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Tawana Resources Nl - Maiden Lithium Resource Drilling Near Completion

Release Date: 03/03/2017 09:20:00      Code(s): TAW     
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
JSE ISIN: AU0000TAWDA9
Share code on the Australian Securities Exchange Limited: TAW
ASX ISIN: AU000000TAW7
(?the Company? or ?Tawana?)

Maiden Lithium Resource Drilling Near Completion
Further High Grade Lithium and Tantalum at Bald Hill

All graphics have been removed for SENS purposes. Please refer to Tawana?s website.

     Tawana Resources NL (?Tawana? or the ?Company?) is pleased to announce that infill drilling at
     the Bald Hill project, Western Australia is nearing completion. The drilling program has focused on the
     area where the maiden lithium resource will be estimated.
     The maiden lithium resource which should be available in early April, will be another significant
     milestone as the Company pursues spodumene production in 2017.
     Tawana has completed 193 resource RC drill holes since 28 December, 2016.
     Refer to the attached Joint Announcement in relation to exploration results at the Bald Hill Mine.
     Highlights
    -- Three rigs at Bald Hill as spodumene pegmatite footprint continues to increase.
    -- Numerous high grade lithium and tantalum intercepts. Best results include:
     -   21m at 1.44% Li2O and 319ppm Ta2O5 from 61m in LRC0146;
     -   20m at 1.38% Li2O from 59m Li2O in LRC0148;
     -   6m at 1.11% from 71m and 16m at 1.44% from 99m in LRC209;
     -   12m at 2.38% Li2O from 136m in LRC077; and
     -   12m at 2.09% Li2O from 54m in LRC0257.
    -- Drilling has clearly defined near-surface spodumene pegmatites located 800m from the process plant
        site and within the current fully permitted pit limit. Shallow intercepts included:
     -   13m at 1.74% Li2O and 318ppm Ta2O5 from 19m in LRC0253;
     -   7m at 1.21% Li2O and 683ppm Ta2O5 from 25m in LRC135;
     -   11m at 1.62% Li2O from 29m including 8m at 2.05% Li2O in LRC0265; and
     -   11m at 1.02% Li2O and 247ppm Ta2O5 from 14m in LRC0132.

    -- Feasibility study is scheduled for completion within 5 weeks with the aim of commissioning the
       spodumene concentrator in October 2017.
    -- Significant spodumene pegmatites discovered 300m west of the Hillview pit.

     Tawana Resources Managing Director Mark Calderwood stated: ?Infill drilling for the initial lithium
     resource estimate is essentially complete. Resource estimation work has commenced. The results
     should lead to an increase in existing tantalum resources and reserves.
     The geometry of the pegmatites allows access to near-surface (2-20m) medium-high grade ore, within
     current permitted pit design, for initial production.
     Though there is significant strike potential for the spodumene pegmatites on the Bald Hill tenements,
     the aim is to complete the short term (5-year) mine plan during April on the maiden resource in order
     to meet the October 2017 commissioning deadline. Drilling is expected to continue for some months
     and it is anticipated that further resource upgrades will be provided over the course of 2017.?

Bald Hill Project (AMAL 100%, TAW Earning 50%)

The Bald Hill project (Project) area is located 50km south east of Kambalda in the Eastern Goldfields of
Western Australia. It is located approximately 75km south east of the Mt Marion Lithium project and is
adjacent to Tawana?s Cowan Lithium project. The Project, owned by Alliance Mineral Assets Limited
(AMAL), includes a permitted tantalum (pegmatite) mine, processing facility and associated infrastructure.

Recent Drilling

A total of 193 resource RC drill holes have been completed between 28 December 2016 and 20 February
2017 and three RC rigs are now operating on site. Assays have been received for only 77 of these holes:
recent intercepts are summarised in Tables 1 and 2 in Appendix A. Approximately 10, mostly shallow,
holes remain to be drilled prior to completion of an initial resource estimate.
Recent high grade lithium intercepts include1:
    -     21m at 1.44% Li2O and 319ppm Ta2O5 from 61m including 12m at 2.21% Li2O in LRC0146;
    -     20m at 1.38% Li2O from 59m including 7m at 2.22% Li2O in LRC0148;
    -     13m at 1.74% Li2O from 19m including 10m at 2.15% Li2O and 372ppm Ta2O5 in LRC0253;
    -     2m at 2.5% Li2O and 499ppm Ta2O5 from 54m, 6m at 1.11% from 71m and 16m at 1.44% from 99m
          including 5m at 2.85% Li2O in LRC209;
    -     12m at 2.38% Li2O and 226ppm Ta2O5 from 136m in LRC077; and
    -     12m at 2.09% Li2O from 54m in LRC0257
Notable high grade tantalum intercepts included:
    -     5m at 1,832ppm Ta2O5 from 125m in LRC077;
    -     5m at 0.72% Li2O and 947ppm Ta2O5 from 46m in LRC0208;
    -     9m at 1.17% Li2O and 552ppm Ta2O5 from 63m in LRC0201;
    -     7m at 1.21% Li2O and 683ppm Ta2O5 from 25m in LRC0135;
    -     8m at 0.65% Li2O and 919ppm Ta2O5 from 138m in LRC078; and
    -     6m at 2.70% and 467ppm from 70m including 4m at 3.14% Li2O and 584ppm Ta2O5 in LRC0205

Other shallow intercepts from within 20m vertical of surface, within the permitted pit, included:
          -   5m at 1.52% Li2O and 317ppm Ta2O5 from 21m in LRC0085, 7m at 1.40% Li2O and 256ppm Ta2O5
              from 26m in LRC0123, 9m at 1.16% Li2O and 207ppm Ta2O5 from 22m in LRC0125, 12m at 0.89%
              Li2O and 311ppm Ta2O5 from 21m in LRC0124, 8m at 1.16% Li2O and 239ppm Ta2O5 from 16m in
              LRC0129, 11m at 1.02% Li2O and 247ppm Ta2O5 from 14m in LRC0132 and 10m at 1.25% Li2O in
              LRC0210.
Recent step-out drilling west of the Hillview pit has intercepted multiple high grade spodumene pegmatites
highlighting the future resource potential. Initial drill results from the discovery holes included 12m at 1.36%
Li2O from 59m in LRC0081, 8m at 1.26% Li2O from 55m in LRC0093 and 3m at 2.52% from 80m in LRC0095
followed by 4m at 1.45% Li2O from 94m in LRC0095. Tables 1 and 2 in Appendix A contain details of drill
results.

Terms of Bald Hill Mine Earn in and Joint Venture

Through Tawana?s 100% owned subsidiary Lithco No. 2 Pty Ltd, Tawana entered into a Farm-In Agreement
on 23 February 2017 with Alliance Mineral Assets Limited (?AMAL?) with respect to AMAL?s Bald Hill project
in Western Australia for the purpose of joint exploration and exploitation of lithium and other minerals.
The commercial terms require Tawana:

   i. to spend, by 31 December 2017 (or such later date as may be agreed between the parties), a
      minimum of $7.5 million on exploration, evaluation and feasibility (including administrative and
      other overhead costs in relation thereto) (?Expenditure Commitment?); and
  ii. to spend, $12.5 million in capital expenditure required for upgrading and converting the plant for
      processing ore derived from the Project, infrastructure costs, pre-stripping activities and other
      expenditures including operating costs (?Capital Expenditure?) by 31 December 2019.

