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Reporting assumptions

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Ownership basis

Show the full project inventory before ownership adjustment.

Display scale

Display contained quantities in millions of ounces or tonnes.

Resource treatment

Normalise Resources to exclude Reserves: where a project is flagged inclusive, net Reserves out of Resources so the figure is additional Resources beyond Reserves. Unknown-convention rows are shown as stated.

Resource total

Total Resource includes Inferred (JORC convention). Totals are re-derived from category rows wherever the document discloses them.

Recovery basis

Show the issuer's headline recoverable figure as reported. Lithium-brine reserves already have the brine-processing recovery factor applied; everything else is shown as stated.

Commodity view

Primary view: each commodity in its own contained unit (oz / t).

Bandeira

Minas Gerais, Brazil · Developing · 100.0% ownedUnverified

Current R&R by category

Whole-project rollup at the latest vintage per category: printed project-level rows are preferred, and mining areas are summed (tonnes-weighted grade) only where the issuer prints no project-level row. Per-area and per-source detail in the Current R&R table below.

Category	Tonnes (Mt)	Grade (% Li2O)	Contained (Mt LCE)	As at
Measured	3.36 Mt	1.38% Li2O	0.11 Mt LCE	20 Nov 2024
Indicated	23.91 Mt	1.33% Li2O	0.79 Mt LCE	20 Nov 2024
Inferred	18.55 Mt	1.34% Li2O	0.61 Mt LCE	20 Nov 2024
Total Resources	45.82 Mt	1.34% Li2O	1.52 Mt LCE	20 Nov 2024
Proved	2.57 Mt	1.12% Li2O	0.07 Mt LCE	17 Sept 2025
Probable	20.63 Mt	1.09% Li2O	0.56 Mt LCE	17 Sept 2025
Total Reserves	23.20 Mt	1.10% Li2O	0.63 Mt LCE	17 Sept 2025

Cut-off grade

0.50% Li2O

Price assumption

—

JORC code year

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Peer benchmark — developing Li projects (28 with resources)Resource size P45Resource grade P52View on grade-tonnage chart →

Percentile of this project's current total Resource among covered peers (P100 = largest / highest grade). Basis and Inferred toggles apply.

Data quality

Latest source: Lithium Ionic Announces Definitive Feasibility Study Results for Bandeira Lithium Project, Minas Gerais, Brazil · 17 Sept 2025
Reporting code: unknown
Convention: exclusive
Currency assumption: US$
Disagreement flags: 6 rows

Current R&R

Resources

Category	Tonnes (Mt)	Li		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (% Li2O)	Contained (Mt LCE)	As at	Source	Provenance
Measured	3.36 Mt	1.38% Li2O	0.11 Mt LCE	20 Nov 2024	Table 6. Mineral Resource Estimate (Effective date of November 20, 2024)Unverified Evidence record Bandeira Measured · Li · as at 2024-11-20 Reported figure Area Whole project Basis 100% Ore tonnes (t) 3360000.0000 Grade 1.3800 Contained (t LCE) 114700.0000 Classification Resource Source trail Lithium Ionic Announces Definitive Feasibility Study Results for Bandeira Lithium Project, Minas Gerais, Brazil Table 6. Mineral Resource Estimate (Effective date of November 20, 2024) Published 2025-09-17 Verification Approved; not independently verified · Model extracted QA BLOCK: recomputed contained 46368.0000 t Li2O vs reported 114700.0 t Li2O (59.57% disagreement) \| QA fix: contained=114700 \| Table 6 prints "Contained LCE (kt)" 114.7 — already LCE; stored 283,653 = printed LCE x2.473 double-conversion (VMS class); 3.36 Mt @ 1.38% ✓, reported 114,700 = print (native recompute 46.4 kt Li2O x2.473 = 114.7 confirms); BLOCK resolves Copies a pre-filled issue record so you can send it through your normal channel.

