Announcement PDF ANNUAL REPORT 2024 882 CONTENTS Corporate Directory 2 Chairman’s Letter 3 Managing Director’s Letter 4 Review of Operations 5 Directors’ Report 24 Auditor’s Independence Declaration 46 Independent Auditor’s Report 47 Consolidated Statement of Profit or Loss and Other Comprehensive Income 51 Consolidated Statement of Financial Position 52 Consolidated Statement of Changes in Equity 53 Consolidated Statement of Cash Flows 54 Notes to the Consolidated Financial Statements 55 Consolidated Entity Disclosure Statement 80 Director’s Declaration 81 Corporate Governance Statement 82 ASX Additional Information 83 Page I 1 |2 CORPORATE DIRECTORY This financial report includes the consolidated financial statements and notes of Future Battery Minerals Limited and its controlled entities (‘the Group’). The Group’s functional and presentation currency is AUD ($). A description of the Group’s operations and of its principal activities is included in the review of operations and activities in the Director’s report. The Director’s report is not part of the financial report. Directors Auditors Mr Neville Power, Non-Executive Chairman Mr Nicholas Rathjen, Managing Director and CEO Mr Robin Cox, Technical Director Mr Robert Waugh, Non-Executive Director BDO Audit Pty Ltd Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth WA 6000 CFO & Company Secretary Bankers Ms Silfia Morton National Australia Bank 100 St Georges Terrace Perth WA 6000 Principal Place of Business Solicitors Suite 10/ 38-40 Colin St West Perth WA 6005 T: +61 8 6383 7817 F: +61 8 6245 9853 E: info@futurebatteryminerals.com.au Thomson Geer Level 27, Exchange Tower 2 The Esplanade Perth WA 6000 Share Registry Stock Exchange Automic Registry Services Level 5, 191 St Georges Terrace Perth WA 6000 T: +1300 288 664 Australian Securities Exchange Limited Level 40, Central Park 152-158 St George’s Terrace Perth WA 6000 ASX Code: FBM Page | 3 Page I 2 CHAIRMAN’S LETTER Dear Shareholders, I am pleased to present the Future Battery Minerals (FBM) 2024 Annual Report. The past twelve months have been challenging, with the collapse in the global lithium price heavily impacting the market value of all lithium stocks, particularly those of earlystage explorers like FBM. Despite the challenges, the FBM team have focussed on delivering positive and consistent progress throughout the period, particularly in exploration across our WA and Nevada properties, as well as in accumulating tenements in the Kangaroo Hills area. The results achieved underscore the calibre of our management team, the quality of the lithium assets in FBM’s portfolio, and the diligence in prioritising high value exploration activities. On behalf of the Board, I would like to extend our thanks to FBM shareholders, including those who have joined us over the past twelve months, for their continued support and understanding. Over the past year, the Company has continued to strengthen its position by increasing its economic interest in the Kangaroo Hills Lithium Project (KHLP) to 100%, conducting multiple successful drilling programs that extended the Project’s mineralisation, and successfully completing the acquisition of the Miriam Lithium Project (Miriam), located along strike from Kangaroo Hills, effectively doubling the Company’s footprint in the Coolgardie region. We have also made key personnel appointments in the past year. Nick Rathjen, a highly experienced lithium industry executive, joined the company as CEO and Managing Director, strengthening our executive team. His leadership and expertise is essential in achieving our strategy to develop a large, low-cost lithium project. Rob Waugh joined FBM as a Non-Executive Director from June this year. He is a seasoned mining and exploration professional with extensive board and executive experience across a range of commodities and jurisdictions. I would also like to take this opportunity to thank our former Chairman, Mike Edwards, who spearheaded FBM’s strategic direction into lithium through the initial KHLP discovery. From a market perspective, the year saw a dramatic change in lithium market conditions due to increased lithium supply, coupled with lower than expected uptake of electric vehicles. This prompted the FBM Board to prioritise high-value add, lowcost exploration work on our tenements to reduce expenditure and maintain a strong balance sheet. The volatility in the lithium market highlight the inherent long-term relative value of the Kangaroo Hills project. The grade, thickness and shallow dip from surface, combined with the exploration potential upside of Kangaroo Hills and the newly acquired Miriam project along strike, present the opportunity for a low cost, belt scale lithium project, relatively unencumbered by existing offtake agreements and royalties. Drilling at Kangaroo Hills has continued to define multiple shallow, high grade pegmatite structures that remain open along strike and at depth. Combined with early sampling work on the Miriam Project, this augurs well for continued success. In a busy