Announcement PDF 29 July 2024 QUARTERLY ACTIVITIES REPORT For the period ending 30 June 2024 Future Battery Minerals Limited (ASX: FBM) (FBM or the Company) is pleased to provide the following report on its activities during the June 2024 quarter. The Company’s primary focus during the reporting period was progressing exploration activities at its Kangaroo Hills Lithium Project (KHLP) (100%), Miriam Lithium Project (Miriam) (85%) in Western Australia, and Nevada Lithium Project (NLP) (80%) in Nevada, USA. HIGHLIGHTS Kangaroo Hills Lithium Project (KHLP), WA (100%) • Assays results from Phase 4A RC drilling completed at KHLP in May 2024 successfully demonstrated the northern continuity of Big Red (the Big Red Extension target) and delivered a new mineralised pegmatite discovery (Potoroo). 1 • Notable intercepts from drilling at the Big Red Extension target included: ─ 31m @ 1.13% Li2O from 86m, including • ─ • 20m @ 1.43% Li2O from 88m (KHRC166); and 12m @ 1.02% Li2O from 52m (KHRC164) Step-out drilling starting from approximately 200m north of the Bid Red Extension revealed new Potoroo target, with notable intercepts that included: ─ 14m @ 1.04% Li2O from 108m (KHRC178) ─ 8m @ 0.51% Li2O from 155m (KHRC172) • Phase 4B drilling commenced 2, comprising 19 holes for 3,109m, testing an interpreted north-easterly extension of Big Red lithium mineralisation. • Assays results received post quarter end from all holes completed as part of Phase 4B extensional drilling, further extended Big Red to over 600m to the north (for 900m total length, inclusive of Potoroo), where it remains open. Significant intercepts included 3: ─ 27m @ 1.04% Li2O from 118m, including • ─ 15m @ 1.53% Li2O from 122m (KHRC189) 21m @ 1.01% Li2O from 104m, including • 12m @ 1.44% Li2O from 107m (KHRC190) ─ 18m @ 1.03% Li2O from 100m (KHRC181) ─ 17m @ 1.00% Li2O from 124m (KHRC184) ─ 16m @ 1.02% Li2O from 102m (KHRC188) ─ 20m @ 0.81% Li2O from 123m, incl. 14m @ 1.01% Li2O from 124m (KHRC194) Refer to ASX Announcement dated 15 May 2024 – “Big Red Extended With Best Intercept To Date and New Potoroo Discovery” Refer to ASX Announcement dated 29 May 2024 – “Phase 4B Drilling Commenced at KHLP” 3 Refer to ASX Announcement dated 9 July 2024 – “Drilling Extends Big Red Pegmatite” 1 2 Future Battery Minerals Ltd info@futurebatteryminerals.com.au Suite 10, 38 Colin St, West Perth WA 6005 +61 8 6383 7817 ABN 91 148 966 545 futurebatteryminerals.com.au ASX:FBM Follow Us 1 Miriam Lithium Project (85%) • Strategic acquisition of 85% interest in Miriam Lithium Project (Miriam) successfully completed 4. • Preliminary mapping work identified eleven (11) discrete pegmatite units across the southern area of the Miriam tenure 5. • New rock chip sampling at the known spodumene-bearing outcrop, previously identified by Corazon, returned an assay result of 2.0% Li2O. • Additional rock chip sampling from a second outcrop identified approximately 250m west of the known spodumene-bearing outcrop, returned an assay result of 1.23% Li2O. • The combination of rock chip and soil sampling, geochemical data, plus recent mapping results, have identified four (4) distinct target zones, varying from 350m to 1.6km in strike length. Nevada Lithium Project (NLP), USA (80%) • Large-scale initial Mineral Resource Estimate (MRE) at NLP of 1.5Bt @ 7.83ppm Li for 6.2Mt LCE for the Lone Mountain deposit 6. • The deposit has a north-south strike of +3km, with mineralisation beginning from only 35m below surface, with consistently wide intercepts across its entire strike extent. • Potential for substantial growth in Resource scale and an upgrade to the classification exists, with Lone Mountain remaining open at depth, and to the north and east. • Evaluation of potential commercialisation options for NLP is underway. Corporate • Successful completion of two tranche equity placement to raise A$6 million 7. • Rob Waugh appointed as Non-Executive Director to the Company 8. • Non-Executive Director Mr Mike Edwards retired from the Board. • Cash balance at 30 June 2024 of A$5.26 million and zero debt (excluding typical trade creditors). UPCOMING SEPTEMBER 2024 QUARTER PLANNED ACTIVITY KHLP and Miriam • • • Initial drilling campaign at Miriam targeting known