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Pioneer Dome Lithium Project

Essential Metals 100%

Essential Metals’ Pioneer Dome Project is a highly prospective, multicommodity project located approximately 130 km south of Kalgoorlie and 200 km north of the port of Esperance. Access is excellent with the Goldfields Highway and Esperance railway, and water and gas pipelines passing through the Project. The Project covers an area of approximately 389 km².

The Project targets the 20 km strike length of the eastern periphery of the Pioneer Dome. The Project was recognised as having potential for lithium mineralisation following a review of historic exploration reports which recorded numerous pegmatite intersections in nickel or gold‐focussed drilling completed since the 1960s. The prospectivity model was further enhanced by colloquial records of lepidolite, tantalite and tourmaline in prospector scale workings, which are some of the characteristic minerals of a zoned pegmatites complex.

The Company has identified over 20 pegmatites. While are number are recognised as not prospective, others have clear ‘LCT’ pegmatite affinities, including the Sinclair Pegmatite (pollucite, petalite, lepidolite, K-feldspar), the Cade and Heller pegmatites (spodumene) and PEG009 (lepidolite).

In June 2019, spodumene was discovered outcropping in the northern area of the Pioneer Dome Project and this location is now known as the Dome North Lithium Project.

Following completion of the first drill programme, in November 2019 a maiden JORC Inferred Resource Estimate was reported of: 8.2Mt @ 1.23% Li₂O (refer ASX release 25 November 2019).

In December 2019, a second drilling programme was completed with the more significant drilling intersections reported (refer ASX release 4 February 2020) as follows:

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Mavis Lake Lithium Project

Essential Metals 51%

The Mavis Lake Lithium Project is situated 19 kilometres east from the town of Dryden, NW Ontario, Canada, close to the east-west Trans-Continental Highway and infrastructure corridor. The Project area is 32 km².

Twenty lithium pegmatites have been identified to date in outcrop within the Mavis Lake Project properties. Individual outcrops vary in strike length from 11 metres to more than 240 metres and in thickness, up to 12 metres. Drilling periodically undertaken since the 1960s had demonstrated the fertility of the pegmatites for lithium. Modern exploration commenced in 2011 with drilling intersecting spodumene.

Essential Metals holds 51% project equity with its local JV partner, International Lithium Corp. (TSXV:ILC), holding 49%. Essential Metals can earn up to an 80% interest by incurring C$8.5 million in exploration by 2025.