New Risk • Jun 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.9m (US$9.78m) 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 Earnings have declined by 0.5% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$13.9m market cap, or US$9.78m). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). New Risk • Apr 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% 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 Earnings have declined by 0.5% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (AU$20.1m market cap, or US$14.3m). Tillkännagivande • Apr 24
Lithium Plus Minerals Ltd has completed a Follow-on Equity Offering in the amount of AUD 2.15 million. Lithium Plus Minerals Ltd has completed a Follow-on Equity Offering in the amount of AUD 2.15 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 21,500,000
Price\Range: AUD 0.1
Discount Per Security: AUD 0.006
Transaction Features: Subsequent Direct Listing Tillkännagivande • Apr 17
Lithium Plus Minerals Ltd has filed a Follow-on Equity Offering in the amount of AUD 2.15 million. Lithium Plus Minerals Ltd has filed a Follow-on Equity Offering in the amount of AUD 2.15 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 21,500,000
Price\Range: AUD 0.1
Discount Per Security: AUD 0.006
Transaction Features: Subsequent Direct Listing New Risk • Mar 19
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 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 Less than 1 year of cash runway based on free cash flow trend (-AU$2.1m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 0.5% per year over the past 5 years. Market cap is less than US$10m (AU$13.3m market cap, or US$9.35m). Minor Risk Revenue is less than US$5m (AU$1.7m revenue, or US$1.2m). New Risk • Dec 29
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 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 Less than 1 year of cash runway based on free cash flow trend (-AU$3.4m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$23.2m market cap, or US$15.6m). Tillkännagivande • Oct 28
Lithium Plus Minerals Ltd, Annual General Meeting, Nov 26, 2025 Lithium Plus Minerals Ltd, Annual General Meeting, Nov 26, 2025. Location: level 1, 7 martin place, sydney nsw 2000 Australia New Risk • Sep 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. 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$5.2m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (AU$13.2m market cap, or US$8.64m). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Share price has been volatile over the past 3 months (19% average weekly change). New Risk • Sep 23
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 19% 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 Less than 1 year of cash runway based on free cash flow trend (-AU$5.2m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (AU$13.9m market cap, or US$9.22m). New Risk • Jul 23
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 16% 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$5.2m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (AU$11.7m market cap, or US$7.70m). Minor Risk Share price has been volatile over the past 3 months (16% average weekly change). New Risk • Nov 14
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 Risks Less than 1 year of cash runway based on free cash flow trend (-AU$9.1m free cash flow). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$18.6m market cap, or US$12.0m). Tillkännagivande • Oct 26
Lithium Plus Minerals Ltd, Annual General Meeting, Nov 27, 2024 Lithium Plus Minerals Ltd, Annual General Meeting, Nov 27, 2024. Location: level 13, 60 castlereagh street, sydney nsw 2000. Australia New Risk • Sep 21
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. 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$8.8m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (AU$13.9m market cap, or US$9.50m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (18% increase in shares outstanding). Tillkännagivande • Aug 14
Lithium Plus Minerals Ltd (ASX:LPM) completed the acquisition of 50% stake in MacDonnell Ranges Uranium Project and Fox Hill REE Project from Double Eagle Resources Pty Ltd and GS Metals Pty Ltd. Lithium Plus Minerals Ltd (ASX:LPM) has entered into a binding term sheet to acquire to acquire 50% stake in MacDonnell Ranges Uranium Project and Fox Hill REE Project from Double Eagle Resources Pty Ltd and GS Metals Pty Ltd on June 12, 2024. Aa part of the consideration, a cash consideration of AUD 0.1 million will be paid by Lithium Plus Minerals Ltd. along with 0.5 million LPM shares. Lithium Plus Minerals Ltd will also issue LPM 0.5 million unlisted options exercisable at AUD 0.30 each and expiring 3 years after issue. Post-completion, the Newco board will comprise a total of five directors. The transaction documents will be on customary terms which are appropriate for a transaction of this nature and will include a customary set of warranties and indemnities which are appropriate depending on the acquisition structure chosen. The transaction is subject to consummation of due diligence investigation. The expected completion of the transaction is June 12, 2024 to June 30, 2024.
