Investor Webinar Presentation
Released
Released
Announcement PDF
ASX / Media Release
10 November 2026
Suite 114-115 Level 1, 165 Phillip St Sydney, NSW 2000
GPO Box 2733, Sydney NSW 2001
P. +61 (0) 2 8046 2799 | E. admin@venariminerals.com
venariminerals.com
Venari Minerals Sharewise Webinar Presentation
Venari Minerals NL (ASX: VMS) (“VMS”, “Venari” or “the Company”), is pleased to advise shareholders and
investors that its CEO Matthew Healy will present an update on the Company’s activities as part of a
Sharewise Webinar at 3pm Australian Eastern Daylight Time on 11 November 2026.
The webinar will be live-streamed and shareholders and investors can register to watch the livestream by
clicking on this link. There is no charge to attend the event, however registration is essential.
A copy of the presentation is appended to this ASX Announcement.
Authorisation
This announcement has been authorised for release by the Board of Venari Minerals NL.
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For further information, please contact:
Tony Leibowitz Nicholas Read
Executive Chairman Media & Investor Relations
T: +61 (0) 419 929 046
E: tleibowitz@venariminerals.com E: nicholas@readcorporate.com.au
ASX: VMS
Lithium & Strontium:
A unique US Strategic
Minerals Opportunity
on the ASX
Red Mountain Project
Sharewise Investor Presentation, November 2026
2
Advancing a unique critical and
strategic minerals project in Nevada
Large-scale Lithium Resource with by-products
o 3.03Mt Lithium Carbonate Equiv. (LCE) Inferred Mineral Resource Estimate
o 2.67Mt contained Strontium (as SCE) and 12Mt contained Magnesium
Red Mountain is the only MRE in the US that contains Strontium
o Strontium is a US Dept of War Strategic Material with no substitute
o The US is 100% import-dependent
Massive Growth Potential with 10.7-18.6Mt LCE Exploration Target
o Less than 25% of prospective ground drill tested to date
By-products and DIBC membership a strong basis for future access to
strategic capital – DoD grants, offtake, DoE/EXIM loans
Chaired by Tony Leibowitz, founding director and early financier of PLS
Fully funded after recent $6.1m Capital Raise
o Infill drilling underway, MRE upgrade and Scoping Study by Q1 2027
Cautionary Statement
The potential quantity and grade of the Exploration Targets set out on this slide is conceptual in nature. There has been
insufficient exploration in the target areas to date, to estimate a Mineral Resource and it is uncertain if further exploration
will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance
with the 2012 edition of JORC Code.
3
Company Overview
Key Financials
Share Price (@ 30.10.2026) $0.12
Shares on Issue 168,091,637
Options (ASX:VMSOA) 10,219,1602
Unlisted Options (exp. 2 Oct 2028) 3,000,0003
Performance Rights 3,812,000
Market Cap $20.17 m
Cash (@ 30.09.2026) $5.72 m
Enterprise Value $14.45 m
Debt $1.35 m4
Top 20 Shareholders 71.66%
Major Shareholders
Citicorp Nominees Pty Limited 19.93%
Holdmark Property Group 11.26%
Tony Leibowitz Group 8.25%
Board and Management
Mr Leibowitz is a proven track record
in the lithium sector. He was
Chairman and a founder of Pilbara
Minerals Limited. Mr. Leibowitz joined
the Venari board in 2022. He has
participated in every equity raising in
additionto buying shares on market.
Tony Leibowitz
Chairman
Matt Healy
Executive Director & CEO
Vince Fayad
Non-Executive Director
Share Price1
Mr Healy is a highly experienced
geologist and Australian mining
executive. Prior to joining Venari
Minerals, Mr Healy held the position
of Chief Executive Officer for
Greenvale Mining Limited (ASX: GRV)
and was also previously Exploration
Manager at Round Oak Minerals.
