Venari Minerals NL

Red Mountain Lithium Project - Nevada, USA

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Roboto

The Red Mountain Lithium Project is a virgin discovery made by the Company, the result of an early 2023 project generation exercise and subsequent field reconnaissance by Venari’s in-house technical team that identified highly mineralised lithium clays at surface. The Project was then staked in August 2023 and a project-wide soil sampling grid conducted shortly thereafter, which identified large-scale lithium anomalism in soils over an 8km strike. Exploration is active and ongoing.

The Maiden Inferred Mineral Resource Estimate for the Project of 

500Mt @ 1,139ppm Li for 3.03Mt contained Lithium Carbonate Equivalent (LCE) 

above the preferred 700pm Li cut-off grade, includes a Northern Zone with an exceptionally high-grade internal component of 

The Project area has broad mapped tertiary lacustrine (lake) sedimentary rocks known locally as the Horse Camp Formation. Elsewhere in Nevada, equivalent rocks host large lithium deposits such as Lithium Americas’ (NYSE: LAC) 66.7Mt LCE Thacker Pass Project and American Battery Technology Corporation’s (NASDAQ: ABAT) 18.7Mt LCE Tonopah Flats deposit.

Rock-chip sampling undertaken at the project has identified excellent growth opportunities outside of the extents of the maiden Mineral Resource Estimate.

In parallel, the Company has rapidly advanced metallurgical test-work, with scoping-level leachability demonstrating that the lithium is highly leachable (up to 98% lithium leachability), and beneficiation test-work revealing mineralisation has excellent character for removal of gangue minerals while retaining valuable lithium-bearing clays and reducing acid-consumption.

Outside of the technical realm, in 2025 the Company filed an Exploration Plan of Operations with the Bureau of Land Management in order to expand the exploration disturbance footprint beyond the standard 5-acres afforded by notice-level approvals, and secured a 113-acre acre private property with substantial annual water rights as a strategic investment in the Project’s future. The Red Mountain project is well-serviced by infrastructure, being located immediately adjacent to the transcontinental Route 6 and 20km west of the 525kV ‘One Nevada’ high-voltage transmission line and with 592,000 cubic metres of annual water rights secured associated with only 6km from the Project.