mineralised outcrops. Wide-spaced extensional soil sampling at Miriam to test the potential for blind, sub surface pegmatites, including across the northern part of the tenure. Target-generative geophysical review of Miriam, with litho-magnetic structural interpretation to identify new LCT pegmatite host structures. NLP • Ongoing evaluation of potential commercialisation options. Refer to ASX Announcement dated 24 May 2024 – “Completion of Miriam Lithium Project Acquisition and Tranche 2 Placement” Refer to ASX Announcement dated 23 April 2024 – “Key Target Generation Advancing at Miriam Lithium Project” Refer to ASX Announcement dated 15 April 2024 – “Outstanding Maiden Mineral Resource Estimate for 80%-owned Nevada Lithium Project” 7 Refer to ASX Announcement dated 5 April 2024 – “Placement Update and Cleansing Notice” 8 Refer to ASX Announcement dated 19 June 2024 – “Non-Executive Director Transition” 4 5 6 Future Battery Minerals Ltd info@futurebatteryminerals.com.au Suite 10, 38 Colin St, West Perth WA 6005 +61 8 6383 7817 ABN 91 148 966 545 futurebatteryminerals.com.au ASX: FBM Follow Us 2 FBM Managing Director, Nicholas Rathjen, commented: “We are incredibly pleased with the outcomes achieved across our expanding lithium project portfolio over the June 2024 quarter. “At KHLP, the results from Phase 4A drilling produced significant extensions to the shallow, thick, high-grade Big Red pegmatite, returning some of the highest-grade intersections to date. Additionally, the discovery of the Potoroo pegmatite augments the overall scale of prospectivity at KHLP, extending the overall mineralised footprint of lithium pegmatites at Kangaroo Hills to over 900m in strike length. “Phase 4B subsequently built upon these highly encouraging results. Post quarter end, we received all assay results from this program which consisted of 19 holes drilled for 3,109m. Phase 4B extended Big Red a further 200m to the north-east, growing the total known footprint to over 600m from outcrop to the northernmost drill hole. This mineralisation remains thick at relatively shallow depth, and most notably, still open. Big Red, Potoroo and the broader KHLP still has plenty to offer. “At NLP, the delivery of a large-scale initial MRE marks another significant milestone and a major achievement for FBM. The MRE establishes the scale of opportunity underlying this project, with an initial 6.2 Mt contained LCE, at an average grade approaching 800 ppm Li. Given current estimates of the size and quality of its lithium claystone deposition along with its strategic location within a proven Lithium mining and development region, we believe this only scratches the surface of the potential within the project. “We have now completed the strategic acquisition of an 85% interest in the Miriam Lithium Project, expanding our tenure in the lithium endowed Goldfields region of Western Australia. Promising initial results from preliminary fieldwork and mapping have returned multiple pegmatite outcrops with proven spodumene mineralisation. Additional surface soil anomalies also suggest the potential for extensive blind, sub-surface spodumene-bearing pegmatites. Initial exploration works are underway at Miriam as we continue to progress litho-magnetic and geophysical surveys to generate new potential targets, and a follow-up soil sampling program is set to commence shortly. “With our full focus on advancing Kangaroo Hills and the Miriam Lithium Project, we intend to review potential options to commercialise the Nevada Lithium Project in order to generate value for our shareholders. Contemporaneously, the Company is also conducting an internal review of its vast tenement portfolio in order to assess the potential for copper, gold and silver prospectivity that may be explored and evaluated via low-cost methods over the short term.” “Fully funded with a strong underlying cash position, the pieces are now in place to commence an initial drilling program at Miriam, targeting several drill-ready targets of greater prospectivity.” LITHIUM PROJECTS: WESTERN AUSTRALIA Kangaroo Hills Lithium Project During the quarter, FBM continued to rapidly advance exploration activities at KHLP, with particular focus on testing the northern