METALS AUSTRALIA LTD — Capital/Financing Update 2021

Nov 9, 2021

ASX Announcement 10 November 2021

High-Grade Lithium & Tantalum Results from Major New Pegmatite Discovery at Manindi

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• ➢ High-grade rockchip sample results including 1.25% Li2O, 126 ppm Ta2O5 and 155ppm Cs2O confirm that Foundation is a major new LCT pegmatite discovery at Manindi in WA

• ➢ Petrography on the Foundation Pegmatite samples located coarse grains of manganotantanite. The location of tantalum minerals and relatively high-grades detected indicates potential for tantalum production for the growing electronics market

• ➢ Additional, systematic, rockchip sampling program now planned to test the entire 500m x 200m extent of the Foundation pegmatite cluster as well as other pegmatites within the >3km strike length corridor to the northwest and southeast of Foundation

• ➢ Rockchip sampling at Mulgara prospect confirmed previous sampling and drilling results that included 15m @ 1.2% Li2O, 117 Ta205 from 34m with up to 2.14% Li2O in MND018[1]

• ➢ Further drilling is now planned for as soon as this quarter, subject to rig availability, to follow up previous, high-grade, lithium-tantalum intersections at Mulgara and complete a maiden drill-test of the recently discovered Foundation LCT Pegmatite

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Metals Australia Ltd (ASX: MLS) (MLS or the Company) is pleased to announce that initial rockchip sampling of the Foundation Pegmatite at Manindi has produced high-grade lithium, tantalum and cesium results, confirming that it is a significant new LCT pegmatite discovery.

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Photo 1: High-grade lithium (1.25% Li2O) & tantalum (126 ppm Ta2O5) outcrop, Foundation Pegmatite

The high-grade lithium-tantalum-cesium (LCT) rockchip sample results are included in the results received from a total of 9 rockchip samples that were collected during initial reconnaissance within a >3km strike-length pegmatite corridor at the Manindi Project, located in the Youanmi region of Western Australia (see Figure 1 below).

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Figure 1: Manindi Lithium Project, mapped pegmatites and Rockchip sample locations

The recently discovered Foundation Pegmatite is the largest pegmatite identified to date at Manindi and is over 500m long in a southwest–northeast direction. There are also multiple pegmatite outcrops over 200m in a northwest-southeast direction (see Figure 1). The peak lithium and tantalum rockchip results were produced from the Foundation Pegmatite and included (see Table 1):

MNRK0001: 0.46% Li2O, 101.3 ppm Ta205 and 60.1 ppm Cs2O (Foundation) MNRK0002: 1.25% Li2O, 126.0 ppm Ta205 and 154.6 ppm Cs2O (Foundation)

Significant manganese (Mn) was also detected (see Table 1) as well as rubidium and niobium.

These results confirm that the Foundation Pegmatite is a high-grade LCT pegmatite and compare very favourably in both lithium and tantalum grade with a sample from the Mulgara pegmatite that produced a rockchip sample result of:

MNRK0009: 0.42% Li2O, 65.5 ppm Ta205 and 50.5 ppm Cs2O (Mulgara)

Previous, systematic, rockchip sampling of the Mulgara pegmatites produced high-grade results of up to 2.84% Li2O, 296 ppm Ta205 and up to 746ppm Cs2O[1] . This was followed by a shallow RC drilling program that tested the three initially identified pegmatites on an approximate 40m

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spacing, but with only one hole per section. This program producing several significant intersections of lithium and tantalum mineralisation, including (see locations Figure 2):

• 8m @ 1.06% Li2O from 18m incl. 3m @ 1.65% Li2O with up to 1.96% Li2O in MNRC030[5,6]

• 8m @ 1.00% Li2O, 158ppm Ta205 from 32m, and 7m @ 1.29% Li2O, 242ppm Ta205 from 42 m incl. 5m @ 1.53% Li2O in MNRC033[5,6]

The Foundation Pegmatite will now be systematically channel sampled over the entire 500m identified northeast-southwest strike length and across the various pegmatite outcrops that occur within a 200m wide zone in a northwest-southeast direction (see Figure 1).

