POWER MINERALS LIMITED — Capital/Financing Update 2023

Jul 19, 2023

ASX RELEASE

ASX RELEASE

20 July 2023

ASX CODE

PNN

REGISTERED OFFICE

Power Minerals Limited 6/68 North Terrace Kent Town SA 5067

t: +61 8 8218 5000 e: admin@powerminerals.com.au w: www.powerminerals.com.au

BOARD

Stephen Ross Non-Executive Chairman

Mena Habib Managing Director

James Moses Non-Executive Director

David Turvey Non-Executive Director

PROJECTS

Argentina Salta Lithium Project

Santa Ines Copper-Gold Project

Australia Eyre Peninsula Kaolin-Halloysite Project

Musgrave Nickel-Copper-Cobalt-PGE Project

Drilling intersects significant zone of lithium-in-brine at Rincon salar

• JORC Mineral Resource drilling at the Rincon salar has intersected a 600m interval of lithium-bearing brines in drillhole PM23-VI-02
• This is the first time that an aquifer depth of 600m has been reached in the Rincon salar as a whole (basement not reached)
• 25 packer tests taken with all successful in providing a brine sample with grades up to 343mg/L lithium returned
• The thickness and depth of the current hole confirm the major JORC Mineral Resource expansion potential at Rincon
• Rincon drilling is planned to comprise 3 diamond core holes and is designed to increase the existing JORC Mineral Resource with final results expected in the current quarter
• Results will feed into a Preliminary Economic Assessment (PEA) which is currently underway for Rincon
• Power's JORC Mineral Resource drilling campaign is designed to substantially upgrade Salta's existing JORC Lithium Resource and support future development plans.

Lithium exploration and development company Power Minerals Limited (ASX: PNN) (Power or the Company) is pleased to announce that drilling has intersected a zone of 600 metres of lithium-in-brine at the Rincon salar, at the Salta Lithium Project, in the Salta province in the lithium triangle of north-west Argentina (Figure 3).

This exceptional result comes from drillhole PM23-VI-02, and greatly enhances the JORC Mineral Resource expansion potential of the Rincon salar.

PM23-VI-02 was successfully drilled to a depth of 605 metres, the maximum depth possible from the drill rig using HQ diamond core. This is the first time that drilling to this depth has been undertaken in this part of the Rincon salar.

Brine samples were taken from 25 double packer tests at selected intervals, and these achieved a 100% success rate with brine samples collected from each test. These have returned consistent results

averaging 297 mg/L lithium over an intersection of 600 metres thickness down hole.

See Figure 1 for the Drillhole Log and Table 1 for details of results for PM23-VI-02.

"We are delighted with the progress of our Mineral Resource drilling at the Rincon salar. Returning an interval of in excess of 600 metres thickness of lithium brines is an exceptional result at drillhole PM23-VI-02. This validates and extends our previous drilling from 2017 which returned a thickness of 130 metres, and was the basis of our existing JORC Mineral Resource at Rincon. The results from our current drilling serve to highlight the outstanding JORC Mineral Resource expansion potential at Rincon, and we plan to confirm an upgraded JORC Mineral Resource for this key salar on the completion of drilling".

Power Minerals Managing Director Mena Habib

Progress of Rincon Mineral Resource Drilling

The current drillhole (PM23-VI-02) is the second hole at the Rincon salar in Power's ongoing JORC Mineral Resource drilling program at the Salta Project.

PM23-VI-02 is situated near the eastern boundary in the central part of Power's licence area at the Rincon salar (Figure 2). It is a duplicate hole from previous PNN drilling conducted in 2017, and is located 10 metres from the original 2017 drillhole which was drilled to a depth of only 130 metres.

PM23-VI-02 reached 605 metres total depth and has successfully confirmed the previous results and extended the depth of the contiguous lithium-in-brine to a depth of 519.5 metres.

The previous JORC Mineral Resource at the Rincon salar was based on just the 130 metres thickness of lithium brine achieved in the 2017 drilling (ASX announcement, 27 June 2018). The major extension in brine thickness achieved in the current drillhole confirms the major JORC Mineral Resource expansion potential at the Rincon salar.

