Critical Resources : Phase Two Drilling Program Fast Tracked at Mavis Lake

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37 holes were drilled during the Phase 1 program for a total of 5,000m, testing Pegmatite 6 at greater depths than was initially anticipated. The phase 1 drill program has yielded high-gradeLi2O intercepts including:

• 18.1m @ 0.98% Li2O from 159.1 to 177.2m downhole, including: o 15.53m @ 1.1% Li2O from 161 to 176.53m downhole
  o 7.66m @ 1.5% Li2O from 161 to 168.66m downhole o 5.66m @ 1.68% Li2O from 161 to 166.66m downhole

Historical drill programs have yielded high-grade Li2O intercepts including:

• 55.25m at 1.04% Li2O from 80.75m in drill hole MF18-53 and
• 26.30m at 1.70% Li2O from 111.9m inc. 7.70m at 2.97% Li2O from 130.5m in drill hole MF17‐491.

35 of 37 holes intersecting spodumene-bearing pegmatites including:

• 18.1m of ~20% spodumene in MF22-64
• 23.1m of ~32% spodumene in MF22-72
• 17.5m of ~18% spodumene in MF22-73
• 15m of ~20% spodumene in MF22-85
• 14.75m of ~16% spodumene in MF22-96

Samples and core from completed drill holes have been sent for analysis and assay results are expected shortly.

The Mavis Lake infill step out drilling continues to extend Pegmatite 6's spodumene mineralisation over 500m strike to a depth of 200m with 50m drill hole spacing. Thickness varies however, significant intersections, up to 23.1 metres, of spodumene-bearing pegmatite have been intersected at depth.

Geophysical Data Interpretation1

Litho-structural interpretation at a scale of 1:10 000 over the Mavis Lake project area was completed using flown magnetic/radiometric/VLF and DEM survey with the help of other supportive data and information from previous exploration efforts. Due to significant forest soil cover over the project area, the structural interpretation was based primarily on the aero magnetics and to some extent also on VLF data. Radiometric, DEM, satellite data have been studied and analysed, however, these make a minor contribution to the interpretation.

The interpretation was primarily concerned with the identification of pegmatite bodies prospective for lithium mineralisation. With no significant property contrasts between the pegmatites and the typical host rocks, (direct) targeting lithium bearing pegmatites with geophysics is difficult. The targeting strategy was therefore focused on indirect leads: a) lithological associations (proximity to granitoid bodies, associations with mafic/ultramafic sequences) b) structural context and structural complexity (looking for structures and traps that may act as conduits for Li-bearing fluids to flow and precipitate) c) reduction of the search area by eliminating strongly magnetic sequences and looking for distinct magnetic lows, consistent with presumed felsic lithology. In general, preferred were areas of significant structural deformation/fragmentation that produce favourable conditions for pegmatite precipitation and formation of structures that may act as fluid conduits.

Based on information derived from the geophysical data, a total of 28 target areas have been selected for follow up. The target areas require follow-up surface mapping, geochemical surveys and reconnaissance drilling to obtain further information about the underlying geology. The 28 targets have been ranked as high, moderate and low priority, with little to no difference between high and moderate priority. These areas are seen in the following two figures, with numerical values (High

- 1, Moderate - 2 and Low - 3) placed in each target area to highlight their respective priority.

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Mavis Lake Project Description

The Mavis Lake Lithium Project is 19 kilometres east of the town of Dryden, Ontario. The Project is in close vicinity to the Trans-Canada highway and railway major transportation arteries linking larger cities such as Thunder Bay, Ontario, to the southeast and Winnipeg, Manitoba, to the west. The region boasts excellent infrastructure with hydro-power located a few kilometres to the south-west of the project. The region is a well-established lithium province with multiple projects located within the vicinity.

Previous drill programs have yielded high-grade Li2O intercepts including:

• 55.25m at 1.04% Li2O from 80.75m in drill hole MF18-53 and
• 26.30m at 1.70% Li2O from 111.9m inc. 7.70m at 2.97% Li2O from 130.5m in drill hole MF17‐491.

These results present significant exploration potential, a summary of previous results can be seen in ASX announcement dated 25 October 2021.