New Risk • Mar 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 84% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (13% net profit margin). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (AU$39.1m market cap, or US$27.8m). New Risk • Mar 10
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: AU$694k (US$491k) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$694k revenue, or US$491k). Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (AU$33.5m market cap, or US$23.7m). Announcement • Oct 06
Prairie Lithium Limited, Annual General Meeting, Nov 10, 2025 Prairie Lithium Limited, Annual General Meeting, Nov 10, 2025. Location: at the level 2, 10 outram street, western australia, west perth, Australia Announcement • Aug 05
Navajo Transitional Energy Company, LLC completed the acquisition of Big Sandy Lithium Project and Lithium Research Center in Arizona from Arizona Lithium Limited (ASX:AZL). Navajo Transitional Energy Company, LLC agreed to acquire Big Sandy Lithium Project and Lithium Research Center in Arizona from Arizona Lithium Limited (ASX:AZL) for $5 million on July 9, 2025. The Mining Services Agreement entered into between Arizona Lithium Limited and NTEC on March 8, 2024 will terminate on closing and the remaining AZL shares subject to escrow will be released as full and final reimbursement for expenditures incurred by NTEC towards unsatisfied milestones which exceed the value of the shares released from escrow. The proceeds from the sale will be invested into the Prairie Lithium Project that is in the development phase and therefore much closer to production.
Navajo Transitional Energy Company, LLC completed the acquisition of Big Sandy Lithium Project and Lithium Research Center in Arizona from Arizona Lithium Limited (ASX:AZL) on August 4, 2025. New Risk • May 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (27% average weekly change). Earnings have declined by 30% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Revenue is less than US$5m (AU$1.7m revenue, or US$1.1m). Market cap is less than US$100m (AU$31.6m market cap, or US$20.3m). Announcement • Mar 19
Arizona Lithium Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million. Arizona Lithium Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 333,333,333
Price\Range: AUD 0.006
Security Features: Attached Options New Risk • Feb 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 32% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Revenue is less than US$5m (AU$1.7m revenue, or US$1.1m). Market cap is less than US$100m (AU$49.2m market cap, or US$30.9m). New Risk • Jan 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$17m free cash flow). Earnings have declined by 32% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Revenue is less than US$5m (AU$1.7m revenue, or US$1.1m). Market cap is less than US$100m (AU$53.7m market cap, or US$33.2m). Announcement • Oct 28
Arizona Lithium Limited, Annual General Meeting, Nov 26, 2024 Arizona Lithium Limited, Annual General Meeting, Nov 26, 2024. Location: the celtic club, 48 ord street, west perth wa, Australia New Risk • Sep 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$17m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$17m free cash flow). Earnings have declined by 32% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (40% increase in shares outstanding). Revenue is less than US$5m (AU$2.2m revenue, or US$1.5m). Market cap is less than US$100m (AU$71.6m market cap, or US$49.4m). New Risk • Jun 19
New major risk - Revenue and earnings growth Earnings have declined by 18% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 18% per year over the past 5 years. Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$89.5m market cap, or US$59.7m). New Risk • May 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (43% increase in shares outstanding). Market cap is less than US$100m (AU$80.7m market cap, or US$53.1m). Breakeven Date Change • Mar 13
Forecast to breakeven in 2026 The analyst covering Arizona Lithium expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$14.1m in 2026. Average annual earnings growth of 105% is required to achieve expected profit on schedule. Announcement • Jan 23
Arizona Lithium Limited, Annual General Meeting, Feb 22, 2024 Arizona Lithium Limited, Annual General Meeting, Feb 22, 2024, at 10:00 W. Australia Standard Time. Location: Level 2, 10 Outram Street, West Perth Western Australia Australia Agenda: To discuss the ratification of prior issue of trance 1 flow through placement issues LISTING RULE 7.1 and LISTING RULE 7.1A ; to discuss the ratification of prior issue of trance 1 options; to discuss the ratification of prior issue of trance 2 securities ; and to discuss ratification of prior issue of JLM options. Recent Insider Transactions Derivative • Jan 09
