New Risk • May 11
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -CA$334k This is considered a minor 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 Share price has been highly volatile over the past 3 months (29% average weekly change). Earnings have declined by 85% per year over the past 5 years. Revenue is less than US$1m (CA$416k revenue, or US$304k). Market cap is less than US$10m (CA$11.7m market cap, or US$8.56m). Minor Risk Less than 1 year of cash runway based on current free cash flow (-CA$334k). Board Change • May 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Marceau Schlumberger is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 02
Second quarter 2026 earnings released: CA$0.002 loss per share (vs CA$0.004 loss in 2Q 2025) Second quarter 2026 results: CA$0.002 loss per share (improved from CA$0.004 loss in 2Q 2025). Net loss: CA$62.3k (loss narrowed 52% from 2Q 2025). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Jan 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Director Daniel Barnosky is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Dec 20
Pure Energy Minerals Limited Approves Appointment of William Morton to the Board of Directors Pure Energy Minerals Limited announced at the AGM held on December 19, 2025, approved appointment of William Morton to the Board of Directors of the Company. Board Change • Dec 04
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Director Yuankai Mao is the most experienced director on the board, commencing their role in 2022. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 26
Full year 2025 earnings released: CA$0.007 loss per share (vs CA$0.025 loss in FY 2024) Full year 2025 results: CA$0.007 loss per share (improved from CA$0.025 loss in FY 2024). Net loss: CA$251.9k (loss narrowed 70% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Oct 13
Pure Energy Minerals Limited, Annual General Meeting, Dec 10, 2025 Pure Energy Minerals Limited, Annual General Meeting, Dec 10, 2025. New Risk • Jul 07
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 Canadian stocks, typically moving 18% 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 (18% average weekly change). Earnings have declined by 13% per year over the past 5 years. Revenue is less than US$1m (CA$557k revenue, or US$408k). Market cap is less than US$10m (CA$6.62m market cap, or US$4.86m). Reported Earnings • May 30
Third quarter 2025 earnings released: EPS: CA$0 (vs CA$0.007 loss in 3Q 2024) Third quarter 2025 results: EPS: CA$0 (improved from CA$0.007 loss in 3Q 2024). Net loss: CA$10.5k (loss narrowed 96% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 31 percentage points per year, which is a significant difference in performance. Announcement • May 27
Pure Energy Minerals Limited Announces Directorate Changes Pure Energy Minerals Limited announce that Mr. Cam Hosie has been appointed to the board of directors of Pure Energy Minerals. Mr. Hosie is a Senior Vice President at SLB, helping lead commercial and business development across SLB's New Energy platform. This platform includes a broad range of cutting-edge technologies including carbon capture, hydrogen, geothermal, critical minerals, and energy storage. Cam plays a pivotal role in shaping SLB's global energy transition strategy, building partnerships, and promoting sustainable energy solutions to reduce emissions and drive long-term growth. Before SLB, Cam served as CEO of 8 Rivers, where he spearheaded the commercialization of breakthrough technologies in the zero carbon space. He brings extensive experience in managing large-scale, innovative energy projects positions at the center of global effort to advance clean energy and decarbonization initiatives. Mr. Patrick Galletti has resigned from the Board. New Risk • May 24
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 Canadian stocks, typically moving 18% 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 (18% average weekly change). Earnings have declined by 12% per year over the past 5 years. Revenue is less than US$1m (CA$552k revenue, or US$402k). Market cap is less than US$10m (CA$7.98m market cap, or US$5.82m). New Risk • Apr 11
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 Canadian stocks, typically moving 14% 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 Earnings have declined by 12% per year over the past 5 years. Revenue is less than US$1m (CA$552k revenue, or US$397k). Market cap is less than US$10m (CA$5.60m market cap, or US$4.03m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Reported Earnings • Feb 28
Second quarter 2025 earnings released: CA$0.004 loss per share (vs CA$0.013 loss in 2Q 2024) Second quarter 2025 results: CA$0.004 loss per share (improved from CA$0.013 loss in 2Q 2024). Net loss: CA$130.2k (loss narrowed 69% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. New Risk • Nov 27
New major risk - Revenue and earnings growth Earnings have declined by 5.8% 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 Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 5.8% per year over the past 5 years. Revenue is less than US$1m (CA$546k revenue, or US$388k). Market cap is less than US$10m (CA$10.0m market cap, or US$7.12m). Minor Risk Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Reported Earnings • Nov 27
