Tonopah Flats Lithium Project

Sedimentary claystone lithium project about seven miles northwest of Tonopah in Esmeralda and Nye Counties, Nevada, comprising 517 unpatented federal lode mining claims over approximately 10,680 acres, 100% owned by the Company. The project is planned as an open-pit operation feeding a 33,000-ton-per-day processing circuit. An S-K 1300 Technical Report Summary with an Amended Initial Assessment and project economics was completed by RESPEC (effective resource date December 21, 2023; price-based summary at fiscal year ended June 30, 2025), classifying Measured, Indicated and Inferred resources constrained within an optimized pit at a 300 ppm Li cut-off within claystone. The Initial Assessment assumed a lithium hydroxide monohydrate price of $40,000/ton, 65.7% Li metallurgical recovery, mining cost of $2.45/ton mined, processing cost of $11.62/ton processed and G&A of $0.38/ton processed. A 2025 geotechnical and exploration drilling program (eight core holes, 2,056.5 m, plus sonic holes) was completed to inform the Mine Plan of Operations and an SK-1300 preliminary feasibility study expected in the first quarter of fiscal year 2026. The resource has no demonstrated economic viability as mineral reserves have not been established. Lithium Hydroxide Monohydrate (LHM) tons calculated at a factor of 6.0459 relative to contained Li.