MD & Director exercised options and sold AU$1.1m worth of stock On the 5th of January, Paul Lloyd exercised options to acquire 35m shares at no cost and sold these for an average price of AU$0.031 per share. This trade did not impact their existing holding. For the year to June 2019, Paul's total compensation was 11% salary and 89% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2023, Paul's direct individual holding has increased from 43.68m shares to 59.35m. Company insiders have collectively sold AU$1.3m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Dec 22
Arizona Lithium Limited has completed a Follow-on Equity Offering in the amount of AUD 16.51633 million. Arizona Lithium Limited has completed a Follow-on Equity Offering in the amount of AUD 16.51633 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 328,356,469
Price\Range: AUD 0.0503
Discount Per Security: AUD 0.003018
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Buying Opportunity • Dec 19
Now 22% undervalued Over the last 90 days, the stock is up 156%. The fair value is estimated to be AU$0.052, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has declined by 13%. Revenue is forecast to decline by 100% in 2 years. Earnings is forecast to grow by 62% in the next 2 years. Announcement • Dec 18
Arizona Lithium Limited has filed a Follow-on Equity Offering in the amount of AUD 16.51633 million. Arizona Lithium Limited has filed a Follow-on Equity Offering in the amount of AUD 16.51633 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 328,356,469
Price\Range: AUD 0.0503
Discount Per Security: AUD 0.003018
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Buying Opportunity • Nov 15
Now 23% undervalued Over the last 90 days, the stock is up 116%. The fair value is estimated to be AU$0.053, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has declined by 13%. Revenue is forecast to decline by 100% in 2 years. Earnings is forecast to grow by 62% in the next 2 years. Recent Insider Transactions Derivative • Nov 03
MD & Director exercised options and sold AU$225k worth of stock On the 31st of October, Paul Lloyd exercised options to acquire 15m shares at no cost and sold these for an average price of AU$0.015 per share. This trade did not impact their existing holding. For the year to June 2019, Paul's total compensation was 11% salary and 89% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2022, Paul's direct individual holding has increased from 43.68m shares to 44.35m. Company insiders have collectively sold AU$1.3m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Oct 24
Arizona Lithium Limited, Annual General Meeting, Nov 28, 2023 Arizona Lithium Limited, Annual General Meeting, Nov 28, 2023, at 10:00 W. Australia Standard Time. Location: Level 2, 10 Outram Street West Perth Western Australia Australia Agenda: To receive and consider the annual financial report of the Company for the financial year ended 30 June 2023 together with the declaration of the Directors, the Director's report, the Remuneration Report and the auditor's report; to consider adoption of remuneration report; to consider election of Directors; and to consider other matters. Breakeven Date Change • Sep 27
Forecast to breakeven in 2026 The analyst covering Arizona Lithium expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$14.1m in 2026. Average annual earnings growth of 86% is required to achieve expected profit on schedule. Announcement • Feb 11
Arizona Lithium Limited, Annual General Meeting, Mar 14, 2023 Arizona Lithium Limited, Annual General Meeting, Mar 14, 2023, at 10:00 W. Australia Standard Time. Location: Level 2, 10 Outram Street, West Perth Western Australia Australia Agenda: To consider AMENDMENT OF CONSTITUTION; To consider APPROVAL TO ISSUE THE AZL SHARES, EXCHANGEABLE SHARES AND SPECIAL VOTING SHARE IN CONSIDERATION FOR THE ACQUISITION; To consider ISSUE OF PERFORMANCE RIGHTS TO RELATED PARTY PAUL LLOYD; To consider ISSUE OF PERFORMANCE RIGHTS TO RELATED PARTY MATTHEW BLUMBERG; To consider ISSUE OF PERFORMANCE RIGHTS TO RELATED PARTY; To consider ISSUE OF OPTIONS TO RELATED PARTY. Recent Insider Transactions Derivative • Dec 28
MD & Director exercised options and sold AU$1.0m worth of stock On the 21st of December, Paul Lloyd exercised options to acquire 15m shares at no cost and sold these for an average price of AU$0.07 per share. This trade did not impact their existing holding. For the year to June 2019, Paul's total compensation was 8% salary and 92% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2022, Paul has owned 28.68m shares directly. This was the only transaction from an insider over the last 12 months. Announcement • Dec 05
Arizona Lithium Limited Appoints Vern Lund to the Board Arizona Lithium Limited announced that NTEC Managing Director, Vern Lund will be appointed to the Board of AZL further strengthening the relationship if a definitive agreement is signed. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Barnaby Egerton-Warburton was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 02