Upon completion of the Expenditure Commitment, Tawana shall be entitled to 50% of all rights to lithium
minerals from the tenements comprising the Project (?Tenements?).
Upon completion of the Expenditure Commitment and Capital Expenditure, Tawana will be entitled to a
50% interest in the Project (being all minerals from the tenements and the processing plant and
infrastructure at Bald Hill). The portfolio of mineral tenements, comprising mining leases, exploration
licences, prospecting licences, miscellaneous licences, a general-purpose lease, and a retention lease are
in good standing.

Competent Persons Statement

The information in this news release that relates to Exploration Results is based on and fairly represents information and supporting
documentation compiled by Mr Mark Calderwood and Mr Gareth Reynolds, both employees of Tawana Resources NL (?Tawana?). Mr
Calderwood is a member of The Australasian Institute of Mining and Metallurgy and Mr Reynolds is a member of the Australian Institute
of Geoscientists. Mr Calderwood and Mr Reynolds have sufficient experience relevant to the style of mineralisation under consideration
and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the ?Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves?. Mr Calderwood and Mr Reynolds consent to the inclusion in
this report of the matters based on their information in the form and context in which it appears.
Mr Calderwood is a significant shareholder in Tawana. Mr Calderwood and Tawana do not consider these to constitute a potential conflict
of interest to his role as Competent Person. Mr Calderwood is not aware of any other relationship with Tawana which could constitute a
potential for a conflict of interest.
Mr Reynolds is an employee of Tawana. Mr Reynolds is not aware of any other relationship with Tawana which could constitute a potential
for a conflict of interest.


Forward Looking Statement

This report may contain certain forward looking statements and projections regarding estimated, resources and reserves; planned
production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Such forward
looking statements/projections are estimates for discussion purposes only and should not be relied upon as representation or warranty,
express or implied, of Tawana Resources NL and/or Alliance Mineral Assets Limited. They are not guarantees of future performance and
involve known and unknown risks, uncertainties and other factors many of which are beyond the control of Tawana Resources NL and/or
Alliance Mineral Assets Limited. The forward looking statements/projections are inherently uncertain and may therefore differ materially
from results ultimately achieved.
Tawana Resources NL and/or Alliance Mineral Assets Limited does not make any representations and provides no warranties concerning
the accuracy of the projections, and disclaims any obligation to update or revise any forward looking statements/projects based on new
information, future events or otherwise except to the extent required by applicable laws. While the information contained in this report
has been prepared in good faith, neither Tawana Resources NL and/or Alliance Mineral Assets Limited or any of their directors, officers,
agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or
correctness of the information, opinions and conclusions contained in this presentation. Accordingly, to the maximum extent permitted
by law, none of Tawana Resources NL and/or Alliance Mineral Assets Limited, their directors, employees or agents, advisers, nor any
other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect
of, the accuracy or completeness of the information or for any of the opinions contained in this announcement or for any errors, omissions
or misstatements or for any loss, howsoever arising, from the use of this announcement.

   

