Ann: Drilling update - McDermitt Lithium Project (US), page-8

16-09-2021 SCOPING STUDY ann

The preliminary Scoping Study referred to in this announcement has been undertaken to determine the viability of an open pit mining operation with on-site extraction and purification facilities for the production of lithium carbonate and provide Jindalee confidence and guidance in ongoing development activities.

The study is based on an Indicated and Inferred Mineral Resource. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that furtherexploration work will result in the determination of further Measured or Indicated Mineral Resources or that the production targets or preliminary economic assessments will be realised.

summary:
 Preliminary Scoping Study completed on the McDermitt Lithium Project with results indicating positive operational and economic outcomes
 The Study envisages an open pit mining operation processing ore by means of sulphation roasting to produce battery grade lithium carbonate
 The Study identifies opportunities for further optimising the processing flow sheet to reduce operating costs Given the proportion of Inferred Mineral Resource used in the Study, full operational and financial metrics have not been released due to regulatory constraints
 Independent consultants for the study include GR Engineering Services (GRES) for process engineering, capital and operating cost estimation; Cube Consulting (Cube) for mining; and MineGeoTech for geotechnical assessment
 The results support the Company’s ongoing focus on de-risking the project through drilling, metallurgical and environmental studies

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JRL is continuing to Metallurgical testwork, drill planning and drilling, and the environmental baseline studies will be completed by the end of this year, and an updated Scoping Study will be released early next year.