Lithium Plus Minerals Ltd (ASX:LPM) completed the acquisition of 50% stake in MacDonnell Ranges Uranium Project and Fox Hill REE Project from Double Eagle Resources Pty Ltd and GS Metals Pty Ltd on August 13, 2024. Board Change • Jun 30
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. No experienced directors. No highly experienced directors. Executive Chairman Guo Bin is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Jun 13
Lithium Plus Minerals Ltd (ASX:LPM) has entered into a binding term sheet to acquire to acquire 50% stake in MacDonnell Ranges Uranium Project and Fox Hill REE Project from Double Eagle Resources Pty Ltd and GS Metals Pty Ltd. Lithium Plus Minerals Ltd (ASX:LPM) has entered into a binding term sheet to acquire to acquire 50% stake in MacDonnell Ranges Uranium Project and Fox Hill REE Project from Double Eagle Resources Pty Ltd and GS Metals Pty Ltd on June 12, 2024. Aa part of the consideration, a cash consideration of AUD 0.1 million will be paid by Lithium Plus Minerals Ltd. along with 0.5 million LPM shares. Lithium Plus Minerals Ltd will also issue LPM 0.5 million unlisted options exercisable at AUD 0.30 each and expiring 3 years after issue. Post-completion, the Newco board will comprise a total of five directors. The transaction documents will be on customary terms which are appropriate for a transaction of this nature and will include a customary set of warranties and indemnities which are appropriate depending on the acquisition structure chosen. The transaction is subject to consummation of due diligence investigation. The expected completion of the transaction is June 12, 2024 to June 30, 2024. New Risk • Jun 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 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$8.8m free cash flow). Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (AU$19.2m market cap, or US$12.7m). New Risk • May 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.2m (US$9.89m) 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 Less than 1 year of cash runway based on free cash flow trend (-AU$8.8m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (AU$15.2m market cap, or US$9.89m). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (36% increase in shares outstanding). New Risk • Mar 20
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$8.8m 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$8.8m free cash flow). Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (36% increase in shares outstanding). Market cap is less than US$100m (AU$18.5m market cap, or US$12.1m). Tillkännagivande • Nov 11
Lithium Plus Minerals Ltd has completed a Follow-on Equity Offering in the amount of AUD 8 million. Lithium Plus Minerals Ltd has completed a Follow-on Equity Offering in the amount of AUD 8 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 20,000,000
Price\Range: AUD 0.4
Discount Per Security: AUD 0.02
Transaction Features: Subsequent Direct Listing Tillkännagivande • Nov 08
Lithium Plus Minerals Ltd has filed a Follow-on Equity Offering in the amount of AUD 8 million. Lithium Plus Minerals Ltd has filed a Follow-on Equity Offering in the amount of AUD 8 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 20,000,000
Price\Range: AUD 0.4
Discount Per Security: AUD 0.02
Transaction Features: Subsequent Direct Listing Tillkännagivande • Oct 31
Lithium Plus Minerals Ltd Approves the Election of George Su as Director Lithium Plus Minerals Ltd. announced that at its Annual General Meeting held on 31 October 2023, approved the election of George Su as Director. Tillkännagivande • Sep 29
Lithium Plus Minerals Ltd, Annual General Meeting, Oct 31, 2023 Lithium Plus Minerals Ltd, Annual General Meeting, Oct 31, 2023, at 10:00 AUS Eastern Standard Time. Location: Level 13, 60 Castlereagh Street Sydney Nsw 2000 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 Directors' report, the Remuneration Report and the auditor's report; to consider adoption of remuneration report; to consider election of director Simon Kidston; to consider election of director George Su; to consider ratification of prior issue of shares; to consider ratification of prior issue of shares pursuant to capital raising; to consider ratification of prior issue of broker options; to consider approval of 10% placement capacity. New Risk • Aug 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$5.2m 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$5.2m free cash flow). Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (AU$28.6m market cap, or US$18.4m). Tillkännagivande • Nov 24
