NI 43-101 Antofalla Salar - Feb23

INDEPENDENT TECHNICAL REPORT
ANTOFALLA LITHIUM PROJECT
Catamarca Province, Puna Region, Argentina

Centered on UTM Zone 19 (WGS84)
626,000 mE, 7,142,000 mN
Prepared For: Prepared By:
Lithium Energi Exploration Inc. John Harrop, FGS, P.Geo.

(Formerly Portola Resources Inc.) Caitlin L. Jeffs, B.Sc., P.Geo.
161 Bay Street, 27th Floor Lesley Rose Weston, M.Sc., Ph.D., P.Geo.
Toronto, Ontario, Canada
M5J 2S1 Fladgate Exploration Consulting Corporation
1158 Russell Street, Suite D
Thunder Bay, Ontario, Canada, P7B 5N2
Effective Date: January 3, 2018

Lithium Energi Exploration Inc. – Antofalla Lithium Project, Argentina
Table of Contents
1 Summary................................................................................................................ 6
2 Introduction ........................................................................................................... 8
2.1 Terms of Reference ..................................................................................................................8
2.2 Basis of Report..........................................................................................................................9
2.3 Personal Inspection on the Property........................................................................................9
2.4 Abbreviations, Units and Conversions .....................................................................................9
2.5 Differences between brine and hard rock prospects .............................................................12
3 Reliance on Other Experts ................................................................................. 13
4 Property Description and Location ................................................................... 13
4.1 Location ..................................................................................................................................13
4.2 General Background on Land Tenure in Argentina ................................................................16
4.2.1 Argentinian Exploration and Mining Permits ............................................................16
4.2.2 Surface Owners vs. Mining and Exploration Rights...................................................16
4.3 Mineral Concessions of Lithium Energi Exploration Inc. ........................................................17
4.4 Nature and Extent of the Issuer’s Title to, or Interest in, the Properties...............................19
4.4.1 Acquisition of the Properties by Lithium Energi Exploration Inc...............................19
4.4.2 Title Dispute for Tata Grau I, Tata Grau II, and Sales de Caro ...................................22
4.4.3 Surface Rights, Social, or Community Factors ...........................................................23
4.4.4 Argentinian Provincial Boundaries and the “Zone of Conflict” .................................23
4.5 Royalties, Back in Rights, Payments, or Other Encumbrances...............................................25
4.6 Environmental Liabilities ........................................................................................................26
4.7 Permits....................................................................................................................................26
4.8 Any Other Significant Factors or Risks Affecting Access, Title, or the Right or Ability to
Perform Work on the Property ..............................................................................................26
5 Accessibility, Local Resources, Infrastructure, Climate, Physiography ........ 27
5.1 Accessibility, Local Resources, and Infrastructure .................................................................27
5.2 Physiography ..........................................................................................................................28
5.3 Climate....................................................................................................................................29
5.4 Vegetation ..............................................................................................................................30
6 History.................................................................................................................. 31
6.1 Prior Ownership of the Property and Ownership Changes ....................................................31
6.2 Type, Amount, Quantity, and General Results of Exploration ...............................................31
6.2.1 2009 Marifil (LEA XXV & XXVI)...................................................................................31
6.2.2 2009 Quartz Minerals SA (Tata Grau I & II) ...............................................................32
6.2.3 2010 Universidad Nacional de Cordoba (Tata Grau I)...............................................32
7 Geological Setting and Mineralization .............................................................. 33
7.1 Regional Geology....................................................................................................................33
7.1.1 Lower Paleozoic Crystalline Basement......................................................................33
7.1.2 Lower Paleozoic Sediments and Volcanics................................................................33
7.1.3 Upper Paleozoic and Mesozoic Sediments and Volcanics.........................................35
7.1.4 Upper Eocene to Upper Oligocene (Quiñoas Formation) .........................................35
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7.1.5 Upper Oligocene to Lower Miocene (Chacras Formation)........................................36

7.1.6 Lower Miocene to Middle Miocene (Potrero Grande Formation)............................36
7.1.7 Middle Miocene to Pliocene (Juncalito Formation) ..................................................37
7.1.8 Pliocene to Quaternary (Escondida Formation)........................................................37
7.2 Local Geology .........................................................................................................................38
7.3 Property Geology....................................................................................................................43
7.3.1 Precambrian, Paleozoic, and Mesozoic Rocks and Tectonism ..................................44
7.3.2 Cenozoic Sediments and Volcanics ...........................................................................44
7.3.3 Quaternary Detritus and Alluvial Cones ....................................................................47
7.4 Mineralization ........................................................................................................................47
7.4.1 Regional Mineralization.............................................................................................47
7.4.2 Property Mineralization ............................................................................................49
8 Deposit Types ..................................................................................................... 50
8.1 Deposit Model ........................................................................................................................50
8.2 Exploration Model ..................................................................................................................51
8.2.1 Geological Mapping...................................................................................................51
8.2.2 Geochemical Characterization ..................................................................................51
8.2.3 Basin and Inflow Characterization.............................................................................52
8.2.4 Stratigraphy ...............................................................................................................52
9 Exploration .......................................................................................................... 52
9.1 Surface and Near Surface Sampling (December 8 9, 2016) ...................................................52
10 Drilling.................................................................................................................. 56
11 Sample Preparation, Analyses, and Security ................................................... 56
11.1 Sampling Method and Approach............................................................................................56
11.2 Sample Preparation, Assaying, and Analytical Procedures ....................................................57
11.3 QA/QC.....................................................................................................................................57
11.4 Sample Security ......................................................................................................................60
11.5 Authors’ Opinion on the Adequacy of Sample Preparation, Security, and Analytical
Procedures..............................................................................................................................60
12 Data Verification .................................................................................................. 60
13 Mineral Processing and Metallurgical Testing ................................................. 62
14 Mineral Resource Estimates .............................................................................. 62
15 Adjacent Properties ............................................................................................ 63
15.1 FMC Lithium’s Fenix Mine ......................................................................................................63
15.2 Tincalayu Borate Mine............................................................................................................64
15.3 Ulexite Extraction Proximate to the Salar Del Hombre Muerto.............................................64
15.4 Incahuasi Gold Mine...............................................................................................................65
15.5 Bolland Minera, S.A. Exploration Area ...................................................................................65
16 Other Relevant Data and Information ................................................................ 67
17 Interpretation and Conclusions ......................................................................... 67
17.1 Conclusions and the Exploration Model.................................................................................68
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18 Recommendations .............................................................................................. 69
18.1 Exploration Targets on the Antofalla Lithium Property .........................................................69
18.2 Exploration Plan......................................................................................................................69
18.3 Phase 1 Exploration ................................................................................................................69
18.4 Phase 2 Exploration ................................................................................................................70
18.5 Exploration Budget .................................................................................................................71
19 References........................................................................................................... 72
20 Authors Date and Signatures............................................................................. 75
Appendix I Certificates of the Authors .............................................................. 76
List of Figures
Figure 4 1 Location of Lithium Energi's Antofalla Lithium Property in northern Catamarca

Province, Argentina. ................................................................................................................14
Figure 4 2 Looking at the center of the Antofalla Salar, from the town of Portezuelo de los
Colorados. At the center left is Antofalla Village. Photo provided by Nivaldo Rojas
(2016).......................................................................................................................................15
Figure 4 3 Antofalla salar, road to Antofalla Village. Small saline ponds at the centers.
(Concession LEA XXII). Photo provided by Nivaldo Rojas (2016).............................................15
Figure 4 4 Location of individual mineral concessions making up the Antofalla Lithium Property
in northern Catamarca Province, Argentina............................................................................17
Figure 5 1 Access to the concessions of Lithium Energi’s Antofalla Lithium Property. ............................28
Figure 5 2 Digital elevation model of the Puna region showing the location of various salars
(from Houston, 2010). Note the location of Antofalla Salar in the south end of the
Puna Plateau and Salar del Hombre Muerto to the northeast. Lithium Energi’s
Project area lies in and around these salars............................................................................29
Figure 5 3 Average monthly rainfall between 2008 2009 for the Salar del Hombre Muerto,
which is to the northeast of Lithium Energi’s Antofalla Lithium Property. .............................31
Figure 7 1 Regional geology showing major geologic provinces superimposed on shaded relief
(modified after Jordan et al., 1983; taken from Alonso et al., 2006). .....................................34
Figure 7 2 Northernmost concessions of the Antofalla Lithium Property in relation to local
geological units (Kasemann, 2004). .........................................................................................40
Figure 7 3 Litho magnetic domains and magnetic lineaments interpreted from SEGEMAR
aeromagnetic surveys of the Puna (modified from (Chernicoffa, Richards, &
Zappettini, 2002)......................................................................................................................41
Figure 7 4 Regional area near Lithium Energi Properties showing intersection of principal faults
(Helvaci & Alonso, 2000)..........................................................................................................42
Figure 7 5 Generalized structural evolution of the Puna basins (Houston, 2010)....................................45
Figure 7 6 Property geology showing Lithium Energi’s current Antofalla Lithium Property
concessions (Ruiz, 2016)..........................................................................................................46
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Figure 7 7 Geomorphology of the Laguna Caro alluvial cone with sample locations from an
historic report commissioned by Quartz Minerals, S.A. (Aceñolaza W. F., 2013). .................47
Figure 9 1 Sample locations within the northern region of the Property. ...............................................54
Figure 9 2 Sample location of LIEN 001 at “Laguna Caro”, in Tata Grau I concession. ............................54
Figure 9 3 Sample location of LIEN 005 and 006 on LEA XXII concession (Laguna de Los
Colorados)................................................................................................................................55
Figure 9 4 Sample location of LIEN 007 on LEA XXVIII concession (Laguna at Agua Amarga)..................55
Figure 11 1 Sample site LIEN 007, Agua Amarga Area (Property LEA XXVIII). ..........................................57
Figure 11 2 Sample site LIEN 007, Agua Amarga Area (Property LEA XXVIII). Note saline brine at
bottom. ....................................................................................................................................58
Figure 11 3 Laguna de Los Colorados. Sample sites LIEN 005 and 006 viewed to the southeast
on concession LEA XXII. ...........................................................................................................59
Figure 11 4 Laguna Caro prospect (border of Tata Grau I). Sample site of LIEN 001. ..............................59
Figure 12 1 Location of sample 101002 within concession LEA I. Note the open surface water
and clay rich ground, making collection of a sub surface sample difficult. ............................61
Figure 12 2 Sample 106001 on concession LEA VI. Brine is filling the sampling pit, which is
surrounded by a salt crust at the surface. ...............................................................................61
Figure 15 1 Screenshot from an INREMI video report showing a map of 56 drill holes on the
Albemarle Property with summarized analytical results (screen capture February,
2017). .......................................................................................................................................66
Figure 15 2 Drill hole on the Albemarle Property (photo supplied by Nivaldo Rojas, 2016)....................66
List of Tables
Table 2 1 Glossary of Terms......................................................................................................................10
Table 2 2 Units of Measure.......................................................................................................................11
Table 4 1 Individual mineral concessions of the Lithium Energi’s Antofalla Lithium Property. ...............18
Table 4 2 Shares to be issued....................................................................................................................25
Table 4 3 Payments to be made and assumed, as per the DA. ................................................................26
Table 5 1 Temperature Ranges of the Exploration Area...........................................................................30
Table 6 1 Past Exploration on the Catamarca Lithium Projects................................................................32
Table 7 1 Main Salars in the Argentine Puna Region showing companies and Li grades at
surface. ....................................................................................................................................48
Table 9 1 Sample locations. ......................................................................................................................53
Table 9 2 Sample descriptions. .................................................................................................................53
Table 9 3 Geochemical Results from 2016................................................................................................53
Table 11 1 Water Analysis QAQC for 2016 sampling program. ................................................................58
Table 12 1 Verification sample locations. .................................................................................................60
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Table 12 2 Verification sample descriptions.............................................................................................62

Table 12 3 Compositional results of the verification samples..................................................................62
Table 18 1 Exploration Targets on Lithium Energi's Antofalla Lithium Property......................................69
Table 18 2 Budget for proposed exploration on the Lithium Energi Property. ........................................71
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1 Summary
Lithium Energi Exploration Inc. (“Lithium Energi”), through its right to acquire 100% interest of the
Antofalla Lithium Project, controls 92,733 hectares of semi contiguous mining concessions in and around
the Antofalla Salar in northwest Argentina. Given their close proximity to one another, Lithium Energi’s
concessions are generally referred to herein without distinction as the “Property”. The Property hosts
brines containing elevated concentrations of lithium (“Li”), potassium (“K”), and boron (“B”). Lithium
Energi’s Antofalla Lithium Project is a “greenfields” project in early stage exploration. There are no
current or historical resources or reserves associated with the Property.
Fladgate Exploration Consulting Corporation (“Fladgate”) has been retained to report on the Property.
Lithium Energi owns 27 new mining claims totaling 77,867 hectares, and 7 contract claims totaling
14,866 hectares. As of the date of the current Technical Report (January 3, 2018), 23 of the new mining
claims have achieved full grant status and 4 are still being processed by the provincial mining authorities.
The 7 contract claims are still pending due to unresolved title conflicts. The Property is located 375 km
northwest of San Fernando del Valle de Catamarca, in Catamarca Province in the High Cordilleran Andes
of Argentina. The concessions begin on the northern border between Catamarca and Salta Provinces,
and are semi contiguous in a SSW direction for roughly 100 km along the Antofalla Salar. The
easternmost concessions lie 7 km from FMC Lithium’s operation at Salar del Hombre Muerto (“SHM”),
while concessions in and around the center of the Antofalla Salar are contiguous with a block owned by
Albemarle Corporation (NYSE: ALB).
This report outlines preliminary exploration on the Property in 2016 by Rojas y Asociados, on behalf of
Lithium Energi (then named Portola Resources Inc.). The objective of the work carried out in 2016 was to
prospect for Li bearing brines within several mineral concessions held by Lithium Energi. This Technical
Report documents the activities undertaken, the data collected, interpretation of the data, and gives
recommendations for future work. It has been prepared according to the requirements of National
Instrument 43 101 – Standards of Disclosure for Mineral Projects and Form 43 101F1. This report has
also been prepared according to the OSC Staff Notice 43 704 (dated July 2011), which sets out more
specifics regarding mineral brine projects. The report was prepared by John Harrop, Caitlin Jeffs, and
Lesley Rose Weston, all of whom are independent of Lithium Energi. All three Authors are Qualified
Persons for this report under the definition of NI 43 101.
Two verification samples were taken during a QP site visit to the Property on December 15th, 2017, by
Ms. Jeffs, the first sample was a surface water sample, the other a brine. Sample sites were selected to
coincide with the general area of the 2016 sampling sites, within the northern group of concessions. The
samples were analyzed for Li, K, B, and other dissolved solutes.
LOCATION AND PHYSIOGRAPHY

