Ann: Mining Study Confirms Potential for Long Mine Life, page-2

Initial mining study points towards low-cost open pit mining at Rhyolite Ridge Potential for long-life mining operation at rates of 2 million to 4 million tonnes per annum
Based on only the high-grade (lithium-boron) component of the South Basin Resource
The Resource is likely to increase substantially with additional drilling outside of the current Resource at both South Basin and North Basin Two stage development being considered: ➢
A 2Mtpa starter pit (constrained) based on 26Mt Resource that may be eligible for fasttrack permitting due to its small footprint ➢
A large, unconstrained pit based on 87Mt Resource and sufficient to support 4Mtpa operation The mining study provides the basis for estimating the cost of feed to the processing plant and is an integral part of the Preliminary Feasibility Study currently underway Together with recently announced favorable heap leach results (12/12/17), the mining study supports the potential for low capital and operating costs for the mining and acid-leaching stages of the project