loyal should be proud of the work conducted at our Western Australian assets. The advancement of these assets has exposed the potential with efficient and effective use of shareholders’ funds. An opportunity awaits a suitable partner to further advance these assets with exploration next steps well planned”

Monger South

A geological mapping and sampling program was completed at the Monger South Project. Gold assay results for rock chip samples taken during geological mapping [3] returned values of up to 89.79 g/t gold (MMS0032) quartz vein, east of the Three Emus Prospect and 9.65 g/t gold (MMS0027) quartz vein in a small old workings shaft. A north-striking structure appears to intersect the Three Emus Prospect and adjacent unnamed prospects with a series of old workings found along this trend. The northern zone is recommended for drill testing.

Rock-chip sample assay results from the Ben Nevis Prospect at Mt Monger South included, copper assays to a maximum 2,615ppm and zinc assays to a maximum of 3,742ppm and anomalous silver [4] . A total of 23 anomalous rock chip samples extended the surface anomaly to 150m long with one anomalous sample located a further 180m west. Another lens was discovered further east where a FLEM conductor was found beneath (figure 1).

A: 5/10 Johnston St,

ASX Code: LLI ACN : 644 564 241 www.loyallithium.com

Peppermint Grove WA, 6011 P: (08) 6245 2490

E: [email protected]

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There is a broader prospective 5km prospective horizon [5] , with an increase in zinc found towards the west and an increase in silver towards the east. The Ben Nevis Prospect was historically unexplored and is interpreted as being a potential zone of copper/zinc/silver VMS style mineralisation, which are known to occur to the NNW in the Kurnalpi Terrane.

UFF+ soil samples have been sampled across all of Monger South licences, with 568 samples (figure 2 and figure 3) that discovered the following anomalies, untested by drilling.

  • 2 silver-copper-zinc gossans within the Monger Sill (figure 1)

  • 4 low-level gold anomalies, with one in alluvium (figure 2)

  • 1 nickel-cobalt gossan at the base of the Monger Sill (figure 3)

Southern Geoscience completed a geophysics Fixed Loop EM (FLEM) orientation survey across the Ben Nevis Prospect and defined a 150m conductor plate beneath an eastern outcrop lens.

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Figure 1: 3D view NE of interpreted surface chert and gossans and a conductor plate with details from FLEM survey and proposed drill hole to test the conductor plate. Grid MGA94_51 Zone 12

A: 5/10 Johnston St,

ASX Code: LLI ACN : 644 564 241 www.loyallithium.com

Peppermint Grove WA, 6011 P: (08) 6245 2490

E: [email protected]

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Figure 2: Project Plan soils results with four un-drilled gold anomalies

A: 5/10 Johnston St,

ASX Code: LLI ACN : 644 564 241 www.loyallithium.com

Peppermint Grove WA, 6011 P: (08) 6245 2490

E: [email protected]

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Figure 3: Project plan with soils finding two un-drilled nickel-cobalt anomalies. Area 1 contains a gossan, Area 2 base of second ultramafic within the Monger Sill and Area 3 is the Daisy Milano Trend (DMT) with gold anomalism, but has low nickel

A: 5/10 Johnston St, Peppermint Grove WA, 6011 P: (08) 6245 2490

ASX Code: LLI ACN : 644 564 241 www.loyallithium.com

E: [email protected]

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Strategic Review of Exploration Results

As a consequence of the results of post IPO exploration and the consideration of these results by the Board, the company has formed the view that without significant further expenditure in the Gibraltar, Monger North and Monger South Projects these projects are better suited as part of a larger regional package to fully maximise their potential. As such, and to ensure that the Company realises as much value as possible from these projects, the Company will consider opportunities to divest or look to joint venture these assets with other regional players to maximize shareholder value.

A due diligence data room has now been formed for all three projects at Gibraltar, Monger North and Monger South, with interested parties invited to approach LLI to examine the data. There are a number of targets developed by LLI that are walk-up drill targets for a new owner to invest. Market conditions are likely to affect the timing of any JV and divestment of these assets. All three projects have tenements have had sufficient work programs and expenditure and are all in good standing.