targets at Big Red. Future Battery Minerals Ltd info@futurebatteryminerals.com.au Suite 10, 38 Colin St, West Perth WA 6005 +61 8 6383 7817 ABN 91 148 966 545 futurebatteryminerals.com.au ASX: FBM Follow Us 3 Figure 1: Plan view of KHLP drilling activities Big Red Extension and new Potoroo discovery substantially increases KHLP scale On 15 May 2024, FBM announced the assay results from the Phase 4A drilling program completed during the March quarter at KHLP. This program comprised 15 holes for 2,630m, focused on testing the interpreted mineralised continuity of Big Red immediately to the north along with other high-potential resistivity anomaly targets. Big Red Extension In testing the Big Red northern continuity, a step-out hole was drilled approximately 65m to the north of the previous most northern mineralised intercept at Big Red (which was 27m @ 1.32% Li2O from 64m in KHRC017), followed by larger 160m step-outs to the north-west along the resistivity anomaly feature in this area. The immediate step-out hole (KHRC166, angled -60 degrees to the east) produced a best-to-date KHLP intercept of 31m @ 1.13% Li2O from 86m, including 20m @ 1.43% Li2O from 88m (refer Table 2 for full drill hole details and results). A further hole drilled vertically at the same location delivered a shallower intercept of 12m @ 1.02% Li2O from 52m. The drilling of KHRC166 and KHRC164 enabled identification of a NE/SW normal fault on a mafic-ultramafic contact. This fault appears to displace/down-drop the Big Red pegmatite and highlights a potential controlling factor on the plunge and direction of this thick high-grade pegmatite. Future Battery Minerals Ltd info@futurebatteryminerals.com.au Suite 10, 38 Colin St, West Perth WA 6005 +61 8 6383 7817 ABN 91 148 966 545 futurebatteryminerals.com.au ASX: FBM Follow Us 4 Figure 2: Cross section of KHRC164 and KHRC166 The thickest and most consistent grades of the Big Red pegmatite appear to be hosted within the ultramafic unit on the eastern side of the observed NE/SW fault, which coincidentally hosts the mineralised outcrops located approximately 2km north at FBM’s recently acquired Miriam Project. The Big Red pegmatite intrudes the ultramafic and plunges north-east, demonstrating that the larger Big Red pegmatite (inclusive of Big Red Extension) likely remains open to the north-east. Potoroo discovery The Phase 4A program also tested along the resistivity feature located in the area approximately 200m to the north / north-west of Big Red intercepts KHRC164 and KHRC166. Drill hole KHRC178 successfully intercepted 14m @ 1.04% Li2O from 108m. Thinner, lower grade intercepts in this northern zone were also recorded in KHRC170, KHRC171 and KHRC172, with these results to be used as proxies in delineating the thicker high-grade core of pegmatite in this region. Future Battery Minerals Ltd info@futurebatteryminerals.com.au Suite 10, 38 Colin St, West Perth WA 6005 +61 8 6383 7817 ABN 91 148 966 545 futurebatteryminerals.com.au ASX: FBM Follow Us 5 Figure 3: Updated Big Red long section Importantly, these intercepts to the north / north-west of Big Red Extension are interpreted to represent newly discovered pegmatite units (broadly associated with the stacked system of Big Red and Rocky), as opposed to being the originally targeted Big Red pegmatite. This is evidenced by the relative depths of the intercepts, the thickness and grades of the pegmatite, along with differences in key elemental ratios (K:Rb, Ta:Nb and Cs:K). The discovery of Potoroo has extended the overall mineralised footprint of the KHLP (Big Red/Big Red Extension, Rocky, and Potoroo) to approximately 900m in strike length. The Phase 4A program then tested regional resistivity targets Quokka, Western Grey and Big Red West. Quokka Wet conditions experienced prior to and during the Phase 4A programme prevented FBM from accessing much of the Quokka target area (which is located on hilly, elevated terrain). Due to this, planned hole locations were relocated to account for conditions. Two holes were drilled into the large Quokka resistivity anomaly feature (KHRC177 and KHRC176). A thin spodumene-bearing pegmatite was intercepted in KHRC177, which returned 1m @ 2.56% Li2O from 174m highlighting the