European Lithium Completes Positive PFS

(firmenpresse) - European Lithium Completes Positive PFS

Highlights
- Accelerated case NPV8 $441.9 million, based on only the Measured and Indicated resource of 6.3 million tonnes at 1.17% Li2O
- Lithium Hydroxide production 10,129tpa in Accelerated case
- No EIA required at mine site, formal screening process to confirm, mining plan to address environmental issues
- Assay results and declaration of the first resource in Zone 2 anticipated shortly
- The Company aims to have increased Measured and Indicated resources for the DFS, so that project design and evaluation will be at a mining rate of about 800,000tpa
- Definitive Feasibility Study to commence in July

European Lithium Limited (ASX: EUR, FRA: PF8, VSE:ELI) (the Company) is pleased to advise that it has completed the Pre-Feasibility Study (PFS) on its 100% owned Wolfsberg Lithium Project (the Project) in Austria with the results confirming the technical and economic viability of the Project. The Company is on track to become a major supplier to an integrated lithium industry in Europe where motor vehicle manufacturers are accelerating electric vehicle (EV) production and lithium battery plants are in construction or being planned. These developments have strong national government and European Commission support.

Tony Sage, Chairman, commented Completion of the PFS which establishes the technical and economic viability of the Wolfsberg Lithium Project is a major step in its development. The Company will endeavour to formally start the DFS in July with the aim of completing it before the end of 2018.

Summary of key PFS Outcomes

The PFS outlines the development of an underground mine producing, in the Base case, an average of about 620,000tpa Run of Mine (RoM) from stoping and development over 12 years of production. Ore sorters will be used to reject waste from the RoM so that concentrator feed will average about 400,000tpa. The concentrator will produce an average of 55.4 ktpa spodumene concentrate with an average of 114 ktpa feldspar and 71 ktpa quartz as by-products. The lithium in the spodumene concentrate will be converted to an average of 8,400 tpa lithium hydroxide monohydrate at a hydrometallurgy plant to the south of Wolfsberg about 20km from the mine.

During the development of the mine plan it became evident that with little extra equipment and improved scheduling the mining rate could be increased to about 720,000tpa. This Accelerated case results in the Measured and Indicated resources of the Base case being mined and processed in 10 years rather than 12. The 20% increase in processing rate results in lithium hydroxide monohydrate production increasing to an average of 10,129tpa. The capital cost of the concentrator and hydrometallurgy plant for the increased production rate was factored up by DRA from the engineered Base case using standard scaling techniques.

The pre-tax NPV8 for the Base case is US$263.2 million (A$342.7 million) which increases to US$339.4 million (A$441.9 million) for the Accelerated case (A$=0.768US$ at 3/4/2018).

The production cost of lithium hydroxide monohydrate is US$7,160/tonne for the Base case after by-product credits which reduces to US$6,561/tonne for the Accelerated case. This is higher than current brine production from South America but lower than Chinese production from imported Australian spodumene.

The mine design consultant has concluded that mining rates can be further increased to about 800,000tpa which will probably be the upper limit for efficient mining. However, this will require additional Indicated resources to support the higher mining rate and increase the mine life which should increase the NPV of the project further.

The Company has previously announced an increase in Inferred resources (ASX release - European Lithium increases resource at Wolfsberg adding 4.7 million tonnes at 0.78% Li2O in Zone 1, 3 July 2017). Zone 1 is the northern limb of an anticline where previous exploration work was concentrated. A drill programme to convert this Inferred resource to Indicated has been developed with the assistance of SRK and submitted to the Mining Authority for approval. The Company has also previously announced the results of drilling in Zone 2 which is the southern limb of the anticline (ASX release - Assays confirm wide high grade pegmatite veins in Zone 2 at the Wolfsberg deposit, 28 June 2017). Further drilling in Zone 2 was undertaken January to March 2018 with five holes drilled and all showing numerous pegmatite intersections (ASX release - Project update, 29 March 2018). Assay results are anticipated mid April 2018 following which a first resource in Zone 2 should be declared. The aim is to have increased Measured and Indicated resources for the Definitive Feasibility Study (DFS) so that the project can be designed and evaluated at a mining rate of about 800,000tpa.

A summary of the PFS outcomes is provided in Table 1 for Life of Mine production.

