Development
* Front End Engineering and Design (FEED) work for the Karibib concentrator completed in February, pending integration with chemical plant
* Phase 1 chemical plant Process Design Criteria (PDC) finalised, which incorporates design improvements based on operating data from demonstration plant campaign and engineering risk assessments; control estimate and FEED completion due July
* LOH-Max® raw lithium hydroxide campaign and by-product stages complete; testwork extended to incorporate vendor requirements; final stage lithium hydroxide refining to complete imminently
* Infrastructure development works to establish access, utilities and services to the 57,000m2 lot allocated for the Phase 1 chemical conversion plant progressed well during the quarter
* RC drilling complete and diamond core program well advanced at Helikon 3-4 with broad intervals of lepidolite intersected; assays pending with results imminent
* Lithium mica signature rubidium anomalies at RT01 and RT18 within ML204 have developed to have significant scale surface expression; RC drilling scheduled to start May
Products & Marketing
* Further unsolicited interest in lithium hydroxide offtake received from multiple consumers; Traxys actively managing supply negotiations for 100% of annual lithium hydroxide production (c.5,000tpa) from Phase 1 for seven years
* Caesium supply negotiations well advanced with further unsolicited interest received covering 100% of planned production
* Solid interest received for amorphous silica supply to the construction industry within the UAE; further demand seen for Sulphate of Potash (SOP) with more than 150% of annual production now covered under Letters of Intent (LOI); agricultural trials started using gypsum residue
Corporate and Finance
* Well-funded with cash and equivalents as at 31 March 2022 of $7.3 million and no debt
* Executive team expanded with the appointment of General Manager Sustainability & Country Affairs Namibia and recruitment of two General Manager Operations, one for Namibia and the other for the UAE
* Independent Technical Report and Environmental and Social Due Diligence Review Report completed by BDA and provided to U.S. International Development Finance Corp. (DFC); legal due diligence to commence incorporating commercial lender input during the June quarter
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