Activity Report for the Quarter ended December 2022

Highlights:

• Completed consolidating ownership of 100% of Maricunga Lithium Project.
  • Merger with Salar Blanco LLC to acquire its 31.31% of Maricunga completed on 20 December 2022.
  • Completed the Plan of Agreement with JV partner Bearing Lithium to acquire its 17.14% interest in Maricunga on 22 December 2022.
• Battery grade lithium carbonate produced with 99.92% purity from Maricunga.
  • Significantly exceeds industry standard specifications for battery grade lithium carbonate of 99.5%.
  • Samples sent to potential lithium buyers for analysis as part of LPI’s financing plans for mine development at Maricunga.
• Completed the acquisition of water rights for Maricunga.
  • Purchased 62 litres/second CAN 6 rights replace a long-term lease that was previously held for only part of Maricunga’s requirements.
• Commenced RC and diamond drilling at East Kirup lithium prospect, Western Australia.
  • Several zones encountered indicated the potential for pegmatites at part of the LPI’s Greenbushes project in the south-west of Western Australia.
• MSB continues with its project financing process.
  • Non-binding terms sheets being evaluated from parties interested in providing both equity and debt for Maricunga development. Progress as expected during upcoming months.