Announcement PDF Level 9, 2 Mill Street Perth WA 6000 T 61 8 8317 1700 E info@corelithium.com.au ABN 80 146 287 809 ASX CXO 25 September 2024 ASX: CXO Announcement Lithium Ore Reserve Update Summary • Significant 223% growth in the BP33 Ore Reserve to 8.7Mt @ 1.38% Li2O provides a strong foundation for restart studies currently underway • Grants Open Pit Update: Reduced to 0.6Mt at 1.40% Li2O, reflecting mining depletion and operational adjustments • Updated modifying factors, including cost and lithium market assumptions, have resulted in no Ore Reserves reported for several smaller deposits, including Carlton and Hang Gong • Finniss Ore Reserves now 9.3Mt @ 1.38% Li2O which align with the restart study areas of focus (BP33 and Grants) and, based on the Ore Reserve assumptions, underpin a simpler project with a notional operating life of 9.5 years at the rate of the existing 1Mtpa Finniss process infrastructure Core Lithium Ltd (ASX: CXO) (Core or Company) is providing an update to the Ore Reserves at its wholly owned Finniss Lithium Project (Finniss or Project) in the Northern Territory. Finniss is located within the Bynoe Pegmatite Field and is ~88km by road from the Darwin Port (Figure 1). The reported Finniss Ore Reserve Estimate update is the culmination of drilling and study work undertaken throughout 2023 and 2024. The Ore Reserve Estimate and related assumptions were developed by independent consultant OreWin with assistance from Core. Commenting on the updated Ore Reserve, Core CEO Paul Brown said: "The updated Ore Reserve for our lithium assets around Finniss in the Northern Territory represents the next step in the reset of our future operating strategy. This estimate reflects the changes in lithium market conditions since our last Ore Reserves update and is consolidated around the high-grade BP33 deposit. The Ore Reserve for BP33 has more than doubled, underpinning a projected life of over nine years at the currently installed processing capacity. The box cut and site establishment of BP33 were well underway before we paused operations earlier this year, with excavation of the final bench of the box cut almost complete. Our team is maintaining the site in good order so development can resume in the future, should it be supported by our restart studies and prevailing lithium market conditions. The overall 9.3Mt Ore Reserve, which includes a small contribution from the Grants open pit, is based on our Measured and Indicated Mineral Resource of approximately 28 million tonnes. This represents a subset of the Group Mineral Resource of 48.2 million tonnes, containing more than 600,000 tonnes of Li2O metal. Our current drilling activities are targeting further resource growth and the discovery of new deposits of a similar scale to BP33. This new Ore Reserve supports our strategy for a simpler, lower-cost, and more sustainable operating platform for Core Lithium. Restart studies are progressing to develop the execution plan." corelithium.com.au Figure 1 Location of Grants and BP33 relative to Core’s existing processing infrastructure at Finniss Tenements and Ownership The Finniss Lithium Project covers an area of over 500km2. It is made up of a number of Exploration Licences (ELs) and Mining Leases (MLs) including: EL29698, EL29699, EL30012, EL30015, EL31126, EL31127, EL31271, EL31279, EL32205, ML29912, ML29914, ML29985, ML31654, ML31726, ML32074, ML32278, ML32346, MLN16, MLN813 and MLN1148. All ELs and MLs are 100% owned by Core Lithium. corelithium.com.au 2 Mineral Resources Project Mineral Resources are shown in Table 1. Table 1 Finniss Project Mineral Resources Resource Category Tonnes (Mt) Li2O (%) Contained Li2O (kt) Measured 6.3 1.41 89 Indicated 21.6 1.30 280 Inferred 20.3 1.18 239 Total 48.2 1.26 608 Ore Reserves The overall Project Ore Reserve has decreased by 13.5% with a 11.1% decrease in contained metal (incorporating depletion). The BP33 Ore Reserve has increased by 223% from 3.9Mt to 8.7Mt as a result of the updated BP33 Mineral Resource1. Grants Open Pit has reduced from 2.1Mt to 0.6Mt through depletion and pit redesign. Proved and Probable Ore Reserves were estimated for the Grants Open Pit and BP33 underground deposits. Measured Mineral Resources were converted to Proved Ore Reserves and Indicated Mineral Resources were converted to Probable Ore Reserves with the application of modifying factors. No Probable Ore Reserves have been derived from Measured Mineral Resources. The effective date of the Ore Reserves is 30 June 2024. Table 2 Ore Reserve Estimate including contained metal Deposit Category Ore Tonnes (Mt) Li2O (%) Contained Li2O (kt) Grants Open Pit Proved 0.53 1.40 7.4 Probable 0.04 1.48 0.6 Total 0.57 1.40 8.0 Proved 2.43 1.33 32.4 Probable 6.25 1.40 87.2 Total 8.68 1.38 119.6 Proved 2.96 1.34 39.8 Probable 6.29 1.40 87.8 Total 9.25 1.38 127.6 BP33 Underground Total 1. 