year for the Company, the team have prioritised expenditure on the highest value-creating work across the portfolio to ensure we are in a strong position when the market recovers. While our primary focus has been on the Coolgardie area, we have advanced our Nevada lithium project this year to define a JORC Mineral Resource of 6.2Mt contained Lithium Carbonate Equivalent, confirming the asset’s scale and quality. We are developing potential options to monetise this project and deliver value for shareholders. In addition, we will continue to look for opportunities to broaden our commodity base to provide optionality in the event the lithium market remains depressed longer term. Future Battery Minerals remains well-positioned, given the size and quality of our projects, to capture the upward momentum of any improvement in lithium market conditions, and through further multi-element exploration success. With our strong cash position, we are also well placed to capitalise on further consolidation opportunities in the region as and when they arise. In summary, despite the current lithium market conditions, the underlying fundamentals of our asset portfolio remain strong. Lithium remains critical to the worldwide decarbonisation transition, and a sustainable supply chain for critical minerals remains a key objective for the western world, as evidenced by growing domestic and global trade incentives. We. have a robust cash position and are committed to advancing both the KHLP and Miriam projects through cost-effective exploration and evaluation. Finally, I would like to extend my heartfelt gratitude to the FBM team and our key contract partners, for your hard work and achievements over the past year. I look forward to updating you personally at the Company’s Annual General Meeting. Neville Power Non-Executive Chairman Dated this 30th September 2024. Page | 3 MANAGING DIRECTOR’S LETTER Dear Shareholders, It is my pleasure to address you as the Managing Director of Future Battery Minerals. I am delighted to have joined the Company at a time when we have the potential to create significant value from our projects. It has been a transformative year for the Company, marked by the rapid advancement of our high-quality lithium asset portfolio in Western Australia (WA) and Nevada, USA. Since our lithium discovery at KHLP in late CY2022, we have completed four phases of exploration growth drilling on the project, leading to the discovery, delineation, and extension of the high-grade Big Red pegmatite, along with the further discovery of the shallow Rocky and Potoroo mineralised pegmatites. The success of these programs has established approximately 900m of mineralised footprint at the KHLP, demonstrating a sizeable initial lithium system. In particular, the known footprint of the high-grade Big Red pegmatite forms over 600m of this extent, from outcrop to the northern-most drill hole intercept to date, where the Big Red mineralisation remains thick, shallow and open along strike and at depth. We also retain a suite of prospective new exploration targets in the northern part of the KHLP that remain largely untested and drill ready. In parallel with drilling at the KHLP over the past year, samples from the Big Red pegmatite were sent for initial metallurgical testing. This test work produced excellent results, confirming that spodumene is the predominant lithium mineral within Big Red, and that mined ore from this pegmatite system is readily amenable to conventional Dense Media Separation (DMS) and Froth Flotation separation techniques. This low complexity processing route, combined with the thickness and shallow depth, will support an expected highly competitive low production cost for the project. The longer-term development potential of the KHLP is evident, given both the shallow and high-grade nature of the broader Big Red system and the proximity and quality of surrounding infrastructure within the WA Goldfields, including other lithium processing facilities. To capitalise on this advantage, our core focus remains in the WA Goldfields, where we substantially expanded our regional footprint (by almost double) in March 2024 with the acquisition of an 85% interest in the neighbouring Miriam Project. Miriam represents an underexplored and complementary lithium tenure located immediately north and contiguous to the KHLP. A detailed soil sampling programme revealed a primary lithium target of close to 1.6 kilometres in strike length, along with a second trend spanning approximately 600 metres that links the main pegmatite trend. We have now identified 13 new pegmatite targets across the current 6-kilometre tenement strike, with structures found to be analogous to the Big Red pegmatite at KHLP and associated with coincident resistivity and gravity low anomalies. Five of these structures align with the 1.6 kilometre north-south striking soil anomaly and are associated with outcropping spodumene-bearing pegmatites. Further surface sampling at Miriam has recently been undertaken to refine target generation