Reserves

Category	Tonnes (Mt)	Li		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (% Li2O)	Contained (Mt LCE)	As at	Source	Provenance
Proved	2.57 Mt	1.12% Li2O	0.07 Mt LCE	17 Sept 2025	Table 5. Mineral Reserve EstimateUnverified Evidence record Bandeira Proved · Li · as at 2025-09-17 Reported figure Area Whole project Basis 100% Ore tonnes (t) 2571000.0000 Grade 1.1200 Contained (t LCE) 72000.0000 Classification Reserve Source trail Lithium Ionic Announces Definitive Feasibility Study Results for Bandeira Lithium Project, Minas Gerais, Brazil Table 5. Mineral Reserve Estimate Published 2025-09-17 Verification Approved; not independently verified · Model extracted QA INFO: inclusive-of-reserves flag cleared — the flag describes resource statements; reserve rows carry none. QA BLOCK: recomputed contained 28795.2000 t Li2O vs reported 72000 t Li2O (60.01% disagreement) \| QA fix: contained=72000 \| Table 5 prints Contained LCE 72 kt; stored 178,056 double-converted; 2,571 kt @ 1.12% ✓, reported matches print; as_at pub date stands (no distinct printed reserve effective date) Copies a pre-filled issue record so you can send it through your normal channel.	notes (5) Source: Lithium Ionic Announces Definitive Feasibility Study Results for Bandeira Lithium Project, Minas Gerais, Brazil · published 17 Sept 2025 Ref: Table 5. Mineral Reserve Estimate Unknown code — Reporting code not yet captured for this row. Cutoff 0.50% Li2O — Cut-off grade assumption from the source statement. QA notes: QA INFO: inclusive-of-reserves flag cleared — the flag describes resource statements; reserve rows carry none. QA BLOCK: recomputed contained 28795.2000 t Li2O vs reported 72000 t Li2O (60.01% disagreement) QA fix: contained=72000 Table 5 prints Contained LCE 72 kt; stored 178,056 double-converted; 2,571 kt @ 1.12% ✓, reported matches print; as_at pub date stands (no distinct printed reserve effective date)
Probable	20.63 Mt	1.09% Li2O	0.56 Mt LCE	17 Sept 2025	Table 5. Mineral Reserve EstimateUnverified Evidence record Bandeira Probable · Li · as at 2025-09-17 Reported figure Area Whole project Basis 100% Ore tonnes (t) 20626000.0000 Grade 1.0900 Contained (t LCE) 557000.0000 Classification Reserve Source trail Lithium Ionic Announces Definitive Feasibility Study Results for Bandeira Lithium Project, Minas Gerais, Brazil Table 5. Mineral Reserve Estimate Published 2025-09-17 Verification Approved; not independently verified · Model extracted QA INFO: inclusive-of-reserves flag cleared — the flag describes resource statements; reserve rows carry none. QA BLOCK: recomputed contained 224823.4000 t Li2O vs reported 557000 t Li2O (59.64% disagreement) \| QA fix: contained=557000 \| printed Contained LCE 557 kt; stored 1,377,461 double-converted; 20,626 kt @ 1.09% ✓, reported matches print Copies a pre-filled issue record so you can send it through your normal channel.	notes (5) Source: Lithium Ionic Announces Definitive Feasibility Study Results for Bandeira Lithium Project, Minas Gerais, Brazil
Total Reserves	23.20 Mt	1.10% Li2O	0.63 Mt LCE	17 Sept 2025	Table 5. Mineral Reserve EstimateUnverified Evidence record Bandeira Total Reserve · Li · as at 2025-09-17 Reported figure Area Whole project Basis 100% Ore tonnes (t) 23197000.0000 Grade 1.1000 Contained (t LCE) 629000.0000 Classification Reserve Source trail Lithium Ionic Announces Definitive Feasibility Study Results for Bandeira Lithium Project, Minas Gerais, Brazil Table 5. Mineral Reserve Estimate Published 2025-09-17 Verification Approved; not independently verified · Model extracted QA INFO: inclusive-of-reserves flag cleared — the flag describes resource statements; reserve rows carry none. QA BLOCK: recomputed contained 255167.0000 t Li2O vs reported 629000 t Li2O (59.43% disagreement) \| QA fix: contained=629000 \| printed Proven+Probable 23,197 kt @ 1.10%, 629 kt LCE — full-set whole-project reserve total, keep per rule 11; stored 1,555,517 double-converted Copies a pre-filled issue record so you can send it through your normal channel.	notes (5) Source: