ChemX Materials Ltd March 2023 Quarterly Activities Report

ChemX Materials Ltd (ASX: CMX) (ChemX or Company), an Australian based high purity critical materials business, is pleased to present its March 2023 quarterly report.

• Manganese exploration campaign on Eyre Peninsula, South Australia completed targeting maiden JORC compliant Mineral Resource Estimate (MRE)
• ChemX appoints new Chief Executive Officer, Non-Executive Chairman and Non-Executive Director positioning Company for growth.
• Metallurgical testing continuing and flow sheet development to produce battery grade manganese sulphate.
• MoU signed with lithium-ion battery leader C4V to enter qualification for battery grade manganese.
• High Purity Alumina (HPA) advanced with Pilot Plant detail design commenced.

The Company is developing High Purity Manganese (HPM) on the Eyre Peninsula in South Australia along with its High Purity Alumina (HPA) Project in Perth, Western Australia.

ChemX CEO Mark Tory commented: “The Company has undergone significant change and progress during the March quarter with the business positioned for growth. The completion of the 2023 Manganese exploration drilling campaign will likely lead to establishment of the Company’s maiden Mineral Resource. Laboratory scale test-work is continuing on the flowsheet for HPM, with the aim to build a pilot plant to test the flowsheet in 2024. Optimisation work is also continuing on the HPA micro-plant in O’Connor, Western Australia and work has commenced on detailed design for the HPA Pilot Plant.

The establishment of the MoU with Lithium-Ion Battery Leader C4V demonstrates the global potential of our projects and market interest to begin the important qualification process in the battery industry. The Company is progressing discussions with a range of parties to pursue qualification for its high purity materials for inclusion in the global battery supply chain."

Manganese Exploration

During the quarter the Company completed a drilling campaign of 6,164m reverse circulation drilling (RC). This campaign was designed to infill the drill spacing over the northern-most 2km strike of the Jamieson Tank deposit for the purpose of estimating a maiden JORC compliant Mineral Resource. ChemX initiated the accelerated development program of the Manganese assets in response to changing market dynamics generated by the United States Inflation Reduction Act (IRA) and changing lithium-ion battery chemistries which are requiring increasing amounts of manganese in order to develop enhanced energy density, improve battery stability, faster charge times and lower costs.

PERLINK Figure 1: Jamieson Tank drill hole and Exploration Target location plan

Downhole geophysics was employed to derive an in-situ density and support the Mineral Resource estimation. In addition, multiple geophysical techniques were used to complement the geological interpretation of Jamieson Tank and improve the geological continuity which was identified as a risk in the Exploration Target.

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