A substantial drilling program is also now planned with the dual objectives of:

• i) Following up the previous high-grade lithium and tantalum results at Mulgara with both deeper drilling on key sections and extension drilling along strike of the three LCT pegmatites identified to date (see Figure 2 below), and,

• ii) Initial RC drilling of the Foundation Pegmatite at approximately 40m section spacing along the identified 500m strike length.

Selected diamond core drilling will also be carried out to provide accurate intersection boundaries, structural orientations and petrography as well as metallurgical samples for concentrate testing. The Company is currently updating the Program of Work (PoW) submission to the WA Department of Mines, Industry, Regulation and Safety (DMIRS) for approval to carry out the drilling program, potentially as soon as this quarter, subject to drilling rig availability.

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Figure 2: Manindi Lithium Drillhole Location Plan, WA

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Petrographic samples from the Foundation Pegmatite confirm the presence of lithium bearing mica (lepidolite/zinnwaldite) as well as the tantalum mineral Manganotantalite, which occurs as free grains with one cluster exceeding 150 microns (see Photomicrograph below). Additional metallurgical testing is planned to optimise flotation concentrate recovery for lithium as well as tantalum. Tantalum is used in electronic capacitors, jet engines and mobile phones – markets that continue to grow in line with electric vehicle (EV) and other battery markets for lithium.

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Photomicrograph showing large manganotantalite grain in sample from the Foundation Pegmatite

Table 1: Manindi pegmatite rockchip sampling results, November 2021

Project	Pros.	Sample #	MGA E	MGA N	Li2O %	Ta205 **ppm **	Cs2O **ppm **	Mn %
Manindi	Fn.	MNRK0001	663,731	6,818,496	0.46	101.3	60.1	0.14
Manindi	Fn.	MNRK0002	663,752	6,818,507	1.25	126.0	154.6	0.18
Manindi	Dib.	MNRK0003	663,644	6,818,826	0.01	62.6	4.5	0.07
Manindi	Peg.	MNRK0004	663,273	6,818,765	0.02	3.7	6.6	0.02
Manindi	Peg.	MNRK0005	663,274	6,819,122	0.01	1.4	2.2	0.01
Manindi	Peg.	MNRK0006	662,815	6,819,307	0.01	59.0	12.3	0.29
Manindi	Peg.	MNRK0007	662,669	6,819,610	0.01	43.8	2.7	0.04
Manindi	Peg.	MNRK0008	662,650	6,819,713	0.02	3.6	7.5	0.01
Manindi	Mul.	MNRK0009	664,280	6,818,280	0.42	65.5	50.5	0.27

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About the Manindi Lithium Project:

The Manindi Project includes three granted mining leases in the fertile Youanmi Igneous geological complex, located approximately 20 km southwest of the Youanmi Gold Mine in the Murchison District of Western Australia (see location inset Figure 1).

Detailed surface mapping carried out at Mulgara and Warabi, situated approximately 1.3km SE of the Kultarr and Kowari zinc resources (Figure 1), previously identified at least three lithium bearing pegmatites outcropping at surface with strike lengths of over 300m and widths of up to 25-30m (Figure 2). The pegmatite intrusions cross-cut the main geological strike in a northeastsouthwest orientation and appear to be moderately zoned with coarser grained crystals adjacent to the contacts fining inward toward the centre. The pegmatite dykes generally trend eastnortheast and have a moderate dip to the north-northwest.

Lithium-tantalum mineralisation also appears to be more concentrated adjacent to contacts exhibiting coarser grained and more abundant lepidolite +/- spodumene crystals. The pegmatites overall strike-length is not limited to surface outcrop as detailed airborne magnetics strongly suggests far more extensive development of pegmatite structures exist subsurface.

