Critical Elements Lithium : Quarterly Report for the period ended February 29, 2024 Management's analysis

CRITICAL ELEMENTS LITHIUM CORPORATION

(an exploration company)

MANAGEMENT DISCUSSION AND ANALYSIS

For the three- and six-month periods ended February 29, 2024 and February 28, 2023

(Second quarter)

MANAGEMENT DISCUSSION AND ANALYSIS

This management discussion and analysis ("MD&A") of Critical Elements Lithium Corporation ("Critical Elements" or the "Corporation") complies with Rule 51-102A of the Canadian Securities Administrators regarding continuous disclosure.

The MD&A is a narrative explanation, through the eyes of the management of Critical Elements, of how the Corporation performed during the three- and six-month periods ended February 29, 2024 and February 28, 2023, and of the Corporation financial condition and future prospects. This discussion and analysis complements the unaudited condensed interim financial statements for the period ended February 29, 2024.

The annual audited financial statements have been prepared by the Corporation's management in accordance with International Financial Reporting Standards ("IFRS").

All figures are in Canadian dollars unless otherwise stated. Additional information relating to the Corporation can be found on SEDAR + at www.sedarplus.ca. The shares of Critical Elements are listed on the TSX Venture Exchange under the symbol CRE, on the American Over-The-Counter QX stock exchange (OTCQX) under the symbol CRECF and on the Frankfurt Exchange under the symbol F12.

DATE

The MD&A was prepared on the basis of information available as at April 26, 2024.

CAUTION REGARDING FORWARD-LOOKINGSTATEMENTS

All statements, other than statements of historical fact, contained in this MD&A including, but not limited to, those relating to (i) management's belief that the Corporation has sufficient funds to meet its obligations and planned expenditures for the ensuing twelve months as they fall due, (ii) the Corporation's ability to secure additional financing in the future to complete the construction and commissioning of its Rose Lithium-Tantalum project and meet its financial needs, (iii) the successful completion of the current environmental assessment and permitting process to advance the Rose Lithium-Tantalum project, (iv) the development plans and timeline for the Rose Lithium-Tantalum project,

1. the results and operational highlights of the feasibility study on the Rose Lithium-Tantalum project,
2. the project timeline, (vii) lithium demand growth and trends, (viii) the expected unfolding of construction and commissioning as well as the anticipated start of production at the Corporation's Rose Lithium-Tantalum project and, (ix) the engineering study, (x) the results of such study and lithium hydroxide plant feed, (xi) the capacity and production, (xii) the mineral reserve estimates, (xiii) the mineral resource estimates, (xiv) the capital and operating costs estimates, (xv) the timing and amount of future production, (xvi) the costs of production, (xvii) the success of mining operations, (xviii) the ranking of the Project in terms of cash cost and production, (xix) the permitting, economic return estimates, (xx) the power and storage facilities, (xxi) the life of mine, (xxii) the social, community and environmental impacts,

1. the lithium and tantalum markets and sales prices, (xxiv) the off-take agreements and purchasers for the Corporation's products, (xxv) the environmental assessment and permitting, (xxvi) the securing sufficient financing on acceptable terms, (xxvii) the opportunities for short and long term optimization of the Project, (xxviii) the continued positive discussions and relationships with local communities and stakeholders, (xxviv) final and complete results of the 2023-2024 exploration program (xxv) any information as to the future plans and outlook for the Corporation, constitute ''forward-looking information'' or ''forward-looking statements'' within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this MD&A. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Moreover, these forward-looking statements were based upon various underlying factors and assumptions, including the timely delivery and installation of the equipment supporting the production, the Corporation's business prospects and opportunities and estimates of the operational performance of the equipment, and are not guarantees of future performance.

