METALS AUSTRALIA LTD — Capital/Financing Update 2018

May 20, 2018

ASX Announcement

21 May 2018

Manindi Lithium Metallurgical Testwork Demonstrates High Lithium Recovery and Favorable Concentrate Grades

Highlights:

• Metallurgical testwork and mineralogical characterisation completed on two composite samples of lithium mineralisation from the Manindi Project

• Tests completed included semi-quantative XRD analysis, size fraction analysis, wet screen analysis, heavy liquid separation, magnetic separation and sighter flotation testing

• Results indicate that Manindi lithium mineralisation principally occurs as lepidolite

• Flotation tests produced concentrates with grade up to 3.05% Li2O and lithium recovery of up to 77% from 30% of the mass feed - additional upside exists on an optimised flowsheet tailored to the Manindi mineralisation

• Concentrate grade and recovery compares favourably against other lepidolite hosted lithium projects

• Low iron-oxide (Fe2O3) content confirms the Manindi lithium concentrate is a preferred product for potential end-users

• Metals Australia to engage with lepidolite-hosted lithium concentrate end-users in China to further accelerate the exploration and development of the Manindi Lithium Project

• Flotation tails contain significant tantalite mineralisation (Ta2O5) that could potentially also be recovered – provides additional upside to the potential economics of the project

• Potential for further improvements in the metallurgical results given that the tests were scoping level in nature and that the flowsheet has not been optimised for the Manindi mineralisation

• A reverse circulation (RC) percussion drilling program is planned to test the grade and continuity of lithium-bearing pegmatite dykes at Manindi – drilling to commence in the coming weeks

Diversified metals exploration company, Metals Australia Ltd (ASX: MLS ) is pleased to announce the results of preliminary metallurgical testing of lithium mineralisation at the Manindi Lithium Project (the “ Project ”), located in Western Australia.

Metallurgical consultants NAGROM were selected to undertake the testwork program on two composite diamond drill core samples collected from the Manindi Lithium Project in April 2018 (refer to ASX announcement dated 13 April 2018) . Testwork included sample preparation and compositing, semi-quantative XRD analysis, size fraction analysis, wet screen analysis, heavy liquid separation, magnetic separation and sighter flotation testing.

Mineral characterisation results indicate that the lithium mineralisation principally occurs as the mineral lepidolite. The metallurgical test work completed has indicated that flotation is the preferred option for treatment of the lithium mineralisation identified at Manindi. An un-optimised sighter flotation testing program achieved a concentrate grade of up to 3.05% Li2O and recovery of up to 77% with a mass yield of approximately 30%.

These concentrate grades and recovery profiles compare favorably against other lepidolitehosted lithium projects and are encouraging given that the flowsheet was not tailored to the mineralisation identified at Manindi.

As a comparison, indicative test work completed by Lithium Australia NL (ASX: LIT) on its Lepidolite Hill project located in Western Australia, produced a lepidolite-hosted lithium concentrate with a grade of 3.34% Li2O.

Commenting on the metallurgical test work results at Manindi, Mr Gino D’Anna, a Director of MLS

stated:

“This initial program of metallurgical test work on the lepidolite mineralisation identified at Manindi has provided the Company with some significant and highly encouraging results. Using an un-optimised flowsheet, the Company has demonstrated that the lithium mineralisation at Manindi is capable of producing a lithium concentrate of 3.05% Li2O which compares favorably against similar lepidolite-hosted lithium projects and meets the minimum benchmark for lepidolitehosted lithium concentrate end-users in China. The low-impurity of the lithium concentrate is another advantage of the lepidolite mineralisation at Manindi, and these results have been achieved with high recoveries of up to 77% with a mass yield of approximately 30%.

We are excited by what this initial program has delivered, and we remain committed to further exploring and developing this project, in line with our revised corporate strategy and alignment to the battery metals sector. Using these preliminary results, we can now confidently start to engage with potential end-users in China.

Metals Australia is planning to complete an RC percussion drilling program at Manindi that will test the grade, thickness and continuity of the lithium-mineralised pegmatite dykes that have already been identified at the Project.”

