Gibb River Diamonds Limited's Lithium Generative Project aims to add significant shareholder value through generating and/or acquiring lithium/REE projects within Australia and to explore and develop these projects. The tenements which have been pegged so far comprise of ten exploration licenses and four Prospecting licenses totaling 1,800km2, all in Western Australia. These areas were selected as prospective based upon a review of data from government databases, remote sensing data and from other data sources.

GIB's lithium exploration targets are Lithium-Caesium-Tantalum (`LCT') pegmatites. LCT pegmatites are enriched in Li, Cs, Ta, Be, B, F, P, Mn, Ga, Rb, Nb, Sn and Hf. Examples of major LCT pegmatite deposits include the Tin Mountain pegmatite in the US; Tanco pegmatite in Canada; Altai pegmatite in China; and the Greenbushes, Wodgina and Pilgangoora pegmatites in Western Australia.

As a part of the Lithium Generative Project, GIB has identified a new Rare Earth Element (REE) project targeting Niobium­Yttrium­Fluorine (NYF) pegmatites. These NYF pegmatites are enriched in Be, Sn, B, Nb > Ta, Ti, Y, REE's, Zr, Th, U, Sc and F, but are depleted in Li, Cs and Rb. Both LCT and NYF pegmatites contain elements that are critical for green technologies.

The Mount Magnet Lithium Project consists of four exploration licenses and four prospecting licenses totalling 254km2. The area was identified as prospective based upon a review of data from government databases, remote sensing data and from other data sources. In early October, a mapping field trip was conducted over the Mount Magnet East tenements to investigate various anomalies generated using geochemical data, remote sensing and satellite imagery.

As a result of this work, five pegmatites of varying dimensions were successfully identified and sampled, with one of the new pegmatites measuring approximately 150m long and ~18m at its greatest width. These pegmatites showed very coarse grained, feldspar and quartz with graphic textures and varying amounts of muscovite and /or biotite. No obvious lithium mineralisation was observed.

The assay results for this sampling have recently been received and no lithium or rare earth mineralisation was reported. Nevertheless, the discovery of these new pegmatites is encouraging and validates the Company's exploration methodology for finding new pegmatite districts. GIB expects that the discovery of mineralised LCT or NYF pegmatites will take a degree of persistence, and the Company will continue to persevere in its exploration for new pegmatites with the desired mineralogy.

There are further follow-up targets at the Mount Magnet West and East Lithium Projects and these will be mapped and sampled during future field trips. The Company has also generated lithium projects in the West Kimberley, East Kimberley and at Mica Well, east of Mount Magnet. These Projects are all deemed to have varying degrees of prospectivity based upon the Company's review of available geochemical, remote sensing and other data.

Planning is currently underway to undertake mapping and sampling trips to further assess these areas. The Mukinbudin REE Project consists of two exploration licenses totalling 304.7km2. The area was selected as prospective based upon historic accounts of Niobium­Yttrium­Fluorine (NYF) pegmatites in the area as documented in government databases and other sources.

The area is predominantly freehold arable farmland, which means access to these areas needs to be secured from the landowner. The Company is currently working on land access with a view to mapping and sampling these areas. GIB believes that the green energy metals space is a very commercially attractive place to operate.

The Company is committed to generating projects within this space which have the potential to add significant shareholder value. The Company has a very strong geological team and believes GIB has the expertise to add significant shareholder value through generating and/or acquiring lithium/REE projects within Australia and exploring and developing these projects. Generating/acquiring further Li-REE Projects and mapping and sampling of current Li-REE Projects are planned for the remainder of 2022.

Ongoing resource and metallurgical studies of the Edjudina Gold Project is progressing concurrently with this work.