Re-sampling of previous diamond drillcore that targeted VHMS sulphide mineralisation at Mulgara, produced intersections including 15m @ 1.20% Li2O from 34m, including 5m @ 1.53% Li2O from 38m, in MND018 and 3m @ 1.00% Li2O from 41m in MND022[1] (see location, Figure 2).

Following the positive identification of lithium bearing LCT pegmatites at Manindi, a shallow RC percussion drilling program was completed at the Mulgara Prospect to test the three outcropping pegmatite dykes (Figure 2).

A total of 17 RC percussion drill holes were completed along three traverses, for a total of 837 m of drilling (see Appendix 1 for locations). Hole collars were located at approximately 40 metre intervals along the traverses. Significant intersections produced from this RC drilling program were as follows[5,6] :

• MNRC030: 8m @ 1.06% Li2O from 18m incl. 3m @ 1.65% Li2O with up to 1.96% Li2O

• MNRC032: 7m @ 599ppm Ta205

• MNRC033: 8m @ 1.00% Li2O, 158ppm Ta205 from 32m, and 7m @ 1.29% Li2O, 242ppm Ta205 from 42 m incl. 5m @ 1.53% Li2O

Preliminary metallurgical testwork and mineralogical characterisation was completed on two composite samples of lithium mineralisation from the Manindi Project[3] . Tests completed included semi-quantative XRD analysis, size fraction analysis, wet screen analysis, heavy liquid separation, magnetic separation, and sighter flotation testing.

These, preliminary, flotation tests produced concentrates with grades up to 3.05% Li2O and lithium recovery of up to 77% from a concentrated 30% of the mass feed[3] . Flotation tails contained significant tantalite mineralisation (Ta2O5) that could also be recovered and provide additional upside to the potential economics of the project .

Potential for further improvements in the metallurgical results are high given that the previous tests carried out were scoping level in nature and that the flowsheet had not been optimised for the Manindi mineralization.

The current and proposed work program for the Manindi pegmatites will include:

• Further systematic mapping and sampling of newly identified LCT pegmatites (Figure 1),

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• Review of detailed geophysical data (magnetics and gravity) and potential additional geophysical programs to define structural controls on pegmatite intrusions.

• Further drilling of previously tested pegmatites at Mulgara and Warabi (Figures 1 and 2): o To define lateral extent of mineralisation over up to 300m strike length, o To test depth extensions under previous intersections to over 100m vertical depth.

• Complete initial RC drilling of other identified pegmatites, including the recently identified Foundation Pegmatite, targeting lithium and/or tantalum mineralisation,

• Diamond drilling to provide accurate intersection boundaries, structural orientations and petrography as well as metallurgical samples for concentrate testing.

• Initial lithium and tantalum resource modelling and resource estimation,

• Further metallurgical testwork to optimise lithium recovery and differentiate tantalum mineralisation, and,

• Commence scoping studies for a Manindi mining project and lithium-tantalum processingflowsheet.

About Metals Australia

Metals Australia is also actively exploring a number of highly prospective base metal, precious metal and battery metal projects within Australia and Quebec, Canada.

Manindi Zinc Project

The Manindi Zinc project is located in the Murchison District of Western Australia in close proximity to the Golden Grove Mine and the Youanmi Gold Mine. The Manindi Zinc Deposit hosts a JORC 2012, Measured, Indicated and Inferred resource 1.08Mt @ 6.52% Zn for 70,102t Zn (2% Zn cut-off)[7] . A number of other target zones remain to be tested adjacent and close to the existing resource. Drilling to date has been limited to a depth of approximately 250m.

