Ann: Rincon Project Drilling Update, page-3

Argosy Managing Director, Jerko Zuvela commented “The exploration diamond drilling
program is exceeding our expectations with deeper drilling confirming greater brine
bearing thickness than previously assumed. Initial analytical results to date confirm lithium
brine grade varies in the general range of 400mg/l to near 500mg/l, with an Mg/Li ratio
lower than historical reference data. Confirmation of a thick sequence of black sand in the
Project area is also very good news for future brine extraction.
These initial results further validate Argosy’s aggressive development strategy to fast-track
toward production of LCE product.”

Great news! This is a significant improvement in quality and de-risks the resource.