Lepidico Ltd. announced an update on its Ore Reserve estimate at its 80% owned Karibib Project in Namibia, which has added a further 1.16M t @ 0.62% Li2O into Probable Reserves. The estimate was prepared by Australian Mine Design and Development Pty Ltd. Of the 1.31M t grading 0.46% Li2O in Indicated Mineral Resource at Helikon 4 just over 62% of the tonnes fall within the current pit design and thereby convert into Probable Ore Reserves. The 2023 Resource development drilling program that is scheduled to start imminently will target down-dip extensions to the mineralisation and provide geotechnical data, with the objective of both expanding the Indicated Resource base and increasing conversion to Probable Reserves.

The program will also include infill and extensional drilling at Helikon 2-3, which together host an Inferred Mineral Resource of 0.51M t grading 0.52% Li2O.