Manindi Lithium Project

The Manindi Lithium Project is located in the Murchison District of Western Australia, approximately 20 km southwest of the Youanmi gold mine. The Project is situated in a fertile geological complex and is host to a significant undeveloped zinc deposit. The Manindi Project is comprised of three granted mining leases.

Lithium-bearing pegmatite dykes have previously been identified on the Manindi mining leases in the vicinity of the Mulgara-Warabi Prospect areas (refer to Metals Australia ASX announcement dated 21 March 2017) .

Surface mapping carried out at Mulgara and Warabi Prospects identified at least three lithium bearing pegmatites outcropping at surface with strike lengths of over 300 m and widths up to 2530 m (Figure 1).

Results from twelve rock chip samples collected from these pegmatites have returned high grade assays up to 2.84% Li2O. The pegmatites were sampled where exposed and mapping indicated that they extend under cover.

The figure below outlines the interpreted geology of the Mulgara-Warabi prospect areas that is the known location of the lithium mineralisation. Recent reconnaissance mapping undertaken by the Company has suggested that the pegmatite dykes remain open to the east and to the west, depending on the pegmatite being mapped. This provides the Company with significant upside to demonstrate a potentially mineable mineralised envelope.

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Figure 1: Interpreted geology of the Mulgara-Warabi prospect area showing pegmatite intrusions, rock chip sample locations, historic drill holes sampled for lithium, historic drill hole collar positions and outcropping zinc mineralisation (shown in red) on the felsic-mafic contact.

Metallurgical Samples

Lepidolite-bearing pegmatite intersected in diamond drill holes MND018 and MND022 (see Metals Australia Ltd ASX announcement dated 21 March 2017) was selected for the purposes of the preliminary metallurgical program (Table 1, Appendix 1).

Table 1: Summary of Metallurgical Samples

Hole ID	From (m)	To (m)	Interval (m)	Weighted Grade (ppm Li2O)
MND018	33.0 47.77	45.0 49.0	12.0 1.23	13,883 10,378
MND022	41.0 85.24	44.0 87.62	3.0 2.38	9,921 11,556

Metallurgical Testwork

Mineral processing consultants NAGROM based in Perth, Western Australia were selected by the Company to complete preliminary metallurgical testwork and mineralogical characterisation on the two composite samples of lithium mineralisation collected from the Project.

The testwork undertaken was broad in scope and comprised:

• 1) Sample preparation and compositing;

• 2) Semi-quantative XRD analysis;

• 3) Size fraction analysis;

• 4) Wet screen analysis;

• 5) Heavy liquid separation (HLS);

• 6) Magnetic separation; and

• 7) Sighter flotation testing.

The testwork parameters were selected in order to provide the Company with basic metallurgical information about the mineralisation at Manindi and demonstrate that the lithium-bearing pegmatite rocks have mineralogical and metallurgical characteristics suitable for the production of a commercial concentrate.

Metallurgical Testwork Methods and Results

Two samples of half NQ size diamond drill core containing lithium-bearing pegmatite, weighing a total of approximately 50.7 kg, were supplied to NAGROM. The two samples were stage-crushed and composited in preparation for metallurgical testing and chemical and mineralogical characterisation.

The representative head samples of the two composites extracted during sample preparation were subjected to chemical analysis for a suite of elements. The assay grades of the two composite samples is shown in Table 2 below.

The tantalum potential of the mineralisation at Manindi had previously not been taken into consideration, however, at the composite assay grades of 140 ppm Ta2O5 and 300 ppm Ta2O5 respectively, the tantalum mineralisation provides additional upside to the potential economics of the project.

Table 2: Summary of composite sample head grade assays

Composite Sample ID	Li2O (ppm)	Ta2O5 (ppm)
MND018	12,490	140
MND022	10,540	300

Samples of the composites were supplied to Microanalysis Australia for semi-quantative X-Ray Diffraction (XRD) analysis. Mineralogical examination of the feed samples by XRD determined that the lithium mineralisation primarily occurs as the mineral lepidolite, associated with typical pegmatite minerals.

The results are provided below in Table 3.

