Notes:
No bromine or potash is considered in this economic case. Any discrepancies in the totals are due to rounding. No inflation or escalation factor has been applied for the economic modelling
[1] The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves and there is no certainty that the PEA will be realized.
[2] tpa denotes tonnes (1,000 kg) per annum.
[3] bbl/d denotes barrels per day. 1 cubic metre per hour = 151 barrels per day.
[4] Initial capital expenditures include 20% contingency.
[5] Calculated as initial CAPEX divided by annual production capacity of lithium carbonate.
[6] Non-GAAP financial measure that includes cash operating cost, royalties, sustaining capital and closure costs.
[7] Royalties include gross revenue lithium royalty of 2.5%. Lithium royalties in Texas are established on a lease-by-lease basis and are agreed between the lessor and lessee. The exact royalties signed by Smackover Lithium are confidential and commercially sensitive, but 2.5% is used in the project economics as a representative rate suitable for the purposes of the PEA.
[8] Selling price of battery-quality lithium carbonate based on a flat assumed price of $22,400/t over total Project lifetime.
[9] Illustrative after-tax calculations based on assumption that the Project corporate entity is taxed as a stand-alone US C-Corporation and does not include the potential impact of currently held corporate net operating losses or credits, nor potential tax shields generated from financing. Assumes a U.S. Federal income tax rate of 21% and a State of Texas franchise tax rate of 0.59% (net of federal benefit).

Notes:
Numbers may not sum due to rounding.
[1] The effective date of the Mineral Resource is July 20, 2026. The Qualified Person for the Mineral Resource is Randal Brush, P.E., an employee of Haas & Cobb Petroleum Consultants.
[2] Mineral Resources were prepared in accordance with 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, CIM Leading Practice Guidelines for Sedimentary Basin and Geothermal Brine-Hosted Lithium Mineral Resources and Mineral Reserves Estimation and are reported in accordance with CIM Definition Standards.
[3] Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of a Mineral Resource will ever be converted into a Mineral Reserve. The estimate of Mineral Resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
[4] The Mineral Resource estimate is reported using a cutoff of 6.0% porosity (net aquifer) and 100 mg/L lithium using the following assumptions: brine extraction from production wells and direct lithium extraction processing technology, lithium carbonate price of $22,400/t, twenty-year operating costs of $5,461 million, brine production volume of 528 million m3, lithium process recovery of 89.25% and 2.5% royalty on gross revenue on lithium production.
[5] Lithium has been converted to LCE by a conversion factor of 5.323 and potassium has been converted to potash by a conversion factor of 1.91.
[6] The lithium, bromide, and potassium resources present in the Upper Smackover and Middle Smackover intervals were estimated based on the 30,994 hectare gross Smackover Lithium leased mineral area within the 44,541 hectare Project area.
[7] The mineral concentration values for the Upper Smackover interval are the average of the three exploration wells from samples collected in 2025/2026. The mineral concentration values for the Middle Smackover interval are the average sample values collected in 2023 from a single exploration well.
[8] Potassium Mineral Resources are limited to the Inferred category because the potassium recovery process still requires development. In addition, capital and operating cost studies have not yet been conducted that would permit evaluation of the economic viability of the deposit with regard to potassium. Therefore, there are no potassium Mineral Resource estimates associated with the Indicated Resource area of the Upper Smackover interval.