Table 1: Production Evaluation Summary for the Base and Accelerated Cases
Item Unit Base Case Accelerated
Case

Mined RoM tonnes 7,435,386 7,435,386
RoM Grade % Li2O 0.71 0.71
Concentrator Feed tonnes 4,923,659 4,923,659
Concentrator Feed Grade % Li2O 1.03 1.03
Li2O recovery RoM to % 75.4 75.8
spodumene
concentrate

Spodumene Concentrate tonnes 664,491 668,120
produced (6%
Li
2O)
Feldspar produced tonnes 1,363,467 1,365,574
Quartz produced tonnes 847,896 849,447
Li2O recovery in conversion % 89.7 89.7
plant

Lithium hydroxide monohydrate tonnes 100,737 101,287
produced

Mine Life after 2 year years 12 10
development

Capex US$mill388.6 423.6
ion

Revenue (after transport) US$mill1,843.4 1,910.6
ion

Gross Operating Cost US$mill880.3 840,3
ion

By-product credits US$mill159.0 155.7
ion

Net Operating Costs US$mill721.3 684.6
ion

Lithium Hydroxide Cost (Gross)US$/ton8,739 8,296
ne

Lithium Hydroxide cost (after US$/ton7,160 6,561
by-product ne
credits)

NPV8 Pre-Tax US$mill263.2 339.4
ion

IRR Pre-Tax % 21.2 25.6
NPV8 After-Tax US$mill154.8 202.4
ion

IRR After-Tax % 15.9 18.7

Pre-Feasibility Study

The PFS was led by DRA Global who integrated the work of third party consultants and information provided by the Company. Areas of responsibility were as follows:

DRA Global - PFS lead and integration, process and infrastructure engineering, capital and operating cost estimates for process and infrastructure, construction planning and financial modelling

Dorfner Anzaplan - Metallurgical testwork in support of DRA process engineering

SRK Consulting - Mining engineering and mine capital and operating cost estimates, geotechnical engineering, hydrogeology, ore reserves

Paterson & Cooke - Tailings Design with capital and operating cost estimate

Umweltbüro - Environmental study

Benchmark Minerals Intelligence - Marketing study lithium carbonate/hydroxide

Orykton Consulting - Marketing study spodumene and by-products

Al Maynard & Associates - Geology from Independent Geology Report for Paynes Find Gold Limited (to be renamed European Lithium Limited) Prospectus 28 July 2016

Property Description and Location

The Wolfsberg Lithium Project mine and concentrator site is located 20km east of Wolfsberg and the hydrometallurgical plant located just to the south of Wolfsberg close to the A2 motorway and the natural gas transmission pipeline that follows the motorway. Wolfsberg is a town of 25,000 inhabitants with a growing light industrial sector. There will be no requirement for the project to provide accommodation or social infrastructure. Austria has a mining tradition but more recently has concentrated on high technology enterprises. The mining university in Leoben, 93km from Wolfsberg, currently has 3,000 students. Technical skill levels to support the Project are high. The Baltic to Adriatic rail corridor will pass just to the south of Wolfsberg on completion of the Koralm tunnel in 2022. The Project will be well located with good access to Europe's motorway and rail infrastructure to distribute lithium hydroxide to the lithium battery plants in construction or planning in northern Europe and by-products to regional industry
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Figure 1: Wolfsberg Lithium Project Location

Mineral Resources

The current resources at Wolfsberg are shown in Table 2. The mine design for this PFS is based on using only the Measured and Indicated resource of 6.3 million tonnes at 1.17% Li2O

Table 2: Mineral Resources
Category Tonnage Grade (%Li2
(Mt) O)

Measured 2.86 1.28
Indicated 3.44 1.08
Total (M+I) 6.3 1.17
Inferred 4.68 0.78
Total (M+I+I) 10.98 1.00

The resource comprises multiple parallel lithium bearing pegmatite veins dipping at about 60º as shown in Figure 2. The veins vary in thickness with the maximum width recorded at 5.5m but with an average of 1.4m. The historical underground development showed that there was good continuity of the veins along strike. Fifteen of the veins were considered to have economic potential and were included in the mine design.
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Figure 2: Typical cross section showing pegmatite veins in the two host rocks

Mining

SRK has determined that long hole open stoping is the preferred mining method and, following geological mapping underground and rock characterisation, a standard stope of 25m high by 75m wide with 4m rib and sill pillars is deemed appropriate for design. A crown pillar of 25m was considered adequate.

