Altura Mining : Fish Lake Valley Lithium Project Update

ASX Announcement

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15 December 2021

Fish Lake Valley Lithium Project Update

Exploration project provides excellent opportunity in a North American lithium hotspot

Confirmed lithium mineralisation with regional precedence of successful lithium exploration, development and operations

Historical exploration results released under Altura's Competent Person authority Geophysical data collection and direct lithium extraction studies underway

Overview

Altura Mining Limited (ASX: AJM "Altura" or "the Company") is pleased to announce that it has completed a technical review of the previous exploration work completed on the Fish Lake Valley Lithium Project "the Project".

The Project location can be seen in figure 1 and is equidistant (approximately 280km) to the major Nevada cities of Las Vegas and Reno (Reno is 37km from Tesla's Nevada Gigafactory) The Project area is 30km from Albemarle's Silver Peak Mine and 20km from Argosy's Tonopah Lithium project, the Project area covers the entire Fish Lake Valley salt playa. The Project is located in a known lithium producing region of the USA and presents as an excellent exploration opportunity for the Company.

Figure 1 - Fish Lake Valley Lithium Project, Nevada, USA

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Altura Mining Limited ASX Announcement 15 December 2021

In May 2021 Altura executed a letter of intent with US-based Lithium Corporation (OTC:LTUM) to earn an interest in the Project (refer to ASX Announcement Altura negotiates earn in option for Nevada lithium brine Project released 3 May 2021). Following completion of due diligence and satisfaction of conditions precedent, the earn in commenced in August 2021 under the terms of the letter of intent, with a formal earn in Option Agreement being executed on 12 October 2021 (refer to ASX Announcement A$6.5M equity raising to fund project development and ASX re-quotation released 14 October 2021). Altura has commenced its activities to earn a 60% interest in the Project and retains the right to acquire a 100% interest.

Fish Lake Valley Lithium Project

Fish Lake Valley is located on the western margin of the Basin and Range province, within "Walker Lane" which is a zone of Miocene structural deformation that trends northwest to southeast, paralleling the trend of the Sierra Madre Mountains in Eastern California. Basin and Range faulting began during the Miocene, it is this tectonism that is responsible for the formation of the Fish Lake Valley Basin. The most prominent structure is the Furnace Creek Fault Zone (FCFZ), which is a north westerly trending right lateral or dextral fault. The Fish Lake Valley Fault Zone lies at the northern terminus of the FCFZ where a classic "pull-apart" basin was created which is responsible for the locally thick deposition of Quaternary sediments, and most likely gave rise to the deep fracture permeability that was critical in the formation of the geothermal systems associated with mineralisation.

There has been considerable sedimentation in Fish Lake Valley with abundant clays, silts, sands and gravels transported from the hills surrounding the basin. The valley fill sediments can be quite thick in some basins, although it is thought that they are only moderately developed (300-600m thick) at the northern end of Fish Lake Valley given the historic borehole and gravity data available.

From multiple company presentations and disclosures, it is clear that the region is highly prospective for lithium, Nevada has seen rapid growth in lithium exploration and development projects seeking to recover lithium from both lithium brine and clay-based deposits. Fish Lake Valley, and the Project can be seen in context to other lithium focussed projects in Figure 2.

Lithium Exploration/Development Project

Figure 2 - Fish Lake Valley and neighbouring Clayton Valley lithium projects

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Altura Mining Limited ASX Announcement 15 December 2021

Historical Exploration Activities

Work by Lithium Corporation in 2011 identified an area at the north end of the northernmost playa, approximately 2.0km wide by 3.2km long, where lithium values in brines are more than 50 mg/L, along with elevated boron and potassium levels. This anomalous area encapsulates a more enriched zone which measures approximately 1.40km by 1.62km. Within this enriched zone lithium-in-brine values range from 100 to 150 mg/L, with boron ranging from 1,500 to 2,670 mg/L and potassium from 5,400 to 8,400 mg/L.

Previous exploration work completed by Lithium Corporation from 2010 to 2013 includes shallow brine sampling and direct push drilling. The locations of this work are shown in Figure 3, it should be noted that the claim boundaries have changed over the years but the most prospective/enriched zone has always been retained and is the primary focus of the Earn in Option Agreement.

Lithium Corporation performed two direct-push probing programs on the periphery of the playa, the first in 2010 (see Annexures 1 and 5), and the second in 2013 (see Annexures 3 and 7). Both programs were planned to be carried out on the playa, but wet conditions forced the drill pads to be located well away from the area of interest, and the holes were drilled mainly on the fringes of the playa, directly adjacent to the gravel roads that ring the playa. In late November 2012 Lithium Corporation completed a 17-hole probing program on the playa, which detected anomalous lithium brine mineralisation at depths down to 24.4m (see Annexures 2 and 6).

In 2016, American Lithium Corporation optioned the Project with Lithium Corporation and embarked on an expanded near surface hand-auger program, collecting 154 shallow brine samples (see Figure 4). The sampling points and results reinforced the thesis of an enriched zone in the northern end of the playa. In September 2016, American Lithium Corporation engaged Boart Longyear to conduct a sonic drilling program. Drill hole L-16-13A was drilled to a depth of 151.48 m (see Annexure 4). No significant results were reported in this hole as it was drilled outside the eastern boundary of the Fish Lake Valley playa.

In consultation with American Lithium Corporation, the University of Texas at Dallas completed a study of Fish Lake Valley in August 2016, this work established that the Fish Lake Valley lithium brine anomaly occurs on the northeast margin of a basinal low, at the confluence of several faults, a setting similar to that observed within nearby Clayton Valley. The study recognised that the Fish Lake Valley assemblage was comprised of interbedded sandstone, mudstone, and conglomerate, which was the primary reservoir target for lithium brine in the region. The study also recognised that the upper part of the assemblage has the same lithology as that exposed in several basins within west-central Nevada and correlates with the reservoir for active lithium-brine extraction at the Albemarle Silver Peak Mine.

The exploration work completed to date indicates that there are anomalous concentrations of lithium, boron and potassium mineralisation in the sediments and brines present within Fish Lake Valley. There are known geothermal resources in the vicinity of the playa, which are linked by fault structures thought to be the conduits for the mineralised fluids within the playa that have provided elevated levels of lithium, boron, and potassium. The geological and geochemical conditions present in Fish Lake Valley are favourable for the formation of a lithium-boron-potassium-in-brine type deposit.

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Altura Mining Limited ASX Announcement 15 December 2021

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Figure 3 - Exploration work completed by Lithium Corporation 2010-2013

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Altura Mining Limited ASX Announcement 15 December 2021

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Figure 4 - Exploration completed by American Lithium Corporation in 2016

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