2. 3. 4. 5. 6. 7. 8. 9. Effective date of the Ore Reserves is 30 June 2024. Ore Reserves are the total for the Grants and BP33 Mines. The long-term Spodumene price used for calculating the financial analysis is US$1,450/t. The analysis has been calculated with assumptions for crushing, processing and treatment charges, deductions and payment terms, concentrate transport, metallurgical recoveries, and royalties. The breakeven cut-off for underground mining at BP33 Underground is 0.80% Li 2O. The marginal cut-off grade for the Grants Open Pit is 0.50% Li2O. Measured Mineral Resources were used to estimate Proved Ore Reserves; Indicated Mineral Resources were used to estimate Probable Ore Reserves. Tonnage and grade estimates include dilution and recovery allowances. The Ore Reserves reported above are not additive to the Mineral Resources. Totals within this table are subject to rounding. Refer to ASX release, “BP33 Mineral Resource Upgrade”, dated 16 October 2023. The BP33 Mineral Resource (MRE) of 10.5Mt @ 1.53% Li2O is comprised of 2.85Mt @ 1.44% Li2O Measured MRE, 6.51Mt @ 1.55% Li2O Indicated MRE and 1.14Mt @ 1.59% Li2O Inferred MRE. Refer to ASX release, “Significant Increase to Finniss Resources and Reserves”, dated 12 July 2022. The BP33 Ore Reserve Estimate (ORE) of 3.9Mt @ 1.4% Li2O is comprised of 1.7Mt @ 1.4% Li2O Proved ORE and 2.2Mt @ 1.4% Li2O Probable ORE. The Grant open pit ORE of 2.1Mt @ 1.4% Li2O is comprised of 1.8Mt @ 1.5% Li2O Proved ORE and 0.3Mt @ 1.4% Li2O Probable ORE. 1 corelithium.com.au 3 The Ore Reserves associated with Carlton, Hang Gong and Grants Underground have been removed from reporting. They require further study work to ensure the shift in market conditions, cost environment, and learnings from the Grants operation and BP33 project development are considered appropriately. Further commentary on the updated Ore Reserve Estimate is provided in the supplementary section below, followed by the required Table 1. This announcement has been approved for release by the Core Lithium Board. For further information, please contact: Investor Enquiries Media enquiries Paul Brown Michael Vaughan CEO Executive Director Core Lithium Ltd Fivemark Partners +61 8 8317 1700 +61 422 602 720 info@corelithium.com.au michael.vaughan@fivemark.com.au About Core Lithium Core Lithium Ltd (ASX: CXO) (Core or Company) is an Australian hard-rock lithium company that owns the Finniss Lithium Operation on the Cox Peninsula, south-west and 88km by sealed road from the Darwin Port, Northern Territory. Core's vision is to generate sustained value for shareholders from critical minerals exploration and mining projects underpinned by strong environmental, safety and social standards. For further information about Core and its projects, visit www.corelithium.com.au Important Information This announcement may reference forecasts, estimates, assumptions and other forward-looking statements. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it cannot assure that they will be achieved. They may be affected by various variables and changes in underlying assumptions subject to risk factors associated with the nature of the business, which could cause results to differ materially from those expressed in this announcement. The Company cautions against reliance on any forward-looking statements in this announcement. corelithium.com.au 4 Competent Person Statements The Mineral Resources and Ore Reserves underpinning the production target and forecast financial information in this announcement have been prepared by competent persons in accordance with the requirements of the JORC code. The information in this release that relates to the Estimation and Reporting of Mineral Resources has been compiled by Dr Graeme McDonald. Dr McDonald is the Resource Manager for Core Lithium Ltd. Dr McDonald is a member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. He has sufficient experience with the style of mineralisation, deposit type under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (The JORC Code). Dr McDonald consents to the inclusion in this report of the contained technical information relating to the Mineral Resource Estimation in the form and context in which it appears. The information in this release that relates to the Estimation and Reporting of Ore Reserves is based on, and fairly represents, information and supporting documents compiled by Mr Curtis Smith employed as Principal Mining Engineer by OreWin Pty Ltd. and is a Member of the Australasian Institute of Mining and Metallurgy. Curtis Smith is a Competent Person as defined by the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”, having more than five years’ experience that is relevant to the style of mineralisation and type of deposit and activity described in the Feasibility Study. Mr Curtis Smith consents to the inclusion in the Public Report of the matters based on their information in the form and context in which it appears. Core confirms that it is not aware of any new information or data that materially affects the results included in this announcement as cross referenced in the body of this announcement and that all technical parameters underpinning the Mineral Resources and Ore Reserves continue to apply and have not materially changed except as reported within this release. The announcement references the previously report Mineral Resource update “Finniss Mineral Resource Increased by 58%” on 11 April 2024. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements related to previously reported Ore Reserves and Mineral Resources. corelithium.com.au 5 SUPPORTING INFORMATION Ore Reserves for the Finniss Project include the Grants open pit and BP33 underground deposit. The following is a summary of the Grants and BP33 combined case assumptions that underpin the FY24 Ore Reserves. MINERAL RESOURCE Proved and Probable Ore Reserves were estimated for the Grants Open Pit and BP33 underground deposits. Measured Mineral Resources were converted to Proved Ore Reserves and Indicated Mineral Resources were converted to Probable Ore Reserves with the application of modifying factors. No Probable Ore Reserves have been derived from Measured Mineral Resources. The effective date of the Ore Reserves is 30 June 2024. GEOTECHNICAL The geotechnical information that has been used to support the open pit and underground mine designs used to constrain the Ore Reserve estimate has come from additional geotechnical work completed during 2023 and 2024. The geotechnical model was developed utilising the extensive resource database, feasibility-level geotechnical data and the geotechnical data derived from recent field and laboratory investigations. MINING Initial ore will be sourced from mining the existing Grants open pit This will be supplemented by ore from BP33 as underground production ramps up. Based on deposit geometry and historical experience, open pit mining is still considered appropriate for the Grants deposit. After review the Grants pit has been redesigned with a steeper, shorter-term slope that maximises ore extraction. The updated pit design is shown in Figure 2. Figure 2. Grants Pit Design Long Section The BP33 deposit will be mined by long hole open stoping with paste backfill. The orebody width, vertical orientation, and competent host rock ground conditions support this as a suitable mining method. The 2023 BP33 Resource Model and Underground Mine Design are outlined in Figures 3 and 4 below. The annual mine production schedule for Grants and BP33 is shown in Figure 5. corelithium.com.au 6 Figure 3 & 4. BP33 Resource Model and Underground Mine Design Figure 5. Annual Mine Ore Production and Grade corelithium.com.au 7 PROCESSING The process design selection for the Ore Reserves case was based on metallurgical test work, analysis and modelling completed during FY24. For the Ore Reserves case, an overall plant recovery of 83.2% using hybrid DMS and flotation process flowsheets is achieved to produce a 5.0% Li2O concentrate at approximately 220kt per annum. Feed is provided to the backfill plant using flotation tails to produce flowable paste for BP33 mine fill. The process design concept is based on the existing Grants processing facility capacity, namely a 1 million tonnes per annum (dry, undiluted) process plant feed to produce coarse and fine spodumene concentrate. It is comprised of the existing Grants crushing circuit and DMS plant with additions for flotation with key elements listed below: • • • • • • • Three stage conventional crushing circuit Mica Removal via Up-flow Classification Two stage DMC Circuit (Fines and Ultra-fines) Milling and Classification circuit Magnetic Separation Spodumene Flotation Dewatering and Filtration Annual ore processing and concentrate production for the Ore Reserves case is shown below in Figure 6. Concentrate is transported to the Darwin Port where it is shipped to customers. Figure 6. Annual Ore Processed and Spodumene Concentrate Production corelithium.com.au 8 INFRASTRUCTURE Infrastructure and services to support the Grants open pit mining and processing and the initial underground mine development at BP33 were in place at the time of suspension of operations in 2024. Principal infrastructure items to be put in place to support the Finniss Project restart have been considered in the capital estimate and development schedule: • • • • • • • • Flotation and associated modifications to the existing process plant Backfill paste plant to support BP33 underground mining Mine haul road from BP33 to Grants process plant BP33 box cut, portal and decline BP33 ventilation system BP33 dewatering system BP33 site buildings TSF facility expansion (lift) COSTS Mining costs are to a Feasibility Study level. Costs have been calculated for a 1.0Mtpa mining rate for BP33 underground deposit. The capital and operating costs were estimated by OreWin Pty Ltd. and derived from quotations from experienced contractors, current contracts, other suppliers, and current project costs. Finniss has an initial project capital cost of A$282 M, that includes the Grants open pit restart capital, BP33 mining and infrastructure capital and processing upgrade capital and capitalised operating cost prior to restart. Owners Costs and G&A costs were prepared by Core and benchmarked against similar operations. Finniss operating unit costs: • • • • Grants Open Pit Mining: A$64.21 /t Ore. BP33 Underground Mining: A$120.05 /t Ore. Finniss Processing and Tailings: A$69.45 /t Ore. Finniss G&A: A$11.48 /t Ore. ORE RESERVES This is an update to the previously reported Ore Reserve on 12 July 2022. Updated modifying factors, including cost and lithium market assumptions, have resulted in no Ore Reserves reported for several smaller deposits, including Carlton and Hang Gong Proved and Probable Ore Reserves were estimated for the Grants Open Pit and BP33 underground deposits. For Grants Open Pit and BP33 Underground, Measured Mineral Resources were converted to Proved Ore Reserves and Indicated Mineral Resources were converted to Probable Ore Reserves with the application of modifying factors. The effective date of the Ore Reserves is 30 June 2024. REVENUE Consensus pricing forecasts and project benchmarking was sourced and reviewed by OreWin in real terms for a 6.0% spodumene concentrate. A factor of 83.33% was used to derive the price for a 5.0% spodumene concentrate. Revenue was calculated as the in-situ value after allowances have been made for: • • • • • Recovery to concentrate. Concentrate transport. Taxes and Royalties. Lithium concentrate recovery is a constant 83.2% and occurs at all feed grades. Gross revenue assumes 100% of Spodumene 5.0% Payable. corelithium.com.au 9 APPROVALS The Grants Mine was operating with all required approvals when works were suspended during 2024. At the time of suspension, approvals were in place for the development of the BP33 Project and an amendment was being sought to allow mining, ore transport and processing of underground ore from the BP33 deposit. Core expects the regulatory approvals will be in place when required for the restart. corelithium.com.au 10 The JORC Code, 2012 Edition – Table 1 Report Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections) Criteria JORC Code explanation Commentary Sampling techniques • • • • • Drilling techniques Drill sample recovery • • • • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias • • • • • • • • • • • Drilling geology, assays and resource estimation results reported herein relate to reverse circulation (RC) and diamond drillhole (DDH) drilling employed by Core Lithium Ltd (CXO) and Liontown Resources Ltd (LTR) at BP33, over the period late 2016 to mid 2023 (refer to “Drill hole information” section below). RC drill spoils over all programs were collected into two subsamples:1 metre split sample homogenised and cone split at the cyclone into 12x18 inch calico bags. Weighing 2-5 kg, or 15% of the original sample. 