Lithium Focus

Recently the Company has acquired a highly prospective North American asset portfolio containing:

  • Hard Rock – Trieste Lithium Project (Québec, Canada)

  • Hard Rock – Brisk Lithium Project (Québec, Canada)

  • Brines and Clay – Scotty Lithium Project (Nevada, USA)

The lithium market fundamentals are forecasted to remain strong for years to come, with demand for lithium continuing to increase due to consumer and legislative shifts towards electric vehicles in addition to the electrification of energy grids around the world.

In light of the results of post IPO exploration activity, the Company believes that it is in the interests of the Company and its shareholders to increase its focus on its Lithium projects will likely yield greater shareholder value. As such, the Company has appointed lithium professional, Mr Adam Ritchie as CEO (ASX announcement 26 June, 2002) to help develop and drive these projects forward. The Company will look to continue to build a team around Mr Ritchie consisting of lithium experts and industry professionals.

Approved by the Board of Loyal Lithium Limited.

A: 5/10 Johnston St,

ASX Code: LLI ACN : 644 564 241 www.loyallithium.com

Peppermint Grove WA, 6011 P: (08) 6245 2490

E: [email protected]

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For more information:

Adam Ritchie

Jane Morgan

Chief Executive Officer Investor & Media Relations [email protected] [email protected] +61 (0) 403 462 383 + 61 (0) 405 555 618

About Loyal Lithium

Loyal Lithium Limited (ASX: LLI) is a well-structured listed resource exploration company with projects in Tier 1 North American mining jurisdictions in Nevada, USA and the James Bay Lithium District in Quebec, Canada. Through the systematic exploration of its projects, the Company aims to delineate JORC compliant resources, creating value for its shareholders.

References ;

1 ASX:MMG Announcement 4 July 2022; Providence Gold Deposit Maiden Mineral Resource Estimate

2 ASX:TNR Announcements 27 March 2019; Independent Review Reinforces Potential of Torian’s Kalgoorlie Region Projects

3 ASX:MMG Announcement 18 January 2022; Mt Monger South Geological Mapping Program Completed

4 ASX:MMG Announcement 17 March 2022; Copper and Zinc found in Rock Chip Samples at My Monger South

5 ASX:MMG Announcement 17 March 2022; More Copper and Zinc found in Rock Chip Samples at Mt Monger South

Future Performance

This announcement may contain certain forward-looking statements and opinion Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are outside the control of the Company and which are subject to change without notice and could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Nothing contained in this announcement, nor any information made available to you is, or and shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Loyal Lithium Limited.

Qualified and Competent Person

The information in this announcement that relates to exploration results, exploration targets and JORC (2012) Inferred Resources, is based, and fairly reflects, information compiled by Mr Darren Allingham, who is the Company’s geologist. Mr Allingham is a Fellow of the Australian Institute of Geoscientists. Mr Allingham has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results and Mineral Resources (JORC Code). Mr Allingham consents to the inclusion in the announcement of the matters based on the information in the form and context in which it appears.

A: 5/10 Johnston St,

ASX Code: LLI ACN : 644 564 241 www.loyallithium.com

Peppermint Grove WA, 6011 P: (08) 6245 2490

E: [email protected]

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this table apply to all preceding sections.)