CRITICAL ELEMENTS LITHIUM CORPORATION

The words "anticipates", ''plans'', ''expects'', "indicate", "intend", ''scheduled'', ''estimates'', ''forecasts", "guidance", "initiative", "outlook", "potential", "projected", "pursue", "strategy", "study", "targets", or ''believes'', or variations of or similar such words and phrases or statements that certain actions, events or results ''may'', ''could'', ''would'', or ''should'', ''might'', or "way forward", ''will be taken'', ''will occur'' or ''will be achieved'' and similar expressions identify forward-looking statements. Forward-looking information and statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking information and statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, the lack of revenue, the Corporation's dependence upon the Rose Lithium-Tantalum Property, the exploration and mining risk, the title of property, the permits and licenses, the dividend policy, the conflicts of interest, the key employees, the labour relations, the mineral explorations and development activities inherently risky, the estimates of mineral resources and mineral reserves, the nature of the corporation's business, the unanticipated metallurgical processing problems, the life of mine plan, the need for funding and time of development, the construction and start-up of new mines and industrial plants, the infrastructures, supplies and inflation, the equipment shortages and access restrictions, the litigation and others legal proceedings, the climate change, the resource exploration and development is generally speculative in nature, the metal prices, the volatility of share price and market price of the common shares, the dilution, the sales per existing shareholders, the competition, the environmental and safety regulations, the environmental liabilities, the costs of environmental remediation, the stage of development, the uninsured hazard, the future financing, the Canada Revenue Agency, the public company obligations, the lithium demand as well as the change in technology. Unpredictable or unknown factors not discussed in this Cautionary Statement could also have material adverse effects on forward-looking statements. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward- looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. Such risk factors are more particularly set out hereinafter, under the section titled "Risks Factors" of this MD&A. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

NATURE OF ACTIVITIES

Critical Elements Lithium Corporation is incorporated under the Canada Business Corporations Act. The purpose of the Corporation is profitably delivering responsibly sourced lithium for sustainable green energy solutions through partnerships with all stakeholders. The Corporation is involved in the acquisition, exploration, development and processing of critical minerals mining properties. The Corporation is active in Canada.

The Corporation's vision is to be a global leading low-cost lithium producer aiming to positively contribute to global decarbonization and to position itself as an employer of choice, trusted partner for the communities and governments where it operates, as well as investors, customers and suppliers.

The Corporation's strategy is to develop and operate the Rose Lithium-Tantalum project ("Rose" or "the Project"), a high-purity spodumene deposit in Eeyou Istchee, Quebec, Canada, to continue to unlock value through active exploration of a land package of over 1,050 square kilometers and to achieve this vision with minimal environmental impact, including leveraging low carbon electricity available through Québec's established power grid, and in cooperation with the Cree Nation of Eastmain and other local Cree Nations communities, with whom relationships have been formalized.

2

CRITICAL ELEMENTS LITHIUM CORPORATION

HIGHLIGHTS

• On September 5, 2023, the Corporation announced the results of exploration of multiple lithium- tantalum pegmatite trends with prospecting sampling results on the Duval and Lemare sites.
• On September 6, 2023, the Corporation renewed a non-redeemable guaranteed certificate of deposit of $2,854,332, renewable with a Canadian financial institution, as security for the letter of credit issued by this financial institution. The certificate bears interest at 5.25% and matures in March 2024.
• On September 12, 2023, the Corporation announced that, since the restart of exploration work on the Rose Lithium-Tantalum project field crews have discovered several new spodumene- bearing pegmatite outcrops. Several new discovery areas have been identified in the Rose pegmatite swarm. To date, four spodumene-bearing pegmatite outcrops have been identified in the New Discovery Area.
• On September 18, 2023, the Corporation announced that it has entered into a mining lease with the Québec Minister of Natural Resources and Forests for the Rose Lithium-Tantalum project. The mining lease gives the holder the right to mine mineral substances for the Rose Lithium- Tantalum project. The mining lease is granted for a period of 20 years.
• On October 12, 2023, the Corporation announced that it has ordered the equipment with the longest lead time to manufacture, namely transformers (315 kV to 25kV) for the main power station of the Rose Lithium-Tantalum project.
• On October 17, 2023, the Corporation announced a new high-grade discovery within the Rose Project with promising grades of up to 5.62% Li2O.
• On October 30, 2023, the Corporation announced that it had obtained the dewatering exemption from Transport Canada required to develop the Rose Lithium-Tantalum project.
• On November 8, 2023, the Corporation renewed a non-redeemable guaranteed certificate of deposit of $1,355,808, renewable with a Canadian financial institution, as security for the letter of credit issued by this financial institution. The certificate bears interest at 5.33% and matures in May 2024.
• On December 20, 2023, the Corporation announced the results of exploration of multiple lithium- tantalum pegmatite trends with prospecting sampling results on the Rose Lithium-Tantalum project. On the same date, the Corporation published an update on its activities.
• On December 31, 2023, Lomiko Metals Inc. ("Lomiko") sent a notice to the Corporation confirming the exercise of the first option, giving it an initial 49% interest in the Bourier property.
• On December 31, 2023, the Corporation amended the terms of the second option with Lomiko dated April 24, 2021, and amended in December.
• On February 20, 2024, the Corporation announced that it has been granted three industrial occupancy leases (storage and mining infrastructure) and tailings management facility leases, which are essential for the deployment of its unique Rose Lithium-Tantalum project.

