American Lithium Corp 6-K, filed Mar 28, 2023

American Lithium Corp. (AMLIF)

6-K 2023-03-28 For: 2023-03-24

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Added on April 06, 2026

About this 6-K

American Lithium Corp filed this 6-K on March 28, 2023.

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Exhibit Number	Description

99.1	Tonopah Lithium Claims Project NI 43-101 Technical Report – Preliminary Economic Assessment dated March 17, 2023 with an effective date of January 31, 2023
99.2	News Release dated March 20, 2023

		“Original Signed and Sealed By Author”
Dated March 17, 2023		_________________________________
		Derek J. Loveday, P.Geo.
		Project Manager

		“Original Signed and Sealed By Author”
Dated March 17, 2023		_________________________________
		Joan C. Kester, P.Geo.
		Resource Geologist

1 SUMMARY	1
1.1 Introduction	1
1.2 Geology & Mineralization	1
1.3 Mineral Resource Estimation	1
1.4 Mining Methods	2
1.5 Mineral Processing & Metallurgical Testing	3
1.5.1 Metallurgical Testing	3
1.5.2 Mineral Processing	6
1.5.3 Design Criteria	8
1.6 Market Studies and Contracts	8
1.7 Environmental Studies, Permitting & Social Considerations	9
1.7.1 Environmental Assessment	9
1.7.2 Permitting	10
1.7.3 Social Or Community-Related Requirements	10
1.8 Project Infrastructure	12
1.8.1 Site Facilities	13
1.8.2 Roads	13
1.8.3 Power Supply	14
1.8.4 Gas Supply	14
1.8.5 Water Supply	14
1.9 Capital Cost Estimate	14
1.10 Operating Cost Estimate	17
1.11 Economic Outcomes	17
1.11.1 Introduction	17
1.11.2 Production Profile	18

1.11.3 Input Costs and Taxes	18
1.11.4 Revenue	19
1.11.5 Discounted Cash Flow Summary	19
1.11.6 Sensitivity	20
1.11.7 Alternative Case: By-Product Recovery	21
1.12 Adjacent Properties	21
1.13 Interpretations and Conclusions	22
1.14 Recommendations	22
2 INTRODUCTION	24
2.1 Background	24
2.2 Project Scope and Terms of Reference	24
2.3 Study Participants	24
2.4 Primary Information Sources	25
2.5 Qualified Persons	25
2.6 Qualified Person Site Visit	26
2.7 Financial Interest Disclaimer	26
2.8 Frequently Used Abbreviations, Acronyms and Units of Measure	27
3 RELIANCE ON OTHER EXPERTS	31
4 PROPERTY DESCRIPTION AND LOCATION	32
4.1 Description and Location	32
4.2 Property Concessions	32
4.3 Option Agreements, Royalties and Encumbrances	36
4.4 Permits, Surface Use and Royalties	59
4.5 Environmental Liabilities	59
4.6 Other Significant Factors and Risks	59

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY	60
5.1 Accessibility	60
5.2 Climate	60
5.3 Local Resources and Infrastructure	61
5.4 Physiography	62
6 HISTORY	64
6.1 Introduction	64
6.2 Exploration	64
6.3 Historic estimates	66
7 GEOLOGICAL SETTING AND MINERALIZATION	68
7.1 Regional Geology	68
7.2 Local Geology	68
7.3 Mineralization	73
8 DEPOSIT TYPES	75
9 EXPLORATION	77
10 DRILLING	78
11 SAMPLE PREPARATION, ANALYSES AND SECURITY	86
11.1 Sampling Method and Approach	86
11.2 Laboratory Analysis	87
11.3 Quality Control	88
11.4 Adequacy of Laboratory Procedures and Sample Security	92
12 DATA VERIFICATION	95
12.1 Property Inspection 2021 and 2022	95
12.2 Drill Hole Location Validation	96
12.3 Data Validation Limitation	96

