ZIMBABWE

LITHIUM

Zimbabwe Hard Rock Lithium

21 new Licenses granted in eastern Zimbabwe

Odzi West lithium project secured through the grant of 11 new Licenses in eastern Zimbabwe

10 other Licenses granted at the Bepe and Day Dawn projects, which are now covered by granted Licenses

The Company now holds 59 licences which comprise 8 hard rock lithium projects in the Mutare Greenstone Belt in eastern Zimbabwe with

Odzi West lithium project secured, further to our increasing knowledge on the hard rock lithium potential in the Mutare Greenstone

The Mutare Greenstone Belt has at-or-near surface pegmatites with undeveloped lithium potential and which are exposed at surface through outcrops or historical workings (for tantalite or other pegmatitic minerals)

License area: 234 ha

No. Licenses: 11

Li3 Ownership: 100%

Note: Some licenses pending grant

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Lithium Consolidated Ltd (“Lithium Consolidated”, “Li3” or the “Company”) is pleased to announce that we have been granted 21 new Prospecting Licenses (the “Licenses”) in eastern Zimbabwe and through this we have secured the Odzi West hard rock lithium project in eastern Zimbabwe, which comprises 11 of the newly granted Licenses in eastern Zimbabwe.

We have also been granted 10 other Licenses at the Bepe and Day Dawn projects to consolidate our position over the previously announced, Bepe and Day Dawn lithium exploration projects (see Figure 2).

The company has a total of 59 Licenses covering an area of 2,543 ha in the Mutare Greenstone Belt in eastern Zimbabwe (see Figures 1 and 2), with 50 granted Licenses covering an area of 1,590 ha and 9 License applications, which are pending grant and which cover an area of 953 ha.

The Odzi West lithium project was secured further to our increasing knowledge of the hard rock lithium potential in the Mutare Greenstone Belt pegmatites, based on our initial exploration activities.

Odzi West Lithium Project

The Odzi West Project comprises 11 of the newly granted Licenses and is located at the south-western end of the Mutare Greenstone Belt (see Figure 1). There are at least seven clusters of artisanal workings on distinct, separate pegmatites here with historical reports documenting the presence of spodumene in one area of moderately extensive workings, and petalite in another area of workings. Image analysis indicates that the pegmatites could be moderately extensive as several appear to be flat-lying, with near surface sheet-like configurations. The artisanal and historical workings have produced beryl and tantalite in the past and appear to be inactive at present. Overall, there are encouraging indications of prospects worthy of further evaluation for their lithium and tantalum potential, with several of the clusters of artisanal workings within the newly granted licences.

Figure 1 licences comprising the Odzi West Lithium Exploration Project

New Licenses Granted

The Company has a total of 59 Licenses covering an area 2,543 ha, with 50 granted Licenses covering an area of 1,590 ha and 9 License applications which are pending grant and cover an area of 953 ha.

In addition to the 11 Odzi West Licenses, we were granted a further 10 Licenses at the Bepe and Day Dawn lithium projects.

The Company has 9 License Applications, which are still pending grant and cover anarea of 953 ha at the Magoda and Chisuma projects.

Figure 2 Mutare Greenstone Belt Lithium Exploration Projects

Note: (a) Additional Licenses under application for new areas of interest.

The Zimbabwe Projects could be developed independently or as satellite mining operations given the proximity of the projects to each other, depending on the results of exploration and mineral resource delineation.

The Zimbabwe Projects cover pegmatite outcrops and artisanal mine workings for beryl and tantalite and the possible concealed extensions of the exposed pegmatites.

Figure 3 The 8 projects within the Mutare Greenstone Belt

Zimbabwe Hard Rock Lithium Projects

The Company has secured eight (8) lithium exploration projects in the Mutare Greenstone Belt, located close to the border-town of Mutare in eastern Zimbabwe (Figure 4).

The Mutare Greenstone Belt has:

  •  locally extensive LCT pegmatites which were historically mined for beryl, tantalite, cassiterite, and lithium minerals;
  • potentially flat-lying pegmatites that could be suited to open pit mining, depending on the results of future evaluation; and
  • spodumene, petalite, and lepidolite mineralised pegmatites, identified in outcrops and in the historical workings.

The Zimbabwe Lithium Projects are 300km from the port of Beira in Mozambique and approximately 60km from the Mutare Railhead on the border between Zimbabwe and Mozambique, which is connected to the port of Beira in Mozambique by the operating Mutare-Beira railway line.

Figure 4 Zimbabwe Hard Rock Lithium Projects and Infrastructure