A minimum mining width of 1.2m has been considered practical and a dilution skin of 0.5m in the hanging wall and 0.3m in the footwall has been applied. This results in average dilution of 40% and a ROM grade of 0.71% Li2O. Ore sorters will be used to reject waste such that the grade to the concentrator is increased to 1.03% Li2O.

Mine access will be by the existing adit, increased in size to 5m x 5m, and a main decline developed in the competent amphibolite. Mining will be carried out using 25m sub levels and cross cuts will be developed from the decline every 25m and all veins intersected. Production drives will then be developed along the veins, to minimise waste development in mining, to the most distant stope and retreat stoping will then be carried out towards the central access. This is illustrated for the final mine development in Figure 3.
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Figure 3: Isometric view of Mine development and Mineralisation

Remote loaders will be used to load from the stopes to a local stockpile where 30 tonne trucks will be loaded for transfer of RoM to the underground crusher and ore sorter. A second decline will be developed from the underground crusher/sorter to the surface plant for product haulage. Mica schist waste from the sorters will be returned to mined out stopes whilst amphibolite waste from the sorters will be trucked to surface and used for construction material. This allows the project to proceed without permanent surface waste dumps. To eliminate a tailings storage facility on the surface, cemented backfill is created from plant tailings to fill the mined-out stopes.

The tonnes and grade profile for the Base case is shown in Figure 4.

During the mine design work it became evident that improved scheduling would allow mining rates to be increased to about 720,000tpa with only a little increase in mobile equipment. The tonnes and grade profile for this 'Accelerated' case is shown in Figure 5.
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Figure 4: Production Profile for the Base case
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Figure 5: Production Profile for the Accelerated case

The Company declared an increase in Inferred resource at depth following a deep hole drilling programme to 1100 masl. To determine the upside of the project SRK has considered the extension of the 9 main veins to this depth and after taking into consideration conversion losses estimated mineable material at depth as shown in Table 3. This can be considered an exploration target. Part of this material is already classified as Inferred. If the planned deep drilling programme in Zone 1 can bring this material into Indicated category then it could support a higher mining rate of about 800,000tpa and extend the mine life to 18 years following the initial two year development.

Table 3: Estimation of Mineable Material at Depth
In-Situ Development Stoping Total (RoM)
(Mineralisat
ion)

HostrocTonnageGrade Tonnes GradeTonnageGradeTonnageGrade
k

kt % Li2Okt % Li2kt % Li2kt % Li2
O O O

AHP 2,171 1.40% 843 0.30%2,459 0.88%3,302 0.73%
MHP 4,546 1.11% 1,248 0.37%4,564 0.78%5,812 0.69%
Total 6,717 1.21% 2,091 0.34%7,023 0.81%9,114 0.71%

Reserves
SRK has determined the Mineral Reserves as shown in Table 4. These Reserves include dilution and recovery and the technical and economic parameters presented in the PFS. The underground stoping cut-off grade was calculated at 0.3% Li2O. Underground ore sorting is used to increase the grade of the RoM material to the concentrator to 1.03% Li2O.
Supporting details are provided in the attached JORC Code Table 1.

Table 4: Mineral Reserve Statement
Tonnes Grade Content
kt % Li2O kt Li2O
Proven Reserves 4,319 0.69 29.7
Probable Reserves 3,116 0.75 23.2
Proven and 7,435 0.71 52.9
Probable
Total

Processing Facilities

Metallurgical testwork was undertaken by Minerex in the 1980's with the Minerals Research Laboratory of North Carolina State University, by Dorfner Anzaplan in 2017 and by DRA/Dorfner Anzaplan in 2018. This work was utilised by DRA in the process design for the Project.

RoM is crushed in two stages underground and screened. The +8mm goes to ore sorting using lasers in two stages where the waste is rejected. The accepted material is combined with the -8mm material and undergoes two further stages of crushing and is then trucked to surface.