prospective nature of this target. Western Grey Two holes were drilled to test the large Western Grey resistivity anomaly target (KHRC174 and KHRC175). Both holes intercepted thin pegmatite intervals with no significant lithium content. Both holes were drilled vertical on the same northing line, testing the extension of a known pegmatite outcrop. Big Red West A single hole was drilled to test for down-dip extension of the outcropping pegmatite at Big Red West (KHRC173). The hole intercepted a 17m thick pegmatite (down hole) from 41m, with no significant lithium content returned. The Quokka, Western Grey and Big Red West targets remains largely untested with further drill testing of these targets planned for later programs. Future Battery Minerals Ltd info@futurebatteryminerals.com.au Suite 10, 38 Colin St, West Perth WA 6005 +61 8 6383 7817 ABN 91 148 966 545 futurebatteryminerals.com.au ASX: FBM Follow Us 6 Figure 4: Updated Project Plan View Phase 4B drilling program Building on the successful step-out drilling of Big Red during Phase 4A, FBM announced on 29 May 2024 that it had commenced the Phase 4B drill program at KHLP. The key objective of the Phase 4B program at the KHLP was to test for further northern extensions of the Big Red pegmatite, particularly the updated interpretation of a north-easterly dip/plunge direction. Drilling was complete by mid-June, comprising 19 holes for 3,109m. It was highly successful in extending the shallow, thick, high-grade Big Red pegmatite by a further 200m to the north-east, with this system remaining thick, at relatively shallow depth, and still open further to the north. Future Battery Minerals Ltd info@futurebatteryminerals.com.au Suite 10, 38 Colin St, West Perth WA 6005 +61 8 6383 7817 ABN 91 148 966 545 futurebatteryminerals.com.au ASX: FBM Follow Us 7 Further extension to the Big Red pegmatite Subsequent to quarter end, FBM received all results from Phase 4B drilling. These notably extended the known footprint of Big Red to over 600m, from the point of pegmatite outcrop to the northern most drill hole intercept (KHRC194). Importantly, the overall dip of the Big Red pegmatite appears to be shallowing to the north, averaging closer to -20° around KHRC194. This results in the intercept in KHRC194 being at a vertical depth of around only 100m, i.e. still relatively shallow, and with the pegmatite remaining thick, well-mineralised and still open to the north (with a dip/plunge direction observed NNE at approx. 015°). Figure 5: Plan View KHLP – Phase 4B Drilling Results Future Battery Minerals Ltd info@futurebatteryminerals.com.au Suite 10, 38 Colin St, West Perth WA 6005 +61 8 6383 7817 ABN 91 148 966 545 futurebatteryminerals.com.au ASX: FBM Follow Us 8 Figure 6: Phase 4B KHLP schematic long section Additional Potoroo intercepts While not specifically targeted as part of the Phase 4B program, the Potoroo pegmatite was intercepted within KHRC193, returning 10m @ 0.93% Li2O from 91m, including 5m @ 1.19% Li2O, piercing the pegmatite approximately 80m south of KHRC178. This result suggests potential thickening, and increasing of grade, to the north where the Potoroo pegmatite remains open. The combination of the Phase 4A and 4B drill programs delineates the known footprint of Potoroo to over 250m. Scissor drilling directed to the east in Phase 4B (drill holes KHRC180 and KHRC196) intercepted a thick pegmatite unit up to 36m (KHRC196) down hole thickness named Big Red East. This pegmatite is discontinuous to Big Red, however the presence of a thick pegmatite near mineralised pegmatites remains highly prospective, delivering the potential for additional discovery. KHRC196 hosts a low-level Li anomalism with a peak assay of 0.27% Li2O from 102m (down hole). While low grade and below the 0.3% cut off for reportable significant intercepts, this result suggests that economic levels of lithium mineralisation may potentially further develop at untested locations within this pegmatite. Next steps Prior to testing for further extensions of Big Red to the north, and in refinement of prospective regional targets at the KHLP, the geological team is conducting detailed modelling of the various mineralised and unmineralized pegmatite systems discovered