ORE RESOURCES LIMITED — Capital/Financing Update 2024

Nov 3, 2024

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4 November 2024

ASX ANNOUNCEMENT

NEVADA LITHIUM PROJECT DIVESTED FOR A$4M IN CASH

Highlights

• Binding agreement executed to sell FBM’s 80% interest in the Nevada Lithium Project ( NLP ) to Austroid Corporation ( Austroid ) for total cash consideration of A$4 million.

• Disposal of the NLP allows sharpened focus on FBM’s flagship Kangaroo Hills Lithium Project ( KHLP ) and Miriam Lithium Project ( Miriam ) in the W.A. Goldfields region.

• Provides maximal leverage to the combination of belt-scale prospectivity within these projects with excellent regional infrastructure in the W.A. Goldfields, and FBM’s proven Australian-based operational team.

• Post completion of NLP sale, FBM to emerge with pro-forma cash of A$8.7 million when coupled with FBM’s cash balance at 30 September 2024 (A$4.7M).

• Transaction expected to complete in Q4 2024.

Future Battery Minerals Ltd (ASX:FBM) ( FBM or the Company ) is pleased to advise that it has executed a share sale agreement ( Agreement ) with Austroid, an emerging global clean energy company headquartered in Dallas, Texas, USA ( Austroid ), for the sale of the Company's 80% shareholding in Nevada Lithium Corp Pty Ltd ( Nevada Australia ), which holds the rights to the NLP in Nevada, USA, via its wholly owned subsidiary Nevada Li Corp ( Nevada US ) ( Transaction ).

FBM Managing Director, Nicholas Rathjen, commented:

“We are very pleased with the terms agreed for the sale of our interest in the NLP. While this asset offers largescale claystone lithium development potential, we strongly believe that focussing on our highly prospective lithium assets in the W.A. Goldfields will deliver the best returns for our shareholders.”

“Our Coolgardie lithium projects, Kangaroo Hills and Miriam, present a compelling opportunity with a system containing near-surface, thick, high-grade, shallow-dipping stacked spodumene pegmatites in close proximity to world-class infrastructure and operating process plants. The sheer upside prospectivity of Kangaroo Hills and Miriam, coupled with the exploration, development and operating track record of our Australian-based team, highlights the scale of the opportunity in front of us in Western Australia.”

“The sale of a non-core asset is an effective and efficient capital management tool by delivering a significant increase in cash without diluting shareholders. The company will emerge with a significant circa $8.7m cash balance post sale completion and delivers the business a substantial runway for the targeted and efficient exploration of the KHLP and Miriam over the next couple of years, as well as a robust position from which to explore new business development opportunities. We are delighted with this outcome and look forward to the prompt completion of this transaction.”

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info@futurebatteryminerals.com.au +61 8 6383 7817 futurebatteryminerals.com.au

ASX: FBM

Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545

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Transaction details

Under the terms of the Agreement, the Company has agreed to sell all of its shares in Nevada Lithium Corp Pty Ltd ( Nevada Australia ) (being 80% of the shares of Nevada Australia) for a total cash consideration of A$4 million, payable as follows:

• A$50,000 non-refundable deposit (already received); and

• A$3,950,000 on completion.

The consideration received in connection with the Transaction is planned to be used by the Company to advance its key lithium projects in Western Australia, and for general working capital.

Completion of the Transaction is subject to (amongst other matters):

• the minority shareholders of Nevada Australia ( Minority Shareholders ) waiving their rights of preemption or confirming that they will not accept their right to acquire FBM's 80% interest in Nevada Australia at the same price (either in part or in full) under the existing shareholders agreement between the Minority Shareholders and FBM;

• no material adverse change occurring in respect to Nevada Australia, Nevada Li Corp. ( Nevada US ) and the NLP.

The Agreement also contains customary terms for agreements of this nature, including obligations concerning the maintenance of project claims and in relation to the representations and warranties provided by FBM.

The Transaction is expected to complete during Q4 2024.