The material passes through reflux classifiers to remove mica, is ground, then undergoes attrition scrubbing, passes through magnetic separation to remove magnetic waste, mica flotation to remove residual mica and then spodumene flotation where a 6% Li2O concentrate is produced. The flotation tailings then pass through feldspar flotation to recover a feldspar concentrate and the tailings are scavenged of feldspar to produce a quartz concentrate. Spodumene concentrate is thickened and filtered for truck transfer to the hydrometallurgical plant. The process is shown in Figure 6. The feldspar and quartz concentrates are thickened, filtered and dried for transport to customers.

The overall lithium recovery from RoM to spodumene concentrate is 75.4%
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Figure 6: Spodumene and By-product Recovery

Tailings from the concentrator are thickened, detoxed, and pumped to the underground paste backfill plant, where cement is added, and the tailings returned to mined out stopes.

Spodumene concentrate will be trucked to the hydrometallurgical plant. The spodumene enters a flash calciner for conversion from alpha to beta form. It is then baked with sulphuric acid and then leached with water to form a lithium sulphate solution. After solid liquid separation the lithium sulphate solution undergoes a number of purification steps to remove impurities. It is then reacted with sodium carbonate to form a lithium carbonate precipitate. This then undergoes bicarbonation with carbon dioxide to increase the purity. The purified lithium carbonate is reacted with lime to transform the lithium carbonate to lithium hydroxide which is purified and crystallised to form lithium hydroxide monohydrate which is dried and packaged for shipment to battery plants. Previous testwork by Dorfner Anzaplan demonstrated that battery grade products can be made (ASX release - Battery Grade Lithium Carbonate and Hydroxide made from Wolfsberg spodumene concentrate, 27 July 2017). The overall lithium recovery from spodumene concentrate to lithium hydroxide monohydrate is estimated at 89.7%

The flowsheet for the conversion of lithium in spodumene to lithium carbonate is shown in Figure 7 and the flowsheet for the transformation of lithium carbonate to lithium hydroxide monohydrate is shown in Figure 8.
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Figure 7: Flowsheet for conversion of lithium in spodumene to lithium carbonate
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Figure 8; Flowsheet for transformation of lithium carbonate to lithium hydroxide

Hydrogeology

SRK has undertaken an initial hydrogeology study. Total water inflows into the current mine workings were estimated at 26-31lps and as the majority of underground development is assumed to be below water table, this will increase as the mine develops. It is envisaged that the mine water will be sufficient for all process requirements and no supplemental water will be necessary. It is expected that the site will be in water excess and that water will need to be discharged to the environment after treatment.

The Mining Law provides for the mining licence holder to utilise all water encountered during mining activities.

Infrastructure

The mine site is accessed via an existing surfaced road from Wolfsberg (18km) and the current forest road (2km) will need to be surfaced. No camp facilities are required as personnel during construction and operations will house themselves in Wolfsberg and other nearby towns.

The power requirement at mine site is 13MW and this will be provided by the local utility, Kelag, via an underground cable from the Wolfsberg substation. The hydrometallurgical plant requires 11.5MW and this will be supplied from nearby power lines.

The hydrometallurgical plant will connect to the nearby natural gas transmission line for gas required for the flash calciner.

Road and rail infrastructure is in place for product distribution.

Marketing

Benchmark Minerals Intelligence, a leading analyst of the battery materials market and publisher of monthly lithium price assessments, was engaged to provide an analysis of the lithium carbonate and lithium hydroxide market particularly pertaining to Europe and a forecast of lithium hydroxide prices in Europe.

There are 25 current lithium battery projects in construction or development with a total capacity of 338GWh. Four of these projects are in Europe with 78.5 GWh capacity. The lithium battery demand for Europe is shown in Figure 9. By 2025 Europe will account for 24% of global lithium battery demand. This translates to a lithium demand over 100,000tpa LCE by 2025 as shown in Table 10 whilst currently there is no meaningful production in Europe.
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Figure 9: Lithium battery demand in Europe to 2025
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Figure 10: LCE demand in Europe for battery plants to 2025

The trend in lithium battery manufacture is to use increasing nickel and less cobalt and this requires the use of lithium hydroxide rather than lithium carbonate. Hence, Benchmark Minerals Intelligence forecast that growth in use of lithium hydroxide will be 2.5 times the growth of lithium carbonate.

