Noram’s Clayton Valley claims offer two deposit types that are potential objects of exploration efforts. Type one is the most obvious, which involves drilling for brines in the deep basin like those being extracted by Albemarle at their operations at Silver Peak. The lithium brine potential of Noram’s claims has not been investigated to date, and it is not known whether brines exist in the sediments beneath Noram’s Zeus claims.

The second deposit type involves the production of lithium from playa lakebed sediments that have been raised to surface or near surface through block faulting. This process requires the development of new lithium extraction processes currently being investigated. Such processes are being tested by competitor companies and Noram has conducted initial testing on bulk samples from its Zeus claims. The processes being tested would extract lithium directly from lithium-rich mudstones and claystone, which occur at the surface over large portions of the Zeus claim group.

The targeted mineralization investigated by Noram occurs at or near the surface in the form of sedimentary layers enhanced in lithium to the extent that the lithium appears to be extractable from them economically, although this has not yet been demonstrated through in-depth economic analysis for the Zeus project.

The targeted layers occur at surface primarily as olive green, interbedded tuffaceous mudstones, and claystone. The beds are nearly always calcare ........

A traditional truck and shovel operation is selected as the base case mining method. No drilling and blasting is anticipated to be required for this operation.

A conventional truck and shovel operation will be used by pairing a 6020B (12 m3) hydraulic excavator with four 90 tonnes class haul trucks. The hydraulic excavator will be capable of free digging the claystone without blasting or ripping with a dozer. A D8 class dozer will be sufficient to support the excavator. This option has been selected based on the lowest total capital costs.

An ultimate pit of processable material will be created, consuming most of the property area. The ultimate pit has been divided into phases of which the first 11 contain enough resources for 40 years of production at a 17,000 tpd production rate. Resources contained within the entire ultimate pit limits provide enough ore for over 190 years of production at 17,000 tpd.

Phase 1 contains enough resources for approximately 7 years of production while subsequent phases contain resources for 4-5 years of production each, both at a production rate of 17,000 tpd. Phase 1 is estimated to have an average ROM grade of 1,126 ppm lithium while the total Phase 1 to Phase 11 average ROM grade is expected to be 1,093 ppm lithium.

Due to the low stripping ratio in the first 3 phases, pre-stripping is not expected. For all the phases, waste is scheduled to be mined over the same period as the processed material ........

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