Lac Rainy Graphite Project

The Lac Rainy Graphite Project is located in Quebec, Canada, in close proximity to the operating mines around Fermont and is 100% owned by Metals Australia. The Lac Rainy project hosts a JORC 2012 Indicated and Inferred Resource of 13.3Mt @ 11.5% TGC[8] . In 2020, Metals Australia completed a Phase 1 Scoping Study highlighting the significant economic attractiveness of the Lac Rainy project. The design basis was the production of a high-grade, high-purity and high-total carbon graphite concentrate and resulted in an NPV8 (pre-tax) of US$123 million with a pre-tax IRR of 18.9%[9] . The Company is currently undertaking an advanced stage of metallurgical testwork designed to improve the mesh size distribution across the large and jumbo flake sizes which is anticipated to have a material effect on the pricing environment and the economics of the Lac Rainy project. In addition, the metallurgical testwork is anticipated to show improvements in overall plant size, design and operation due to the optimised flowsheet which has the potential to reduce overall OPEX and CAPEX. These results will directly feed into the Phase 2 Scoping Study, transitioning to a PreFeasibility Study. Finally, the Company is also advancing its discussions with key North American and European partners to complete down-stream product testing including purified-micronised graphite, graphite foil, expandable graphite and spheronized graphite.

Eade-Felicie-Pontois Copper-Gold-Polymetallic Projects

The Eade-Felicie-Pontois Copper-Gold-Polymetallic Projects are located in northern Quebec, Canada in the Lac Grande Greenstone Belt along strike of Midland Exploration Inc. (TSX: MD). The Company has recently completed and received the results of a project wide EM-TDEM survey which complements the previous field work and ASTER satellite and remote sensing work that has been completed. The results of the EM-TDEM

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survey have confirmed previous areas of significant mineralisation which have been field tested but has also importantly identified additional areas of high priority which are yet to be field tested across the extensive 15km strike. The Company is currently preparing and planning a field program based around these high priority target areas and based on these results will finalise plans for an initial drilling campaign.

- Lac du Marcheur Copper Cobalt Project

The Lac du Marcheur Copper-Cobalt Project is located in central Quebec, Canada in close proximity to the Chilton Copper-Cobalt project. An initial field program was undertaken by the Company in 2017 which confirmed the historical high-grade copper and cobalt occurrences and prospects on surface. The Company has commissioned an airborne EM-TDEM survey to occur within the next 4-6 weeks and is expected to have the results later in the year (2021).

Nepean South Nickel Project

The Nepean South Nickel Project is located near Coolgardie in Western Australia, south of and along strike of the historic Nepean nickel sulphide mine - a Kambalda style nickel sulphide project, currently 80% owned by Auroch Minerals Limited (Auroch) (ASX:AOU). Nepean South Nickel Project is considered both highly prospective and underexplored for both gold and nickel, with historic RAB drilling completed to very shallow depths on average only 42m from surface, and with many holes drilled at even shallower depths. Previous exploration[10] identified an EM target conductor on a basal ultramafic contact 100-200m below surface located at the northern tenement boundary of the Nepean South project which is interpreted to continue south along strike into the Nepean South licence and is a high-priority target for the Company. An initial exploration program planned at the Nepean South project comprises an airborne EM survey across the entire strike length of the prospective ultramafic sequence. This is planned to be followed by a drilling campaign.

References

1 Metals Australia Ltd, 21 March 2017. High grade lithium bearing pegmatites discovered at Manindi

2 Metals Australia Ltd, 30 January 2018. Expanded Lithium Exploration Opportunities at Manindi Project

3 Metals Australia Ltd, 13 April 2018. Preliminary Metallurgical Test program underway at Manindi Lithium Project 4 Metals Australia Ltd, 21 May 2018. Manindi Lithium Metallurgical testwork demonstrates high lithium recovery and favourable grades

5 Metals Australia Ltd, 12 June 2018. Lithium pegmatite drilling program commences at Manindi Lithium Project

6 Metals Australia Ltd, 24 July 2018. Results of RC percussion drilling program at Manindi Lithium Project

7 Metals Australia Ltd, 12 January 2017. Metals Australia commences drilling at Greenfield and Resource Extension Targets at Manindi Zinc Deposit

8 Metals Australia Ltd, 15 June 2020. Metals Australia delivers High Grade Maiden JORC Resource at Lac Rainy Graphite Project, Quebec

9 Metals Australia Ltd, 3 February 2021. Lac Rainy Graphite Study delivers strong economics with Significant Economic upside

10 Metals Australia Ltd,3 March 2021. Metals Australia to Acquire Nepean South Nickel Project, Western Australia

This announcement was authorised for release by the Board of Directors.

