Quarterly Activities/Appendix 5B Cash Flow Report

Oceana Lithium Limited (ASX:OCN) (Oceana or the Company) is pleased to present its activities report for the June 2023 quarter.

Highlights

Solonópole Project, Ceará, Brazil

• Oceana’s footprint in the Solonópole Lithium Project increased following exercise of option to acquire two advanced lithium exploration permits (800306 and 800307) covering an area of 10km2, bringing total project holding to 124km2.
• High-grade lithium mineralization at surface (spodumene, amblygonite, and lepidolite) returning assays of up to 3.61% Li2O has been identified at the Bom Jesus de Baixo Prospect (BJdB).
• A maiden ~2,000m scout drilling program commenced at the Bom Jesus de Baixo Prospect, at other targets identified from ongoing soil sampling programs, and along possible strike extensions of artisanal workings.
• Multiple thick pegmatites intercepted in maiden scout drilling at the Bom Jesus de Baixo Prospect, with individual intervals of up to 16m and combined intervals of up to 20m (ASX Announcement dated 21 June 2023).

• Hyperspectral survey completed with high quality data acquired.
• Several potential pegmatite bodies/dykes have been identified through alteration mineral maps that warrant further field investigation.
• Soil geochemical program also reveals several large linear Li anomalies, some of which are on the strike extension of pegmatite outcrop.

• Following quarter end, Oceana announced an exclusive six-month option to purchase 100% of the Monaro Lithium Project covering 104km2 of highly prospective Archean rocks in James Bay area, Québec, Canada.

Corporate

• The Company remains well-funded with cash at 30 June 2023 of ~$2.7m, with a further $4.1m raised following quarter end.

Solonópole Project, Brazil

The Solonópole Project area is located in the state of Ceará, north-eastern Brazil and consists of ten (10) exploration permits covering approximately 124km2 (Figure 1), owned by Oceana’s subsidiary Ceará Litio. The project is approximately three hours by road from the state capital and deep-water port of Fortaleza and is well serviced by sealed highways and high voltage electricity

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