Ann: Drilling commences over Sister's Lithium Project, page-27

Thanks Jas.

Sister's Lithium Project (E45/5871)

I agree that Sister's Lithium Project (E45/5871) looks good based on the rock chip samples (announced 02/08/2022) which are higher in purity for Li2O than GL1 (with a market cap of over $250m). This is maiden drilling and so it is high risk and high return.

Shaw River (E45/4601)

Self-evidently, Shaw River (E45/4601) is known for tin tantalum as it was historically a tin tantalum mine until around 1975. But otherwise little is known about its geology, as I understand it. This is supported by the company’s announcement on 28/07/2022 referring to the Shaw River Project: “No hard rock exploration has been conducted over thesepegmatites which have the potential to host lithium mineralisation. No modernexploration for lithium was conducted over the historic tin – tantalum mine andonly shallow auger drilling was used in the alluvial grade control drilling toonly 7-meter maximum depths.”

But you seem to be suggesting that because it was historically tantalum that that does not bode well for lithium? There are other ongoing MRR projects, such as the Haystack Well Project (E46/1380) about which MRR has regarded ‘historic tantalum alluvial workings’ as something which is actually “a strong indicator of localised LCT pegmatites.” (see announcements 28/04/2022 and 11/04/2022). Similarly, with that project, there has been no historical drilling for hard rock lithium. MRR are pursuing it because sampling indicates two lithium in soil anomalies >200ppm Li1 (with assays up to 589ppm Li in soil) (see 15/12/2021). Same is true of Garden Well Lithium Project (aka Garden Creek) (EL 45/4569).

Apart from the above, there are other ongoing MRR projects which I am excited about:

Tambourah North Lithium Project (E45/4953)

Tambourah North was described by George on 30/05/2022 as having “all the hallmarks of a potential Pilgangoora Lithium Deposit”. Recall that the announcement of 28/04/2022 states that the Tambourah pegmatites are housed in the Soansville Group Formation hosting Pilbara Minerals (ASX: PLS) Pilgangoora Lithium Deposit 226Mt @ 1.29% Li2O & Mineral Resources (ASX: MRL) Wodgina Lithium Deposit 236Mt @ 1.2% Li2O.

The last we heard on Tambourah North Lithium Project (E45/4953) was on 09/08/2022 wrt heritage surveys. Drilling will start after that is complete. We were told on 21/04/2022 that RC drilling expected to commence over Tambourah North and Coondina Projects in June – August 2022. On 09/08/2022 we were told that RC Drilling was progressing over the Coondina, Shaw River and Talga Lithium-Tin-Tantalum projects. But nothing about Tambourah North.

I anticipate a drilling announcement on the Tambourah North Lithium Project very soon.

South Coondina Project (E45/5850 and E46/1381)

Finally, with respect to the South Coondina Project (E45/5850 and E46/1381) MRR has already identified spodumene within extensive outcropping pegmatites and which is looking very similar to a “potential Archer LithiumDeposit.” (see 15/03/2022). Haystack Well Project (E46/1380) was also described in these terms.

Summary

In summary, we have been told that:

1.South Coondina Project (E45/5850 and E46/1381) represents a “potential Archer Lithium Deposit.” (see 15/03/2022).

2.Haystack Well Project (E46/1380) represents a“potentialArcher Lithium Deposit.” (see 15/03/2022).

3.Tambourah North Lithium Project (E45/4953) represents a “potential Pilgangoora Lithium Deposit”.

If even that last point proves to materialise, consider that Pilgangoora on a very rough market cap basis is about x200 multiples of where MRR is at the moment.

If there is a sell off, as you predict, then what a great buying opportunity. In 1-2 years’ time I will be very interested to see how many multiples MRR has gained based on the above projects.

Good luck and all the best Jas.