Arizona Lithium Limited, Annual General Meeting, Nov 30, 2022 Arizona Lithium Limited, Annual General Meeting, Nov 30, 2022, at 09:00 W. Australia Standard Time. Location: Level 2, 10 Outram Street, West Perth Western Australia Australia Agenda: To receive and consider the annual financial report of the company for the financial year ended 30 June 2022 together with the declaration of the directors, the director's report, the remuneration report and the auditor's report; to consider adoption of remuneration report; to consider re-election of director Barnaby Egerton-Warburton; to consider adoption of incentive securities plan; to consider replacement of constitution; to consider approval of 7.1a mandate; to consider increase in total aggregate remuneration for non-executive directors; and to consider other matter, if any. Announcement • Oct 18
Arizona Lithium Limited Announces Completion of Big Sandy Scoping Study Arizona Lithium Limited announced the completion of the Scoping Study ("Scoping Study", "Study"), which has confirmed Big Sandy as being well positioned to become a long-term lithium producer to supply the rapidly growing demand for electric vehicles in North America. The Scoping Study represents another step in the process of evaluating extraction, treatment and transportation options, identifying key cost centres, that allow for evaluation and optimisation, thereby creating optimum value, while making the Project a global model for responsible and sustainable mining. As announced on 1 February 2022, AZL commenced the Scoping Study for the Big Sandy Lithium Project, focusing on: Identifying key cost centres enabling process and project valuation optimisation; Examining methods to lower water use while creating a favourable environmental and carbon footprint; and Incorporating Environmental, Social and Governance (ESG) inputs into the analysis in order to fulfil Arizona Lithium's goal of minimizing its carbon footprint. Arizona Lithium will fast track the development of the Big Sandy Project, with further processing and extraction test work to be undertaken at the Company's recently established Lithium Research Centre. As announced in June 2022, AZL has signed a 5-year lease to establish a world class Lithium Research Centre, which is located on a 9,700m2 property in Tempe, Arizona, approximately 15km southwest of Phoenix Sky Harbor International Airport. The Lithium Research Centre will function as a technology incubator focused on the extraction of lithium from a variety of ores and brines, as well as the production of battery-grade lithium chemicals for current and future battery technologies. Announcement • Jul 14
Arizona Lithium Limited Provides an Update on Lithium Exploration At the Company's Lordsburg Lithium Brine Project in the State of New Mexico, USA Arizona Lithium Limited provided an update on lithium exploration at the Company's Lordsburg Lithium Brine Project in the state of New Mexico, USA. Lordsburg Lithium Brine Project - Geophysics In consultation with Western Australia-based geophysical consultants, Resource Potentials, the Company completed a passive seismic survey and Titan magnetotelluric electromagnetics to test for potentially lithium mineralised subsurface brines. Similar geophysical methods have been used with success by Galan Lithium Limited on their Hombre Muerto Project in Argentina 1. The passive seismics HVSR survey was completed across the playa on 14, east north-east trendinglines, spaced at 250m with stations at intervals of 50m on lines 8 and 9 and 100m intervals on the remaining lines. Data from all 14 survey lines were gridded to generate a 3D surface and data grid for imaging and contouring, allowing an interpretation of an elongated sediment filled graben (valley). A deepening of the acoustic bedrock is observed towards the centre-east part of the survey area, likely the base of the north-north-west trending palaeo-valley bounded by north north-west trending interpreted faults. North-east and north-west trending depressions in the bedrock topography surface (black dashed lines) could represent palaeo-drainage paths/water flows.Paleochannel flow is interpreted to be towards the south where there was likely a deeper deposition centre. Overall drainage within the Animas Valley containing the Lordsburg Playa has been interpreted as flowing to the north. This possible flow reversal points to the potential presence of a local closed basin similar to that as observed in other lithium mineralised playa lake systems like the Clayton Valley. The Titan 24 Magnetotelluric survey (MT) was completed on fifty, 100m spaced sites, along a single east north-east trending line. The Titan survey collects two separate geophysical surveys; DCIP as well as Magnetotelluric (MT). DCIP provides resistivity and chargeability sections and the MT provides a deeper resistivity section. Based on the results of the geophysical surveys Resource Potentials have proposed three drill holes designed to test geophysical anomalies within the Magnetotelluric Titan (MT) data, as well as local deep anomalies on the acoustic bedrock derived from the passive seismic HVSR survey. These deep anomalies may relate to potentially lithium mineralised