Ongoing SP Discussion, page-203

At this stage I wouldn't imagine that further drilling is high on the company's radar.

The San Jose site which some people do not know, was a shallow open pit & underground tin operation dating back to the 70's/ 80's, when Infinity aquired the tenure they gained access to a large amount of drilling data for the region at that stage. The company then completed an infill program in 2017 to establish a JORC compliant resource, which resulted in 111Mt of Resources (59Mt Indicated & 52Mt inferred).

The Mine Model that formed part of the PFS resulted in 37Mt of Probable Reserves (which is the basis of the PFS). When (if) mining recommences at San Jose those 52Mt of inferred resources could be further explored and gives the potential to upgrade to indicated, so its not that the potential is not there for further expansion if they wish to in future, those 37Mt of Reserves could be somewhere closer to 60Mt with an increase in the drilling budget in future.

Since the PFS was completed, the company has announced they plan to increase annual capacity from 15kt to roughly 16.5kt of Lithium hydroxide a year, additionally the final met work testing at Dorfner is Germany (due within the next month) will indicated what recoveries etc can be achieved and overall quality of the hydroxide which will feed into the DFS in Q1 2022.

As others have indicated above, permitting is the major risk for Infinity, IF they gain the PIV approval, expect this to be the easiest 5 bagger for FY22. The PIV decision by the Extramadura Court is due by November from last indication, if we lose that case, then It is off to the Federal Court in Madrid.