LITM Snow Lake Resources Ltd

Snow Lake Resources Ltd. (the “Company”) is incorporating by reference the information and exhibits set forth in this Report on Form 6-K into the Company’s registration statement on Form F-3 (Registration No. 333-272324) filed on June 1, 2023.

Other Events

On August 9, 2023, the Company obtained a technical report summary for its Manitoba, Canada property (the “Technical Report Summary”) from 2 third party firms, ABH Engineering Inc. and SLR Consulting (Canada) Ltd. (collectively, the “Qualified Persons”) The Technical Report Summary is filed as Exhibit 96.1 to this Report on Form 6-K and incorporated herein by reference.  The Consents of the Qualified Persons are filed as Exhibits 23.1 and 23.2, respectively, to this Report on Form 6-K and incorporated herein by reference.  On August 10, 2023, the Company issued a press release summarizing the results of the Technical Report Summary (the “Press Release”).  The Press Release is filed as Exhibit 99.1 to this Report on Form 6-K and incorporated herein by reference.

EXHIBIT LIST

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

I, Brent Hilscher of ABH Engineering, Inc., in connection with the Company’s Report on Form 6-K (“Form 6-K”), consent to:

ABH Engineering, Inc., an independent geological consultant, served as a qualified person as defined in S-K 1300 for Sections 1 through 16 and 18 through 26 and reviewed Section 17 of the Technical Report. I am responsible for authoring, and this consent pertains to, the related sections as discussed above of the Technical Report. I certify that I have read the Registration Statement and the Prospectus contained therein and that both fairly and accurately represent the information in the sections of the Technical Report for which I am responsible.

Dated: August 9, 2023

I, Stephan Theben of SLR Consulting, Ltd., in connection with the Company’s Report on Form 6-K (“Form 6-K”), consent to:

SLR Consulting, Ltd., an independent geological consultant, served as a qualified person as defined in S-K 1300 for Sections 1.10, 17, 22.5 and 23.5 and reviewed Sections 1 through 16 and 18 through 26 of the Technical Report. I am responsible for authoring, and this consent pertains to, the related sections as discussed above of the Technical Report. I certify that I have read the Registration Statement and the Prospectus contained therein and that both fairly and accurately represent the information in the sections of the Technical Report for which I am responsible.

Dated: August 9, 2023

Moving Forward, Together.

Technical Report Summary

Initial Assessment of the Snow Lake Lithium Project Manitoba, Canada

Prepared for:

Snow Lake Resources Ltd., d/b/a Snow Lake Lithium Ltd.

Prepared by:

ABH Engineering Inc.

SLR Consulting (Canada) Ltd.

Effective Date: 12 July 2023

Report Date: 9 August 2023

Date and Signature Page

This technical report titled “Initial Assessment of the Snow Lake Lithium Project Manitoba, Canada” is effective as of July 12, 2023 and has been prepared by

List of Acronyms

List of Elements

List of Units

ABH Engineering Inc. (ABH) was consulted by Snow Lake resources (SLR) for the preparation of the following Initial Assessment Technical Report Summary (TRS) on the Thompson Brothers Lithium (TBL) and the Grass River Lithium (GRL) deposits, collectively known as the Snow Lake Lithium Project, located in Manitoba, Canada. The purpose of this Technical Summary Report is to conduct an initial assessment and prepare a document compliant with the United States Securities and Exchange Commission (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 and item 601 (b)(96) of Regulation S-K (SK-1300).

The scope of the Initial Assessment includes the study of the mineral resources, and the economic and technical viability of mineral extraction for the two deposits. The Thompson Brothers Lithium and Grass River Lithium deposits are in the mining friendly region of Snow Lake, Manitoba.

The Snow Lake Lithium Project is located 20km east of Snow Lake, Manitoba. Snow Lake is located approximately 684 km north of Winnipeg. The town centre of Flin Flon is located 200km away and is connected to Snow Lake though a well-paved highway. Flin Flon can be accessed via air from Winnipeg, allowing for an established route to the property.

The Thompson Brothers (TB) and Grass River (GR) properties are in North-Central Manitoba at the northeast end of Wekusko Lake, with approximate UTM coordinates of 455,000 E and 6,080,000 N, NAD83 Zone 14, lying within National Topographic System (NTS) Map Sheet 63JSE13.

The Snow Lake Lithium Project property area originally comprised 38 adjoining mineral dispositions covering 5,596 ha. The company had acquired additional land holdings of 13,603 ha

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of Crown land. Through additional staking of mineral dispositions on Crown Land in 2022, the SLR has increased the property area to the present 24, 515 ha.

Pegmatites are formed through extremely slow cooling of igneous bodies, forming during the very last stage of crystallization of magma, and the melt becoming enriched in volatiles and rare elements. (Omanayin, Y.A., et al., 2022) The mineral composition of pegmatites usually comprises of crystals of quartz, feldspars and micas; pegmatites range in composition from mafic, granitic to syenitic.

Resource-grade mineralization on the Snow Lake Lithium Project is hosted by the Thompson Brothers dike (TBL) on the east side of Crowduck Bay (northeast end of Wekusko Lake) and the Grass River set of four dikes (GR) on the west side of Crowduck Bay; several smaller and/or less intensively mineralized dikes have also been identified in the TBL and the GR.

The Thompson Brothers dike has been modelled as an intrusion into a pebble meta-conglomerate / greywacke group of host sediments. The dike has been interpreted as sub vertical, dipping between –81.5° and –87.5° towards 130° azimuth. The trend of the ore body has slight variations and is rolling to the East and West. The dip of the ore body is also rolling slightly. The dike carries both mineralised and unmineralized pegmatite as identified by the presence of spodumene as the lithium bearing mineral. Only the lithium bearing pegmatite has been modelled in this instance which extends for a total length of 1,012 m ranging in true thickness from a maximum of 18 m to a minimum of 1.8 m; however, mineralisation has not been closed off either at depth or to the north or south of the drilled area.

The dike is generally orientated between 20° and 40° offset from the apparent foliation in the surrounding country rock and there is outcropping evidence of additional mineralised and unmineralized pegmatite in the area that is yet to be defined in terms of size and or orientation.

The dikes on the GR property intrude into older andesitic and monzonitic rocks. The average trend of the dikes is 125° and average dip of 60°. The total depth of the mineralized dikes is 574

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m, a total length of 500m and a total width of 200m. As in the TB dikes, the pegmatite bodies have mineralized and unmineralized sections which were distinguished by the presence or absence of spodumene.

In the fall of 2016, a modest program of prospecting, outcrop mapping, surface rock sampling, and soil sampling was completed. The primary purpose of the exploration program was to validate and expand on the previous work campaign.

In the winter of 2017, six drill holes totalling 1,007 m targeting the TB-1 pegmatite were cored (TBL-1 to 6). During the winter of 2018, 19 additional drill holes totalling 3,798 m were cored on the Property (TBL-15 to 24). Drill sections and plans were prepared, and interpretations of the geology and mineralization completed by SLR. A project database had been created and a model for the deposit had been developed. In March 2018, Manitoba Minerals/Nova Minerals staked an additional 18 mineral claims (3,319 ha) contiguous with the original TBL Property (20 claims, 2,277 ha).

SLR started a drill program in 2022 which consisted of drilling an additional 30 holes on the Thompson Brothers property. The company’s focus then shifted to the Grass River pegmatites on the property where 47 holes were drilled to date.

The company had also executed a magnetic survey utilizing a flying drone that can map the fabrics which control the mineralization as well as contrasts in magnetic susceptibility with neighboring lithologies. The EarthEx Drone Mag had previously demonstrated in 2019 that the magnetic susceptibility of the TB Pegmatite was notably lower than the surrounding country rocks. The

Metallurgical test work programs were conducted on samples from Grass River and Thompson Brothers deposits. Testing for comminution, flotation, dense media were conducted by SGS Lakefield for the Grass River samples and by PMC Laboratory Ltd. for the Thompson Brothers

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samples. Sorting tests were conducted by Steinert and Tomra on Grass River and Thompson Brothers material.