brines. The following figure, a 3D visualisationof the proposed drillholes, includes the MT resistivity inversion model. In the figure, the hotter colours (pinks) indicate high conductivity and cooler colours (whites) indicate higher resistivity as defined by the MT, whilst in the passive seismic HVSR hotter colours (yellow to red) indicate shallower acoustic bedrock and cooler colours (green to blue) indicate deeper acoustic bedrock. Proposed drill holes: Hole 1 (550m): Tests both the shallow high conductivity layer (purple) in the MT resistivity model (interpreted as brine or clay) and a local acoustic bedrock low defined by the passive seismics (blue). Hole 2 (500m): Lies north of Hole 1 and targets the shallow high conductivity layer (purple) in the MT resistivity model (interpreted as brine or clay) Hole 3 (800m): Targets a deep highly conductivity layer (red, likely brine) occurring in the deeper portion of the basin. Lordsburg Lithium Project; Following a strategic review of the Company's Lordsburg Lithium Project in early 2020, the Company staked a further 96 BLM claims adjacent to its existing 96 claims, doubling the Project landholding to 15.54km2. Historical surface sampling acquired by the Company returned values up to 114.5 ppm Li across the playa 2. This grade of lithium is in line with other Clayton Valley projects which show Li grades of 50-150ppm. The Lordsburg Project lies 15km to the southwest of the town of Lordsburg, New Mexico, within the playa lake system at the northernmost end of the Animas Valley. The basin is an elongated sediment filled graben (valley) surrounded by tertiary volcanic rocks, a similar setting to the Clayton Valley, host to the only producing lithium project in the USA. Stock wells on the eastern Animas basin margin, south of the Project, intersected steam and hot springs essential in the development of lithium bearing brines. A 1954 US Geologic Survey map shows a windmill just west of the Project, on the western basin margin, labelled as a "salt well" demonstrating the presence of highly saline subterranean water. Two of the large cost burdens on lithium brine projects are energy costs and transportation costs, however the Lordsburg Lithium Brine Project is located 16km from the 15MW Lightning Dock Geothermal Plant) and conveniently located right next to key interstate highways. Announcement • Jul 01
Arizona Lithium Announces Executive Changes Arizona Lithium Limited advised that, effective immediately, Mr. Shaun Menezes has been appointed as Company Secretary to Arizona Lithium, replacing Ms Oonagh Malone. Mr. Menezes is an accounting and finance professional with over 20 years experience. He has worked in the capacity of company secretary and chief financial officer of a number of ASX and SGX listed companies, held a senior management role within an ASX 200 listed company and was an executive director at a leading international accounting firm. He is a member of the Governance Institute of Australia and the Chartered Accountants Australia and New Zealand. Mr. Menezes is currently company secretary of several ASX-listed companies in the resources industry. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Barnaby Egerton-Warburton was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 01
Arizona Lithium Announces Commencement of Scoping Study on Big Sandy Lithium Project Arizona Lithium Limited announced the commencement of the scoping study for the Project, with the Company engaging Tucson, Arizona-based Ausenco Engineering USA South Inc. ("Ausenco") to complete the study. With the recent metallurgical advances and the imminent US BLM approval of a Stage 3 drilling program expected, the Company is focused on project implementation with Ausenco to examine all aspects of the Project from mining, through to processing and production. Promising new avenues are emerging to capitalise on the excellent infrastructure near the Big Sandy Lithium Project in Arizona, coupled with the strong Federal and Arizona stakeholder support for lithium and battery development. Recent results from bench-scale metallurgical test work by Hazen Research on mineralised material from the Big Sandy Lithium research include: Ore beneficiation has produced a concentrate containing 71% of the lithium in 36% of the whole ore mass. Four-hour duration leaching tests on the concentrate at 700C have yielded 87% lithium extraction. Sulfuric acid consumption of 490 kg/mt on the beneficiated concentrate, the equivalent of 176 kg/mt for the whole ore body. Ongoing test work is ramping up to produce larger quantities of beneficiated concentrate to increase the scale of the leaching tests enabling leach circuit optimisation. Sufficient quantities of leach solutions will be produced for optimisation of purification methods and the production of battery grade lithium carbonate, with Hazen producing "battery grade" 99.85% lithium carbonate in previous test work on the Big Sandy lithium mineralised material. AZL's current processing flow sheet is now determined. Announcement • Jan 20
