Quarterly Activities Report for the Period Ended 31 December 2023

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

Highlights

Solonópole Project, Ceará, Brazil

• Last nine RC drill hole assay results from shallow scout drilling campaign have confirmed new Lithium-Caesium-Tantalum (LCT) pegmatite targets for deeper drilling in un-weathered zones at Tin Mine, Zilcar II and Rolados.
• Anomalous Lithium grades (up to 0.95% Li₂O) and Tantalum grades (up to 380ppm) returned from seven drill holes (NGR-RC-002, NGR-RC-009, NGR-RC- 014, SOL-RC-001, SOL-RC-002, SOL-RC-005 and SOL-RC-008), confirming their LCT nature.
• New data from geophysics and soil geochemistry anomalies indicates several swarms of pegmatite bodies striking in a NE-SW direction, showing more than one Lithium bearing pegmatite at the BJdB Pit; BJdB Central; Tin Mine; Zilcar II; and Rolados targets.
• RC results and other field data are being interpreted to define targets for the next follow-up diamond drilling campaign.

Napperby Project, Northern Territory, Australia

• Completion of field work for soil geochemistry infill program with 107 sample points along ~30km of sample lines to better define and understand the anomalies highlighted by previous soil sampling programs.

Corporate

• Company remains well-funded with cash at 31 December 2023 of ~$3.35m.

OPERATIONS

Solonópole Project, Ceará State, 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 to four 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 in May – June 2023 (red dots)

As announced by Oceana on 7 August 2023, 3 November 2023 and 5 January 2024, the shallow scout RC holes (NGR-RC-001 to NGR-RC-022) completed at Bom Jesus de Baixo (“BJdB”) Prospect confirmed the presence of thick pegmatites in five different outcropping areas (BJdB Pit, BJdB Central, BJdB East, “Tin Mine” and “Lidiane”) on Permit 800306 (Figure 2).

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