USA Projects Update

Burro Creek

June 2018

DISCLAIMER

The information contained in this document has been prepared by Bradda Head Limited (“Bradda Head”). It has not been independently verified and is subject to updating, revision and furtheramendment. This document has not been approved for the purposes of Section 21 of the FSMA and therefore will only be distributed in accordance with an exemption to Section 21 of the FSMA. Thisdocument is being delivered for information purposes only to a very limited number of persons who are persons who have professional experience in matters relating to investments and who fall withinthe category of person set out in Articles 19 or 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or who are otherwise permitted to receive it. Any otherperson who receives this document should not rely or act upon it. By accepting this document, the recipient represents and warrants that they are a person who falls within the above description ofpersons entitled to receive it. This document is not to be disclosed to any other person or used for any other purpose.

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Lithium: US “Critical Mineral”

➢ December 2017 Executive Order 13817 stated: "It shall be the policy of the Federal Governmentto reduce the Nation's vulnerability to disruptions in the supply of critical minerals, whichconstitutes a strategic vulnerability for the security and prosperity of the United States."

➢ “Critical Mineral” designation favours domestic sources of lithium across the supply chain

➢ US Government published draft list of Critical Minerals on 16 February 2018, which identifieslithium as a “Critical Mineral” of strategic importance.

➢ Sources:

➢ https://www.federalregister.gov/documents/2018/02/16/2018-03219/draft-list-of-critical-minerals

➢ https://www.federalregister.gov/documents/2017/12/26/2017-27899/a-federal-strategy-to-ensure-secure-and-reliable-supplies-of-critical-minerals

USA – Mexican Lithium JV

➢ Burro Creek is 1 of 5 projects included in deal with ZenithMinerals Limited (ASXZNC)

➢ Bradda Head free-carries Zenith for US$5 millionexpenditure over 3 years, earning a 55% project interest,Zenith has one-off right to contribute at 45%, or be freecarried at 30% to the end of pre-feasibility studies on twoprojects

➢ Bradda Head to list on the London AIM exchange – targetedfor Q4 2018

Comments from the Executive Chairman - “These initial drill results from the BurroCreek project are very encouraging. The Bradda Head technical team are nowcompiling the necessary information to allow a mineral resource estimate to becalculated. This is a great start on the first project we have drill tested in our portfolioof exciting American lithium opportunities.”

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Burro Creek Summary

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➢ Large scale lithium clay target under exclusiveoption in Arizona, USA

➢ Drilling confirmed widespread, shallow, thickzones of lithium bearing clays

➢ Drill results lay foundation for maiden mineralresource estimate

➢ Positive initial metallurgical testwork results

➢ Shallow 80ft zone with Lithium concentrationsranging from 1,100 - 1,330ppm sitting on top of athick sequence (150 - 250ft)

➢ Lower Lithium concentrations of between 500 -1,000ppm

Strategic Position in USA

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➢ Lithium clay projected located between Phoenix and Las Vegas

➢ Burro Creek east (area drilled to date) held under Arizona StateMineral Development Lease

➢ Environmental approvals in place & fully permitted for clayproduction

➢ Flora, fauna, archaeological, surface water studies all completed

➢ Recent drilling intersected water below clay horizons – availablefor future production requirements under State lease

➢ Burro Creek west held under federal placer claims

➢ Studies required to precede Notice of Intent submission to BLMfor drilling

➢ Power and gas line located just north of project area

➢ Active mining district, Freeport McMoRans’s operating Bagdadporphyry copper mine located 10km from the project

Surface Results

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Maiden drill program has tested only eastern side oraround 1/3 of Exploration Target

Strong results in new western claims similar to thatrecently drilled in east

Drill Results

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ThickFlat lyingNear surface Widespread lithium clay bedsHigh potassium levels throughout

Metallurgy

Very encouraging initial metallurgical testwork:

➢ Up to 90% lithium recovery by acid leaching,with similar acid consumption to RhyoliteRidge*;

➢ Up to 89% lithium recovery using calcine &water leach - similar approach to BacanoraMinerals at Sonora in Mexico ;

➢ Metallurgical testwork has recommenced onnew drill samples.

* Reference GSC ASX Release 1st Jun 2017 Note – Bradda Head metallurgy based on bulk surface sample which may or may not be representative of clays below surface

Exploration Target

Results based on June 2018 drill results from eastern claims and from surface sampling - mapping in the westernclaim area.

Upcoming maiden resource estimate will report on the eastern claim area only, representing approximately 1/3 of theExploration Target1. It is expected that the western claim area targets will be the subject of a future drill campaign.

1The potential quantities and grades are conceptual in nature and there has been insufficient exploration to date to define a Mineral Resource. It is not certain that further exploration willresult in the determination of a Mineral Resource under the “Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves, the JORC Code” (JORC 2012). TheExploration Target is not being reported as part of any Mineral Resource or Ore Reserve.

Exploration Target1 Tonnage Lithium Grade Potassium Grade

Burro Creek Project 30 – 50 million 1,000 to 1,100 2% to 3%

Comparatives

➢ Global Geoscience Limited (ASX:GSC - market capitalisation $A562 million as at 15th June 2018)

➢ Rhyolite Ridge - 100% owned, Mineral Resource constrained by a starter pit - open pit shell is focus of GSC’s pre-feasibility study

1For details refer to GSC – ASX Release 13th June 2018.

➢ Bacanora Minerals Limited (AIM:BCN - market capitalisation GBP116 million Source: BCN Corporate Presentation June 2018) is developing the Sonora lithium clay project in Mexico

➢ Integrated plant has been designed at Sonora;

➢ Stage 1 processing 1.1 Mt of ore per year - 17,500 tpa LiCO3 ;

➢ Stage 2 processing 2.2 Mt of ore per year - 35,000 tpa LiCO3 ;

➢ Plant design includes circuit to produce up to 30,000 tonnes per annum of potassium sulphate (K2SO4/SOP) from resource grading 1.5%K2

2Bacanora website accessed 15/06/18.

South Basin Resource –

Constrained Starter Pit Shell1

Tonnes Lithium Grade Boron Grade

Rhyolite Ridge – South Basin 26 million 1,400ppm 1.24%

APPENDICES

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Glossary and Abbreviations

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Abbreviation Unit or term

BLM Bureau of Land Management

Ha Hectares

kT Thousand tonnes

LCE Lithium carbonate equivalent

Li Lithium

Li2O Lithium oxide

m Metres

mg/l Milligram per litre

MRE Mineral Resource Estimate

MT Magnetotelluric

NURE National Uranium Resource Assessment

ppb Parts per billion

ppm Parts per million

Conversion factors

LCE → Li 0.188

Li → LCE 5.323

Li → Li2O 2.153

Li2O → LCE 2.473

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Thank you