Ann: Completion of First Hole at the Formentera Lithium Project, page-4

Market seems asleep at the wheel with PL3. Couple of key takes from yesterday's release:

Rick Anthon, Non-Executive Director commented “the gravels at the bottom of the well
bear a close resemblance to the Orocobre project I was previously involved with. This
well has the two main ingredients we need – porous sands and gravels to transmit brine
over an 80m interval, which is great for pumping, and a high Specific Gravity which
means the elements in the brine are concentrating at depth. This is exciting times for
the board and shareholders as we anticipate the results of the packer test assays.”

Phil Thomas, Executive Chairman commented “this is one of the most impressive wells I
have seen in my twenty one years of drilling in Argentina salars. The fact we have
encountered an 80m deep unit of porous sands with a gravel aquifer at the bottom is
sensational for pumping brines. The fact that the specific gravity of the brine goes from
1.10gm/cm3to o ver 1.19 gm/cm3 means the brine is getting heavier and hopefully full
of lithium. Receiving the assays from both laboratories is going to be exciting as high SG
is a good indicator.”