Lithium Energi’s Antofalla Lithium Project is located in the NW region of the Province of Catamarca, in
the Department of Antofagasta de la Sierra, approximately 100 200 km east of the Chilean border. The
center of the Property lies at 626,000 mE and 7,142,000 mN using the Gauss Kruger Universal Transverse
Mercator (UTM) projection WGS84 (Zone 19 Southern Hemisphere).
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The Property is located in the high Andes region of northern Argentina, situated at an average elevation
of 4000 m above sea level on the Puna plateau. The Puna region is a large block of basement rocks that
was uplifted starting in the Cretaceous period. Valleys in the Puna are filled with recent clastic and
chemical sediments derived from weathering and erosion of the adjacent mountains. The centers of the
valleys are often salt lakes that may contain significant quantities of lithium, potassium, borates, and
sodium sulphate in both brines and crusts.
Little to no infrastructure exists directly within the Property area. From the easternmost concessions,
there is access to infrastructure such as roads, a small airport, electric power, communications, natural
gas, and fresh water, all related to FMC Lithium’s facility in the SHM, 7 km to the east.
CLIMATE
The climate type is named “La Puna Desertica” (the Puna Desert) and is controlled primarily by the
existence of orographic barriers in the west which remove most of the moisture from the humid Pacific
air before it reaches the Puna plateau. The climate can be described as typical of a continental, cold, high
altitude desert, with resultant scarce vegetation. Solar radiation is intense, especially during the summer
months between October and March, leading to high evaporation rates. Work can be conducted year
round, except when periods of high rainfall cause flooding in the salar. Climate is favourable for creation
of evaporite deposits and brine.
GEOLOGICAL SETTING
Concessions within the Antofalla Lithium Property include lagoon and salar environments within the
Puna geologic province, in the High Andes of northern Argentina. This section of the Andes is
characterized by faulted and dislocated blocks that create a basin and range landform pattern. Elongated
depressions running along a N S corridor host sub basin fault bounded ranges that in some cases contain
Neogene volcanic edifices. These depressions were later filled by continental detrital sediments, as well
as extrusive volcanics and/or ash flows. Intercalated within the sediments and volcanics is evaporite
minerals, crystallized from sub basin brine aquifers within the N S elongated depressions.
Historical work conducted by Rojas y Asociados in 2010 at the Laguna Caro site (corresponding to the
easternmost concessions) reported a value of 304 mg/L Li in a 10 sample population.
SAMPLING RESULTS
On December 8th and 9th, 2016, a team from Rojas y Asociados sampled various crusts, brines, and
surface waters from 4 different locations throughout the current Property boundary. The goal of this
program was to check access, locate some mineral claim corner markers, and also take a few check
samples. Sample locations did not cover all the licences of Lithium Energi’s Property. Therefore the
sampled material does not fully represent or delimit the amount of brine present on the Property.
Significant results from the 2016 field investigation included brine samples LIEN 005 with 203 mg/L Li,
and LIEN 007 with 81 mg/L Li. These values are an indication that Li bearing brines are present on the
concessions sampled, warranting a more complete sampling program.
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RECOMMENDATIONS
A comprehensive geochemical sampling program is recommended to characterize the brines and

delineate lithium, and other potentially economically valuable solutes (such as B and K) across
concessions within Lithium Energi’s Antofalla Lithium Property area. Samples in the first stage of this
work should be taken from surface and at shallow depths. Based on positive results, Lithium Energi
should implement additional steps, which would include geophysical studies to image basin
characteristics, and drilling to determine basin stratigraphy and brine and brine contents at depth.
2 Introduction
2.1 Terms of Reference
Fladgate Exploration Consulting Corporation (“Fladgate”) was engaged by Lithium Energi Exploration Inc.
(formerly Portola Resources Inc.) (“Lithium Energi” or the “Company” or the “Issuer”), a Canadian based
junior exploration company, to review their Antofalla Lithium Property in Catamarca Province, northwest
Argentina, and prepare an independent Technical Report compliant with National Instrument 43 101,
companion policy NI 43 101CP, and Form 43 101F. This report has also been prepared in consideration
of Ontario Securities Commission Staff Notice 43 704, specific for mineral brine projects (July, 2011). The
Antofalla Lithium Property consists of three Project Areas: Laguna Caro (eastern concessions), Antofalla
North (closer to Salta Province border), and Antofalla South (along the Antofalla Salar) referred to by
name individually, or collectively as the “Property”.
The purpose of this Technical Report is to describe the Property, compile any historic exploration work,
highlight any significant results, verify the extent and results of current exploration work, and
recommend work for the future. This report is intended for use by Lithium Energi to file as a Technical
Report as defined under NI 43 101 with the Canadian Securities Regulatory Authorities, pursuant to
provincial securities legislation.
Fladgate is an international consulting company based in Thunder Bay, Ontario, Canada, and is
independent from Lithium Energi in accordance with Section 1.5 of NI 43 101 Companion Policy.
Fladgate provides a wide range of geological and exploration services to the mineral and energy
industries. With offices in Thunder Bay, Ontario, Vancouver, British Columbia, and Vallenar, Chile,
Fladgate is well positioned to service its client base. Fladgate's mandate is to provide professional,
geological, and exploration services to the mineral and energy industries at competitive rates and
without compromise. Fladgate's professionals have international experience in a variety of disciplines
with services including:
• Exploration Project Generation, Design, Implementation and Management

• Data Compilation and Exploration Target Generation
• Property Evaluation and Due Diligence Studies
• Independent, NI 43 101 Compliant, Technical Report Writing
• Mineral Resource Modeling and Estimation
• 3D Geological Modeling and Database Management
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• Geochemical Analysis by Petrographic Microscope and Scanning Electron Microscope
This report is authored by John Harrop, B.Sc., P.Geo., FGS, Caitlin Jeffs, B.Sc., P.Geo., and Lesley Rose
Weston, M.Sc., Ph.D., P.Geo. (“the Authors”) all of whom are Qualified Persons under NI 43 101. A
Statement of Qualifications for each Author can be found in Appendix I. This report is an updated and
edited revision of a previous report authored by Sr. Nivaldo Rojas, FAusIMM, with Ms. Jeffs and Dr. Rose
Weston. Sr. Rojas was the senior Qualified Person and main contributor of the earlier report, but sadly
passed away between the completion of the report and its intended filing on Sedar. To comply with
regulatory requirements, Mr. Harrop has replaced Sr. Rojas as an Author, and Ms. Jeffs has conducted a
site visit on December 15th, 2017 (Mr. Rojas had previously conducted a site visit on December 8th and
9th, 2016).
2.2 Basis of Report
The Authors have based this report upon:
Knowledge and/or participation in work conducted during 2016 and 2017 by, or on behalf of,
Lithium Energi,
Published government sources describing regional geology and mineral brine projects in the
same geographic region as Lithium Energi’s Antofalla Lithium Property,
Academic literature on brine geochemistry, lithium brine deposit models, and regional geology
relevant to mineral brine projects in the same geographic region as Lithium Energi’s Antofalla
Lithium Property,
Information and materials provided by Lithium Energi,
Personal knowledge and experience of similar brine systems, brine geochemistry, and lithium
exploration methods,
A site visit by Ms. Jeffs on December 15th, 2017, and
Technical Reports filed with Sedar by other companies exploring for lithium in the Argentine
Puna, which contain data transferable to this project (e.g. weather data for similar salars).
2.3 Personal Inspection on the Property
Author Ms. Caitlin Jeffs conducted a personal inspection of the Property in Argentina. The other two
Authors have not visited the Property.
Ms. Jeffs visited several of the concessions within the Antofalla Lithium Project on December 15th, 2017,
and collected brine/water samples from two separate locations on two different concessions. During the
site visit, current access was verified and the ease of future access assessed for further exploration work,
as well as verification of any previous exploration work completed, or lack thereof.
2.4 Abbreviations, Units and Conversions
The Metric System or SI System is the primary system of measure used in this report. Length is generally
expressed in kilometers, meters and centimeters; volume is expressed as cubic meters; mass expressed
as metric tonnes; area as hectares; metal grades as percent (%), parts per million (ppm) which is
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equivalent to milligrams per liter (mg/L), and parts per billion (ppb) which is equivalent to micrograms
per liter ( g/L).
Conversions from the SI or Metric System to the Imperial System are provided below and quoted where
practical. Many of the geologic publications and more recent work now use the SI system, but older work
almost exclusively refers to the Imperial System. Acronyms for metals and minerals in this report
conform to mineral industry accepted usage. The reader is directed to an online source for more
clarification at https://www.bgs.ac.uk/scmr/docs/papers/paper_12.pdf.
Table 2 1 Glossary of Terms

Term Meaning Term Meaning
AEM Airborne Electromagnetic Na sodium
Ag Silver Na2O sodium oxide
Al Aluminum NAD North American Datum of 1983
83
Al2O3 aluminum oxide NE northeast
AW apparent width NI National Instrument
As Arsenic Ni Nickel
Au Gold NSR net smelter return
Ba Barium NTS National Topographic System
Be Beryllium OGS Ontario Geological Survey
Bi Bismuth P phosphorous
C carbon dioxide P 2 O5 phosphorous oxide
Ca Calcium Pb lead
CaO calcium oxide Pd palladium
Cd Cadmium pH acidity
Co Cobalt Pt platinum
CO2 carbon dioxide QA/QC Quality Assurance/Quality
Control
Cr Chromium S south
Cr2O3 chromium oxide S sulphur
Cu Copper Sb antimony
DDH diamond drill hole SE southeast
DW drilled width Se selenium
E East SiO2 silicon oxide
EM electromagnetic Sn tin
Fe Iron SO2 sulfur dioxide
Fe2O3 iron oxide (ferric oxide hematite) Sr strontium
Fe3O4 iron oxide (ferrous oxide magnetite) Sum summation
HLEM horizontal loop electromagnetic SW southwest
H2O hydrogen oxide (water) Ti titanium
IP induced polarization TiO2 titanium oxide
K Potassium Tl thallium
K2O potassium oxide TW true width
Li Lithium U uranium
LOI loss on ignition (total H2O, CO2 and U3O8 uranium oxide (yellowcake)
SO2 content)
Mg Magnesium UTM Universal Transverse Mercator
MgO magnesium oxide V vanadium
Mn Manganese V 2 O5 vanadium oxide
MNDM Ministry of Northern Development VLF very low frequency
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and Mines
MnO manganese oxide VLF very low frequency
EM electromagnetic
Mo Molybdenum W west
Mt millions of tonnes Y yttrium
N North Zn zinc
NW northwest
Table 2 2 Units of Measure

Units of Measure Abbreviation Units of Measure Abbreviation
Above mean sea level amsl Litre L
Ampere A Litres per minute L/m
Annum (year) a Megabytes per second Mb/s
Billion years ago Ga Megapascal MPa
British thermal unit Btu Megavolt ampere MVA
Candela cd Megawatt MW
Carat ct Metre m
Carats per hundred tonnes cpht Metres above sea level masl
Carats per tonne cpt Metres per minute m/min
Centimetre cm Metres per second m/s
Cubic centimetre cm3 Metric ton (tonne) t
Cubic feet per second ft3/s or cfs Micrometre (micron) m
Cubic foot ft3 Microsiemens (electrical) s
Cubic inch in3 Miles per hour mph
Cubic metre m3 Milliamperes mA
Cubic yard yd3 Milligram mg
Day d Milligrams per litre mg/L
Days per week d/wk Millilitre mL
Days per year (annum) d/a Millimetre mm
Dead weight tonnes DWT Million M
Decibel adjusted dBa Million tonnes Mt
Decibel dB Minute (plane angle) '
Degree ° Minute (time) min
Degrees Celsius °C Month mo
Degrees Fahrenheit °F Newton N
Diameter ø Newtons per metre N/m
Dry metric ton dmt Ohm (electrical)
Foot ft Ounce oz
Gallon gal Parts per billion ppb
Gallons per minute (US) gpm Parts per million ppm
Gigajoule GJ Pascal Pa
Gram g Pascals per second Pa/s
Grams per litre g/L Percent %
Grams per tonne g/t Percent moisture (relative % RH
humidity)
Greater than > Phase (electrical) Ph
Hectare (10,000 m2) ha Pound(s) lb
Hertz Hz Pounds per square inch psi
Horsepower hp Power factor pF
Hour h (not hr) Quart qt
Hours per day h/d Revolutions per minute rpm
Hours per week h/wk Second (plane angle) "
Hours per year h/a Second (time) s
Inch " Short ton (2,000 lb) st
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Joule J Short ton (US) t

