Mineral Resource Expansion Drilling Commenced

Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to announce that field teams and drilling rigs have arrived on site for the scheduled commencement of the 2023 drilling program at the Company’s 100% owned Salinas Lithium Project (“Salinas”) (Appendix 1).

HIGHLIGHTS

• Six small footprint diamond drilling rigs have arrived on site and commenced drilling at the Company’s flagship Salinas Lithium Project in Brazil.
• Two additional larger, track mounted diamond drilling rigs are scheduled to arrive on site in February.
• 65,000m mineral resource infill and expansion program will focus on fast-tracking the growth of the Colina Indicated and Inferred Mineral Resource, and mineral resource definition for the Colina West Prospect.
• Upgrade and expansion of the Company’s core logging, processing, and storage facility nearing completion.
• Targeted large diameter PQ diamond core drilling for detailed metallurgical DMS pilot plant and other testwork will commence in February.

A total of six, small environmental footprint, man portable/ modular diamond drilling rigs capable of drilling to depth of circa 400-450m below surface have arrived on site and have commenced drilling (Figure 1). The Company has a 65,000m diamond drilling program planned for 2023, and is committed to minimising the environmental impact of this work by using these innovative and low-impact rigs.

Figure 1: Man portable/ modular diamond drilling rig on site at the Colina Deposit Brazil, capable of drilling to over 400m depth, with minimal environmental impact

A further two, larger track mounted, drilling rigs capable of drilling to far greater depths, and producing larger diameter PQ drill core are scheduled to arrive on site in February, bringing the total drilling fleet to eights rigs for the season.

2023 Drilling Program

The planned 65,000m program focuses on the rapid expansion of the Company’s maiden Indicated and Inferred JORC Mineral Resource Estimate (“MRE”) of 13.3Mt @ 1.2% Li₂O¹ at the Colina Deposit (Figure 2); as well as providing sufficient drill coverage over the Colina West Prospect to enable the expansion of the existing MRE into this emerging high priority area (Figure 2).

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