Lithium Plus Minerals Ltd Provides an Exploration Update on Phase 2 Diamond Drilling At Lei Prospect, Bynoe Lithium Plus Minerals Ltd. provided an exploration update on Phase 2 diamond drilling at Lei Prospect, Bynoe. First assay results received from the Phase 2 diamond drilling program, confirm mineralisation success from hole BYLDD003. The diamond hole was positioned to target 50m below BYLDD001 which intersected thick zones of spodumene mineralisation. The assay results for BYLDD003 have confirmed the visual logging of significant spodumene mineralisation in the core with high-grade intersections returning: 28.3m @ 1.60% Li2O from 265m, including: 7m @ 2.23% Li2O from 265m; and 4m @ 2.00% Li2O from 282m. These results for hole BYLDD003 are the first received from a second phase of 6 diamond holes (for 2,000m) that follow up and build on previously reported high grade spodumene from the preliminary phase of drilling (refer LPM ASX release dated 18 October 2022), which included: (BYLDD001) 28.7m @ 1.43% Li2O from 196m (two main intervals over 38.5m); (BYLRC023) 24.0m @ 1.18% Li2O from 173m (two main intervals over 32.0m); and (BYLRC022) 14m @ 1.21% Li2O from 151m. BYLDD003 extends the primary spodumene-bearing pegmatite body at Lei vertically to a depth of approximately 250m. The high-grade mineralised pegmatite remains open at depth. Tillkännagivande • Nov 09
Lithium Plus Minerals Ltd. Provides Update Lei Prospect Mineralised Pegmatite Extended At Depth Lithium Plus Minerals Ltd. provided an exploration update on Phase 2 diamond drilling at Lei and the preliminary RC program at Perseverance. Phase 2 diamond hole (BYLDD003) for approximately 310m completed at the Lei Prospect intersected a thick downhole interval of 31m of pegmatite from 263.7 and a further 3.0m of pegmatite from 302.7m. The diamond hole was positioned to target 50m below BYLDD001 which intersected thick zones of spodumene mineralisation. BYLDD003 extends the primary spodumene-bearing pegmatite body at Lei vertically to a depth of approximately 250m and is up to approximately 20-25m true thickness. The mineralised pegmatite remains open at depth. The Perseverance prospect comprises a large north-northwest trending outcrop of coherent weathered pegmatite occurrence with a number smaller parallel pegmatite bodies that have been mapped over 300m strike length and are open to the south under shallow soil cover. Lithium Plus has completed an initial RC program at the prospect comprised of 8 RC holes (for 1,137m) to test beneath the outcropping pegmatite body. These holes, which are the first to be drilled into the Perseverance Prospect, have returned significant pegmatite intervals (both weathered and fresh) downhole suggesting an east-dipping (~60 degrees) series of stacked shallow pegmatite bodies from 1m to 20m thick. Spodumene mineralisation is associated with the fresh pegmatite intersections in hole BYPRC008 and BYPRC011 confirming a spodumene-type pegmatite system. Residual spodumene is characteristically absent from the weathered zones. The third completed diamond hole is part of a 2,000m diamond drilling program at Lei currently in progress aimed at targeting further definition of the lithium bearing pegmatite. The drill program is anticipated to progress through November and into early December. The RC drill rig has been relocated to the Jenny's Prospect for imminent commencement of a shallow eight (8) hole program. Tillkännagivande • Oct 31
Lithium Plus Minerals Limited Provides an Update from the Active Exploration and Drilling Program At the Lei Prospect, Within the Bynoe Project Lithium Plus Minerals Limited provided an update from the active exploration and drilling program at the Lei Prospect, within the Bynoe Project. Following up on recent successful exploration, LPM re-commenced drilling at the Lei Prospect with contractor DDH1 commencing the first of five planned diamond holes for approximately 1,800m. This Phase 2 program is planned to test depth extensions of the spodumene-bearing Lei pegmatite, that returned high grade lithium mineralisation in recent Phase 1 RC and diamond drilling. Drilling assays from the Phase 2 diamond program are expected to be returned from late November to early December. Tillkännagivande • Oct 30
Lithium Plus Minerals Ltd, Annual General Meeting, Nov 29, 2022 Lithium Plus Minerals Ltd, Annual General Meeting, Nov 29, 2022, at 14:00 E. Australia Standard Time. Location: Level 13, 60 Castlereagh Street, Sydney NSW 2000 New South Wales Australia Agenda: To discuss FINANCIAL STATEMENTS AND REPORTS; to discuss ADOPTION OF REMUNERATION REPORT; to discuss ELECTION OF DIRECTORs; to discuss RATIFICATION OF PRIOR ISSUE OF OPTIONS; to discuss APPROVAL NON-EXECUTIVE DIRECTOR REMUNERATION; and to discuss APPOINTMENT OF AUDITOR. Tillkännagivande • Oct 18
