Latin Resources Quarterly Activities Report For The Period Ending 30 September 2022

Salinas Lithium Project, Brazil

• Resource definition diamond drilling is on track for the delivery of the maiden Mineral Resource Estimate (“MRE”) for the Colina Lithium Prospect in December 2022.
  
• New lithium discovery at Colina West, located 500m west of the Colina Lithium Prospect.
• Leading consultants SGS Geological Services (“SGS”) appointed to carry out metallurgical test work, JORC MRE and a Preliminary Economic Assessment (“PEA”) on the Colina Lithium Prospect.
• Latin expects to progress from PEA directly to Definitive Feasibility Study (“DFS”).
• Extremely positive first pass sighter metallurgical test work results on the Colina lithium pegmatite sample where the simple liberation and high recovery of the spodumene has potential to drive highly positive outcomes for project economics, showing:
  • High recovery of 78.72% of Li2O; and
  • Production of an extremely high-grade Li2O concentrate (up to 6.57%) from simple Heavy Liquid Separation (“HLS”).
• Regional mapping teams recommenced field work in the area to the south-east at the Salinas South tenement area, where previous work identified a ‘lithium corridor’ over a distance of 4.0km.

Cloud Nine Halloysite-Kaolin Deposit, WA

• Trial mining test-pit completed with 50 Tonnes bulk sample collected.
  
• Bulk sample will be used to provide kaolin material to potential customers as offtake discussions advance.
• Bulk scale metallurgical test work will be used to optimise mining design.

Corporate

• Appointment of Peter Oliver as Non-Executive Director, a highly accomplished C-suite leader with 20+ years’ experience in lithium leadership roles including Tianqi Lithium and Talison – Greenbushes Lithium mine.
• Latin held $29.9 million in cash and investments as at 30 September 2022.

At the Cloud Nine Halloysite-Kaolin Project in Western Australia the Company completed the test-pit and collection of bulk samples.

Latin Resources Executive Director, Christopher Gale commented:

“I am absolutely delighted with the progress made this quarter at Latin Resources as we have continued to complete our milestones at a rapid pace.

“The team has now completed all the required drilling at the Colina Prospect for our Maiden Mineral Resource Estimate, which remains on track for December, and we are very excited to prove to our shareholders the great potential of this project.

“Our drilling campaign has uncovered significant potential with the new Colina West discovery, and we are also pleased to be back on the ground at Salinas South where we hope to further extend the potential of the Salinas Lithium Project.

“The preliminary results from our metallurgical test work are very positive, indicating high recovery rates without the need for complicated and costly processing, which gives us great confidence in the economics of this project.

“Finally, the completion of the test-pit and collection of bulk samples at Cloud Nine is an important stepping-stone in the development of the Project as a world class kaolin deposit”.

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