ZENITH MINERALS LIMITED — Capital/Financing Update 2016

Nov 9, 2016

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10[th] November 2016

Option over Large Lithium Clay Target – Burro Creek

Project - Arizona

Corporate Details

ASX: ZNC

• Large scale lithium (Li) clay target under exclusive option in Arizona, USA;

• Initial reconnaissance surface sampling results returned are comparable to competitor lithium clay projects in USA and Mexico that are subject to feasibility studies;

• Extensive outcrop of shallow dipping lithium bearing clay horizon with true thickness up to 50 metres.

• Previous shallow drilling to test the clay quality for industrial uses intersected clay units over thicknesses up to 20 metres, notwithstanding that drilling did not penetrate the full thickness of those clay horizons;

• Existing small scale operations extracting clay for industrial uses are located immediately south of the project area;

• Metallurgical testwork in progress to assess ease of extracting lithium.

Zenith Minerals Limited (“Zenith” or “the Company”) is pleased to advise that a wholly owned USA subsidiary Zenolith (USA) Inc has secured an exclusive option to acquire a 100% interest in the Burro Creek lithium clay project located in central western Arizona, USA. Located in an active mining district, Freeport McMoRan’s operating Bagdad porphyry copper mine is located 10km from the Burro Creek project.

The lithium bearing clay zone is a near surface, flat lying horizon extending over 1700m by 1000m within the eastern project leases and a further 800m by 600m within the western lease areas. Observations from mapping and sampling programs indicate that the clay horizon generally has a true thickness greater than 30 m where it is exposed in gullies within gently undulating, poorly vegetated hills that comprise the eastern project area (Figure 1). Previous drilling to test the clay quality for industrial uses intersected clay units over thicknesses up to 20m in the western half of the project area, notwithstanding that drilling did not penetrate the full thickness of those clay beds which are up to 50 m thick in outcrop in the eastern area. The Company therefore concludes that there is excellent potential for large tonnages of lithium bearing clay within the Burro Creek project.

Initial surface sampling by the Company of the lithium clay exposures has included spot, continuous composite channel and bulk sampling. Assay results from this work have been highly encouraging returning results including: 20m @ 818ppm Li, 5m @ 1090ppm Li and 15m @ 930ppm Li & 50m @ 785 ppm Li (Figures 2 & 3). Lithium clay mineralisation at surface and intersected in shallow drilling occurs within saponite a member of the smectite family of clays.

Initial metallurgical testwork is currently in progress at a facility in Colorado, USA, comprising a bulk clay sample taken from the Burro Creek project area. Testwork will focus on the lithium solubility using various industry standard techniques documented at other lithium clay projects such as at Bacanora Mineral Limited’s Sonora lithium clay project in Mexico, which is currently at the feasibility stage, following the announcement by Bacanora in August 2015 of a conditional long-term lithium supply agreement with Tesla Motors, Inc. If metallurgical testwork on the Burro Creek bulk sample is acceptable then the Company considers that initial wide-spaced drill testing would likely lead towards rapid resource definition.

Issued Shares (ZNC) 172.9 m Listed options (ZNCO) 22.1 m Unlisted options 1.0 m Mkt. Cap. ($0.12) A$ 20 m Cash 30[th] Sep 16 A$1.0 m Debt Nil

Directors

Michael Clifford: Managing Director Mike Joyce: Non Exec Chairman Stan Macdonald: Non Exec Director

Julian Goldsworthy: Non Exec Director

Major Shareholders

Major Shareholders City Corp Nom 6.6% HSBC Custody. Nom. 6.3% Nada Granich 6.1% Abingdon 4.5% Miquilini 4.5%

Contact Details

Level 2/33 Ord Street West Perth, WA, 6005

Mail: PO Box 1426 West Perth, WA, 6872 T: +61 8 9226 1110 F: +61 8 9481 0411 E: info@zenithminerals.com.au W: www.zenithminerals.com.au

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Figure 1: Panoramic Photo of Burro Creek Showing Outcrop of Lithium Bearing Clay Unit

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Lithium Bearing Clay Unit
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Figure 2: LEFT - Sample Site BC-13, one semi-continuous sample over full thickness; 50m @ 785 ppm Li RIGHT – Sample Site BC-19, one sample over partial thickness; 15m @ 930 ppm Li

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Figure 3: Burro Creek Sample Location and Results Map (Enlargement - East Burro Creek Sample Results)

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Lithium Clay Project Comparatives

The Burro Creek lithium clay project is comparable to other lithium clay projects in the USA and Mexico subject to resource and development studies as summarised in Figure 4 and Table 1.