SUBSEQUENT EVENTS

• On March 6, 2024, the Corporation renewed a non-redeemable guaranteed certificate of deposit of $2,854,332, renewable with a Canadian financial institution, as security for the letter of credit

3

CRITICAL ELEMENTS LITHIUM CORPORATION

issued by this financial institution. The certificate bears interest at 4.82% and matures in September 2024.

• On March 13, 2024, the Corporation announced completion of a 31-hole,3,670-meter drill program on its 100% owned Rose West Discovery with multiple spodumene-rich pegmatites intersected. Initial assay results from the drill program have been received for the first two holes, RD-24-01 and RD-24-02.
• On March 21, 2024, Power Nickel informed the Corporation that it had completed a resource estimate and commitment to fund additional exploration work on the Nisk property, and by that fact Power Nickel proceeded to exercise the second option under the option agreement signed on December 22, 2020, to earn an 80% interest in the property. As a result, and in accordance with the option agreement, the parties have formed a joint venture in which Critical Elements holds a 20% interest.
• On April 1, 2024, Lomiko informed the Corporation that it would not exercise its second option to acquire up to 70% of the Bourier property. As a result, and in accordance with the option agreement, the parties have formed a joint venture in which Critical Elements holds a 51% interest.
• In April 12, 2024, the Corporation received $26,000 following the exercise of 50,000 share purchase options at a price of $0.52 each.
• On April 15 and 22, 2024, the Corporation announced new assay results for 28 additional holes from the Rose West Discovery drilling program.

OVERALL PERFORMANCE

ROSE LITHIUM-TANTALUM- LITHIUM, TANTALUM PROJECT

Property Description

The Rose Lithium-Tantalum property is located in northern Québec's administrative region, on the territory of Eeyou Istchee James Bay. It is located on Category III land, on the Traditional Lands of the Eastmain Community, approximately 40 km north of the Cree village of Nemaska. The latter is located approximately 300 km north-west of Chibougamau.

The Rose Lithium-Tantalum property is accessible by road via the Route du Nord and Eastmain-1 Road, usable all year round from Chibougamau. The mine site can also be reached by Matagami, via Route 109, Route du Nord. Figure below shows the regional location of the Project. The Project is located 80 km south of Goldcorp's Éléonore gold mine and 45 km north-west of Nemaska's Whabouchi lithium project and 20 km south of Hydro-Québec's Eastmain 1 hydroelectricity generating plant. The Nemiscau airport services the regions air travel needs. The Rose Lithium-Tantalum property site is located 50 km by road from the Nemiscau airport.

The Rose Lithium-Tantalum property comprises 473 claims spread over a 24,499 ha area and a mining lease representing 157 hectares. Geologically, the Rose Lithium-Tantalum property is located at the north-east end of the Archean Lake Superior, Province of the Canadian Shield.

4

CRITICAL ELEMENTS LITHIUM CORPORATION

Figure 1 - Rose Property Location

The new Technical Report was prepared in compliance with the standards required by National Instrument 43-101 Standards of disclosure for mineral projects ("NI 43-101") and Form 43-101F1. The Corporation filed the Technical Report on Sedar + on October 11, 2023.

