Mali Lithium : Positive Results from Latest Resource Drilling at Goulamina

13 February 2020

Positive results returned from latest resource drilling at Goulamina

Mali Lithium Ltd (ASX:MLL) ("Mali Lithium", "the Company") is pleased to announce that it has completed the reverse circulation (RC) component of the current phase of resource drilling at its flagship Goulamina Lithium Project in southern Mali, with more positive results being received.

This latest round of drilling at Goulamina has returned additional wide, high-grade intersections from the Sangar I and II spodumene pegmatites, while a new spodumene pegmatite has also been intersected at the Bara prospect 1.2 km south of Danaya.

Best new results include 25m at 1.97% Li2O from 134m (GMRC365), 52m at 1.44% Li2O from 155m, 49m at 1.82% Li2O from 115m (GMRC369) and 34m at 1.81% Li2O from 136m (GMRC371) (see Table 1 below for a more comprehensive summary of recent results).

Along with providing new information for updating the Mineral Resource and Ore Reserve, the current drilling program is testing geophysical and structural hydrological targets within Goulamina and aiding in the completion of geotechnical testwork relating to the construction of the process plant and tailings storage facility.

Program summary

• 41 RC holes completed for 7315 metres (see Figure 1).
• 830 assays received of 3220 submitted to date.
• Improved confidence in the Sangar l and Sangar ll interpretation and mineralisation.
• Sangar ll model will extend below pit shell.
• Spodumene-bearingpegmatite and aplite intersected at Bara, GMRC396 - 17m from 85m. Assays awaited.
• Drilling of water bore test holes has commenced:

1. 8 exploratory water bores planned (640m)

1. Hole GMWB015, close to the proposed plant site, has intersected significant quantities of water. Flow test work is underway

1. 3 diamond tails to be completed into Sangar Zone(270m)

1. 11 short HQ3 diamond geotech holes (165m) for plant and TSF foundation study

Figure 1 Resource development drilling (red) superimposed on existing drilling (blue) Showing location of the Bara prospect where spodumene and aplitic pegmatites have been intersected. Model is shown as a slice at 315m RL.

Figure 2 Section 1254400mN showing the newly modelled pegmatite intersections in assays received for holes GMRC365 and GMRC368. Note: assays for remaining part of GMRC365 are awaited. The confidence in the interpretation is improved, and the model will no longer constrain the base of the pit in Sangar II.

Table 1 Significant assays received to date

Mali Lithium is using a laboratory in Johannesburg, South Africa for assaying. Due to high levels of drilling activity in the region, samples are currently taking six weeks to be processed. An approximate timeline of drilling to Resource/Reserve update is as follows:

• Complete drilling - mid-February 2020
• Final assays received - mid-March 2020
• Mineral Resource updated - end of March 2020
• Ore Reserve updated - with DFS - May 2020

Managing Director Chris Evans said: "The recent drilling program is now complete and has yielded strong results. The intersection of Li20 below the existing conceptual pit floor and outside the existing resource shell is particularly exciting and supports the Company's belief that substantial resource upside exists. The discovery of spodumene-bearingwide pegmatite intersections at the Bara prospect also highlights the prosectivity of our tenement package. We look forward to reporting the results in full to the market once assays are received and incorporating other positive results from recent drilling in the pending resource and reserve updates."

-ENDS-

Further Information:
Chris Evans	Luke Forrestal
Managing Director	M&C Partners
Mali Lithium	[phone]
[phone]

About Mali Lithium

Mali Lithium Limited (ASX:MLL) is developing the world class Goulamina Lithium Project in Mali, West Africa. Goulamina is fully permitted and is one of the world's largest uncommitted hard rock Lithium Reserves. The company is currently completing its Definitive Feasibility Study and has released the results of its Pre-Feasibility Study (PFS) on the project to the ASX on 4 July 2018. The Company also has a diversified commodity portfolio containing prospective gold tenements in southern Mali from which it intends to generate near term value for shareholders.