*ENDS***

For further information, please refer to the Company’s website or contact:

Gino D’Anna Michael Muhling Director Company Secretary Metals Australia Limited Metals Australia Limited +61 (08) 9481 7833 +61 (08) 9481 7833

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Cautionary Statement 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 Ltd 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.

Competent Person Statement

The information in this report that relates to exploration results has been reviewed, compiled and fairly represented by Mr Nick Burn. Mr Burn is the Exploration Manager of Metals Australia Limited and a member of the AIG. Mr Burn has sufficient experience relevant to the style of mineralisation and type of deposits under consideration to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (‘JORC’) Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Burn consents to the inclusion in this report of the matters based on this 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.

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Appendix 1: Summary of RC percussion drilling and resampled DD completed at the Manindi Lithium Project

Hole ID	Collar Coordinates	Collar Coordinates	Collar Coordinates	Dip	Azimuth	Hole Depth (m)	Pegmatite Intersection	Pegmatite Intersection	Pegmatite Intersection
	Easting (m)	Northing (m)	RL (masl)	**(o) **	**(o) **		Fro m (m)	To (m)	Interval (m)
MND018	664310	6818300	483	-60	270	49.2
MND019	664350	6818320	483	-60	270	120.62
MND020	664329	6818320	483	-60	270	81.7
MND022	664330	6818340	483	-60	270	90.7
MNRC020	664140	6818180	500	-60	160	60	17	28	11
MNRC021	664183	6818195	499	-60	160	47	19	31	12
MNRC022	664224	6818212	499	-60	160	41	6 20	9 30	3 10
MNRC023	664263	6818223	501	-60	160	41	20	32	12
MNRC024	664303	6818236	503	-60	160	47	21	31	10
MNRC025	664340	6818251	506	-60	160	47	18	33	15
MNRC026	664380	6818237	508	-60	160	41	-	-	-
MNRC027	664380	6818308	509	-60	160	60	-	-	-
MNRC028	664330	6818308	507	-60	160	59	-	-	-
MNRC029	664290	6818314	504	-60	160	65	30 52 57	33 53 58	3 1 1
MNRC030	664260	6818301	501	-60	160	41	17	29	12
MNRC031	664220	6818289	498	-60	160	47	-	-	-
MNRC032	664300	6818354	503	-60	160	29	9	17	8
MNRC033	664340	6818372	505	-60	160	59	30 42	39 49	9 7
MNRC034	664380	6818386	505	-60	160	65	27 38	32 41	5 3
MNRC035	664420	6818398	503	-60	160	47	27	31	4
MNRC036	664460	6818405	501	-60	160	41	19 24	20 25	1 1
Total						837m

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JORC Code, 2012 Edition – Table 1 - Section 1 Sampling Techniques and Data