20-40 kg primary sample, which for CXO’s drilling was collected in 600x900mm green plastic bags and retained until assays had been returned and deemed reliable for reporting purposes. In the case of LTR’s drilling, this primary sample was laid out directly on the ground in rows, without using a green bag. RC sampling of pegmatite for CXO assaying was done on a 1 metre basis. Sampling continued into the barren wall-zone adjacent to the pegmatite for up to 4m. LTR’s RC samples were homogenised by riffle splitting prior to sampling and then assayed as 2m composites (collected via a scoop from the sample piles) with 2-3kg submitted for assay. If a composite sample returned a significant result (typically >0.5% Li2O) then the original individual metre intervals were also submitted for assay. Drill core was collected directly into trays, marked up by metre marks and secured as the drilling progressed. Geological logging and sample interval selection took place soon after. DDH core was transported to a local core preparation facility where geological logging and sample interval selection took place. Core was cut into half longitudinally along a consistent line between 0.3m and 1m in length, ensuring no bias in the cutting plane. DDH sampling of pegmatite for assays is done over the sub-1m intervals described above. 1m-sampling continued into the barren phyllite host rock. RC Drilling was carried out with 5 to 5.5 inch face-sampling bit. DDH drilling used a triple tube HQ technique. Core was oriented using a Reflex HQ core orientation tool. Diamond Core Drilling (DDH) was undertaken using standard HQ core assembly (triple tube), drilling muds or water as required, and a wireline setup. Holes were either cored from surface or precollared by mud rotary down to rigid bedrock (~60m) or by RC down to a depth just above the target pegmatite. RC drill recoveries were visually estimated from volume of sample recovered. The majority of sample recoveries reported were dry and above 90% of expected. RC samples were visually checked for recovery, moisture and contamination and notes made in the logs. The rigs splitter was emptied between 1m samples. A gate mechanism on the cyclone was used to prevent inter-mingling between metre intervals. The cyclone and splitter were also regularly cleaned by opening the doors, visually checking, and if build-up of material was noted, the equipment cleaned with corelithium.com.au 11 Criteria JORC Code explanation may have occurred due to preferential loss/gain of fine/coarse material. Commentary • • • • Logging • • • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. • • • • • • • • Subsampling techniques and sample preparation • • • • • • If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. • • • • • • • • • • • either compressed air or high-pressure water. Drill collars are sealed to prevent sample loss and holes are normally drilled dry to prevent poor recoveries and contamination caused by water ingress. Wet intervals are noted in case of unusual results. DDH core recoveries were measured using conventional procedures utilising the driller’s markers and estimates of core loss, followed by mark up and measuring of recovered core by the geologist or geotechnician. DDH core recovery is 100% in the pegmatite zones and in fresh host-rock. Studies have shown that there is no sample bias due to preferential loss/gain of the fine or coarse material. Detailed geological logging was carried out on all RC and DDH drill holes. The geological data is suitable for inclusion in a Mineral Resource Estimate (MRE). Logging recorded lithology, mineralogy, mineralisation, weathering, colour, and other sample features. RC chips are stored in plastic RC chip trays. DDH core is stored in plastic core trays. All holes were logged in full, including RC precollars. Mud rotary precollars were only logged if weathered pegmatite was expected. Pegmatite sections are also checked under a UV light for spodumene identification on an ad hoc basis. This provides indicative qualitative information. RC chip trays and DDH core trays are photographed and stored on the CXO server. Geotechnical logging was carried out on the oriented DDH core. Selected holes were also logged using downhole tools, collecting a variety of information for geotechnical purposes. The majority of the mineralised samples were collected dry, as noted in the drill logs and database. The field sample preparation for CXO drilling