Competent Person's Declaration

The information in this announcement that relates to Exploration Results and exploration objectives is based on information compiled by Mali Lithium's Geology Manager, Mr Simon McCracken, a Competent Person. Mr McCracken is a member of the Australian Institute of Geoscientists. Mr McCracken has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking 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 ('the JORC Code')". Mr McCracken consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Annex 1 - Significant Pegmatite Intersections

Hole ID		Collar			Collar			Collar		Dip	Azimuth			Pegmatite Interval
		Easting			Northing			RL				From (m)	To (m)	downhole
														width (m)		Comments
GMRC387	613198		1253550		402		-60	270	3	22	19		Oxide - Danaya
												22	44	22		Fresh - Danaya
												74	93	19		Fresh - Danaya
												96	112	16		Fresh - Danaya
												129	142	13		Fresh - Danaya
												147	154	7		Fresh - Danaya
												156	158	2		Fresh - Danaya
GMRC388	613251		1253550		403		-60	270	67	77	10		Fresh - Danaya
												70	74	4		Fresh - Danaya
												95	148	53		Fresh - Danaya
												155	178	23		Fresh - Danaya
GMRC389	613132		1253450		398		-60	270	12	55	43		Oxide/Fresh - Danaya
												63	65	2		Fresh - Danaya
												70	71	1		Fresh - Danaya
												101	103	2		Fresh - Danaya
												110	113	3		Fresh - Danaya
GMRC390	613180		1253450		399		-60	270	1	13	12		Oxide - Danaya
												13	38	25		Fresh - Danaya
												42	46	4		Fresh - Danaya
												60	81	21		Fresh - Danaya
												102	109	7		Fresh - Danaya
												110	111	1		Fresh - Danaya
												113	117	4		Fresh - Danaya
												126	128	2		Fresh - Danaya
												141	144	3		Fresh - Danaya

Hole ID	Collar	Collar	Collar	Dip	Azimuth			Pegmatite Interval
	Easting	Northing	RL			From (m)	From	From (m)	From (m)
							(m)

GMRC390	613180	1253450	399	-60	270	149	150	1	Fresh - Danaya
						151	156	5	Fresh - Danaya
						160	165	5	Fresh - Danaya
						180	188	8	Fresh - Danaya
GMRC391	613230	1253450	399	-60	270	7	29	22	Oxide - Danaya
						29	92	63	Fresh - Danaya
						104	120	16	Fresh - Danaya
						105	139	34	Fresh - Danaya
						148	152	4	Fresh - Danaya
						181	186	5	Fresh - Danaya
GMRC392	613282	1253450	399	-60	270	36	38	2	Fresh - Danaya
						43	56	13	Fresh - Danaya
						72	100	28	Fresh - Danaya
GMRC393	613525	1254350	402	-60	270	28	64	36	oxid - Danaya
						120	126	6	Fresh - Danaya
						140	176	36	Fresh - Danaya
						205	207	2	Fresh - Danaya
GMRC394	612731	1251400	384	-60	270	20	40	20	0xide aplitic - Bara
GMRC395	612831	1251400	383	-60	270	83	88	5	fresh pegmatite - Bara
GMRC396	612931	1251400	381	-60	270	85	102	17	fresh pegmatite - Bara
GMRC397	613029	1251400	380	-60	270	83	84	1	Pegmatite aplitic - Bara
GMRC398	613128	1251400	381	-60	270	89	91	2	Pegmatite aplitic - Bara
						95	96	1	Pegmatite aplitic - Bara
						98	102	4	Pegmatite aplitic - Bara