12.4 Opinion of the Independent Qualified Person	96
13 METALLURGY AND METALLURGICAL TESTING	99
13.1 Sampling Background	99
13.2 Test Work Scope PEA	102
13.3 Completed Testwork Summary	102
13.4 Pre-Concentration	109
13.5 Liquid Solid Separation	109
13.5.1 Partial Neutralized Leach Slurry	109
13.5.2 Ore Upgrade Project	110
13.6 Acid Leach to Lithium Carbonate Precipitation	110
13.6.1 Australian Nuclear Science and Technology Organisation (ANSTO)	110
13.6.2 McClelland Testwork	123
13.6.3 Future Neutralization Testwork	125
14 MINERAL RESOURCE ESTIMATES	126
14.1 Approach	126
14.2 Basis for Resource Estimation	126
14.3 Data Sources	127
14.4 Model	128
14.4.1 Model Inputs	128
14.4.2 Surface Topography and Weathering	128
14.4.3 Structural features	131
14.4.4 Model Zones	131
14.4.5 Lithium Mineralization Statistics	133
14.4.6 Density	133
14.4.7 Model Build	136
14.5 Assessment of Reasonable Prospects for Economic Extraction	137

14.6 Lithium Resource Estimates	140
14.7 Potential Risks	144
15 MINERAL RESERVE ESTIMATES	146
15.1 Development Plan	146
16 MINING METHODS	147
16.1 Introduction	147
16.2 Geotechnical Design	147
16.3 Pit Optimization	149
16.3.1 Mineral Processing Inputs	151
16.3.2 Pit Shell Selection	154
16.4 Pre-Mining Development	155
16.5 Production Schedule	155
16.5.1 Base Case Step-Up Production Scenario	155
16.5.2 Flat 24kt/y Production Scenario	166
16.6 Waste Storage Facilities	168
16.7 Mine Tailings Management	169
16.7.1 Tailing Materials and Properties	170
16.7.2 Design Criteria	171
16.7.3 Description of Tailings Storage Facilities	171
16.7.4 Future Work	174
16.8 Primary Equipment	174
16.9 Support Equipment	181
16.10 Mine Water Management	181
16.11 Reclamation and Closure	182
17 RECOVERY METHODS	184
17.1 Introduction	184

17.2 Design Criteria	184
17.3 Power and Water Consumption	185
17.4 Process Description	187
17.4.1 Area 0100 – Mineralized Material Comminution	187
17.4.2 Area 0110 – Mineralized Material Preparation Screening	187
17.4.3 Area 0120 – Gravity Concentration	187
17.4.4 Area 0300 – Attritioning	188
17.4.5 Area 0400 – Counter-Current Leaching	188
17.4.6 Area 0410 – Acid Leach Filtration	188
17.4.7 Area 0500 – Neutralisation	189
17.4.8 Area 0510 & 0520– Magnesium Sulfate Crystallisation	189
17.4.9 Area 0600 – Impurity Removal	189
17.4.10 Area 0700 – Softening	190
17.4.11 Area 0800 – Lithium Carbonate Precipitation	190
17.4.12 Area 900 – Sodium and Potassium Sulfate Crystallisation	191
17.4.13 Area 1000 & 1010 – Lithium Carbonate Drying and Packaging	191
17.4.14 Area 1100 – Tailings Management	191
17.4.15 Reagents	191
17.4.16 Services and Utilities	192
18 PROJECT INFRASTRUCTURE	194
18.1 Introduction	194
18.2 Site General Arrangements	194
18.3 Raw Material Requirements	195
18.4 Product Material Requirements	195
18.5 Site Facilities	196
18.6 Power Supply	196

