Latin Resources : Drill rigs arrive at Salinas Lithium Project Brazil

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LATIN RESOURCES LIMITED

ACN: 131 405 144

Unit 3, 32 Harrogate Street,

West Leederville, WA

6007

P [phone]

E [e-mail]

W www.latinresources.com.au

8 February 2022

DRILL RIGS ARRIVE AT

SALINAS LITHIUM PROJECT, BRAZIL

HIGHLIGHTS

• Two drill rigs arrive on the Salinas Lithium site, Brazil.
• The company plans to drill 14 Diamond holes for a total of 2,000m of drilling.
• Priority drill targets identified where sampling returned high-grade results including 2.71% Li2O and 1.45% Li2O from spodumene bearing pegmatites, mapped over a strike length of over 1.2 kilometres.
• The Bananal Valley is located within the Minas Gerais State - a rich mining region of Brazil, and home to the Grota do Cirilio Project under development by CAD1.3 billion market cap TSX-V listed Sigma Lithium Corporation.

Latin Resources Limited (ASX: LRS) ("Latin" or "the Company") is pleased to confirm two diamond drill rigs have arrived on site and will commence drilling over the next few days on the Company's Salinas Lithium Project in Brazil ("Salinas" or the "Project"), where the Company has defined multiple priority drill targets.

Salinas is located in the highly prospective Bananal Valley district of Minas Gerais Province of Eastern Brazil (Figure 1). Minas Gerais hosts the Eastern Brazilian lithium pegmatite province, home to CAD1.3 billion market cap TSX-V listed company - Sigma Lithium Corporation (Figure 5).

The Company has planned a total of 14 diamond drill holes initially to test the outcropping high-grade Li bearing pegmatites identified in previous mapping and geochemical sampling programs (Figure 2).

The drilling is designed to test two priority target areas where sampling has returned multiple high- grade results including 2.71% Li2O and 1.45% Li2Oi from highly weathered spodumene bearing pegmatites, mapped over a strike length of over 1.2 kilometres within the Company's tenure.

The proposed drilling campaign will be the first drilling to test this highly anomalous and outcropping mineralised trend in a region that currently contains 100% of Brazil's official lithium reserves.

Latin Resources' Managing Director, Chris Gale, commented "We are extremely excited to be finally drilling our Salinas lithium projects. The team we have assembled on site will hit the ground running with drilling to start within a few days. We are very confident our exploration field work along with this drilling will deliver positive news over the next few months."

1. Refer to ASX Announcement dated 26 October 2021

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SALINAS

Initial results from the 38-reconnaissance stream sediment sampling conducted over the Salinas South project have highlighted a "lithium corridor" extending northeast- southwest across the tenement for over six kilometres, with a cluster of highly anomalous results from drainage sampling in the northeast of the tenement (Figure 1).

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These results represent a significant blind anomaly in an area which is devoid of any outcrop. The high-grade stream sediment results which peak at 158ppm Li1 are well above the background results of 45ppm Li, as determined by Latin's baseline reference sampling downstream from a known high- grade Li bearing spodumene pegmatite.

The Company will drill a total of 14 holes to test the outcropping high-grade Li bearing pegmatites identified in previous mapping and geochemical sampling programs.

The drilling is designed to test two priority target areas where sampling has returned multiple high- grade results including 2.71% Li2O and 1.45% Li2O2 from highly weathered spodumene bearing pegmatites, mapped over a strike length of over 1.2 kilometres within the Company's tenure.

The drilling campaign will be the first drilling to test this highly anomalous and outcropping mineralised trend in an underexplored region that currently contains 100% of the Brazil's official lithium reserves.

1. Refer to ASX Announcement dated 26 October 2021
2. Refer to ASX Announcement dated 26 October 2021

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ABOUT LITHIUM IN MINAS GERAIS, BRAZIL

Sigma Lithium (TSXV: SGMA) is the most active lithium explorer in the region with a world-class lithium resource base which currently stands at 45.7Mt @1.38% Li2O3. Sigma is focused on 10 high- grade hard-rock lithium pegmatites, nine of which were past-producing lithium mines, yet have reported over 200 pegmatites within their tenure. Sigma is now in pre-construction of its large-scale lithium concentration commercial production plant in Minas Gerais. Based on the Feasibility Study Report4 the commercial production plant will contemplate a capacity of 220,000 tonnes annually of battery-grade "green" lithium concentrate and Sigma will be amongst the lowest-cost producers of lithium concentrate globally.

Whilst not far away, CBL is actively mining spodumene pegmatites, producing a spodumene concentrate which is then transferred to a chemical plant in Divisa Alegre, Minas Gerais, where it is transformed into industrial grade lithium hydroxide.

Latin Resources is particularly excited by the opportunities this may present in the future for battery grade lithium hydroxide production.

1. Refer to Sigma Lithium TSX announcement "Sigma Lithium Triples Measured and Indicated Mineral Resources at Grota do Cirilo" - Dated 10.01.2019
2. Refer to Sigma Lithium TSX announcement "Sigma Lithium Announces a Positive Feasibility Study with forecast LOM Net Revenue of US$1.4 billion and EBITDA of US$ 690 million for the high-grade,low-cost Xuxa Deposit" - Dated 01.10.2019

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This Announcement has been authorised for release to ASX by the Board of Latin Resources.

For further information please contact:

Chris Gale	Andrew Rowell
Executive Director	Senior Communications Advisor
Latin Resources Limited	White Noise Communications
[phone]	08 6374 2907
[e-mail]
www.latinresources.com.au

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