The Feasibility Study was prepared in accordance to NI 43-101 by WSP Canada Inc. (WSP), Bumigeme Inc, and InnovExplo Inc. InnovExplo was responsible for the resource estimate and the mine plan, Bumigeme was responsible for the mineral processing, WSP was responsible for environmental study, project infrastructure, financial modelling, and report integration. Information regarding the outlook for lithium comes from a market study prepared by Mr. Gerrit Fuelling on behalf of the Corporation. Mr. Fuelling is an independent consultant specializing in the lithium market.

The qualified persons for the study are:

InnovExplo Inc.

• Carl Pelletier, P.Geo, Geologist
• Simon Boudreau, P.Eng, Mining Engineer

Bumigeme

• Florent Baril, Eng, Metallurgical Engineer

WSP

• Eric Poirier, P.Eng, PMP, Project Manager
• Paul Gauthier, P.Eng., Mining Engineer
• Olivier Joyal, P.Geo, Geologist

5

CRITICAL ELEMENTS LITHIUM CORPORATION

Highlights

• Expected 17-year mine life
• Average production Year 2-17: 157,706 tonnes of chemical grade 5.56% spodumene concentrate
• Average production Year 2-17: 46,059 tonnes of technical grade 6.16% spodumene concentrate
• Average production Year 2-17: 580 tonnes of tantalum concentrate
• Average operating costs: US$81.30 per tonne milled, US$587 per tonne of concentrate (all concentrate production combined)
• Estimated initial capital cost: US$471 million (before working capital)
• Average gross margin: 78.8%
• After-taxNPV8% of US$2,195 million, after-tax IRR of 65.7%
• Anticipated construction time: 21 months to start of production
• Average price assumptions of US$4,699 per tonne technical grade lithium concentrate, US$2,162 per tonne chemical grade lithium concentrate and US$150 per kg tantalum pentoxide (Ta2O5)

The feasibility is based on a conventional truck and shovel open pit operation and a conventional milling process to produce technical and chemical grade spodumene concentrates and a tantalite concentrate.

The mine will excavate a total of 26.3M tonnes ore grading an average of 0.87% Li2O and 138 ppm Ta2O5 after dilution. The mill will process 1.61M tonnes of ore per year to produce an annual average of 203,765 tonnes of technical and chemical grade spodumene concentrates and 580 tonnes of tantalite concentrate. The ore is contained in several parallel and continuous shallow dipping pegmatite dykes outcropping on surface. The ore zones are open at depth and a future underground operation is possible.

Over the life of mine, the open pit will excavate a total of 182.4M tonnes of waste rock and 10.9 M tonnes of overburden. The average strip ratio is 7.3 tonnes of stripping per tonne of ore.

Table 1 - Rose Key FS Results

Item	Units	Value
Production
Project Life (from start of construction to closure)	years	19
Mine Life	years	17
Total Mill Feed tonnage	M t	26.3
Average Mill Feed grade
Li2O	% Li2O	0.87
Ta2O5	ppm Ta2O5	138
Lithium Concentrate Production
% of Production, Chemical Grade	%	75
% of Production, Technical Grade	%	25
Mill Recoveries
Li2O, Chemical Grade	%	87.4
Li2O, Technical Grade	%	84.8
Ta2O5	%	54.4
Concentrate grade
Li2O, Chemical Grade	%	5.56
Li2O, Technical Grade	%	6.16
Ta2O5 Grade	%	20.00
Payable
5.56% Li2O Concentrate, Chemical Grade	t	2,681,000

6

CRITICAL ELEMENTS LITHIUM CORPORATION

6.16% Li2O Concentrate, Technical Grade	t	783,000
Ta2O5 Contained in Concentrate	kg	1,971,000
Commodity Prices
5.5% Li2O Concentrate, Chemical Grade	US$/tconc.	2,162
6% Li2O Concentrate, Technical Grade	US$/tconc.	4,699
Ta2O5 Contained in Concentrate	US$/kgcontained	150
Exchange rate 1.00	US$	:	1.30 CAN$
0.77	US$	:	1.00 CAN$

