Mineral Resource Estimate

The Imerys British Lithium Project is supported by a Mineral Resource Estimate prepared in accordance with JORC and PERC.

Table 1: Mineral Resource Estimate 18th May 2023

Classification (JORC & PERC) Geology Tonnage
Inferred Mineral Resources G5 131.0 2,646 0.571
Lode 29.7 1,828 0.394
Total Inferred Mineral Resource   160.8 2,495 0.536

Li cut-off grade: 700 ppm Li, within a preliminary pit shell and a radius of 100 m around assayed drill holes. From surface down to 0m RL. Revised 18th May 2023. Prepared in accordance with JORC and PERC.

Above: Project Location Map

In 2018, Imerys British Lithium made history by becoming the first company to drill for lithium in the UK. We discovered a significant lithium deposit within Imerys-owned land, specifically in a micaceous granite that had never before been exploited for lithium.

We are pleased to share that we have established an Inferred Mineral Resource, of 160.8 million tonnes at 0.54% lithium oxide at a cut-off grade 0.15% ppm Li2O [1]. This Resource therefore contains 2,150,000 tonnes of lithium carbonate equivalent2, and is the largest reported in the UK, and one of the largest in Europe.

[1]. To convert percentage lithium (Li) to percentage lithium oxide (Li2O) multiply by 2.153, to convert Li to lithium carbonate (Li2CO3) multiply by 5.323.

We have commenced an extensive drilling program, one of the largest in recent Cornish history, to expand and enhance the resource. This will enable us to create a detailed mine plan, schedule, and geotechnical assessment, alongside conducting a Pre-Feasibility Study. These steps will ultimately lead to the declaration of a Minable Ore Reserve reported in accordance with the JORC Code 2012, which we anticipate will provide a mine life of at least 25 years, producing 20,800 tonnes per annum of lithium carbonate equivalent.

Above: 3D Visualisation of Imerys British Lithium Project Mineralisation

Above: Reverse Circulation Drilling part of PFS infill drilling campaign

The Mineral Resource Estimate was prepared by Mr Mathew Watson BSc (Hons), Grad Cert Geostats, MAusIMM, Head of Geology, on 18 May 2023 and the Inferred Resources classified in accordance with the December 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code 2012”). Mr Watson is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a “Competent Person” as defined in the JORC Code 2012. The cut-off grade used of 0.15% ppm Li2O is based on the inputs used for the open-pit optimisation and the Inferred Mineral Resource is constrained by a pit shell based on Reasonable Prospects of Eventual Economic Extraction. Mr Watson consents to the inclusion in this report of the matters based upon the information in the form and context in which it appears.

To download the “Competent Person Statement and Table” click here.