18.7 Gas Supply	197
18.8 Water Supply	197
19 MARKET STUDIES AND CONTRACTS	198
19.1 Market Studies	198
19.2 Lithium Demand Outlook	198
19.3 Lithium Supply Outlook	201
19.4 Lithium Supply Demand Balance Forecast	203
19.5 Lithium Chemical and Battery Cathode Demand And Capacity Outlook	204
19.6 Long-term Supply Cost Curves for Lithium to 2035	206
19.7 Lithium Price Forecast	209
19.8 Magnesium Sulfate Monohydrate Pricing	210
19.9 Conclusions	211
20 ENVIRONMENTAL STUDIES, PERMITTING & SOCIAL OR COMMUNITY	212
20.1 Introduction	212
20.2 Vegetation	212
20.3 Soils	212
20.4 General Wildlife	213
20.5 Tailings Disposal	214
20.6 Waste Rock Disposal	215
20.7 Water Management	215
20.8 Permitting Requirements and Status	216
20.9 Environmental Justice	220
20.9.1 Native American Religious and Cultural Concerns	220
20.9.2 Rangeland Management	220
20.9.3 Recreation	221
20.10 Social Values and Economics	221

20.11 Social or Community-Related Requirements	221
21 CAPEX and OPEX	224
21.1 Capital Cost	224
21.1.1 Estimate Classification	224
21.1.2 Assumptions	224
21.1.3 Exclusions	224
21.1.4 Contingency	225
21.1.5 Mining Costs	225
21.1.6 Process Costs	226
21.1.7 Tailings Costs	227
21.1.8 Capital Cost Summary	228
21.2 Operating Costs	230
21.2.1 Estimate Classification	230
21.2.2 Mining Operating Costs	230
21.2.3 Process Plant Operating Costs	231
21.2.4 Tailings Handling and Storage	233
21.2.5 General and Administration	234
21.2.6 Operating Costs Summary	235
22 ECONOMIC ANALYSIS	237
22.1 Introduction	237
22.2 Mine Production Profile	237
22.3 Process Production Profile	239
22.4 Revenue	239
22.5 Operating Costs	240
22.6 Capital Expenditure	241
22.6.1 Salvage Value	241

22.6.2 Reclamation and Closure	241
22.7 Taxation	242
22.8 Discounted Cash Flow Summary	242
22.9 Sensitivity	243
22.10 Alternative Case: By-Product Recovery	244
22.11 Alternative Case: Without Production Expansion	245
22.12 Comments on Section 22	245
23 ADJACENT PROPERTIES	247
24 OTHER RELEVANT DATA AND INFORMATION	248
24.1 Introduction	248
24.2 TLC Project Development and Permitting Timeline	248
24.3 Nevada Lithium Claystone Project Successes	248
25 INTERPRETATION AND CONCLUSIONS	250
25.1 Introduction	250
25.2 LC Production	250
25.3 Capital and Operating Costs	250
25.4 Financial Evaluation	250
25.5 Environment	251
26 RECOMMENDATIONS	252
27 REFERENCES	254

Table 1-1 Economic Optimization Inputs	2
Table 1-2 Testwork Laboratory Information	3
Table 1-3 Process Routes and Option Considered	5
Table 1-4 Process Rate and Expansion Phases – Base Case	6
Table 1-5 TLC Design Criteria	8
Table 1-6 Mining Equipment Capital Cost	15
Table 1-7 Infrastructure Capital Cost	15
Table 1-8 TSF Capital Cost	15
Table 1-9 Process Plant Direct Costs Phase 1	16
Table 1-10 Project Capital Cost Summary	16
Table 1-11 Life of Mine Operating Cost Breakdown	17
Table 1-12 Milling Rate and Expansion Phases – Base Case	18
Table 1-13 Discounted Cashflow Summary – Base Case	19
Table 1-14 Discounted Cashflow Summary – Alternative Case (With Magnesium Sulfate Monohydrate)	21
Table 2-1 Report Sections and Qualified Persons	25
Table 2-2 Abbreviations, Acronyms and Units of Measure	27
Table 4-1 TLC Project Claims	36
Table 10-1 Drill Hole Locations	79
Table 13-1 Testwork Laboratory Information	99
Table 13-2 Drill Hole and Sample Information	100
Table 13-3 Head Analysis	102
Table 13-4 Process Routes and Options Considered	103
Table 13-5 Testwork Summary 2019 - 2021	104
Table 13-6 Testwork Summary 2022	106
Table 13-7 McClelland Product Purity Analysis	124
Table 14-1 Lithium resource estimates - U S Customary Units	142
Table 14-2 Lithium Resource Estimates - Metric Units	143
Table 16-1 Waste Material Storage Design Criteria	148
Table 16-2 Mineralized Material Stockpile Design Criteria	149
Table 16-3 In-pit Berm Design Criteria	149
Table 16-4 Economic Pit Optimization Inputs	150