This announcement has been authorised for release by the Board of Directors of the Company.

-END-

For further information visit www.futurebatteryminerals.com or contact:

Nicholas Rathjen Robin Cox Managing Director Technical Director E : nrathjen@futurebatteryminerals.com.au E : rcox@futurebatteryminerals.com.au

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info@futurebatteryminerals.com.au +61 8 6383 7817 futurebatteryminerals.com.au

Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545

ASX: FBM

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Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Future Battery Minerals Limited’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential", "should," and similar expressions are forward-looking statements. Although Future Battery Minerals Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

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info@futurebatteryminerals.com.au +61 8 6383 7817 futurebatteryminerals.com.au

Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545

ASX: FBM

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About Future Battery Minerals (ASX: FBM)

THE BUSINESS: Lithium exploration and development

Future Battery Minerals (ASX: FBM) is an exploration and development company focused on rapidly advancing its world-class lithium projects in the Eastern Goldfields of Western Australia.

THE PROJECTS: Thick, shallow, high-grade lithium with belt-scale exploration upside

Our flagship assets are the 100%-owned Kangaroo Hills Lithium Project ( KHLP ) and 85%-owned Miriam Lithium Project ( Miriam ). The combined KHLP and Miriam tenure stretches for over 11 km, covering the key interpreted lithium trend in the Coolgardie greenstone belt, presents a belt-scale lithium exploration opportunity with that we are only just in the early stages of evaluating.

Exploration to date at the KHLP has demonstrated the presence of a near-surface, shallow-dipping, thick and highgrade deposit with our Big Red discovery at Kangaroo Hills, where the mineralisation remains thick and open at relatively shallow depths. At the recently acquired neighbouring Miriam tenure we have an exciting and effectively untapped greenfield exploration opportunity.

We have adopted a three-pronged strategy towards successful evaluation and exploration of these projects:

• 1 Extension (Big Red growth) – Extension of the thick, shallow dipping, high-grade Big Red spodumene system and proximal pegmatites, Potoroo and Rocky.

• 2 Expansion (Target pipeline) – Ready discovery potential for a large LCT pegmatite field via our existing spodumene mineralised targets, pipeline of new untested spodumene mineralised outcrop targets and untested geochemical/geophysical targets under thin soil cover.

• 3 Provincial (Opportunities along the greenstone belt) – emergence of a belt-scale LCT pegmatite field.

Our project areas are being rapidly advanced in parallel focusing on discovery, resource growth, metallurgical testwork and development readiness.

THE LOCATION: Infrastructure-rich project setting

The Eastern W.A. Goldfields is an outstanding location in which to explore for, build, and operate lithium mines. It is a longestablished mining province with all the accompanying benefits, including all-year land access, skilled labour, mining services and infrastructure.

We are positioned just 17km south of the mining hub of Coolgardie (via sealed road), approximately 370km to the port of Esperance and approximately 550km to Perth via road and rail. We are proximal to multiple lithium mining and processing operations and development projects of substantial scale, including only 45km via sealed road from Mineral Resources’ Mt Marion lithium operations.

This available range of potential commercialisation options, including standalone development, positions us well to monetise current and future success.

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THE TEAM: Proven value generators

Our carefully assembled team has an extensive track record of exploration success, project stewardship, development expertise and operating excellence that has repeatedly resulted in the delivery of substantial shareholder value: Nick Rathen (MD), Robin Cox (Technical Director), Nev Power (Chairman), Rob Waugh (NED).

THE CAPACITY: Balance sheet strength and runway

We are a business and team that is resolutely focussed on the stewardship of our shareholders’ capital and the astute application of this capital for maximal return. With an estimated pro-forma cash balance of A$8.7M (and zero debt (as at 30 September 2024 and anticipating completion of the NLP sale), we are well-funded to undertake our planned exploration and evaluation work programs at the KHLP and Miriam over the next 18-24 months.

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ASX: FBM

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info@futurebatteryminerals.com.au +61 8 6383 7817 futurebatteryminerals.com.au

Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545

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