Ann: Moblan Drilling Results, page-24

These drilling results are very encouraging. All ten of the highlighted intercepts deliver both substantial thicknesses (43–83 m) and grades above or near industry “high-grade” thresholds, yielding metal-factors (thickness × grade) well in excess of the typical cut-off of 25 m·% Li₂O used for pegmatite deposits.

• Grade context:

  • Industry classifies “high-grade” spodumene pegmatites as those containing >1.5 % Li₂O; mineralisation between ~1.0–1.5 % Li₂O is considered “mid-grade” Q2 Mining.

  • A typical run-of-mine hard-rock ore averages 1–2 % Li₂O, so intercepts above ~1.5 % sit at the upper end of this range SGSCorp.

• Thickness and continuity:

  • All intercepts exceed 40 m thickness, with the thickest being 82.8 m at 1.35 % Li₂O in the Main Area—demonstrating the presence of laterally extensive, sub-horizontal pegmatite dykes.

  • Such widths are large for lithium pegmatites and bode well for both open-pit mining and downstream economics.

• Metal-Factor strength:

  • The product of thickness and grade (metal-factor) is a quick yardstick of economic potential. Here, every metal-factor is between ~76 and ~113 m·% Li₂O—well above the 25 m·% Li₂O threshold commonly used to define “significant” intercepts in lithium exploration Q2 Mining.

• Resource expansion potential:

  • Intercepts outside the current 2024 pit shell (South, Main, Inter, Moleon) confirm new, high-grade material that can materially expand the resource at depth and laterally.

  • In-pit conversion results continue to validate and potentially upgrade Inferred tonnes to Indicated/Measured within the existing pit, improving project confidence ahead of the 2025 resource update.

Bottom line: these results are very good—thick, continuous, high-grade intervals that exceed both grade and metal-factor benchmarks—strongly supporting both resource expansion and classification upgrades at Moblan.