Criteria JORC Code explanation JORC Code explanation Commentary
Southern Geoscience Consultants Pty Ltd
(SGC) completed Proposal No. SGC-NA-1083-
V2, the acquisition of fixed-loop time-domain
electromagnetics (FLEM) over multiple targets
in the Monger South Project area. A total of 88
survey stations were completed on 2
transmitter (TX) loops using 50m spaced
• Nature and quality of sampling (e.g., cut survey stations on 100m spaced survey lines
channels, random chips, or specific for a total of almost 4-line km of coverage.
specialised industry standard
measurement tools appropriate to the The survey parameters are listed below.
minerals under investigation, such as • EM Receiver : SMARTem 24, multi-channel,
down hole gamma sondes, or handheld 24-bit receiver system
XRF instruments, etc). These examples • EM Transmitter : DRTX, up to 200V input with
should not be taken as limiting the broad 100 AMP TX current max
meaning of sampling. • EM Sensor : X, Y and Z component B field
• Include reference to measures taken to Fluxgate
ensure sample representivity and the • Configuration : FLEM with 300m x 400m
appropriate calibration of any • Base Frequency : 1 to 2 Hz
measurement tools or systems used.
Sampling • Aspects of the determination of Main sample media - Each site collected a
techniques mineralisation that are Material to the 200g shallow soil sample with sample
Public Report. collection routine; clear space in the
• In cases where ‘industry standard’ work landscape selected, photographed and
has been done this would be relatively documented. Field notes - date, time. The top
simple (e.g., ‘reverse circulation drilling 1-3 cm was scraped away using a plastic
was used to obtain 1 m samples from trowel over a 1m2 area to remove surface
which 3 kg was pulverised to produce a 30
crust, surface lag and vegetation. In the
g charge for fire assay’). In other cases, centre of the 1m2 cleared surface area
more explanation may be required, such another area of approximately 20cm2 was
as where there is coarse gold that has selected as the sample, with 30cm dug using
inherent sampling problems. Unusual a plastic scoop. Depth varied with a lower soil
commodities or mineralisation types (e.g., horizon as the target, a consistent soil
submarine nodules) may warrant sampling protocol. Dug hole ensuring no
disclosure of detailed information. surface contamination and then mixed very
well (homogenization) of the sample. Any
coarse material from the soil >2mm was
sieved out of the sample using a polymer
sieve producing a 200g sample. The UFF+
soil
was collected from this material and placed
in prenumbered paper Geotech sample bags.
Important to have air drysamples, and

A: 5/10 Johnston St,

ASX Code: LLI ACN : 644 564 241

Peppermint Grove WA, 6011 P: (08) 6245 2490

www.loyallithium.com

E: [email protected]

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Criteria JORC Code explanation JORC Code explanation Commentary
breathable paper are better than plastic for
drying purposes. Following collection of
materials the small hole was back-filled and
returned to a flat surface. A total of 563
individual soil samples were collected
(including duplicates). The samples were
submitted to LabWest Minerals Analysis Pty
Ltd. Laboratory, Perth. Job ID: ALW006878. The
UFF+
soil samples from Gibraltar Project are
part of the CSIRO research program.
UFF+ is designed to analyse the clay sized
fraction (<2µm) for gold exploration, and
multi-element analysis for major and trace
elements, salinity (EC) and pH, and clay
mineralogy.
• Whether core and chip samples have
been geologically and geotechnically
Logging • logged to a level of detail to support
appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
Whether logging is qualitative or
quantitative in nature. Core (or costean,
channel, etc) photography.		 The basic ‘nature of soil and site’ information
were registered. All sample sites were
described and each site photographed.
Samples were VIS-NIR analysed to determine
mineralogy. Sizing data was determined
• The total length and percentage of the
relevant intersections logged.
• If core, whether cut or sawn and whether
quarter, half or all cores taken.
• If non-core, whether riffled, tube sampled,
rotary split, etc and whether sampled wet
or dry.
• For all sample types, the nature, quality
Sub-
sampling
techniques
and sample		 • and appropriateness of the sample
preparation technique.
Quality control procedures adopted for all
sub-sampling stages to maximise
representivity of samples.		 Benefits of UFF+; soil morphological changes
tend to be compensated for and the mass of
soil required is less than other methods and
requires little preparation.
preparation • Measures taken to ensure that the
sampling is representative of the in-situ
material collected, including for instance
results for field duplicate/second-half		 200g Sample sizes were considered to be
appropriate for the analytical process being
used.
sampling.
• Whether sample sizes are appropriate to
the grain size of the material being
sampled.
Quality of • The nature, quality and appropriateness of
Full UFF+ package: collection of <2 micron
assay data the assaying and laboratory procedures fraction, microwave Digest in Aqua Regia, Au +
and used and whether the technique is 51 multi-elements

A: 5/10 Johnston St,

ASX Code: LLI ACN : 644 564 241

Peppermint Grove WA, 6011 P: (08) 6245 2490

www.loyallithium.com

E: [email protected]

