Oceana Lithium Limited announced the presence of high- grade near surface lithium mineralisation, including spodumene, at the Bom Jesus de Baixo pegmatite, within the Company's Solonópole Lithium Project in Ceara State, Brazil. This zoned LCT pegmatite is believed to be the largest identified in the area to date and is located within the N Green Minerais Ltda permit 800306/2020, over which Oceana has an option to acquire. Grab samples taken by Oceana from within the Bom Jesus de Baixo pit were confirmed as spodumene (weathered; reported up to 1.87% Li2O); amblygonite (reported up to 3.09% Li2O); and lepidolite (reported up to 3.61% Li2O).

Advanced planning is underway for a 3,000m RC drilling program to commence during March, initially focusing on the pit area at Mina Bom Jesus de Baixo and surrounds. Negotiations are advanced with a local drilling contractor who has confirmed drill-rig availability and land-owner access permission and co-operation is being secured. Further details will be announced once detailed planning has been completed and the drilling contract signed.

The Departamento Nacional De Produção Mineral (DNPM, 2012) reported that four (4) lithium-bearing pegmatites are located within the 800306/2020 permit. Oceana has mapped an additional four (4) outcropping pegmatites with as yet untested potential. At the Mina Bom Jesus de Baixo occurrence, DNPM reported lepidolite with up to 3.16% Li2O, as well as amblygonite at the Mina dos Porfilhos, located to the north of the permit.

As announced by the Company on 16 January 2023, various samples collected by vendor N Green within the 800306/2020 permit in 2018 and in 2020 were assayed by SGS Geosol. Anomalous Li results were also reported from the Mina Bom Jesus de Baixo pegmatite, where rock samples taken from known locations returned Li grades up to 4.25% Li2O. A number of samples returned results confirming the presence of high-grade lithium minerals including spodumene, as well as lepidolite and amblygonite.

The remaining samples were mostly low-grade to barren of Li, being typical of certain LCT pegmatite zones devoid of lithium minerals or where they are poorly concentrated. The presence of high levels of caesium (Cs) and rubidium (Rb) assisted with the identification of lepidolite or lepidolite contamination within the samples. The presence of high levels of phosphorous (P) assisted with the identification of amblygonite within the samples.