Mr Fayad has over 40 years’
experience in corporate finance,
international M&A, accounting and
other advisory related services in
Sydney-based mid-tier accounting
firms. He is the principal Vince Fayad
& Associates, providing accounting
and advisory services.
Notes:
1. The share price graph has been reconstructed to reflect the impact of the
Company’s 1-for-10 share consolidation, which took effect on 28 November 2025.
2. Listed options have an exercise price of 12 cents, expiry date of 6 August 2028 and
trade under ASX ticker code ‘VMSOA’.
3. Unlisted Options have an exercise price of 30 cents and expiry date of 2 October
2028
4. Convertible note repayable by way of four 6-monthly issues of shares at 8 cents
per share, with interest to be paid in cash
-
0.05
0.10
0.15
0.20
0.25
0.30
0M
0M
0M
1M
1M
1M
1M
10/2025 12/2025 02/2026 04/2026 06/2026 08/2026
Share
Price
($AU)
Volume
4
Red Mountain
Overview
Location
o 33km2 of Mining Claims on BLM land in Nye County, Nevada, USA
o 100% Venari-owned and royalty-free
Infrastructure
o Project adjacent to Route 6, linking mining towns of Ely and Tonopah
o High-voltage 525kV ‘One Nevada’ transmission line 20km to the east
o Half-day travel optionality to major cities and international airports
Trucking Distance to the largest Gigafactory in the US
o Tesla/Panasonic (37GWh) Gigafactory located 472km away in Sparks NV
o Announced US $3.6B upgrade including 100GWh 4,680 cell factory and
high-volume Semi truck factory
Strategic Water Rights Secured
o Option with American Battery Technology Company (NASDAQ: ABAT)
o 113-acre (45.7 Ha) lot of private land with 592,000m3/ 480 acre-feet of
annual private water rights
o Less than 6km south-west from the Red Mountain Project
5
Mineral Resources &
Exploration Upside
Current Mineral Resources:
o 3.03Mt contained Lithium Carbonate Equivalent (LCE, pink on map)
o 2.67Mt contained Strontium Carbonate Equiv. and 12Mt Magnesium
Exploration Target:
o 10.7-18.6Mt contained LCE (Green on map)
o Less than 25% of prospective ground drill-tested to date
A Near-Term Growth Opportunity:
o All drilling to date has been completed under a 5-acre Notice of Intent
o Approval of an Exploration Plan of Operations (expected in Dec.) will expand
the allowable disturbance area from 5 to 35 acres
o This will enable increased exploration, resource growth and category upgrades
Cautionary Statement
The potential quantity and grade of the Exploration Targets set out on this slide is conceptual in nature. There has
been insufficient exploration in the target areas to date, to estimate a Mineral Resource and it is uncertain if
further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared
and reported in accordance with the 2012 edition of JORC Code.
6
Strategic
By-Product Upside
Strontium: a Dept of War Differentiator
o Red Mountain the only MRE in the US (or Canada) containing Strontium
o US Department of War Strategic Material with no known substitute
o The US is 100% import-dependent3
o Primary use in pyrotechnics (flares, tracer munitions); recent conflicts
have highlighted depletion of US munitions stocks
o Strontium Carbonate currently ~ US$2,000/t landed in the US1
Why this matters for funding and partnerships
o Venari is a member of the Defense Industrial Base Consortium (DIBC)
o Presence of a DoW Strategic Material in the resource materially improves
eligibility and competitiveness for:
o DoW grant funding and strategic partnerships
o Doe/DoW/EXIM project construction loans
o Offtake interest from US defence and industrial buyers
Magnesium
o Provides additional optionality (e.g. agriculture/fertilizer markets; US
import-dependent on Chinese supply)2,3
US C-RAM (Counter Rocket, Artillery and Mortar) system
firing 20mm (strontium) tracer rounds at a rate of 4,500 rounds per minute
1. Global Trade Algorithmic Intelligence Center – Imports of Strontium Carbonate in USA
https://gtaic.ai/market-reports/strontium-carbonate-market-usa-report-in-2026
2. IMARC Magnesium Sulfate Prices https://www.imarcgroup.com/magnesium-sulfate-pricing-report
3. USGS Mineral Commodities Summaries 2026
7
Processing
Optionality
Mining raw material
Beneficiation
Acid Leaching & Filtration
Impurity Removal
Crystallisation of
Battery-Grade Lithium
Product
Sedimentary Lithium:
Simplified Processing
Already demonstrated:
o 99.5% Battery-Grade lithium carbonate from sulfuric acid leach
o Hydrochloric acid liberates 93%+ of Li, Sr and Mg into leach
o Beneficiation increases lithium grade and reduces acid consumption
Active multi-pathway program:
o Sulfuric acid (base case and route for most other US projects)
o Hydrochloric acid
o Oxalic Acid
o Roasting and water leach (ANSTO)
o By-product strontium and magnesium recovery testing
Why do multiple pathways create value?