Criteria JORC Code explanation	Commentary
Sampling techniques • Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g., ‘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(e.g., submarine nodules) may warrant disclosure of detailed information. Reverse circulation (RC) percussion drilling was used to obtain 1 m samples, from which approximately 2-3 kg was sub-sampled and pulverised to produce a sample for assay. Previous diamond drilling has also also been sampled at approximate 1m intervals, utilising geological contacts where necessary. Rockchip samples reported in this release were grab samples of pegmatite occurrences, collected in a calico bag and weighing approximately 2 to 3 kg.
Drilling techniques • Drill type (e.g., core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc). Drilling type is reverse circulation (RC) percussion drilling, using a 4.5” face-sampling drill bit.
Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Sample recovery was visually assessed on basis of the volume of RC percussion chip recovery and overall is considered to be good based on the drilling records. Standard RC percussion drilling techniques were utilised to maximise sample recovery. The cyclone unit was routinely cleaned to limit contamination and ensure representivity of the sample. There is no apparent relationship between sample recovery and grade.
Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length andpercentage of the relevant intersections logged. Chips from 1m RC percussion drilling intervals were logged according to industry standard practice and representative samples stored in chip trays. Logging was qualitative in nature and recorded using standard logging templates. The resulting data was uploaded to a Datashed database and validated. 100% of the drilling was logged.
Sub-sampling techniques and sample preparation • 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 and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. RC percussion samples were collected for every metre drilled using a cone splitter installed beneath the rig cyclone. Each sample had a weight of approximately 2-3 kg. Duplicate samples of the same size were collected using a second collection point from the cone splitter at a frequency of approximately one duplicate per 20 samples. For all samples, the nature, quality and appropriateness of the sample preparation technique is considered suitable as per industry best practice. All samples were sent to the Bureau Veritas laboratory in Perth for sample preparation (codes PR001 and PR302) using standard codes of practices. All samples were dry and presented to the lab “as is”. Rockchip samples were processed by Intertek / Genalysis laboratories in Maddington, Perth and analysed using the 48 element “Lithium Package” (4A-Li/MS48). The sample preparation is considered appropriate for the sample size and grain size of the material being sampled and appropriate for the sample type.

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Criteria		JORC Code explanation	JORC Code explanation	Commentary
Quality of assay		•	The nature, quality and appropriateness of the assaying and laboratory procedures used and	Assaying was completed by the Bureau Veritas (BV) laboratory based in Perth, Western Australia.
data	and		whether the technique is considered partial or total.	BV undertook a standard multi-element assay procedures (codes PF100, PF101 and PF102) utilising a
laboratory tests		• •	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 (e.g., standards, blanks, duplicates, external	peroxide fusion digestion technique followed by ICP-AES and ICP-MS analysis. The quality of the assay and laboratory procedures is considered to be high and appropriate for the type of mineralisation. The technique used is considered to be a total digestion.
			laboratory checks) and whether acceptable levels of accuracy (i.e., lack of bias) and precision	A comprehensive QAQC program	including blank, standard and duplicate samples were submitted
			have been established.	by the Company for analysis with	the drilling samples. The results of the QAQC program have been
				reviewed by the Company’s consultant, who has not identified any material concerns. Routine
				internal QAQC checks were also completed by Bureau Veritas and the results are considered to be
				satisfactory with no material concerns.
Verification	of	•	The verification of significant intersections by either independent or alternative company	Significant intersections have been reviewed and verified by company technical and management
sampling assaying	and	• •	personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical	personnel. Primary drilling data was documented in detailed electronic drill hole logs. Primary assay data was received electronically from the analytical laboratory. Data is uploaded to a Datashed geological
			and electronic) protocols.	database and verified. No adjustments have been made to the reported assays other than the
		•	Discuss any adjustment to assay data.	calculation of Li2O and Ta2O5grades from assay data, as specified in the announcement.
Location of data		•	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys),	Drill hole collar locations have been verified with handheld GPS with a ±5 m degree of accuracy.
points		• •	trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	The grid system used is GDA94 datum, MGA zone 50 projection. Topographic control is based on a digital terrain model (DTM) with an accuracy of ±5m.
Data spacing	and	•	Data spacing for reporting of Exploration Results.	Data spacing is 1 m intervals downhole drill holes spaced at approximately 40 m intervals along 3
distribution		•	Whether the data spacing, and distribution is sufficient to establish the degree of geological and	traverses, as discussed in the announcement.
			grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s)	Insufficient data is available to establish the degree of geological and grade continuity required for
			and classifications applied.	estimation of a resource.
		•	Whether sample compositing has been applied.	No sample compositing has been	applied.
Orientation of data		•	Whether the orientation of sampling achieves unbiased sampling of possible structures and the	The drilling and sampling orientation is considered to have resulted in a true width intersection of
in relation	to		extent to which this is known, considering the deposit type.	the mineralised pegmatite dykes.
geological structure		•	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.	Given the nature of the deposit type, the drilling and the sampling is therefore considered to achieve unbiased sampling.
Sample security		•	The measures taken to ensure sample security.	Industry standard chain of custody followed, with samples collected, transported and delivered to a
				secure freight depot by Company	geologist. Samples were shipped directly to the analytical lab.
Audits or reviews		•	The results of any audits or reviews of sampling techniques and data.	The Company’s consultant has reviewed the sampling and assay data for completeness and quality
				control and has not identified any material concerns.