ANNEX 2 - JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

	Criteria		JORC Code explanation		Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or		• One metre samples were collected using Reverse Circulation (RC)
techniques	specific specialised industry standard measurement tools appropriate		drilling with a ~140mm bit.
			to the minerals under investigation, such as down hole gamma		• The entire sample is collected from the cyclone on the rig in plastic
			sondes, or handheld XRF instruments, etc). These examples should		bags and then split by hand using a riffle splitter to collect a nominal 2
			not be taken as limiting the broad meaning of sampling.		kg sample in a prenumbered cotton sample bag.
			• Include reference to measures taken to ensure sample representivity		• The entire sample is dried, then is crushed to 75% passing 2mm in a
			and the appropriate calibration of any measurement tools or systems		jaw crusher.
			used.		• A 1.5kgsample is split using a riffle splitter.
			• Aspects of the determination of mineralisation that are Material to the		• The 1,5kg split is pulverised in a tungsten carbide ring and puck
			Public Report.		pulveriser to 805% passing 75 µm.
			• In cases where 'industry standard' work has been done this would be		• Only samples that are not granitic material are prepared for assay.
			relatively simple (eg 'reverse circulation drilling was used to obtain 1		• 6m composite samples are split from the collected material in logged
			m samples from which 3 kg was pulverised to produce a 30 g charge		granitic rocks. To ensure that short mineralised intervals are
			for fire assay'). In other cases more explanation may be required,		recognized.
			such as where there is coarse gold that has inherent sampling
			problems. Unusual commodities or mineralisation types (eg
			submarine nodules) may warrant disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air		• All samples in the current campaign were collected using RC drilling
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
			or standard tube, depth of diamond tails, face-sampling bit or other
			type, whether core is oriented and if so, by what method, etc).
Drill sample	• Method of recording and assessing core and chip sample recoveries		• The entire sample was collected from the cyclone and subsequently
recovery	and results assessed.		split by hand in a riffle splitter.
			• Measures taken to maximise sample recovery and ensure		• Condition of the sample is recorded (ie Dry, Moist, or Wet)
			representative nature of the samples.		• Where samples were wet (due to ground water there is a possibility
			• Whether a relationship exists between sample recovery and grade		that the assay result could be biased through loss of fine material.
			and whether sample bias may have occurred due to preferential
			loss/gain of fine/coarse material.
Logging	• Whether core and chip samples have been geologically and		• Chips were geologically logged at site in their entirety, and a
			geotechnically logged to a level of detail to support appropriate		representative fraction collected in a chip tray. The logs are
			Mineral Resource estimation, mining studies and metallurgical		sufficiently detailed to support Mineral Resource estimation. Logged
			studies.		criteria included, lithology, weathering, alteration, mineralisation,

Criteria	JORC Code explanation	Commentary

• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
• The total length and percentage of the relevant intersections logged.

veining, and sample condition.

• Geological logging is qualitative in nature although percentages of different lithologies, sulphides, and veining are estimated.

Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or all core	•	All samples are riffle split by hand using a stand-alone splitter. This
techniques		taken.		technique is appropriate for collecting statistically unbiassed samples.
and sample	•	If non-core, whether riffled, tube sampled, rotary split, etc and		The riffle splitter is cleaned with compressed air and soft brushes
preparation		whether sampled wet or dry.	•	between each sample
	•	For all sample types, the nature, quality and appropriateness of the	Samples are weighed to ensure a sample weight of between 2 and 3
		sample preparation technique.		kg. Samples of between 2 and 3 kg are considered appropriate for
	• Quality control procedures adopted for all sub-sampling stages to		determination of contained lithium and other elements using the
		maximise representivity of samples.	•	sodium peroxide fusion process.
	•	Measures taken to ensure that the sampling is representative of the	Certified reference standards, Blanks, and duplicates are inserted into
		in-situ material collected, including for instance results for field		the sample stream as the samples are collected at a rate of 10%.
		duplicate/second-half sampling.		o Field duplicates are inserted every 20 samples
	• Whether sample sizes are appropriate to the grain size of the material		o Blanks (derived from unmineralized river sand) and
		being sampled.		Certified reference material standards (CRMs) are
				inserted alternately every 20 samples
Quality of	•	The nature, quality and appropriateness of the assaying and	•	Samples are analysed for Lithium using an industry standard
assay data		laboratory procedures used and whether the technique is considered		technique SGS method ICP90A.
and		partial or total.	•	by:
laboratory	•	For geophysical tools, spectrometers, handheld XRF instruments, etc,		o drying the sample
tests		the parameters used in determining the analysis including instrument		o crushing the sample to 75% passing -2mm
		make and model, reading times, calibrations factors applied and their		o 1.5kg split by riffle splitter
		derivation, etc.		o Pulverise to 85% passing 75 microns in a tungsten
	• Nature of quality control procedures adopted (eg standards, blanks,		Carbide ring and puck pulveriser
		duplicates, external laboratory checks) and whether acceptable levels		o Samples are analysed for Lithium and other elements by
		of accuracy (ie lack of bias) and precision have been established.		ICPOES after a sodium peroxide fusion
			•	Laboratory checks include
				o Every 50th sample is screened to confirm % passing
				2mm and 75 microns.
				o 1 reagent blank every 84 samples