Item	Units	Value		Value
Project Costs		CA$		US$
Average Mining Cost	$/t milled	35.13	27.05
Average Milling Cost	$/t milled	27.00	20.79
Average General & Administrative Cost	$/t milled	20.70	15.94
Average Concentrate Transport Costs	$/t milled	22.76	17.52
Project Economics		CA$		US$
Gross Revenue	$M	12,692	9,772
Total Selling Cost Estimate	$M	161	124
Total Operating Cost Estimate	$M	2,776	2,137
Total Sustaining Capital Cost Estimate	$M	310	239
Total Capital Cost Estimate	$M	611	471
Duties and Taxes	$M	3,688	2,840
Average Annual EBITDA	$M	599	461
Average Gross Profit Margin	%		78.8%
Pre-Tax Cash Flow	$M	8,835	6,803
After-Tax Cash Flow	$M	5,147	3,963
Effective Tax Rate	%		41.7%
Discount Rate	%		8.0%
Pre-Tax Net Present Value @ 8%	$M	5,048	3,847
Pre-Tax Internal Rate of Return	%		95.9%
Pre-Tax Payback Period	years		1.3
After-Tax Net Present Value @ 8%	$M	2,851	2,195
After-Tax Internal Rate of Return	%		65.7%
After-Tax payback Period	years		1.8

Reserve Estimate

A Mineral Reserve Estimate for 17 mineralized zones was prepared during this study. The estimation assumed the production of a chemical grade spodumene concentrate with a price of US$20 per kg Li2O and a tantalite concentrate with a price of US$130 per Kg of Ta2O5. The recoveries were fixed at 85% and 64% for lithium and tantalum, respectively. The grade-recovery curve used for resource estimate, which became available after the mineral reserves were evaluated, was verified and found to have little influence on the reserve estimate. The production of a higher value technical grade spodumene concentrate was not assumed in the reserve estimate.

Based on compilation status, metal price parameters, and metallurgical recovery inputs, the effective date of the estimate is August 1, 2023.

7

CRITICAL ELEMENTS LITHIUM CORPORATION

The estimate was prepared in accordance with CIM's standards and guidelines for reporting mineral resources and reserves.

Table 2 displays the results of the Mineral Reserve Estimate for the Rose Lithium-Tantalum project at the $44.80 net smelter return ("NSR") per tonne cut-off for the open-pit scenario.

Table 2 - Mineral Reserve Estimate

	Tonnage	NSR	Li2O_eq	Li2O	Li2O	Ta2O5	Ta2O5
Category	(Mt)	($)	(%)	(%)	(000 t)	(ppm)	(000 t)
Probable	26.3	165	0.92	0.87	193.8	138	2.3
Total	26.3	165	0.92	0.87	193.8	138	2.3

• The Independent and Qualified Person for the Mineral Reserve Estimate, as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Project ("NI 43-101"), is Simon Boudreau, P.Eng, of InnovExplo Inc. The effective date of the estimate is August 1st, 2023.
• The model includes 17 mineralized zones.
• Calculations used metric units (metres, tonnes and ppm).
• The number of metric tons was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects. Rounding followed the recommendations in NI43-101.
• InnovExplo is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect the Mineral Reserve Estimate.

Resource Estimate

The current Mineral Resource Estimate ("MRE") is primarily based on changes made to the NSR parameters, supported by new assumptions concerning metal prices and the creation of potentially mineable shape to constrain the MRE for the potential underground extraction scenario. No changes to the interpretation and interpolation parameters were deemed necessary. The mineral resource model for the current MRE is based largely upon the model generated for the 2011 PEA.

The effective date of the estimate is August 1st, 2023, based on compilation status, metal price parameters, metallurgical recovery inputs and creation of the constraining volume.