First quarter 2025 earnings released: CA$0.002 loss per share (vs CA$0.001 profit in 1Q 2024) First quarter 2025 results: CA$0.002 loss per share (down from CA$0.001 profit in 1Q 2024). Net loss: CA$70.0k (down 287% from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Announcement • Nov 22
Pure Energy Minerals Limited Appoints Mr. Yuwei Hong as Board of Director Pure Energy Minerals Limited announced that Mr. Yuwei Hong has been appointed to the board of directors of Pure Energy Minerals. Mr. Hong represents Lithium X Corp. which holds an 11.6% equity position in Pure Energy. Mr. Hong is an experienced professional with over 15 years of expertise in management, investment, and consulting. He currently serves as the vice president of Xizang Zhufeng Resources Co. Ltd. (Previously known as the Tibet Summit). Before joining Xizang Zhufeng in 2022, he worked as an investment director at the NextView Capital. Mr. Hong holds a master's degree from the University of Illinois Urbana-Champaign and is a Chartered Financial Analyst (CFA) charter holder. Reported Earnings • Oct 23
Full year 2024 earnings released: CA$0.025 loss per share (vs CA$0.01 loss in FY 2023) Full year 2024 results: CA$0.025 loss per share (further deteriorated from CA$0.01 loss in FY 2023). Net loss: CA$834.8k (loss widened 141% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 28 percentage points per year, which is a significant difference in performance. Announcement • Oct 23
Pure Energy Minerals Ltd. Announces the Resignation of Mary Little as Director Pure Energy Minerals Ltd. announced that Mary Little has resigned as a director of the Company, effective October 21, 2024. New Risk • Aug 21
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 Canadian stocks, typically moving 17% 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 (17% average weekly change). Revenue is less than US$1m (CA$542k revenue, or US$399k). Market cap is less than US$10m (CA$10.2m market cap, or US$7.50m). Minor Risk Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Board Change • Jul 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Marceau Schlumberger was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 04
Third quarter 2024 earnings released: CA$0.007 loss per share (vs CA$0.004 loss in 3Q 2023) Third quarter 2024 results: CA$0.007 loss per share (further deteriorated from CA$0.004 loss in 3Q 2023). Net loss: CA$251.9k (loss widened 103% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 39% per year whereas the company’s share price has fallen by 34% per year. Announcement • Apr 06
Pure Energy Minerals Limited, Annual General Meeting, Jun 05, 2024 Pure Energy Minerals Limited, Annual General Meeting, Jun 05, 2024. Reported Earnings • Mar 03
Second quarter 2024 earnings released: CA$0.013 loss per share (vs CA$0.004 loss in 2Q 2023) Second quarter 2024 results: CA$0.013 loss per share (further deteriorated from CA$0.004 loss in 2Q 2023). Net loss: CA$419.7k (loss widened 198% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. New Risk • Feb 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$12.2m (US$9.05m) This is considered a major risk. Companies with a small market capitalization 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 Risks Revenue is less than US$1m (CA$540k revenue, or US$400k). Market cap is less than US$10m (CA$12.2m market cap, or US$9.05m). Minor Risk Shareholders have been diluted in the past year (2.9% increase in shares outstanding). New Risk • Jan 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.9% 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 Risk Revenue is less than US$1m (CA$540k revenue, or US$404k). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Market cap is less than US$100m (CA$16.3m market cap, or US$12.2m). Reported Earnings • Dec 01
First quarter 2024 earnings released: EPS: CA$0.001 (vs CA$0.001 in 1Q 2023) First quarter 2024 results: EPS: CA$0.001 (in line with 1Q 2023). Net income: CA$37.3k (up 5.9% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Nov 21
Pure Energy Minerals Ltd. Appoints Patrick Galletti as Director Pure Energy Minerals Ltd. announced that Mr. Patrick Galletti has been appointed to the board of directors. Mr. Galletti represents Schlumberger New Energy ("SLB"). Patrick Galletti is a distinguished professional with 25 years of expertise in the Oil & Gas industry and brings a wealth of experience from diverse international roles, including Project Management, Commercial Negotiations, and Business Management across O&G and Geothermal sectors. Hisbackground spans North and South America, Asia, the Middle East, Europe, and Australasia, and includes positions such as Managing Director for Argentina, Bolivia, and Chile, as well as Strategy Director for the Americas. He currently serves as SLB New Energy Business Development Director. Mr. Galletti holds a degree in Petroleum Engineering from Texas A&M University. Reported Earnings • Oct 29
Full year 2023 earnings released: CA$0.01 loss per share (vs CA$0.002 profit in FY 2022) Full year 2023 results: CA$0.01 loss per share (down from CA$0.002 profit in FY 2022). Net loss: CA$345.8k (down CA$424.1k from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Oct 07