Benchmark Minerals Intelligence has assessed the global requirement for lithium to increase from 180,000t LCE in 2016 to 650,000t LCE by 2025 with growth in demand for electric vehicles. There are numerous projects planning to bring on lithium capacity particularly Australian producers producing spodumene concentrates for sale to China. Increasingly Chinese customers are taking equity interests in the Australian producers in order to ensure security of supply into China. The price forecast from Benchmark Minerals Intelligence is shown in Table 5. This projects the price of lithium hydroxide in Europe to increase from the 2017 level through 2022 and then decline as additional production comes on stream. Beyond 2025 a real terms price of US$15,000/tonne lithium hydroxide is forecast. The mid point of the high-low forecast by Benchmark Minerals has been used for the economic evaluation. This equates to an average price LOM of US$18,351.

Table 5: Pricing Forecast for Battery-Grade Lithium Carbonate and Lithium Hydroxide to 2025 (USD/kg)
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(Source: Benchmark Mineral Intelligence 22 February 2018)

Orykton Consulting analysed the market for spodumene and projected that with the increased production from Australia the price to China would decline to about US$550/tonne from 2019.

Target markets and prices for the by-products from Wolfsberg were also assessed by Orykton. Feldspar would be targeted into Italy at a net back price of 31.5/tonne to the ceramics industry, quartz to Austrian glass manufacturers at a net back price of 74/tonne, sodium sulphate would have a net back price in Austria of 78/tonne and aluminium silicate a net back price of 12/tonne to Austrian cement producers.

Environmental and Permitting

Baseline studies have been undertaken at the mine site which is a commercial forest. There are no natural or water protection orders in place. A potential conflicts study has been undertaken which highlights the increase in road traffic through the town of Frantschach St Gertraud as being of concern. This will be mitigated by limiting transport through the town to the spodumene concentrate going to the hydrometallurgical plant in Wolfsberg. The other products, which are the major quantity, would take the road in the other direction towards Deutschlandsberg. Traffic and noise studies are being commissioned.

There have been no base line studies as yet at the hydrometallurgical plant site. This land is currently farmland in a growing industrial area. A proposal has been received from Umweltbüro to undertake the environmental studies required to rezone the land to industrial use.

Permitting responsibility at the mine site is that of the Mining Authority. Legal guidance is that no environmental impact assessment (EIA) is required, which will be confirmed by a formal screening process, but the submission of a mining plan, which is required before mining can commence, must address environmental issues. The hydrometallurgical plant falls under the regional environmental authority of Carinthia and will require an EIA.

The results of the PFS will be presented to the Mining Authority and the Carinthian Government with the intention to arrange an efficient permitting approval process.

Capital Costs

The capital costs of the Base case project is US$388.6 million (A$479.8 million). The composition of the capital cost is shown in Table 6.

Table 6: Summary of Capital Cost Estimate
Description Sub-Total
Mining USD78,206,826
Concentrator Plant Underground USD18, 540,795
Concentrator Plant Surface - USD38,897,057
Spodumene

Concentrator Plant Infrastructure USD28,357,356
By Products Plant Surface USD20,557,546
By Products Plant Surface USD5,193,431
Infrastructure

Hydro Metallurgical Plant USD85,190,331
Hydro Metallurgical Plant USD10,272,702
Infrastructure

Project Indirect and Services USD37,638,470
Project - Wolfsberg Lithium (includinUSD322,854,513
g

Construction Overheads)
Design Development /Contingency USD45,634,152
Total Project Costs USD368,488,666
Owners Cost USD20,088,799
Total Project Cost USD388,577,465

Operating Cost

The Base case cost at mine site to produce spodumene concentrate is shown in Table 7. Gross costs are US$882.9/tonne which reduces to US$685.6/tonne after by-product credits of feldspar and quartz. Mining costs including tailings backfill are 69.6% of gross costs.

Table 7: Spodumene Production Costs Gross and after By-Product credits
Area Cost LOM USD Cost/tonne
($m) spodumene

Mining 379.0 570.4
Tailings Backfill 29.6 44.5
Crushing and Sorter 11.2 16.9
Concentrator 166.9 251.2
Total Production Cost 586.7 882.9
(gross)

Feldspar/Quartz by-product (131.1) (197.3)
credit

Production Cost after 455.6 685.6
by-product
credit

The Base case operating costs to produce lithium hydroxide are shown in Table 8. Gross production cost is US$8,738.6/tonne which reduces to US$7,160.2 after by-product credits.