Joules per kilowatt hour J/kWh Short tons per day (US) tpd
Kelvin K Short tons per hour (US) tph
Kilo (thousand) k Short tons per year (US) tpy
Kilocalorie kcal Specific gravity SG
Kilogram kg Square centimetre cm2
Kilograms per cubic metre kg/m3 Square foot ft2
Kilograms per hour kg/h Square inch in2
Kilograms per square metre kg/m2 Square kilometre km2
Kilojoule kJ Square metre m2
Kilometre km Thousand tonnes kt
Kilometres per hour km/h Tonne (1,000kg) t
Kilonewton kN Tonnes per day t/d
Kilopascal kPa Tonnes per hour t/h
Kilovolt kV Tonnes per year t/a
Kilovolt ampere kVA Total dissolved solids TDS
Kilovolts kV Total suspended solids TSS
Kilowatt kW Volt V
Kilowatt hour kWh Week wk
Kilowatt hours per short ton kWh/st Weight/weight w/w
(US)
Kilowatt hours per tonne kWh/t Wet metric ton wmt
(metric ton)
Kilowatt hours per year kWh/a Yard yd
Kilowatts adjusted for motor kWe Year (annum) a
efficiency
Less than < Year yr
The term gram/tonne (g/t) is expressed as “gram per tonne” where 1 gram/tonne = 1 ppm (part per
million) = 1000 ppb (part per billion). Other abbreviations oz/t = ounce per short ton; Moz = million
ounces; Mt = million tonnes; t = tonne (1000 kilograms); SG = specific gravity; lb/t = pound/ton; and st =
short ton (2000 pounds). Lithium concentrations in water are frequently quoted in units of milligrams
per litre (mg/L) or as micrograms per litre ( g/L. To convert mg/L to ppm it is necessary to determine the
density of the solution and then divide mg/L by density to convert to ppm. For example, a brine with 120
mg/L Li and a density of 1.2 g/cm3 would be equivalent to 100 ppm Li.
Lithium is sometimes reported as lithium carbonate equivalent (LCE) since lithium metal is not stable and
the commodity is often traded or transported in a chemical compound form. Multiply Li by 5.323 to
convert to LCE.
Dollars are expressed in Canadian currency (CAD$) unless otherwise noted. Base and certain industrial
metal and mineral prices are stated as US$ per tonne (US$/t), precious metal prices are stated in US$ per
troy ounce (US$/oz) and uranium and certain industrial metal and mineral prices are stated in US$ per
pound (US$/lb).
2.5 Differences between brine and hard rock prospects
There are important differences between brine and hard rock, base or precious metal projects. Brine is a
fluid hosted form of mineralization, and thus potentially has the ability to move and mix with adjacent
fluids once pumping of the brine commences. An initial, in situ resource estimate is based on knowledge
Page | 12
of the geometry of the aquifer, and the variations in porosity and brine grade within the aquifer. In order
to assess the recoverable reserve, further data on the permeability and flow regime in the aquifer and
the surrounding area is necessary to be able to predict how the resource will change over the project
life. Sampling of surface brine may be affected by seasonal variation due to increased dilute inflow or
local increase in evaporation rates.
Lithium Energi’s Property is in the very early stages of exploration, and as such, the above discussion may
not be not directly applicable to the current Technical Report. However, it is in the best interest of the
public to mention these distinctions in order to assist proper evaluation during review.
3 Reliance on Other Experts
The Authors have not sought independent legal opinion to the Company’s title to the Property, nor
verified the status of Lithium Energi’s exploration agreements, but have relied upon information supplied
by Lithium Energi and Lithium Energi Argentina, S.A. including the Title Opinion Report dated January 2,
2018 by Dr. Benigno J. Wendler of Buenos Aires, Argentina. This information has direct bearing on land
tenure as described in detail in Section 4 of this report. The Authors have no reason to doubt that the
title situation is other than that presented to it by Lithium Energi.
4 Property Description and Location
4.1 Location
The Antofalla Lithium Property is located in the NW region of Catamarca Province in the Department
(county) of Antofagasta de la Sierra (Figure 4 1). The center of the Property is 50 km east of the Chilean
border at 626,000 mE and 7,142,000 mN using Gauss Kruger Universal Transverse Mercator (UTM)
projection WGS84 (Zone 19 Southern Hemisphere). The average altitude of the concessions within the
Property is 4,000 masl, situated on the southern Puna Plateau (“Puna”), a high elevation, basin like plain
in the eastern belt of the Andes Mountains.
The concessions lie in and around the Antofalla Salar (Figure 4 2), which is a dry flat salt lakebed
extending in a north south direction from the border of Salta Province towards the north, southward in a
south southwest direction. Many of Lithium Energi’s concessions fall within the Antofalla Salar, close to
the village of Antofalla (Figure 4 3), which is located between the northern and southern blocks of
concessions (in the past termed Antofalla North and Antofalla South projects).
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01/15/2018
Figure 4 1 Location of Lithium Energi's Antofalla Lithium Property in northern Catamarca

Province, Argentina.
Page | 14
Figure 4 2 Looking at the center of the Antofalla Salar, from the town of Portezuelo de los
Colorados. At the center left is Antofalla Village. Photo provided by Nivaldo Rojas (2016).
Figure 4 3 Antofalla salar, road to Antofalla Village. Small saline ponds at the centers.
(Concession LEA XXII). Photo provided by Nivaldo Rojas (2016).
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4.2 General Background on Land Tenure in Argentina
4.2.1 Argentinian Exploration and Mining Permits

Two types of title tenure are allowed under Argentine mining regulations. The first is an Exploration
Permit or “Cateo”, which is a license that allows the concession holder to explore a property for defined
minerals during a specific period of time after the grant is approved. That period is proportional to the
size of the property. One unit (equivalent to 500 ha) grants an exploration period of 150 days and each
additional unit extends the period for another 50 days up to a maximum of 20 units (10,000 ha) with
1,100 days of exploration. The exploration period commences 30 days after the permit is granted. A
permit fee or “canon” is payable to the mining authority at the time the permit application is submitted
in the amount of ARG$400 (Argentine pesos) per 500 hectares.
The second is a Mining (exploitation) Permit, called a “Mina”, which is a license that allows the
concession holder to exploit the property subject to regulatory governance and environmental approval.
Minas continue to exist with unlimited duration as long as the concession holder meets specific
obligations under the Mining Code, including but not limited to paying the semi annual “canon”
payments, completing all survey requirements, submitting a mining investment plan, and meeting
investment commitments (in general equating to 300 times the canon over a period of five years)
payable within five years of filing a mining investment plan. Canons vary based on the minerals targeted
for extraction. For lithium brines, the canon is ARG$800 per 100 ha. As long as canons are paid annually,
the concessions will not expire for the first 10 years.
For both types of tenure, the particular mineral that a concession holder seeks to exploit must be
specified. Amending the minerals sought under a claim file is common and relatively easy. Specifically,
Article 99 of Argentina’s Mining Code provides that “the miner owns all ore bodies in his claim, whatever
minerals they contain (and) must inform the mining authority upon finding any mineral to be added,
besides those listed in the original registration of the mine, to annotate the existence of the same and, if
needed, to adjust the canon amount and capital investment required”. Filing fees are nominal and since
the new mineral amends an existing claim, it is effective upon filing.
4.2.2 Surface Owners vs. Mining and Exploration Rights

Under Argentinian law, minerals belong to the provinces, except for certain mineral types that belong to
the surface owner, such as quarry products (e.g. limestone, construction materials and ornamental
rocks). Due to the common co existence of separate surface and mineral rights within the same area,
and in order to solve likely conflicts between the surface owner and the owner of an exploration
(“cateo”) or exploitation (“mina”) license, Article 13 of the Mining Code states that “the exploitation of
mines, their exploration, concession and other consequent acts, have the nature of public benefit”.
Consequently, Exploration and Mining Permits have primacy over surface rights, provided certain legal
requirements are met, consisting of due compensation for damages, or the posting of a bond when the
amount of the compensation cannot be agreed upon, or when work to be done is urgent.
The owner of an Exploration Permit has the right to explore and therefore a right to access the area from
the moment that the Exploration Permit has been granted, subject to approval of an environment
impact report (Informe Impacto Ambiental or “IIA” in Spanish). The Exploration Permit guarantees its
Page | 16
owner access and exploration exclusivity of the area that has been granted, even to the extent of
obligating the police to enforce the miner’s rights. Similarly, the owner of a Mining Permit has the right
to start work and access the mining property from the moment that the exploitation concession has
been granted. Surface owners have the right to require either due compensation from the licensor for
the damages caused by the exploration and mining activities and the occupation of the land, or to post a
bond with the Mining Judge guaranteeing that likely damages will be compensated. None of these claims
or requirements could stop the exploration or exploitation work if the licensor agrees to pay the
compensation or damages claimed by the surface owner or, if there is no agreement on that, if the
explorer/miner posts a bond with the mining authorities.
4.3 Mineral Concessions of Lithium Energi Exploration Inc.
The Antofalla Project is comprised of 34 individual mineral concessions totaling 92,733 ha. Individual
mineral concessions are illustrated in Figure 4 4 and listed in Table 4 1.
Figure 4 4 Location of individual mineral concessions making up the Antofalla Lithium

Property in northern Catamarca Province, Argentina.
Page | 17
Table 4 1 Individual mineral concessions of the Lithium Energi’s Antofalla Lithium Property.
Status as of
Name Right By District Current Ha
Dec 29 2017
LEA I Title Antofogasta de la Sierra Granted 4,442
LEA III Title Antofogasta de la Sierra Granted 3,000
LEA V Title Antofogasta de la Sierra Granted 1,541
LEA VI Title Antofogasta de la Sierra Granted 1,997
LEA VIII Title Antofogasta de la Sierra Granted 1,785
LEA XI Title Antofogasta de la Sierra Granted 1,250
LEA XII Title Antofogasta de la Sierra Granted 2,250
LEA XIV Title Antofogasta de la Sierra In Process 2,575
LEA XV Title Antofogasta de la Sierra Granted 4,970
LEA XVI Title Antofogasta de la Sierra Granted 3,505
LEA XVII Title Antofogasta de la Sierra In Process 4,818
LEA XVIII Title Antofogasta de la Sierra In Process 1,802
LEA XIX Title Antofogasta de la Sierra Granted 2,065
LEA XXI Title Antofogasta de la Sierra In Process 3,917
LEA XXII Title Antofogasta de la Sierra Granted 553
LEA XXIII Title Antofogasta de la Sierra Granted 2,266
LEA XXIV Title Antofogasta de la Sierra Granted 1,110
LEA XXV Title Antofogasta de la Sierra Granted 2,632
LEA XXVI Title Antofogasta de la Sierra Granted 3,962
LEA XXVII Title Antofogasta de la Sierra Granted 3,200
LEA XXVIII Title Antofogasta de la Sierra Granted 3,200
LEA XXIX Title Antofogasta de la Sierra Granted 4,176
LEA XXX Title Antofogasta de la Sierra Granted 4,976
LEA XXXI Title Antofogasta de la Sierra Granted 3,832
LEA XXXII Title Antofogasta de la Sierra Granted 4,226
LEA XXXIII Title Antofogasta de la Sierra In Process 3,577
LEA XXXIV Title Antofogasta de la Sierra Granted 240
Viable, Title
Tata Grau I Antofogasta de la Sierra 1,500
Conflicts Remain
Viable, Title
Tata Grau II Antofogasta de la Sierra 1,500
Conflicts Remain
Viable, Title
Sales de Caro Antofogasta de la Sierra 1,450
Conflicts Remain
Viable, Title
Sales de Caro II Antofogasta de la Sierra 4,017
Conflicts Remain
Viable, Title
Sales de Caro III Antofogasta de la Sierra 3,066
Conflicts Remain
Granted, still to be
Inka Gold Antofogasta de la Sierra 1,890
transferred
Viable, Title
Inka Gold V Antofogasta de la Sierra 1,443
Conflicts Remain
Total Property 92,733
The mineral concessions making up the Antofalla Lithium Project are all “minas”, as they were all filed as
a discovery. Each of the filings stated an original mineral of discovery (i.e. quartz, copper, gold), and
samples of the discovery mineral were submitted with each claim application. This established the
Page | 18
properties as mines, and therefore holds the territory claimed in favor of the discoverer (by succession of
title, now Lithium Energi). Additional minerals to be exploited may be added to the filing at a later time,
following the procedure described above in Section 4.2.1.
4.4 Nature and Extent of the Issuer’s Title to, or Interest in, the Properties
4.4.1 Acquisition of the Properties by Lithium Energi Exploration Inc.

