Further High-Grade Lithium Intercepts at Mavis Lake

Highlights

• Latest assays confirm regular intercepts grading over 1.2% Li2O, with multiple intercepts delivering very high-grade results ranging from 3.2% Li2O to 4.3% Li2O
  
• Standout results include:
  • Drill hole MF22-163 with:
    • 7.3m@1.59% Li2O from 114.2m downhole;
    • 10.45m@1.22% Li2O from 95.35m downhole; and
    • 9.2m@1.07% Li2O from 83.7m downhole.
  • Drill hole MF22-156 with 8.06m @1.2% Li2O with sections grading up to 3.28% Li2O from 94.36m downhole
• All results to be incorporated into Mavis Lake’s JORC 2012 compliant Maiden Mineral Resource Estimate
• Drilling continues at Mavis Lake, extending the known mineralisation area of the Main Zone and testing additional spodumene-bearing outcrops located adjacent to the Main Zone

“These consistent assay results build upon the emerging picture of mineralization at Mavis Lake. They reinforce our confidence and commitment to the project.

These latest results follow recent metallurgical test work, where raw material from Mavis Lake was converted to a high-grade, low impurity concentrate.

Our coordinated program of activities at Mavis Lake continues to gather pace. We remain squarely focused on unlocking the development potential of Mavis Lake.”

Drilling extends mineralisation along strike and at depth

The latest assay results have been delivered from drilling completed over the period October to November 2022. At the time the Company was focused on extending the known mineralisation area of the Main Zone, the results reinforce earlier announcements of high-grade mineralisation throughout the Main Zone. Significant assay results can be seen in Table 1, full exploration results can be seen in Appendix 1.

Table 1 – Significant Assay Results from MF22-152 to MF22-167

Comprehensive drilling program to underpin the Mineral Resource Estimate

Throughout 2022, the Company implemented a systematic and robust approach to drilling the Mavis Lake project. Over 19,500m of core drilling was completed during the course of the year. Assay results are pending from the December drilling program (as well as drilling completed so far in 2023). Figure 1 in Appendix 1 presents a long-section view of the Mavis Lake Main Zone and provides a visual representation of projected mineralised pegmatite.

Future Work

The Company continues drilling at Mavis Lake, metallurgical test work is ongoing and the Company has also commenced baseline technical and environmental studies and assessments to support the preparation of a Scoping Study for the Mavis Lake Project.

The Company is awaiting assays from samples collected from over 39 individual drill holes and will update the market as details are made available.

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