Widgie Nickel Limited provided assay results from the outstanding 8 Reverse Circulation (RC) holes from a maiden 18-hole program completed at the Faraday Lithium prospect. Drilling conducted on a nominal 40m x 40m spacing over approximately 175 metres of strike has identified lithium bearing pegmatite extending beneath a 600-metre surface outcrop measuring up to 25 metres wide. The complete set of drill results outlined in Table 1 and illustrated in Figure 1 ¡ 6 is an extremely promising start, highlighting the continuous presence of lithium-bearing pegmatite at a high-grade (0.8%).

The results encourage the Company to significantly increase lithium exploration activity to fully assess the potential scale of the Faraday prospect. The preliminary RC drilling was conducted to provide an indication of the orientation of the pegmatite and the potential distribution of any associated lithium mineralisation. This drilling has been highly successful, and with only very limited shallow drilling done to date, the presence of high-grade lithium values intersected within the pegmatites demonstrate that the area has the potential to host an economic discovery.

The drilling and assays confirm the pegmatites display a degree of internal fractionation and/or are multiple events with higher lithium grades more often on the contacts of the pegmatite, with further studies planned to determine the elemental distribution. The higher grade (>0.8%) lithium appears to demonstrate good continuity in an NNE/NE orientation within the overall N/S striking pegmatite with infill drilling designed to test this. The Company in tandem with continuing its nickel drill program will now accelerate its lithium exploration across its tenure.

Lithium results (Li, B, Cs and Rb) by Inductively Coupled Plasma "ICP" were prioritised in the assay laboratory and are now all received with X-ray Fluorescence "XRF" results to complete the assay suite (Al, Ba, Ca, Fe, K, Mg, Mn, Nb, P, S, Sn, Sr, Ta, W) pending. The Mt Edwards Project lithium tenements cover the northern margin of the Widgiemooltha Dome. The region is well endowed with lithium occurrences and includes three major resources at Dome North (Essential Metals Limited) to the south, Bald Hill (Lithco) to the east and Mt Marion (Mineral Resources Limited /Gangfeng JV) to the north.

The Mt Edwards Project lithium tenements have had limited exploration for lithium to date. Specific to the Faraday prospect the pegmatite bodies are a result of a late-stage fractionated intrusive event interpretedto be located proximal to larger scale granitic intrusion. Coarse grained spodumene has been recorded at multiple surface locations, with the outcrop covering a strike extent of approximately 600 metres in a north-south orientation.

The pegmatite outcrop varies in width from 1 metre up to 25 metres. Soil anomalism indicates the intrusive body extends further to the north undercover as supported by sporadic pegmatite outcrops to the north. Interpretation of the RC drilling indicates Faraday is a stacked pegmatite system dipping shallowly at 25o to the west with widths varying up to 18m in downhole width with minor parasitic veins narrower in thickness and hosted within the Mt Edwards ultramafic suite.

The base of weathering/oxidation is extremely shallow, with oxidation and clay minerals observed to a depth of less than 5-10m. Spodumene mineralisation whilst occurring throughout the logged pegmatite body shows variable zonation which is supported by the RC drilling assay results and the new diamond core. High grade zones of spodumene mineralisation are found concentrated locally within pegmatite veins that require further drilling and investigation is needed to understand the mineralisation controls.

Drilling to date has tested only ~175m of strike down to 50m vertical depth with the new intercept of 7m @ 1.17% Li2O from surface providing further encouragement that there is potential for a fast-tracked small mining operation which can feed into a possible direct shipping arrangement. Infill drilling within the area currently drilled to achieve better mineralisation definition is planned for commencement in mid January with drill density varying from 20m by 20m to some areas designed to be covered on an 10m x10m pattern coincident with better lithium grades. Upon completion, the Company intends to complete a material RC drilling campaign to test the potential of the system along strike (over 400m of untested outcrop) and at depth.

Pending heritage clearance and ongoing drill success the program can thereafter expand further as success dictates. Metallurgical testing including XRD testing of mineralogy and physical testing of the drill core is now underway with work comprising initial crushing and sizing analysis to understand if any natural bias exists where spodumene reports to certain size fractions preferentially with various other testing regimes planned thereafter upon completion of this initial work.