Appendix A

Table 1| Drill Summary, Deeper Extensional Holes with Pegmatite Intercepts

             Easting   Northing   RL    Depth                       From   To    Width     Pegmatite
   Hole ID                                      Azm   Dec.   Type
               m          m       m      m                           m     m      m        Type
  LRC0036    421620    6512000    300   160     90    -60    RC      133   135    2        Ta
  LRC0046    421960    6512320    283   100     90    -60    RC       70    74    4        Ta
  LRC0077    421880    6512360    284   156     90    -60    RC       26    27    1        barren
                                                                      74    79    5        Li, Ta
                                                                     107   109    2        Ta
                                                                     125   148   23        Li, Ta
  LRC0078    421920    6512360    284   156     90    -60    RC       29    30    1        barren
                                                                      66    94   28        Li, Ta
                                                                     111   147   36        Li, Ta
  LRC0079    421840    6512520    296   166     90    -60    RC       36    39    3        barren
                                                                     120   122    2        Ta
  LRC0080    6512600   421398     283   100     90    -60    RC       24    25    1        barren
                                                                      27    29    2        barren
  LRC0081    6512599   421281     282   102     90    -60    RC        3     5    2        Ta
                                                                      12    13    1        barren
                                                                      58    71   13        Li, Ta
                                                                      76    84    8        Li, Ta
  LRC0082    6512802   421479     285   114     90    -60    RC        0     1    1        barren
                                                                      33    36    3        Ta
                                                                      97   106    9        Li
  LRC0083    6512879   421920     295    48     90    -60    RC       32   39     7        Li, Ta
  LRC0084    6512881   421799     292    78     90    -60    RC        0    8     8        Li, Ta
                                                                      20   27     7        Li, Ta
                                                                      72   73     1        barren
  LRC0085    6512880   421761     291    42     90    -60    RC       28   35     7        Li, Ta
  LRC0086    6512918   421800     292    42     90    -60    RC        0   13    13        Ta
  LRC0087    6512599   421319     282    96     90    -60    RC       58   67     9        Li
                                                                      75   90    15        Li, Ta
  LRC0088    6512600   421361     282    90     90    -60    RC       67   73     6        Li
                                                                      75   90    15        Li, Ta
  LRC0089    6512559   421282     281    96     90    -60    RC       45   46     1        barren
                                                                      48   49     1        Ta
                                                                      56   67    11        Li, Ta
  LRC0090    6512562   421322     281   102     90    -60    RC       60   70    10        Li
                                                                      76   83     7        Li
                                                                      87   93     6        Li
                                                                      94   95     1        Li
  LRC0091    6512639   421281     282    96     90    -60    RC       54   64    10        Li
                                                                      74   80     6        Li
  LRC0092    6512638   421324     282    90     90    -60    RC        3    5     2        barren
                                                                      54   62     8        Li, Ta
                                                                      70   72     2        barren
                                                                      74   81     7        Li
            Easting   Northing    RL    Depth                       From   To    Width     Pegmatite
 Hole ID                                        Azm   Dec.   Type
              m          m        m      m                            m      m        m  Type
LRC0093    6512521     421281     281    96     90    -60    RC       50    51      1    barren
                                                                      53    63     10    Li, Ta
                                                                      65    66      1    Li
                                                                      71    72      1    Ta
                                                                      74    85     11    Li
LRC0094    6512521    421359     282    108     90    -60    RC       71    72      1    barren
                                                                      80    85      5    Li
                                                                      90    91      1    barren
                                                                      92    97      5    Li, Ta
LRC0095    421280     6512440    300    108     90    -60    RC       57    60      3    Li
                                                                      64    66      2    Ta
                                                                      79    86      7    Li, Ta
                                                                      94   100      6    Li, Ta
LRC0106    420600     6516400    300    78      90    -60    RC        0     6      6    barren
LRC0107    420640     6516400    300    66      90    -60    RC        1     7      6    barren
LRC0108    420520     6516400    300    66      90    -60    RC       15    17      2    barren
LRC0109    420360     6516400    300    80      90    -60    RC        0     4      4    barren
                                                                      33    37      4    barren
                                                                      38    42      4    barren
LRC0110    419320     6516400    300    90      90    -60    RC       80    85      5    barren
LRC0111    419480     6516400    300    90      90    -60    RC        7     8      1    barren
                                                                      32    36      4    barren
                                                                      76    78      2    barren
LRC0112    419560     6516400    300    80      90    -60    RC        7    11      4    barren
                                                                      30    39      9    barren
                                                                      43    47      4    barren
LRC0113    419640     6516400    300    80      90    -60    RC        3     7      4    barren
LRC0116    419880     6516400    300    80      90    -60    RC       29    31      2    barren
LRC0117    420000     6516400    300    80      90    -60    RC       24    29      5    barren
LRC0118    420040     6516400    300    84      90    -60    RC       55    57      2    barren
LRC0119    420080     6516400    300    80      90    -60    RC       43    47      4    Ta
LRC0120    420120     6516400    300    80      90    -60    RC       22    23      1    barren
LRC0123    421800     6512840    291    40      90    -60    RC       25    34      9    Li, Ta
LRC0124    421840     6512840    292    42      90    -60    RC        7     8      1    barren
                                                                      21    39     18    Li, Ta
LRC0125    421880     6512840    294    40      90    -60    RC        0     2      2    barren
                                                                      21    31     10    Li, Ta
LRC0127    421926     6512840    295    40      90    -60    RC       30    37      7    Li, Ta
LRC0128    421960     6512840    296    40      90    -60    RC       29    38      9    Li, Ta
LRC0129    421840     6512880    293    40      90    -60    RC       11    25     14    Li, Ta
LRC0130    421880     6512880    296    40      90    -60    RC       14    22      8    Li, Ta
LRC0131    421840     6512920    293    30      90    -60    RC        2    23     21    Li, Ta
LRC0132    421865     6512920    296    30      90    -60    RC       14    25     11    Li, Ta
LRC0133    421800     6512760    290    60      90    -60    RC       39    45      6    Li, Ta
LRC0134    421680     6512720    288    120     270   -60    RC       75    81      6    Li
                                                                      93    99      6    Li
LRC0135    421840     6512760    291    60      90    -60    RC       23    33     10    Li, Ta
LRC0136    421880     6512760    292    60      90    -60    RC       35    45     10    Ta
LRC0137    421920     6512760    294    60      90    -60    RC       34    36      2    Ta
                                                                      49    56      7    Li, Ta
LRC0138    421960     6512760    296    66      90    -60    RC       57    63      6    Li, Ta
LRC0139    421800     6512720    290    60      90    -60    RC       46    53      7    Li, Ta
            Easting   Northing    RL    Depth                       From   To    Width    Pegmatite
 Hole ID                                        Azm   Dec.   Type
              m          m        m      m                            m     m      m       Type
LRC0140    421840     6512720    291    84      90    -60    RC       29   43      14     Li, Ta
LRC0141    421840     6512685    290    80      90    -60    RC       33   43      10     Li, Ta
LRC0142      421720    6512720    288    100     90    -60   RC       51   56       5     Li, Ta
                                                                      65   72       7     Li, Ta
