Sale Interest In Lake Johnston Lithium-Nickel Project – Terms Amended

Bryah Resources Limited (ASX: BYH) is pleased to advise that it has amended an option agreement with Mining Green Metals Limited (MGM) for MGM to acquire an initial 70% interest in the Lake Johnston Lithium-Nickel project located approximately 400km east of Perth and 200km southwest of Kalgoorlie in Western Australia (see Figure 1).

KEY POINTS

• Option agreement amended for Mining Green Metals to acquire a 70% initial interest in the Lake Johnston Lithium-Nickel project, up from 51%.
  
• No change to overall consideration for 100% of the project.
• Lake Johnston Lithium-Nickel project covers 8 granted Exploration Licences over a 690km² area
  
• Tenure close to Mount Holland Lithium Mine (ASX: WES/SQM JV) and historic Maggie Hays/Emily Ann Nickel deposits held by Poseidon Nickel Limited

The option agreement will provide the following benefits to BYH and its shareholders:

• 5,000,000 fully paid ordinary shares of MGM;
  
• Retaining a 30% interest in the project in an unincorporated joint venture; and
• A potential further 5,000,000 fully paid ordinary shares of MGM for the remaining 30% interest.

The Lake Johnston Lithium-Nickel project consists of eight exploration licence applications covering a total area of 690km². Bryah 5 granted tenements and 100% subsidiary West Coast Minerals Pty Ltd, which has 3 granted tenements. The option is conditional on a successful IPO of Mining Green Metals. The amended options agreement reflects a change in overall market conditions since the initial agreement in May 2022¹

The exploration ground extends to within 10 kilometres east of the world class Mount Holland Lithium mine and concentrator being developed under the Wesfarmers Limited/SQM Australia Pty Ltd joint venture. The Mount Holland Lithium project includes the Earl Grey Lithium deposit with a reported Mineral Resource2 of 189 million tonnes grading 1.5% Li2O, making it a globally significant high-grade hard rock lithium deposit.

The Lake Johnston Lithium-Nickel project also includes ground to the immediate west and north of Poseidon Nickel Limited’s Lake Johnston Project encompassing the Maggie Hays/Emily Ann mine and associated processing plant, which is currently under care and maintenance. The Emily Ann mine historically produced 46,000 tonnes of nickel with a resource grade averaging 4.1% nickel³.

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