Casing PQCementSPNLpackerCementBentonitePM23-VI-02200100200$\overline{100}$300300Hole 8 1/4:: Gravel$\circ$Hole 5 1/4PVClan barban barbarbanHole HQPVC ScreenRecovery (%)SPRNCSurface casing$\bullet$ Cone End200$\overline{5}$200300100300$\overline{100}$752550$\circ$$\circ$ConsolidationLi (mg/L) DensityLithologyTotalgradeWell Desingandarı barlamları barland.pth (m)Halite0No recovery$-1.22$Halite cristals$-1.215$Black silt and halite cristals40halite and silt$-1.215$Clay$-1.213$Red sandUnconsolidatedBlack sandhomes see on unamiddinalhomes in the set unamiddinalhomes and home with unamiddinal80Black sand$\frac{1}{1}$ Halite$-1.213$No recovery120Black sandan an SFine black Sand$296$ $-1.215$semi-consolidatedVolcaniclastic brecciaconsolidatedDacite?$293$ $-1213$$0 \nightharpoonup^{\circ} C$semi-consolidatedVolcaniclastic breccia$= 1.214$MARKET289160masiveclayey silty with sulfatesGranular and masive.Halite masive$293 - 1214$$\sum$HHHHHHIntercalation halite xx and halite masive.masiveHalite masivecristaline$291$ $-1215$**************Halite masive with clayey siltymasive$289 - 1.213$200#######Halite xx with sandy silty.masive-cristalinemasiveuuuuuHalite masivesemi-consolidate:$\bullet$ 292 1.214Halite masive with clayey siltysemi-consolidated withHalite masive30%unconsolidatedMasive halite with clayey siltsemi-consolidatedsemi-consolidated with240sandy silt with lithoclast$-303$ $-1.216$30%unconsolidatedsemi-consolidated withbrown silt sand with halitemedium sand with lithoclast5%unconsolidatedconsolidated withsand with lenses from clayconsolidated with10%semi-consolidatedsemi-consolidated withmedium sand with lithoclast$\frac{1}{331}$ $\frac{1221}{21}$280medium to fine sand with lithoclast30%unconsolidatedmedium sand with lithoclastconsolidated withmedium to fine sand with lithoclast10%semi-consolidated$\bullet$ 332 1.221medium to coarse sand with lithoclastSemi-consolidatedconsolidated withmedium to fine sand with lithoclast32010%semi-consolidatmedium to coarse sand with lithoclastSemi-consolidatedgranodiorite-diorite blocks wtith sandy matrixconsolidated$\bullet$ 311 $\sim$ 1.223Semi-consolidatedmedium to coarse sand with lithoclast360$\bullet$ 316 $\sim$ 1.22semi-consolidated with 5%edium to fine sand with lithoclastconsolidated400$-343 - 1.221$medium to coarse sand with lithoclast$\bullet$ 305 $\sim$ 1.215 $\sim$440$\bullet$ 288 $\sim$ 1.21480$-282 - 1.212$Semi-consolidatedmedium to fine sand with lithoclast520$\bullet$ $\frac{274}{121}$$-1.217$560$-1.213$600nedium to coarse sand with lithoclast$-1.213$

ASX RELEASE

Page 3 of 7

Figure 1: Drillhole Log for PM23-VI-02

Drillhole PM23-VI-02 Commentary

Lithium brine from the 2017 drilling was intersected in black volcanic sands beneath a halite cap. The 2017 drillhole (PNN-VI-DW-02) finished within the black sands (at 130 metres depth). The current drillhole (PM23-VI-02) has shown that further halite and then generally fine-to-medium lithic-sands lie beneath the black sands.

The brine results from the current drilhole have been combined with results from the 2017 drillhole, and show a consistent chemistry with only slight variations with depth. This indicates that the brine is continuous and connected over a thickness of in excess of 600 metres.

