Canada

Barbara Lake Lithium Property

Thunder Bay, Ontario

NORTH AMERICAN GIGAFACTORIES

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Summary

The Barbara Lake Lithium Property comprises of 56 mining claims covering approximately 2,147 hectares’ land in the Barbara Lake Area of the Thunder Bay Mining District, Ontario, Canada.

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CLAIM AREA

The property is located about 160 kilometres to the northeast of the City of Thunder Bay near provincial Highways 11 and 17.

From Highway 11, an extensive network of gravel and tertiary bush roads provide access to various claim groups. Power and water are readily available and skilled labour can be sourced in the town of Beardmore, Nipigon, and Thunder Bay.

The City of Thunder Bay is a major transportation hub for Canada with the largest outbound port on the St. Lawrence Seaway system, railway lines and an international airport.

REGION

The property is part of the Georgia Lake lithium pegmatite fields and is in a very active lithium exploration area with several junior mining companies’ exploring for lithium and rare metal pegmatites.

The Property is in the vicinity (within 5-10 kilometers) of Rock Teck Lithium’s Georgia Lake property.

Rock Tech Lithium has released a PEA with the results including an after-tax NPV of $210-million and an after-tax IRR of 48.1%. The company also released an NI 43-101 compliant resource estimate that resulted in a measured resource of 1.89 million tonnes grading 1.04% Li2O, an indicated resource of 4.68 million tonnes grading 1.00% Li2O and an inferred resource of 6.72 million tonnes grading 1.16% Li2O*

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(Source: https://www.rocktechlithium.com/). Other Juniors in the area include Ultra Resources Inc. and International Lithium Inc. (* See note below)

(*Note) Cautionary Statement: Specific details on this page regarding peer results including reference to grade and resource information are taken from publicly available sources which are identified in the text. The Company has not been able to independently verify the information contained herein. The information is not represented as indicative of the mineralization on the Barbra Lake Property but has been made available for regional research purposes. See our note regarding Historic Resources on page 22.

GEOLOGY

Geology and lithium deposits of this area are described in Geological Report No. 31, Georgia Lake Area by E.G. Pye, published by the Ontario Department of Mines during 1965, and other publications available with the Ministry of Northern Development and Mines (MNDM Ontario) online database.

The information shows the area to be underlain by Archean metasediments composed of a series of biotite-quartz-feldspar-biotite schists and gneisses and invaded by Precambrian diabase sills and dikes. The metasediments were also intruded by granitic rocks, including aplite, pegmatite and feldspar porphyry dikes which predate the diabasic invasion.
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