Quarterly Activities and Cashflow Report (DECEMBER 2024)

SUMMARY

During the Quarter, iTech Minerals announced that one of the world’s largest lithium chemicals producers, Sociedad Química y Minera de Chile (SQM), entered a binding Memorandum of Understanding to partner with the Company in developing the Reynolds Range Lithium Project in the Northern Territory.

• Subject to a short due diligence period, SQM can earn into the lithium mineral rights on the Reynolds Range Lithium Project (iTech retains 100% of the rights to all other minerals including copper and gold).
• SQM can earn an immediate 30% interest in the lithium rights by paying an initial fee of A$2 million upon completion of due diligence.
• SQM has the option to earn up to 51% in the lithium rights by spending A$7 million on exploration, within 4.5 years of the commencement date, with a minimum spend of A$2 million within the first 1.5 years.
• SQM has the option to earn up to 70% in the lithium rights by paying an additional A$3 million to iTech and defining a JORC (2012) compliant Mineral Resource Estimate exceeding 50Mt @ 1.0% Li2O or equivalent or spending an additional A$15 million on exploration.
• Payment of a one-off success fee will be payable by SQM upon completion of a definitive feasibility study and a decision to mine. The fee will be calculated based on the lithium oxide content in the resource.
• SQM will operate the project during the earn-in period.