Burwill : Announcements and Notices - Announcement - Business Update on Bald Hill Lithium Project

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Incorporated in Bermuda with limited liability)

(Stock Code: 24)

ANNOUNCEMENT

BUSINESS UPDATE ON BALD HILL LITHIUM PROJECT

The Board of Burwill Holdings Limited is pleased to announce, according to the data on the published announcements made by AMAL and Tawana in SGX-ST and ASX respectively on 12 December 2017, the Bald Hill lithium project in western Australia, which BCL, a wholly-owned subsidiary of the Company, owns exclusive off-take right of lithium concentrates, is on track to commence lithium concentrate production in 1st Quarter, 2018.

HIGHLIGHTS

DMS Plant construction activities have advanced significantly since the last update on 28

November 2017:

• • Steelwork installation nearing completion.

• • Piping and electrical cabling advancing.

• • Power station installed and partly commissioned.

• • ROM pad and crusher pad near completion.

• • Mining ramping up with daily movements reaching 16,000m3 per day.

• • On schedule to commence lithium concentrate production this Quarter.

• • Work on reserve upgrade underway and results also expected this Quarter.

About Bald Hill Lithium Project in Western Australia

On 20 April 2017, BCL entered into exclusive lithium concentrate Offtake Agreements with Lithco, AMAL and Tawana respectively, pursuant to which, BCL gains exclusive selling rights to the lithium concentrate flowing from the Bald Hill Project in western Australia for a five years term and pre-emptive rights to the same for subsequent five years.

Since November 2017, BCL had completely subscribed for the Subscription Shares representing approximately 13.47% of the existing issued share capital of AMAL in accordance with the AMAL Subscription Agreement entered into between AMAL.

Since November 2017, a wholly-owned subsidiary of Jiangte Motor, the parent company of BCL's joint-venture partner for lithium carbonate/hydroxide production in Jiangxi province, had completely subscribed for Tawana's shares representing approximately 11.35% of the existing share capital of Tawana in accordance with the share subscription agreement entered into between Tawana.

In order to increase transparency, the Company intends to provide project updates on an irregular basis. The relevant information will be reported in summary format and may not be comprehensive. Taking into consideration constraints such as market competition or confidential business information, the Company will provide updates on those matters which the management considers them to be crucial with regard to the project.

Figure 1 | Project Location map

Figure 2 | Plant overview (DMS in foreground) - December 2017

Figure 3 | DMS Plant - December 2017

Figure 4 | Piping and Electrical Work - Jan 2018

Figure 5 | Waste blast - January 2018

DEFINITIONS

Unless the context otherwise requires, the following terms used herein have the following meanings:

"AMAL"	Alliance Mineral Assets Limited, a company
incorporated in Australia, and is admitted to the
official list of SGX-ST
"ASX"	ASX Limited ACN 008 624 691 and, where the
context requires, the Australian Securities
Exchange operated by ASX Limited
"Australia"	the Commonwealth of Australia
"BCL"	Burwill Commodity Limited, a company
incorporated in Hong Kong with limited liability,
a wholly-owned subsidiary of the Company
"Board"	the board of Directors
"Company"	Burwill Holdings Limited, a company
incorporated in Bermuda with limited liability, the
issued shares of which are listed on the Main
Board of the Stock Exchange
"Directors"	the directors of the Company
"Hong Kong"	the Hong Kong Special Administrative Region of
the PRC
3

"Jiangte Motor"

Jiangxi Special Electric Motor Co., Ltd, a company incorporated in China, shares of which are listed on the Shenzhen Stock Exchange

"Lithco"

Lithco No. 2 Pty Ltd, a company incorporated in Australia

"Offtake Agreement(s)"

BCL entered into the offtake agreements dated 20 April 2017 with Lithco, AMAL and Tawana, details of which are disclosed in the announcements of the Company dated 20 April 2017 and 23 October 2017

"SGX-ST"

The Singapore Exchange Securities Trading Limited

"Stock Exchange"

The Stock Exchange of Hong Kong Limited

"AMAL Subscription Agreement"

the share subscription agreement dated 4 October 2017 entered into between AMAL and BCL, details of which are disclosed in the announcement of the Company dated 4 October 2017

"Subscription Shares"

74,810,228 fully paid ordinary shares in the capital of AMAL

"Tawana"

Tawana Resources NL, a company incorporated in Australia, shares of which are listed on the Australian Securities Exchange

By order of the Board Burwill Holdings Limited

KWOK Wai Lam

Director

Hong Kong, 15 January 2018

As at the date of this announcement, the Board of the Company comprises Mr. Chan Shing, Ms. Cheung Kwan, Mr. Sit Hoi Tung, Mr. Kwok Wai Lam and Mr. Sham Kai Man as executive directors; Mr. Cui Shu Ming, Mr. Chan Ming Fai, Mr. Tsang Kwok Wa and Mr. Cheung Sing Din as independent non-executive directors; and Mr. Huang Shenglan as non-executive director.