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Mineral Resource Estimate

Maiden Mineral Resource Estimate for the Itinga Lithium Project

Large Scale, High Grade, Lithium Deposit with Outstanding Exploration Potential 

On June 27, 2023, Lithium Ionic announced a maiden National Instrument 43-101 Mineral Resource estimate on its Itinga Lithium Project in Minas Gerais, Brazil, of:

7.57Mt grading 1.40% Li2O of M&I and 11.86Mt grading 1.44% Li2O of Inferred resources.

The MRE was prepared by independent consultants, SGS Geological Services (“SGS”) and is reported in accordance with National Instrument 43-101 (“NI 43-101“) standards.

The maiden MRE includes the Bandeira and Outro Lado deposits and was based on 181 diamond drill holes comprising 28,204 metres of drilling completed between April 2022 and June 2023, of which 120 holes (20,509 metres) are from Bandeira and 61 holes (7,659 metres) are from Outro Lado.

These deposits are estimated to contain M&I resources of 7.57Mt grading 1.40% Li2O, containing 261,187 tonnes of Lithium Carbonate Equivalent (“LCE”), the benchmark equivalent raw material used in the lithium industry, as well as Inferred resources of 11.86Mt grading 1.44% Li2O in the Inferred category, or 421,521 tonnes of LCE (see MRE results in Table 1).

SGS collaborated closely with the Company’s geological team to confirm the presence of a series of North-East trending moderately dipping pegmatite veins extending up to 750 meters along dip, from surface to a depth of approximately 500 meters.

In addition to the MRE, SGS analyzed results from drill holes that fell outside of the mineral resource area in the eastern-most extent of the Bandeira property (“Bandeira East”) and identified the potential for additional lithium-bearing mineralization with estimated volumes of 1.5 - 3.0Mt and grades ranging from 1.3 - 1.6% Li2O when closer spaced drilling is completed. The current interpretation suggests that the modelled pegmatites potentially increase with depth, however additional drilling is required to confirm these observations. The Bandeira East target is located just 2 kilometres East of the Bandeira deposit.

The potential quantity and grade of the lithium mineralization at the Bandeira East target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will confirm the target ranges.

The NI 43-101 technical report for the MRE can be found HERE.

1. The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Project. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade.

2. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resources has a lower level of confidence than that applying to a Measured and Indicated Resources and must not be converted to Mineral Reserves. It is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

3. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.

4. The effective date of the MRE is June 24, 2023.

5. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.

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