Lithium Energi has rights to these concessions by having acquired 94% of the equity interests, 100% of
the revenue interests, and 100% of the assets in three separate Argentine companies: Lithium Energi
Argentina SA (“LEA”), Antofalla North SA (“AN”), and Antofalla South SA (“AS”), each entity of which
owns its Properties1 either through right of title (i.e. the company is already the title holder or is
currently underway with the registration process) or through a contractual right (i.e. the company holds
a purchase contract under which outstanding payments are to be made over time). Details of the
Property rights are listed in Table 4 1.
Lithium Energi entered into a Letter of Intent in November 2016 with LEA, AN, and AS pursuant to which
it intended to acquire the equity and, resultantly, the assets of LEA, AN, and AS, which were, at that time,
(a) 10 claims being acquired by contract and (b) 29 claims being pursued as “minas nuevas” or “new
mines”, which were filed by LEA with the Catamarca Mining Authorities. In March 2017, Lithium Energi
executed a “Definitive Agreement” with LEA, AN, and AS and completed the intended acquisitions, as
further described in footnote 1. LEA later secured 5 additional new mine claims, abandoned 7 of its
original claims, and lost 3 of its 10 contract claims. Consequently, Lithium Energi now owns the LEA, AN,
and AS entities and the total Property includes 27 new mine claims totaling 77,867 hectares and 7
remaining contract claims totaling 14,866 hectares. As of the date of the current Technical Report
(January 3, 2018), 23 of the new mine claims have achieved full grant status and 4 are still being
processed by the provincial mining authorities. The original 10 contract claims (7 of which are still
pending) continue to be the subject of unresolved title conflicts. The origin, assignments, and present
status of all of these claims are further described below:
1. For the Antofalla North Project group of claims, LEA executed a contract with EMAC (see 4.4.1 5
below) for 2 contract claims and originally filed for 11 new mine claims. LEA (as “Seller”)
subsequently executed an assignment to Antofalla North SA of 100% of the rights to 41,496
hectares held in these 13 claims (Potreros Diaz, Potreros Diaz I, LEA I, LEA II, LEA III, LEA IV, LEA V,
1
Prior to writing this January 2018 Report, Lithium Energi’s principals disclosed to the Authors that, after the preparation of an earlier
version of this report, and in conjunction with a “Definitive Agreement” executed by LEA, AN, AS, and Lithium Energi, the parties
agreed for LEA to assign certain claims to AN and AS in conjunction with an exchange of shares undertaken pursuit to that Definitive
Agreement by which LEA, AN, and AS became subsidiaries of Lithium Energi. However, Lithium Energi later determined that (1)
under Argentina law, there is no maximum number of new mine claims that one sociedad anónima may hold and (2) a foreign
corporation incurs extra costs and may draw scrutiny from AFIP (the federal taxing authority of Argentina) by owning more than one
sociedad anónima. Accordingly, Lithium Energi’s principals instructed the officers of LEA, AN, and AS to suspend transferring the
properties from LEA to AN and AS until a final determination could be made by Lithium Energi as to the advisability of (a) completing
such transfers and retaining three subsidiaries or (b) holding all properties under LEA, as they were originally obtained, and
terminating AN and AS. It is the opinion of the Authors that no title cloud exists with respect to such “sister company” transfers (or
the absence thereof) and that LEA holds clear title to all of its Properties, except as otherwise disclosed in this report, irrespective of
such transfers.
Page | 19
LEA VII, LEA VIII, LEA IX, LEA X, LEA XI, and LEA XII) for $20.00 USD per hectare for a total
purchase price of $829,920 USD to be delivered with $68,920 paid at closing, $176,000 USD to
be paid in April, 2017, and $585,000 USD to be paid in September, 2017. On November 16, 2016,
the assignment was executed, the closing amount was delivered, and the assignment was
registered by public notary in Catamarca, Argentina. Pursuant to the Definitive Agreement (see
footnote 1), in March, 2017, Lithium Energi acquired LEA, AN, and AS and assumed all liabilities
for future payments due on these claims. Subsequent to the March 2017 Report and the
Definitive Agreement, LEA lost the Potreros Diaz and Potreros Diaz 1 claims (see footnote 2 and
Section 4.4.1 5 below), abandoned 5 of its original new mine claims (LEA II, LEA IV, LEA VII, LEA
IX, and LEA X), and added 1 new mine claim (LEA XXXIV) to this group. As of this January 2018
Report, the aggregate holdings of valid claims in this claim group is 7 claims totaling 14,285
hectares.
2. For the Antofalla South Project group of claims, LEA originally filed for 18 new mine claims. LEA
(as “Seller”) subsequently executed an assignment to Antofalla South SA of 100% of the rights to
69,112 hectares held in these 18 new mine claims (LEA VI, LEA XIII, LEA XIV, LEA XV, LEA XVI, LEA
XVII, LEA XVIII, LEA XIX, LEA XX, LEA XXI, LEA XXII, LEA XXIII, LEA XXIV, LEA XXV, LEA XXVI, LEA
XXVII, LEA XXVII, and LEA XXIX) for $20.00 USD per hectare for a total purchase price of
$1,382,240 USD to be delivered with $115,240 paid at closing, $295,000 USD to be paid in April,
2017, and $972,000 USD to be paid in September, 2017. On November 16, 2016, the assignment
was executed, the closing amount was delivered, and the assignment was registered by public
notary in Catamarca, Argentina. Pursuant to the Definitive Agreement (see footnote 1), in
March, 2017, Lithium Energi acquired LEA, AN, and AS and assumed all liabilities for future
payments due on these properties. Subsequent to the March 2017 Report and the Definitive
Agreement, LEA abandoned 2 of its original new mine claims (LEA XIII and LEA XX) and added 4
new mine claims (LEA XXX, LEA XXXI, LEA XXXII, and LEA XXXIII) to this group. As of this January
2018 Report, the aggregate holdings of valid claims in this claim group is 20 claims totaling
61,093 hectares.
3. On October 7, 2016, Goldinka Energy SA (“Goldinka”) executed an assignment to LEA of 100% of
the rights to 3,000 hectares held in two concessions (Tata Grau I and Tata Grau II) for a price of
$123.33 USD per hectare for a total purchase price of $370,000 USD to be delivered with
$20,000 paid at closing, $50,000 USD to be paid 180 days after closing, and $300,000 USD to be
paid 360 days after closing. On October 7, 2016, the assignment was executed, the closing
amount was delivered, and the assignment was filed of record in Catamarca, Argentina. These
two claims are existing concessions each covering 1,500 hectares, listed in the official records of
the provincial mining authorities as owned by Goldinka. LEA’s contract for the acquisition of
these claims appears to have been valid when executed with consideration having been
delivered at closing. However, no transfer of the claim to LEA is evident in the official records of
the provincial mining authorities (see Section 4.4.2 below).
4. On October 7, 2016, Goldinka executed an assignment to LEA of 100% of the rights to 8,533
hectares held in three concessions (Sales de Caro, Sales de Caro II, and Sales de Caro III) for a
price of $12.89 USD per hectare for a total purchase price of $110,000 USD to be delivered with
$15,000 paid at closing, $20,000 USD to be paid 180 days after closing, and $75,000 USD to be
Page | 20
paid 360 days after closing. On October 7, 2016, the assignment was executed, the closing
amount was delivered, and the assignment was filed of record in Catamarca, Argentina. These
three claims are each existing concessions covering, respectively, 1,450 hectares, 4,017 hectares,
and 3,066 hectares, listed in the official records of the provincial mining authorities as owned by
Goldinka. LEA’s contract for the acquisition of these claims appears to have been valid when
executed with consideration having been delivered at closing. However, no transfer of the claims
to LEA is evident in the official records of the provincial mining authorities (see Section 4.4.2
below)
5. On October 7, 2016, Emprendimientos Mineros Artesanales Catamarca SRL (“EMAC”) executed
an assignment to LEA of 100% of the rights to 7,120 hectares held in two concessions (Potreros
Diaz and Potreros Diaz I) for a price of $11.24 USD per hectare for a total purchase price of
$80,000 USD to be delivered with $10,000 paid at closing, $20,000 USD to be paid 180 days after
closing, and $50,000 USD to be paid 360 days after closing. On October 7, 2016, the assignment
was executed, the closing amount was delivered, and the assignment was filed of record in
Catamarca, Argentina. The Potreros Diaz claim was an existing concession covering 6,000
hectares previously listed in the official records of the provincial mining authorities as being
owned by EMAC. However, the concession was vacated by the Mining Judge in 2017 for non
payment of past due mining canon and a nueva mina was granted to Resource Ventures SA on
December 6, 2017 (see footnote 2)2. LEA’s contract for the acquisition of this claim appears to
have been valid when executed with consideration having been delivered at closing. However,
EMAC (and hence, LEA) lost this concession after the March 2017 Report, as the property now
belongs to a third party. The Potreros Diaz I claim was an existing concession covering 1,120
hectares previously listed in the official records of the provincial mining authorities as owned by
EMAC. However, the current official record shows two conflicting claims, one filed as “White
Sodium” by Pablo Reynoso and one filed as “LEXI I” by Resources Ventures SA (see footnote 2).
The Potreros Diaz I claim does not appear in name in the current official record and the White
Sodium claim appears to be in default, so the LEXI I claim may accordingly dominate. LEA’s
contract for the acquisition of this claim appears to have been valid when executed with
consideration having been delivered at closing. However, no transfer to LEA can be effective,
unless and until the claim title is resolved. If the White Sodium or LEXI I claim is deemed
superior, no transfer from EMAC to LEA may be possible and the claim could be lost.
6. On October 7, 2016, Cesar Vergara, Luis Bravo, and Sergio Orce (as “Sellers”) executed an
assignment to LEA of 100% of the rights to 6,226 hectares held in three concessions (Inka Gold,
Inka Gold II, and Inka Gold V) for $19.27 USD per hectare for a total purchase price of $120,000
USD to be delivered with $15,000 paid at closing, $30,000 USD to be paid 180 days after closing,
and $75,000 USD to be paid 360 days after closing. On October 7, 2016, the assignment was
2
Prior to writing the current Technical Report, Lithium Energi’s principals disclosed to the Authors that, after filing the March 2017
Report and in conjunction with the “Definitive Agreement” described in footnote 1, Lithium Energi entered into a Right of First
Refusal (“ROFR”) with Resource Ventures SA (“ReVe”), an Argentina sociedad anónima controlled by Steven C. Howard and Omar E.
Ortega (both principals of Lithium Energi) pursuant to which Lithium Energi has the right to acquire certain properties held by ReVe
in Catamarca Province.
Page | 21
executed, the closing amount was delivered, and the assignment was filed of record in
Catamarca, Argentina. The Inka Gold claim is an existing concession covering 1,890 hectares
listed in the official records of the provincial mining authorities as owned by Cesar Vergara et al.
However, no transfer to LEA is evident in the official records. The Inka Gold II claim was an
existing concession covering 2,893 hectares previously listed official records of the provincial
mining authorities as owned by Cesar Vergara et al. The concession was vacated in 2017 by the
Mining Judge for non payment of past due mining canon and a nueva mina was granted to
Resource Ventures, SA on October 25, 2017 (see footnote 2) and therefore, the Sellers (and
hence, LEA) lost this concession after the March 2017 Report, as the property now belongs to a
third party. The Inka Gold V claim was an existing concession covering 1,443 hectares previously
listed in the official records of the provincial mining authorities as owned by Cesar Vergara et al.
However, the current records show a conflicting claim, known as “Cecilia IV”. LEA’s contract for
the acquisition of all three claims appears to have been valid when executed with consideration
having been delivered at closing. However, Inka Gold has not been transferred, Inka Gold II is
now owned by a third party, and no transfer of Inka Gold V can be effective, unless and until title
is resolved. If Cecilia IV is deemed as superior, no transfer from the Sellers to LEA may be
possible and the Inka Gold V claim could be lost.
4.4.2 Title Dispute for Tata Grau I, Tata Grau II, and Sales de Caro
Prior to the March 2017 Report, Lithium Energi’s principals disclosed to the Authors that (1) approx. 2
months after filing the 2 assignments from Goldinka to LEA, LEA’s attorney was contacted by a party,
who claimed that the Power of Attorney (“POA”) authorizing Cesar Vergara to sign on behalf of Goldinka
was invalid, (2) LEA relied on the POA when it delivered payment to Mr. Vergara, and (3) prior to such
payment, LEA’s attorney confirmed that (i) the POA was valid in the Catamarca Mining Authority records,
and (ii) Sr. Vergara was executing the assignments based on the POA. Thereafter, the claimant filed a
protest with the Mining Authority contesting the assignment of 3 minas, specifically Tata Grau I, Tata
Grau II, and Sales de Caro. Negotiations with the claimant are currently underway and LEA believes the
dispute will either (1) be resolved in its favor in 2018 or (2) have insignificant effect on the transfer of the
Properties. The dispute has no relation to any of Lithium Energi’s other Properties. However, as there is
no assurance of any resolution, the Authors conclude that, if the dispute is not resolved in LEA’s favor,
LEA could lose its title claim on those 3 minas, as well as potentially LEA’s claims to Sales de Caro I and
Sales de Caro II. Notwithstanding the foregoing, Lithium Energi has informed the Authors of the current
report that, in the opinion of Lithium Energi’s management, if LEA is unable to obtain clear title to any or
all of these concessions, the effect on Lithium Energi will be inconsequential, based on three
considerations: first, such a loss would mitigate Lithium Energi’s obligation to pay any balance due to the
Goldinka for these properties, so its financial exposure would be incidental; second, Lithium Energi
acknowledges that the nature of property valuation in such an early stage exploration is speculative at
best; and finally, given the size and location of its other Properties, not having these particular properties
is immaterial for Lithium Energi.
Page | 22
4.4.3 Surface Rights, Social, or Community Factors

There are no patent/lease holders or conflicting surface rights owners on any of Lithium Energi’s
Properties. All Projects are generally free of aboriginal reserves and national or provincial parks.
Supported by the Provincial Mining Authority, community leaders in Antofagasta de la Sierra and the
small community of Antofalla (located just west of the Properties) are actively encouraging employment
of their residents.
4.4.4 Argentinian Provincial Boundaries and the “Zone of Conflict”

The northernmost properties in the Antofalla North Project appear, on some maps (e.g. Figure 4 4), to
cross over into Salta Province to the north of Catamarca Province. A portion of the easternmost
provincial boundary between Catamarca and Salta Provinces is a matter of long standing controversy,
varying by 10 km (+/ ) in a north south direction, according to boundary limits asserted by provincial
authorities in Catamarca and Salta.
This disparity has created a dispute regarding a “Zone of Conflict” that runs along the northern border of
Catamarca Province and southern border of Salta Province. Issues pertaining to this border location
uncertainty date back to 1943, when the then existing “Los Andes Territory” was divided into three
separate provinces – Salta, Catamarca, and Jujuy.
In Argentina, a “departamento” is a political subdivision within a province that is analogous to a “county”