o Different routes offer optimisation for reagent cost/consumption,
impurity management, product quality and by-product saleability
o Optionality reduces technical risk and increases the probability of
advancing a higher margin and lower capex flowsheet
o Results to feed into 2027 Scoping Study
Testing of multiple routes maximises the chance of capturing
both lithium and by-products at attractive economics
8
US Exceptionalism in
Critical Minerals
US Govt. Direct Equity Investments
o MP Materials – rare earths, California, 15% stake
o Lithium Americas – lithium, Nevada, 5% stakes in Company and JV
Grant Funding Opportunities
o Department of Energy (DoE) grants for critical minerals (e.g. Lithium)
o Department of War (DoW) grants for strategic materials (e.g. Strontium)
Project Construction Loans
o DoE Office of Energy Dominance Financing Program
o Export-Import Bank (EXIM) Supply Chain Resilience Initiative Financing
o Lowest rate finance in the Western world
Fast-Tracked Permitting
o Fast41 – a coordinated framework for federal environmental review
o Department of the Interior Emergency Permitting Procedures
Commodity mix and DIBC membership positions Venari for
preferential access to DoW grants, strategic offtake and
low-cost DoE/DoW/EXIM project financing
Executive Orders
Source: www.whitehouse.gov
9
Clear De-risking Upside
$- $10 $20 $30 $40 $50 $60 $70
Ioneer
Lithium Americas
Surge Battery Metals
ABTC
Century Lithium
Venari Minerals
Jindalee
EV/t LCE in Mineral Resources
EV per tonne of LCE in Mineral Resources (A$/t)
Company Project Stage Loc.
Mkt Cap
(A$m)
EV
(A$m)
EV/t LCE
Ioneer Rhyolite Ridge Feas. NV 290 239 $ 60
Lithium Americas Thacker Pass Cons. NV 1,132 2,448 $ 37
Surge Battery Metals Nevada North PEA NV 220 154 $ 18
ABTC Tonopah Flats PFS NV 282 214 $ 11
Century Lithium Angel Island Feas. NV 39 32 $ 5
Venari Minerals Red Mountain MRE NV 20 14 $ 5
Jindalee McDermit PFS OR 40 27 $ 1
o Venari currently trades at ~A$5/t LCE in Mineral Resources
o Advanced US projects demonstrate upside for VMS in de-risking
o Surge Battery Metals $18/t LCE at Scoping/PEA level
o American Battery Technology Company $11/t LCE at PFS level
o Lithium Americas and Ioneer $37/t LCE+ at DFS and beyond
o By-product in MRE provides additional strategic optionality not
captured in EV/t LCE metrics
o Other variance explained by lithium grade and jurisdiction
10
Development
Pathway & Catalysts
Work Program Nov Dec Jan‘27 Feb Mar
Infill Drilling
Drill Assays
Met test-work
MRE Upgrade
Scoping Study
Infill drilling
o Targeted infill drilling of high-grade northern part of the Red Mountain
project – underway
o Assays expected throughout Q4
Scoping Study
o Initial scoping study to evaluate mining potential and project
economics
Mineral Resource Estimate Category Upgrade
o Upgrade high-grade northern zone from inferred to indicated category
Metallurgical Test-work Programme
o Evaluate potential by-products for extraction and product quality
o Test alternative lithium extraction methods
11
An Investment in
Venari
Low-cost, high-optionality call on a high-grade US critical and
strategic metals project
Value to be created through de-risking catalysts with a long
runway before FID
Near-term de-risking capitalised with recent $6.1m raise
o Drilling and met tests underway, MRE update and scoping study to follow
Strategic & non-dilutive capital potential due to metal mix
o DoW Strategic Material strontium in MRE, unique in the US
o Increased odds of Govt. grant funding, offtake, and DoW/DoE style loans
$20m Market Cap implies value of A$5/t LCE - low compared to
more advanced projects, considering Resource scale, lithium at
surface, metallurgical de-risking to date and water rights.
