Quarterly Activities Report for The Quarter Ended 30 September 2022

HIGHLIGHTS

• Four diamond drill rigs operating 24/7 at GT1’s Seymour and Root Lithium projects
• Significant drilling results returned at the Flagship Seymour Project, increasing the mineralised volumes in the targeted strike extension of North Aubry
• Initial 24,000m diamond drilling program commenced at Root
• Immediate drill success at the Root project with initial results highlighting thick, high grade spodumene pegmatites from surface
• All-weather 20-person camp now fully operational at Root, allowing for continuity of drilling into the Canadian winter season
• A Strategic Collaboration Agreement (SCA) executed with major North American lithium industry participant LAC to assess a strategically located, integrated lithium chemicals business in North America.

Chief Executive Officer, Luke Cox comments:

“We are leading up to GT1’s 1 year anniversary and its amazing to see everything we have achieved in just under 12 months. This quarter is no different, the GT1 team have yet again achieved further significant milestones and continue to drive our projects forward as we build a pre-eminent vertically integrated Lithium business in Ontario.

This quarter we kicked off our maiden drilling program at our second project Root, installed an all-weather camp and completed access roads to site to allow drilling to continue through the Canadian winter season. We have continued to see significant results returned from diamond drilling at our flagship Seymour Project and now have 4 drill rigs spinning, 24/7 across two of our lithium projects.

On a corporate front, GT1 entered into a Strategic Collaboration Agreement with another major lithium company, Lithium Americas Corp, and post quarter end executed a binding agreement to purchase the remaining 20% interest in our Ontario projects, moving to100% ownership once complete and extinguished the Royalty on the Root project.

We look forward to the next quarter as we continue to expand our team and drive forward the development of our high- grade lithium projects.”

SEYMOUR PROJECT

Drilling

North Aubry

Diamond drilling is continuing at Seymour with 23,782m drilled to date. At North Aubry significant diamond drilling results were returned with intersections considerably thicker than originally modelled. This has the potential to significantly increase the mineralised volumes in the targeted strike extension of the North Aubry Resource Model.

Results reported during the quarter at North Aubry included:

• Hole GTDD-22-0323 intersected 17.9m and 7.7m thick pegmatites with significant intercepts:
  
  • 6.0m @ 1.37% Li2O (from 218.9m to 225.0m); and
  • 3.6m @ 2.08% Li2O (from 378.3m to 382.0m).
• Hole GTDD-22-0128 intersected 6.4m and 22.8m thick pegmatites with significant intercepts:
  • 2.8m @ 1.48% Li2O (from 253.3m to 256.2m); and
  • 3.4m @ 0.86% Li2O (from 322.8m to 326.3m).
• Hole GTDD-22-0320 intersected 10.7m thick pegmatite with significant intercept of:
  • 10.7m @ 1.49% Li2O (from 458.1m to 468.8m).

Drilling at the Seymour Project is now set to focus on the lateral extents of both the Aubry Complex and Pye Complex.

Pye

On-ground reconnaissance exploration at the broader Pye prospect (Pye Complex) has been very successful in tracing pegmatite exposure north-south along its strike (Pye Eastern Limb) and culminating at the interpreted syn-form keel in the north. Field geologists have also navigated part of the Pye Western Limb in preparation for target reconnaissance, mapping and drilling.

Drill testing is currently underway for major drilling targets at Pye including the axial plane of the Pye syn-form as well as the western and eastern limbs of the syn-form where numerous alternating magnetic highs and lows suggest structural extension and the potential for pegmatite swarm inflows, as have occurred at North Aubry.

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