within a state or province in North America. In the 1943 division of the Los Andes Territory, Catamarca
received the Departamento de Antofagasta de la Sierra (about 27,886 km2), Jujuy received Susques
Departamento (about 9,554 km2), and Salta received Pastos Grandes Departamento and San Antonio de
los Cobres Departamentos (combined, about 25,200 km2). The only portion of the border between these
two provinces that has remained in question is a stretch 150 km long between the border of the
Departamento de Antofagasta de la Sierra in Catamarca Province and the Los Andes Departamento in
Salta Province.
Translating from the October 2015 article in “El Tribuno” (a newspaper based in the city of Salta), author,
Pablo Ferrer, writes that the dispute arises from claims asserted by Catamarca, mainly during the past 30
years, that Salta has continued to “illegally advance its territory through mining concessions”. The
dispute has been litigated up to the Argentinian Supreme Court three times since 1985, principally
regarding the Salar de Diablillos and Salar de Hombre Muerto. In hearing the third round of the dispute
(filed by Catamarca in 2007), the Argentine Supreme Court ruled in 2015 in favour of Salta with regards
only to “in which province lies the Salar de Diablillos”. However, in the same ruling, the Court also
declared itself “incompetent” to create a final resolution between the two provinces and ruled that the
Argentine National Congress was the only regulatory body that could establish the state boundary limits.
Catamarca’s most recent legal efforts began when the Salta Court of Mines granted Canadian company,
Silver Standard Resources, a concession in the Bayo Hill deposit, which had already been granted by
Catamarca to Aguas Blancas, SA (which later became Cerro Bayo, SA). In its pleadings, Catamarca
maintained that Salta “without any legal basis, has advanced on the territory of Catamarca, having
natural resources as if they were their own.”
Page | 23
By unanimous decision, Supreme Court Justices Ricardo Lorenzetti, Elena Highton de Nolasco and Juan
Carlos Maqueda delegated the responsibility of resolving the border dispute to the national Deputies
and Senators in the Argentine Congress, pursuant to Article 67 of the Argentine Constitution.
In a May, 2014 opinion, the Public Prosecutor for Argentina’s General Procurement Office (Argentina’s
Attorney General) argued that “the route chosen by Catamarca is not suitable to resolve the controversy,
because it exceeds the Supreme Court's powers”, adding that “the lawsuit does not refer merely to an
interprovincial conflict over borderland dominion, but focuses on an unresolved determination of
boundaries that must be addressed by Congress.”
Until a decision is made by Argentina’s Congress, the provinces have generally agreed through the
Mining Courts and Map Registration offices in both provinces that the filing date of a given concession
serves as a sufficient act to make a concession effective, irrespective of where the mining tenements
were registered. To be clear, due to this “Zone of Conflict”, some companies have filed for the same
tenements in both provinces. Further complicating matters, slight variations have been noted in the map
plotting accuracy of Google EarthTM and other software when converting Gauss Kruger coordinates to
latitude longitude coordinates, which may also account for some mapping discrepancies.
On information and belief, the Authors of this report note the following:
1. The Catamarca Salta dispute appears to be principally based on economic issues pertaining to a
determination as to which province has the rights to share in mining tax revenues derived from
properties along their borders.
2. Between these two Argentinian provinces, there is not now (and apparently never has been) any
border guards or patrols, any armed conflict, any protests by local citizenry, any difficulty in
crossing the border, or any interruption or interference in any mining exploration or mining
operations whatsoever. Furthermore, there is apparently no other evidence that this border
dispute even exists, except as evidenced by the litigation that has proceeded in the Argentinian
courts.
3. There is no indication as to “if” or “when” the Argentinian Congress may rule on this border
dispute.
4. There is apparently no evidence whatsoever of any company ever having lost any of its mineral
rights to concessions filed or asserted along this border due to this Zone of Conflict between
Catamarca and Salta.
5. Notwithstanding the foregoing and out of an abundance of caution for full disclosure, as of the
date of this report, Lithium Energi has informed the Authors that:
a. the portion of Lithium Energi Properties, which traverse along the Catamarca Salta
border in the region of the “Zone of Conflict” consists of only four concessions held by
Antofalla North SA (the “Four Border Concessions”) that are currently filed of record in,
and are believed by Lithium Energi to be located in, Catamarca Province;
b. if any dispute arises regarding the Four Border Concessions, Lithium Energi is prepared
to file duplicate claims in Salta Province to perfect and protect those four concessions;
c. Lithium Energi knows of no conflict, nor has it any reason to expect any such conflict in
the future, that might arise as a result of any circumstances involving the Four Border
Concessions;
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d. Lithium Energi will take such prompt, corrective actions as may be necessary to more
fully preserve and protect all of its rights and privileges relating to any and all of its
Properties, including the Four Border Concessions, whether relating to the Zone of
Conflict or otherwise; and
e. In the event that, for any reason, a conflict might arise that precludes Lithium Energi’s
receipt of clear title to the Four Border Concessions, Lithium Energi shall negotiate a
settlement of such matters in the best interests of its shareholders, as it considers all
rights and remedies available to it, including but not limited to, the deduction of the
purchase price for those Four Border Concessions (approx. $165,700 USD) from the final
payment due (approx. $484,000 USD), which is due to be made by Lithium Energi in 2018
in conjunction with the acquisition of Antofalla North SA.
4.5 Royalties, Back-in Rights, Payments, or Other Encumbrances
Lithium Energi’s rights to the Properties are held via a Definitive Agreement (“DA”) dated February 10,
2017, by and between Lithium Energi on the one hand, and on the other hand, Lithium Energi Argentina,
S.A., Antofalla North, S.A., and Antofalla South, S.A. (each being an Argentine registered company). The
DA is in good standing at present.
Under the DA, the Company acquired 94% of the shares and 100% of the revenue interests in each of the
three Argentine companies from their respective shareholders by (1) issuing shares of the Company’s
common stock, as set forth in Table 4 2 below, (2) reimbursing certain operating costs of the three
companies, (3) making payments at closing that are equal to the down payments set forth in Table 4 3
below, and (4) assuming the payment obligations that are also set forth in Table 4 3, which total
$2,922,160 USD over one year. There are no royalties, back in rights, or other encumbrances related to
any of Lithium Energi’s Properties.
Table 4 2 Shares to be issued.

Recipient’s Name Lithium Energi Argentina, S.A. Antofalla North, S.A. Antofalla South,
Steven C. Howard 100,000 950,000 1,350,000
Omar E. Ortega 100,000 2,250,000 2,950,000
Earthwise Energy, Inc.3 500,000 2,000,000 3,500,000
Kathy M. Bullard 100,000 750,000 950,000
Brenda B. Wilson1 100,000 1,500,000 1,500,000
Wesley C. Bullard 100,000 1,000,000 1,300,000
TOTAL 1,000,000 8,450,000 11,550,000
3
Earthwise Energy Inc. is an affiliate of Steven C. Howard.
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Table 4 3 Payments to be made and assumed, as per the DA.
Payment Due at 2nd Final Balance to Total to be

Entity Name
Closing Payment be Paid Paid
Lithium Energi Argentina, S.A. $60,000 $150,000 $500,000 $710,000
Antofalla North, S.A. $68,920 $176,000 $585,000 $829,920
Antofalla South, S.A. $115,240 $295,000 $972,000 $1,382,240
TOTAL $244,160 $621,000 $2,057,000 $2,922,160
4.6 Environmental Liabilities
An Environmental Impact Report must be submitted to the Catamarca Mining Authority prior to legally
initiating an exploration program. This report should be filed and approved on a bi annual basis. As of
this January 2018 Report, an initial environmental report, known as a “Declaración Jurada”, has been
filed and approved on 23 of Lithium Energi’s concessions. Initial field work on any new mine concession
requiring surface disturbances can only be initiated within known and approved parameters after
approval of the Declaración Jurada by the provincial mining authorities. Additional impact studies will be
submitted for approval by the provincial mining authorities prior to conventional trenching and drilling
activities that may follow further field studies. All of the Project areas are generally free of indigenous
reserves and national or provincial parks. At the time of this report, there were no known environmental
issues related to Lithium Energi’s Antofalla Lithium Property that should be included herein.
4.7 Permits
According to LEA’s lawyer, Gerardo Romero, of Catamarca, all third party agreements are valid and
enforceable and all Properties relating to contracts on which monies have been paid are filed and in
good standing with the Catamarca Mining Authorities, except as otherwise described herein.
Properties in which the minas (mining permits) are “in process” (see Table 4 1) have been submitted
with all requisite elements and are expected to proceed over time to be “granted”. In Catamarca
Province, there is no regulatory deadline for approving or denying any concession claims; however,
Lithium Energi has no reason to anticipate any procedural objections and expects that, in accordance
with customary procedures in Catamarca, all grants will be individually reviewed and received in a series
of approvals between January and April, 2018, subject to normal consent procedures governed by the
only two authoritative offices for such activities, specifically being the Juzgado de Primera Instancia
Electoral y de Minas (Catamarca Mining Judge) and the Mining Secretary for Catamarca Province.
4.8 Any Other Significant Factors or Risks Affecting Access, Title, or the
Right or Ability to Perform Work on the Property
As of the report date, the Authors are not aware of any other significant factors or risks affecting the
access, title, or the right or ability to perform work on the Antofalla Lithium Property that has not already
been disclosed in the sections above. As such, to date, there have been no issues raised that would
impede early exploration activities.
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5 Accessibility, Local Resources, Infrastructure, Climate,

Physiography
5.1 Accessibility, Local Resources, and Infrastructure
The Antofalla Lithium Property is located in Catamarca Province in the Puna region of NW Argentina. The
Property is accessible by all weather dirt roads leading west into the concessions from Provincial Route
43, which is a paved highway running from Catamarca’s provincial capital (Catamarca), to Antofagasta de
la Sierra, and which thereafter intersects a westbound dirt road that runs approximately 5 km west to
the easternmost concessions (Figure 5 1). Access to the northern claims is well established with roads
and trails crossing the Antofalla Salar in several locations providing access to both the west and east side
of the salar. Access to the southern concessions is more difficult due to greater elevation changes, but
can be improved with new access trails made with an excavator once relevant permits are received.
There are a number of local villages within a 50 km radius of the concessions, including the village of
Antofalla (Figure 4 2). The regional administrative center of Antofagasta de la Sierra (population 1,600) is
within a 1 2 hour drive. Salta (capital of Salta Province) is the nearest large city to the northeast
(population of 608,400 in 2015) and Catamarca is the nearest large city to the southeast (population of
212,500 in 2015). In addition, the city of San Miguel de Tucuman (capital of Tucuman Province) is the
fifth largest city in Argentina and is located at a similar distance (population 830,000 in 2010 census). All
centers have many modern day services and industries applicable to exploration and mining operations.
Due to existing activity in region, experienced personnel and services are available in these centres for
brine exploration and mining. Some skilled personnel may have to be brought in from outside the region,
although unskilled workers could be obtained locally, especially if specialized training programs are
instituted. All three centres have domestic flights with at least Salta also offering international flights.
Little to no infrastructure exists directly on any of the concessions of the Antofalla Lithium Property.
There is access to infrastructure, including roads, a small airport, electric power, communications,
natural gas, and fresh water at FMC Lithium’s facility in the Salar del Hombre Muerto (less than 10 km to
the northeast). Albemarle has announced intentions to build roads and other significant infrastructure,
which is targeted for development immediately between the northern and southern blocks of
concessions of the Antofalla Lithium Property. Sub surface water resources for mining operations exist
beneath many of the alluvial fans in the area.
As the target mineral deposits are lithium , potassium , and potentially boron bearing brines, there is no
need for milling and associated tailings storage or heap leach pads. Areas will be necessary for
evaporative ponds for brine reservoirs. Areas for waste rock may also be necessary, and the salars
themselves will be useful for these purposes as they contain thousands of hectares of level ground.
Alternatively, many relatively flat areas are also found adjacent to the salars on broad, gently sloping
alluvial fans. This land is available for such use because it belongs to the federal government, and the
government encourages economic development. By Argentine law, mining takes priority over all other
uses on federal lands. These areas can also be used for mine infrastructure.
The Authors are not aware of any encumbrances to access that would prevent exploration activities on
the Property.
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Figure 5 1 Access to the concessions of Lithium Energi’s Antofalla Lithium Property.
5.2 Physiography
The Antofalla Lithium Property is located in the high Andes of northwestern Argentina, situated at an
average elevation of 4,000 masl within the Puna Plateau. The Puna region is a large block of basement
rocks that were uplifted starting in the Cretaceous period. The intervening valleys are filled by recent
clastic and chemical sediments derived from weathering and erosion of the adjacent mountains. Valley
centers are often salt flats or saline lakes that may contain significant quantities of lithium, borates, and
sodium sulphate. Valley flanks are often alluvial fans that can contain vast subsurface water resources
important in such an arid region. The Antofalla Salar, or salt lake, within which the Antofalla Lithium
Property is situated, is labeled on Figure 5 2 below.
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01/15/2018
Figure 5 2 Digital elevation model of the Puna region showing the location of various salars
(from Houston, 2010). Note the location of Antofalla Salar in the south end of the Puna
Plateau and Salar del Hombre Muerto to the northeast. Lithium Energi’s Project area lies in
and around these salars.
Most mountain ranges are oriented in a north south direction, paralleling regional structures. Some of
the mountains rise a further 2,000 m above the Puna valleys, which are typically at 3,500 m in elevation.
The mountains in general show a rough topography, because of their young age and intense weathering
caused by the arid, cold and windy climate. Regional volcanoes, such as Llullaillaco Volcano (6710 masl)
and the Antofalla Volcano (6,310 masl), tend to dominate the landscape in the west. Llullaillaco is a large,
isolated conical shaped mountain surrounded by a vast detrital apron. In many of the intermontane
basins, extensive saline lakes and dry salt flats (“salars”) are found. These salars are closed basins with
internal (endorheic) drainage. Inflow to the Argentine salars is from summer rainfall, surface water
runoff, and groundwater inflows.
5.3 Climate
Climate in the region is severe, yet favourable for creation of evaporite deposits from brines. The climate
type is named “La Puna Desertica” (the Puna Desert) and is controlled primarily by the existence of
orographic barriers in the west which remove most of the moisture from the humid Pacific air before it
reaches the Puna plateau. Daily temperatures vary by 30˚C (Table 5 1). It can be described as typical of a
Page | 29
continental, cold, high altitude desert with resultant scarce vegetation. Solar radiation is intense,
especially during the summer months between October and March. The vast amount of sunlight (85% of
winter days recorded as “sunny”), the great daily and seasonal temperature ranges (more than 30˚C), the
frosts and the small amount of precipitation (less than 100 mm annually) are the more typical features of
the Puna climate, together promoting high evaporation rates.
The rainy season between December and March can reduce these evaporation rates. Work can be
conducted year round although during the winter season snow and cold can make work difficult, and in
the high rainfall periods there can be flooding. The nearest official weather station is at the Salta
Aerodrome which lies on the eastern edge of the Puna plateau; however weather information is also
recorded at Tincalayu Mine in the northern portion of Salar del Hombre Muerto at FMC’s lithium
extraction facility, northeast of the Antofalla Lithium Property, as well as in the small community of
Antofalla on the western border of the Property.
Table 5 1 Temperature Ranges of the Exploration Area.