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Criteria JORC Code explanation JORC Code explanation Commentary
laboratory considered partial or total. Ultrafine Codes: UFF_MAR_OES, UFF_MAR_MS
tests • For geophysical tools, spectrometers, including, pH, EC, PSD, mineralogy by VIS/NIR.
handheld XRF instruments, etc, the Certified Reference Standards (UFF+) were
parameters used in determining the inserted into the sample stream every 33
analysis including instrument make and samples (two CRS’s used, OREAS 20a and
model, reading times, calibrations factors OREAS 45f). Field duplicate drill samples were
applied and their derivation, etc. completed at every 30 sample sites by taking
• Nature of quality control procedures an additional sample within 2 metres of the
adopted (e.g., standards, blanks, primary sample. These samples were used to
duplicates, external laboratory checks) determine short-scale variability. LabWest
and whether acceptable levels of laboratory QA/QC for each rack of 40 samples
accuracy (i.e., lack of bias) and precision were analysed with:
have been established. •
1x Reagent blank
•
2x In-rack duplicate analysis
•
2x Certified Reference Standards
•
Unsupported anomalous results were
retested to ensure they are “real” (at the lab’s
discretion).
Samples were documented on hard copy and
• The verification of significant intersections digitally in the field. Data entered into the
by either independent or alternative MMG MaxGeo independently managed
Verification
of sampling
and
assaying		 •
•		 company personnel.
The use of twinned holes.
Documentation of primary data, data
entry procedures, data verification, data
storage (physical and electronic)		 database. Both AR1030 49 Elements ICP-
OES/ICP-MS Package and 13 Elements ICP-MS
Pathfinder Package was completed on a
number of samples at Ben Nevis Prospect with
zinc, copper and silver values comparing
protocols. favourably.
• Discuss any adjustment to assay data. Duplicate samples were taken of samples and
compared favourably.
Location of
data points		 •
•
•		 Accuracy and quality of surveys used to
locate drill holes (collar and down-hole
surveys), trenches, mine workings and
other locations used in Mineral Resource
estimation.
Specification of the grid system used.
Quality and adequacy of topographic
control.		 All coordinate information was logged by
handheld Garmin GPS +/- 5m on air photo
maps. The grid system used was MGA94_51.
Topographic control was provided via GPS
observations. This was considered satisfactory
for early-stage geochemical sampling type of
work with soil locations easily identified in the
field for a period of time sufficient as a
reference for further work.
• Data spacing for reporting of Exploration
Results. Single samples on 400m spaced traverses
• Whether the data spacing, and distribution
with 100m spaced samples along traverses
Data is sufficient to establish the degree of A series of coherent geochemical gold in soil
spacing and geological and grade continuity anomalies have been identified, in known and
distribution appropriate for the Mineral Resource and unknown areas of gold mineralisation. The
Ore Reserve estimation procedure(s) and program has identified three undrilled targets
classifications applied. on known prospective stratigraphic contacts
• Whether sample compositing has been

A: 5/10 Johnston St,

ASX Code: LLI ACN : 644 564 241 www.loyallithium.com

Peppermint Grove WA, 6011 P: (08) 6245 2490

E: [email protected]

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Criteria JORC Code explanation JORC Code explanation Commentary
applied.
• Whether the orientation of sampling
achieves unbiased sampling of possible
Orientation
of data in
relation to
geological
structure		 • structures and the extent to which this is
known, considering the deposit type.
If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this		 Perpendicular to the strike of outcrop in order
to look for EM signatures down dip.
Appropriate for reconnaissance style first-
stage geochemical sampling, targeting
significant gold anomaly signatures.
should be assessed and reported if
material.
Samples were individually extracted by
Sample
security		 • The measures taken to ensure sample
security.		 polymer trowel, then bagged, tagged, with
unique consecutive sample numbers
recorded. Sample were stored in a locked
shed on MMGpropertybefore submission.
Audits or
reviews		 • The results of any audits or reviews of
sampling techniques and data.		 No audits or reviews were undertaken.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation JORC Code explanation Commentary
Mineral • Type, reference name/number, location P26/4106 and P26/4107 /2348, P25/2349,
tenement and and ownership including agreements or P25/2493, P26/4086, P26/4109, P26/4110,
land tenure material issues with third parties such as P26/4111, P26/4113, P26/4310, P26/4409 are
status joint ventures, partnerships, overriding granted and held by Monger Gold Ltd (80%)
royalties, native title interests, historical and Cascade Resources Ltd (20%). The
sites, wilderness or national park and licenses are granted and are in good
environmental settings. standing and can be viewed in the MMG half
• The security of the tenure held at the year report, on the DMIRS website, in the ASX
time of reporting along with any known company listing prospectus.
impediments to obtaining a license to
operate in the area.
Exploration • Acknowledgment and appraisal of Historical work has not been assessed nor
done by other exploration by other parties. appraised in this announcement as this is a
parties new prospect generated by MMG with no
known historical work completed.
Geology • Deposit type, geological setting and style Neoarchean aged VHMS base metal deposit
of mineralisation. hosted by bimodal felsic and mafic
volcanics and volcanoclastics with albitite
and granitic dykes interrupted by a large
mafic layered sill
Data • In reporting Exploration Results, weighting
No data aggregation methods were utilised.
aggregation averaging techniques, maximum and/or
methods minimum grade truncations (e.g., cutting
of high grades) and cut-off grades are