LRC0143     421800    6512480     296    120    90    -60    RC       52   75      23     Li, Ta
                                                                      80   90      10     Li, Ta
LRC0144     421840    6512480     296    100    90    -60    RC       24   26       2     Ta
                                                                      60   82      22     Li, Ta
                                                                      85   91       6     Li, Ta
                                                                      93   94       1     Li, Ta
LRC0145     421800    6512520     296    120    90    -60    RC       57   58       1     Li, Ta
                                                                      71   78       7     Li, Ta
LRC0146     421840    6512520     296    166    90    -60    RC       53   89      36     Li, Ta
                                                                     154   160      6     Li, Ta
LRC0147     421520    6512600     284    160    90    -60    RC       68   75       7     Ta
LRC0148     421800    6512560     296    120    90    -60    RC       57   81      24     Li, Ta
LRC0149     421760    6512600     297    140    90    -60    RC       26   27       1     Ta
                                                                      84   94      10     Li, Ta
LRC0150     421800    6512600     297    90     90    -60    RC       64   77      13     Li, Ta
LRC0201     421840    6512600     297    80     90    -60    RC       63    72      9     Li, Ta
LRC0202     421760    6512640     296    120    90    -60    RC       22    23      1     barren
                                                                      70    82     12     Li, Ta
LRC0203     421800    6512640     297    120    90    -60    RC       26    27      1     Ta
                                                                      65    69      4     Ta
LRC0204     6512478    421801     296    108     0    -90    RC       57    63      6     Li, Ta
                                                                      79    85      6     Li, Ta
                                                                      98   106      8     Li, Ta
LRC0205     6512479    421799     296    110    270   -60    RC       31    32      1     Ta
                                                                      67    77     10     Li, Ta
LRC0206     6512519    421800     296    80      0    -90    RC       21    22      1     Ta
                                                                      58    65      7     Li, Ta
LRC0207     6512558    421757     296    72      0    -90    RC       35    38      3     Ta
                                                                      62    68      6     Li, Ta
LRC0208     6512357    421840     285    170    90    -60    RC       45    51      6     Li, Ta
                                                                      65    68      3     Li, Ta
                                                                      80    89      9     Li, Ta
                                                                     110   124     14     Li, Ta
                                                                     152   168     16     Li, Ta
LRC0209     6512360    421800     285    175    90    -60    RC       11    12      1     Ta
                                                                      50    57      7     Li, Ta
                                                                      71    78      7     Li, Ta
                                                                      92    97      5     Li, Ta
                                                                     100   112     12     Li, Ta
                                                                     129   133      4     Li
                                                                     162   169      7     Li, Ta
LRC0210     6512394    421842     286    163    90    -60    RC       11    12      1     barren
                                                                      45    55     10     Li,Ta
                                                                      69    72      3     Ta
                                                                      77    83      6     Ta
                                                                      86    87      1     barren
                                                                     119   120      1     barren
                                                                     123   127      4     Ta
                                                                     151   157      6     Li, Ta
LRC0211     6512394    421802     286    175    90    -60    RC       48    58     10     Li, Ta
                                                                      77    87     10     Li,Ta
               Easting    Northing     RL     Depth                        From    To   Width     Pegmatite
   Hole ID                                            Azm    Dec.   Type
                 m           m         m        m                           m      m      m         Type
                                                                             93    94       1     Li
                                                                             99   101       2     Li,Ta
                                                                            104   112       8     Li,Ta
                                                                            122   125       3     Ta
                                                                            160   167       7     Li, Ta
  LRC0212     6512320      422041      284     109     90    -60    RC       50    52       2     Li, Ta
                                                                             83   100      17     Li, Ta
  LRC0213     6512315      422000      298     121     90    -60    RC       10    11       1     barren
                                                                             54    56       2     Ta
                                                                             90   110      20     Li, Ta
  LRC0214     6512318      421800      222     193     90    -60    RC       70    78       8     Li, Ta
                                                                            104   120      16     Li, Ta
                                                                            164   170       6     Li, Ta
  ro                                                                        182   183       1     Ta
                                                                            184   185       1     barren
  LRC0215     6512321      421721      247     205     90    -60    RC       21    24       3     Ta
                                                                             83    89       6     Ta
                                                                            111   119       8     Li, Ta
                                                                            120   122       2     Li
  LRC0251     6512719      421939      294     66      90    -60    RC        6     9       3     Li, Ta
                                                                             50    62      12     Li, Ta
  LRC0252     6512718      421901      293     60      90    -60    RC       15    17       2     Ta
                                                                             41    52      11     Li, Ta
  LRC0253     6512719      421858      291     42      90    -60    RC       19    32      13     Li, Ta
                                                                             38    39       1     Li, Ta
                                                                             40    41       1     Li, Ta
  LRC0254     6512719     421822       290     54      90    -60    RC       38    46       8     Li, Ta
  LRC0255     421880      6512680      291     66      90    -60    RC       24    40      16     Li, Ta
                                                                             42    60      18     Li, Ta
  LRC0256      421860     6512680      300     74      90    -60    RC       29    40      11     Li, Ta
                                                                             41    43       2     barren
  LRC0257      421840     6512680      290     69     270    -60    RC       53    66      13     Li, Ta
  LRC0258      421980     6512760      300     70     90     -60    RC       30    33       3     Li, Ta
                                                                             62    65       3     Ta
  LRC0259      421940     6512760      300     66      90    -60    RC        0     9       9     Ta
                                                                             38    41       3     Li, Ta
                                                                             52    61       9     Li, Ta
  LRC0260      421900     6512760      300     60      90    -60    RC        7     9       2     Ta
                                                                             31    42      11     Li, Ta
  LRC0261      421860     6512760      300     60      90    -60    RC       17    40      23     Li, Ta
  LRC0262      421820     6512760      300     46      90    -60    RC       30    39       9     Li, Ta
  LRC0263      421940     6512800      300     45      90    -60    RC        0     2       2     Ta
                                                                             33    40       7     Li, Ta
  LRC0264      421900     6512800      300     44      90    -60    RC       26    33       7     Li, Ta
                                                                             34    36       2     Ta
  LRC0265      421860     6512800      300     46      90    -60    RC       27    40      13     Li, Ta
  LRC0266      421820     6512800      300     40      90    -60    RC       24    33       9     Li, Ta
  LRC0267      421940     6512840      300     41      90    -60    RC       20    21       1     Ta
                                                                             28    34       6     Li, Ta
  LRC0268      421900     6512840      300     37      90    -60    RC       20    31      11     Li, Ta