Maximum 22˚ to 28˚C 71˚ to 82˚F
Summer
Minimum 5˚ to 10˚C 23˚ to 50˚F
Maximum 10˚ to 15˚C 50˚ to 59˚F

Winter
Minimum 13˚ to 2˚C 8˚ to 28˚F
Visitors to the Puna Plateau may suffer altitude sickness due to the high altitude and resultant oxygen
deprivation. The main symptoms of altitude sickness may include headache, vertigo, shortness of breath,
increased arterial pressure, nausea, nasal haemorrhages, or drowsiness. Those with cardiac problems or
arterial hypertension should consult their doctor prior to visiting the Puna region. Once in the Puna, they
should limit their physical activities.
Although the climate is hot in summer with relatively cool nights, the lack of precipitation in the area is
conducive to year round operations unencumbered by a rainy season or significant snowfall. An annual
mean temperature of 6˚C was measured at SHM during the 1979 1995 time period, with extremes of
35˚C and 30˚C. Solar radiation, important for evaporative processes, is high in the warmer months, with
some reduction in the summer months when there is significant cloud cover.
5.4 Vegetation
The weather conditions described above, elevation and terrane have substantial influence on the
vegetation. Due to environmental conditions present in the Puna, trees are rarely seen. The lack of rain
creates a special vegetation cover called “Provincia de la Puna”, which consists of a variety of small,
bushy plants and grasses. In some places, however, there is little or no flora, especially in rocky or saline
soils.
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Figure 5 3 Average monthly rainfall between 2008 2009 for the Salar del Hombre Muerto,
which is to the northeast of Lithium Energi’s Antofalla Lithium Property.
6 History
6.1 Prior Ownership of the Property and Ownership Changes
The area covered by two of the concessions (LEA XXV and XXVI), were previously held by Marifil
Resources in 2009. According to a news release dated October 20, 2010, Marifil sold these concessions
to a private British company named Renholn International. No information is available pertaining to
when these concessions were dropped by Renholn. Prior to the acquisition by Marifil, there were no
other claimants that controlled these specific areas (Ebisch, 2009). The Tata Grau I and Tata Grau II
concessions were previously held by Quartz Minerals, S.A. Both Marifil Resources and Quartz Minerals,
S.A. completed limited sampling programs on their respective properties in 2009 and 2010 (Acenolaza,
2013). Available chemical data from ACME Analytical Laboratories for sampling work on the Tata Grau
concessions reported a value of 304 mg/L Li in one sample out of a 10 sample population.
In Argentina, there is no obligation to file work reports for mineral exploration projects. Due to this fact,
records of historical work are limited. The area has historically had a limited number of “minas” and no
other documented work has been found that overlies the Antofalla Lithium Property.
6.2 Type, Amount, Quantity, and General Results of Exploration
Documentation on three historical (Ebisch, 2009; Maluf, 2010; Nieva, 2013) exploration programmes was
reviewed by the Authors and is summarized here.
6.2.1 2009 Marifil (LEA XXV & XXVI)

During 2009 Marifil conducted a field programme on several of their properties in the Puna, which
included work on their concession Antofalla II. The outline of Antofalla II matches that of the current LEA
Page | 31
XXV. A total of 21 samples were collectively taken from one test pit, nine holes of 2m depth, and at a
spacing of 500 to 800 m and surface crust or rock samples. This sample spacing is fairly detailed work for
this type of brine prospect evaluation. Each hole was sampled for brine and the salt crust. Water samples
from the holes indicate a combination of brine and probably dilute inflows. The two higher values in the
brines were 119 and 89 mg/L Li, with 225 and 163 mg/L B, 2499 and 2080 mg/L K, 2182 and 1789 mg/L
Mg, respectively. No anions were reported with the analytical results. These analyses were conducted by
Alex Stewart Assayers’ laboratory in Mendoza, Argentina. This work is documented in a Technical Report
filed on Sedar by Marifil (Ebisch, 2009).
6.2.2 2009 Quartz Minerals SA (Tata Grau I & II)

A geochemical survey was conducted in 2009 on behalf of Quartz Minerals SA consisting of 10 samples
collected at irregular spacing around the edge of the Laguna Caro salar (Acenolaza, 2013). The samples
were analysed at an Acme Analytical Laboratories facility, but the laboratory location is not disclosed.
Three samples returned lithium values greater than 100 ppm lithium; one located on the eastern edge
and two located on the northwestern edge of the salar. Note that these values are in ppm, not mg/L Li,
and the author of the report mentions a 1:1 conversion between ppm and mg/L. The northwest samples
returned values of 304 and 134 ppm Li, with 698 and 398 ppm Mg, and 955 and 442 ppm K, respectively.
The eastern sample returned 111 ppm Li with 209 ppm Mg and 5363 ppm K. No anions are reported in
the analysis. A Qualified Person has not yet confirmed these results.
6.2.3 2010 Universidad Nacional de Cordoba (Tata Grau I)

A short report on National University of Cordoba letterhead describes the analysis of three brine samples
for lithium only (Maluf, 2010). They returned values of 810, 805, and 800 ppm/1000 cm3 Li (sic). Since
the reporting units appear to be a typo, it is not clear if ppm or mg/L was intended. The analyses were
performed in the Chemical and Environmental Studies laboratory at the National University of Cordoba.
The latitude and longitude in the report place the sample in the centre of Laguna Caro on what is now
Tata Grau I. Very limited information is available on the sampling procedure. The analytical method is
stated as gas chromatography. These are significantly higher values than reported elsewhere. A Qualified
Person has not yet confirmed these results.
Table 6 1 Past Exploration on the Catamarca Lithium Projects.

Year Operator Work Principal Reference Concessions
2009 Marifil Geochemical NI 43 101 Catamarca Lithium Project LEA XXV,
sampling of brines (Ebisch, 2009) XXVI
2009 Quartz Geochemical Legal and Technical Report of deposits Tata Grau I
Minerals SA sampling of brines Tata Grau I and Tata Grau II, District & II
Laguna Caro (Aceñolaza W. F., 2013)
2010 Nat’l. Univ. of Geochemical Estudios Quimicos Y Ambientales, Tata Grau I
Cordoba sampling of brines University of Cordoba (Maluf, 2010)
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7 Geological Setting and Mineralization
7.1 Regional Geology
For the purposes of reporting on a brine project, Regional Geology should be considered the broad
geological region extending beyond the limits of the catchment basin. In addition to setting the broader
geological context of the project area, larger scale geological features that contribute to the
prospectivity of the region for lithium enrichment can be identified. The following comprehensive
description of the regional geology of the Puna Region in the Central Andes of northwestern Argentina is
taken from a published 43 101 Technical Report on a Lithium Project in Catamarca Province completed
for Marifil Mines Ltd. (Ebisch, 2009). The regional geology is illustrated in Figure 7 1.
“The Cenozoic sedimentary basins and related volcanic belts of the Puna Region formed on a continental
crust composed of Precambrian to Early Paleozoic crystalline basement rocks and Lower Paleozoic strata
as well as Permian and Mesozoic rocks. A fivefold division of the Cenozoic, whose oldest sediments have
a Late Eocene age, is present as the most volumetrically dominant unit within the Puna Region. Salt flats,
or “salars” were formed in the latest stages of the Cenozoic, due to repeated flooding and evaporation of
brines with rises in sea level. Finally, Quaternary sediments filled the depression and covered the surface
of the Salars with evaporites rich in alkaline metals and salt.”
7.1.1 Lower Paleozoic Crystalline Basement

“Crystalline basement rocks are exposed along the western margin of the Salar de Antofalla associated
with reverse faults, west and southwest of the volcano Tebenquicho, south of the Sierra de la Quebrada
Honda, and at the southwestern border of the Sierra de Calalaste. Migmatitic gneisses and metabasites,
penetrated by several generations of granitoids and aplites, predominate. Age determinations on a
migmatitic gneiss yielded 419.0 ± 8.0 Ma and yielded ages on two granite samples of 417.0 ± 8.0 Ma as
well as 389.0 ± 8.0 Ma . The Archibarca granite, located in the NW part of the study area, has an Early
Paleozoic age of 485.0 ± 15.0 Ma (Palma, 1986). Intensely deformed phyllites and metagraywackes occur
in tectonic contact with high grade metamorphic rocks northeast of the Vega Quiñoas. Based on
lithological similarities, they are considered as an equivalent to the Late Precambrian Puncoviscana
Formation which outcrops in widespread areas of NW Argentina (Aceñolaza F. G., 1988).”
7.1.2 Lower Paleozoic Sediments and Volcanics

“Among the most common rocks forming the Andean basement are low grade metasediments with
intercalated metabasites of Lower Paleozoic age. The sedimentary suite is represented by a thick
alternation of mostly turbiditic sandstones and siltstones. Common features are Bouma cycles, sharp
erosional contacts, flute casts, and tool marks. Due to lithological and facies similarities, these rocks may
be an analogue of Ordovician sediments of the Northern Puna, which has been interpreted to be deep
water sediments deposited in a back arc basin (Bahlburg, 1990).”
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Figure 7 1 Regional geology showing major geologic provinces superimposed on shaded

relief (modified after Jordan et al., 1983; taken from Alonso et al., 2006).
Page | 34
7.1.3 Upper Paleozoic and Mesozoic Sediments and Volcanics

“The crystalline basement is nonconformably overlain by unmetamorphosed siliciclastic sediments of
Permian age. They are composed of a coarse basal conglomerate, derived from the crystalline basement,
followed by an alternation of large scale cross bedded quartz sandstones and quartz conglomerates,
probably representing a beach environment. In the Salina del Fraile area, an approximately 200 m thick
succession of playa/sabkha siltstones and eolian sandstones overlain by an alternation of quartz
sandstones and reddish siltstones of a presumably littoral environment is exposed. Petrified fragments
of stigmaria root of Lepidodendron or Sigillaria indicate a Late Carboniferous to Early Permian age.
Interbedded tuff layers yielded ages of 268.0 ± 6.0 Ma, 276.0 ± 1.0 Ma and 264.5 ± 1.5 Ma. Another age
(281.0 ± 6.0 Ma) of a tuff layer from the southeastern margin of the Salar de Antofalla suggests the
widespread occurrence of Permian sediments in the study area. In the Salina del Fraile area, the Permian
strata are cut by dikes of intermediate composition of Triassic age (212.0 ± 5.0 Ma, 234.0 ± 1.0 Ma). The
Permian is unconformably overlain by a more than 100 m thick sequence of interbedded marls and
sandstones with pillow lavas and hyaloclastite breccias at its base and other intercalated lava beds of an
Early Jurassic age (198.0 ± 5.0 Ma, 194.0 ± 6.0 Ma). Interbedded are coquina beds and oolitic limestones.
Remnants of foraminifera (Psammosphaera sp.), cyanophyta (Rivularia sp.), ostracods, and echinoderms
have been found. These and the occurrence of a 2m thick magnetite placer bed hint towards a
deposition in a littoral to shallow marine environment.”
7.1.4 Upper Eocene to Upper Oligocene (Quiñoas Formation)

“The Late Eocene to Late Oligocene strata are more than 750m thick and consist of reddish, sometimes
gypsiferous pelites and sandstones locally with conglomeratic intercalations. The succession shows
variations in facies and lithology which allow a subdivision into two members. The base of the Quiñoas
member I is exposed north of the Vega Quiñoas and shows an erosional contact to the underlying pre
Cenozoic rocks. It consists of red conglomerates containing pebbles of phyllites, granites, and schists
which originated from the crystalline basement. The remaining part of the first member is dominated by
an alternation of siltstones and fine grained sandstones, rarely interbedded with lenticular bodies of
conglomerates. The siltstones show horizontal lamination, bioturbation, and desiccation cracks. Thin
gypsum layers are occasionally intercalated. The sandstones display a relatively uniform thickness over a
large lateral extent, asymmetrical current ripples, and erosive basal surfaces. Locally, they are pebbly
and contain horizons of mudclasts. Lithology and sedimentary features indicate a deposition in
periodically flooded playa sand and mudflats. Member II is dominated by medium to fine grained
sandstones reaching a thickness of 300 m. They are massively bedded on a scale of 0.5 5.0 m, with a
planar or eroded lower contact. Sedimentary structures are delineated by the presence of mudstone
intraclasts and scattered pebbles as well as low angle trough cross bedding at the base and horizontal
parallel laminae towards the top of the beds. Based on its sedimentary features, they are interpreted as
deposits of a fluvial distributary system. In the Quiñoas Formation, unequivocal paleoflow indicators are
missing. The only indication for the paleotransport direction is surmised by the Oligocene red beds being
more conglomeratic in the west than in the east of the Puna (Jordan, 1987). These authors assumed that
an ancient mountain melt located in central and western Chile supplied the detritus which was shed
eastwards to a broad alluvial plain.”
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“Intercalated tuff layers indicate the Late Eocene to Late Oligocene age of the Quiñoas Formation. The
oldest dated sediments of member I occur at the eastern margin of the Salina del Fraile, but the base is
not exposed. A tuff bed in the deepest portion of this section yielded an age of 37.6 ± 0.3 Ma. From
another tuff bed near the top of member II an age of 28.9 ± 0.8 Ma has been obtained. The succession is
unconformably overlain by conglomerates of the Chacras Formation with a maximum age of 24.2 ± 0.9
Ma. Based on its lithological composition, the Quiñoas Formation is possibly correlative to the Geste
Formation of the Pastos Grandes and Arizaro areas (Turner, 1960) (Donato, 1987) (Alonso R. N., 1992).”
7.1.5 Upper Oligocene to Lower Miocene (Chacras Formation)

“The Chacras Formation is composed of conglomerates and pebbly sandstones as well as medium to
fine grained sandstones unconformably overlying member II of the Quiñoas Formation. In the Salina del
Fraile area, the succession reaches a thickness of about 350 m, whereas west of Antofalla village more
than 600 m are exposed. The conglomerates are massive, poorly sorted, matrix to clast supported, and
form laterally continuous sheets. Basal bedding contacts are erosional. Pebbles display diameters of up
to 0.5 m, are subangular, and originated from the crystalline basement as well as Lower Paleozoic strata.
The nature of the conglomerates suggests a deposition in an alluvial fan environment close to the source
areas.”
“The uppermost part of the Chacras Formation is dominated by medium to fine grained sandstones.
They display trough cross stratification with sets 0.5 10.0 m thick, bounded by curved erosion surfaces
with a wedge like appearance. Foreset dips vary between 15° and 25°, declining to around 5° at the base.
High angle trough cross bedding, grain size characteristics, and excellent sorting correspond to modern
eolian dunes. The Late Oligocene to Early Miocene age of the Chacras Formation is indicated by
intercalated tuff layers. The oldest age data was obtained from a tuff bed sampled north of Antofallita
(24.2 ± 0.9 Ma). East of the Salina del Fraile, a tuff yielded an age of 22.5 ± 0.6 Ma. The sediments of the
Chacras Formation are unconformably overlain by volcaniclastic sediments of the Potrero Grande
Formation whose maximum age is dated at 18.0 ± 0.6 Ma.”
7.1.6 Lower Miocene to Middle Miocene (Potrero Grande Formation)