		Depth	Depth
Sample	Drillhole	from	to	Date	B	Ca	K	Li	Mg	Na
Muestra 081	PNN-VI-DW-02	65.2	66.4	20/12/2017	364	377	7450	313	2930	114000
Muestra 080	PNN-VI-DW-02	74.2	75.4	20/12/2017	334	389	7210	297	2890	117000
Muestra 078	PNN-VI-DW-02	80.2	81.4	20/12/2017	349	380	7310	299	2840	118000
Muestra 077	PNN-VI-DW-02	86.2	87.4	20/12/2017	348	381	7350	300	2890	113000
Muestra 076	PNN-VI-DW-02	92.2	93.4	20/12/2017	299	452	6885	282	3030	120500
Muestra 074	PNN-VI-DW-02	104.2	105.4	20/12/2017	293	413	6850	279	2950	115000
Muestra 072	PNN-VI-DW-02	110.2	114.4	20/12/2017	301	413	6910	284	2960	108000
Muestra 071	PNN-VI-DW-02	116.2	117.4	20/12/2017	291	417	6820	280	2940	119000
Muestra 070	PNN-VI-DW-02	122.2	123.4	19/12/2017	240	510	6340	259	3040	105000
2636	PM23-VI-02	127.5	129.5	3/07/2023	277	487	6275	296	2949	115502
2635/2637	PM23-VI-02	145.5	147.5	3/07/2023	273	511	6192	293	2968	115019
2634	PM23-VI-02	154.5	156.5	2/07/2023	264	528	6230	289	2983	110937
2633	PM23-VI-02	169.5	171.5	2/07/2023	270	512	6227	293	2990	114562
2631	PM23-VI-02	187.5	189.5	2/07/2023	264	528	6170	291	2995	114227
2630	PM23-VI-02	196.5	198.5	2/07/2023	261	539	6146	289	3001	113641
2629	PM23-VI-02	217.5	219.5	1/07/2023	262	537	6183	292	3036	113610
2626	PM23-VI-02	247.5	249.5	1/07/2023	273	478	6347	303	3169	114737
2625/2627	PM23-VI-02	277.5	279.5	1/07/2023	315	287	6831	332	3496	113401
2624	PM23-VI-02	307.5	309.5	1/07/2023	315	282	6832	332	3543	117308
2623	PM23-VI-02	337.5	339.5	30/06/2023	279	422	6514	311	3296	115389
2621	PM23-VI-02	367.5	369.5	30/06/2023	289	367	6620	316	3359	116305
2620	PM23-VI-02	397.5	399.5	30/06/2023	323	243	7123	343	3610	117920
2619	PM23-VI-02	427.5	429.5	29/06/2023	264	490	6381	305	3226	116537
2616	PM23-VI-02	457.5	459.5	28/06/2023	244	575	6135	288	3136	113099
2617/2615	PM23-VI-02	487.5	489.5	28/06/2023	228	620	6004	282	3100	113463
2614	PM23-VI-02	517.5	519.5	27/06/2023	205	647	5844	274	3086	112623

Table 1: Brine sampling results for drillhole PM23-VI-02 at the Rincon salar – including results from previous drilling in 2017. All analytical values are in mg/L.

Background to Rincon Resource Drilling

Drilling at the Rincon salar is planned to consist of three diamond drillholes for a total of approximately 1,500 metres (Figure 2). It is designed to confirm results from previous drilling in 2017 and to test for additional potential lithium resources in the licence area, and to increase the existing Rincon Mineral Resource (ASX announcement, 27 June 2018).

The drilling at Rincon and planned JORC Mineral Resource upgrade will form a key input to the Preliminary Economic Assessment (PEA) currently being completed at Rincon (ASX announcement, 8 December 2022). The PEA is expected to be completed in the current quarter.

Drilling at Rincon forms a key component of Power's ongoing JORC Mineral Resource drilling campaign at the overall Salta Project, which is designed to expand the Project's existing JORC Mineral Resource, to support future development plans.

Power recently completed drilling at its first target, the Incahuasi salar, and the results delivered a maiden JORC Mineral Resource at Incahuasi, which adds to the total JORC Mineral Resource at the Salta Project (ASX announcement, 23 May 2023).

