Announcement • Jan 17

Leo Lithium Limited Announces Goulamina Resource Increased by 33.8 Mt to 142.3 Mt

Leo Lithium Limited announce a substantial upgrade to the Mineral Resource estimate (MRE) of its Goulamina Lithium Project (Goulamina or the Project). A resource definition drilling campaign was undertaken in H2 2022 on pegmatite dykes in the south-west of the Goulamina Lithium Project, part of the Danaya Domain (Danaya). The recently completed assessment of drilling results and the updated MRE for Danaya has increased the Danaya MRE by 152%, from 22.3 Mt to 56.1 Mt and the total Goulamina resource base by 31% from 108.5 Mt at 1.45 % Li2O to 142.3 Mt @ 1.38% Li2O. Goulamina Lithium Project Mineral Resources: The updated Mineral Resource for the Danaya Domain incorporates all historical data and recent drilling data completed by Leo Lithium between May and October 2022. The Danaya Domain is the only domain updated in this MRE. There are no changes to the NE Domains; Main, West 1, West 2, Sangar 1 and Sangar 2. Danaya: During the 2022 resource definition drilling campaign, Leo Lithium drilled 60 reverse circulation (RC) holes (including 6 Pre-Collar RC holes) for a total of 9,292 m and 17 Diamond (DD) holes (including 6 diamond tails) for a total of 3,428 m. Significant intersections have been reported in ASX announcements dated: 3 November 2022 (Resource Drilling Reveals Thick, High Grade Spodumene Intercepts); 14 December 2022 (Further High-Grade Drilling Results at Danaya). Since the last published MRE on 20 July 2020, the Danaya Mineral Resource has increased by 152% to 56.1 Mt @ 1.24% Li2O. The Indicated resource classification at Danaya increased by 213% to 24.4 Mt @ 1.34% Li2O. Danaya diamond core assay results are still pending and are therefore not included in this MRE, although diamond core geological and structural information was used to assist in defining the pegmatite solids. Assay results will be reported once received and reviewed. Future drilling will focus on further resource extensions below and along strike of the optimised RPEEE pit shell as well as increasing the confidence level by converting Inferred to Indicated material within the pit shell. At Danaya, infill drilling and resource extension drilling has resulted in a re-interpretation of the Danaya geology. The structural and geological information from the drilling campaign has been used to update the geological model which builds the framework for this resource update. The Danaya Domain consists of a Spodumene Pegmatite dyke swarm, which is striking North- Northwest and is moderately to steeply dipping to the East. The dykes are currently modelled to a strike length of 1700m with individual true dyke widths of up to 70 m. The pegmatites are characterised by typical pinching and swelling. Weathered oxidised material in the Danaya domain is excluded from the resource. Only material below the TOFR surface is reported as part of the MRE. Mineral Tenement: The Goulamina Project is entirely within the Torakoro Exploitation Permit PE 19/25 in Mali, PE 19/25 is 100% held by Lithium du Mali a 50-50 joint venture between Leo Lithium and Ganfeng Lithium. Geology: The Project area is located within the Bougouni region of Southern Mali, where broadly North- South trending belts of Birimian aged (Paleoproterozoic) meta-volcanic and meta-sedimentary rocks are intruded by syn-and post-orogenic granitoids. Within the Project area, outcrop is limited, and the understanding of basement geology therefore comes mainly from drillholes. Regolith typically comprises a surficial transported horizon overlying a laterite weathering profile. A prominent feature of the Lateritic Profile is a plateau of a hard iron-rich ferricrete (‘cuirasse’). Limited outcrop mapping and information from geological logging of exploration drillholes indicates Northeast striking metapelite and metagreywacke rocks in the North and Eastern parts of the property. The Goulamina Pegmatite deposit is entirely hosted within a granodiorite. The most abundant dyke facies within the Danaya Domain consists of a relatively homogenous coarse spodumene pegmatite which makes up approximately 85% of the Danaya dyke swarm. Crystal sizes range from few centimetres to up to 10 cm. The remaining 15% of the Danaya dyke swarm is composed of a fine-grained aplite which is often mineralised but can also be barren. Aplite distribution within the Danaya Domain is not predictable and therefore not domained separately. The Lithium-bearing pyroxene mineral spodumene is the only recognised lithium mineral, along with other major minerals of quartz and feldspar (albite and microcline). Geological logging also identified accessory amounts of muscovite, tourmaline, apatite and biotite. Drilling Techniques and Hole Spacing: Danaya holes were drilled in several contiguous phases, from October 2017 to December 2022. Drill holes were generally dipping -60 degrees, oriented due west, to intercept the steeply dipping pegmatite dykes at a high angle. RC drilling was completed by AMCO Drilling SARL (AMCO), and Capital Drilling (MALI) SARL (Capital), using nominally 5.5-inch diameter equipment, with a face sampling downhole hammer. Core drilling equipment at Danaya was supplied and operated by AMCO and Capital. Drillhole diameter ranges from PQ size within highly weathered and oxidized zone and standard HQ size diameter within fresh rock. Diamond holes were drilled from surface or as diamond tails on RC holes. Core was orientated down hole so that structural measurements could be taken. Diamond Core drilled by Capital drilling in the 2022 campaign was not assayed in time to be included in the Danaya MRE, although the geological and structural information was used to define the pegmatite solids. Drill holes for the resource programs are spaced approximately 30 to 50 metres apart on 25 m, 50 m or 100 m spaced sections. The spacing is sufficient to establish grade and geological continuity and is appropriate for the resource classifications applied. Sampling Techniques Samples were collected from RC drilling and submitted for assay. Samples submitted to the laboratory typically weighed 2-2.5 kg over an average 1 m interval. Samples were subsampled by a riffle splitter at the drill rig. Diamond drill core was collected directly into core trays. The drill core was then transported to the core processing facility where the core was marked up by metre marks and bottom orientation line. Core was cut longitudinally along a cut line next to the core orientation line. Half core without orientation line was collected on a metre basis where possible, sample lengths at contacts varied in length. Pegmatites along with at least two metres of granitic material either side of the pegmatite contact are sampled and prepared for assay. Granitic material distal to the pegmatites is not sampled and is treated as having an assay of 0 % Li2O.