“The Early to Middle Miocene Potrero Grande Formation unconformably overlies the deposits of the
Chacras Formation. The thickness of the Potrero Grande Formation varies from 50 m near Quiñoas to
more than 250 m towards the west in the Salina del Fraile area. Its lithology is characterized by
conglomerates composed of volcanic fragments, intercalated fallout tuff layers, and ignimbrites
indicating substantial synsedimentary volcanic activity. Sedimentation started with conglomerates and
conglomeratic sandstones locally reaching a maximum thickness of about 100 m. Volcanic fragments
prevail with diameters up to 1.5 m. Pebbles of the Eocene Oligocene strata, Lower Paleozoic sediments
and crystalline basement rocks are of subordinate frequency. The matrix to clast supported
conglomerates exhibit erosional basal contacts, channeling, and partially pebble imbrication, and are
interpreted as proximal alluvial fan sediments. Greyish sandstones and siltstones interbedded with
conglomerates follow up section. Sedimentological features like medium scale trough cross bedding,
erosive basal contacts, and channeling indicate a deposition in a fan related fluvial system. Paleocurrent
directions measured on imbricated pebbles of coarse grained alluvial fan deposits show significant
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variations indicating a subdivision into several narrow, separate basins. This separation was mainly
controlled by another interval of contractional tectonism during the Early Miocene.”
7.1.7 Middle Miocene to Pliocene (Juncalito Formation)

“The Middle Miocene to Pliocene Juncalito Formation unconformably overlies the older Tertiary units
and is exposed only at the eastern border of the recent Salar de Antofalla. Two major facies associations
can be defined: a coarse grained alluvial fan facies dominating the lower part of the Juncalito Formation
and a pelitic/evaporitic playa facies prevailing in the upper part. The alluvial fan deposits are
characterized by conglomerates interbedded with pebbly sandstones. They reach a thickness of several
hundred meters. The conglomerates contain mainly clasts of Quiñoas sandstones as well as Lower
Paleozoic metasediments and metavolcanics originated from the adjacent Sierra de Calalaste area. Also,
fragments of the crystalline basement as well as andesite and dacite clasts are observed. The alluvial fan
deposits are thought to be products of relief forming processes due to reverse faulting and thrusting.
Paleocurrent measurements indicate a transport mainly from a source area in the east, presumably the
Sierra de Calalaste area. The playa deposits represent different sub environments such as mudflats,
sandflats, lakes, and saltpans. Most typical features of the mud and sandflat deposits are reddish
sandstones and siltstones. Low angle cross bedding, desiccation cracks, interbedded gypsum and halite
layers are common. Sheet geometry, large lateral extent, and relatively uniform thickness suggest a
prevailing deposition as distal sheet flows. Intercalated in the playa mud and sandflat deposits occur
saltpan sediments consisting of alternating millimeter to decimeter scale layers of halite and mud. They
have been deposited in saline lakes producing successive layers of salt by repeated flooding and
subsequent re precipitation. In the central part of the basin, massive halite reaches a thickness of 50 m.
Lacustrine sediments were deposited in marginal parts of the basin. They consist of gypsum horizons,
grey marls, and white limestones with frequent stromatolites, pisolites, and oolites. Their widespread
occurrence in the middle part of the section is thought to be linked to a stage of relative tectonic
quiescence and relief equilibration.”
“The base of the Juncalito Formation is marked by high diachronism. While deposition of the Potrero
Grande Formation in the Salina del Fraile area continued until 10 Ma, sedimentation of the Juncalito
Formation in the Salar de Antofalla area started at about 11 to 12 Ma. This age is indicated by
intercalated pyroclastic rocks. At the base of the exposed section a brecciated pyroclastic layer possibly a
lahar deposit yielded an age of 11.2 ± 0.3 Ma. From other tuffs higher up section, ages of 9.3 ± 0.2 Ma,
7.9 ± 0.3 Ma, and 4.6 ± 0.5 Ma were obtained. Age equivalence and lithological similarities permit a
correlation of the Juncalito Formation with the Sijes Formation of the Pastos Grandes and Arizaro areas
(Turner, 1960) (Alonso R. N., 1991).”
7.1.8 Pliocene to Quaternary (Escondida Formation)

“The final sedimentation (Escondida Formation) is marked by the abundance of coarse grained
conglomerates unconformably overlying the Juncalito strata. The conglomerates are massive and poorly
sorted. They are both matrix and clast supported forming laterally continuous sheets and channel like
bodies, respectively. Basal bedding contacts are mostly erosional. Based on the sedimentary features, a
deposition in a proximal alluvial fan environment is proposed. A maximum thickness of several hundred
meters is reached directly at the border of the Sierra de Calalaste, whereby in more distal parts the
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average thickness is about 30 to 50 m. The clasts are subangular to angular, and reach diameters up to
1.0 m. The composition is similar to those of the Juncalito Formation. Paleocurrent measurements also
indicate a main transport from a source area in the east, the Sierra de Calalaste. Its uplift along extended
reverse fault and thrust systems was connected to the final compressional shortening. Due to ongoing
synsedimentary compressional deformation, the coarse grained sediments of the Escondida Formation
show internally some angular unconformities. The oldest sediments of this succession were tectonically
affected. Intercalated tuffs yielded an age of 3.605 ± 0.005 Ma and 3.2 ± 0.1 Ma. For one of the
unaffected fan bodies we obtained an age of 0.47 ± 0.01 Ma. Due to lithostratigraphic comparisons we
consider the Escondida Formation as an equivalent to the Batín Formation of the Arizaro area (Donato,
1987) and the Singuel Formation of the Pastos Grandes area (Alonso R. N., 1986).”
Lithium Energi’s Antofalla Lithium Property is located within the Puna geologic province, characterized
by faulted/dislocated blocks with a N S orientation. This structural and geologic pattern creates the Puna
Plateau and N S elongate depression, which is a hydrologic sub basin within a predominantly basin and
range topography. The basins are limited by fault bounded ranges and in some cases by Neogene
volcanic edifices. The depression was later filled by continental detrital sediments, volcanic and ash
flows, which are intercalated with evaporite minerals and brine aquifers.
7.2 Local Geology
For the purposes of reporting on a brine project, local geology should be understood to describe the
geology of the catchment basin(s) in which the property lies. Lithium and other elements of potential
economic interest in the brine found on the Property are derived from source(s) in this basin.
Consequently, the geology of the entire basin may have significance in the interpretation and
development of the property geology and brines.
The local geology is characterized by the occurrence of various immature and clastic type salars, or salt
flats, upon a thick succession of flat lying Cenozoic sediments and volcanic rocks. Concessions of the
Antofalla Lithium Property are within the Salar de Antofalla (“Antofalla”) and near the Salar del Hombre
Muerto (“SHM”) (see Figure 7 2). Geology of the catchment basin beyond the extent of the Antofalla
Property is important since by weathering and hydrothermal activity it will have contributed to the
dissolved content of dilute or even concentrated inflow waters to the salars within the Property.
The Cenozoic sediments are Late Eocene to Pliocene (and possibly even Pleistocene) in age, and are
exposed with thicknesses of up to 1,600 m. These sediments consist of fluvial, lacustrine, and aeolian
deposits that are intercalated with pyroclastic rocks and volcanic flows. The sedimentary units represent
alluvial fan playa complexes that accumulated under semi arid to arid climate conditions and continue to
be actively redeposited.
From the Late Eocene to the Early Miocene, sedimentation took place in broken foreland basins while
from the Early Miocene to the Late Pliocene (and possibly the early Pleistocene), sediments accumulated
primarily within compressional basins.
Seven stratigraphic units, many of which are described in detail in the previous section, can be
differentiated on the basis of different lithofacies, angular unconformities, and different regional
distributions:
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• Late Eocene to Early Miocene Quiñoas Formation

• Early to Middle Miocene Potrero Grande Formation
• Late Miocene Antofalla Formation
• Late Miocene Salina beds
• Late Miocene Pozuelos Formation
• Late Miocene to Early Pliocene Sijes Formation
• Late Pliocene to Early Pleistocene Singuel Formation
The basins of Antofalla and SHM are tectonic in origin with centripetal drainage and are filled by clastic
and evaporitic sediments. The basins are geomorphologically dynamic, having been affected by climatic
variations, evaporation, precipitation, surficial and underground runoff, phreatic level variations and
aeolian deposition. The chemical and mineralogical characteristics of each basin are unique, creating a
number of units with different qualitative and quantitative salt compositions.
Most of the mineral concessions lie in and around Antofalla, which is characterized by faulted blocks
with a N S orientation. On a larger regional scale, this same structural and geologic pattern creates the
Puna Plateau (“Puna”) and a N S elongate depression, forming a hydrologic sub basin.
Late Quaternary sediments and volcanic flows and ash deposits eventually filled in the basins. These
include piedmont deposits such as bajada, playa, and dune formations (sources of windblown sand and
silt), alluvial fans carrying water, mudflows, scarp slidings, and playa/deltaic sands. Evaporite minerals
are intercalated throughout the basins, along with trapped brine aquifers.
The Lithium Energi Property lies at the intersection of dynamic, regional fault systems (Figure 7 3), which
is notable relative to both (a) the origin and development of salars in and around this Property over
geologic time, and (b) the accumulation of lithium, boron, potassium, and other solutes therein. Two
dominant structural features are present in the form of high angle, tectonic faults that trend NE SW,
which run perpendicular to transverse lineaments that trend NW SE (Figure 7 4). Deep, narrow horst
and graben basins were formed in relation to these high angle fault systems, principally in the central
and eastern regions of the Puna Plateau through compressional Miocene age orogeny (Helvaci & Alonso,
2000).
Opinions differ to as whether basins in the Antofalla region are only the result of tectonic compressional
forces or are pull apart basins or were formed as a result of both force regimes. Some evidence suggests
the latter. Pull apart basins are integral to intraplate and interplate strike slip fault zones in both rift and
collision settings and tend to form at bends or sidesteps in main strike slip fault systems. Hence, in salt
tectonic provinces such as this, there is a kinetic and mechanical relationship between releasing bends of
strike slip faults and the positions of salt diapirs (Koyi, Ghasemi, & Hessami, 2008).
These fault formed basins are accumulation sites for evaporitic salars like Antofalla. When located in arid
zones like the Puna, sediment in rapidly subsiding, entrained, thick salt beds subsequently becomes
halokinetic. Such salt masses typify pull aparts, including Antofalla (Stanislavsky & Gvirtzman, 1999);
(Kraemer et al, 1999). Rapid burial, typical of this setting, quickly submerges the thick salt sequences into
the subsurface, while concurrent salt dissolution moves large volumes of dense, hypersaline brines into
adjacent aquifers. High rate subsidence and sediment fill, along with consequent over pressuring,
enables porosity in associated non evaporitic sediments to persist at great depths.
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Figure 7 2 Northernmost concessions of the Antofalla Lithium Property in relation to local

geological units (Kasemann, 2004).
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Figure 7 3 Litho magnetic domains and magnetic lineaments interpreted from SEGEMAR
aeromagnetic surveys of the Puna (modified from (Chernicoffa, Richards, & Zappettini, 2002).
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Figure 7 4 Regional area near Lithium Energi Properties showing intersection of principal
faults (Helvaci & Alonso, 2000).
Figure Key: (1) Salar de Antofalla (incl. small salars associated with drainage basin on
southern end); (2) Laguna Caro salar; (3) Potreros Diaz salar; (4) yellow outline of
approximate area covered by Antofalla Property eastern concessions; (5) yellow
outline of approximate area covered by Antofalla Lithium Property northern
concessions; (6) yellow outline of approximate area covered by Antofalla Lithium
Property southern concessions; (7) red outline indicates Albemarle properties in
central portion of Salar de Antofalla; (8) Salar de Hombre Muerto; (9) Rio de Patos
outflowing north out of Galen Volcano Caldera and feeding into eastern half of SHM
(closed basin); (10) Galen Volcano cone in the center of the Galen Volcano caldera;
(11) tectonic fault lines, principally caused by subduction of Nazca continental plate
pushing eastward under the South American plate.
In compressional margin burial realms, deposition is characterized by compressional tectonics, thrust

faulting, extensive fracturing of strata and episodic movements of basinal fluids, typically in response to
tectonic loading. Hot (100o to >250 o C) saline and highly pressured fluids are driven laterally out of the
collision zone, via porous and permeable horizons, typically toward the craton of continental interior and
vertically along faults and fractures (Oliver, 1986) forcing saline aquifers to move across the Puna.
Distinct from tectonic faults, transverse lineaments in Figure 7 3 are broad alignments of geological,
structural, or geophysical features, which transect the Puna in various orientations, including the
extensive Archibarca and Calumpaja lineaments (Allmendinger, Jordan, Kay, & Isacks, 1997). These
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lineaments were described as striking diagonally NW from east of the Puna extending to the Chilean
coast (Saltify, 1985). Northwest of the Lithium Energi Properties, the Archibarca lineament had
significant influence in forming the porphyry copper deposits in northern Chile (Richards, Boyce, &
Pringle, 2001). In Argentina, these lineaments control volcanic trends and along the Archibarca with Late
Cenozoic volcanism extending eastward 200 km beyond the main volcanic arc in Chile terminating at the
Cerro Galan Caldera. Locally, the Archibarca had substantial effect in the formation of SHM, as further
discussed below. As Cenozoic, anisotropic, transcrustal channels in the lithosphere, these lineaments
have been repeatedly reactivated as planes of weakness throughout their history (Allmendinger, Ramos,
Jordan, palma, & Isacks, 1983), (Saltify, 1985), (Matteini, Mazzuoli, & Omarini, 1997), (Coutand, et al.,
2001). These lineaments are permeable conduits through the lithosphere, which have periodically
localized the ascent of deeply derived magmas with a wide range of volcanic materials from different
periods (Chernicoffa, Richards, & Zappettini, 2002) (Saltify, 1985), (Matteini, Mazzuoli, & Omarini, 1997),
(Schreiber & Schwab, 1991), (Riller, Petrinovic, Ramelow, Strecker, & Oncken, 2001).
Some of the richest brine sources of lithium come from closed and semi closed drainage basins of the
Central Andes (Evans, 2008). Ide and Kunasz proposed (Ide & Kunasz, 1989) that lithium is derived from
one or more of the following: (1) low temperature weathering of ash flow tuffs; (2) geothermal waters
associated with active volcanism; (3) Li rich clays that pre date volcanic arc activity due to local or
regional lithium anomalies of uncertain origin; and (4) saline water that formed outside the topographic
limits of the drainage basin where it is extracted, which entered the basin through faults. Although Ide
and Kunasz were specifically addressing the accumulation of lithium in the Salar de Atacama in Chile, the
mechanisms which accumulate lithium in many of the other salars in the arid Central Andes are expected
to be similar (Houston, Butcher, Ehren, & Evans, 2011). It appears that all four of the conditions
mentioned by Ide and Kunasz exist in the region around Lithium Energi’s Properties. With Cerro Galan,
one of the world’s largest volcanic calderas located immediately east of the properties (Figure 7 4), ash
tufts and geothermal springs are common throughout the region. Pre Cenozoic, lithium bearing clays are
visible in outcrops and the intense, intersecting fault regimes are watercourses for both surface
accumulation and saline aquifer migration.
At perpendicular incline to tectonic faults (Figure 7 4), these lineaments can also cause displacement of
the basins, as seen in the Calumpaja lineament near the Antofalla South Project, where the basin is
displaced to the southeast. South of the Archibarca, the basin is displaced to the northwest and is known
as the Antofalla Basin. Several existing mining operations are located in these displaced basin segments,
including a lithium brine mine at Salar de Hombre Muerto (“SHM”), a closed drainage basin that is
renowned for its mineral reserves, and several new lithium brine exploration projects in the area. Boron
is mined at Tincalayu at the northern edge of SHM and from a clastic apron near Río los Patos as it drains
from the Caldera and feeds into the SHM salt pan, where lithium is extracted from subsurface brine by
FMC at its Fenix plant. A second site in eastern SHM, Sal da Vida, is also being developed by Galaxy
Resources (King, Kelley, & Abbey, 2012).
7.3 Property Geology
The 34 mineral concessions in Lithium Energi’s Property are located to the southwest and west of SHM
and also along the length of Antofalla, a N S elongated infilled basin (Figure 7 6). These salars are located
Page | 43
in elevated endorheic basins occurring at 3000 3500 m above sea level, with closed internal drainage
systems associated with brine mineralization. The broad valley bottoms that contain salars are generally
surrounded by steep slopes and peaks that reach 4500 m above sea level. Wetland zones are also
present, likely representing inflow areas of the basins. These areas contain salt deposits, salty
terrigenous sediments composed of sand, silt and occasional thin crusts of halite, along with salty or
fresh water.
7.3.1 Precambrian, Paleozoic, and Mesozoic Rocks and Tectonism

