Lepidico Limited announced an increase in Resources at its 80% owned Karibib Project ("KP") in Namibia. The increased results are from an initial Mineral Resource estimate ("MRE") for the surface stockpiles from former operations at the Rubicon and Helikon pegmatites and a Resource update for the Rubicon tailings. The Mineral Resource statements were reported by Resource Evaluation Services in accordance with the requirements of the JORC Code (2012). These new Mineral Resource estimates total 641,000 tonnes @ 0.81% Li2O. Global Mineral Resources at Karibib now total 11.87 million tonnes grading 0.45% Li2O. Historical mining of the Rubicon and Helikon pegmatites was largely for petalite, used in the ceramics industry. The pegmatites are generally zoned with the petalite occurring adjacent to the central quartz core, and lepidolite-rich zones commonly peripheral to these zones. As a consequence, much of the mined lepidolite and other lithium mica mineralisation was discarded in surface stockpiles or reported as tailings from processing. Lepidico has undertaken a program of work to augment existing data on these surface stocks to enable the classification of the first Mineral Resources under the JORC Code (2012). The Rubicon surface stockpile MRE comprises 53 dumps and lepidolite-rich stockpiles. The larger dumps were sampled on a nominal 40 m x 40 m grid by way of pits excavated to a maximum of 0.5 m. The smaller stockpiles were sampled by way of grab samples. In total, 153 samples and 17 QAQC and CRM (certified reference material) samples were submitted for assay. Bulk density (1.3 - 1.8 t/m3) was calculated by determining the dry weight of a sample contained in a 25 cm3 container. Dump volumes were determined from a digital elevation model. No reporting cut has been applied on the assumption that the dumps and stockpiles will not be selectively mined. The total Rubicon stockpile MRE is 415,000 t of Inferred Mineral Resource. The Helikon Group stockpile MRE is comprised of 8 historical dumps that lie in-situ and have not been disturbed, namely, dumps 1, 2, 3, 6, 9, 11, 16 and 20. A number of other historical Helikon dumps were trucked to Rubicon for processing by the previous owner, and these are not included in the MRE for the Helikon stockpiles. The dumps included in the MRE were sampled by mechanised trenching and pitting. Bulk density was determined from 39 readings, with an average of 1.83 t/m3 applied to the stockpile material. Volumes were calculated from a digital elevation model. No reporting cut has been applied on the assumption that the dumps and stockpiles will not be selectively mined. The total MRE (Inferred) for the Helikon Group stockpiles is 156,000 t @ 0.65% Li2O. The Rubicon tailings represent residual material from historical processing of petalite and, as such, have a negligible petalite content. The updated MRE for the Rubicon tailings supersedes the estimate for this material as initially reported by the Company on 16 July 20191. The new MRE is based on 8 RC drill holes and 46 pits sampled in 2017, and 10 pits sampled in 2020. Volume was determined by reference to a base surface defined by geological logging of RC drill holes and an upper surface derived from a drone survey digital elevation model. A dry bulk density of 1.53 t/m3 was applied as derived from sampling in 2017. The Resource was estimated using an inverse distance squared (ID2) interpolation method and is classified as Indicated. No reporting cut has been applied on the assumption that the tailings will not be selectively mined. Further works are planned over the Rubicon and Helikon stockpiles to increase data density and confidence to a level that would enable this material to be classified as Indicated Resources and thereby enable the estimation of Probable Ore Reserves. This work will involve machine-aided sampling of pits and trenches, RC drilling of the finer-grained comminuted dumps, additional bulk density determinations and XRD analyses of constituent mineralogy. In addition, pods of high-grade lithium are observed in old mine workings at the Helikon 2, 3 and 4 pegmatites. These three deposits represent excellent targets for further drilling to increase the resource inventory and to promote current Inferred Mineral Resources into Measured and Indicated categories. These pegmatites are planned to be drilled in the September 2021 quarter.