Quarterly Activities Report for the Period Ended 31 March 2024

Oceana Lithium Limited (ASX: OCN, “Oceana” or “the Company”) is pleased to present its activities report for the March 2024 quarter.

Highlights

Solonópole Project, Ceará, Brazil

• Anomalous lithium values above 100 ppm (and up to 631 ppm) found in 383 soil samples within existing and new target areas.
• Integration and interpretation of these soil sample results with data from geophysics, geological mapping (138 line-km), trenching and RC drilling (~2,000m) further enhance prospectivity of existing and new targets.
• Combined datasets confirmed several swarms of pegmatite bodies striking in a NE-SW and E-W directions and identified new high priority areas.
• Nira interpreted to be the most prospective new target, with 180 soil samples of >100 ppm Li and as high as 524 ppm Li covering an area of at least 1km².
• Nira also features 17 pegmatite outcrops with average widths of up to 30 meters and strike lengths from 200m to 600m.
• Planning for the next follow-up drilling campaign is underway.

Napperby Project, Northern Territory, Australia

• Oceana’s Napperby Project covers some of Arunta Province’s hottest granites plutons, the Wangala Granite (uranium) and Ennugan Mountains Granite (uranium/thorium).
• Both granite plutons show outstanding uranium/thorium ratios and are almost fully encapsulated within Napperby’s EL32836 and ELA32841.
• Follow-up exploration activities will target uranium and Rare Earth Elements (REEs) in parallel with Lithium-Caesium-Tantalum (LCT) pegmatites.

Corporate

• Experienced geologist and mining executive, Aidan Platel, appointed as non- executive director.
• Brazilian-based geologist, Mike Sousa, appointed as Exploration Manager and Competent Person.
• The Company remains well-funded with cash at 31 March of ~$2.67m.

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)

Large-Scale Soil Sampling and Geological Mapping at Solonópole Lithium Project

The large-scale infill soil sampling program that commenced in March 2023 continued over the project area (Figure 2). The optimized sampling grids are along 200m spaced lines with 25m sampling stations, aligned north south to cut across all typical pegmatite strike directions in this area.

As at 31 March 2024, over 10,300 soil samples had been collected from Solonópole and 8,741 soil samples had been analysed by X-Ray Fluorescence (XRF) for Lithium-Caesium-Tantalum (LCT) pathfinders, of which 1,908 soil samples have lab results validated by Oceana´s internal QA/QC. Anomalous lithium values above 100 ppm and up to 631 ppm were found in 383 soil samples within existing and new target areas.

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