Notes   1) The true width of pegmatites are generally considered 85-95% of the intercept width.
        2) Only pegmatite intercepts of 1m or more in width are included.
Table 2| Notable Lithium and Tantalum Intercepts

                   From    To     Interval   Li2O   Ta2O5   Nb2O5   SnO2
  Hole ID
                     m     m         m        %     ppm     ppm     ppm
  LRC0036            134   135          1    0.07     293     122    235
  LRC0046             70    74          4    0.12     345     112    182
  LRC0077             74    79          5    0.53     341     109    232
                     107   109          2    0.05     353     112    127
                     125   130          5    0.25    1832     972    142
            incl     126   128          2    0.14    4170    2247    182
                     132   136          4    0.93     240      97    133
            incl     132   134          2    1.67     269      97    165
                     136   148         12    2.38     226     142    155
            incl     136   141          5    1.47     376     262    114
            and      143   147          4     4.2     104      36    240
            and      146   148          2    2.62     217      54    196
  LRC0078             66    94         28    0.71     296     120    156
            incl      66    70          4    1.61     574     216    267
            and       80    88          8    1.01     245      99    166
                     111   114          3    0.14     245     129    130
                     115   116          1    0.44    1672     408    229
                     138   146          8    0.65     919     313    204
  LRC0079            120   122          2    0.02     321     136    206
  LRC0081              3     4          1    0.03    1800    2111     58
                      59    71         12    1.36      70      83    197
                      78    81          3    0.99     123     119    118
  LRC0082             33    34          1    0.12     156      21     62
                      99   100          1    0.98      73      50    193
  LRC0083             32    37          5    1.04     235      76    307
            incl      32    35          3    1.61     197      74    246
  LRC0084             0      8          8    0.44     290      74    191
                      21    26          5    1.52     317     173    218
  LRC0085             30    32          2    1.49     333     100    126
  LRC0086              4     5          1    0.06     150      50     56
                       7    13          6    0.06     215      62    315
  LRC0087             59    65          6    1.08     104     112    245
            incl      60    62          2    1.71      91      90    147
                      75    78          3    0.51     251     172    141
                      82    89          7    1.32      99      87    130
  LRC0088             68    71          3    1.81      52      54    177
                      71    72          1    0.07     150     114     60
                      76    82          6    0.85      91      84    135
                      88    89          1    0.20     172     165     86
  LRC0089             48    49          1    0.17     154     172    149
                      57    61          4    0.64     129     114    165
                      62    67          5    0.24     369     378    131
  LRC0090             60    61          1    0.31     154     193    155
                      62    64          2    1.55     111     100    171
                      67    68          1    0.61     148     157     52
                      76    79          3    0.89      92      82     79
                      80    81          1    0.40     104      86     97
                      88    90          2    1.66      80      64    102
                      94    95          1    0.32      59      36    159
  LRC0091             56    63          7    0.75      53      64     91
            incl      56    57          1    1.61      79     107    116
            and       61    62          1    1.76      31      36     97
                      74    78          4    1.03      95      93    135
  LRC0092             57    58          1    0.13     209     107    118
                      58    59          1    1.14      77      93    142
                      74    80          6    1.01      97      82     99
            incl      76    78          2    1.73     100      86    118
  LRC0093             55    63          8    1.26     127      96    225
            incl      55    59          4    1.92     163     135    179
                 From    To    Interval   Li2O   Ta2O5 Nb2O5    SnO2
Hole ID
                   m     m        m        %     ppm    ppm     ppm
                    65    66         1    0.61      34     36    236
                    71    72         1    0.08     179    129     52
                    78    85         7    0.92      59     72     97
          incl      80    83         3    1.39      68     86     93
LRC0094             81    85         4    0.71      57     69     97
          incl      81    82         1    1.75      72    100    159
                    92    96         4    1.40     159     76    140
          incl      93    95         2    2.28     272     93    182
LRC0095             58    59         1    0.36      60     36    568
                    64    65         1    0.08     170     93     61
                    80    83         3    2.52     145    162    184
                    84    85         1    0.34      53     57     72
                    94    98         4    1.45     163    185    102
LRC0119             46    47         1    0.05     326    113     89
LRC0123             26    33         7    1.40     256    200    196
LRC0124             21    33        12    0.89     311    176    196
          incl      27    32         5    1.40     241    137    152
                    36    38         2    0.94     117    107    212
LRC0125             21    22         1    0.07     311    133    185
                    22    31         9    1.16     207    135    226
LRC0127             30    33         3    0.39     251    116    286
                    32    34         2    1.26     153     92    278
                    36    39         3    0.16     234     96    168
LRC0128             30    31         1    0.08     222    143    171
                    34    37         3    1.35     217    153    398
LRC0129             11    15         4    0.06     285     97    146
                    16    24         8    1.16     239    145    215
LRC0130             15    22         7    0.60     237    116    244
          incl      17    21         4    0.96     240    123    216
LRC0131              2    23        21    0.59     218     79    189
          incl       7    11         4    1.33     208     72    217
          and       13    17         4    1.35     188     83    149
LRC0132             14    25        11    1.02     247     84    224
          incl      16    22         6    1.29     224     84    192
LRC0133             39    42         3    1.65     114     72    196
                    42    45         3    0.16     319     69    193
LRC0134             76    78         2    1.82      81     79    165
                    94    99         5    1.32      70     60    109
LRC0135             25    32         7    1.21     683    319    215
          incl      28    29         1    0.19    1833    909    297
          and       29    32         3    2.41     419    248    222
LRC0136             37    38         1    0.12     410    186    170
                    40    41         1    0.01     197     50    105
                    42    45         3    0.17     480    119    204
          incl      44    45         1    0.43     739    143    295
LRC0137             35    36         1    0.22     243     36    206
                    49    56         7    0.29     310     97    257
LRC0138             58    63         5     0.9     342    119    197
LRC0139             46    50         4    0.76     108     92    142
          incl      49    50         1    1.80      65     64    151
                    50    53         3    0.14     368    100    281
LRC0140             30    31         1    0.01     190     72    104
                    32    33         1    0.43     104     29    112
LRC0141             33    40         7    0.83     152     84    215
                    41    42         1    0.06     316     93    415
                    42    43         1     0.5       59   21    302
LRC0142             52    53         1     0.3       85   50    119
                    66    67         1     0.2      435  157    549
                    67    72         5     0.9      144   77    166
LRC0143             52    53         1       4
                                           0.4      103   36    171
                    58    59         1     0.3       10   14    122
                                             1
                 From    To    Interval   Li2O   Ta2O5 Nb2O5   SnO2
Hole ID
                   m     m        m        %     ppm   ppm     ppm
                    63    69         6     0.7     219   89    103
          incl      66    68         2       4
                                           1.8     184   79    135
                    71    75         4       3
                                           0.5     264   69    104
                    80    81         1       8
                                           0.1     243   57    141
                    81    83         2       4
                                           0.4      76   36    135
                    86    89         3       3
                                           0.1     317  114    245
LRC0144             24    26         2     0.0     484   57    107
                    62    79        17     0.7     191  104    138
          incl      63    67         4       8
                                           1.4     379  226    177
                    68    69         1     0.1     205  114    213
                    69    70         1       9
                                           0.6     112   36    113
                    71    79         8       5
                                           0.7     133   74     98
                    79    82         3       2
                                           0.1     267   69    116
                    85    91         6       3
                                           0.5     281   94    224
          incl      85    87         2       2
                                           1.1     193   76    315
                    93    94         1       9
                                           0.3     197   86    702
LRC0145             57    58         1       6
                                           0.5      65   43    300
                    71    77         6     1.5     163  102    152
          incl      73    76         3       9
                                           2.4     164  103    161
LRC0146             61    73        12       4
                                           2.2     179   73    271
          incl      63    68         5     3.5      90   54    371
          and       72    73         1       5
                                           1.1    1072  343    474
                    74    89        15       1
                                           0.2     439  102    126
          incl      74    78         4       8
                                           0.6     164   76    124
          and       80    82         2       1
                                           0.4    1665  258    217
                   156   158         2       2
                                           0.3      70   32     86
                   158   160         2       4
                                           0.1     236   72    132
LRC0147             69    75         6       4
                                           0.1     220   76     80
LRC0148             59    79        20     1.3     106   49    144
          incl      60    61         1     3.2     370  143    538
                    77    81         4       8
                                           0.3     229  100     88
LRC0149             26    27         1     0.0     558   72    226
                    84    86         2     0.3     172   76     93
          incl      85    86         1       1
                                           0.5     167   86    121
                    87    89         2       7
                                           0.4      57   40    103
                    92    94         2       5
                                           0.0     956  143    159
LRC0150             65    73         8       2
                                           0.7      78   69    161
          incl      69    72         3     1.1      58   62    113
                    75    77         2       2
                                           0.1     278   86    124
LRC0201             63    72         9       9
                                           1.1     552  176    169
          incl      63    64         1     0.2    2208  572    168
          and       64    69         5       5
                                           1.8     402  150    171
LRC0202             70    77         7       5
                                           1.5     134   49    212
                    79    82         3     0.3     447   90    171
          incl      80    81         1       3
                                           0.5     883  150    232
LRC0203             26    27         1       5
                                           0.0     181   21    359
                    66    68         2     0.0     618  255    431
          incl      66    67         1       5
                                           0.0    1043  415    608
LRC0204             57    62         5       3
                                           0.3     229   83    105
                    79    82         3     1.0      85   57    135
                    82    84         2       5
                                           0.1     259   86    107
                    98   106         8       1
                                           0.8     129  109    118
          and       99   103         4       6
                                           1.1     173  152    110
LRC0205             31    32         1     0.0     407   57    135
                    67    77        10     1.8     392  117    218
          incl      70    76         6       0
                                           2.7     467  130    226
LRC0206             21    22         1     0.0    1459  186    279
                    58    62         4     0.2     257   72     51
                    61    65         4       7
                                           0.4     133   57     85
LRC0207             35    36         1       5
                                           0.0     275   29    112
                    62    66         4     0.0     303   94     95
                                             9
                 From    To    Interval   Li2O   Ta2O5 Nb2O5   SnO2
Hole ID
                   m     m        m        %     ppm   ppm     ppm
                    66    67         1     0.7      89   43    469
LRC0208             45    51         6       6
                                           0.6     792  266    243
          incl      46    47         1     1.2    2593  744    420
                    66    67         1       5
                                           0.6     335  129    193
                    84    87         3       4
                                           0.0     350  100     75
                   111   124        13       2
                                           0.6     119   89     90
          incl     112   114         2       6
                                           1.2     247  104    114
                   152   168        16       6
                                           0.1     222   89    173
          incl     157   163         6       9
                                           0.3     216   89    187
LRC0209             11    12         1       0
                                           0.0     338   64    146
                    52    57         5     1.2     291   89    222
                    71    78         7       6
                                           1.0     143   60    189
                    93    97         4       1
                                           0.3     214  126    126
                   100   111        11       6
                                           1.8     135  124    149
          incl     103   108         5       8
                                           2.8     132  149    124
                   164   167         3       5
                                           0.1     210  100     79
LRC0210             45    55        10       5
                                           1.2     104   31    120
          incl      46    50         4     2.7     158   41    229
                    70    72         2       0
                                           0.1     414  114    116
                    78    80         2       2
                                           0.2     167   79    182
                    82    83         1       1
                                           0.2     333   43    110
                   123   127         4       4
                                           0.1     335   72    138
                   151   157         6       5
                                           1.5     168   69    138
          incl     155   157         2       3
                                           3.7      49   21    239
LRC0211             49    53         4       0
                                           1.1     112   36    202
                    77    87        10     0.5     223   94    168
          incl      77    84         7       9
                                           0.8     185   94    207
                    93    94         1       0
                                           0.4      33   29    243
                    99   100         1       2
                                           0.0     375  193     71
                   100   101         1       9
                                           0.3     123   86     97
                   104   105         1     0.4      54   36    108
                   109   111         2       2
                                           0.5     107  140     69
                   122   125         3       1
                                           0.1     425  205    130
                   160   167         7       7
                                           0.7     232   82    149
          incl     160   164         4       0
                                           1.0     207   77    166
LRC0212             50    52         2       8
                                           0.2     284  129    146
                    83    87         4     0.2     310  166    119
                    86    90         4       7
                                           0.8     107   97     67
                    91    92         1       5
                                           0.1     186   50     32
                    92    95         3       2
                                           1.2      49   50     70
                    98   100         2       0
                                           0.0     236   72    150
LRC0213             54    55         1       9
                                           0.0     259   79    171
                    92    97         5     0.1     213  165     97
                    96   107        11       9
                                           1.1     159  137    122
          incl      97   100         3       2
                                           1.7      92   79    160
          and      103   107         4       8
                                           1.2     164  187    119
                   107   108         1       5
                                           0.2     153   86     57
                   108   109         1       0
                                           0.3      79   57     77
                                             7

