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Lepidico - Quarterly Activities & Cashflow Report


Key Points

Development

• Key commercial terms agreed with Lycopodium, a highly experienced global engineering and project delivery organisation, to complete the EPCM for the Phase 1 Integrated Project plants in Namibia and UAE
• Development work for the Integrated Phase 1 Project is scheduled to start mid-May 2021, once jurisdiction specific EPCM contracts are finalised
• Environmental approval to construct the Abu Dhabi Chemical Plant granted, following approval of the requisite Preliminary Environmental Review; key commercial terms agreed for chemical plant land lease
• Chemical Plant Environmental & Social Impact Assessment completed in accordance with the Equator Principles and IFC Performance Standards
• Permits for mine and concentrator developments in Namibia in place
• Project remains on track for mining to start in the September 2022 quarter and chemical plant commissioning in the first half of 2023
• Three first order lepidolite bearing pegmatite targets generated from Karibib exploration programs, with drilling to start in May 2021
• Contained lithium in the Karibib Project Mineral Resources increased by 10% following completion of Mineral Resource estimates for lepidolite rich surface stockpiles and tailings

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