Ann: Rincon Project Drilling Update, page-4

Results being announced for four new resource drill-holes – seven in total now completed to a depth of 102.5m Highlights from new results include: Drill-hole R4 averaged 446mg/l lithium in eight brine samples from 3-78m, with an average Mg/Li ratio of 8.2 Drill-hole R3 averaged 343mg/l lithium over the upper part of the hole in samples from 42 to 54m, with an Mg/Li ratio of 5.8 Previously reported results from drill-hole R2 averaged 487mg/l lithium in three samples from 82-100m, with average Mg/Li ratio of 4.3, and drill-hole R1 averaged 385mg/l lithium over the length of the hole, with average Mg/Li ratio of 7.6 Results continue to reveal better than previously anticipated lithium content over a thicker brine-bearing zone, together with better average Mg/Li ratios than historical reference data Drilling intersected thicknesses up to 36m for the upper porous halite unit and significant thicknesses of up to 66m for the deeper black sand unit (which remains open at depth) Four of the seven holes were terminated in sandy material – thus remaining open at depth. The extensive black sand has relatively high drainable porosity, based on initial laboratory data and is expected to have relatively high permeability, which is positive for future brine extraction requirements and resource estimation Lithium brine results are highest in the area adjacent to Stage 2 evaporation ponds First production well continues pumping lithium brine into Stage 2 evaporation ponds _____________________________