LRC0214            71     77         6    1.4      359   167   184
          incl     71     72         1      0
                                          4.4       74    29   359
          and      71     74         3      7
                                          2.2      326   122   272
                   77     78         1      3
                                          0.2      295   100   157
                  104    117        13    1.0      137    97   109
          incl    105    113         8      0
                                          1.3      140    84   128
                  119    120         1    0.1      221    86    76
                  164    165         1      7
                                          0.1      239   207   103
                  166    169         3      2
                                          0.8      484    74   112
          incl    167    168         1      0
                                          1.2      985    79   177
                  182    183         1      7
                                          0.0      267   100   188
                                            5
                        From      To     Interval   Li2O   Ta2O5 Nb2O5          SnO2
  Hole ID
                          m       m         m        %     ppm   ppm            ppm
  LRC0215                  22      23          1     0.0     665  122           108
                           83      89          6     0.0     268  117           150
                          111     119          8       7
                                                     0.8     162  116            88
  LRC0251                  6        7          1       3
                                                     0.6      29   14           653
                           7        9          2     0.1     228   79           164
                           50      62         12       1
                                                     0.9     346  103           258
             incl          51      55          4       2
                                                     1.7     296   99           273
  LRC0252                  15      16          1       8
                                                     0.1     346  122           131
                           42      45          3     0.5     230   89           324
                           46      52          6       0
                                                     0.1     432   86           149
             incl          50      51          1       6
                                                     0.1    1239  122           380
  LRC0253                  19      32         13       3
                                                     1.7     318  132           224
             incl          20      30         10     2.1     372  157           237
                           38      39          1       5
                                                     0.3     168   43           100
                           40      41          1     0.3     164   72           149
  LRC0254                  38      43          5       5
                                                     1.2     120   87           171
                           44      45          1     0.0     220   79           132
  LRC0255                  24      37         13       6
                                                     0.8     320  112           182
             incl          24      27          3     2.6     360  133           389
                           38      40          2       0
                                                     0.5     201   79           362
                           42      43          1       4
                                                     0.0     295   72            94
                           43      45          2       7
                                                     0.3     131   54           146
                           48      60         12       5
                                                     0.1     247   73           159
  LRC0256                  30      40         10       7
                                                     1.2     182   76           203
             incl          30      36          6     1.7     171   74           194
  LRC0257                  53      54          1       8
                                                     0.2     201   86           133
                           54      66         12     2.0     116   62           194
             incl          55      59          4       9
                                                     3.5     100   69           279
             and           61      64          3       8
                                                     2.4     175   79           164
  LRC0258                  30      33          3       5
                                                     0.5     573  162           222
                           62      65          3     0.0     525  129           222
  LRC0259                   0        1         1       5
                                                     0.0     154   21            52
                           38      41          3     0.3     271   74           305
                           52      61          9       2
                                                     0.6     204   74           194
             incl          53      56          3       6
                                                     1.6     160   67           229
  LRC0260                   7        9         2       2
                                                     0.1     234   69           204
                           32      42         10     0.7     245   67           188
             incl          36      41          5       7
                                                     1.1     211   59           155
  LRC0261                  22      40         18       3
                                                     0.5     249   84           161
             incl          29      37          8     1.1     186   90           188
  LRC0262                  30      31          1       0
                                                     0.4      48   21           281
                           32      37          5     1.4     211   97           152
  LRC0263                   0        1         1       8
                                                     0.0     192   29           349
                           33      34          1     0.1     154   57           271
                           34      38          4       8
                                                     0.7     239   59           179
             incl          35      36          1       1
                                                     1.3     123   50           187
                           38      39          1       7
                                                     0.0     239   86           177
  LRC0264                  26      33          7       8
                                                     0.8     362  100           243
             incl          28      32          4     1.4     451  135           203
                           34      36          2       1
                                                     0.2     477   76           199
  LRC0265                  29      40         11     1.6     197  102           136
             incl          29      37          8     2.0     191  100           154
  LRC0266                  24      33          9       5
                                                     0.5     239  103           185
             incl          28      29          1     1.1     592  286           178
  LRC0267                  20      21          1       1
                                                     0.0     463   43           159
                           28      34          6     0.4     240   70           301
             incl          30      31          1     1.2     188   64           251
  LRC0268                  22      31          9       8
                                                     0.7     291   97           283
             incl          23      28          5     1.0     278  106           287
                                                       7
Notes
    1)   Only intercepts of 0.3% Li2O or 150ppm Ta2O5 considered significant.
Appendix B