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USA
Lithium Nevada – 482Mt @ 0.285 %Li
Tesla Gigafactory
Rhyolite Ridge – South Basin 393Mt @ 0.164 %Li
Burro Creek
Sonora – 719Mt @ 0.230 %Li
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Figure 4: Lithium Clay Projects – Total Measured, Indicated & Inferred Resources (Sources: BCN- NI-43-101 Report Dec 2015, LAC – TSX Release 22 Jun 2016, GSC – ASX release 10 Oct 2016)

Table 1: Lithium Clay Project Metrics.

Project	Owner	Market Cap	Lithium Clay Thickness	Lithium Grade (ppm)	Depth of Mineralisation
Burro Creek - Arizona	Under option to Zenith (ASX:ZNC)	A$20M	30m – 50m?, full thickness not exposed	5m @ 1090, 50m @ 785, 15m @ 930, 20m @ 8181 (surface samples only)	0 - ? mapping indicates clay units are likely to be at shallow depths
Lithium Nevada (Kings Valley)	Lithium Americas (TSX:LAC)	C$300M	0m - 90m typically 30m	2600 – 32002	0 – 200m
Sonora - Mexico	Bacanora Minerals Limited (TSX:BCN)	C$135M	10 – 50m each unit	800 - 43003	0 – 400m
Rhyolite Ridge - Nevada	Under option to Global Geoscience Limited (ASX:GSC)	A$64M	50m – 75m	16404	0 – 420m

1True width limited composite surface sampling by Zenith, 2Range of lithium grades from inferred, indicated & measured resources,[3] Range of lithium grades from inferred & indicated resources,[4] Average grade of inferred resource.

In order for Zenith’s management to assess if lithium clay projects are viable economic targets, the Company has compiled (from publicly available preliminary economic evaluations, scoping and feasibility studies) various forecasts of potential return on capital and operating margins of 5 lithium brine projects, 6 hard rock spodumene development projects and 2 lithium clay projects (Figure 5). If these lithium development projects are able to meet their projected forecasts then the potential returns from a lithium clay project are

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comparable to several major South American lithium brine development projects under evaluation and development.

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Zenith Minerals Limited
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Figure 5: Lithium Clay, Brine & Spodumene Projects – Forecast Operating Margin versus Capital Efficiency

Data compiled from owners PEA, Scoping & Feasibility Studies.

OPEX Margin % = (USD revenue/t – USD operating cost/t)/USD revenue/t, assuming LiCO3 price of US$7000/t and spodumene concentrate price of US$500/t, where stated the revenue used is excluding credits for by-products, AUD to USD fixed at $0.75.and CAD to USD 0.75

Capital Efficiency Ratio = CAPEX/Annual Net Cashflow

Lithium Nevada project (formerly Kings Valley Lithium Clay Project), Nevada USA owned by a subsidiary of Lithium Americas (TSX:LAC market cap: C$300M July 2016).

In addition to a lithium brine project in Argentina, Lithium Americas advised that it “owns one of the largest lithium resources in North America at the Lithium Nevada clay target (source: Roskill Information Services, 12th Edition 2013). Current focus is on rapidly advancing engineering studies to optimize the production of lithium hydroxide on a commercial scale…” (Source LAC Presentation July 2016).

The Lithium Nevada project contains lithium clay beds that range from 1m to more than 90m thick with typical drill intercepts of layered beds of lithium bearing clay of about 30m. The main lithium-bearing mineral

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is reported to be a magnesium clay mineral that includes the hectorite and illite group. Hectorite is a rare LiMg clay mineral of the smectite group.

In the Stage 1 project area clays and clay/ashes are disseminated throughout the deposit, but the highest lithium concentrations are broadly found between 36 and 67m below ground surface associated with the mineral illite, which is the dominant clay mineral at deeper depths. The clay minerals at shallow depths (beginning at about 30m below ground surface are identified as smectite clays).

Sonora lithium clay project, Mexico, owned by Bacanora Minerals Limited (TSX:BCN market cap: C$135M as at November 2016).

Bacanora Minerals announced in August 2015 that it has a conditional long-term lithium supply agreement with Tesla Motors, Inc for future production from the Sonora clay project in Mexico.

The Sonora project is the subject of ongoing feasibility studies. On April 15, 2016, Bacanora filed on SEDAR the results of the Pre-Feasibility Study for the development of mine and lithium carbonate processing facility at the Sonora Lithium Project. The positive results estimate a pre-tax Internal Rate of Return (“IRR”) of 29% and an associated pre-tax Net Present Value (“NPV”) of US$776 million at an 8% discount rate.

The Sonora lithium clay project mineralisation is contained in a stratiform package including two distinct clay-rich tuffaceous layers (NI-43-101 report December 2015). Some of the clay minerals in these units such as polylithionite are a potentially economic source of lithium. The project lies in an area that has mountainous relief with deeply incised valleys where the clay units outcrop in some places. The clay units have been shown to be continuous over more than 7km of strike extent and several hundred metres down dip. Each lithium clay unit is generally 10m to 50m thick and separated by approximately 6m of ignimbrite. The lithium rich clay zone at Sonora extends from surface to vertical depths in excess of 400m below surface (refer to Figure 6) below.