Table 16-5 LoM Mine Material Quantities	158
Table 16-6 Mine Material Quantities – Base Case	159
Table 16-7 Estimated Tailings Properties	170
Table 16-8 Talpac Parameters	176
Table 16-9 Truck Time Usage Breakdown	177
Table 16-10 Shovel Time Usage Breakdown	178
Table 16-11 Loader Time Usage Breakdown	179
Table 16-12 Support Equipment	181
Table 17-1 Process Rate and Expansion Phases – Base Case	184
Table 17-2 Design Criteria	185
Table 20-1 Wildlife Species Observed within the Project Area	213
Table 20-2 Permitting Path for a New Mine in Nevada	217
Table 21-1 Mine Equipment Capital Cost Summary	226
Table 21-2 Mine Infrastructure Capital Cost Summary	226
Table 21-3 Process Direct Capital Costs	227
Table 21-4 Tailings Initial Capital Cost	228
Table 21-5 Tailings Sustaining Capital Costs	228
Table 21-6 LoM Capital Costs	229
Table 21-7 Mine Operating costs LoM	230
Table 21-8 Process Reagent Costs	232
Table 21-9 Process Power Demand	232
Table 21-10 Process Labor Costs	232
Table 21-11 Process Consumable Costs	233
Table 21-12 Laboratory Operating Costs	233
Table 21-13 Tailings Operating Costs	234
Table 21-14 G&A Labor Costs	234
Table 21-15 G&A Total Costs	235
Table 21-16 Operating Cost Summary	235
Table 22-1 Milling Rate and Expansion Phases – Base Case	239
Table 22-2 Life of Mine Operating Costs	240
Table 22-3 Capital Expenditure	241
Table 22-4 Discounted Cash Flow Summary – Base Case	242
Table 22-5 Discounted Cashflow Summary – Alternative Case	244

Figure 1-1 Acid Leach Block Flow Diagram	7
Figure 1-2 Conceptual Site General Arrangements	13
Figure 1-3 LoM Cash Flow – Base Case	20
Figure 1-4 Sensitivity Analysis Summary – Base Case	21
Figure 1-5 Sensitivity Analysis for Magnesium Sulfate Monohydrate Price Variances	21
Figure 4-1 General Location Map	33
Figure 4-2 Property Location Map	34
Figure 4-3 Mineral Claims Map	35
Figure 5-1 Infrastructure Map	63
Figure 7-1 Regional Geology Map	71
Figure 7-2 Local Geology	72
Figure 7-3 Structural Cross section	74
Figure 8-1 Clayton Valley Lithostratigraphic 3-D Schematic	76
Figure 10-1 Drill Holes Location Map	83
Figure 11-1 TLC QA/QC Lithium Blanks	90
Figure 11-2 TLC QA/QC Lithium Duplicates	91
Figure 11-3 TLC QA/QC Standard MEG Li.10.11	93
Figure 11-4 TLC QA/QC Standard MEG Li.10.15	94
Figure 12-1 Site Visit GPS Locations and Photographs	97
Figure 12-2 Site Visit Photographs	98
Figure 13-1Site Drill Hole location	101
Figure 13-2 PLS Metal Concentration with pH Adjustments	122
Figure 13-3 Photo of McClelland Lithium Carbonate Precipitate	123
Figure 13-4 McClelland Product Purity Analysis	125
Figure 14-1 Surface Topography and Model Limit Map	130
Figure 14-2 Model Zones	132
Figure 14-3 Mineralized Zone Grade Distribution	134
Figure 14-4 Mineralized Zone Semi-Variogram	135
Figure 14-5 Resource Model Cross Section	137
Figure 14-6 Economic Pit Shell	139
Figure 14-7 resource Classification Map	141