Arizona Lithium Limited Provides Update on Metallurgical Test Work Arizona Lithium Limited provided an update on metallurgical test work currently being undertaken by Hazen Research. Big Sandy Lithium Project (Arizona): The Big Sandy Project, as a very shallow, flat lying mineralised sedimentary lithium resource and with excellent available infrastructure, has the potential to be developed with a very low environmental footprint. Hawkstone's successful 2019 drill program at Big Sandy resulted in the estimation of a total Indicated and Inferred JORC resource of 32.5 million tonnes grading 1,850 ppm Li for 320,800 tonnes Li2CO3 1. This represents 4% of the Big Sandy Project area that contains an estimated exploration target of between 271.1Mt to 483.15Mt at 1,000 - >2,000 ppm Li 2. Note that the potential quantity and grade of the estimated geological potential (Exploration Target) is conceptual in nature. There has been insufficient exploration to estimate a mineral resource and it is uncertain whether future exploration will result in the definition of a mineral resource. It has been estimated using a range of thicknesses for the mineralised sediments calculated from drill intercepts, surface sampling and geological mapping. The grade estimates a range of values demonstrated from drilling and surface sampling. In April 2021, a 132kg of lithium mineralised material of ½ core from the 2019 diamond drill programme at the Big Sandy Lithium Project was dispatched to Hazen Research. The ½ core samples were amalgamated and blended by Hazen to provide a uniform bulk sample representative of the mineralised material from the Big Sandy deposit. Samples weighing 0.9 to 1.7 kg, cut from the blended bulk sample, were subjected to beneficiation tests to determine what percentage of the coarser carbonate (acid robbing) material could be removed using attrition scrubbing and hydro-cyclone classification while still providing a significant Li recovery and concurrently lowering the total acid consumption. A total of 3 beneficiation and comparative screening tests were completed. At the end of each test both the coarse reject and concentrate were analysed to determine contained Li. It was determined that scrubbing and hydro-cyclone classification produced a concentrate nearly doubling the whole ore Li content. The beneficiated concentrate contained 71% of the original Li and 8% of the original carbonate while reducing the whole ore mass to 36% of the starting mass. This equates to a 64% reduction in the amount of mineralized material requiring processing and in turn reduces the original whole ore acid consumption of approximately 500 kg/mt by 64%. Following the previously described beneficiation process, three samples of the beneficiated concentrate weighing from 0.2-0.32 kg were leached with sulfuric acid to extract the lithium. Leach tests were completed at varying temperatures of 25, 70 and 80oC, yielding lithium extractions ranging from 85 - 94%. Sulfuric acid consumption ranged from 432 - 490 kg/mt, the equivalent of 155-176 kg/mt for un-beneficiated ore. Announcement • Nov 25
Arizona Lithium Limited Announces Outstanding Metallurgical Results for Big Sandy Lithium Arizona Lithium Limited's metallurgical testing program at Hazen Research on Big Sandy lithium mineralised material has produced very encouraging new results, including: Significant reduction in acid consumption, shifting the economics of the Project, opening numerous scenarios for mining and processing. Significant advancement in upgrading treatable material leading to enhanced economic potential. With an identified process route, the Company can now commence scoping and pre- feasibility studies. Ongoing test work is ramping up to produce larger quantities of concentrate to increase the scale of the leaching tests to enable leach circuit optimisation. Bench-scale ore beneficiation work has produced a concentrate containing 71% of the lithium in 36% of the whole ore mass. Acid consuming carbonates were reduced by 92%. The sulfuric acid consumption was 490 kg/mt on the concentrate, the equivalent of 176 kg/mt whole ore. Four-hour duration leaching tests on the concentrate at 700C have yielded 87% lithium extraction. Sufficient quantities of leach solutions will be produced for optimisation of purification methods and the production of battery grade lithium carbonate, with Hazen producing "battery grade" 99.85% lithium carbonate in previous test work on the Big Sandy lithium mineralised material. To continually improve the approach, concurrent test work to improve product quality and reduce operating costs employing promising new technologies is now planned for:Leach solution purification using ion exchange. Improved crystallisation methods for the final product. Further recovery of lithium from beneficiation waste. The Big Sandy Project, as a very shallow, flat lying mineralised sedimentary lithium resource and with excellent available infrastructure, has the potential to be developed with a very low