ahead of planned initial reconnaissance drilling. We have submitted a WA Government Exploration Incentive Scheme grant application to co-fund this initial drill programme at Miriam, which is currently scheduled to take place during H1 CY2025. Subsequent to the end of the financial year, we submitted additional Exploration and Prospecting Lease Applications over several areas proximate to the KHLP and Miriam, significantly further expanding our landholdings in the WA Goldfields. These areas of new tenure application are considered highly prospective for both lithium and gold mineralisation. Several phases of exploration drilling were completed at our Nevada Lithium Project (NLP) during the year. This work culminated in the release of a large-scale initial Mineral Resource estimate for the NLP comprising 1.5 Bt @ 783 ppm Li for 6.2 Mt LCE. There remains substantial growth potential underlying the Lone Mountain deposit, with the existing Mineral Resource remaining open at depth, and to the north and east. Given the size and quality of lithium claystone deposition, we believe that the NLP holds significant value. Its location in a proven mining and development region, and within the US, a nation increasingly looking to be self-sufficient for critical raw material supply, makes the NLP a significant discovery. We are currently in the process of evaluating a range of potential commercialisation routes for the NLP. Although we have witnessed a substantial deterioration in lithium market conditions over the past year, we remain focused and disciplined, targeting cost-efficient activities that can deliver sustainable growth in shareholder value over both the short and long run. We also remain vigilant and active in evaluating new opportunities to add value to the existing portfolio, supported by a robust balance sheet to provide initial funding for future growth. I would like to take this opportunity to thank our shareholders for their continued support. This includes our major shareholder, Hancock Prospecting, who made a strategic investment in FBM in September 2023 and continues to support our corporate strategy and long-term direction. Nicholas Rathjen CEO and Managing Director Dated this 30th September 2024. Page | 4 Kangaroo Hills Lithium Project (KHLP) – 100% FBM The Kangaroo Hills Lithium Project (KHLP) is located in the Goldfields region of Western Australia, approximately 17 kms south of the township of Coolgardie. Spodumene mineralisation within lithium-caesium-tantalum (LCT) pegmatites was discovered during regional exploration drilling in late CY2022. Exploration efforts to date have significantly expanded on these initial results, with four drilling programs totalling over 31,000m. Figure 1: KHLP location map Phase 2 drilling Following the successful completion of Phase 2 drilling during the June 2023 quarter, FBM received the remaining assay results from the five-hole diamond drilling (DD) programme at Big Red. These results showed a continuation of highgrade lithium from spodumene-bearing pegmatites. Significant results included: • 23m @ 1.19% Li2O from 44m (KHDD001); • 10m @ 1.30% Li2O from 25m (KHDD002); and • 5.9m @ 1.15% Li2O from 0m (KHDD004). The DD core component of the Phase 2 drilling programme was undertaken to gather further geological information on Big Red and for utilisation in early stage metallurgical and mineralogy investigation work. Page | 5 Phase 3 drilling Phase 3 drilling initially consisted of a planned 5,000m of Reverse Circulation (RC) infilling at Big Red and testing of key regional targets Rocky, Eastern Grey, Wallaroo, and Pademelon. Due to early exploration success at Rocky, it was expanded by a further 6,000m in late August 2023. The drilling targeting Big Red successfully expanded the known extent of this mineralised pegmatite and delivered additional confidence in its modelling. KHDD006, which returned 22m @ 1.24% Li 2O from 23m, was particularly significant in confirming the relative consistency of the Big Red system in that area with respect to thickness and grade. The initial target generative work successfully identified the regional targets, Rocky and Eastern Grey, which both hosted confirmed pegmatites. The presence of a lithium-bearing pegmatite at Rocky was then confirmed through the proximal result of 5m @ 1.12% Li2O from 104m in KHRC0037. Phase 3 assay results for Rocky confirmed visual spodumene observations with numerous shallow high-grade intercepts. The initial interpretation of Rocky was of a stacked system, with further results suggesting the geometry of the Rocky pegmatite is north-east striking/plunging and north-west dipping. With assay results from KHRC043 and KHRC044D, the plunge was confirmed to be below the Big Red pegmatite. Ultimately, the Phase 3 program substantially increased the scale of the Rocky mineralised system, demonstrating a highly continuous mineralised system commencing at shallow depths, albeit thinner and of lower average grade than the standout neighbouring Big Red pegmatite. The proximity of the Rocky