Section 1 Sampling Techniques and Data

  Criteria       JORC Code Explanation                                   Commentary
  Sampling       Nature and quality of sampling (e.g. cut channels,      Reverse Circulation Drilling, 1m samples
  techniques     random chips, or specific specialised industry          collected
                 standard measurement tools appropriate to the
                 minerals under investigation, such as down hole
                                                                         Samples jaw crushed and riffle split to 2-2.5kg
                 gamma sondes, or handheld XRF instruments, etc.).
                 These examples should not be taken as limiting the      for pulverizing to 80% passing 75 microns.
                 broad meaning of sampling.
                                                                         Prepared samples are fused with sodium peroxide
                 Include reference to measures taken to ensure           and digested in dilute hydrochloric acid. The
                 sample representivity and the appropriate               resultant solution is analysed by ICP, by Nagrom.
                 calibration of any measurement tools or systems
                 used.
                                                                         Certified standards. Field duplicates submitted at
                 Aspects of the determination of mineralisation that     irregular intervals at the rate of approximately
                 are Material to the Public Report. In cases where       1:25.
                 ?industry standard? work has been done this would
                 be relatively simple (e.g. ?reverse circulation         Check assays yet to be undertaken.
                 drilling was used to obtain 1 m samples from which
                 3 kg was pulverised to produce a 30 g charge for        Nagrom is an independent laboratory with
                 fire assay?). In other cases more explanation may
                                                                         extensive experience with Tantalum and Lithium
                 be required, such as where there is coarse gold
                 that has inherent sampling problems. Unusual            analysis and has ISO9001:2008 accreditation.
                 commodities or mineralisation types (e.g.
                 submarine nodules) may warrant disclosure of
                 detailed information.
  Drilling       Drill type (e.g. core, reverse circulation, open-hole   RC drilling conducted in line with general
  techniques     hammer, rotary air blast, auger, Bangka, sonic,         industry standards.
                 etc.) and details (e.g. core diameter, triple or
                 standard tube, depth of diamond tails, face-            Approx. 98% of RC drill holes are angled. Approx.
                 sampling bit or other type, whether core is             2% of RC drill holes are vertical
                 oriented and if so, by what method, etc.).

  Drill sample   Method of recording and assessing core and chip         Chip recovery or weights for RC drilling were not
  recovery       sample recoveries and results assessed.                 conducted.

                 Measures taken to maximise sample recovery and          Each metre of drill sample recovery and moisture
                 ensure representative nature of the samples.            content is visually estimated and recorded.

                 Whether a relationship exists between sample
                 recovery and grade and whether sample bias may          Opportunity for sample bias is considered
                 have occurred due to preferential loss/gain of          negligible for dry samples.
                 fine/coarse material.

  Logging        Whether core and chip samples have been                 Geological logs exist for all drill holes with
                 geologically and geotechnically logged to a level of    lithological codes via an established reference
                 detail to support appropriate Mineral Resource          legend.
                 estimation, mining studies and metallurgical
                 studies.                                                Drill holes have been geologically logged in their
                 Whether logging is qualitative or quantitative in       entirety. Where logging was detailed the
                 nature. Core (or costean, channel, etc.)                subjective indications of spodumene content
                 photography
                 The total length and percentage of the relevant         Assays have generally only been submitted
                 intersections logged.                                   through and adjacent to the pegmatites.
Criteria       JORC Code Explanation                                  Commentary
Sub-sampling   If core, whether cut or sawn and whether quarter,      RC samples were collected at 1m intervals and
techniques     half or all core taken.                                riffle or cone split on-site to produce a
and sample     If non-core, whether riffled, tube sampled, rotary     subsample less than 5kg.
preparation    split, etc. and whether sampled wet or dry.
               For all sample types, the nature, quality and          The RC drilling samples are considered robust for
               appropriateness of the sample preparation              sampling the spodumene and tantalite
               technique.                                             mineralisation.
               Quality control procedures adopted for all sub-
               sampling stages to maximise representivity of          Most samples were dry.
               samples.
               Measures taken to ensure that the sampling is          Sampling is in line with general sampling
               representative of the in situ material collected,      practices.
                   including for
               instance results for field duplicate/second-half       Field duplicates, laboratory standards and
                   sampling.                                          laboratory repeats are used to monitor analyses.
               Whether sample sizes are appropriate to the grain
               size of                                                Sample size for RC drilling is considered
               the material being sampled.                            appropriate.


Quality of     The nature, quality and appropriateness of the         The assay technique is considered to be robust as
assay data     assaying and laboratory procedures used and            the method used (see above) offers total
and            whether the technique is considered partial or         dissolution of the sample and is useful for
laboratory     total.                                                 mineral matrices that may resist acid digestions.
tests          For geophysical tools, spectrometers, handheld XRF
               instruments, etc., the parameters used in              Standards and duplicates were submitted in
               determining the analysis including instrument make     varying frequency throughout the exploration
               and model, reading times, calibrations factors         campaign and internal laboratory standards,
               applied and their derivation, etc.                     duplicates and replicates are used for
               Nature of quality control procedures adopted (e.g.     verification
               standards, blanks, duplicates, external laboratory
               checks) and whether acceptable levels of accuracy
               (i.e. lack of bias) and precision have been
               established.
Verification   The verification of significant intersections by       Twinning of holes undertaken to date show good
of sampling    either independent or alternative company              continuity
and assaying   personnel.
                                                                      The Ta and Li assays show a marked correlation
               The use of twinned holes.                              with the pegmatite intersections via elevated
                                                                      downhole grades.
               Documentation of primary data, data entry
               procedures, data verification, data storage            Drill logs exist for all holes as both electronic
               (physical and electronic) protocols.                   files and hardcopy.

               Discuss any adjustment to assay data.                  All drilling data has been loaded to a database
                                                                      and validated prior to use.


Location of    Accuracy and quality of surveys used to locate drill   Collar coordinates are currently only
data points    holes (collar and down-hole surveys), trenches,        approximate and considered accurate to within
               mine workings and other locations used in Mineral      4m measured using hand held GPS. Accurate
               Resource estimation.                                   surveying using RTK DGPS is currently being
                                                                      undertaken on site. Hole collars have been
               Specification of the grid system used.                 preserved until completion of survey.
               Quality and adequacy of topographic control.
  Criteria        JORC Code Explanation                                    Commentary
  Data spacing    Data spacing for reporting of Exploration Results.       Drilling has been conducted on a 40m x 40m grid,
  and                                                                      with a 140m x 80m area drilled out at 20m x
  distribution    Whether the data spacing and distribution is             20m.
                  sufficient to establish the degree of geological and
                  grade continuity appropriate for the Mineral             The spacing of holes is considered of sufficient
                  Resource and Ore Reserve estimation procedure(s)         density to provide an ?Indicated? Mineral
                  and classifications applied.                             Resource estimation and classification.

                  Whether sample compositing has been applied.             There has been no sample compositing.

  Orientation     Whether the orientation of sampling achieves             The majority of drilling is angled. Some vertical
  of data in      unbiased sampling of possible structures and the         holes have been drilled in areas where access is
  relation to     extent to which this is known, considering the           limited.
  geological      deposit type.
  structure       If the relationship between the drilling orientation     The lithium tantalite-bearing pegmatites are
                  and the orientation of key mineralised structures is     generally flat to shallowly dipping in nature. The
                  considered to have introduced a sampling bias, this      true width of pegmatites are generally
                  should be assessed and reported if material.             considered 85-95% of the intercept width, with
                                                                           minimal opportunity for sample bias.
  Sample          The measures taken to ensure sample security.            The RC samples are taken from the rig by
  security                                                                 experienced personal and stored securely and
                                                                           transport to the laboratory by a registered
                                                                           courier and handed over by signature.
  Audits or       The results of any audits or reviews of sampling         No audits have been undertaken to date.
  reviews         techniques and data.