Funded for catalyst-rich near-term news flow
venariminerals.com
Contact: Tony Leibowitz
Executive Chairman
tleibowitz@venariminerals.com
Nicholas Read
Media & Investor Relations
+61 (0)419 929 046
nicholas@readcorporate.com.au
13
Disclaimer & Forward-Looking Statement
Important Notice & Disclaimer
The purpose of this presentation is to provide background information to assist readers in obtaining a general understanding of Venari Minerals NL (‘Venari’ or ‘the Company’) and its objectives. Readers should make their own independent assessment of the
information and take their own independent professional advice in relation to the information and any proposed action to be taken in on the basis of the information. To the maximum extent permitted by law, Venari and its professional advisors and their related bodies
corporate, affiliates and each of their respective directors, officers, partners, employees, advisers and agents and any other person involved in the preparation of this presentation disclaim all liability and responsibility (including without limitation any liability arising from
fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use of or reliance on anything contained in, or omitted from, this presentation. Neither Venari nor its advisors have any responsibility or obligation to inform the reader
of any matter arising or coming to their notice after the date of this presentation, which may affect any matter referred to in the presentation. The distribution of this Presentation (including an electronic copy) outside Australia may be restricted by law. If you come into
possession of this Presentation, you should observe such restrictions and seek your own advice on such restrictions. Any non-compliance with these restrictions may contravene applicable securities.
Not An Offer
This presentation is not and should not be considered as an offer or invitation to apply for or purchase securities of the Company or as a recommendation or inducement to make an offer or invitation in respect of the Company’s securities. This presentation is not a
disclosure document under Australian law or under any other law. It does not purport to contain all the information any reader or prospective investor may require to make an investment decision and it does not contain all of the information required by Australian law
or any other law to be disclosed in a prospectus. In particular, this presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. This Presentation may not be distributed or released in the United States. Securities
in the Company have not been, nor will be, registered under the U.S. Securities Act of 1933, or the securities laws of any state or other jurisdiction in the United States. Accordingly, the securities in the Company may not be offered or sold, directly or indirectly to, persons
in the United States or persons who are acting for the account or benefit of a person in the United States unless they have been registered under the U.S. Securities Act or in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities
Act and any other applicable U.S. laws.
Not Investment Advice
The presentation is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision.
Forward-looking Statements
Certain statements contained within the presentation are forward looking statements. Such forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Venari, are inherently subject to significant
technical, business, economic, competitive, political and social uncertainties and contingencies, involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results to materially
differ from estimated or anticipated events or results reflected in such forward looking statements, and may include among other things, statements regarding estimates and assumptions in respect of prices, costs, results and capital expenditure, and are or may be based
on assumptions and estimates related to future technical, economic, market, political, social and other conditions. In certain cases, forward-looking statements can be identified by the use of words such as, “affords”, “anticipates”, “believe”, “considered”, “continue”,
“could”, “establishes”, “estimate”, “expected”, “future”, “interpreted”, “likely”, “looking”, “may”, “open”, “plan” or “planned”, “potential”, “robust”, “targets”, “will” or variations of such words and phrases or statements that certain actions, events or results may,
could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. Venari disclaims any intent or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or
results or otherwise. An investment in securities in the Company is subject to investment and other known and unknown risks, some of which are beyond the control of the Company. The Company does not guarantee any particular rate of return or the performance of
its securities, nor does it guarantee any particular tax treatment. You should carefully consider the risks outlined in this Presentation before making an investment decision.