mineralised system to both the surface and Big Red system means that it is expected to form a significant part of any future development at Kangaroo Hills. Optimised resistivity survey results deliver new and refined northern targets In December 2023, the Company received results from detailed induced polarisation (IP) resistivity surveying undertaken between August and October 2023 across the northern part of the KHLP. The new resistivity survey was designed to build on previously reprocessed resistivity results from an IP survey completed by FBM in this area during 2021 (when the Company was exploring for nickel sulphides in the region). The new resistivity results extended the prospective target area to the north of the currently defined Big Red mineralised zone by up to 2.2km north-south, with the addition of two connected prospective resistivity anomalies along strike identified as Big Red North. They also enlarged and refined the Western Grey and Quokka targets, as well as identifying a further two targets to the west of Big Red: Big Red West and Whip Tail. Phase 4A and 4B drilling programs The Phase 4A RC drilling program commenced in March 2024, consisting of 15 holes for 2,630m of drilling designed to test the interpreted northern continuity (Big Red Extension) of the shallow, thick, gently dipping, and high-grade lithium mineralisation intersected at Big Red, along with other high-potential resistivity anomaly targets. Building on the successful step-out drilling of Big Red during Phase 4A, FBM commenced the Phase 4B drill program in May 2024. Drilling was complete by mid-June, comprising 19 holes for 3,109m. It was highly successful in extending the 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. Page | 6 Figure 2: Plan view of KHLP drilling activities Big Red Extension In testing Big Red northern continuity during Phase 4A drilling, 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% Li 2O from 64m in KHRC017), followed by larger 160m step-outs to the north-west along the resistivity anomaly feature in this area. The immediate stepout hole drilled 65m to the north (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. A further hole drilled vertically at the same location delivered a shallower intercept of 12m @ 1.02% Li 2O from 52m. The drilling of KHRC166 and KHRC164 enabled identification of a NE/SW normal fault on a mafic-ultramafic contact. This fault appeared to displace/down-drop the Big Red pegmatite and highlighted a potential controlling factor on the plunge and direction of this thick high-grade pegmatite. 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 remained open to the north-east – with this interpretation then being tested promptly via Phase 4B drilling activities. Phase 4B successfully extended the known footprint of the thick, high-grade Big Red pegmatite by a further 200m. This increased Big Red total strike extent to over 600m from the point of pegmatite outcrop to the new northern most drill hole intercept returned from Phase 4B (KHRC194: 20m @ 0.81% Li2O from 123m, including 14m @ 1.01% Li 2O from 124m). 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 observed at approx. 015°). Page | 7 Figure 3: Cross section of KHRC164 and KHRC166 Potoroo discovery Part of the Phase 4A program included testing 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 to aid delineating the thicker high-grade core of pegmatite in this region. Importantly, these intercepts to the north / north-west of Big Red Extension were 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 was 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, Potoroo, extended the overall mineralised footprint of the KHLP (Big Red/Big Red Extension, Rocky, and Potoroo) to approximately 900m in strike length. While not specifically targeted as part of the subsequent 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 at 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 (downhole). 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. Other targets The Quokka, Western Grey and Big Red West targets remain largely untested with further drill testing of these targets planned for later programs. Page | 8 Figure 4: Updated KHLP plan view Page | 9 Figure 5: KHLP plan view – Phases 4A and 4B drilling result highlights Figure 6: Phase 4B KHLP schematic long section Page | 10 Metallurgical test work FBM commenced an initial metallurgical program to assess the amenability of the Big Red mineralisation to conventional spodumene separation process techniques, namely DMS and Fines Froth Flotation. Five (5) DD samples were selected for the program based on their central proximity within the identified mineralised zones at grades aligning with typical drilling assay results to date from the Big Red lithium-mineralised pegmatite. Composite samples #1 to #4 were used initially to undertake preliminary liberation testwork to determine Heavy Liquid Separation (HLS) performance at alternate crush sizes as well as to develop a preliminary flotation reagent regime and define the deslime and