Sorting tests were effective in removing Fe2O3 impurities from the product stream, reducing the content from 2.23% to 0.63% while maintaining high lithium recoveries of 97% and rejecting 20% of the mass as waste.

The Bond Ball Mill Work Index of the ore was determined at 16.4 kWh/t.

Magnetic separation proved to be effective in removing the iron impurities, achieving less than 1.2% Fe2O3 after DMS for ore from both deposits. Lithium loss due to magentic separation was less than 0.4% for Grass River ore.

The Dense Media Separation tests for the Grass River deposit shows that the concentrate grade is 6.45% Li2O, and 5.27% Li2O for the Thompson Brothers deposit. The middlings and fines were collected and sent for further processing and resulting in spodumene concentrate collected at the spodumene flotation process at 6.17% Li2O for the Grass River deposit and 6.48% Li2O for the Thompson Brothers deposit.

1.6Mineral Resource Estimate 

The updated Mineral Resource estimate for the Snow Lake Lithium Project for the Measured category was calculated to be 252,590 tonnes grading 0.96% Li2O for TB and 499,273 tonnes grading 1.21% Li2O for GR. The Indicated category was calculated to be 5,564,268 tonnes grading 1.12% Li2O for TB and 1,045,413 tonnes grading 0.98% Li2O for GR. The Measured and Indicated values for tonnage for TB are 5,816,858 grading 1.11% Li2O, and 1,544,686 grading 1.06% Li2O for GR. The Inferred Resource for TB was calculated as 567,615 tonnes grading 1.06% Li2O and for GR it was 490,463 tonnes grading 0.83%.

The project consists of two deposits: Grass River and Thompson Brothers. The Grass River deposit will be mined starting with a conventional truck-and shovel open pit operation that will

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transition into an underground longhole longitudinal bottom-up stoping on retreat using unconsolidated backfill. The backfill material will consist of dewatered and filtered tailings mixed with material that was rejected by the sorters.

After the crown pillars at Grass River are recovered, the pits will be used as additional storage for excess tailings and waste that does not fit into underground voids.

Thompson Brothers will be mined using a similar method as Grass River: longhole longitudinal bottom-up stoping on retreat using unconsolidated backfill. The backfill material will consist of dewatered and filtered tailings mixed with material that was rejected by the sorters. No surface mining will be done at Thompson Brothers.

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Underground mining of both deposits will utilize the same equipment fleet, with the fleet owned and operated by Snow Lake. The fleet will be mostly electric with the exception of some diesel support equipment.

Between the two deposits, underground production targets 912,500 tonnes per year (tpy) of sorted ore. This results in an average underground production of 1,249,000 tpy of ore. Total production from both underground deposits is 9.78 million tonnes of ore over the life of mine at an average grade of 0.84% Li2O.

The total life of mine including open pit and underground operations is 9 years.

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The spodumene processing circuit for Snow Lake Lithium follows a well-proven extraction circuit. that is standard with in the industry. The ROM material will be first crushed using a jaw crusher at approximately 3,000 tonnes per day (tpd) pre-concentrated using X-ray transmission (XRT) ore-sorters to reduce the amount of low-grade material in the mill feed material. The accepted material from XRT sorters will be sent to the processing plant at approximately 2,500 tpd, and the rejects will be sent to a waste rock pile.

When the sorter accepted material enters the processing plant, the material will be cone crushed to particle size – 9.5 mm. The material of size +0.85 mm will be sent to 2 stages of Dense Media Separation (DMS), at SG 2.7 and SG 2.9 respectively. The dense material collected from the second stage of DMS will reach approximately 6% Li2O and is sent to the final product disk filter.

The remainder of the material will be sent to the magnetic separator to remove the iron impurities in the material, and to the deslime cyclones to remove the fines. This will be followed by mica flotation, where the mica is removed and send to thickener. Finally, the remaining slurry is sent to spodumene flotation for extraction of final product.

Snow Lake Resources initiated environmental and social baseline programs in May 2022 and these programs continue in 2023. Baseline programs are aimed at collecting two years of baseline data to support the environmental applications needed to authorise the Project. Baseline study areas were informed by the Mineral Claims Area (MCA) held by Snow Lake Resources. The baseline programs will be reviewed and revised by considering the site layout and Project description in this report.

The Project is not anticipated to require environmental review under the Federal Impact Assessment Act (IAA), although the Minister of Environment and Climate Change of Canada may designate a physical activity that is not prescribed by the Physical Activities Regulations if, in their opinion, the Project may cause adverse effects within federal jurisdiction, or public concerns

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warrant the designation. The Project will require an Environment Act Licence under the Manitoba Environment Act and the application will require supporting environmental and social studies. The Project activities will include the diversion of a watercourse which will require an authorisation under the Federal Fisheries Act and potential compensation or an offset plan. This authorisation process can be lengthy and engineering and environmental studies will be required to support the application. Other authorisations will be required for the Project as described in this report.

The town of Snow Lake is the nearest community to the MCA. The Project lies within Treaty 5 land with several Indigenous communities’ signatories. Mathias Colomb Cree Nation has asserted that the Project lies within the Nation’s Traditional Territory. Engagement activities were initiated mid 2022 with Indigenous and local communities. Engagement activities continue in 2023 with the additional objective of understanding any community traditional land uses.

An approved Mine Closure Plan and financial assurance will be required prior to commencement of the Project.

The capital and operating costs in this report are estimated by ABH Engineering Inc. and considered Class 4 estimates per the American Association of Cost Engineers (AACE) standards with an accuracy of -30 to +50% and contingencies added not exceeding 15% of the total cost. The estimations for capital and operating costs are compiled using vendor quotes, benchmarking from similar projects, and Qualified Persons estimates.

The initial capital cost required in year 0 is estimated at $50 million, whereas the remaining capital in subsequent years is estimated at $96 million. The bulk of the remaining capital is spent in year 1 to build the mill, powerline and substation, and other infrastructure costs. A closure cost of $10 million at the end of production. The total projected CAPEX is $146 million.

The most significant unit operating costs are underground mining estimated at $33.5 per tonne mined, and processing costs at $15.8 per tonne milled. Although the unit cost for DSO

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transportation to China is at $99.97 per tonne shipped, it represents less than 5% of the total LOM OPEX as it only applies to a small amount of ore shipped in year 1. The total operating cost over the LOM is estimated at $613 million. Mining cost makes up around 50% of the total operating cost, followed by underground development at 20%, and processing costs at 17% of the total operating cost.

The economic analysis in the initial assessment is preliminary and shows results including inferred mineral resources that are considered too speculative geologically to have modifying factors applied to them to be categorized as mineral reserves, and there is no certainty that this economic assessment will be realized. Economic results in this report will be shown based on all mineral resources, then reported based on measured and indicated resources only.

The province of Manitoba is rich in valuable mineral resources such as gold, copper, lithium and more. With the increasing demand for lithium supply in the medical industry, aerospace technologies and most importantly the large demand for electric vehicles, the production of lithium ore becomes crucial in the mining industry.

Snow Lake Resources Ltd., d/b/a/ Snow Lake Lithium Ltd. (NASDAQ: LITM) (‘Snow Lake Lithium” or the “Company”) 100% owns the Thompson Brother Lithium Property (TBL Property) near the town of Snow Lake, Manitoba. The Thompson Brothers Lithium Property contains the bisection of two pegmatite dikes that are enriched in lithium.

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Snow Lake Lithium commissioned ABH Engineering Inc. (ABH) to complete an Initial Assessment (IA) of the Thompson Brothers Deposit and the Grass River Deposit with in the TBL Property. The following Technical Report Summary (TRS) is compliant with the Securities and Exchange Commission (SEC) Regulation S-K 1300.