No Liability
No representation or warranty, express or implied, is given as to the fairness, accuracy, completeness, reliability or adequacy of statements, estimates, opinions or other information, or the reasonableness of any assumption or statement in this presentation (any of which
may change without notice), or the likelihood of achievement or reasonableness of forecasts or prospective statements in this presentation. Forecasts and prospective statements are by their nature subject to significant uncertainties and contingencies. Forecasts and
prospective statements in this presentation are based on current expectations about future events and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from the expectations described.
This presentation has been approved for release by Venari’s Board of Directors.
14
JORC CP Statements
Competent Persons Statements
The information in this presentation that relates to Needles Gold and Red Mountain Lithium (Section 1: Sampling
Techniques and Data) is based on information compiled by Mr Matthew Healy, a Competent Person who is a
Member of The Australasian Institute of Mining and Metallurgy (AusIMM Member number 303597). Mr Healy is a
full-time employee of Venari Minerals NL and is eligible to participate in a share-based incentive schemes of the
Company. Mr Healy has sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition
of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Healy
consents to the inclusion in the report of the matters based on his information in the form and context in which it
appears.
The information in this report that relates to Reporting of Exploration Results (Section 2) and Mineral Resource
Estimates is based on information compiled by Mr. Richard Newport, principal partner of Richard Newport &
Associates – Consultant Geoscientists. Mr. Newport is a member of the Australian Institute of Geoscientists and
has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent Person under the 2012 Edition of the ’Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves‘. Mr. Newport consents to the
inclusion in this announcement of the matters based on his information in the form and context in which it appears.
Mineral Resource Estimates
Where the Company references previously disclosed Mineral Resource Estimates it confirms that the relevant JORC
Table 1 disclosures are included with the original referenced ASX Announcements and that it is not aware of any
new information or data that materially affects the information included in those ASX Announcements and in the
case of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the
Announcements continue to apply and have not materially changed.
Exploration Targets
The information in this report that relates to Exploration Targets is based on information compiled by Mr. Richard
Newport, principal partner of Richard Newport & Associates – Consultant Geoscientists. Mr. Newport is a member
of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a
Competent Person under the 2012 Edition of the ’Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves‘. Mr. Newport consents to the inclusion in this announcement of the matters based on
this information in the form and context in which it appears. (continued)
Footnotes & Previous
Announcements
The information contained within this presentation that relates to exploration results has been extracted from the following
ASX announcements (ASX: VMS) previously (ASX: ASE):
• ASX: VMS, 29 October 2026, Exceptional Lithium, Strontium and Magnesium Test Recoveries
• ASX: VMS, 21 October 2026, VMS Accepted into the US Defense Industrial Base Consortium
• ASX: VMS, 13 October 2026, Venari Exercises Option to Secure Private Water Rights
• ASX: VMS, 6 October 2026, Red Mountain MRE updated with Strontium and Magnesium
• ASX: VMS, 19 July 2026, $6.1m Capital Raising to advance Red Mountain Project
• ASX: VMS, 1 July 2026, Venari Advances By-Products Strategy
• ASX: VMS, 28 April 2026, Red Mountain Project produces Battery-Grade Lithium Product
• ASX: VMS, 18 February 2026, Updated Exploration Target for Red Mountain Lithium Project
• ASX: ASE, 22 April 2025, Beneficiation test-work successfully upgrades mineralisation at Red Mountain
• ASX: ASE, 10 June 2025, Beneficiation Delivers 4,480ppm Lithium Clay Concentrate at Red Mountain