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JORC Code, 2012 Edition – Table 1 - 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 material issues	The Company controls an 80% Interest in three granted Mining Licences in Western Australia
and land	tenure		with third parties such as joint ventures, partnerships, overriding royalties, native title interests,	covering the known mineralisation and surrounding area.
status		•	historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to	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.
			obtaining a licence to operate in the area.	There are no known impediments with respect to operating in the area.
Exploration done by		•	Acknowledgment and appraisal of exploration by other parties.	The Manindi zinc deposits were identified by WMC in the early 1970s and have been extensively
other parties				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 crosscut the felsic and mafic rock sequences at a high angle and are interpreted to
				have intruded along structures that transect the area. The dykes that occur in the area are considered
				to be of the lithium-caesium-tantalum type (LCT) and some contain visible lepidolite mineralisation.
Drill	hole	•	A summary of all information material to the understanding of the exploration results including a	A summary of all information material to the understanding of the exploration results is included in
Information			tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar	the announcement, see Appendix 1.
			o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
			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		•	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum		Exploration results are reported as a length weighted average grade. This ensures that short lengths
methods			grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material and		of high-grade material receive less weighting than longer lengths of low grade material.
			should be stated.		Where aggregate intercepts incorporate short lengths of high-grade results within longer lengths of
		•	Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths		lower grade results, these zones have been reported separately.
			of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.		No maximum or minimum grade truncations have been applied.
		•	The assumptions used for any reporting of metal equivalent values should be clearly stated.		No metal equivalents are reported.
Relationship		•	These relationships are particularly important in the reporting of Exploration Results.		The orientation and dip of the reported drill holes were designed to intersect the pegmatite dykes
between mineralisation		• •	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		that host lithium mineralisation as close as possible to perpendicular to their strike and dip. Reported mineralised intersections are therefore considered to be close to true width.
widths	and		to this effect (e.g., ‘down hole length, true width not known’).
intercept lengths
Diagrams		•	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for		Appropriate maps and tabulated data are included in body of the announcement.
			any significant discovery being reported These should include, but not be limited to a plan view
			of drill hole collar locations and appropriate sectional views.
Balanced reporting		•	Where comprehensive reporting of all Exploration Results is not practicable, representative		Full and representative reporting of relevant results in announcement.
			reporting of both low and high grades and/or widths should be practiced avoiding misleading
			reporting of Exploration Results.
Other substantive		•	Other exploration data, if meaningful and material, should be reported including (but not limited		There are no other substantive exploration data.
exploration data			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 (e.g., tests for lateral extensions or depth		Systematic rockchip sampling then further drilling will be considered to test the grade, thickness and
			extensions or large-scale step-out drilling).		continuity of lithium mineralisation at the Manindi Project, as discussed in the announcement.
		•	Diagrams clearly highlighting the areas of possible extensions, including the main geological
			interpretations andfuture drilling areas, provided this information is not commercially sensitive.

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