Figure 14-8 Economic Pit Shell Depth Map	144
Figure 16-1 Pit by Pit Graph	153
Figure 16-2 Grade-Tonnage Curve for Pit No.9	155
Figure 16-3 Base Case Mine Plan Annual Production Schedule	157
Figure 16-4 LoM Stockpile Quantities	160
Figure 16-5 Pre-Mining	161
Figure 16-6 Layout End of Period 1	161
Figure 16-7 Layout End of Period 2	162
Figure 16-8 Layout End of Period 3	162
Figure 16-9 Layout End of Period 4	163
Figure 16-10 Layout End of Period 5	163
Figure 16-11 Layout End of Period 10	164
Figure 16-12 Layout End of Period 15	164
Figure 16-13 Layout End of Period 20	165
Figure 16-14 Layout End of Period 40	165
Figure 16-15 Flat Case Mine Plan Annual Production Schedule	167
Figure 16-16 Waste Material by Destination	169
Figure 16-17 Haul Truck Units	180
Figure 16-18 Loading Units	180
Figure 17-1 Process Block Flow Diagram	186
Figure 18-1 Conceptual Site General Arrangement	195
Figure 19-1 Lithium Demand By Sector [Source: BMI]	199
Figure 19-2 Lithium Battery Demand Breakdown by Cathode Chemistry and End Source, 2030 [Source BMI]	199
Figure 19-3 Lithium Battery Demand Breakdown by Region [Source BMI]	200
Figure 19-4 Global EV Sales and Penetration Rate Forecast, 2015-40 [Source: BMI]	201
Figure 19-5 Lithium Supply Forecast to 2040 [Source: BMI]	202
Figure 19-6 Recycled Lithium Supply Forecast, tonnes LC [Source: BMI]	203
Figure 19-7 Long-Term Supply Forecast [Source: BMI]	204
Figure 19-8 Lithium Supply & Demand by Chemical Product [Source: BMI]	205
Figure 19-9 Forecast Lithium Chemical Deficit, 2015-2040 [Source: BMI]	205
Figure 19-10 C1 Supply Cost for Lithium Carbonate - 2022 [Source: BMI]	207

Figure 19-11 C3 Supply Cost for Lithium Carbonate - 2022 [Source: BMI]	208
Figure 19-12 C3 Supply Cost for Lithium Carbonate - 2022 [Source: BMI]	209
Figure 19-13 Long Term Supply C3 Cost for Lithium Carbonate - 2030 [Source: BMI]	209
Figure 19-14 Lithium Carbonate Price Forecast [Source: BMI]	210
Figure 21-1 Mine Operating Cost Breakdown	231
Figure 22-1 Mine Schedule – Base Case	238
Figure 22-2 Process Plant Feed Schedule	238
Figure 22-3 LC Production Schedule	239
Figure 22-4 Life of Mine Cashflow – Base Case	243
Figure 22-5 Sensitivity Analysis Summary – Base Case	244
Figure 22-6 Sensitivity Analysis for By-Product Selling Price Variances	245
Figure 24-1 Estimated Schedule	248