• ASX: ASE, 9 December 2024, Positive initial metallurgical results from Red Mountain
• ASX: VMS, 15 October 2025, Metallurgical test-work delivers 132% upgrade to lithium mineralisation at Red Mountain
• ASX: VMS, 27 January 2026, Further positive metallurgical test-work results from Red Mountain Lithium Project
• ASX: ASE, 20 November 2023, Large lithium soil anomalies discovered at Red Mountain
• ASX: ASE, 27 November 2023 Outstanding Rock-Chip Assays at Red Mountain Project
• ASX: ASE, 8 July 2024, High-grade rock chip assays extend prospective lithium horizon at Red Mountain Project, USA
• ASX: ASE, 3 September 2025, Outstanding lithium anomalism in surface sampling at Red Mountain Extension
Lithium Carbonate Equivalent wt%(LCE) calculated by the formula LCE = Li (ppm) x 5.323 /10,000
The Revised Exploration Target included this release was originally announced on 18 February 2026 and has been
wholly based on previously announced exploration results for the Red Mountain Project. The ASX releases for these
results, including the relevant JORC Table 1 disclosures, are listed as follows:
• ASX: ASE, 20 November 2023, Large lithium soil anomalies discovered at Red Mountain
• ASX: ASE, 27 November 2023 Outstanding Rock-Chip Assays at Red Mountain Project
• ASX: ASE, 8 July 2024, High-grade rock chip assays extend prospective lithium horizon at Red Mountain
• ASX: ASE, 4 February 2025, New Zone of lithium-bearing rocks identified at Red Mountain
• ASX: ASE, 3 September 2025, Outstanding lithium anomalism in surface sampling at Red Mountain Extension
• ASX: ASE, 7 August 2024, Receipt of final assays for the Red Mountain Lithium Project
15
Appendix 1: US Sedimentary Lithium Projects
Disclaimer: With respect to the historical estimates and/or foreign estimates of mineralisation of the peer projects disclosed in table above, VMS cautions that:
• Foreign estimates are not necessarily equivalent to to JORC MRE categories and direct comparisons should be avoided. However, given the bulk of US sedimentary MREs are reported under non-JORC standards, it would be misleading to
not disclose these to the market.
• these estimates are not reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (referred to as the “JORC Code (2012)”);
• a Competent Person has not completed sufficient work to classify the historical estimates or foreign estimates as Mineral Resources or Ore Reserves in accordance with the JORC Code (2012); and
• it is uncertain that following further evaluation if the historical estimates or foreign estimates will be able to be reported as Mineral Resources or Ore Reserves in accordance with the JORC Code (2012).
Mr Matthew Healy, a Competent Person, who is the Chief Executive Officer and Executive Director of VMS, and a member of the Australasian Institute of Mining and Metallurgy (AusIMM), has considered the information for the historical
estimates and/ or foreign estimates of mineralisation for the peer projects disclosed in the table above and considers that the information disclosed is an accurate representation of the available data for peer mineral resource estimates in the
US lithium market. Mr Healy consents to the inclusion in this presentation of the matters based on this information in the form and context which it appears, with relevant source references provided for each historical and/or foreign resource
estimates described
16
Appendix 1: Cont’d
US Sedimentary Lithium Projects – source reports
17
$37.87m
$60.33m
$33.29m
$585.72m
$14.45m
$20.17m
$327.86m $241.5m
$256.48m $19.39m $63.08m $107.96m $23.62m $3.54m
$16.85m $17.01m $46.88m
0
5
10
15
20
25
Jindalee
Lithium
(Sed)
Lake
Resources
(Bri)
European
Metal
Holdings
(Spo)
Pmet (Spo) Prairie
Lithium
(Bri)
Venari
Minerals
(Sed)
Wildcat
Resources
(Spo)
Global
Lithium
Resources
(Spo)
Atlantic
Lithium
(Spo)
Pursuit
Minerals
(Bri)
Greenwing
Resources
(Bri)
Delta
Lithium
(Spo)
Green
Technology
Metals
(Spo)
Infinity
Metals
(Spo)
Critical
Resources
(Spo)
Lithium
Plus
Minerals
(Spo)
Anson
Resources
(Bri)
Lithium
in
Mineral
Resources
(LCE,
Mt)
Appendix 3
Exploration-Phase ASX Lithium MREs
Source: Public Company Reports. Market Caps current as at 30 October 2026
Red Mountain
Lithium Project
18
ASX-listed lithium explorer (i.e. producers and developers excluded) Mineral Resource Estimates and contained Lithium Carbonate Equivalent (LCE).
