Rincon -"Use it or lose it!", page-202

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Estimated by 23% rejection rate of lithium mass during brine beneficiation, and subsequent 60% re-capture of re-infiltrated lithium in reject brine. 77%+(23% x 60%).
(2) Recovery estimate provided by ANSTO.
(3) In situ recovery factor estimated by drawdown calculated by the Dynamic Model. High transmissivity and bowl shaped geometry are conducive to dewatering the unit.
(4) In situ recovery factor estimated by drawdown calculated by the Dynamic Model. Production from Black Sand units enhance drainage from overlying units.
(5) In situ recovery factor estimated according to Houston, 2011.
(6) In situ recovery factor estimated by analytical solution for wellfield using Black Sand-series aquifer parameters.
(7) Massive halite unit is defined entirely as an inferred resource. Production potential from the unit is low, owing to its competent crystalline matrix and low permeability.

General
(1) Assigned cutoff grade of 200 mg/L lithium.
(2) The cut-off grade at which lithium extraction is no longer economic is varied based on a number of recovery and cost factors including the geologic formation from which the extraction is occurring, the concentration of deleterious elements such as magnesium in the raw brine, raw brine pumping/processing capacity in the lithium plant and the lithium pricing assumptions.
(3) Mr. Tyler Cluff, P.G., is an employee of SWS. He is an independent Qualified Person for purposes of NI 43-101 and he supervised the preparation of and verified the above mineral reserve figures, including the underlying sampling, analytical, test, and production data. Data was verified by among other things, a site visit.
(4) Table entries are rounded to reflect the precision of the estimate and differences may occur due to this rounding. Tonnes refers to metric tonnes.

Note about Resource and Reserve Classification

SRK has used Sequence Stratigraphic Units ("SSUs") to classify the Rincón Project mineral resource and mineral reserve estimate and as denoted in Tables 1 and 2 above. SSUs vary from each other by the abundance and stratigraphic continuity of lithologic units, hosting the brine resource which allows them to be correlated across the Salar. It also makes the assignment of an average porosity across each unit more meaningful for resource estimate. The static resource provides the initial conditions (time zero) for the Dynamic Model before pumping/migration of brine commences. The five SSUs are described as follows:

Upper Fractured Halite

The upper fractured halite is the uppermost unit on the Salar and averages 16.2 meters thick with a range of depths from 0 to 30 meters. It is composed almost entirely (+98%) of halite (NaCl) that has been highly fractured and contains various volumes of dissolution cavities which are, for the most part, interconnected.

Clastic Unit

This unit occurs as wedges of mixed sands and clay beds, usually along the margins of the Salar, but sometimes extending well into the Salar as intermittent channels. These normally do not reach the central Salar area. The materials are primarily composed of weathered volcanics and contain a fair amount of clay, which gives them poor transmissivity and specific yield. The average thickness of this unit is 13.6 meters with variations from near 0 to about 20 meters.

Mixed Halite and Clastics

This unit is similar to the above Clastic Unit, however it possesses a greater volume of un-fractured halite. The specific yield and hydraulic conductivity is also lower, as is the porosity. The clastic portion of this unit is similar to that of the above unit, with local sections containing slightly more clay fractions. The average thickness of this unit is 15.7 meters, with variations from less than 5 to 25 meters.

Black Sands

This unit is found universally across the Salar between depths of 40 meters to +/- 100 meters with an average thickness of 72.5 meters. The Black Sands SSU is thicker on the western portion of the Salar and thins eastward. Individual sand beds are typically observed to be 1 to 5 meters thick and interbedded with halite beds. However, on the western portion of the Salar, the Pure Black Sand beds can be as thick as 13 meters. A number of discrete layers of sand beds and halite are found within the Black Sands SSU, but are laterally discontinuous across the Salar, a thinning and transitioning into competent beds of halite. This has the effect of compartmentalizing Black Sand beds resulting in discrete areas of higher transmissivity separated by very low to non transmissive horizons.

Massive Halite

The Massive Halite Unit makes up the largest volume of the entire Salar and is only classified as an inferred resource although there is interstitial brine within the unit. The porosity is measured at 0.018 (1.8%) and due to the depth, low transmissivity and total volume this unit is not economic at this time.

Forward Looking Statements

This news release contains forward-looking statements about the Company, the Rincón Project and its business. Forward looking statements are statements that are not historical facts and are based on certain assumptions relating, but not limited to: resource estimates, estimated NPV, anticipated IRR, anticipated mining and processing methods for the Rincón Project, the estimated economics of the Rincón Project, anticipated lithium recoveries, production and plant capacity rates, lithium grades, estimated capital costs, operating cash costs and total production costs, construction and supply of the necessary energy required, planned additional processing work and permitting. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include, without limitation, risks related to uncertainty in the demand for lithium and pricing assumptions; uncertainties related to raising sufficient financing to fund the project in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the estimation of lithium reserves and resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labor disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; and risks related to projected project economics, recovery rates, and estimated NPV and anticipated IRR and other factors.

Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and other than as required by applicable securities laws, the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change.

Cautionary Note Regarding Mineral Reserves and Resources

The terms "mineral reserves," "probable reserves," "inferred mineral resources," "indicated mineral resources," "measured mineral resources" and "mineral resources" used in this news release are Canadian mining terms as defined in accordance with NI 43-101 under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves (the "CIM Standards"). The CIM Standards differ significantly from standards in the United States Securities and Exchange Commission ("SEC") Industry Guide 7 under the United States Securities Act of 1933, as amended. While the terms "mineral resource," "measured mineral resources," "indicated mineral resources," and "inferred mineral resources" are recognized and required by Canadian regulations, they are not defined terms under SEC Industry Guide 7 and are not normally permitted to be used in reports and registration statements filed with the SEC. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Readers are cautioned not to assume that any part or all of measured or indicated mineral resources will ever be converted into reserves. Further, inferred mineral resources have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred mineral resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Therefore, readers are also cautioned not to assume that all or any part of the inferred mineral resources exist, or that they can be mined legally or economically. The "reserves" reported by the Company in accordance with NI 43-101 may also not qualify as "reserves" under SEC Industry Guide 7. As such, information regarding mineralization and resources contained in the news release may not be comparable to similar information made public by United States companies subject to reporting and disclosure requirements under United States federal securities laws and the rules and regulations promulgated thereunder.

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