Ann: Wolfsberg Lithium Project Update, page-102

Key takeaways from Presentation with Tony Sage:

1/ Existing Mine already built, saving the Company about $100 Million in Capex costs. Mine will only likely cost about $5 Million to upgrade ready for production in 2023.

2/ Low MC is most likely due to fact Company does not have JORC Compliant resource currently. Tony sees massive potential for Company to rerate similar to CXO once JORC Compliant resource is announced and DFS is completed.

3/ DFS is on track to be completed by end of March 2022 by same group that completed the PFS.

4/ Resource is expected to be upgraded to 12 Mt @ 1% Lithium with a 22 yr mine life.

5/ Listing on OTC in USA, expected to be around the 11/10/21. Tony believes will increase exposure of the Company to US investors.

6/ Company has sufficient funds to complete the DFS and sees no need for further CR, avoiding shareholder dilution.

7/ Company has been approached by 2 European banks already offering Project Finance.

8/Samsung Battery factory located 45kms from the Mine at Gratz in Austria. Company has already held discussions with Samsung regarding off-takes for Lithium supply.

9/ Mining licence already approved for the Mine. Environmental approvals at about 90% complete currently. Mine will be Carbon Neutral.

10/ Very Robust project with low start up costs.
Company looking at options:
1/3 Equatity in Project
1/3 Debt funding (Banks?)
1/3 Off-takes + EU Subsidies.
Has had off-take offers from leading Battery Manufactures in Europe and for Concentrate to be sold to Companies in China. Austrian Government does not want the Company to sell cheaper Concentrate to CHINA then have to import it back later. Government wants valued added product sold directly to Battery Manufacturers in Europe.
Company will be in a stronger position to negotiate Off-take agreements once DFS is finalised in March 2022.

11/ Metallurgy results due out in December 2021. Company has Pilot plant working on 300 tonnes of Lithium product from the mine.

12/ Assay results definitely due out in October.....