First Phase Drilling Successfully Completed at Abbotts North Project

Premier1 Lithium Limited (ASX:PLC) (“Premier1” or the “Company”) is pleased to announce the successful completion of its first phase drilling program at Abbotts North located 35km north of Meekatharra, Western Australia. The program has been completed on time and under budget.

HIGHLIGHTS

• First phase of drilling completed, with 11 RC holes totaling 1,623m at Abbotts North
• Drilling confirms orientation and down depth continuity of the stacked pegmatite system
• Program identifies multiple pegmatite layers
• Samples submitted to lab for multi element analyses with results expected in April
• Pegmatite mapping and sampling underway to define further drill targets

The pegmatite swarms had previously been mapped over a strike length of up to 350m with the single sub-cropping pegmatites averaging between 2 to 3m width at surface.

The drilling was able to confirm the orientation and down depth continuity of the stacked system dipping between 30-50 degree to the north.

9 of 11 drill holes intercepted pegmatites of on average 1 to 3m and locally up to 4m thickness hosted within an amphibolite unit. Occasionally, lepidolite has been identified and further analyses are planned to determine the presence of spodumene in the system.

All samples have been submitted for multi element analyses with results expected in the next approximately 6 weeks.

Additional studies of the outcropping pegmatites in the larger Buttamiah Prospect area including fractionation vectoring using K/Rb ratios by ERM consultants on site suggest the core of the system to be located to the east of the current drilling.

Further mapping and sampling of the known pegmatites in this area as well as over the remaining tenement package will be completed to refine existing and define further drill targets. This includes preparations for further heritage clearance surveys. Premier1 is fully funded for any subsequent phase two drilling program.

Richard Taylor, CEO of Premier1, commented:

“In our first drilling program, we were able to confirm the continuity of the mapped pegmatites at depth and enhance our understanding of the LCT system.

Although still in the early stages, Abbotts North is gradually revealing its geological story. Further analysis of the RC samples will play a significant role in informing our next drilling targets and in evaluating the area's lithium potential.

We look forward to updating our shareholders as we continue to explore this exciting region.”

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