High-Grade Spodumene Hosted Lithium Identified in Extensive...

High-Grade Spodumene Hosted Lithium Identified in Extensive Pegmatites at the Uis Lithium Project, Namibia

* High-grade lithium results up to 2.1% Li2O in spodumene rich pegmatites
* ** Drilling to commence within 5 days
** *** High-grade Tin, Tantalum and Rubidium results also identified

*** Highlights:

▪ Results from the initial phase of reconnaissance exploration at the Uis Lithium Project demonstrate the high-grade nature of the LCT-type pegmatites with high-grade Lithium identified in numerous pegmatites at surface

▪ Conducted as part of the Company’s due diligence evaluation of the Uis Lithium Project

▪ Reconnaissance exploration has identified numerous areas of dominant spodumene mineralisation at surface yielding exceptionally high grades of lithium

▪ Results confirm the high-grade nature of the LCT-type pegmatites at the Uis Lithium Project located less than 2.5km from the operating Uis Mine (AfriTin Mining plc (LSE. ATM))

▪ High-grade results received from surface samples collected by the Company in September/October 2022 include:
▪ 2.1% Li2O as well as 1.1% Li20, 0.92% Li20, 0.83% Li2O and 0.79% Li2O
▪ 1.3% Sn as well as 0.76% Sn and 0.71% Sn ▪ 658 ppm Ta as well as 498 ppm Ta, 432 ppm Ta, 377 ppm Ta and 345 ppm Ta
▪ 4,214 ppm Rb as well as 3,110 ppm Rb and 2,990 ppm Rb
▪ 52% of the samples collected indicate fertile LCT pegmatite geochemistry with results above 234ppm Li, 47ppm Cs and 20 ppm Ta
▪ An abundance of altered spodumene and some lepidolite is visible in pegmatites within old workings located across the Uis Lithium Project
▪ Initial reconnaissance program was focused on the area where immediate drilling would be undertaken – significant upside remains on those unexplored pegmatite outcrops that are yet to be tested

▪ High-grade pegmatite samples were collected from surface by LexRox in July 2022 with assay results including:
▪ Lithium rock chip samples with assay results up to 3.1% Li2O as well as 1.1% Li2O and several other assay results above 0.5% Li2O from surface
▪ Uis Lithium Project is located less than 2.5km from the operating Uis Mine owned by AfriTin Mining plc (LSE. ATM), which hosts a JORC (2012) mineral resource of 71.54Mt @ 0.63% Li2O, 0.134% Sn and 85ppm Ta

▪ The first phase of drilling on the Uis Lithium Project is due to commence in 5 days

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