Input Parameter	Value	Units & Notes
Mining Units Cost	2.00	$/t
Mining Recovery Rate	100%	Recovered mineralized material / In-situ mineralized material
Mining Dilution Rate	0%	Waste mined with mineralized material as a percentage of mineralized material
Mineralization & Waste Density	1.7	g/cm³
Stockpile Reclaim Cost	1.00	$/t
Stockpile Grade Recovery Rate	90%	Percentage of lithium grade recovered from the stockpiles
Overall Pit Slope Angle	40	Degrees
Maximum Benches Mined per Year	12	Benches per phase
General & Administrative Costs	1.00	$/t RoM
Tailings Production and Transportation Costs	1.50	$/t ROM
Processing Plant Recovery Rate	73.3%
Product Ratio	5.323	kg of LC per kg of Li processed
Target Plant Feed Grade	1,400	ppm Lithium
Processing Unit Cost	40.06	$/t
LC Selling Price	20,000	$/t of Li₂CO₃
Pit Shell Price Increments	500	$/t of Li₂CO₃
Discount Rate	8%	Per year

Laboratory	Location	Dates
McClelland Laboratories Inc.	NV USA	2019 - 2022
SGS Minerals	ONT, Canada	2021 - 2022
Hazen Research Inc.	CO, USA	2021 - 2022
Australia's Nuclear Science and Technology Organisation (ANSTO)	NSW, Australia	2022
Lawrence Berkeley National Laboratory	CA, USA	2020
Multotec Process equipment	South Africa	2022
TECMMINE	Lima, Peru	2021 - 2022
Sturtevant	MA, USA	2022
McLanahan	PA, USA	2022
FLSmidth	PA, USA	2022
Pocock Industrial Inc	UT USA	2020-2022
RSG Inc.	AL USA	2021-2022

Option	Product	Process Route	Pre-Con	Leach	Grade (ppm)	Sodium/Potassium SO4 Crystallization	MgSO₄ Recovery
1	LiOH.H₂O	Acid Bake	No		1200	Separate	No
2	LiOH.H₂O	Salt Roast	No		1200	Separate	No
3	LiOH.H₂O	Acid leach	No	Co-Current	1200	Separate	No
4	Li₂CO₃	Acid Bake	No		1200	Separate	No
5	Li₂CO₃	Salt Roast	No		1200	Mixed	No
6	Li₂CO₃	Acid leach	No	Co-Current	1200	Separate	No
7	Li₂CO₃	Salt Roast	Yes	Co-Current	1200	Mixed	No
8	Li₂CO₃	Acid leach	Yes	Co-Current	1200	Separate	No
9	Li₂CO₃	Acid leach	Yes	Counter Current	1200	Separate	No
10	Li₂CO₃	Acid leach	Yes	Counter Current	1200	Mixed	No
11	Li₂CO₃	Acid leach	Yes	Counter Current	1400	Mixed	No
12	Li₂CO₃	Acid leach	Yes	Counter Current	1400	Mixed	Yes

Description	Years	Process Plant Feed Rate
Phase 1	1 – 5	4.4 Mt/y
Phase 2	6 - 40	8.8 Mt/y

Description	Unit	Value
Life of Mine	y	40
Plant Design Throughput (Phase 1 - Year 1 to 5)	Mt/y	4.4
Plant Design Throughput (Phase 2 - Year 6 to 40)	Mt/y	8.8
Operating Hours Per Year	h/y	7,884
Lithium Head grade (Phase 1)	ppm Li	1,400
Lithium Head grade (Phase 2)	ppm Li	1,400 – 1,000
Lithium Production as LC (Phase 1)	t/y	24,000
Lithium Production as LC (Phase 2)	t/y	48,000 – 34,000
Lithium extraction Method		Counter-current sulfuric acid leach
Acid addition/ t Run of Mine (RoM)	Kg/t	298
Acid addition/ t Concentrate	Kg/t	542
Lithium recovery – Feed Material preparation	%	82.58
Lithium Recovery – Hydro metallurgical plant	%	88.76
Lithium Recovery – Overall	%	73.30

Mining Equipment	Initial $M	LoM $M
Trucks	9.49	41.44
Shovel/Loaders	5.30	21.53
Support and Auxiliary	20.45	31.79
Total	35.23	94.75

