December 2021 Quarterly Report

Pioneer Dome Lithium Project continues to advance with strong results from Dome North, more lithium targets, new drilling programmes underway and advancements made towards project development.




HIGHLIGHTS

  • Pioneer Dome Lithium Project, WA: Key operational activities during the Quarter were:

  • Receipt and analysis of assay results from the 5,934m Reverse Circulation (RC) drill programme completed at Dome North in August. The best results came from four RC holes drilled into the upper portion of the Cade Deposit:

  • 21m @ 1.08% Li2O from surface (PDRC589)

  • 24m @ 1.29% Li2O from surface (PDRC590)

  • 15m @ 1.06% Li2O from 47m (PDRC591)

  • 26m @ 1.46% Li2O from 51m (PDRC592)

  • 13-hole diamond drill programme commenced in December, targeting near-surface mineralisation (oxide/transition) at the Cade and Davy deposits to obtain samples for bulk density measurements and for confirmatory metallurgical test work.

  • Baseline environmental survey completed as part of a range of activities currently underway to prepare Dome North for development.

  • Corporate: The Company’s 51% interest in the non-core, early-stage Mavis Lake exploration asset located in Canada was divested to Critical Resources Limited (ASX: CRR) for $0.75M in cash (50% withheld for Canadian tax purposes) and 34 million listed CRR ordinary shares.

  • Closing cash on hand as at 31 December 2021 was $9 million.