environmental footprint. Arizona Lithium's successful 2019 drill program at Big Sandy resulted in the estimation of a total Indicated and Inferred JORC resource of 32.5 million tonnes grading 1,850 ppm Li for 320,800 tonnes Li2CO3 1. This represents 4% of the Big Sandy Project area that contains an estimated exploration target of between 271.1Mt to 483.15Mt at 1,000 - >2,000ppm Li 2. The Permit of Exploration (POE) that includes 145 exploration holes and a bulk sample at the Company's Big Sandy Lithium project in Arizona is awaiting Bureau of Land Management (BLM) approval. Community involvement is welcomed to ensure mutually beneficial outcomes for all stakeholders and the Company is very confident that drilling program can be completed without environmental impact and to the satisfaction of all stakeholders. Board Change • Nov 24
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman Barnaby Egerton-Warburton was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Executive Departure • Nov 23
Independent Non-Executive Director Gregory Smith has left the company On the 17th of November, Gregory Smith's tenure as Independent Non-Executive Director ended after 1.7 years in the role. As of September 2021, Gregory still personally held 19.50m shares (AU$878k worth at the time). Gregory is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.17 years. Announcement • Jun 15
Hawkstone Mining Limited Announces Big Sandy Lithium Project Drilling Expected to Commence in Third Quarter 2021 Hawkstone Mining Limited advised that the Permit of Exploration that includes 145 exploration holes and a bulk sample at the Company's Big Sandy Lithium Project in Arizona is awaiting Bureau of Land Management ("BLM") approval. The BLM extended the public comment period by an additional 30 days as allowed for under the regulations to ensure adequate time for lodgings from all stakeholders. The public comment period will end on 10 July 2021 and the Company will communicate with the BLM shortly after in regards to any comments received. Announcement • Mar 05
Hawkstone Mining Limited Announces 99.7% Lithium Carbonate Produced from Big Sandy Project Hawkstone Mining Limited announced that results from initial metallurgical test work undertaken by Hazen Research have demonstrated positive results, with lithium carbonate (Li2CO3) produced at 99.7% purity from lithium
mineralized drill core recovered at the Big Sandy Project. The results achieved from Big Sandy mineralization exceed the benchmark for battery grade lithium of 99.5% purity, and overall lithium recoveries of 90% were achieved with minimal losses in downstream processing. Hawkstone is confident that it can continue to produce lithium carbonate that exceeds specifications, meeting the requirements of the most rigorous of offtakers. The test work to date has resulted in improvements in the process flowsheet, and Hazen are currently developing plans for the bench-scale testing, which is due to commence in March 2021. Planning is also underway for the subsequent pilot-scale phase of
Hawkstone's ongoing metallurgical test work programs. As part of this test work, Hawkstone aims to evaluate options for the production of battery-grade lithium hydroxide in addition to lithium carbonate. This test work will run concurrent to the next phase of resource drilling which will commence pending imminent BLM approval. Announcement • Feb 02
Hawkstone Mining Limited Announces Spectacular Grades from Devil's Canyon Gold Project Hawkstone Mining Limited announced spectacular high grade results of 191.5 g/t gold, 524 g/t silver & 10.25% copper, from Devil's Canyon Gold Project, demonstrating the project's exceptional potential. The results follow the completion of further rock sampling, structural mapping and airborne UAV (drone) magnetics at the Devil's Canyon Gold Project ("Project"), located in the highly prolific Carlin trend in Nevada, USA, that has produced in excess of 195 million ounces of gold. In addition to progressing this gold project and others within the Company's portfolio, Hawkstone retains the Big Sandy Sedimentary Lithium Project located in Arizona as its first priority. A total of 37 rocks samples (DC015-52) were collected as both outcrop and float, focused on extending areas of known mineralisation together with reconnaissance prospecting along prospective trends and targets identified from previous sampling and geological interpretations. Zone Au1: Includes 10 samples, DC042 to DC051 that returned highly elevated values: Gold (Au) ranging from 1.12 g/t to 191.5 g/t, Silver (Ag) from 22.1 g/t to 524 g/t, Copper (Cu) from 0.54% to 10.25%, Bismuth (Bi) from 64.3 ppm to 1,805 ppm, Molybdenum (Mo) from 1 to 255 ppm, Lead (Pb) from 21 ppm to 323 ppm, Tin (Sn) from 44 ppm to 320 ppm and Tellurium (Te) from 34 ppm to 220 ppm. This Zone correlates with structural Target T1 located on a NE trending structure on the contact of the Ely Limestone to the north and the intrusive granites to the south. One sample from the zone contains 1.17% Zinc (Zn).