CEO salary percentage	20.41%
CEO tenure	3.7yrs
CEO ownership	0.2%
Management average tenure	1.5yrs
Board average tenure	3.5yrs

Date	Total Compensation	Salary	Company Earnings
Jun 30 2025	n/a	n/a	AU$10m
Mar 31 2025	n/a	n/a	AU$4m
Dec 31 2024	AU$4m	AU$762k	-AU$1m
Sep 30 2024	n/a	n/a	-AU$5m
Jun 30 2024	n/a	n/a	-AU$10m
Mar 31 2024	n/a	n/a	-AU$10m
Dec 31 2023	AU$2m	AU$639k	-AU$10m
Sep 30 2023	n/a	n/a	-AU$9m
Jun 30 2023	n/a	n/a	-AU$9m
Mar 31 2023	n/a	n/a	AU$28m
Dec 31 2022	AU$1m	AU$628k	AU$66m

Name	Position	Tenure	Compensation	Ownership
Simon Hay	CEO, MD & Executive Chairman	3.7yrs	AU$3.73m	0.23% $ 1.4m
Tom Blackwell	Chief Operating Officer	less than a year	AU$1.15m	0.021% $ 128.6k
Leonard Lau	General Manager of Business Development & Investor Relations	2.2yrs	no data	no data
John Sanders	Company Secretary	less than a year	no data	no data

Name	Position	Tenure	Compensation	Ownership
Simon Hay	CEO, MD & Executive Chairman	3.7yrs	AU$3.73m	0.23% $ 1.4m
Alan Rule	Non-Executive Director	2.7yrs	AU$305.55k	0.017% $ 103.4k
Brendan Borg	Independent Non-Executive Director	3.9yrs	AU$212.76k	0.40% $ 2.4m
Amber Banfield	Independent Non-Executive Director	3.4yrs	AU$217.92k	0.073% $ 441.2k

Data	Last Updated (UTC time)
Company Analysis	2025/09/24 02:25
End of Day Share Price	2025/09/23 00:00
Earnings	2025/06/30
Annual Earnings	2024/12/31

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Leo Lithium Management

Management criteria checks 3/4

Key information

Recent management updates

Leo Lithium Limited, Annual General Meeting, May 28, 2025

Ron Chamberlain Will Be Leaving as Chief Financial Officer of Leo Lithium Limited, Effective from 28 February 2025

Leo Lithium Limited, Annual General Meeting, Jul 31, 2024

Leo Lithium Limited Announces Resignation of Leo Lithium as Joint Company Secretary

Recent updates

Leo Lithium Limited, Annual General Meeting, May 28, 2025

Ron Chamberlain Will Be Leaving as Chief Financial Officer of Leo Lithium Limited, Effective from 28 February 2025

Leo Lithium Limited Announces Special Dividend, Payable on January 31, 2025

GFL International Co., Ltd. completed the acquisition of remaining 40% stake in in Goulamina Lithium Project from Leo Lithium Limited (ASX:LLL) for $332.2 million.

Leo Lithium Limited, Annual General Meeting, Jul 31, 2024

GFL International Co., Ltd. Executed Binding Sale and Purchase Agreement to acquire remaining 40% stake in Goulamina Lithium Project from Leo Lithium Limited (ASX:LLL) for $342.7 million.

Leo Lithium Limited(ASX:LLL) dropped from S&P Global BMI Index

Ganfeng Lithium's Unit to Buy Up to 5% Stake in Mali Lithium

Leo Lithium Limited Announces Resignation of Leo Lithium as Joint Company Secretary

Leo Lithium Limited announced that it expects to receive AUD 106.11 million in funding from Gfl International Co.,Limitied

Leo Lithium Limited Announces Key Construction Milestones At the Goulamina Lithium Project in Mali

Leo Lithium Limited Announces Goulamina Resource Increased by 33.8 Mt to 142.3 Mt

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Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Reg Spencer	Canaccord Genuity
Samuel Catalano	Canaccord Genuity Historic (Wilsons Advisory and Stockbroking Ltd.
Samuel Catalano	Canaccord Genuity Historic (Wilsons Advisory and Stockbroking Ltd.