A: 5/10 Johnston St,

ASX Code: LLI ACN : 644 564 241 www.loyallithium.com

Peppermint Grove WA, 6011 P: (08) 6245 2490

E: [email protected]

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Criteria JORC Code explanation JORC Code explanation Commentary
usually Material and should be stated.
• Where aggregate intercepts incorporate
short lengths of high-grade results and
longer lengths of low-grade results, the
procedure used for such aggregation
should be stated and some typical
examples of such aggregations should
be shown in detail.
The assumptions used for any reporting of
metal equivalent values should be clearly
stated.
Relationship • These relationships are particularly Geochemical near surface samples in
between important in the reporting of Exploration transported colluvium and calcrete from
mineralisation Results. single hole surface samples are unreliable
widths and • If the geometry of the mineralisation with
for any calculation of metal accumulations.
intercept respect to the drill hole angle is known, its
So, no inference is made to the size nor tenor
lengths nature should be reported. of any resources from individual or
• If it is not known and only the down hole composited sample assay results.
lengths are reported, there should be a Anomalous samples represent an indication
clear statement to this effect (e.g., ‘down only that significant metal anomalism is
_hole length, true width not known’). _ present.
Diagrams • Appropriate maps and sections (with Appropriate location figures of the FLEM
scales) and tabulations of intercepts conductor are included in this ASX
should be included for any significant announcement.
discovery being reported These should
include, but not be limited to a plan view
of drill hole collar locations and
appropriate sectional views.
Balanced • Where comprehensive reporting of all All exploration results are reported.
reporting Exploration Results is not practicable,
representative reporting of both low and
high grades and/or widths should be
practiced avoiding misleading reporting
of Exploration Results.
Other • Other exploration data, if meaningful and
No additional exploration data were utilised.
substantive material, should be reported including
exploration (but not limited to): geological
data observations; geophysical survey results;
geochemical survey results; bulk
samples – size and method of treatment;
metallurgical test results; bulk density,
groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
Further work • The nature and scale of planned further Given the encouraging results from the
work (e.g., tests for lateral extensions or geophysics FLEM survey, decisions on where
_depth extensions or step-out drilling). _ to complete moregeophysical surveys and

A: 5/10 Johnston St,

ASX Code: LLI ACN : 644 564 241

Peppermint Grove WA, 6011 P: (08) 6245 2490

www.loyallithium.com

E: [email protected]

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Criteria JORC Code explanation JORC Code explanation Commentary
• Diagrams clearly highlighting the areas drill target and what type/size of drill
of possible extensions, including the main
program are to be determined.
geological interpretations and future
drilling areas, provided this information is
Given the encouraging results from this UFF+
not commercially sensitive. geochemical soil sampling program, MMG
will await a full analysis of the data by CSIRO
specialists in order to make a decision on
where to drill target and what type/size of
drill program.
Due to decision to JV or divest the project,
geophysics and soil anomalies will be
presented as targets for potential new
owners.

A: 5/10 Johnston St,

ASX Code: LLI ACN : 644 564 241 www.loyallithium.com

Peppermint Grove WA, 6011 P: (08) 6245 2490

E: [email protected]

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