to date at the KHLP. This work takes into consideration all drilling and mapping completed to date, building out detailed geochemical and geophysical signatures of the various pegmatites, including regional targets. It is designed to further refine and derisk the planned future drilling of regional prospects at the KHLP. Future Battery Minerals Ltd info@futurebatteryminerals.com.au Suite 10, 38 Colin St, West Perth WA 6005 +61 8 6383 7817 ABN 91 148 966 545 futurebatteryminerals.com.au ASX: FBM Follow Us 9 Figure 7: Location of the Kangaroo Hills and Miriam Lithium Projects Miriam Lithium Project The Miriam Project covers an area of approximately 6km by 1.5km and comprises four Prospecting Licences (PL) (P15/6136 to P15/6139 inclusive) and one PL application (P15/6135). It is located approximately 10 kilometres south-southwest of Coolgardie and immediately north of KHLP. In December 2022, Corazon Mining Limited (ASX: CZN) (Corazon) announced the discovery of spodumene bearing outcrop on the Miriam Project with high grade rock chip samples returning up to 1.85% Li2O. During 2023, detailed geochemical soil sampling revealed a primary lithium target of approximately 1.6 kilometres in strike, and a second trend spanning approximately 600 metres, that links into the main pegmatite trend. The Future Battery Minerals Ltd info@futurebatteryminerals.com.au Suite 10, 38 Colin St, West Perth WA 6005 +61 8 6383 7817 ABN 91 148 966 545 futurebatteryminerals.com.au ASX: FBM Follow Us 10 large lithium soil anomaly, extending from the weathered (depleted) outcrop of spodumene-rich pegmatite, highlights a potential trend of further lithium bearing pegmatites being present undercover at Miriam. Miriam acquisition completion On 24 May 2024 the Company announced it had completed the acquisition of 85% of the issued capital of Coolgardie Nickel Pty Ltd, a wholly owned subsidiary of Corazon which holds tenements that comprise the Miriam Project. Transaction terms The total consideration for the acquisition were as follows: • A$250,000 cash deposit on execution of the agreement; • A$750,000 in cash at completion; • 16,129,033 fully paid ordinary shares in FBM (FBM Shares) at completion; and • 120,967,744 performance rights (Performance Rights) at completion with the following vesting conditions: ─ 8,064,517 Performance Rights will vest upon the achievement of a drillhole intercept of at least +15 metres at +1% Li2O at the Miriam Lithium Project; ─ 32,258,065 Performance Rights will vest upon the definition of a Mineral Resource estimate of greater than 10Mt at +1% Li2O at the Miriam Lithium Project; and ─ 80,645,162 Performance Rights will vest upon the definition of a Mineral Resource estimate of greater than 20Mt at +1% Li2O at the Miriam Lithium Project. • Corazon will retain 100% of the base and precious metals rights in respect of the Miriam Project. Completion of the acquisition was subject to (amongst other matters) FBM obtaining shareholder approval to issue the FBM Shares and Performance Rights. Approval was received at the general meeting held on 20 May 2024. The final cash payment of A$750,000 was also made to Corazon during the quarter. Key mapping and geophysical targeting Field mapping previously undertaken by FBM successfully identified (eleven) 11 discrete outcropping pegmatite units across the southern area of the Miriam Project tenure. The identified pegmatite occurrences are associated with historic gold exploration, namely shafts and trenches, which have limited surface expression. Samples have been collected where safely accessible from the in-situ edges and mullock heaps of the historic workings. However, due to the discrete and disturbed surface expression of the pegmatites, the scale is not readily capable of presentation on geological maps. Significantly, a pegmatite outcrop discovered approximately 250m to the west of the previously reported spodumene outcrop at Miriam has returned a rock chip assay grading 1.23% Li2O. Additionally, further sampling of the original reported spodumene-bearing outcrop noted above has generated a 2.0% Li2O rock chip assay. Rock chips collected from outcrops in the southern area of the tenure commonly host elevated LCT elements, such as