The purpose of the Technical Report Summary is to provide a rounded preliminary level study of the Thompson Brothers and Grass River deposits that considers the geological setting, mineral resources, mining methods, metallurgical testing program, processing methods and economics. Snow Lake Lithium may decide to file the TRS with SEC to disclose the available information of the mineral property to the public.

This Technical Report Summary was prepared by ABH, and communication with Snow Lake Resources was conducted through the following list of personnel:

•Christopher Gerteisen, Nova Minerals 

•Louie Simens, Nova Minerals 

•Peretz Schapiro, Snow Lake Lithium 

Any additional documentation and sources of information can be found in Section 24. References and Section 25. Reliance on Information Provided by the Registrant.

Qualified Person from ABH completed the site inspection of the Snow Lake Lithium Property from May 23-25, 2023, to review the cores, logs and collected samples for the purpose Quality Assurance and Quality Control.

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The Thompson Brothers (TB) and Grass River (GR) properties are located in North-Central Manitoba at the Northeast end of Wekusko Lake. The UTM coordinates are 455,000 E and 6,080,000 N, NAD83 Zone 14 and within National Topographic System (NTS) Map Sheet 63JSE13. The properties are situated approximately 20 km east of the town of Snow Lake. The site of the abandoned Herb Lake Town, which was once a thriving mining town with a population of over 800 people is also nearby. The town of Snow Lake is a mining-friendly jurisdiction that has seen past producing mines of various commodities and is the location of the currently operating Hudbay Minerals’ New Britannia Mill, processing ores hauled from the Lalor Mine, some 10 km to the west.

The Thompson Brothers Lithium Property originally was comprised of 38 adjoining mineral claims covering 5,596 ha. The company had acquired additional land holdings of 13,603 ha of Crown land. On January 6, 2023, the company announced that they had staked 9 more mineral dispositions which cover an area of 1,729 ha near Dion Creek, Lost Frog Lake, and Grass River East shown below. This brings SLR’s total land holdings to 24,114 ha.

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Legal Disclaimer: The claims that are shown on this map are for visual purposes only. The author has not been able to verify that the claims that are shown match the governments archives and claims map. The author does not take any responsibility for any erroneous claims information.

In order for a person to have access to a parcel of land and stake a claim the operator must comply with the Surface Rights Act (1987) s. 16(1) that states “Unless expressly authorized by the Surface Rights Board, no operator has the right to enter upon, use, occupy or take the surface of any land, until the operator has obtained a lease of the rights specified therein granted by the owner and occupant, if any”.

Staking claims in Manitoba requires any person who is over the age of 18 to get a license. These licenses cost a small fee and are valid for a lifetime. A prospector must then comply with Manitoba’s rules with regards to claim boundaries that surround the property. The claim must be recorded within 30 days and filed with the Manitoba Economic Development, Investment and Trade Office. A claim sketch is also required.

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To obtain a mineral lease, an application should be made in writing to the minister along with an application fee and rent for the first year.

There are minimum expenditures of work that are required to keep a mineral exploration lease and this work must be recorded. These expenditures can be found in Appendix A and B of the Mines and Minerals Act (1992), Mineral Disposition and Mineral Lease Regulation (1992). Under section 40 of Mineral Disposition and Mineral Lease Regulation (1992) work must be reported no longer than 60 days after each of the 5th, 10th, 15th, and 21st anniversaries of the issuance of the mineral’s lease.

Nova Minerals had given an update on the TB project through a press release dated February 7, 2017. The company had received drill permitting from the relevant local and provincial departments to undertake a drilling program during the winter months.

The directors notified the public on January 22, 2018, that they had a significant exploration program planned for the winter of 2018, and that all drill and work permits have been received from the Office of Manitoba Sustainable Development.

On December 13, 2021, SLR announced that they had received the permit that was required to initiate its 2022 winter drilling program.

SLR had engaged with SLR Consulting Canada to conduct environmental baseline studies as the first step in the environmental permitting process, which is required to progress an exploration project to the commercial mining and production stage. The environmental study was estimated to take approximately 2 years for completion.

The Snow Lake lithium project is near the town of Snow Lake which has been very open to mining activity in the region. Historic Herb Town was the site of a mining boom that drew

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prospectors to the region after the discovery of free gold in a quartz vein on the east shore of Wekusko(Herb) Lake. (Taken from https://www.mhs.mb.ca/docs/mb_history/68/herblake.shtml) There seems to be very little negative community and social impact.

The Wekusko Lake region lies near the boundary of land covered by Treaty Area 5 as shown in Figure 4.3, however, there are no First Nation Communities in the surrounding area as shown in Figure.

The company intends to have the project running completely on electricity for the production stage of the operation. Mining, sorting, and concentrating activities are going to be free of diesel or gasoline to ensure that the project has a neutral carbon footprint.

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Figure 3-4: Indigenous Groups of Manitoba and Indigenous Mining Agreements.

Snow Lake Lithium has contracted with SLR Consulting Canada to conduct environmental baseline studies.

SLR had received a government grant in the amount of $62,000 CAD from the Manitoba Chamber of Commerce, Manitoba Mineral Development Fund. The grant was for the use of a UAV drone

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magnetic survey which will be employed by EarthEx Geophysical Solutions Inc. The drone was to conduct magnetic mapping of structural fabrics that control crystallization. The results would be used for future drill targeting.

On April 12, 2022, the company announced that they had received a second grant from the Manitoba Chamber of Commerce from the Manitoba Mineral Development Fund in the amount of $157,500 CAD to support its ongoing winter drilling campaign. The company planned on using the grant to assist with costs that relate to the next phase of helicopter supported drilling during the spring and summer months.

The Thompson Brothers Lithium deposit is located 20km east of Snow Lake, Manitoba. Snow Lake is located approximately 684 km north of Winnipeg, a 7 hr (700 km) drive on well maintained, paved roadways. The property can be accessed year-round via helicopter. The town of Snow Lake runs a craft charter service that hosts small planes and helicopters. The town centre of Flin Flon is located 200km away and is connected to Snow Lake though a well-paved highway. Flin Flon can be accessed via air from Winnipeg, allowing for an established route to the property from anywhere.

During the summer, the property is accessible through boat or barge across the adjacent Wekusko Lake. During the winter, ice and bush roads provide direct access to the property’s drill sites. Additionally, the Hudson Bay railway which runs latitudinally through Manitoba is located 35km south of the property, a municipal airstrip can be found 10km north, and the nearest highway is within 11km of the site.

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The Snow Lake region is marked by short, cool summers and long, cold winters (Table 3). The region has a sub-humid high boreal climate.

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The mean summer temperature is 12.5°C and the mean winter temperature is - 18.5° C. The temperatures are highest on average in July, at around 17.0 °C. January is the coldest month, averaging -23.3° C. The mean annual temperature is approximately -2.5° C. The area is generally clear of snow cover between the beginning of June and the end of September.

The mean annual precipitation is about 450 mm, 35 % as snow. The least amount of precipitation occurs in February, averaging 16 mm. Rainfall is experienced throughout the year, being most abundant in June and July. Summer months face around 70mm of precipitation, but peak to over 100mm on occasion. Snowfall occurs from October to May and is usually over 20cm each month. Average monthly winds for the area range from 10 km/hr to 13 km/hr, with 40 % of the winds originating from the NW, NE or N. Exploration activities can be carried out all year around.

Local vegetation consists of closed stands of black spruce and jack pine, with lesser aspen, white birch, white spruce and balsam fir. Permafrost may occur locally in organic deposits. Wildlife includes moose, black bear, lynx, wolf, barren-ground caribou, beaver, muskrat, snowshoe hare and red-backed vole. Bird species include raven, common loon, spruce grouse, bald eagle, grey jay, hawk owl and waterfowl, including ducks and geese. Exploration work, specifically diamond drilling is best performed from mid-January to the end of March when ice conditions are suitable to allow diamond drilling on Tower Lake and the large swamp area to the east.

