Latin Resources Limited (ASX: LRS) ('Latin' or 'the Company') is pleased to provide an update on the latest drilling results from resource definition drilling currently underway at the Company's 100% owned and fully funded Salinas Lithium Project ('Salinas') in Brazil

Latin Resources' Geology Manager, Tony Greenaway Commented: 'Our latest drilling and assay results have confirmed the presence of a major new pegmatite swarm at Colina West. We are seeing pegmatite intersections and grades at Colina West far in excess of those we have seen at Colina itself, which we anticipate will result in a material uplift in the overall mineral resource inventory for the Project. In addition, we are seeing a convergence of Colina and Colina West with the development of a bridging pegmatite swarm between the two areas. We believe that we may in fact be dealing with one large system. 'Our resource definition drilling is well on track, with six diamond rigs moving in a line west from Colina, and one diamond rig drilling the extension of the existing Colina resource model, with more rigs on the way. Our planned JORC resource upgrade, which is scheduled for June, will incorporate the down dip extensions of the existing Colina MRE, as well as bringing in the new pegmatite swarms to the west. 'We have paused the current PEA study which was focused only on our maiden MRE for Colina, so that we can incorporate the June model update, as we believe this will result in a material change in the overall study metrics.'

Resource Definition Drilling

The Company is undertaking a previously announced 65,000 metre diamond drilling campaign, which will incorporate a total of eight diamond drill rigs for the 2023 field season. The diamond drilling campaign is focusing on resource definition at the Company's Colina Deposit where a maiden Mineral Resource Estimate ('MRE')1 was released in early December 2022, as well the systematic drill out of the area to the west of the Colina Deposit, to enable the inclusion of this developing pegmatite system into the planned MRE update.

Colina West Pegmatite Swarm

Recent drilling and assay results from holes completed to the west of Colina, have confirmed what appears to be a second, significantly larger pegmatite swarm, with the development of multiple thick high-grade pegmatites. The Company's current drilling campaign is progressing from east to west, systematically drilling these pegmatites in an 'up-dip' progression

Studies and Other Works

Seasonal baseline environmental sampling and data collection for the Project's necessary mining and other regulatory approvals was completed over the past wet season (November 2022 - March 2023), with the next phase of field data collection for the upcoming dry season to commence shortly (May 2023 - October2023). Latin has made the decision to pause the current Preliminary Economic Assessment ('PEA'), in order to incorporate the expanded mineral resource over the wider Colina area, which is expected to undergo a material change in the upcoming MRE update scheduled for June 2023. The PEA is now expected to be completed early in Q3, so that the large new pegmatite swarm to the west of Colina can be incorporated in the PEA study metrics. The Company still intends to move directly to a Definitive Feasibility Study ('DFS'), immediately following the release of the PEA, and with progressing other works including large scale Dense Media Separation ('DMS') test work of the Colina lithium ore.

Contact:

Chris Gale

Tel: +61 8 6117 4798

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