Figure 2: Location plan for lithium brine resource drilling, Rincon salar

Next Steps

The current lithium brine results from drillhole PM23-VI-02 are from depths of 127.5 metres to 517.5 metres. Further brine packer samples have been collected from 541.5 metres to 603.5 metres, and also from 17.2 metres to 100.2 metres.

The shallower new samples will seek to duplicate the 2017 drilling results, which were from 65.2 metres to a deepest sample at 123.4 metres. The new shallow samples will increase the upper sampled interval by 48 metres and the new lower samples add an additional 86 metres to the depth sampled (subject to successful results). These results will be released when available.

About the Salta Lithium Project

The Salta Project is strategically located in the Salta province in north-west Argentina and is part of the Lithium Triangle, the world's leading lithium-brine region. The Project consists of five salares (salt lakes) that sit within seven mining leases, over a total project area of 147.07km². The Project's Incahuasi salar is located immediately adjacent to Ganfeng Lithium Co. Ltd's project and the Rincon salar is adjacent to Rincon Mining Ltd, recently acquired by Rio Tinto Ltd for US$825 million. Power is focused on the accelerated exploration and development of the Project, to drive shareholder value.

Figure 3: Salta Lithium Brine Project location map, north-west Argentina (PNN licences in green)

Authorised for release by the Board of Power Minerals Limited.

-ENDS-

For further information please contact:

Power Minerals Limited E: admin@powerminerals.com.au T: +61 8 8218 5000

Additional information is available at www.powerminerals.com.au

About Power Minerals Limited

Power Minerals Limited is an ASX-listed lithium-focused exploration and development company, committed to the systematic exploration and development of its core asset, the Salta Lithium Brine Project in the prolific lithium triangle in the Salta Province in Argentina. It is currently undertaking a major JORC Mineral Resource expansion drilling campaign at Salta, and is focused on expediting development of the Project in to a potential, future lithium producing operation. Power also has a portfolio of other assets in key, demand-driven commodities including; kaolin-halloysite, nickel-coppercobalt and PGEs plus copper-gold.

Competent Persons Statement

This announcement regarding the Salta Lithium project has been prepared with information compiled by Marcela Casini, MAusIMM. Marcela Casini is an experienced and highly qualified hydrologist working with PNN Argentina. They have sufficient experience relevant to the style of mineralisation and type of deposit under consideration 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". Marcela Casini consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Forward looking Statements

This announcement contains 'forward-looking information' that is based on the Company's expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company's business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as 'outlook', 'anticipate', 'project', 'target', 'potential', 'likely', 'believe', 'estimate', 'expect', 'intend', 'may', 'would', 'could', 'should', 'scheduled', 'will', 'plan', 'forecast', 'evolve' and similar expressions. Persons reading this announcement are cautioned that such statements are only predictions, and that the Company's actual future results or performance may be materially different. Forwardlooking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information.

JORC Code, 2012 Edition – Table 1 Report

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (e.g.cut channels, random chips, or specificspecialisedindustry standard measurement tools appropriate to the mineralsunder investigation, such as down hole gamma sondes, or handheld XRFinstruments, etc.). These examples should not be taken as limiting the broadmeaning of sampling.•Include reference to measures taken to ensure sample representivity and theappropriate calibration of any measurement tools or systems used.•Aspects of the determination of mineralizationthat are Material to the PublicReport.•In cases where 'industry standard' work has been done this would be relativelysimple (e.g.'reverse circulation drilling was used to obtain 1 m samples fromwhich 3 kg was pulverizedto produce a 30 g charge for fire assay'). In othercases more explanation may be required, such as where there is coarse goldthat has inherent sampling problems. Unusual commodities or mineralizationtypes (e.g.submarine nodules) may warrant disclosure of detailedinformation.	•The first 130 metres of drillhole PM23-VI-02 is a twin ofdrillhole PNN-VI-DW-02completed in 2017. The collar ofdrillhole PM23-VI-02 (tricone to 120 metres, then HQ3diamond coreto EOH) is located 10 metres east of drillholePNN-VI-DW-02 (HQ3 diamond core to 130 metres EOH).•Core recovery was measured on all coreruns.•Sampling from the diamond core for petrophysicalparameters has been completedbut results have not yetbeen received.•Liquid samples were collected using drillhole double packersat various depths with regular two metre thicknesses.•Drillhole packer fluid samples were measuredat the time ofsampling for density, temperature and pH.•During the packer test, several 200L drums are filled withdrillhole fluid. If a single drum is not filled in 30 minutes, theformation interval being tested is considered dry, in that caseit is considered that the fluid is only that within the drillingbarrel and so is not representative of the formation at thatdepth.•To collect a representative sample the drillhole fluid must becleaned. Current sampling involved taking out the amount ofbrine that represents three times the drillhole volumecapacity at any given depth.•Seventeenliquid samples (plus quality control samples) fromgiven depths have been analysedfor a suite ofelements,density, electrical conductivity and pH.