The Manitoba Mineral Development Fund (MMDF) has commissioned a $60,000 grant to Snow Lake Resources to conduct a UAV EarthEx Survey to identify new pegmatite bodies. This is slated to begin during Winter 2021. Additionally, Snow Lake Resources have developed a relationship with Arctic Gateway Group, owners of the Hudson Bay Railway, to allow for ore to be transported either to the Port of Churchill or potentially to Tanco Mining’s spodumene flotation circuit. Tanco Mining signed a Memorandum of Understanding in 2019 with Snow Lake Resources to look into the potential of allowing them to use their processing facilities to produce saleable lithium concentrate. On April 12, 2022, the company announced that they had received a second grant from the Manitoba Chamber of Commerce for the Manitoba Mineral Development

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Fund in the amount of $157,500 CAD to support its ongoing winter drilling campaign. The company planned on using the grant to assist with costs that relate to the next phase of helicopter supported drilling during the spring and summer months.

The region of Snow Lake is an established mining community with over 70 years of mining activities taking place in the area. The town of Snow Lake is the closest populated area to the property and is host to common town infrastructure such as housing, sewage systems, a police and fire department, and restaurants. Other nearby community centers include Flin Flon and Thompson, both accessible by highway from Snow Lake. The nearest airport facility is located in Flin Flon, and Winnipeg (700km away) holds the closest international airport to the site. Gogal Air provides charter flights with helicopters and small airplanes in and out of Snow Lake. The company also specializes in air support for the mining industry. They have the resources to assist in drill moves and transport personnel to the field for claim staking. There is a gravel airstrip located approximately 8.5 km northwest of the property. Thompson

Snow Lake is the closest town to the SLR property and has the potential to provide work opportunities to local residents during the life span of the mine. According to the 2016 census profile, Snow Lake had a population of 899 with 498 total private dwellings. There was a 24.3% increase in population growth from 2011-2016. The total population of working age residents (15-65 years old) in the town is 590 people, making up 66% of the total population. 170 residents are 65 and older, and 30 residents are children between the ages of 0-14 years old.

Currently, there is no permanent infrastructure at the Thompson Brothers property. A nearby valley could potentially host a future tailings storage facility. Construction of ramps and underground mining infrastructure is a possibility at the property.

The Property is positioned towards the lower end of the Precambrian Shield within the Churchill River Upland Ecoregion of the Boreal Shield Eco-zone, which is the largest eco-zone in Canada.

The property is neighbored by Wekusko Lake, part of the Wekusko Ecodistrict. It generally consists of acidic granitoid bedrock that form lightly sloped broadlands. The soil and rock composition are mainly stony, sandy morainal veneers on highlands, while lowlands primarily consist of peat-covered clayey glaciolacustrine blankets. Many of the ridges in addition to the low-lying areas tend to form towards the northeast.

Black spruce is a primary component of the area’s forest, although forest fires have created gaps in the forest cover. Aspen, jack pine, birch, and grass are also commonly found growing in the region. The Wekusko Lake is the main water source for the region, although other lakes and rivers around the area additionally contribute towards their respective zones.

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Data taken from (https://web33.gov.mb.ca/imaqs/page/viewer/assessmentSearchForm.jsf). This history can be found from assessment reports maintained by the government of Manitoba.

Two geologists, J.B.Tyrell (1896) and W. McInnes, while working for the Geological Survey of Canada, explored Wekusko Lake and attracted other prospectors to the area. (https://northernprospector.ca/the-little-town-that-could-the-55th-parallel-boasts-19-producing- mines-over-the-last-100-years/) The first gold was discovered by M.J. Hackett and Richard Woosey, who staked the Kiski-Wekusko gold claims in 1914.

This led to a large area being staked in the region and the discovery of the first major gold-bearing vein that was named Rex M.C. (which was later became Laguna (Rex) Mine). After the sinking of two shafts, the area was home to a gold rush. Rex Mine, which was later renamed to Lagoona Gold Mines, produced 7,000 oz of gold.

The town of Snow Lake was established in 1947 to support the development and mining of the Nor-Acme Gold Mine. The region has since seen the production of 19 mines.

In 1949, Howe Sound began producing gold at the Nor-Acme Gold Mine, which poured its first bar in 1949 and closed in 1958.

The Stall Lake Mine was a volcanic massive sulphide copper-gold-zinc deposit that was mined and operated from 1964-1994. Anderson Lake Mine was also a massive sulfide copper-zinc which started mining in 1968 and closed in 1988.

Several lithium (spodumene)-bearing pegmatites have been discovered in the region. The first discovery was made by Peter Konbar while exploring his own claims. (Bannatyne, 1985) By 1932, 3 separate dikes had been outlined on surface. (Bannatyne, 1985)

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These pegmatite dikes were named the Sherritt Gordon pegmatites after the company working on the dikes. (Later renamed the Grass River pegmatites) After further exploration in the area, several other pegmatite bodies were discovered in 1955 by Combined Developments and were named the Violet Pegmatites. These pegmatites are now known as the Thompson Brothers Pegmatites, which were named to honor the “Thompson Brothers” for their historic work early in the property’s history.

In 1942, mapping and sampling was conducted by Sherritt Gordon Mines on the property. Subsequently 29 diamond drill holes were drilled by Sherritt Gordon Mines on one of the spodumene bearing pegmatite dikes. Only 21 of these holes were drilled on the current claims held by SLR.

In 1956, CJ Power drilled 5 holes for a total of 246 m. These holes are outside of the current property boundary. From the logs, it was noted that pegmatites were intersected, however, spodumene was absent. Therefore, no logs or assays were completed. They had also excavated trenches on several islands in the Crowduck Bay Area. Magnetawan Iron Mines Ltd had also carried out exploration in 1956 while searching for other copper and nickel prospects on the northeastern shore of Crowduck Bay. Ground based geophysics and mapping were conducted which returned poor results. A 11-hole drill program followed for Cu and Ni (nickel).

Combined Developments Ltd had conducted a 26-hole drill program in 1956 as well, totaling 2,356 m. The holes had intersected the Violet Pegmatite containing spodumene and assays were sent to the lab for testing.

The Thompson Brothers as they were known, explored the property for around 10 years, from 1976-1987, by completing trenching and sampling. They drilled 2 shallow holes of 28.2 (later deepened to 58.77 m) and 60.96 m. The first hole was drilled in 1978-1979 and the second hole was drilled in 1981.

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In 1985, there was development work that was done on Thompson #1 and Thompson #5 which included blasting and trenching one area. The trenching and blasting exposed a previously covered portion with abundant (20%) spodumene.

In 1989, Lakefield Research carried out metallurgical testing and produced a spodumene concentrate from samples that were taken from a trench. The head grade of the rock sample was 2.93% Li2O. From this sample, they managed to produce a concentrate that had a grade of 5.19% Li2O.

Minor trenching and sampling of the TB-1 dike had been carried out in 1995 by Strider Resources. The following year, a 1,600mX400m grid was cut on the property with lines spaced every 50m.

From 1997-2006, 60 holes were drilled, however, only 3 of these were on the claims currently held by SLR.

Between 2007-2009, the property was optioned off to two other companies (Black Pearl Minerals and Forbes and Manhattan Inc), however no work was completed.

Bison Gold worked on the southwest side of Crowduck Bay where 266 soil samples were taken. Although the assays that were returned for gold (Au) were poor, one sample returned an anomalous Li grade from a known pegmatite occurrence.