o 1 preparation blank every 84 samples o 2 weighed replicates every 84 samples

o 1 preparation duplicate (re split) every 84 samples o 3 SRMs every 84 samples

• Certified reference standards, Blanks, and duplicates are inserted into

Criteria	JORC Code explanation	Commentary

the sample stream as the samples are collected at a rate of 10%. o Field duplicates are inserted every 20 samples

o Blanks (derived from unmineralized river sand) and Certified reference standards (CRMs) are inserted alternately every 20 samples

Verification of	• The verification of significant intersections by either independent or	• All drilling and exploration data are stored in the company database
sampling and	alternative company personnel.	which is hosted by an independent geological database consultant.
assaying	• The use of twinned holes.	• Drilling and sampling procedures have been developed to ensure
	• Documentation of primary data, data entry procedures, data	consistent sampling practices are used by site personnel.
	verification, data storage (physical and electronic) protocols.	• Logging and sampling data are collected on a Toughbook PC at the
	• Discuss any adjustment to assay data.	drill site and provided directly to the database consultant, to limit the
		chance of transcription errors.
		• Where duplicate assays are measured the value is taken as the first
		value, and not averaged with other values for the same sample.
		• QAQC reports are generated regularly by the database consultant to
		allow ongoing reviews of sample quality.
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	• Drill hole collars are located using GPS.
data points	down-hole surveys), trenches, mine workings and other locations	• Down hole dip and azimuth are collected using a Gyro measuring
	used in Mineral Resource estimation.	every 20 to 50m for RC drilling.
	• Specification of the grid system used.	• Coordinates are recorded in UTM WGS94 29N
	• Quality and adequacy of topographic control.	• Topographic control is considered adequate for the current drill
		spacing.
Data spacing	• Data spacing for reporting of Exploration Results.	• Drill holes are spaced approximately 30 to 50 metres apart on 50m
and	• Whether the data spacing and distribution is sufficient to establish the	spaced sections.
distribution	degree of geological and grade continuity appropriate for the Mineral	• The spacing is sufficient to establish grade and geological continuity
	Resource and Ore Reserve estimation procedure(s) and	and is appropriate for Mineral Resource and Ore Reserve estimation.
	classifications applied.	• Samples from unmineralized granites are collected every metre, but
	• Whether sample compositing has been applied.	are composited to 6m prior to assay.
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	• Mineralized zones are interpreted to dip moderately to the east, to
data in	possible structures and the extent to which this is known, considering	northeast. Drilling is generally oriented -60 degrees due west.
relation to	the deposit type.	Intersection angles on the mineralised zone are between 35 and 65
geological	• If the relationship between the drilling orientation and the orientation	degrees depending on the local strike of the mineralised pegmatite.
structure	of key mineralised structures is considered to have introduced a	True widths of mineralisation are between about about 75% and 40%

Criteria	JORC Code explanation	Commentary

sampling bias, this should be assessed and reported if material.

of downhole widths.

• The relationship between drilling orientation and structural orientation is not thought to have introduced a sampling bias.

Sample	• The measures taken to ensure sample security.	• Samples are delivered from the drilling site in batches of 300 to the
security		SGS laboratory with appropriate paperwork to ensure the chain of
		custody is recorded. Prepared pulps are shipped by SGS using DHL
		from Bamako to their South African facility for assay determination
Audits or	• The results of any audits or reviews of sampling techniques and data.	• QAQC checks of individual assay files are routinely made when the
reviews		results are issued
		• A QAQC report for the entire program is generated and reviewed at
		the end of the program to document any laboratory drift or assay bias.