the less mobile pathfinders, tantalum and tin. They also show a highly fractionated trend, with a low K:Rb ratio of less than 20. The fractionation values are similar to LCT mineralisation at the KHLP’s Big Red spodumene pegmatite. This highlights the potential for further mineralisation to exist in undercover, unweathered pegmatites at the Project. Importantly, the returned rock chip assays correlate with the soil sampling previously undertaken by Corazon. Utilising both the rock chip and soil sampling geochemical data, plus the mapping outcomes, four (4) distinct target zones become apparent. Future Battery Minerals Ltd info@futurebatteryminerals.com.au Suite 10, 38 Colin St, West Perth WA 6005 +61 8 6383 7817 ABN 91 148 966 545 futurebatteryminerals.com.au ASX: FBM Follow Us 11 These target zones vary from 350m to 1.6km in strike length, and are characterised by elevated lithium, tantalum and tin values. Including a lower-level lithium anomaly observed developing at the north-eastern boundary of the tenement and which remains open due to the limited footprint of the current soil sample area. Figure 8: Location of identified pegmatite rock chip samples from FBM’s recent field mapping activities Future Battery Minerals Ltd info@futurebatteryminerals.com.au Suite 10, 38 Colin St, West Perth WA 6005 +61 8 6383 7817 ABN 91 148 966 545 futurebatteryminerals.com.au ASX: FBM Follow Us 12 Additional target generation work commenced To complement the existing targets defined at Miriam to date. FBM commenced a target-generative geophysical review of the Miriam tenure. This comprises litho-magnetic structural interpretation of the entire tenement package and low-cost non-ground disturbing geophysical surveys including ground gravity and passive seismic. These low-cost geophysical review and survey methods were previously (and successfully) implemented at the KHLP. The litho-magnetic structural interpretation identified thick blind pegmatites up to 56m and 43m downhole at the Wallaroo and Pademelon targets respectively. Soil sampling activities undertaken to date at Miriam have been limited to only 2.6km (north-south) of the Mirian Project’s approximate 6km extent. A wide-spaced extensional soil sampling programme is planned to test for potential blind, subsurface pegmatites, including in the northern area of the tenure. Soil sampling is considered a low cost and fast method of defining broad geochemical anomalies for immediate drill testing or further target refinement. Soil sampling is particularly effective in terrains such as the KHLP and Miriam Project where there is substantial in-situ regolith and little-to-no transported alluvium, producing a more dependable surface geochemical data sets. The results of the soil sampling will be used to guide the geophysical surveys allowing for better allocation of survey costs and target refinement. Next steps and regional strategy Following the successful further extension of Big Red, FBM’s next phase of drilling is planned to focus on the Miriam Project. A target-generative magnetic litho-structural geophysical review of Miriam is in progress, with a soil sampling program also due to commence shortly. The objective of these work programs is to further refine the initially identified targets on the Miriam ground, prior to finalisation of an initial drill program. FBM continues to review the planned scale and scheduling of all drilling programmes given current market conditions. The Company has a strong cash position, is highly constructive on medium, and long-term lithium fundamentals, and is committed to advancing both the KHLP and Miriam Projects through cost-effective exploration. LITHIUM PROJECTS: NEVADA, USA Nevada Lithium Project (NLP) (80%) The NLP comprises over 90km2 of tenure that is highly prospective for larger sedimentary-hosted lithium deposits. The region is home to several large sedimentary-hosted lithium deposits including Ioneer Resources’ (ASX: INR) Rhyolite Ridge and American Lithium Corporation’s (TSX.V: LI) (US OTC: LIACF) (Frankfurt: 5LA1) TLC Lithium Project. Albemarle Corporation’s (NYSE: ALB) Silver Peak Lithium Mine, currently the only producing lithium mine in North America, lies approximately 45 km to the west of