In 2016, Ashburton optioned the TBL Property from Strider and then entered into an option agreement with Manitoba Minerals PTY Ltd of which Nova Minerals is the parent company. The property was prospected, and an attempt was made to find historical drill holes. Nine surface samples of pegmatite were sent for assays. In the Fall 2016, a program of prospecting and soil sampling was completed. During the winter of 2017, 6 drill holes totaling 1,006.58 m was completed on the TB-1 pegmatite. No report was done to summarize this work, however, the data files are available and have been reviewed as a part of this report. Quantum changed its name to Nova Minerals on December 15, 2017. Ashburton Ventures Inc. changed its name to Progressive Planet Solutions Inc. on May 31, 2018.

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In 2018, Nova Minerals carried out another drill program consisting of 18 holes totaling 3,798.14 m on the TBL project. In March 2018, Nova staked an additional 18 mineral claims (Block B, 3,319 ha) contiguous with the original TBL property (Block A, 2,277 ha.) which can be seen in Figure 3.1. The Block B claims have been transferred to Snow Lake (Crowduck) Ltd., a wholly owned subsidiary of SLR.

In July 2018, Nova Minerals Inc. released an inferred resource estimate of 6.4 Mt @1.38% Li2O. This resource estimate was prepared by Olaf Frederickson in accordance with JORC.

During 2021, Snow Lake Resources retained Frank Hrdy, P. Geo to prepare an NI 43-101 report. Conclusions drawn from that report were that the project was at an advanced stage, and that the project consists of Mineral Resource Estimate of 9,082,649 tonnes grading 1.00% Li2O and the Inferred Resource of 1,967,911 tonnes at 0.98% Li2O.

*For a complete set of drilling information of the property can be found in Appendix A of this report.

To date, there has been no Li production from the pegmatites in the region. However, the Tanco Mine in southeastern Manitoba, northeast of Winnipeg has been a producer of Li, along with tantalum (Ta) and niobium (Nb) from a large pegmatite deposit. This deposit is of a different class from the classification that Cerny, P., had developed.

The TBL and GR projects are geographically located in the Churchill geological province at the northeastern edge of the east-trending Flin Flon Volcanic Belt. The geological province has been dated at 1.92-1.88 billion years. The Flin Flon domain lies to the South of the Kisseynew Sedimentary Gneiss Belt which is 140 km wide, 240 km long and trending east. The Kisseynew Domain is a metasedimentary terrane that was caught in the collision zone of the Trans-Hudson

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orogen between the Archean Superior and Hearne Cratons at approximately 1.9-1.7 billion years. (Ansdell, K.M., et al., 1995) The generation of 1.92-1.87 billion years arc and oceanic crust in the Reindeer zone was followed by intra-oceanic accretion. Subsequently, intrusive and volcanic arcs had developed on top of the intra-oceanic accretionary complex which make up the Flin Flon Domain.

To the south of the Flin Flon domain, rocks from the West Canada Sedimentary Basin can be found.

The rocks that make up the project area are Precambrian intrusives, metasedimentary, and metavolcanic which has a landscape of glacially scoured irregular surfaces with high relief. The units that are shown in purple in Figure 6.2 are offshore glaciolacustrine sediments composed of beds of clay, silt, and minor sand measuring between 1-20 m thick. The sediments were deposited

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from suspension of in offshore, deep water of glacial Lake Agassiz. They are usually scoured and homogenized by icebergs. The organics are mostly composed of peat or muck. Low relief wetland deposits can also be found, especially in areas of very low relief. The type of wetland settings that these rocks can be found in are fen, bog, swamp, and marsh.

On the East side of Wekusko Lake, the bedrock consists of several fault-bounded blocks made up of juvenile ocean floor, arc related volcanic rocks and fluvial-alluvial and turbiditic sedimentary rocks.

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The Western Missi Block is bounded to the west by the Crowduck Bay Fault and to the east by the Herb Lake Fault. The strata here are folded into a tight syncline. The rocks that make up the

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Missi Group (1.85-1.83 billion years) are mostly clastic sedimentary rocks consisting of polymictic conglomerates, greywackes and sandstones which are thought to have been deposited in an alluvial-fluvial environment. The Missi group also contains thin units of interbedded felsic volcanic rocks. On the southeast side of the Herb Lake Fault lies the Herb Lake Block which mostly consists of a folded sequence of mafic to felsic volcanic rocks. The core of the fold is dominated by basalt with more felsic compositions of basaltic andesite and andesites becoming more prevalent towards the contacts with the felsic volcanic rocks. To the northeast of the map, the North Roberts Fault block consists of mafic volcanic rocks (1.92-1.87 billion years) which were remnants of the ocean floor during the Trans-Hudson orogeny.

To the west of the Crowduck Bay fault, the rocks are mostly sedimentary turbidite sequences of the Burntwood Group (1.85-1.84 billion years) that were subsequently intruded by plutonic rocks.

To the east of Wekusko Lake there are 3 main clusters of spodumene-bearing pegmatite dikes that are known as the Thompson Brothers (TB), Grass River (GR) and Zoro pegmatites. All pegmatites except for the Zoro pegmatite occur on the property. The Zoro pegmatite is on property owned by Foremost Lithium (formerly Far Resources) located to the east of the Thompson Brothers dike.

The GR pegmatites intrude diorite to quartz diorite while the Thompson Brothers pegmatite intrudes into sedimentary greywackes and conglomerate rocks of the Missi group. The dikes also differ in orientation.

All dike cluster are interpreted to have exploited fracture systems that formed during the regional D4 structural event which is highlighted below. (Cerny,P., et al. 1991)

Structural studies of the Wekusko Lake geology record 4 deformational events that have affected rocks in the area. (Benn, D.N., 2022)

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1.Folding associated with the accretion of the Flin Flon-Glennie arc between 1.88-1.87 billion years. This involved crustal shortening and plutonism. 

2.South-southwest compression and the collision between the Kisseynew domain and Flin Flon-Glennie arc with the Sask craton (1.84-1.81 billion years). The result was that the Kisseynew turbidite basin was inverted. Regional metamorphism peaked at 1.81 billion years and at the time, the Snow Lake block had reached temperatures between 500 and 700°C and pressures of 0.4-0.6 GPa. 

3.After peak metamorphism the D3 event recorded transpressional northwest trending shortening which buried the Sask Craton at syn- to post-peak metamorphic conditions. The formation of the Crowduck Bay Fault and Roberts Lake Fault blocks was associated with this event. The event is also recorded by Northeast trending mineral extension lineations. 

4.A period of brittle to ductile deformation followed which was caused by northwest trending compression. This event might be a continuation of the D3 event; however, dates have not been obtained. 

The Flin Flon belt has been the host to a variety of precious base metal and REE deposits. Major mineralizing events took place during the 3 stages of crustal development of the Trans-Hudson Orogen. These deformation events were pre-accretion, post-accretion, and continent-continent collision. Gold and syngenetic base metal gold deposits are associated with the pre-accretionary stage. The syn- post-accretionary stage hosts intrusion-related precious metal deposits. The continental collision stage is the host to orogenic gold and lithium-cesium-tantalum pegmatite deposits.

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The TB and GR pegmatite dike clusters make up part of the Wekusko Lake pegmatite dike field. Several other dikes have been recorded towards the north along the Crowduck Bay fault. These clusters of dikes are also known as dike swarms. The dikes are all tabular in form and steeply dipping.

The Thompson Brothers dikes are located on the east shore of Grass River linking Crowduck Bay to Wekusko Lake. At this location, there are 3 mineralized pegmatite dikes named TB-1, TB-2 and TB-3 that intrude into Missi group pebble to cobble conglomerates and greywackes.

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The TB-1 dike was drill tested by Nova Minerals in 2017 and 2018 with 24 diamond drill holes, and 30 drill holes were drilled by Snow Lake Lithium in 2022 on the main dike.

The TB-1 dike strikes 040° and dips about 85° southeast. It ranges from 2.9-15.4 meters in true thickness but averages approximately 7.7 meters wide.

Dike TB-2 is situated to the north of TB-1 and has been traced for about 400 m along strike. This dike has not been located in outcrop and has had minimal drill testing with 8 holes. It is approximately 2.8 m thick and oriented sub-parallel to TB-1.

Dike TB-3 is located approximately 250m to the northwest of dikes TB-1 & 2. It is approximately 2.0 m thick and oriented sub-parallel to the other dikes with a strike of 040 and dip of 80° to the northwest.

All TB dikes are sub-parallel to the northeast-trending foliation and strata in general. Dike TB-2 could represent the faulted northern extension of dike TB-1, or an en-echelon dilational structure. Dike TB-2 remains open along strike to the north and to depth.

Grass River consists of 4 sub-parallel lithium-bearing pegmatite dikes.

The dikes on the GR property intrude into older andesitic and monzonitic rocks. The average trend of the dikes is 125° and average dip of 60°. The total depth of the mineralized dikes is 574 m, a total length of 500m and a total width of 200m. As in the TB dikes, the pegmatite bodies have mineralized and unmineralized sections which were distinguished by the presence or absence of spodumene

Pegmatites are a type of coarse-grained intrusive igneous rock which have highly evolved compositions and can be enriched in incompatible elements. (Benn, D.N., 2022) These deposits are known to host industrial, rare metals, exotic minerals, and gemstones. The pegmatites of the

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Wekusko Lake pegmatite field occur as steeply dipping dikes. (Benn, D.N., et al., (2022) The pegmatites of interest have been dated at 1.78 billion years.

Pegmatites typically occur as dike swarms that emanate from the roof of a source granitic pluton. (Benn, D.N., 2022).

Pegmatites are formed from extremely slowly cooled igneous body which forms during the very last stage crystallization of magma and are enriched in volatiles and rare elements. (Omanayin, Y.A., et al., 2022) The minerals which make up pegmatites are usually crystals of quartz, feldspars and micas. These types of igneous rocks can range in composition from mafic to granitic to syenitic (Omanayin, Y.A., et al., 2022) These bodies can occur in many geological settings as irregular masses, lenses, sills or dikes and can have extents from a few metres to several kilometers across. (Omanayin, Y.A., et al., 2022) The crystals of the slow-cooling magma are typically 3 cm or more across, however, it has been documented that crystals can also span 10 meters or so. (Omanayin, Y.A., et al., 2022)

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Baker hypothesized that early in the cooling history of a pluton, dikes cannot propagate longer distances and will be closer to the source of the parent intrusion (Baker, D.R., 1998) This is because the surrounding country rocks have not been significantly heated. Dikes that form a lot later can propagate approximately 10 km away from the source. Because these magmas migrate from the source, it can be expected that these systems are chemically more evolved than the parent source.

The granitic magmatic bodies that are the sources of pegmatites contain substantial water. The first minerals to crystallize are usually anhydrous minerals such as felspars which, in turn, leaves the magma increasingly water-rich. (Omanayin, Y.A., et al., 2022) Rare elements such as Li, Nb, Ta, Be, W and Sn are restricted from entering into atomic substitution in the granitic minerals and become concentrated in the water-rich residual magma forming minerals such as spodumene, niobite, tantalite, beryl, wolframite, cassiterite and Columbite. (Omanayin, Y.A., et al., 2022) As quartz and feldspar start to crystallize, the melt becomes more enriched in incompatible elements (Ta and Nb), Rare alkalis (Li, Cs, Rb) and fluxes of B, F, Li, P and H2O. These phases help lower the granite melt solidus, reduce the viscosity, and increase ionic diffusivity. (Benn, D.N., 2022)

Cerny attempted to classify pegmatites, grouping them into classes, families, types, and subtypes. These classifications are based on emplacement depth, bulk chemistry, geochemical signature of

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accessory minerals, metamorphic environment, and P-T conditions of crystallization. These classification schemes are widely used and accepted and are outlined in the tables below. (Cerny, P., 1991)

The classes are abyssal, muscovite, Rare-Element and Miarolitic. The Rare-Element Class is subdivided into the LCT (lithium, cesium and tantalum), and NYF (niobium, yttrium and fluorine). The types of pegmatites which have an enriched Li-signature are the Complex and Albite-Spodumene subtypes. The predominant lithium minerals which are associated with pegmatites are spodumene (LiAlSi2O6), petalite (LiAl(Si4O10)), and lepidolite (KLi2Al

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(Si4O10)(F,OH)2 to K(Li1.5Al1.5)(AlSi3O10)(F,OH)2) and also the phosphate series amblyonite-montebrasite (LiAlPO4(F,OH)). (Cerny, P., 2012)

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Pegmatites commonly exhibit zoning in the deposit. These zones are characterized by their differences in grain size, texture, or mineralogy. Pegmatites that do not display zoning are usually near the source granite and tend to be poorly evolved. (Benn, D.M., 2022) 5 to 9 zones can be observed in most pegmatites. (Up to 11 at the Tanco Mine) The 5 main zones are, from the inner to the outer margins, the border, wall, intermediate, central and core zones. Not all zoning is always present at all dikes. Zonation can vary with depth and the contacts between the zones can be gradational.

The pegmatites of the Wekusko Lake area from the drill logs appear to be of the complex albite spodumene type because they do not have any complex internal zonation of mineralogical units or diverse mineralogy.

Nova Minerals announced in May 2016, that the company was planning on developing an exploration program for the Snow Lake property that would verify the historic estimate as a mineral resource in accordance with the S-K 1300 code which would include:

•A high-resolution airborne magnetic survey over the entire property. 

•Due diligence drilling over the known dikes. 

•Additional exploration drilling along strike to potentially test new targets that were identified. 

•Property-scale mapping, prospecting, and sampling to explore larger property for another dikes/continued dike corridor. 

•Take additional sample material for further metallurgical studies. 

Early reconnaissance exploration was taken on the property in 2016 and consisted of mapping of Li-bearing outcrops as well as surface sampling of spodumene bearing pegmatites. The goal of the exploration program was to prove the presence of lithium and determine Li content using

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modern technology and checking this with broader historic work conducted on the property to validate the data.

The interpretation of the historical data has proven that there are other lithium bearing structures on the property which has the potential to increase overall tonnages on the deposit.

In November 2016, an exploration program was conducted on the TB property by Dahrouge Geological Consulting Ltd on behalf of Ashburton Ventures. The primary purpose of this exploration program was to validate and expand on the previous 2016 work campaign, as well as other historical work that was undertaken on the property. The crew was also employed to investigate the potential for other pegmatites on the property, as well as carry out further geological mapping and sampling of the pegmatite outcrops.

From 2016-2017, exploration work on the property included 2 modest programs of prospecting, outcrop mapping, surface rock sampling (9 samples) and soil sampling (942 samples). Two lines were missed for the soil sampling program due to a combination of poor weather conditions and difficult access from the lake. Other samples could not be taken because of swampy conditions, or lack of profile to sample.

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On August 28, 2018, the company announced that the prospecting team had found a new zone of spodumene bearing outcrops previously identified as part of the Sherritt Gordon pegmatite cluster 300 m to the southeast. The company was pleased with the new discovery which has the potential to increase the resource estimate and add to the scale of the Thompson Brothers deposit.

Nova Minerals carried out a drilling program during the winter months starting in 2017 and finished in 2018 to test the extent of the TB dike. The drill holes were then analyzed for their

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lithium potential. SLR also drilled another part of the Thompson Brothers property (Holes BYP 001-008).

SLR started a drill program in 2022 which consisted of drilling an additional 30 holes on the Thompson Brothers property. The company’s focus then shifted to the Grass River pegmatites on the property where 47 holes were drilled to date.

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The company had also executed a magnetic survey utilizing a flying drone that can map the fabrics which control the mineralization as well as contrasts in magnetic susceptibility with neighboring lithologies. The EarthEx Drone Mag had previously demonstrated in 2019 that the magnetic susceptibility of the TB Pegmatite was notably lower than the surrounding country rocks. The results of the drone survey were released on February 15, 2022 and are shown below.

A table of drilling information as well as drill core highlights can be found in the Appendix section of this report.

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1942: Sherritt Gordon drilled 28 holes with one wedge hole totaling 906.72 m. Due to their age, the assessment reports didn’t include coordinates for the drill locations or drilling azimuths. All holes were drilled at a dip of -35° to -45°,

1955: Combined Developments completed a total of 17 holes on the Violet Property. The holes totaled 1,676.23m and drilled at an azimuth of 030 to 090 and at dips ranging from -45° to -60°. The coordinates for these locations are recorded.

1956: Combined Developments drill program continued through 1956 with 9 holes for a total of 1,122.41m. These holes followed the abovementioned azimuths and dips.

1978-1979: The Thompson Brothers carried out a lot of work on the property in the years 1978- 79 and 1981. In the year 1978, the brothers drilled a hole for a total of 28.2 m in 1978 and then deepened this hole to 59.73 m the following year.

1981: Thompson Brothers drilled another hole at 090/-47 to a total depth of 60.96m.

The plan for the 2017 drilling program was to set preliminary drill targets that were identified using historic hole information. The holes would be along a series of section lines that would intersect the pegmatite at varying depths along the strike length using step out drilling at 100- meter intervals. The step out direction would be from the southwest to the northeast.

During the winter of 2017, six holes were drilled by Manitoba Minerals PTY (a subsidiary of Nova Minerals) to a total depth of 1,007 m to test the extent of the TB-1 pegmatite. The drill holes are listed in Appendix A and were given hole ID’s TBL-1 through TBL-6. NQ size core was drilled and recovered.

Drilling resumed during the winter months of 2018 with 18 additional holes (TBL- 7 through 24) cored for a total of 3,798 m. Drill sections and plans were prepared by SLR. Interpretations of geology and mineralization were established, and a project database was created for the project. A resource model was also planned for the deposit.

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During the 2018 drilling program, Asabanaka Drill Services G.P. Corp. was selected as a contractor to provide drilling services. A Zinex A-5 drill produced NQ sized core. The core was found to be competent with excellent recovery averaging 99.75%. This phase of drilling was designed to test the extensions of the known pegmatite, identification and preliminary definition of nearby sub-parallel pegmatites outcropping to the northwest, and infill drilling for resource definition.

A third drill program was initiated by SLR in 2022 and included expanding the initial resource of the Thompson Brothers pegmatite dike. An additional 38 holes were drilled in 2022 by SLR and were named TBL-025 to TBL-054. 8 holes were also drilled on another prospect named BYP- 001 to BYP-008. The drilling company that was used for the project was called Quesnel Bros Drilling which supplied two drills. SLR had also signed a contract for a third drill from Forage BRL to join the drilling campaign.

The Grass River pegmatites were drilled for the first time by SLR in 2022. The drill program consisted of 47 drill holes totaling 9,187 m. These drill holes and highlights are listed in Appendix A.

The Qualified Person was on site at the SLR property from May 23-25th, 2023. He was accompanied by Mr. Brian Youngs (VP of Exploration), and Mr. Ronald Scott (On site Geologist) of SLR. The logging and cutting facilities were carried out at a residence owned by SLR, and the core storage facility was temporarily at the gun range in town.

While on site, the Qualified Person was given a tour of the core cutting and logging facilities and discussed with staff the procedures that were in place when the core was delivered to the logging facilities. Each morning, the core would be delivered to the gun range in town by helicopter. The core would arrive with lids taped on top in bundles. The core was then loaded into a truck and transported to the logging facilities, brought inside and spread out on sawhorses.

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Figure 8-1: Photo of the core logging area adjoining the core shack.

The Geotech would check to see whether the blocks inserted by the drillers contained any errors. They would also ensure that the core was oriented the right way and that no boxes were missing. The Geotech would also record the rocks RQD (Rock Quality Designation).

The Qualified Person is satisfied that there was an established chain of custody in place from the time that the drillers emptied the core barrel into the core boxes at the drill, to the time that it arrived at the core logging facilities.

The logging geologist would first analyze the core, making notes of any interesting features, structures, and mineralization. Sampling was performed by the logging geologist who would start

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inserting sample tags at certain intervals chosen by him. The samples would start 20 m before the start of the dike, and end 20 m after the dike, to ensure that any mineralization in the wall rock would be sampled and sent to the lab for assaying. The core was then photographed while it was wet, with the sample tags in place before being taken to the cutting shack. After being photographed, the core was taken to the cutting shack, where it was cut by the logging geologist using a diamond saw. The unmineralized sections were not cut and would remain as full core in the core box.

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After the core was cut, the witness core would be palletized as a bundle and taken to the gun range in town for storage; the mineralized and unmineralized sections separated in two storage areas. Affixed to the end of the core boxes are metal tags that have been stapled to the boxes for identification. The metal tags were labelled with hole name, box number and meterage.

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Figure 8-4: Box ends with metal tags

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The mineralized samples were cut and bagged along with the correct sample tag. They were then placed into rice bags with a maximum weight of 18.14 kg and then zip-tied closed.

The logging, cutting, and sampling facilities were found to be adequate and have met industry- accepted standards.

The drill holes were geo-spotted, using a Reflex TN14 Gyrocompass, used instead of a traditional compass, greatly improving the accuracy of the drill azimuth and dip. The casing from the drill holes were left in during the 2017 drilling campaign, pulled out in 2018, then left in for 2022. Drill hole caps were placed on the drill casing with the name of the hole, azimuth, and dip. For

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holes without casing, hole names, azimuth and dip were labelled on a picket and then inserted next to the drill hole for subsequent years verification.

During the QP visit, it was found that hole TBL-020 was missing boxes of some of the best mineralized intercepts, potentially due to a box-tag mislabeling error. A search for the missing core boxes was conducted and abandoned after a short while. The QP was assured that the core would be properly stored on core racks in a storage facility in the coming months, and that these errors would be addressed at this time.

The core from 2017 was analyzed at Actlabs in Ancaster, Ontario. The 2018 and early 2022 drill core was analyzed by SRC Geochemical Laboratories, Saskatoon, Saskatchewan, Canada. Post March 2022, SGS Laboratories carried out the preparation of the samples at their lab in Lakefield, Ontario and then shipped them to their lab in Burnaby, British Columbia for analysis.

Actlabs Quality Assurance system is accredited to international quality standards through the Standards Council of Canada and the Canadian Association for Laboratory Accreditation. They are certified to the standard of ISO/IEC 17025:2017.

SRC management systems operate in accordance with ISO/IEC 17025:2005, General Requirement for the Competence of Mineral Testing and Calibration Laboratories. They are also compliant with ASB Requirements and Guidance for Mineral Analysis Testing Laboratories. The lab is assessed on a regular basis, both externally and internally to ensure that it continually meets these requirements. SRC’s management system and selected methods are accredited by the Standards Council of Canada.

SGS Canada also conforms to the requirements and is accredited to ISO/IEC 17025.

Sample preparation includes all steps that are taken in the lab to render a sample into a form that is suitable for chemical analysis. This results in sub-samples that are representative of the total sample. Drill core preparation consisted of crushing, grinding, splitting and pulverizing their

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samples. The labs employ standard industry procedures. Each sample is crushed to better than 70% – 2mm and a 1 kg split was pulverized to better than 85% passing 75 µm. The samples were analyzed using partial and total acid digestion.

The samples at Actlabs were analyzed using code UT-7 Sodium Peroxide Fusion (ICP and ICPMS). This is a total fusion analysis which results in total metal recovery. The elements analyzed were Al, As, B ,Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Dy, Er, Eu, Fe, Ga, Gd, Ge, Ho, Hf, In, K, La, Li, Mg, Mn, Nb, Nd, Ni, Pb, Pr, Rb, S, Sb, Se, Si Sm, Sn, Sr, Ta, Tb, Te, Th, Ti, Tl, Tm, U, V, W, Y, Yb, Zn. The detection limit for Li was 3 ppm.

SRC analyzed the samples under procedure code ICP1 which is a four-acid digestion procedure producing both a total and partial digestion ICP analysis. Partial digestion was achieved by preparing 1.00 g pulp and then digesting it with 2.25 ml of 8:1 HNO3:HCl for 1 hour at 95°C. The elements that were analyzed after partial digestion were Ag, As, Bi, Co, Cu, Ge, Hg, Mo, Ni, Pb, Sb, Se, Te, U, V, Zn. Total digestion was carried out by preparing 0.125 g of pulp and gently heating it in a mixture of HF/HNO3/HCLO4 until dry and the residue is then dissolved in dilute HNO3. The elements that were analyzed after total digestion were Ho, K2O, La, Li, MgO, MnO, Mo, Na2O, Nb, Ni, P2O5, Pb, Pr, Sc, Sm, Sn, Sr, Ta, Tb, Th, TiO2, U, W, Y, Yb, Zn and Zr.

SGS used a Na2O2 fusion with method code GE_ICP92A50 for Li, Ag, As, Bi, Cd, Ce and then analyzed by ICPAES. The other elements (Co, Cs, Dy, Er, Eu, Ga, Gd, Ge, Hf, Ho, In, La, Lu, Mo, Nb, Nd, Pb, Pr, Rb, Sb, Sm, Sn, Ta, Tb, Th, Tl, Tm, U, W, Y, Yb, and Zr) were tested with a Na2O2/NaOH fusion and analyzed using ICPMS with method code GE_IMS91A50. The detection limit for Li was 10 ppm.

Lithium values were given in ppm and converted to Li2O using a conversion factor of 2.153.

All labs have internal QAQC procedures in place to monitor the accuracy and precision of their work.

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The QP has verified that there was a documented and reliable chain of custody of drill core from the time the drillers had emptied the core barrel into the core boxes, delivered it to the core shack, to the cutting shack and transportation to the lab for analysis.

All core logging, sampling and cutting was done to industry accepted standards for the project. The QP is also satisfied that all assaying was done by labs that are accredited and meet ISO/IEC 17025 standards.

Part of the verification process includes the Qualified Person analyzing the Quality Assurance/Quality Control (QAQC) protocols that were used by Nova/SLR. Another part of the verification process is to analyze the QAQC protocols that are in place at the lab.

The historical drilling (1942-1997) on the TBL property could not be validated. This is because the locations of the holes weren’t surveyed, the logging records are poor and incomplete, assay certificates are unavailable, and no QAQC data is available. This data was useful for geological and exploration purposes; however, this data is not suitable for inclusion in the resource estimate in accordance with SK-1300 regulations.

The former Qualified Person (Frank Hrdy) had visited the site several times while the drilling campaign was ongoing. He personally discussed core logging and handling procedures. He also had the logging geologist lay out some example core so that the former Qualified Person could verify that the procedures used were industry standard, and acceptable for the purposes of SK- 1300. A follow-up re-logging and re-sampling program was suggested by the Qualified Person. This was to ensure that mineralized sections at the margins of the dike contacts and into the host rock that were missed the first-time logging, were logged to an acceptable standard.

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The Qualified Person also conducted a DGPS survey of many of the drill holes but could not locate all of them because drilling was done on frozen ground, and some were under deeper water during his sight visit. He also visited the SGS Laboratory in Saskatoon for a tour of the facilities.

The former Qualified Person’s site visit covered up to hole TBL-024 but did not include any of the 2022 drilling.

QAQC are the major components of quality management. Quality Assurance is “The assembly of all planned and systematic actions necessary to provide adequate confidence that a product, process, or service will satisfy given quality requirements”. Quality control is defined as “The system of activities to verify if the quality control activities are effective”. These systems are designed to monitor precision and accuracy of assay data. Checks for contamination are also performed using these procedures. QAQC checks can also disclose overall sampling-assay variability of the sampling method itself. The QA are checks and procedures which are followed before a batch of samples are sent to the laboratory. This involves the insertion of check samples which include blanks, duplicates, and Certified Reference Standards. QC is the process that is used to check precision of the assay data on returning from the laboratory. This is critical for determining the quality of the data as well as any deviation that exists from the norms. The checks can also be used determine if any re-sampling needs to be performed.

The 2017 drilling program was managed by Dahrouge Geological Consulting Ltd. During the site visit in 2019, the previous Qualified Person was not shown the core handling, logging, sampling, shipping, assaying, security protocols from the 2017 program at the time that he wrote the report. However, he was shown the QAQC program during the, however, the re-logging and re-sampling in August 2019, that was conducted to industry accepted QAQC protocols. In addition, all drill core that was analyzed by Actlabs from the 2017 drilling campaign was re-assayed by SRC.

QAQC protocols consist of the regular insertion of blanks, duplicates, and Certified Reference Standards (OREAS 147, 148, 149 and 999) with every 20-sample batch. Drill core samples that

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were a part of the TBL Project were sent to SRC labs in Saskatoon for preparation and analyses and the duplicates and check samples were sent to SGS Laboratories in Lakefield, Ontario.

Core boxes were inventoried, meterage blocks were verified, core recoveries and RQD were estimated, and bulk densities were determined. The core was logged and relevant data on lithologies, mineralogy, and structures were documented, and sampling intervals designated. An experienced logging geologist and technician followed standard core logging, cutting and sampling protocols.

Sampling of mineralized core was done on a geological basis, as determined by the person responsible for logging the core. The logging geologist was responsible for marking sample intervals and drawing a cut line down the core to visually aid the core cutters on where to make their cut. Photos of the drill core were digitally taken before being sampled. Sampling intervals were typically 1.0 m, with samples as short as .07 m. and as long as 1.75 m.

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The cutting of the core was done using a diamond saw. Half of the cut core was placed in plastic sample bags, and the remaining half left in the core box. For consistency, the same half of core was collected for each sample. Sample intervals were marked with a red grease pencil and a metal tab was stapled into the core box at the beginning of each sample interval as a visual aid to know where the last sample ends and the next sample starts. Another sample tag was placed in the sample bag which was sealed with a plastic bar lock tie and placed into woven rice bags to prepare them for shipping. A third tag was kept with the geologist for records of the sample, in case these need to be looked at again or resampled in the future.

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Bulk density measurements were made on a continuing basis during both drill programs. Sections of core were trimmed perpendicular to the core axis, and the average length and diameter of each was measured using a caliper. Each core sample was then weighed. These data were used to calculate the average bulk density of 2.71 t/m3 based on 48 individual measurements.

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Certified Reference Blanks were inserted into the sample stream at SRC and SGS for analysis. This was done at a frequency of 1 for every 20 samples. The reasoning behind inserting blanks is that the blanks should not contain any lithium. If lithium is detected, this alerts the person doing the analysis that there is most likely cross-contamination during sample preparation and assaying. This can be due to several factors.

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Figure 9-3: Snow Lake Quality Assurance and Quality Control Performance

Standards are used to monitor analytical accuracy and to identify potential problems with specific batches of samples. Four standards were chosen for the analysis and named Oreas 147, 148, 149 and 999. One standard was inserted into the sample stream for every 20 samples taken.

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When analyzing CRM data, there are two situations that make the sample fail. A sample that has a concentration that is greater than 3 standard deviations from the mean is a failure. Also, two adjacent standards that are greater than two standard deviations from the mean, on the same side of the mean are failures due to bias. With CRM 148, both bias and failures are apparent.

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9.7SRC and SGS Internal Duplicates 

Duplicate samples are used to monitor and assess variability of grade as a function of sample homogeneity and laboratory error. In total, 104 duplicates were submitted for the analysis based on a sampling frequency of 1 for every 20 samples.