Item	Initial $M	LoM $M
Mine Maintenance Shop	18.75
Office & Dry Facilities	3.00
Washbay, Tireshop & Warehouse	4.00
Roads, Security & miscellaneous	5.00
Power/Electrical	20.00
Total	50.75	22.19

Facility	Capital $M	Comments
TSF 1 (Primary tailings storage facility)	26.20	External facility – construction for two years capacity is capitalized
TSF 2 (Sulfate tailings)	18.30	Lined storage facility
Total	44.50

Area Code	Plant Area mount	$M	% of Total
100	Comminution	3.10	1.2
120	Gravity Concentration	24.60	9.7
400	Leaching	30.00	11.8
500	Neutralisation	4.30	1.7
510	Magnesium Sulfate Crystallization	13.10	5.2
520	Epsom Salt Adiabatic Flash	12.30	4.8
600/700	Impurity removal and Softening	4.80	1.9
800/810/820	Product Drying and Packaging	3.90	1.5
900	Mixed Sulfate Crystallization	10.60	4.2
1200	Reagents (including acid plant)	143.40	56.4
1300/1400	Services	4.10	1.6
	Total directs	254.20	100

Area	Units	Initial	(LoM)
Mining Capital	$ '000	56 264	56 264
Process Plant	$ '000	667 000	1 267 300
Tailings and Infrastructure	$ '000	95 250	107 288
Closure Costs	$ '000	-	25 000
Total Capital Expenditure	$ '000	818 514	1 455 852

Description	Units	Life of Mine
G&A Costs	$ '000	531 300
Mining Costs	$ '000	1 296 561
Processing Costs	$ '000	8 902 113
Other Costs	$ '000	611 075
Life of Mine Operating Cost	$ '000	11 341 049
G&A Costs	$/LC tonne	363
Mining Costs	$/LC tonne	886
Processing Costs	$/t LC	6 085
Other Costs	$/t LC	418
Unit Operating Cost (No Power Credits)	$/t LC	7 752
Unit Operating Cost (With Power Credits)	$/t LC	7 443

Description	Years	Milling Rate
Phase I	5	4.4 Mt/y
Phase II	6+	8.8 Mt/y

Description	Units	Pre-TAX	Post-TAX
Total Cash Flow	$ '000	16 147 433	14 581 623
NPV (8%)	$ '000	3 641 708	3 260 848
IRR	%	28.8	27.5
Payback **	Years	3.6	3.7
** Payback is based on Phase 1 capital alone, with undiscounted cashflows. Positive undiscounted cashflows, inclusive of Phase 2 capital spend, are realised in 5.4 years and 5.6 years for pre-tax and post-tax scenarios respectively.

	ANSTO Minerals, Various TLC Testwork Data Packs, February to December 2022
	“American Lithium TLC Project Trade-off Study Report,” DRA, Perth, 2023.
	Benchmark Mineral Intelligence, “Lithium Forecast Q4 2022”.

Section #	Section Title	Qualified Person(s)
1	Summary	DRA (John Riordan)
2	Introduction	DRA (John Riordan)
3	Reliance on Other Experts	DRA (John Riordan)
4	Property Description and Location	Stantec (Derek Loveday)
5	Accessibility, Climate, Local Resources, Infrastructure and Physiography	Stantec (Derek Loveday)
6	History	Stantec (Derek Loveday)
7	Geological Setting and Mineralization	Stantec (Derek Loveday)
8	Deposit Types	Stantec (Derek Loveday)