Section 2 Reporting of Exploration Results

  Criteria           Explanation                                 Commentary
  Mineral            Type, reference name/number,                The portfolio of mineral tenements, comprising mining leases,
  tenement and       location and ownership including            exploration licences, prospecting licences, miscellaneous
  land tenure        agreements or material issues with          licences, a general-purpose lease, and a retention lease are
  status             third parties such as joint ventures,       in good standing.
                     partnerships, overriding royalties,
                     native title interests, historical sites,
                     wilderness or national park and
                     environmental settings.
                     The security of the tenure held at
                     the time of reporting along with any
                     known impediments to obtaining a
                     licence to operate in the area.
  Exploration        Acknowledgment and appraisal of             Alluvial tantalite has been mined periodically from the early
  done by other      exploration by other parties.               1970s.
  parties                                                        Gwalia Consolidated Limited undertook exploration for
                                                                 tantalite-bearing pegmatites from 1983-1998. Work included
                                                                 mapping, costeaning, and several phases of drilling using RAB,
                                                                 RC, and diamond methods. The work identified mineral
                                                                 resources that were considered uneconomic at the time.

                                                                 Haddington entered agreement to develop the resource and
                                                                 mining
                                                                     -   commenced in 2001 and continued until 2005.
                                                                     -   Haddington continued with exploration until 2009.

                                                                 Living Waters acquired the project in 2009 and continued
                                                                 with limited exploration to the north of the main pit area.
Criteria      Explanation                               Commentary
Geology       Deposit type, geological setting and      The Bald Hill area is underlain by generally north-striking,
              style of mineralisation.                  steeply dipping Archaean metasediments (schists and
                                                        greywackes) and granitoids.

                                                        Felsic porphyries and pegmatite sheets and veins have
                                                        intruded the Archaean rocks. Generally, the pegmatites
                                                        parallel the regional foliation, occurring as gently dipping
                                                        sheets and as steeply dipping veins.

                                                        The pegmatites vary in width and are generally comprised
                                                        quartz-albite- muscovite-spodumene in varying amounts.
                                                        Late-stage albitisation in the central part of the main outcrop
                                                        area has resulted in fine- grained, banded, sugary pegmatites
                                                        with visible fine-grained, disseminated tantalite. A thin
                                                        hornfels characterised by needle hornblende crystals is often
                                                        observed in adjacent country rocks to the pegmatite.

                                                        Intrusives. Tantalite generally occurs as fine disseminated
                                                        crystals commonly associated with fine-grained albite zones,
                                                        or as coarse crystals associated with cleavelandite.

                                                        Weathering of the pegmatites yields secondary mineralised
                                                        accumulations in alluvial/eluvial deposits.


Drill hole    A summary of all information              Only results for drill holes that have intercepted lithium and
Information   material to the understanding of the      or tantalum pegmatites of 1m or more in width that have
              exploration results including a           been assayed for lithium have been included in the release.
              tabulation of the following
              information for all Material drill        All drill hole details are contained in Table 1 and 2 of the
              holes:                                    release.
                   ? easting and northing of the
                       drill hole collar
                   ? elevation or RL (Reduced
                       Level ? elevation above sea
                       level in metres) of the drill
                       hole collar
                   ? dip and azimuth of the hole
                   ? down hole length and
                       interception depth
                   ? hole length.
              If the exclusion of this information is
              justified on the basis that the
              information is not Material and this
              exclusion does not detract from the
              understanding of the report, the
              Competent Person should clearly
              explain why this is the case.
Data          In reporting Exploration Results,         No cutting to intercept grades has been undertaken.
aggregation   weighting averaging techniques,
methods       maximum and/or minimum grade              Assays are report as pure elements such as Li, Ta, Nb, Sn and
              truncations (e.g. cutting of high         converted to oxides using atomic formulas.
              grades) and cut-off grades are
              usually Material and should be            Reported intervals in Table 1 and 2 represent the aggregation
              stated.                                   of the intercepts containing samples of at least 0.3% Li2O
              Where aggregate intercepts                and/or 150ppm Ta2O5, lower grade zones are included
              incorporate short lengths of high         adjacent to higher grade zones where the grade varies
              grade results and longer lengths of       significantly from the average of the entire width of the
              low grade results, the procedure          mineralised pegmatite. Only lithium, tin, niobium and
              used for such aggregation should be       tantalum oxide results are tabled, other potential by-products
              stated and some typical examples of       are currently considered to be insignificant in economic
              such aggregations should be shown in      importance.
              detail.
              The assumptions used for any
              reporting of metal equivalent values
              should be clearly stated.
  Criteria           Explanation                               Commentary
  Relationship       These relationships are particularly      The majority of drilling is angled. Some vertical holes have
  between            important in the reporting of             been drilled in areas where access is limited.
  mineralisation     Exploration Results.
  widths and                                                   The lithium tantalite-bearing pegmatites are generally flat to
  intercept          If the geometry of the mineralisation     shallowly dipping in nature. The true width of pegmatites are
  lengths            with respect to the drill hole angle is   generally considered 85-95% of the intercept width, with
                     known, its nature should be reported      minimal opportunity for sample bias.
                     If it is not known and only the down
                     hole lengths are reported, there
                     should be a clear statement to this
                     effect (e.g. ?down hole length, true
                     width not known?).
  Diagrams           Appropriate maps and sections (with       Drilling locations are shown on figure 1 of the release.
                     scales) and tabulations of intercepts
                     should be included for any significant
                     discovery being reported These
                     should include, but not be limited to
                     a plan view of drill hole collar
                     locations and appropriate sectional
                     views.
  Balanced           Where comprehensive reporting of          Results for all drill holes that have intercepted lithium
  reporting          all Exploration Results is not            pegmatites that have been assayed for lithium have been
                     practicable, representative reporting     included in the release.
                     of both low and high grades and/or
                     widths should be practiced to avoid
                     misleading reporting of Exploration
                     Results.
  Other              Other exploration data, if meaningful     The metallurgical test work for spodumene referred to in the
  substantive        and material, should be reported          release was undertaken by Nagrom. Nagrom has extensive
  exploration data   including (but not limited to):
                                                               experience with Tantalum and Lithium extraction testwork
                     geological observations; geophysical
                     survey results; geochemical survey        and has ISO9001:2008 accreditation. Results have been
                     results; bulk samples ? size and          reported without interpretation.
                     method of treatment; metallurgical
                     test results; bulk density,
                     groundwater, geotechnical and rock
                     characteristics; potential deleterious
                     or contaminating substances.
  Further work       The nature and scale of planned           Further RC and diamond drilling is warranted at the various
                     further work (e.g. tests for lateral      deposits to explore for additional resources and improve the
                     extensions or depth extensions or         understanding of the current resources prior to mining.
                     large-scale step-out drilling).

                     Diagrams clearly highlighting the
                     areas of possible extensions,
                     including the main geological
                     interpretations and future drilling
                     areas, provided this information is
                     not commercially sensitive.


3 March 2017

Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd

Date: 03/03/2017 09:20:00 Supplied by www.sharenet.co.za                     
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