Pure Energy Minerals Limited Appoints Joseph Mullin as CEO Pure Energy Minerals Ltd. announced the appointment of Mr. Joseph E. Mullin as President and Chief Executive Officer, effective immediately. Mr. Mullin initially joined the Board of Directors of Pure Energy Minerals Ltd. in November of 2020. Mr. Mullin has over 25 years of experience in corporate finance, private equity, restructuring, and early-stage mineral exploration. Mr. Mullin is the President and CEO of Rise Gold Corp., the Managing Member of Mount Arvon Partners LLC, and is currently an independent director of FireFox Gold Corp. He was previously the President of Virginia Energy Resources Inc. and led its sale to Consolidated Uranium Inc. Prior to that he served as CEO of QuestEx Gold &Copper Ltd. for two and one half years leading up to its sale to Skeena Resources Ltd. He began his career as a financial analyst at Goldman Sachs, and subsequently worked at Invesco Ltd. and Millennium Global Investments Ltd. Mr. Mullin has been involved in metals and mining in the U.S., Canada, Brazil, and Europe and received his B.A. diploma from Harvard University. Announcement • Oct 06
Pure Energy Minerals Limited Appoints Joseph Mullin as President Pure Energy Minerals Ltd. announced the appointment of Mr. Joseph E. Mullin as President and Chief Executive Officer, effective immediately. Mr. Mullin initially joined the Board of Directors of Pure Energy Minerals Ltd. in November of 2020. Mr. Mullin has over 25 years of experience in corporate finance, private equity, restructuring, and early-stage mineral exploration. Mr. Mullin is the President and CEO of Rise Gold Corp., the Managing Member of Mount Arvon Partners LLC, and is currently an independent director of FireFox Gold Corp. He was previously the President of Virginia Energy Resources Inc. and led its sale to Consolidated Uranium Inc. Prior to that he served as CEO of QuestEx Gold &Copper Ltd. for two and one half years leading up to its sale to Skeena Resources Ltd. He began his career as a financial analyst at Goldman Sachs, and subsequently worked at Invesco Ltd. and Millennium Global Investments Ltd. Mr. Mullin has been involved in metals and mining in the U.S., Canada, Brazil, and Europe and received his B.A. diploma from Harvard University. Reported Earnings • May 26
Third quarter 2023 earnings released: CA$0.004 loss per share (vs CA$0 in 3Q 2022) Third quarter 2023 results: CA$0.004 loss per share (further deteriorated from CA$0 in 3Q 2022). Net loss: CA$123.9k (loss widened CA$120.0k from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 26
Second quarter 2023 earnings released: CA$0.004 loss per share (vs CA$0.002 profit in 2Q 2022) Second quarter 2023 results: CA$0.004 loss per share (down from CA$0.002 profit in 2Q 2022). Net loss: CA$140.8k (down 292% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Announcement • Jan 19
Pure Energy Minerals Ltd. Appoints Yulia McCutcheon as Corporate Secretary Pure Energy Minerals Ltd. announced the appointment of Ms. Yulia McCutcheon as Corporate Secretary. Ms. McCutcheon brings to the position over seven years of corporate secretarial and administrative experience working with multiple clients in the junior mining sector. Ms. McCutcheon holds an accounting degree from Ball State University and a masters degree in International Affairs from The New School University. Reported Earnings • Dec 01
First quarter 2023 earnings released: EPS: CA$0.001 (vs CA$0.001 in 1Q 2022) First quarter 2023 results: EPS: CA$0.001 (in line with 1Q 2022). Revenue: CA$130.6k (up 3.6% from 1Q 2022). Net income: CA$35.3k (down 28% from 1Q 2022). Profit margin: 27% (down from 39% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Nov 29
Pure Energy Minerals Limited, Annual General Meeting, Jan 26, 2023 Pure Energy Minerals Limited, Annual General Meeting, Jan 26, 2023. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Joe Mullin was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 29
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Joe Mullin was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 25
Pure Energy Minerals Limited Announces Board Changes Pure Energy Minerals Ltd. announced that Mr. Nathaniel D. Hartwig has been appointed to the board of directors of Pure Energy Minerals in place of Mr. Tyler Durham, who has resigned from the board of directors. Mr. Hartwig holds a B.A. in Industrial Engineering from the Louisiana State University and received his MBA in Strategic Leadership from Michigan State University in 2004. He has held various positions with Schlumberger since 2013 and is currently Director North America, Schlumberger New Energy, leading new energy solutions in North America. Mr. Hartwig represents Schlumberger, which holds a 17.99% equity position in Pure Energy. Announcement • Jul 01
Pure Energy Minerals Ltd. Appoints Mr. Mao Yuankai to the Board of Directors Pure Energy Minerals Ltd. announced that Mr. Mao Yuankai has been appointed to the board of directors of Pure Energy Minerals. Mr. Mao represents Lithium X Corp. which holds an 11.9% equity position in Pure Energy.Mr. Mao graduated from the University of Tasmania, and has more than 10 years' experience of business management. He has rich investment and trading experience in non-ferrous metal products and minerals, and has good relationship with large international traders such as Glencore PLC and Trafigura. Mr. Mao currently serves as a Director of Lithium X Energy Corp., Chairman Assistant of Tibet Summit Resources Co. Ltd. andChairman of Potasio Y Litio De Argentina S.A. Recent Insider Transactions • Jun 04