Table 3: Summary of mineralogy from XRD analysis

Mineral	MND018	MND022
Muscovite	30%	29%
Quartz	27%	24%
Feldspar (albite)	26%	33%
Lepidolite	15%	13%
Chlorite	2%	1%
Beryl	Trace	Trace
Other	Trace	Trace

After crushing of the samples, assay of different size fractions indicated that the lithium does not preferentially concentrate into a particular size fraction. Tantalum (Ta2O5), which was identified as being of potential economic value, preferentially reported to fine grained material. This is an encouraging result and will help determine the most appropriate size fraction for the overall concentrate crush grain size.

Heavy liquid separation (HLS) and magnetic separation tests indicated that very little segregation of lithium mineralisation was being achieved.

However, sighter flotation tests showed that the lithium could be effectively recovered and that a concentrate grade of up to 3.05% Li2O with recovery of up to 77% lithium could be obtained, with a mass yield of approximately 30%. These results are illustrated in Table 4.

Table 4: Summary of floatation results

Composite Sample ID	Grade Li2O (%)	Recovery Li2O (%)	Mass Yield
			(%)
MND018	3.05	73.9	30.7
MND022	2.76	77.4	29.4

Results were considered to be very encouraging and positive given that the tests were completed using standard conditions and reagents, with no optimisation for the specific mineralisation at Manindi.

The fine-grained residue of the flotation process contained a significant proportion of the tantalite, so the process could also be optimised for its recovery.

Discussion of Results

Metallurgical testwork has successfully demonstrated that flotation is an effective processing method for the lithium mineralisation at the Manindi Lithium Project. The grade and recovery of the lithium is considered positive for a lepidolite concentrate, particularly as no optimisation of the process has been undertaken.

Further Work

The metallurgical testwork described above is a preliminary test program of the mineralisation at the Manindi Project and the composite samples are not considered to be representative of the overall lithium deposit due to their limited size and spatial distribution.

The Company’s consultants have made recommendations for future testing to (1) ensure representivity of a potential future mill feed; (2) optimise the process for the specific mineralisation at the Manindi Project; (3) evaluate recovery of the tantalum in the mineralisation; and (4) evaluate comminution characteristics of the mineralisation.

A reverse circulation (RC) percussion drilling program is planned to test the grade, thickness and continuity of graphite mineralisation at the Manindi Project. Further samples may be taken from this drilling to advance the metallurgical testwork and drilling of large-diameter core specifically for metallurgical characterisation will be considered.

ENDS

For more information, please contact:

Gino D’Anna Graham Baldisseri Director Company Secretary Metals Australia Ltd Metals Australia Ltd Phone: +61 400 408 878 Phone: +61 8 9481 7833

Competent Person Statement

The information in this announcement that relates to Metallurgical Testwork, is based on information compiled by Mr Noel O’Brien. Mr O’Brien is the Principal of Trinol Pty Ltd and is a consulting metallurgist to Metals Australia Limited. Mr O’Brien is a Fellow of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr O’Brien consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in this announcement that relates to Exploration Results is based on information compiled by Mr. Lachlan Reynolds. Mr Reynolds is a consultant to Metals Australia Limited and is a member of the Australasian Institute of Mining and Metallurgy. Mr. Reynolds has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Reynolds consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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

Caution Regarding Forward-Looking Information

This document contains forward-looking statements concerning Metals Australia. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.

Forward looking statements in this document are based on the company’s beliefs, opinions and estimates of Metals Australia as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

Appendix 1 - Historic Drill Hole Details

Drill hole	Northing	Easting	AHD RL(m)	Inclination (o)	Azimuth (o)	Total Depth(m)	Location
MND018	6818300	664310	483	-60	270	49.2	Mulgara
MND022	6818340	664330	483	-60	270	90.7	Mulgara