involved collection of RC samples from the cone splitter on the drill rig into a calico bag for dispatch to the laboratory. LTR samples were collected as 1m riffle split samples from the rig into calico bags. Composite samples were obtained via a scoop from the primary piles on the ground. The sample sizes are considered more than adequate to ensure that there are no particle size effects relating to the grain size of the mineralisation. Quarter or Half Drill Core sample intervals were constrained by geology, alteration or structural boundaries, intervals varied between a minimum of 0.3 metres to a maximum of 1 m. The core is cut along a regular Ori line to ensure no sampling bias. A field duplicate sample regime is used to monitor sampling methodology and homogeneity of RC drilling at Finniss. The typical procedure was to collect Duplicates via a spear of the green RC bag, having collected the Original in a calico bag. Throughout 2022, all duplicates were collected as original splits directly from the cyclone. The duplicates cover a wide range of Lithium values. Results of duplicate analysis show an acceptable degree of correlation given the heterogeneous nature of the pegmatite and the two methodologies used to derive the laboratory sample. Sample Preparation CXO drilling Prior to 2022, sample prep occurred at North Australian Laboratories (“NAL”), Pine Creek (NT). Some DDH sample prep also occurred at Nagrom Laboratory in Perth (WA). Since 2022, sample prep occurred at Intertek (NTEL) In Darwin. corelithium.com.au 12 Criteria JORC Code explanation Commentary • • • DDH samples are crushed to a nominal size to fit into mills, approximately -2mm. RC samples do not require any crushing, as they are largely pulp already. A 1-2 kg riffle-split of RC Samples are then prepared by pulverising to 95% passing -100 um. In 2017, CXO’s samples were pulverised in a Kegormill. In mid2017, Steel Ring Mills were installed at NAL to reduce the iron contamination that was recognised in the 2017 Drilling program. LTR drilling Sample prep occurred at ALS in Perth (WA). RC Samples were rifle split to a max of 3kg and then prepared by pulverising to 85% passing -75 um. This took place in an LM5 ring mill. CXO drilling • Prior to 2022, sample analysis for RC and routine DDH samples occurred at North Australian Laboratories, Pine Creek, NT. • Since 2022, sample analysis occurred at Intertek (NTEL) In Darwin. • At NAL, a 0.3 g sub-sample of the pulp is digested in a standard 4 acid mixture and analysed via ICP-MS and ICP-OES methods for the following elements: Li, Cs, Rb, Sr, Nb, Sn, Ta, U, As, K, P, S and Fe. The lower and upper detection range for Li by this method is 1 ppm to 5000 ppm. • A 3000 ppm Li trigger was set to process that sample via a fusion method. The fusion method was - a 0.3 g sub-sample is fused with 1g of Sodium Peroxide Fusion flux and then digested in 10% hydrochloric acid. ICP-OES is used for the following elements: Li, P and Fe. The lower and upper detection range for Li by this method are 10 ppm to 20,000 ppm. • Since 2022, all samples have been processed at Intertek (NTEL) in Darwin via a Sodium Peroxide Fusion method in a Ni crucible with an ICPMS/OES finish for the following elements: Li, Al, B, Ba, Be, Ca, Cs, Fe, K, Mg, Mn, Nb, P, Rb, S, Sn, Sr, Ta, W, and As. • Selected drillholes were also assayed for a full suite of elements, including REEs and gold. • A barren flush is inserted between samples at the laboratory. • Laboratories utilise standard internal quality control measures including Certified Lithium Standards and duplicates/repeats. • Approximate CXO-implemented quality control procedures include: • One in 20 certified Lithium ore standards were used for this drilling. • One in 20 duplicates were used for the RC drilling program. • One in 20 blanks were inserted for this drilling. • CXO runs regular Umpire analysis and has found excellent agreement. Generally, a small under-reporting at NAL with respect to Umpire Lab implies that assay data used for the MRE are slightly conservative. • There were no significant issues identified with any of the QAQC data. LTR drilling • A sub-sample of the pulp was assayed by sodium peroxide fusion ICPMS using method codes ME-ICP89 (K, Li, P) and MEMS91 (Cs, Nb, Rb, Sn, Ta) at ALS in Perth. • • Quality of assay data and laboratory tests • • • Verification of sampling and assaying • • • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, sp