Lead Director recently bought CA$120k worth of stock On the 26th of May, Mary Little bought around 99k shares on-market at roughly CA$1.21 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$80k more in shares than they have sold in the last 12 months. Buying Opportunity • Mar 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 41%. The fair value is estimated to be CA$1.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 143% per annum over the last 3 years. The company has become profitable over the last year. Announcement • Jan 20
Pure Energy Minerals Limited Appoints Hua Huang as A New Director Pure Energy Minerals Limited announced results of the 2020 Annual General Shareholder Meeting held on January 14, 2021 in Vancouver, Canada. The shareholders of the company appointed Hua Huang as a new director of the company for the ensuing year. Ms. Hua is a director of Lithium X Energy Corp., a shareholder of the company. Is New 90 Day High Low • Jan 13
New 90-day high: CA$1.09 The company is up 21% from its price of CA$0.90 on 14 October 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 4.0% over the same period. Announcement • Oct 29
Pure Energy Minerals Limited Appoints Joseph Mullin as Director Pure Energy Minerals Limited announced that Joseph Mullin has been appointed a director of the Company. Mr. Mullin has over 20 years of experience in corporate finance, private equity, restructuring, resources and consulting. He has served as a Consultant, Trust Advisory Committee Member, Chief Restructuring Officer, and Creditor Committee Member and executive to several companies. He began his career as a Financial Analyst in the Corporate Finance Department at Goldman Sachs, and subsequently worked at Invesco Ltd. and Millennium Global Investments Ltd. He is currently a Partner and Director of Mount Arvon Partners LLC and serves as the CEO and Director of QuestEx Gold & Copper Ltd., and is an independent Director of Industria Metals Inc. and FireFox Gold Corp. Announcement • Oct 15
Pure Energy Reports Analytical Results from Well Cv-9 At Clayton Valley Lithium Brine Project Pure Energy Minerals Limited announced to report sample results received from a new, recently drilled well, CV-9, at its 100%-held Clayton Valley lithium brine project ("CV Project") located in Esmeralda County, Nevada. Pure Energy's strategic partner, Schlumberger Technologies Inc. is operator of the program and was responsible for all phases of the drilling, well construction, and sampling at CV-9. Six samples of lithium-rich brine were collected from CV-9 during nine hours of continuous pumping. Analyses of the samples returned lithium concentrations of 180 to 184 milligrams per litre (mg/L) for the majority of the pumping time, with an additional higher result of 251 mg/L measured in the earliest sample collected. These results show consistency over time and are in line with lithium values from nearby wells CV- 1 and CV-3. Samples collected during pumping at CV-09 yielded consistently high lithium values. CV-9's pumping sample results show brine composition containing relatively low concentrations of impurities such as magnesium (Mg), calcium (Ca) and potassium (K). Characteristically, the brines from Pure Energy's previous exploration drill holes have provided high quality brines with low impurities, which are important in the production of lithium monohydrate (hydroxide) and lithium carbonate, the principal lithium compounds used in fabrication of lithium-ion batteries. The lithium content of brine from the CV-9 pumping test stabilized shortly after pumping began and remained stable throughout 9 hours of pumping. Pumping rates ranged from 1.8 liters per second (L/s) (28 gallons per minute-gpm) to 2.2 L/s (35 gpm) with an average of 1.9 L/s (31 gpm). The stable production of high-lithium brine over the duration of the pumping test and consistency of lithium concentrations with previous results from nearby wells demonstrates potential for sustained production of lithium-bearing brine from the aquifer system encountered in this area. CV-9 is located near Pure Energy's previously-drilled exploration wells CV-1 and CV-3, within the northern sector of the property. The CV-9 well was permitted and is covered under the Finite Term water permit granted to Pure Energy by the Nevada Division of Water Resources ("NDWR") in January of 2019. The CV-9 well was drilled in two stages, using HQ-diameter diamond coring methods followed by mud rotary methods to a depth of 454 m (1,500 ft). The 8-inch diameter well was constructed to be suitable for brine production with a screened interval from 189 m to 451 m (620 ft to 1,480 ft) below ground surface. The geological host sedimentary units encountered in CV-9 core are similar to those logged and sampled in previous exploration holes drilled by the Company. This work was performed in accordance with permits issued to Pure Energy and Schlumberger by the United States Bureau of Land Management, NDWR, and the Nevada Division of Environmental Protection, which allowed for well construction, pumping of brine from CV-9 and collection of brine samples. 