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria			JORC Code explanation	JORC Code explanation	Commentary
Sampling techniques			 	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the	The material collected for metallurgical testing comprised two composite samples of lithium-bearing pegmatite from two previously sampled diamond drill holes. Details of the drill holes and the intervals sampled for metallurgical testing are contained within the body of the announcement.
				appropriate calibration of any measurement tools or systems used.
				Aspects of the determination of mineralisation that are Material to the Public Report.
				In cases where ‘industry standard’ work has been done this would be relatively simple
				(eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was
				pulverised to produce a 30 g charge for fire assay’). In other cases more explanation
				may be required, such as where there is coarse gold that has inherent sampling
				problems. Unusual commodities or mineralisation types (eg submarine nodules) may
				warrant disclosure of detailed information.
Drilling techniques				Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by	Not applicable, no new drilling completed.
				what method, etc).
Drill recovery	sample		  	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample	Sample recovery was measured on basis of core recovery and is considered to be good based on drilling records. Samples were selected on a basis of pegmatite intersection and high lepidolite occurrence, hence are not an unbiased sample.
				bias may have occurred due topreferential loss/gain of fine/coarse material.
Logging				Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and	All intersections were previously logged according to industry standard practice. Logging was completed using standard logging templates. The resulting data was uploaded to a
				metallurgical studies.	Datashed database and validated.
				Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	All field descriptions are qualitative in nature.
				The total length andpercentage of the relevant intersections logged.
Sub-sampling techniques sample preparation		and	  	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Half NQ drill core was collected over the entire sampling interval and samples had a total combined weight of approximately 51 kg. For all samples, the nature, quality and appropriateness of the sample preparation technique is considered suitable as per industry best practice.
				Quality control procedures adopted for all sub-sampling stages to maximise	All samples were sent to NAGROM laboratories in Perth for sample preparation and
				representivity of samples.	analysis using standard codes of practices. All samples were dry and presented to the
				Measures taken to ensure that the sampling is representative of the in situ material	laboratory “as is”.
				collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	The whole samples were stage-crushed to P10010mm and composited. Two test samples weighing 18.75 kg and 12.85 kg were prepared. This procedure is considered appropriate
					for LCT pegmatite analysis.

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Criteria			JORC Code explanation	JORC Code explanation	Commentary
					The sample preparation is considered appropriate for the sample size and grain size of the
					material being sampled and appropriate for the sample type.
Quality of assay data and laboratory tests			  	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates,	The two composite samples were subjected to assay by XRF and ICP for Li2O, Fe2O3, Al2O3, SiO2, TiO2, Mn, S, P, SnO2, Ta2O5, Na2O, Nb2O5, PbO, CaO, MgO, K2O, Rb and LOI1000. Analyses were undertaken by NAGROM and are considered to be total digestions. No blanks, standards, or duplicates were submitted by the company for analysis with the samples. NAGROM found the results to be satisfactory with no material concerns.
				external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias)
				andprecision have been established.
Verification		of		The verification of significant intersections by either independent or alternative	Results have been reviewed by a third-party metallurgical consultant appointed by the
sampling assaying	and		 	company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Company. Documentation of primary data completed by consultants in the form of draft and detailed technical reports.
				Discuss any adjustment to assay data.	No adjustments have been made to the reported assays or testwork data.
Location of	data			Accuracy and quality of surveys used to locate drill holes (collar and down-hole	Drill hole collar locations have been verified by differential GPS with a high degree of
points				surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used.	accuracy. The grid system used is GDA94 datum, MGA zone 50 projection.
				Quality and adequacy of topographic control.
Data spacing and distribution			  	Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	Data spacing is irregular and non-representative due to the seredipedous sampling of mineralisation by historical diamond drill holes. Insufficient data is available to establish the degree of geological and grade continuity required for estimation of a resource.
					Samples were composited for metallurgical testing.
Orientation		of		Whether the orientation of sampling achieves unbiased sampling of possible structures	Insufficient data is available to determine the orientation and geometry of the
data in relation geological structure		to		and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	mineralisation. Sampling may be biased as drilling orientation is interpreted to have intersected structures at low angles and sub-parallel to the trend of mineralised pegmatite dykes.
Sample security				The measures taken to ensure sample security.	Industry standard chain of custody followed, with samples collected, transported and delivered to metallurgical laboratory by Company geologist.
Audits or reviews				The results of any audits or reviews of sampling techniques and data.	Metallurgical testing and results have been reviewed by a third-party metallurgical
					consultant appointed by the Company. The Company’s consultant has reviewed the data
					for completeness and quality control and not identified any material concerns.

