Oceana Opts Out of Monaro Lithium Project, James Bay

Oceana Lithium Limited (ASX: OCN, “Oceana” or “the Company”) has elected to not exercise the option to acquire a 100% interest in the Monaro Lithium Project (refer to ASX Announcement dated 5 July 2023), which comprises 207 mineral claims covering an area of 104km2 along the western portion of the Duhesme Lake metavolcanic-sedimentary greenstone belt in James Bay, Québec.

Summary

• Oceana has elected not to exercise its option to acquire the Monaro Lithium project in James Bay, Québec
• Oceana to remain focused on its 100% owned Solonópole Lithium Project in Brazil and Napperby Lithium and Rare Earths project in Australia

Although elevated levels of Rubidium (Rb) and low Potassium (K) to Rubidium ratios have delineated high-priority targets for further investigation (refer to ASX Announcement dated 16 November 2023), overall results from the field program conducted toward the end of the northern summer field season did not meet Oceana’s expectations. This included results from the whole-rock analysis of 175 rock samples (including cut channel samples) that did not identify any significant anomalous Lithium results.

As per the terms of the Option Agreement (refer to ASX Announcements dated 5 July 2023 and 27 October 2023), Oceana will issue 1 million OCN fully paid tradeable shares to Noranda Royalties Inc as an agreed termination payment. All rights to the project exploration claims will now revert to respective vendors with no further exploration or service payment obligations to Oceana.

Oceana retains its interest in the 100% owned Solonópole Lithium Project in Brazil and Napperby Lithium and Rare Earths project in Australia which will be the focus of ongoing exploration.

Authorised for release by the Board of Oceana Lithium Ltd.

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