Zone Au2: Defined by 5 samples DC034 to DC038, Zone Au2 lies 200m north and apparently parallel to structural target T3. This zone contains significant values: Gold (Au) ranging from 0.9 g/t to 7.15 g/t, Silver (Ag) from 32.6 g/t to 174 g/t and Copper (Cu) from 1.32% to 6.14% with elevated Tin (Sn) and Bismuth (Bi) to 198 ppm and 296 ppm respectively. Zone Cu1: Contains 5 samples with elevated values: Copper (Cu) ranging from 0.22% to 4.41%, Silver
(Ag) from 0.6 g/t to 63.6 g/t, and Tin (Sn) from 5 ppm to 500ppm. Both Gold (Au) and Zinc (Zn) are also anomalous with 1 of the samples returning 1.08 g/t Au and 2 of the 5 samples returning 1.29% and 4.74%
Zn. Zone Cu1 lies to the west of Zone Au1 on the southern edge of an ovate magnetic high. Zone Cu2: Corresponds to structural targets T5 and T6 and is defined by 4 samples containing Copper (Cu) from 0.40% to 7.74% and Silver (Ag) from 0.60 g/t to 30.1 g/t. Announcement • Jan 29
Hawkstone Mining Limited Announces 90% Lithium Recoveries from Metallurgical Testing Hawkstone Mining Limited announced that results from ongoing metallurgical test work have demonstrated positive results with initial lithium recoveries in the 90% range, and successful removal of iron (Fe), aluminium (Al) and
magnesium (Mg), with minimal losses of recovered lithium (Li) values, from leach solution produced from the mineralised material. Current test work is focused on the removal of calcium (Ca) and sodium (Na) from the leach solution which will result in the purification and concentration of the lithium sulphate (Li2SO4) enabling final processing to produce "battery grade" lithium carbonate (Li2CO3). Preliminary engineering studies have been completed by the Company's Phoenix-based engineer to determine process scenarios, possible mining, processing and consumable/product logistics scenarios, in addition to establishing contacts within the local, State and Federal governments. A broad level of support, including tangible economic incentives, has been demonstrated. Baseline environmental and cultural surveys forming part of the Plan of Exploration (POE) process were completed in 2020, and the Company is awaiting approval by the BLM to enable drilling to extend the known resource to the north and south. Approval for a bulk sample to allow larger-scale pilot plant testing in 2021 is also pending. The final reports on cultural and biological surveys were submitted to the BLM in late 2020 as part of the Programme of Exploration (POE) process. A draft POE has been circulated within the BLM and finalisation is expected during the current quarter allowing further drilling to commence at Big Sandy. Discussions with drill contractors indicate availability from early March 2021. Announcement • Dec 02
Hawkstone Mining Limited Announces High Grade Gold and Copper Results At Devil's Canyon Gold Project, Nevada Hawkstone Mining Limited announced that the Company has completed initial verification sampling and field due diligence at the Devil's Canyon Gold Project located in the highly prolific Carlin trend in Nevada, USA, that has produced in excess of 195 million ounces of gold. The Project is located 20km west of the Bald Mountain Gold Mine of Kinross with resources of 5.95M oz Au and 40 Km north of Barrick's Ruby Hill Gold Mine. A total of 15 rock samples (DCM001-015) were collected as part of the Company's due diligence process for the Devil's Canyon Project. The field work aimed to validate previous limited exploration activities which included shallow drilling in the late 1980's and more recent limited rock sampling by the vendor, as well as to provide preliminary geological information for further mapping and sampling within the project. Samples were collected proximal to the margin of the intrusive and the recently identified structural target area, and ranged from float material to insitu mineralisation. Highly encouraging assay results with peak grades of 16.05% Cu, 173 g/t Au and 2.65 g/t Au were recorded from