Criteria	JORC Code explanation	Commentary
Drillingtechniques	•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 standardtube, depth of diamond tails, face-sampling bit or other type, whether core isoriented and if so, by what method, etc.).	•Contractor Hidrotec SRL completed the drilling bytriple tubeHQ3diamond core.•Surface brine has been used as drilling fluid for lubrication duringdrilling
Drill samplerecovery	•Method of recording and assessing core and chip sample recoveriesandresults assessed.•Measures taken to maximisesample recovery and ensure representativenature of the samples.•Whether a relationship exists between sample recovery and grade andwhether sample bias may have occurred due to preferential loss/gain offine/coarse material.	•Diamond drill core recoveries were calculated by measuring thecore recovered against the drillers recorded depth for each diamondcore run.•There can be high range in core recovery (zeroto 100%) in somesections of drillhole. With complete core loss it is difficult toimpossible to determine visual porosityfor that interval. It isunknown if the core loss will reflect a positive or negative bias on theresults reported over that down hole section.•Brine quality is not directly related to core recovery and is largelyindependent of the quality of core samples. However, the porosityand permeability of the lithologies where samples are taken isrelated to the rate of brine inflow
Logging	•Whether core and chip samples have been geologically and geotechnicallylogged to a level of detail to support appropriate Mineral Resourceestimation, mining studies and metallurgical studies.•Whether logging is qualitative or quantitative in nature. Core (or costean,channel, etc.) photography.•The total length and percentage of the relevant intersections logged.	•All drill core has been qualitatively logged by company geologists,recording lithology, alteration, sedimentary structures, and visualporosity estimate to company procedures.•All drill core was photographed prior to removing from site.•The entire length of all drillhole corehas been logged.•The drillhole is geophysically logged for resistivity and spontaneouspotential (SP) toassist in identifying the aquifer.
Sub-samplingtechniques andsamplepreparation	•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 whethersampled wet or dry.•Forall sample types, the nature, quality and appropriateness of the samplepreparation technique.•Quality control procedures adopted for all sub-sampling stages to maximizerepresentivity of samples.•Measures taken to ensure that the sampling is representative of the in situmaterial collected, including for instance results for field duplicate/secondhalf sampling.•Whether sample sizes are appropriate to the grain size of the material beingsampled.	•The sampling of drill core for petrophysical parameters is currentlyin progress.