magnetic separation requirements for the fine fractions. Composite #5 was then processed through HLS at a single size fraction, followed by a Whole of Ore (WOO) Fines Flotation test program based on the refined parameters set by the prior testing. XRD data for Composite #5 suggested that approximately 90% of the Li2O is present as spodumene. A detailed description of each test program is provided below for Composite #5. The results indicated that a hybrid flowsheet utilising both DMS and Fines Flotation can produce a high-grade, marketable spodumene concentrate with low levels of contaminants. A high-level summary of the results is included below: • DMS: Heavy Liquid Separation (HLS) undertaken on -3.35mm +850um fraction produced spodumene concentrate grading 5.56% Li2O with a stage recovery of 52.9%. • Froth Flotation: Whole-of-Ore (WOO) Fines Flotation produced a spodumene concentrate with a grade of 5.50% Li2O at a global recovery of 76.9%. The HLS process screened the -3.35mm crushed Composite #5 at 0.85mm resulting in a mass yield of 58.27% to the oversize and 41.73% to the undersize. Table 1: Composite #5 HLS results – SG 2.85 Sample Wt.% Calc Head Assays (%) Recovery (%) Li2O Fe2O3 Li2O Fe2O3 100.00 1.48 0.35 - - 2.85 Floats 86.63 0.76 0.29 47.10 69.81 2.85 Sinks (product) 13.37 5.56 0.80 52.90 30.19 Figure 7: Sequential HLS stage results Page | 11 Figure 8: HLS concentrate fractions grading ~6.0% Li2O (left) and ~5.5% Li2O (right) The testwork conducted was at a preliminary stage with the application of only first-principles processing methodologies and minimal optimisation work. This leaves potential for significant further improvement in lithium recovery and concentrate product parameters with subsequent, more advanced testwork programs detailed below. The outcomes of this initial program have led to the following recommendations for the next stage of metallurgical evaluations at KHLP: • Optimisation of DMS flowsheet, including: o More detailed liberation analysis. o Options for single- and two-stage DMS flowsheets to target improved recoveries. o Options for processing multiple DMS size fractions. • Combined hybrid flowsheets to define global recoveries for DMS integration with Fines Froth Flotation. • Optimisation of grind size and desliming requirements for Fines Froth Flotation. • Optimisation of flotation parameters and reagent selection. Miriam Lithium Project – 85% FBM The Miriam Project covers an area of approximately 6 kilometres by 1.5 kilometres and comprises four Prospecting Licences (P15/61356 to P15/6139 inclusive) and one Prospecting Licence application (P15/6135). It is located approximately 10 kilometres south-southwest of Coolgardie and immediately north and contiguous to KHLP. In May 2024, FBM completed the acquisition of 85% of the issued capital of Coolgardie Nickel Pty Ltd, previously a wholly owned subsidiary of Corazon (ASX: CZN) (Corazon) and the holder of the tenements that comprise the Miriam Project. The total consideration for this transaction comprised A$1 million cash, 16,129,033 fully paid ordinary shares in FBM and 120,967,744 performance rights in FBM. In December 2022, Corazon announced the discovery of spodumene bearing outcrop on the Miriam Project with high grade rock chip samples returning up to 1.85% Li 2O. 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 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. Page | 12 Figure 9: Location of Miriam Project Key mapping and geophysical targeting work FBM undertook initial field mapping activities which successfully identified 13 discrete pegmatite target units across the southern area of project tenure. Most of these outcropping pegmatites are located proximate to the previously identified existing spodumene outcroppings. 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 returned a rock chip assay grading 1.23% Li 2O. Additionally, further sampling of the original reported spodumene-bearing outcrop noted above 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 Miriam Project. Page | 13 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. All are pending drilling. Additional target generation work commenced To complement the initial targets defined at Miriam, FBM undertook a geophysical review of the Miriam tenure, comprising a 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, where 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 now in progress to test for potential blind, subsurface pegmatites, including in the northern area of the tenure. Maiden drilling targeted for H1 CY2025 FBM’s planned maiden reconnaissance drilling programme is scheduled for H1 CY2025. A WA Government Exploration Incentive Scheme grant application to co-fund this initial drill programme at the Miriam Project has been submitted. Nevada Lithium Project, USA – 80% The Nevada Lithium Project (NLP) consists of five key prospects, Traction, San Antone, Heller, Lone Mountain and Western Flats, comprising over 90km2 of ground that is considered highly prospective for larger sedimentary-hosted lithium