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Figure 6: Bacanora Minerals Limited - Sonora Project Cross Section (Source NI-43-101 report dated December 2015)

Rhyolite Ridge lithium clay project, N evada, under option to Global Geoscience Ltd (ASX:GSC market cap: A$64M as at October 2016).

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The Rhyolite Ridge lithium-boron project is located in southern Nevada. Two sedimentary basins (North and South) contain thick, shallow, flat-lying zones of lithium-boron-potassium mineralisation. The mineralisation is hosted within carbonate-rich, fine-grained sediments (marl) that were deposited in a shallow lake/basin environment. Global Geoscience has the exclusive right to purchase 100% interest in the project from the owner, a private Nevada company.

Summary of Burro Creek Option Terms

Zenolith shall pay an initial US$10,000 option fee to the owners of the project for a 90 day exclusive period to carry out due diligence studies including but not limited to surface sampling, metallurgical testwork and tenure evaluation;

Should Zenolith elect to proceed with involvement in the project, it must make a further cash payment of US$10,000 to the project owners and incur a minimum of US$100,000 in project evaluation expenditures within the following 12 months;

Following the initial 12 months, should Zenolith elect to continue with the option, then it shall pay US$20,000 on each 12 month anniversary (to a maximum of a further four 12 month periods) and incur an aggregate minimum of US$50,000 in project expenditures within each additional 12 month period;

To exercise the Burro Creek option and acquire 100% of the project, Zenolith shall pay to the owners a total of US$600,000 at any time before the earlier of 5 years from the end of the due diligence period, or commencement of commercial production of lithium, or;

Zenolith may extend the period of option by up to a further two 12 month periods, by making cash payments to the owners of US$50,000 on each 12 month anniversary. To exercise after this extension period the consideration will increase to US$750,000;

The election to continue with the Burro Creek option at any time is at the sole discretion of Zenolith. Zenolith may elect by notification in writing to not continue with the option, or if any of the cash payments referred to above are not made in full then the option will automatically cease and Zenolith will have no further rights or obligations in regards to the project.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Michael Clifford, who is a Member of the Australian Institute of Geoscientists and an employee of Zenith Minerals Limited. Mr Clifford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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 Clifford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

10[th] November 2016

For further information contact:

Zenith Minerals Limited

Directors Michael Clifford or Mike Joyce

E: mick@zenithminerals.com.au Phone +61 8 9226 1110

Media and Broker Enquiries

Andrew Rowell

E: arowell@canningspurple.com.au Ph +61 8 6314 6300

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About Zenith

Zenith is advancing its project portfolio of high-quality, gold, lithium and base metal projects whilst building a superior project base of high-quality advanced exploration assets:

Kavaklitepe Gold Project, Turkey (Teck earning 70%)

• Recent (2013) grass roots gold discovery in Tethyan Belt

• Large, high order gold soil / IP anomaly >1km strike

• Continuous rock chip sampling to: 54m @ 3.33g/t gold, including 21.5m @ 7.2 g/t gold

• Initial drill results include: 9 m @ 5.2 g/t Au from surface, 7.8 m @ 7.3 g/t Au from 3.3 m and 16.4m @ 4.7 g/t Au from 82.1m depth

• Drilling in progress

Split Rocks Lithium & Gold, WA (100%)

• New 100% owned applications covering 500km[2] in emerging Forrestania lithium district

• Review of previous work and surface sampling to preceded drill testing

San Domingo Lithium, Arizona USA (ZNC 100%)

• 9km x 1.5km lithium pegmatite field, initial surface sampling returned: 5m @ 1.97%Li2O including 2.4m @ 2.49% Li2O

• Surface sampling and mapping to precede drill testing

Develin Creek Copper-Zinc-Silver-Gold, QLD (100%)

• 3 known VHMS massive sulphide deposits - JORC resources, 50km of strike of host rocks

• 2011 drilling outside resource: 13.2m @ 3.3% copper, 4.0% zinc, 30g/t silver & 0.4g/t gold

• Drilling to extend known deposits, geophysics, geochemistry to detect new targets

Mt Minnie Gold Project, WA (ZNC 100%)

• Major regional fault. Alteration, geochemistry, rock samples to 21.5 g/t Au

• Drill testing planned 2016

Earaheedy Manganese Project, WA (ZNC 100%)

• New manganese province discovered by ZNC, potential DSO drill intersections (+40%Mn)

Mt Alexander Iron Ore, WA (ZNC 100%)

• JORC magnetite Resource 566 Mt @ 30.0% Fe close to West Pilbara coast, 50% of target untested.

