Quarterly Activities Report for the Period Ended 30 September 2023

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

Highlights

Solonópole Project, Ceará, Brazil

• 2,000 metres of shallow RC scout drilling completed at the Bom Jesus de Baixo (BJdB) and Soledade West prospects. Individual pegmatite intercepts of up to 37m wide and combined intercepts of up to 46m¹ (refer ASX announcement 7 August 2023). All pegmatites intercepted remain open along strike and down dip. Assay results are pending.
• The large-scale infill soil sampling and trenching program commenced in March 2023 continued, covering mapped pegmatites and artisanal workings designed to cut across all typical pegmatite strike directions in this area. As of 30 September 2023, about 6,000 soil samples were collected by Oceana with results pending.

Monaro Project, Québec, Canada

• Option acquired over a 100% interest in the Monaro Project located in James Bay, Québec.
• Field exploration due diligence program commenced in September after delays caused by extensive wildfires.
• High priority targets identified which include two reported Québec Government SIGÉOM pegmatites; some 114 large linear structures with surface signs of pale outcrop, some up to 1.25 km in length identified from high resolution satellite imagery, as well as 26 spectral targets selected from Sentinel 2 remote sensing data.

Napperby Project, Northern Territory, Australia

• A review of data from a Hyperspectral survey conducted by the Company has confirmed previously mapped pegmatite outcrops with reasonable accuracy and revealed several potential new major pegmatite dykes previously unmapped by other explorers.

Corporate

• Mr Caue Araujo, a highly experienced geologist and mining industry professional, appointed as CEO.
• $4.1m raised through strongly supported placement at $0.32 per share
• The Company remains well-funded with cash at 30 September 2023 of ~$4.7m.

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 Fortaleza and deep-water Port of Pecém and is well serviced by sealed highways and high voltage electricity.

Figure 1: Solonópole Project permits and targets drilled May – July 2023 (red dots)

A 2,000 metre RC scout drilling program comprising 30 mostly shallow holes up to 60m in depth commenced in May 2023 was completed in July 2023. The initial focus was at the Bom Jesus de Baixo Prospect (“BJdB”) at the BJdB Pit area, where high-grade spodumene Lithium mineralisation has been identified, then eastwards over the other two identified pegmatite outcrops at BJdB Central and BJdB East. These three linear outcrops lie over a combined east-west strike length of over 500m. This first phase of scout drilling was planned on a 20m x 20m grid to assist in determining the actual pegmatite dimensions and dip at each location, as well as its Lithium grade and mineralogy.

A progress report on the first 14 RC holes covering 1,035 metres of this first phase of drilling was reported by Oceana on 21 June 2023. Drilling confirmed the presence of thick pegmatites in three different outcropping areas (BJdB Pit, BJdB Central and BJdB East), aligned along strike and dipping north. All pegmatites intercepted remain open along strike and down dip, with provisional logging results suggesting they are part of a stacked pegmatite system.

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