Burke Graphite Deposit Continues to Deliver Exceptional Drilling Results

Lithium Energy Limited (ASX:LEL) (Lithium Energy or the Company) is pleased to confirm that further assay results received from Reverse Circulation (RC) holes drilled in the recently completed drilling programme1 continue to confirm the 100% owned Burke Graphite Project located in Queensland, Australia (Burke Project) as one of the highest grade graphite deposits globally.

KEY HIGHLIGHTS

1. Assays from 6 further RC drill holes continue to show significant intercepts of exceptionally high grade graphite content over 20% TGC and over thick widths in multiple drill holes at Burke Graphite Project.

• Multiple new high-grade intercepts of graphite include:
• BGRC022: 102m @ 13.3% TGC from 22m, including 20m @ 23.1% TGC from 103m
• BGRC024: 88m @ 18.0% TGC from 15m, including 68m @ 20.1% TGC from 32m
• BGRC023: 68m @ 18.4% TGC from 20m, including 47m @ 20.6 % TGC from 36m
• BGRC026: 61m @16.2% TGC from 3m, including 36m @ 20.0% TGC from 28m
• BGRC025: 61m @ 14.3% TGC from 10m, including 11m @ 20.3% TGC from 57m
• BGRC027: 36m @ 13.3% TGC from 1m and 7m @ 21.6% TGC from 41m

2. Assay results from the balance of (16) RC holes and the 7 diamond core holes are pending.

3. Drilling results to be used to upgrade current JORC Inferred Mineral Resource of 6.3Mt @ 16% TGC.

Further to the excellent assay results previously reported for the first 7 RC holes2 , assay results from a further 6 RC holes continues to show multiple outstanding (composite) intercepts of graphite in excess of 20% Total Graphitic Carbon (TGC) (refer Tables 1 and 3).

The grades from the Burke Deposit are exceptionally high when compared with most other known graphite deposits globally. Assays remain pending for the remaining 16 RC holes and the 7 diamond core holes.

The recently completed drilling programme at the Burke Tenement comprised:

• 2,589 metres drilled across 29 RC holes (Hole ID’s BGRC010 to BGRC038); and
• 715 metres drilled across 7 diamond core holes (Hole ID’s BGDD02 to BGDD08).

Initial assay results from 7 RC drill holes (BGRC015 to BGRC021) were announced on 3 February 2023.2

Assay results from a further 6 RC drill holes (BGRC022 to BGRC027) continues to confirm the high-grade nature of the Burke Deposit, with composited graphite intersections encountered reported in Table 1:

Table 1 - Significant Intersections Encountered – RC Drilling – Holes BGRC022 to BGRC027

Notes:

• Intersections reported only if greater than 2 metres width and at a cut-off of 6% or higher TGC
• Intersections with greater than 20% TGC are considered to be highly significant and are highlighted in bold in the table.

The complete assay results (for %TC and %TGC) for RC Holes BGRC022 to BGRC027 are reported in Table 3. Details of the collar location, inclination, azimuth and depth for RC Holes BGRC022 to BGRC027 are reported in Table 2.

The balance of the assay results for both RC and diamond holes are pending and will be released when received (expected through the course of February and March 2023).

Figure 1 shows the location of RC Holes BGRC010 to BGRC038 and the location of the cross-section line (78311020mN) (shown in Figure 2) on the south-east corner of the Burke Tenement (with the results of the previous Electro Magnetic (EM) surveys3 also shown). The location of the RC holes (BGRC015 to BGRC021) where assay results have been announced, together with their cross-section lines (7831170mN and 7831125mN lines) are also shown in Figure 1.

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