• Seeking development partner/ buyer for iron project

Other

• Evaluating new lithium brine targets in USA & Mexico

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Section 1 Sampling Techniques and Data

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

Criteria JORC Code explanation	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. _	Continuous samples were collected by hand, at the surface, from in-situ outcrops over lengths of 5m or less. These samples are believed to be representative of the global outcrops. Some continuous sampling over 25m thickness.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Grab samples are believed to be representative of the outcrops they are derived from.
	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.	1 to 3kg clay samples were collected by a geologist, samples using a scoop. Clay samples were dried, crushed in the laboratory and then pulverised before analysis.
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.). _	No drilling results reported

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Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	No drilling results reported
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	No drilling results reported
	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.	No drilling results reported
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.	Clay samples were geologically described
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	Each sample was described in details and sampling sites were photographed.
	The total length and percentage of the relevant intersections logged.	No drilling results reported
Sub-sampling	If core, whether cut or sawn and whetherquarter, half or all core taken.	No drilling results reported
	If non-core, whether riffled, tube sampled, rotary split, etc. and whether _sampled wet or dry. _	No drilling results reported
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Samples were sent to ALS Tucson, Arizona; the samples were crushed and assayed by ICP-AES / ICP-MS after 4 acid digest.
techniques and sample preparation	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	No standard was included in the sample batch sent to the laboratory apart from internal laboratory QC samples.
Sub-sampling techniques and sample preparation - continued	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.	Sampling was continuous across clay beds and based on geological observations, composite samples are considered to be representative of the intervals sampled.

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	Whether sample sizes are appropriate to the grain size of the material being sampled.	Each sample was about 1 to 3kg in weight and selected to be representative of the whole outcrop.
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.	The samples were crushed and assayed by ICP- AES / ICP-MS after 4 acid digest (near total digestion).
	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 theirderivation, etc. _	No geophysical handheld tools used
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	No standard was included in the sample batch apart from laboratory QC samples
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	An independent contractor has observed the assayed samples.
	The use of twinned holes.	No drilling results reported
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Field data were all recorded on hardcopies and then entered into an electronic database
	Discuss any adjustment to assay data.	No adjustments were made.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Sample coordinates were recorded using a handheld GPS with plus/minus 3m accuracy
	Specification of thegrid system used.	Thegrid system used was UTM NAD 27 for US
Location of data points - continued	Quality and adequacy of topographic control.	Topography control is limited for these samples, as elevation data from GPS are reliable to plus minus 10m.
Data spacing and distribution	Data spacing for reporting of Exploration _Results. _	Samples were collected across the project area at a density of about 400m by 400m.
	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 _	These data alone will not be used to estimate mineral resource or ore reserve

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procedure(s) and classifications applied.

	procedure(s) and classifications applied.
	Whether sample compositing has been applied.	Samples were composited over thickness of up to 50m.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Composite samples were collected from top to bottom of exposed clay units, full thickness of clay beds is undetermined and will require drilling.
	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.	No drilling results reported
Sample security	The measures taken to ensure sample security.	Samples were kept in numbered bags until delivered to the laboratory
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Sampling techniques are consistent with industry standards

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Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or 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 Burro Creek Project is located in Arizona, USA. It comprises federal lode claims and State of Arizona exploration leases. Zenith has an exclusive option to purchase the project, details of which have been disclosed in the body of this release.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Arizona State Lands Department State Leases are pending renewal. Assuming leases are renewed there is no known impediment other than government statutory permitting and regulatory requirements to futuregrant of a miningtitles.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Limited historical drilling has been undertaken within the leases testing clay for industrial purposes.
Geology	Deposit type, geological setting and style of mineralisation.	The project comprises lithium-bearing clays.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill _holes: _	No drilling results reported
	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 _
	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.
Data aggregation	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material _and should be stated. _	No cut-off was applied to the data.
methods	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation	Composite clay samples are length weighted average grades.

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	should be stated and some typical examples of such aggregations should be shown in detail.
Data aggregation methods - continued	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalents used.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration _Results. _	No drilling results reported
	If the geometry of the mineralisation with respect to the drill hole angle is known, _its nature should be reported. _	No drilling results reported
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down _hole length, true width not known’). _	No drilling results reported
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 limited to a plan view of drill hole collar locations and appropriate sectional views.	Refer to descriptions and diagrams in body of text
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All results included in maps in the body of text
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not 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.	A bulk clay sample is currently undergoing metallurgical testing. There is no other significant exploration data that is reportable at this stage of the project.
	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out _drilling). _	Further sampling and mapping is warranted to define the extent of lithium-bearing clays. Drilling is planned to test subsurface grade continuity and extents.
Further work	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Refer to diagrams in body of text

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