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Lepidico, Quarterly Activities Report for the Period Ending 31 March 2019

Key Points

• L-Max Pilot Plant commissioning commenced in April 2019 and the design and construction phase is on-track to complete on 30 April, as per schedule and within budget before contingency.

• Concentrate feed preparation for the Pilot Plant is well advanced following receipt of a 20 tonne sample of lepidolite mineralisation from the Alvaroes mine in early March.

• High purity lithium hydroxide was produced using a new proprietary process, LOH-MaxTM, over which Lepidico has entered into a worldwide exclusivity arrangement.

• A preliminary process design has been developed for LOH-MaxTM for incorporation into the Pilot Plant. This parallel circuit will not result in any delay to the construction and operation of the Pilot Plant Project.

• Considerable capital cost savings have been identified associated with the integration of LOH-MaxTM into the Phase 1 Plant design. Engineering work is scheduled to commence in June based on data from the Pilot Plant operation.

• Global Mineral Resource tonnes at Alvarroes increased by 290% and contained lithium rose by approximately 210%, versus the December 2017 estimate. The Mineral Resource is estimated at 5.87 Mt @ 0.87% Li2O in Indicated and Inferred categories.

• Drilling at Youanmi identified the presence of a number of lepidolite-mineralised individual pegmatites that could collectively provide sufficient tonnage for an economic opportunity.

• Cash and cash equivalents as at 31 March 2019 of $4.9 million and no debt.

• National and regional patent processes for L-Max® and S-MaxTM progressing.

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