Quality of•The nature, quality and appropriateness of the assaying and laboratory•The Alex Stewart (Norlab) laboratoryin Palpala, Jujuy, Argentina, isassay data andprocedures used and whether the technique is considered partial or total.used as•laboratory testsFor geophysical tools, spectrometers, handheld XRF instruments, etc., thesamples collected as part of the sampling program. The Alexparameters used in determining the analysis including instrument make andStewart laboratory specializesmodel, reading times, calibrations factors applied and their derivation, etc.inorganic salts,•Nature of quality control procedures adopted (e.g.standards, blanks,other salts are measured by ICP-OES (method LMMT03)duplicates, external laboratory checks) and whether acceptable levels of•Control samples includingstandards, blanksand blind duplicatesaccuracy (i.e.lack of bias) and precision have been established.wereused to monitor potential contamination of samples and therepeatability of analyses. Control samples were insertedat a ratio1:3.1field samples(32% control).•The control samples, including threeblanks,twoStandardblind field duplicate sampleswere all within acceptable ranges.•Alex Stewartalso provided results for twolaboratory duplicatesampleswith all values within acceptable variances.••Verification ofThe verification of significant intersections by either independent orOn completion of the drillingsampling andalternative company personnel.checked by the Exploration Manager for inconsistencies and thenassaying•The use of twinned holes.stored in an MS Access relational database.•Documentation of primary data, data entry procedures, data verification,•No holeswere twinned.data storage (physical and electronic) protocols.•Drill core was logged by hand on printed log sheets.Datais then•Discuss any adjustment to assay data.input into MS Excel spreadsheets which are then emailed todatabase manager for input into MS Access. The datateams to ensure only properly verified data is stored in the Accessdatabase.Location of••Accuracy and quality of surveys used to locate drill holes (collar and downAll drill hole collarwasdata pointshole surveys), trenches, mine workings and other locations used in MineralGPSin averaging mode.•Resource estimation.Nodrillholedownholeorientation surveys were conducted on the•Specification of the grid system used.vertical hole.	Criteria	JORC Code explanation	Commentary
			the primary laboratory to conduct the assaying of the brinein the chemical analysis of brines andwith extensive experience in this field. Lithium andofand threethe logging and sampling data will beis interrogatedand all discrepancies are communicated and resolved with the field
		•Quality and adequacy of topographic control.	initially surveyed with a hand held multi-band•All workhas been carried out using standard WGS84 UTM Zone 19S

Criteria	JORC Code explanation	Commentary
Data spacinganddistribution	•Data spacing for reporting of Exploration Results.•Whether the data spacing and distribution is sufficient to establish the degreeof geological and grade continuity appropriate for the Mineral Resource andOre Reserve estimation procedure(s) and classifications applied.•Whether sample compositing has been applied.	•This drillhole ison the westernside of the RinconSalar (SaltaProvince) and thediamond drilling spacing when complete isexpected to besufficient to establish the geological and gradecontinuity of the deposit for Mineral Resource estimation.
Orientation ofdata in relationto geologicalstructure	•Whether the orientation of sampling achieves unbiased sampling of possiblestructures and the extent to which this is known, considering the deposit type.•If the relationship between the drilling orientation and the orientation of keymineralizedstructures is considered to have introduced a sampling bias, thisshould be assessed and reported if material.	•The salt lake (salar) deposits that contain lithium-bearing brinesgenerally have sub-horizontal beds and lenses that contain sand,gravel, salt, silt and clay. The vertical diamond drill holewill provide abetter understanding of the stratigraphy and the nature of the subsurface brine bearing aquifers•Reported depths are all down-hole depthsin metres.
Sample security	•The measures taken to ensure sample security.	•Samples were transported tothe laboratory for chemical analysis insealed 1-litre rigid plastic bottles with sample numbers clearlyidentified.Samples were transported by a trusted member of theteamor courier.•The water samples were moved from the drillhole site to securestorage at the camp on a daily basis
Audits orreviews	•The results of any audits or reviews of sampling techniques and data.	•All planned sampling techniques and procedures for data capturewere deemed to be of industry standard and satisfactory;beingsupervised by the company's senior and experienced geologists.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	•Type, reference name/number, location and ownershipincluding agreements or material issues with third partiessuch as joint ventures, partnerships, overriding royalties,native title interests, historical sites, wilderness or nationalpark and environmental settings.•The security of the tenure held at the time of reporting alongwith any known impediments to obtaining a licensetooperate in the area.	•Mina 'Villanovena 1'File Number 19565is held 100% by Power MineralsSA, anArgentina entity wholly owned by Power Minerals Ltd(ASX:PNN).•TheMina isheld under grant from the Mining Court of Salta Province, Argentina inperpetuity and is appropriately maintained.