Brine Resources as contained LCE and Li as mg/L, sedimentary resources in Mt and ppm Li and spodumene resources in Mt and Li2O%. Contained LCE
calculated from source Mineral Resource Estimates using 2.475 conversion factor for Li2O – LCE and 5.323 conversion factor for ppm Li to LCE
Appendix 3 continued
Exploration-Phase ASX Lithium MREs
Measured Indicated Inferred Meas. Ind. Inf. Total
Jindalee Lithium JLL Sed. 1470Mt @ 1420ppm Li 1540Mt @ 1270ppm Li 11 10 21.5
Lake Resources LKE Brine 4.19Mt LCE @ 226.4mg/l Li 4Mt LCE @ 206.6mg/l Li 2.89Mt LCE @ 215mg/l Li 4.19 4.00 2.89 11.07
European Metal Holdings EMH Spod. 53.3Mt @ 0.48% Li2O 360.2Mt @ 0.44% Li2O 294.7Mt @ 0.39% Li2O 0.63 3.92 2.84 7.40
Pmet PMT Spod. 108.68Mt @ 1.41% Li2O 35.08Mt @ 1.35% Li2O 3.80 1.17 4.97
Prairie Lithium PL9 Brine 4.6Mt LCE @ 98mg/l Li 4.60 4.60
Venari Minerals VMS Sed. 500Mt @ 1139ppm Li 0 3.03 3.03
Wildcat Resources WC8 Spod. 70Mt @ 1.01% Li2O 4.1Mt @ 0.76% Li2O 1.75 0.08 1.83
Global Lithium Resources GL1 Spod. 36.7Mt @ 1.03% Li2O 32.9Mt @ 0.96% Li2O 0.94 0.78 1.72
Atlantic Lithium A11 Spod. 3.7Mt @ 1.37% Li2O 26.1Mt @ 1.24% Li2O 7Mt @ 1.15% Li2O 0.13 0.80 0.20 1.13
Pursuit Minerals PUR Brine 0.59Mt LCE @ 515.1mg/l Li 0.51Mt LCE @ 495.4mg/l Li 0.59 0.51 1.10
Greenwing Resources GW1 Brine 0.67Mt LCE @ 192mg/l Li 0.4Mt LCE @ 200mg/l Li 0.67 0.40 1.07
Delta Lithium DLI Spod. 0.5Mt @ 1.2% Li2O 23.3Mt @ 1.09% Li2O 12.9Mt @ 1.01% Li2O 0.01 0.63 0.32 0.97
Green Technology Metals GT1 Spod. 16.1Mt @ 1.29% Li2O 14.2Mt @ 1.01% Li2O 0.51 0.35 0.87
Infinity Metals INF Spod. 59Mt @ 0.29% Li2O 52.2Mt @ 0.27% Li2O 0.42 0.35 0.77
Critical Resources CRR Spod. 8Mt @ 1.07% Li2O 0.21 0.21
Lithium Plus Minerals LPM Spod. 0.42Mt @ 1.22% Li2O 3.67Mt @ 1.45% Li2O 0.01 0.13 0.14
Anson Resources ASN Brine 0.02Mt LCE @ 93.5mg/l Li 0.08Mt LCE @ 93.5mg/l Li 0.02 0.08 0.10
Company Ticker Type
Mineral Resource Estimates LCE in Mineral Resources (Mt)
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