the sampling program. The Company is extremely encouraged by these confirmatory results, as the samples were taken prior to the identification of the geological/structural targets and demonstrate the widespread nature of the mineralisation, in addition to confirming the results from sampling by the vendor. Additional rock chip sampling, soil geochemistry and mapping have recently been completed aimed at extending the anomalous zones, correlating with the structural targets and determining controls of the mineralisation. Samples have been dispatched to the laboratory. An airborne magnetic survey is planned to aid with initial drill targeting in 2021. Announcement • Nov 03
Hawkstone Mining Limited, Annual General Meeting, Dec 02, 2020 Hawkstone Mining Limited, Annual General Meeting, Dec 02, 2020, at 11:30 W. Australia Standard Time. Location: 24 Outram Street, Ground Floor West Perth Western Australia Australia Agenda: To consider the Annual Report of the Company and its controlled entities for the financial year ended 30 June 2020, which includes the Financial Report, the Directors' Report and the Auditor's Report; to consider Remuneration Report; to consider Election of Director; to consider Approval of 10% Placement Facility; to consider Ratification of Prior Issue of Consultant Options; to consider Renewal of Employee Securities Incentive Plan; to consider Approval to Issue Placement Options; to consider Approval to Issue Broker Options; and to consider other related matters. Announcement • Oct 30
Hawkstone Mining Limited announced that it expects to receive AUD 3.5 million in funding Hawkstone Mining Limited (ASX:HWK) announced a private placement of 291,666,667 shares at a price of AUD 0.012 per share for gross proceeds of AUD 3,500,000.004 on October 30, 2020. The transaction will include participation from institutional and sophisticated investors. The company will also issue 209,444,445 unquoted options at AUD 0.02 per option exercisable at AUD 0.02 per option expiring on November 30, 2022, subject to shareholder’s meeting approval to be held on November 30, 2020. The transaction is expected to close on November 6, 2020. Announcement • Oct 07
Hawkstone Mining Limited (ASX:HWK) entered into an agreement to acquire Devils Canyon Gold Project from Nedeel LLC and Syncline Consulting, LLC. Hawkstone Mining Limited (ASX:HWK) entered into a purchase agreement to acquire Devils Canyon Gold Project from Nedeel LLC and Syncline Consulting, LLC on October 7, 2020. The consideration includes the payment $0.015 million after completion of 30 day due diligence period, the payment of $0.015 million per year on the anniversary date. Upon the acquisition, Hawkstone Mining will make the payment of 3% of the annual exploration and development work expenditures, on commencement of commercial production the 3% fee will convert to a 3% net smelter royalty. Hawkstone Mining has the option to purchase the 3% fee and royalty within 4 years from completion by the payment of $3 million in cash or shares as agreed between the parties. The project consists of 6 Bureau of Land Management (BLM) claims located in the highly prolific Carlin trend in Nevada, USA. The claims lie within the 90 claims staked by the Company consolidating the land position and expanding the exploration potential of the Project. The acquisition is subject to due diligence. Reported Earnings • Oct 01
Full year earnings released - AU$0.0041 loss per share Over the last 12 months the company has reported total losses of AU$3.48m, with losses narrowing by 72% from the prior year. Announcement • Sep 23
Hawkstone Mining Limited (ASX:HWK) acquired King Solomon Mine Claims from Jervois Mining Limited (ASX:JRV). Hawkstone Mining Limited (ASX:HWK) acquired King Solomon Mine Claims from Jervois Mining Limited (ASX:JRV) on August 27, 2020.
Hawkstone Mining Limited (ASX:HWK) completed the acquisition of King Solomon Mine Claims from Jervois Mining Limited (ASX:JRV) on August 27, 2020. 