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Section 2 Reporting of Exploration Results

Criteria		JORC Code explanation	JORC Code explanation	Commentary
Mineral tenement			Type, reference name/number, location and ownership including agreements or	The Company controls an 80% Interest in three granted Mining Licences in Western
and land status	tenure		material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known	Australia covering the known mineralisation and surrounding area. The licences are M57/227, M57/240 and M57/533. The licence reports and expenditure are all in good standing at the time of reporting.
			impediments to obtaining a licence to operate in the area.	There are no known impediments with respect to operating in the area.
Exploration done by other parties			Acknowledgment and appraisal of exploration by other parties.	The Manindi zinc deposits were identified by WMC in the early 1970s and have been extensively explored using surface and geophysical techniques prior to drilling. Mapping and soil geochemistry preceded airborne and surface geophysical techniques being
				applied to the project.
				The project has been drilled in 8 separate drill programs since 1971, with a total of 393
				holes having been completed. These include 109 diamond drillholes, 109 RC drillholes,
				169 RAB drillholes and 8 percussion holes.
				The zinc deposits have never been mined.
				The Project has not previously been explored for lithium.
Geology			Deposit type, geological setting and style of mineralisation.	The mineralisation at Manindi is hosted within an Archaean felsic and mafic volcanic sequence. The sequence has been extensively deformed by regional metamorphism and
				structural event related to the Youanmi Fault and emplacement of the Youanmi gabbro
				intrusion and other later granitic phases.
				The Manindi zinc-copper mineralisation is considered to be a volcanogenic massive
				sulphide (VMS) deposit, comprising a series of lenses of zinc-dominated mineralisation that
				have been folded, sheared, faulted, and possibly intruded by later dolerite and gabbro.
				Pegmatite dykes that occur in the area are considered to be of the lithium-caesium-
				tantalum type (LCT).
Drill	hole		A summary of all information material to the understanding of the exploration results	A summary of all information material to the understanding of the exploration results is
Information			including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar	included in the announcement. The information relating to drill holes was fully disclosed in the Metals Australia announcement dated 21/03/2017. There has been no change to this information.
			o dip and azimuth of the hole
			o down hole length and interception depth
			o hole length.
			If the exclusion of this information is justified on the basis that the information is not
			Material and this exclusion does not detract from the understanding of the report, the
			Competent Person should clearly explain why this is the case.

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Criteria		JORC Code explanation	JORC Code explanation	Commentary
Data aggregation methods			In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	Where appropriate, exploration results are reported by a length weighted average. This ensures that short lengths of high grade material receive less weighting than longer lengths of low grade material.
			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	No maximum or minimum grade truncations have been applied.
			and some typical examples of such aggregations should be shown in detail.	No metal equivalents reported.
			The assumptions used for any reporting of metal equivalent values should be clearly
			stated.
Relationship between mineralisation widths and intercept lengths		  	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	True widths not known as the geometry of the lithium-bearing pegmatite dykes has not been determined by drilling. However, units are considered to be generally striking east- west and dipping sub-vertically. Drilling intersections are from drill holes that are subparallel to the general pegmatite dyke orientation and are not representative of the true width.
Diagrams			Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be	Appropriate maps and tabulated data are included in body of the announcement.
			limited to a plan view of drill hole collar locations and appropriate sectional views.
Balanced			Where comprehensive reporting of all Exploration Results is not practicable,	Full and representative reporting of relevant results in announcement.
reporting			representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
Other substantive			Other exploration data, if meaningful and material, should be reported including (but not	Material data regarding metallurgical testwork results included in announcement.
exploration data			limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk
			density, groundwater, geotechnical and rock characteristics; potential deleterious or
			contaminating substances.
Further work			The nature and scale of planned further work (eg tests for lateral extensions or depth	The metallurgical testwork described in the report is a preliminary test of the lithium
			extensions or large-scale step-out drilling).	mineralisation at Manindi. The composite samples are not considered to be representative
			Diagrams clearly highlighting the areas of possible extensions, including the main	of the overall lithium deposit due to their limited size and spatial distribution. Furthermore,
			geological interpretations and future drilling areas, provided this information is not	as they are samples collected from historical diamond drill core and they are likely to be
			commercially sensitive.	affected by oxidation to some degree.
				A percussion drilling program is planned to test the grade, thickness and continuity of
				lithium mineralisation at the Manindi Project. It is expected that this drilling will provide
				more representative samples that may be amenable for further metallurgical testwork.