Table 8: Lithium Hydroxide Costs gross and after By-Product Credits
Area Cost LOM ($m) USD
Cost/tonn
e
LiOH

Mine Site Spodumene 586.7 5,824.1
Production

Spodumene Transport Costs 5.0 49.6
Hydrometallurgy conversion 259.0 2,571.1
to
LiOH

Management Costs 29.7 294.8
Total Production Cost 880.3 8.738.6
(Gross)

Total by-product credits (159.0) (1,578.4)
Production Cost after 721.3 7,160.2
By-Product
Credit

Economic Evaluation

The project evaluation summaries for the Base case and the Accelerated case are shown in Table 1. Sensitivity analyses were undertaken on the Base case. The project is most sensitive to lithium hydroxide price. The price of lithium hydroxide would have to drop by 25%, to US$13,800/tonne from the annual prices used for the LOM, before pre-tax NPV8 falls to zero.
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Figure 11: Pre-tax NPV and IRR sensitivity to changes in Capital Expenditure, Operating Costs and Lithium Hydroxide price

The economic analysis showed that the investment in the by-products plant to produce feldspar and quartz was worthwhile. The capital investment was established at US$27 million and added US$26 million to the Project NPV8.

The market strategy for Wolfsberg is to sell lithium hydroxide to the lithium battery plants of Europe. A strategy buoyed by the European Battery Alliance given their objective to create competitive and sustainable, battery cell manufacturing in Europe supported by a full EU-based value chain.

The Accelerated case, summarised in Table 1, clearly shows the benefits in increasing NPV and reducing operating costs by increasing production on top of established infrastructure and fixed costs. Further production increase to the 800,000tpa mined will be studied in the DFS, following declaration of increased Indicated resources, and it is expected that this will increase NPV further.

The economic evaluation was carried out on an all equity basis. Discussions have been held with the Carinthian and Federal Government investment agencies which are keen to lead an application for EC support funding through existing structural funds that are administered by national states. Such funding, if it materialises, would gear up the returns on the Project.

Implementation

The project schedule estimates 25 months from release of funding/permits in place to full production.
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The financial and production models are based on a 1 January 2019 kick off. The Company will immediately start work to finalise the areas of metallurgy, hydrogeology, land access and environmental identified in the PFS together with the Zone 1 drilling so that the DFS can be initiated in July 2018 for completion by end of 2018. Permitting and financing activities will be undertaken in parallel.

Tony Sage
Non-Executive Chairman
European Lithium Limited

END

Visit the Companys website to find out more about the advanced Wolfsberg Lithium Project located in Austria.

Competent Persons Statement

The information in this announcement pertaining to the Wolfsberg Lithium Project, and to which this statement is attached, relates to Ore Reserves. These have been prepared by Jurgen Fuykschot who is a Member of the Australian Institute of Mining and Metallurgy with over 23 years of experience in the mining and resource exploration industry. Mr. Fuykschot has sufficient experience, as to qualify as a competent Person as defined in the 2012 edition of the Australian Code for Reporting of Mineral Resources and Ore reserves. Mr. Fuykschot consents to the inclusion in the report of the matters based on information in the form and context in which it appears. The company is reporting under the 2012 edition of the Australasian Code for the Reporting of Results, Minerals Resources and Ore reserves (JORC code 2012).

The information in this announcement pertaining to the Wolfsberg Lithium Project, and to which this statement is attached, relates to Project Development and Metallurgical Studies and is based on and fairly represents information and supporting documentation provided by the Company and its Consultants and summarized by Dr Steve Kesler who is a Qualified Person and is a Fellow of the Institute of Materials, Minerals and Mining and a Charted Engineer with over 40 years experience in the mining and resource development industry. Dr Kesler has sufficient experience, as to qualify as a Competent Person as defined in the 2012 edition of the Australian Code for Reporting of Mineral Resources and Ore reserves. Dr Kesler consents to the inclusion in the report of the matters based on information in the form and context in which it appears. The company is reporting progress on project development and metallurgical results under the 2012 edition of the Australasian Code for the Reporting of Results, Minerals Resources and Ore reserves (JORC code 2012).

To view original news in English including JORC code, please follow the link: https://www.asx.com.au/asxpdf/20180405/pdf/43syz8psdt9rb0.pdf

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Datum: 05.04.2018 - 07:23 Uhr
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