SIGNIFICANT HIGH-GRADE LITHIUM ACHIEVED FOLLOWING COMPLETION OF...

SIGNIFICANT HIGH-GRADE LITHIUM ACHIEVED FOLLOWING COMPLETION OF DRILL HOLE 2 AT RIO GRANDE SUR

Drillhole 2 (DDH-2) of the Stage 1 drilling program was completed on site at the Rio Grande Sur Project in October 2024 having reached a depth of 500m.

The Stage 1 program aims to increase the inferred resource currently standing at 251.3 kt LCE (lithium carbonate equivalent) at an average of 351 mg/L.

“In the immediate term we continue works at our Lithium Carbonate Pilot Plant which remains on track to produce our first Lithium Carbonate in the coming months, with Pursuit advancing off-take discussions with multiple requests for product samples from potential off-take partners."

Some high-grade lithium brine is found as deep as 484m, which is below the current inferred JORC resource boundary. This suggests there could be additional resource potential, both in terms of quantity and grade, which could boost the overall resource valuation of the project.

With drilling paused, the company is focusing on the pilot production of lithium carbonate at a rate of 250 tons per annum, which indicates a strategic shift toward testing production viability while exploring the broader resource potential.