Lithium Plus Minerals Ltd Announces High Grade Lithium Intercepts Returned At Lei Prospect Lithium Plus Minerals Limited (Lithium Plus or the Company) provided an exploration and drilling update from the Phase 1 drilling program at Lei Prospect. This update provides the first assay results received from the program which confirm a coarse-grained spodumene-bearing pegmatite of high lithium grade. High grade spodumene mineralisation intersected in Phase 1 drilling program at the Lei Prospect within LPM's Bynoe Project The Phase 1 drilling program followed-up the historic discovery hole (KBRC024) at Lei which intersected 12m @ 1.43% Li2O from 122m Phase 1 assays returned significant extensional intersections of high-grade spodumene mineralisation including: - BYLDD001 11.0m @ 1.48% Li2O from 196m and 17.8m @ 1.40% Li2O from 217m - BYLRC023 11.0m @ 1.03% Li2O from 173m and 13.0m @ 1.31 % Li2O from 192m - BYLRC022 14.0m @ 1.21% Li2O from 151m Potential for considerable volume of mineralised pegmatite body presents down-dip with follow-up Phase 2 diamond drilling expected at Lei from late October RC rig relocated to the Jenny's and Perseverance Prospects to test a number of outcropping pegmatites. Tillkännagivande • Aug 12
Lithium Plus Minerals Limited Announces Wide Pegmatite Intercepted at Lei Prospect Lithium Plus Minerals Limited announced the maiden diamond drill hole (BYDD001) from the Phase 1 drill program is complete. A thick downhole interval of 43m of pegmatite from 191.9m has been intersected. This initial Phase 1 hole was positioned to target down-dip expression of lithium mineralization approximately 50m below the discovery RC hole (KBRC024). The discovery hole was drilled in 2017 by Kingston Resources, which returned a highly encouraging 12m at 1.43% Li2O from spodumene-bearing pegmatite. Hole BYDD001 provides positive confirmation of extension of the spodumene-bearing pegmatite system at depth. The core sample has been transferred to the Lithium Plus logging facility in Darwin for detailed logging and sampling. Retained core is scheduled to be processed for hyperspectral scanning through the Northern Territory Geological Survey (NTGS) later this month. The hylogger scan will capture spectroscopic data to facilitate detailed characterisation of the mineralogical composition of the core. The completed diamond hole is the first of up to 9 holes of a two phase (1,800m) diamond drilling program at Lei. The second Phase 1 diamond hole (BYLDD002) is currently underway. Results from Phase 1 holes (3 in total) are set to provide detailed characterisation and key structural information to support further drill planning and targeting. Phase 2 is planned to include up to 6 holes over 1,200m. It is set to follow the previously announced Reverse Circulation (RC) drilling program to target further definition of lithium bearing pegmatites at the Lei Prospect. Bynoe Lithium Project: Situated on the Cox Peninsula, 45 km south of Darwin, on the northern end of the Litchfield Pegmatite Belt, with 11 granted tenements covering 297 km. Geologically centred around the Bynoe Pegmatite Field, the tenements share a border with Core Lithium's Finniss mine development. Significant lithium mineralisation was discovered at Lei in 2017 within the north-northeast trending spodumene bearing pegmatites. Current drill ready targets are Lei, SW Cai, Cai and Perseverance. Wingate Lithium Project: Located 150km south of Darwin. this single tenement (EL31132) covers the Wingate Mountains Pegmatite District, the southern part of the Litchfield Pegmatite Belt. It contains the known presence of pegmatites with little exploration and minor historical production of tin. Historical gold workings (Fletcher's Gully) are present. Tillkännagivande • Jul 12
Lithium Plus Minerals Ltd to Commence Diamond Drilling at Bynoe Lithium Project Lithium Plus Minerals Ltd. announced that diamond drilling at its Bynoe Lithium Project is set to commence this week. Darwin-based contractor, May Drilling, has been contracted to undertake an initial two-phase, 1,800m diamond drilling program at the Lei Prospect. Drill pad preparation works are complete and the locally based diamond drill rig has been mobilised to site. Phase 1 encompasses three holes for approximately 600m. It is designed to build on the historic Lei discovery hole of 12m at 1.43% Li2O. Results from Phase 1 are set to provide detailed characterisation and key structural information to support further drill planning. Phase 2 is targeted to include up to 6 holes over 1,200m. It is set to follow the previously announcedReverse Circulation (RC) drilling program and target further definition of lithium bearing pegmatites at the Lei Prospect. The initial RC drilling program at Lei and Cai is on track to begin during July 2022. This program comprises approximately 10,000m and is expected to take approximately four months to complete.