the NLP. The NLP is located approximately 12km from the historic mining hub of Tonopah, Nevada, and is readily accessible year-round via State Route 95. It resides within a premier global mining district that is home to advanced lithium claystone projects such as Rhyolite Ridge (Ioneer) and Thacker Pass (Lithium Americas). It also sits in neighbouring proximity to other major lithium claystone deposits including TLC (American Lithium), Tonopah Flats (American Battery Technology Company) and Horizon (Pan American Energy) (refer Figure 9). Future Battery Minerals Ltd info@futurebatteryminerals.com.au Suite 10, 38 Colin St, West Perth WA 6005 +61 8 6383 7817 ABN 91 148 966 545 futurebatteryminerals.com.au ASX: FBM Follow Us 13 Figure 9: NLP location map including neighbouring deposits Initial Mineral Resource Estimate – Lone Mountain Deposit FBM declared an initial MRE for the NLP, incorporating all previously drilled twenty-four (24) RC and three (3) DD holes over the three exploration phases at the NLP. The initial MRE is reported at a base-case cut-off grade of 500 ppm Li and totals 1.5 Bt @ 783 ppm Li for 6.2 Mt lithium carbonate equivalent (LCE). Over 42% of the contained lithium in the maiden MRE reports to the higher confidence Indicated classification. Future Battery Minerals Ltd info@futurebatteryminerals.com.au Suite 10, 38 Colin St, West Perth WA 6005 +61 8 6383 7817 ABN 91 148 966 545 futurebatteryminerals.com.au ASX: FBM Follow Us 14 Table 1: NLP Maiden MRE (March 2024) at 500 ppm Li cut-off grade Category Volume Tonnes Li Thousand Metric Tonnes Mm3 Mt ppm Li Li2CO3 (LCE) LiOH.H20 (LHE) Indicated 375 638 774 494 2,627 2,988 Inferred 504 857 789 676 3,597 4,091 Total 879 1,495 783 1,170 6,224 7,079 The Lone Mountain deposit remains wide open at depth. Substantial growth (scale) and upgrade (classification) potential exists with further drilling. Figure 10: Plan view of Lone Mountain deposit showing FBM drillholes and maiden MRE outline divided into Indicated and Inferred components The average grade of the MRE (783 ppm Li) is broadly consistent with the closest neighbouring deposit, TLC (813 ppm), and significantly higher than the other neighbouring deposits of Tonopah Flats (574 ppm) and Future Battery Minerals Ltd info@futurebatteryminerals.com.au Suite 10, 38 Colin St, West Perth WA 6005 +61 8 6383 7817 ABN 91 148 966 545 futurebatteryminerals.com.au ASX: FBM Follow Us 15 Horizon (680 ppm). Of particular note is that the Lone Mountain deposit also incorporates a fairly contiguous, thick package of high-grade (+1,000 ppm Li) claystone across its entire strike extent. This is readily illustrated when utilising a higher cut-off grade of 900ppm, where the MRE delivers a combined total (Indicated plus Inferred) of 361 Mt @ 1,001 ppm Li for 1.9Mt LCE (refer Table 1). Figure 11: Key long and cross sections through the Lone Mountain deposit showing block model grade estimates and relative continuity of high-grade mineralisation For further details on the MRE, refer to ASX announcement dated 15 April 2024 “Outstanding Maiden Mineral Resource Estimate for 80%-owned Nevada Lithium Project”. Next steps The NLP still hosts significant exploration upside with regional prospects – Traction, San Antone West and North – remaining untested. These prospects are located within the same lacustrine and caldera settings which host Lone Mountain lithium claystone and neighbouring deposits, Tonopah Flats and TLC. Soil sampling conducted at the time of acquisition highlighted numerous Li anomalies up to 500ppm on the claim groups which remain untested. Importantly historic water well data and recent mapping have confirmed the presence of the lithium host Siebert Formation. This illustrates that remaining regional prospects have strong potential to host further Li claystone. FBM believes the NLP holds significant value, given the size and quality of lithium claystone deposition. Its location in a proven mining and development region, and within the U.S., a nation increasingly determined to deliver itself home-grown security of critical raw material supply, makes the NLP a significant discovery. Given its already impressive scale and tenor, FBM now plans to evaluate a range of commerciali