Strategic Project Review Commenced: Gold and Copper Potential

Premier1 Lithium Limited (ASX:PLC) (“Premier1” or the “Company”) is pleased to provide an update on the Company’s activities including a recently commenced strategic review of all exploration assets. The strategic review follows the recent refresh of the board and management including new Managing Director, Chair and Exploration Manager, as well as the relocation of all company functions to Perth.

HIGHLIGHTS

• Board and management refresh is complete with new Managing Director, Chair and Exploration Manager now in place
  
• First phase field work at Abbotts North, Montague and Yalgoo lithium projects completed
• Strategic review of the current portfolio underway to define follow up exploration targets
• Additional gold and copper potential within the Abbotts North, Yalgoo, Boodanoo and Mount Magnet North projects being assessed
• The Company supported by Deutsche Rohstoff AG continues to seek new opportunities to strengthen the portfolio and generate shareholder value

Whilst lithium remains a core focus of the Company, there remains considerable potential for gold and copper mineralisation within the existing exploration portfolio.

The Company and new management are strictly committed to maintaining a disciplined investment and financial returns framework for testing its exploration projects as well as identifying new project opportunities.

Managing Director Jason Froud commented:

“While we currently review our existing lithium portfolio for the next round of exploration work, early indications from our internal review of the Company’s tenure are also highly encouraging for gold and potentially copper mineralisation. This allows us to maintain a parallel focus on multiple commodities over our existing projects whilst the lithium market remains weak. The Company’s long-term view of lithium remains positive and we continue seeking further transactional opportunities to strengthen our portfolio and generate shareholder value going forward.”

Following the completion of the first phase of field work at its main Abbotts North, Yalgoo and Montague projects, the Company is currently analysing all data including historic intercepts of pegmatites for interpretation and follow up lithium exploration targeting. As part of this, a strategic review of the current portfolio commenced to focus future exploration work on the most prospective areas and commodities (see Table 1 and Figure 1).

All recently collected data includes multielement analysis that allow for the review of other commodities at projects where the Company holds all mineral rights. This applies to Abbotts North, Yalgoo (except for REE), Mt Magnet North and Boodanoo. As part of the strategic review, Premier1 is focussing on the identification of gold and copper prospectivity within these projects. The gold and copper potential is considered to be a parallel work stream to the Company’s lithium exploration. The Company remains optimistic on the long-term outlook for lithium but expects a ‘U’ shaped recovery.

Table 1: Summary of projects within the Premier1 portfolio

Yalgoo Project - Gold Occurrences within the Yalgoo-Singleton Greenstone Belt

At the Yalgoo project, a number of gold occurrences are known within the Yalgoo-Singleton Greenstone Belt. Within the Premier1 tenure, there are known gold occurrences at the Wadgingarra, Cumberland Well and Federal prospects among others (Figure 2). Between 1985 and 1989, the Wadgingarra area was explored by Mount Kersey Mining who completed a 73 hole (2,971 m) RC drilling program around the historical gold workings. The intersected gold mineralisation is associated with narrow, subvertical quartz veins which were exploited by late 19th and early 20th century workings. This work resulted in the reporting of a historical resource estimate extending to only 40m below surface¹. Only minor follow- up exploration has been completed since this program concluded and further gold potential exists at Bridge Well, Bourkes United and Bridge Well to the south.

The Wadgingarra prospect area is located approximately 12km south and along strike from Spartan Resources’ Yalgoo Gold Project (5.3Mt at 1.45g/t Au²). In this context, the Yalgoo project warrants an additional detailed review of its gold potential which will be completed over the coming quarter.

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