Abbreviation	Description
A	Ampere
AACE	AACE International
AAL	American Assay Laboratory (Sparks Nevada)
amyl	Above Mean Sea Level
ANSTO	Australian Nuclear Science and Technology Organisation
BCM	Bulk Cubic Metre
BG	Battery Grade
BLM	Bureau of Land Management
BMI	Benchmark Mineral Intelligence
BOO	Build Own Operate
°C	Degrees Celsius
Capex	Capital Expenditure
cm	Centimetre
CIM	Canadian Institute of Mining, Metallurgy and Petroleum
CRM	Certified Reference Material
COC	Chain of Custody
COG	Cut-off grade
d	Day
d/y	Days per year
Datamine	Datamine Strat3D^TM modelling software
DEM	Digital Elevation Model
DRA	DRA Pacific
EA	Environmental Evaluation
EBITDA	Earnings before interest, taxes, depreciation and amortisation
edds	electronic data deliverables
EIA	Environmental Impact Assessment
EIA-d	Detail Environmental Impact Assessment
EIA-sd	Semi-detail Environmental Impact Assessment
EIS	Environmental Impact Statement
EPC	Engineering, Procurement, Construction
EPCM	Engineering, Procurement & Construction Management
EREA	Environmental Regulation on Exploration Activities (020-2008-EM)
FEED	Front End Engineering and Design
FEL	Front End Loader
FS	Feasibility study
ft	Foot
GL	Giga liter
h	Hour

Abbreviation	Description
h/d	Hours per day
ha	Hectare
HV	High Voltage
hhv	Higher heating value
ICP-ES
ICP-OES	Inductively Coupled Plasma Optical Emission Spectrometry
ICP-MS	Inductively Coupled Plasma Mass Spectrometer
IDW	Inverse-distance weighted algorithm
INGEMMET	Institute of Geology, Mining and Metallurgy
IRR	Internal rate of return
IR	Impurity removal
J	Joule (energy)
k	Kilo or thousand
kg	Kilogram
km	Kilometre
kt	Kilo tonne (thousand metric tonne)
kW	Kilowatt (power)
kWh	Kilowatt hour
L	Liter
lb	Pounds
LC	Lithium Carbonate
LCE	Lithium Carbonate Equivalent
LCT	Locked Cycle Testwork
LIBS	Laser Induced Breakdown Spectroscopy
LoM	Life of Mine
LV	Low voltage
m	Metre
M	Million
m²	Square metre
m³	Cubic metre
METSIM	METSIM metallurgical modelling software
MCC	Motor control center
MEG	Moment Exploration and Environmental Geochemistry Inc.
mm	Millimetre
MM	Mineralized Material
m/h	Miles per hour
MRE	Mineral Resource Estimate
MSP	Mixed Sulfate Product
MSSO	MineSight Schedule Optimizer
Mst	Million std tonnes

Abbreviation	Description
Mt	Million tonnes (metric)
Mt/y	Million tonnes per year
MVR	Mechanical Vapour Re-compressor’s
MW	Megawatt
NDPE	Nevada Division of Environmental Protection
NPV	Net present value
OK	Ordinary kriging
P80	80% passing size
PAMA	Program for Environmental Management and Adjustment
PEA	Preliminary Economic Assessment
PFS	Pre-Feasibility Study
PPM	Parts Per Million
PLS	Pregnant Leach Solution
QA/QC	Quality Assurance and Quality Control
QP	Qualified Person as defined in NI43-101
RC	Reverse Circulation drilling
RoM	Run-of-Mine
RQD	Rock Quality Designation
s	Second
SAP	Sulfuric Acid Plant
t	Tonne (metric)
t/h	Tonnes per hour
t/m3	Tonnes per cubic metre
t/y	Tonnes per year
TLC	Tonopah Lithium Claims Project
TMI-RTP	Total Magnetic Intensity – Reduced to the Pole
TSF 1	Tailings Storage Facility – Primary material
TSF 2	Tailings Storage Facility – Lined Sodium and Potassium Sulfate Facility
$	United States Dollar
µm	Micrometre or micron
UTM	Universal Transverse Mercator
UV	Ultra Violet
UVA	Unmanned Aerial Vehicle
V	Volt
VAT	Value added tax
VSD	Variable speed drive
WMSF	Waste Material Storage Facility
WRSF	Waste Rock Storage Facility
XRD	X-Ray Diffraction
XRF	X-Ray Fluorescence