Given the density of the processed data, the search ellipse criteria, the drill hole density and the specific interpolation parameters, the QP is of the opinion that the current MRE can be classified as Indicated and Inferred resources. The estimate was prepared in accordance with CIM's standards and guidelines for reporting mineral resources and reserves.

Table 3 displays the results of the MRE for the Rose Lithium-Tantalum project using CA$31.40 NSR/t cut-off for the open-pit potential extraction scenario and CA$121.12 NSR cut-off for the underground potential extraction scenario.

Table 3 - Mineral Resource Estimate

	Category	Tonnage	NSR	Li2O_Eq	Li2O	Ta2O5
				(CA$)	(%)	(%)	(ppm)
		Pit	29,922,000	185	1.03	0.93	145
Indicated		Underground	624,000	177	0.96	0.91	82
		Total Indicated	30,561,000	185	1.03	0.93	118
		Pit	1,787,000	149	0.86	0.77	138
Inferred		Underground	597,000	150	0.87	0.80	101
		Total Inferred	2,384,000	149	0.86	0.78	129

8

CRITICAL ELEMENTS LITHIUM CORPORATION

• The Independent and Qualified Person for the Mineral Resource Estimate, as defined by NI 43- 101, is Carl Pelletier, P.Geo., of InnovExplo Inc. The effective date of the estimate is August 1st, 2023. The MRE follow 2014 CIM Definition Standards and the 2019 CIM MRMR Best Practice Guidelines.
• These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.
• The model includes 24 mineralized zones.
• The reasonable prospect for eventual economic extraction is met by having constraining volumes applied to any blocks (potential open -pit or underground extraction scenario) using Whittle and the Deswik Stope Optimizer (DSO) and by the application of cut-off grades. The mineral resource is reported at a cut-off of CA$31.40 NSR for the open-pit potential; and of CA$121.12 NSR for the underground potential based on market conditions (metal price, exchange rate and production cost).
• A range of densities was used on a per-zone basis based on statistical analysis of all available data.
• A minimum true thickness of 2.0 m was applied, using the grade of the adjacent material when assayed or a value of zero when not assayed.
• High grade capping was done on raw assay data based on the statistical analyses of individual mineralized zones.
• Compositing was done on drill hole intercepts falling within mineralized zones (composite lengths vary from 1.5 m to 3.0 m to distribute the tails adequately).
• Resources were evaluated from drill holes using a 2-pass OK interpolation method in a block model (block size = 5 m x 5 m x 5 m).
• The inferred category is only defined within the areas where blocks were interpolated during pass 1 or pass 2 where continuity is sufficient to avoid isolated blocks being interpolated by only one drill hole. The indicated category is only defined by blocks interpolated by a minimum of two drill holes in areas where the maximum distance to the closest drill hole composite is less than 40 m for blocks interpolated in pass 1.
• Results are presented in-situ. The number of metric tons was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects. Rounding followed the recommendations in NI 43-101.
• The qualified persons are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue, that could materially affect the potential development of mineral resources other than those discussed in the MRE.

Feasibility Study

The parameters used for the feasibility study are the following:

• Open pit mining rate of 1,610,000 tpy
• Spodumene process plant with a 4,600 tpd capacity

Mining Operation

The mineralization is hosted within outcropping pegmatite dykes subparallel to surface. The ore body is relatively flat, close to surface and comprised of north oriented stacked lenses. Mineralization recognized to date on the Rose property includes rare elements of Lithium-Cesium-Tantalum or LCT-type pegmatites and molybdenum occurrences.

1. conventional truck and shovel open-pit approach was considered to mine the Rose Lithium-Tantalum project's Probable Mineral Reserves. The dimensions of the engineered pit design are approximately
   1,620m long x 900m wide x 200m deep.

The life of mine plan (LOM) proposes to mine 26.3 Mt of ore, 182.4 Mt of waste, and 10.9 Mt of overburden for a total of 219.6Mt of material. The average stripping ratio is 7.3 tonnes of stripping per tonne of ore. The nominal production rate is estimated at 4,600 tonnes per day and 350 operating days per year.

9

CRITICAL ELEMENTS LITHIUM CORPORATION