Criteria	JORC Code explanation	Commentary
Explorationdone by otherparties	•Acknowledgment and appraisal of exploration by otherparties.	•There is no known modern exploration in this local area by other parties.
Geology	•Deposit type, geological setting and style of mineralization.	•The sediments within the salarconsist of salt/halite, clay, sand and silt horizons,accumulated in the salar from terrestrial sedimentation and evaporation of brines.•Brines within the Salt Lake are formed bythesolar concentrationof fluidscontaining trace amounts of elements such as lithium. The lithium originated as aproduct ofgeothermal fluidsand the weathering of volcanic rocks.•Geology was recorded during the diamond drilling.
DrillholeInformation	•A summary of all information material to the understandingof the exploration results including a tabulation of thefollowing information for all Material drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level –elevation above sea levelin metres) of the drill hole collarodip and azimuth of theholeodown hole length and interception depthohole length.•If the exclusion of this information is justified on the basisthat the information is not Material and this exclusion doesnot detract from the understanding of the report, theCompetent Person should clearly explain why this is the case.	•Drillhole ID: PM23-VI-02•Easting: 685721(WGS84, Zone 19S)•Northing: 7332086(WGS84 Zone 19S)•Elevation: 3731metres (above sea level)•Total hole depth: 605metres(downhole, vertical)•The first 130 metres of drillhole PM23-VI-02 is a twin of drillholePNN-VI-DW-02. The collar of drillhole PM23-VI-02 (tricone to 120metres, then HQ3diamond core) is located 10 metres east ofdrillhole PNN-VI-DW-02 (HQ3 diamond core to 130 metres EOH).•Sample resultsare stranded units withLi and other elements inmg/L, depth in metres, and densityin kg/L.
Dataaggregationmethods	•In reporting Exploration Results, weighting averagingtechniques, maximum and/or minimum grade truncations(e.g.cutting of high grades) and cut-off grades are usuallyMaterial and should be stated.•Where aggregate intercepts incorporate short lengths of highgrade results and longer lengths of low grade results, theprocedure used for such aggregation should be stated andsome typical examples of such aggregations should beshown in detail.•The assumptions used for any reporting of metal equivalentvalues should be clearly stated.	•Assay mean averages have been provided where multiple sampling occurs in thesame sampling interval. Multiple samples include both field and laboratoryduplicate samples.
Relationshipbetween	•These relationships are particularly important in thereporting of Exploration Results.	•The drillholewasdrilled with dip of -90 degrees(vertical).•Mineralisation interpreted to be horizontally lying and drilling is perpendicular to

Criteria	JORC Code explanation	Commentary
mineralizationwidths andinterceptlengths	•If the geometry of the mineralizationwith respect to the drillhole angle is known, its nature should be reported.•If it is not known and only the down hole lengths arereported, there should be a clear statement to this effect (e.g.'down hole length, true width not known').	this.
Diagrams	•Appropriate maps and sections (with scales) and tabulationsof intercepts should be included for any significant discoverybeing reported These should include, but not be limited to aplan view of drill hole collar locations and appropriatesectional views.	•Map and any relevant sections areprovidedin the main report.
Balancedreporting	•Where comprehensive reporting of all Exploration Results isnot practicable, representative reporting of both low andhigh grades and/or widths should be practiced to avoidmisleading reporting of Exploration Results.	•All relevant grade information has been provided.
Othersubstantiveexplorationdata	•Other exploration data, if meaningful and material, shouldbe reported including (but not limited to): geologicalobservations; geophysical survey results; geochemical surveyresults; bulk samples –size and method of treatment;metallurgical test results; bulk density, groundwater,geotechnical and rock characteristics; potential deleteriousor contaminating substances.	•Core samples forpetrophysical measurements have been collected but results havenot beencompleted.
Further work	•The nature and scale of planned further work (e.g.tests forlateral extensions or depth extensions or large-scale step-outdrilling).•Diagrams clearly highlighting the areas of possibleextensions,including the main geological interpretations andfuture drilling areas, provided this information is notcommercially sensitive.	•Later additional double packer tests from above and below this batch of sampleswere completed and samples have been sent forlithium analyses. The results willbe assessed on an ongoing basis and additional holes will be planned and drilledwhen deemed necessary. All further work on each target area is dependent on theresults received.