Quarterly Activities Report Period Ending 30 September 2023

Infinity Lithium Corporation Limited (‘Infinity’, or ‘the Company’) is pleased to note the significant advancements in relation to the San José Lithium Project (‘San José’, or ‘the Project’) for the quarter ended 30 September 2023.

• Industrial land secured for proposed process plant at San José.
• Mining and environmental submissions progressing, including the incorporation of advancements in the proposed San José flowsheet.
• Innovative new lithium conversion process Li-Stream RPKTM Locked Cycle Test work confirmed 90% lithium recoveries from ROM-to-Product & the production of battery grade lithium hydroxide.
• Material improvements in processing recoveries at San José provided significant potential improvements in lithium production, environmental profile, and economic outcomes. These improvements will be encompassed within the Class 4 Feasibility Study, to be released in Q4.
• Industrial partnership formalised to deliver green energy in Cáceres.
• Grant funding to be provided for Extremadura New Energies’ training and development programs.
• Cash at 30 September 2023 of A$11.3 million.

The Company continued to advance the Project following prior clarification of the administrative lodgement process. This clarification resulted in the delivery of an all-encompassing tenure (Exploration Permit Extremadura S.E. (‘PESE’)) that will form the basis of future lodgement of the Exploitation Concession Application (‘ECA’). This will incorporate the responses from the Regional Government of Extremadura EIA relating to the Scoping Document (‘EIA Scoping Document’, ‘EIASD’ or ‘Initial Document’) and future project development requirements. As a result, this facilitated the successful execution of an agreement to secure industrial land (see ASX announcement 19 July 2023).

The positive developments in the administrative and permitting pathway has resulted in significant inbound interest from interested parties, both strategic and regulatory, to the Project and facilitated land access as noted above. The Company welcomed the finalisation of regional and local governments in July 2023 and the with greater administrative, political and commercial advancements, advanced the assessment of a potential alignment of institutional support through a dual listing on the Bolsa de Madrid. The Company continued to advance San José to present a socially, environmentally and economically improved Project in collaboration with potential offtake and corporate partners and alignment with local and regional stakeholders.

The Company, through wholly owned subsidiary Infinity GreenTech’s (‘INFGT’) Technical Advisory Committee (‘TAC’), announced material improvements in processing recoveries at San José. This work, in parallel with the administrative efforts, have provided significant potential improvements in lithium production, environmental profile, and economic outcomes. Wave International was engaged to generate a Class 4 OPEX and CAPEX estimate and Option Study with outcomes to be finalised prior to the submission of any ECA for San José.

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