1.1 Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

	Criteria		JORC Code explanation		Commentary
Mineral	• Type, reference name/number, location and ownership including		• The Goulamina Project is entirely within the Torakoro Exploitation
tenement and	agreements or material issues with third parties such as joint		Permit PE 19/25 in Mali , PE19/25 is 100% held Timbuktu
land tenure	ventures, partnerships, overriding royalties, native title interests,		Ressources SARL a 100% held subsidiary of Mali Lithium.
status	historical sites, wilderness or national park and environmental
			settings.
			• The security of the tenure held at the time of reporting along with any
			known impediments to obtaining a licence to operate in the area.
Exploration	• Acknowledgment and appraisal of exploration by other parties.		• Mali Lithium (Formerly Birimian Gold) has completed substantial
done by other			exploration in the area including soil sampling, Auger Drilling, Air-core
parties			Drilling and RC Drilling as well as limited diamond drilling. The current
					program was designed to infill areas of broad spaced (100m sections)
					drilling and extend the depth potential of the Goulamina deposit.
Geology	• Deposit type, geological setting and style of mineralisation.		• The deposit is a pegmatite hosted spodumene lithium deposit. The
					pegmatites are hosted entirely within granitic rocks.
Drill hole	• A summary of all information material to the understanding of the		• Drilling completed by Birimian Gold in the period from 2015 to 2018
Information	exploration results including a tabulation of the following information		has been reported in various market updates on the Goulamina
			for all Material drill holes:		Lithium deposit which are available on the Mali Lithium web site
			o easting and northing of the drill hole collar		• Drill hole collar information for all drilling in the Goulamina area is
			o elevation or RL (Reduced Level - elevation above sea level in		tabulated elsewhere in this report.
			metres) of the drill hole collar

	Criteria		JORC Code explanation		Commentary
			o dip and azimuth of the hole
			o down hole length and interception depth
			o hole length.
			• If the exclusion of this information is justified on the basis that the
			information is not Material and this exclusion does not detract from
			the understanding of the report, the Competent Person should clearly
			explain why this is the case.
Data	• In reporting Exploration Results, weighting averaging techniques,		• All sample lengths are 1m. a weighting of 1 has been applied to all
aggregation	maximum and/or minimum grade truncations (eg cutting of high		samples.
methods	grades) and cut-off grades are usually Material and should be stated.		• Top cuts have not been used.
			• Where aggregate intercepts incorporate short lengths of high grade		• Metal equivalent grades have not been reported
			results and longer lengths of low grade results, the procedure used
			for such aggregation should be stated and some typical examples of
			such aggregations should be shown in detail.
			• The assumptions used for any reporting of metal equivalent values
			should be clearly stated.
Relationship	• These relationships are particularly important in the reporting of		• Five northwest-southeast striking pegmatite and 11 north south
between	Exploration Results.		striking pegmatities are interpreted to dip moderately to the northeast
mineralisation	• If the geometry of the mineralisation with respect to the drill hole		and steeply to the east respectively. Drilling is generally oriented -60
widths and	angle is known, its nature should be reported.		degrees due west. Intersection angles on the mineralised pegmatites
intercept	• If it is not known and only the down hole lengths are reported, there		vary between 35 and 75 degrees. True widths of mineralisation vary
lengths	should be a clear statement to this effect (eg 'down hole length, true		depending on the local strike and dip of the pegmatite
			width not known').
Diagrams	• Appropriate maps and sections (with scales) and tabulations of		•
			intercepts should be included for any significant discovery being
			reported These should include, but not be limited to a plan view of
			drill hole collar locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not		•
reporting	practicable, representative reporting of both low and high grades
			and/or widths should be practiced to avoid misleading reporting of
			Exploration Results.
Other	• Other exploration data, if meaningful and material, should be reported		•
substantive	including (but not limited to): geological observations; geophysical
exploration	survey results; geochemical survey results; bulk samples - size and
data	method of treatment; metallurgical test results; bulk density,
			groundwater, geotechnical and rock characteristics; potential
			deleterious or contaminating substances.
Further work	• The nature and scale of planned further work (eg tests for lateral		•

Criteria	JORC Code explanation	Commentary

extensions or depth extensions or large-scalestep-out drilling).

• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.