The oldest rocks on the Lithium Energi Property are Precambrian schists and migmatites that outcrop
sporadically, interbedded with metamorphosed limestone and amphibolites. These basement rocks are
overlain by a thick sequence of Ordovician sediments including sandstones, quartzites, and greywackes.
They are interfingered with volcanic tuffs and intrusives. Outcrops of these rocks are prevalent on the
northern and eastern flanks of the Laguna Caro Project area, as well as on LEA XV within the Antofalla
South Project area. Carboniferous age sediments overlie the Ordovician sequences, outcropping in the
Antofalla South Project area within LEA XIII and LEA XIV.
Predominant tectonic forces during the Cretaceous Period formed a “basin and range” geomorphology
(Figure 7 5). The associated isolated basins were filled by a succession of Cenozoic sediments, up to
1600 m thick. These sediments are both shallow marine and continental in origin, and also contain
intercalated lava flows and pyroclastic rocks. Evaporites associated with the upper sedimentary layers of
the basins, formed as the result of stranded seawater left behind one or more marine regressions.
7.3.2 Cenozoic Sediments and Volcanics

The Cenozoic sedimentary sequence (‘Ts’, ‘Tv’, and ‘TQv’ on Figure 7 6) begins with the Oligocene aged
Quiñoas Formation composed of conglomerates, sandstones and mudstones as well as evaporites and
thin intercalated tuff layers. The younger Miocene age Potrero Grande Formation also contains a series
of conglomerates, sandstones, and pyroclastics such as tuff and pumice.
Late Miocene fluvial and lacustrine deposits as well as intercalated lava flows and pyroclastic rocks,
constitute the Antofalla Formation found to the west of the Antofalla salar. The Antofalla Formation was
deposited during a period of intense volcanism within the Antofalla region. Late Miocene successions are
exposed consisting of sandstone, conglomerate, tuffs, and evaporite (specifically anhydrite, gypsum, and
halite). Late Miocene/Early Pliocene successions are exposed which consist of conglomerates, pebbly
sandstones, sandstones, mudstones, tuffites, marls, layers of gypsum, anhydrite and limestone as well as
tuff horizons. The strata have light red, light green, brown, black and white colors. The sequence
continues with early Pliocene ignimbrite and tuff of Abra de Gallo Formation.
Pliocene to Quaternary volcanics (‘Qv’ on Figure 7 6) with composition between basalt and andesite, are
exposed as a large volcanic system in the southern Antofalla South Project area. Clusters of monogenic
basaltic andesitic centers composed of cinder cones and lava flows are distributed over the region. An
olivine porphyritic basalt (with up to 51.5% SiO2) from one of these flows yielded a 40Ar/39Ar age of 3.2 ±
0.02 Ma (Risse et al, 2008). The flows are chemically similar to other localized flows indicating that
generally similar magmatic conditions have persisted in the region for the past 3 million years. Dacitic
ignimbrites originating from the Antofalla, Archibarca, and Cerro Galan volcanoes are present in the
Page | 44
northern region. A radiometric age date obtained by the K Ar method is reported to be 2.56 ± 0.14 Ma,
with Rb Sr isochrons reported at 2.03 ± 0.07 Ma (Francis et al, 1983) (Sparks et al, 1985).
Figure 7 5 Generalized structural evolution of the Puna basins (Houston, 2010).
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Figure 7 6 Property geology showing Lithium Energi’s current Antofalla Lithium Property
concessions (Ruiz, 2016).
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7.3.3 Quaternary Detritus and Alluvial Cones

The stratigraphy is completed by the occurrence of Quaternary alluvial detritus and evaporites. One
example for illustration is the main Laguna within the easternmost group of concessions, historically
referred to as “Laguna Caro” (Figure 7 7), which is an alluvial cone spanning 1,337 hectares, formed by
Quaternary detritus, evaporites, and sediments. The detrital area ( 665 ha) contains no surface water in
contrast to the depocentre, or recharge area ( 187 ha), which contains permanent surface water.
The detrital area is composed of detritus intercalated with pyroclastic tuff, which is very characteristic of
the proximal zone of an alluvial cone. The porosity is considerable and the underground water is
predominant, as there is no surface water.
The lacustrine environment ( 487 ha) is formed by alluvial fine grained sedimentary clay and is crossed
by numerous small water drains ‘scurrying’ to the depocentre.
Figure 7 7 Geomorphology of the Laguna Caro alluvial cone with sample locations from an
historic report commissioned by Quartz Minerals, S.A. (Aceñolaza W. F., 2013).
7.4 Mineralization
7.4.1 Regional Mineralization

Mineralization in the Puna region comprises metallic, non metallic, and brine types of mineral deposits.
Although the non brine types of mineralization in the region do not themselves imply lithium brine
potential, the do indicate that area has varied mining and exploration history.
Metallic Mineralization:
Rare earth bearing pegmatites at the El Quemado and Diabilos areas in Salta
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Ag Pb Zn (Cu) volcanogenic massive sulfides associated with Ordovician rocks at the Aguilar and
La Colorada deposits in Jujuy
Cu and U deposits in limestone beds at the Don Otto (U) and Juramento (Cu) mines in Salta
IOCG (Fe Cu Au) occurrences at the Lindero Rio Grande Arizaro and La Sarita deposits in Salta
Epithermal silver zinc deposits such as Pirquitas, Chincillas, Providencia and El Quevar in Jujuy
and Salta and Antofalla in Catamarca
Porphyry style mineralization at Taca Taca, Cerro Samenta, Inca Viejo and Cueros de Purulla
prospects
Incahuasi quartz gold mineralization
Borax, ulexite, and other borate species at the Tincalayu Mine north of SHM
Exhalative borate Cu Li mineralization at La Borita in Catamarca
Magnetite hematite iron ore associated with lava flows at the Frontera mine and El Laco (Chile)
Non Metallic Deposits:
Volcano linked sulfur deposits at Mina Julia in Salta

Widespread non metallic industrial mineral deposits in the salar basins such as borates, sodium
sulfates, common salt (halite), diatomite deposits, etc.
Travertine onyx deposits associated with bounding structures in the salar basins
Lithium Bearing Brines:
Widespread lithium potassium brine deposits developed below the saline crust in more than 25
salar basins, which are being currently explored in the Puna region of Argentina. Table 7 1
shows known deposits, active companies and lithium grades at the surface according to
information in the public domain.
Table 7 1 Main Salars in the Argentine Puna Region showing companies and Li grades at
surface.
Li grade at
Salar Province Company
surface (mg/L)
1 Olaroz Jujuy Orocobre 700 800
2 Cauchari Jujuy Soquimich 600
3 Salinas Grandes Jujuy Orocobre 400
4 Guayatoc Jujuy South American Salars 150 200
5 Jama Jujuy Orocobre 200 400
6 Rincon Salta Ady 400 500
7 Pocitos Salta Several 200 300
8 Pastos Grandes Salta Millennial, Ady 300 400
9 Pozuelos Salta Posco? 300 400
10 Tolillar Salta Trendix (?) 200 300
11 Diablo Salta ? 200 300
12 Arizaro Salta REMSA 150 250
13 Incahuasi Salta South American Salars 300
14 Llullaillaco Salta International Lithium 200 400
Lithium Exploration
15 Rio Grande Salta 400
Group
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16 Salinas Grandes Salta Orocobre 300 400

17 Centenario Salta Eramine 200 500
18 Ratones Salta Eramine 400 600
Hombre Muerto Galaxy Santa Rita
19 Catamarca 700 1000
East Moreno
Hombre Muerto
20 Catamarca FMC 900
West
22 Aguas Calientes Catamarca ? 200 300
23 Antofalla Catamarca Albemarle 350
24 Carachi Pampa Catamarca NRG Metals 150 260
25 Diablillos Catamarca Lithium X 500 800
26 Tres Quebradas Catamarca NeoLithium 300 800
The above table is from published sources, but the Authors of this report have not verified the
information contained within Table 7 1, and this information should not be considered indicative of
mineralization on the Properties, which are the subject of the current Technical Report.
7.4.2 Property Mineralization

The Antofalla Lithium Property is in the early stages of exploration, therefore there is minimal
information to report regarding the specific mineralization characteristics for Lithium Energi’s 34
different mineral concessions. Despite this, lithium bearing brines have been discovered within the salars
located on the Property (see Section 11 “Exploration” for more details). A brackish water sample taken
from Tata Grau I in 2016, contained less them 10 mg/L lithium. However, this project area has historically
yielded anomalous lithium values from surface brines (e.g. 800, 805, and 810 mg/L lithium; Maluf, 2010).
The highest lithium bearing sample from the 2016 sampling program was a brine containing 203 mg/L
lithium, taken from LEA XXII. A sample of saline crust, taken from LEA XXVIII, returned a lithium value of
81 mg/L; therefore anomalous lithium has been detected within the salt crusts and brines from multiple
concessions within the Antofalla Lithium Property. Given the limited work completed on this project the
length, width, depth and continuity of the mineralization has not yet been determined.
Important factors in evaluating the extent of lithium mineralization within Lithium Energi’s Antofalla
Lithium Property include determining the three dimensional size and shape of the catchment basins, the
degree to which the basins are closed (i.e. the degree to which upwardly mobile Li bearing fluids are
trapped), the nature of the surrounding rock types, and the presence of any geological structures such as
major faults and shears that may serve as fluid conduits and/or fluid traps. Many of these factors have
already been discussed in Section 7.2 “Local Geology” above. Further exploration work is needed on
each concession in order to quantify basin geomorphology, as the chemical and mineralogical
characteristics of each basin are unique, creating stratigraphic units with different qualitative and
quantitative salt compositions.
The source(s) of lithium within these basins has not yet been established, however, as described above
in Section 7.2 “Local Geology”, it is likely derived from either (1) low temperature weathering of ash flow
tuffs; (2) geothermal waters associated with active volcanism; (3) Li rich clays that pre date volcanic arc
activity due to local or regional lithium anomalies of uncertain origin; or (4) saline water that formed
outside the topographic limits of the drainage basin where it is extracted, which entered the basin
Page | 49
through faults (Ide and Kunasz, 1989). Further testing is needed on each basin in order to determine the
source of lithium, the concentration mechanism, brine chemistry, and overall geological model.
Geochemical analysis of the 3 water samples and 1 salt crust sample from the 2016 exploration program
sampled from Lithium Energi’s Antofalla Lithium Property were analyzed for dissolved components
including sulfate (SO42 ), sodium (Na), chloride (Cl ), boron (B), barium (Ba), calcium (Ca), iron (Fe),
potassium (K), lithium (Li), magnesium (Mg), manganese (Mn), strontium (Sr), and nitrate (NO3 ). Results
from the 2016 sampling program allow for an initial characterization of the mineralization as a
Na+Cl+Mg Ca SO4 type brine containing variable amounts of Li, B and K.
8 Deposit Types
The primary mineral deposit type being targeted within Lithium Energi’s Antofalla Lithium Property is
lithium rich brines contained within evaporites and sediments of closed (endorheic) basins.
8.1 Deposit Model
The current deposit models applied to lithium brines are summarized in Bradley et al. (2013) and
Houston et al. (2011). Specifically, the Antofalla Lithium Project contains brines hosted in immature,
clastic type salars.
This geological model involves lithium being sourced by leaching from volcanic rocks that underlie the
closed basin, by hydrothermal solutions emanating from deep seated faults. In addition, meteoric waters
involved in weathering and transport will contribute significantly to the overall brine composition
including lithium. The influence of the catchment geology on the brine composition is demonstrated at
Salar de Atacama where there are both sedimentary and volcanic dominated drainage areas, which are
reflected in the local salar geochemistry. Conversely, Salar de Llullaillaco has entirely volcanic and
intrusive dominated drainages and the geochemistry of the brine is more uniform.
Brine deposits containing economically important quantities of lithium, borate, potassium and other
industrial minerals can form in salars or playas where the following favourable conditions are coincident:
The catchment is closed (or endorheic), which means the outflow of water from the catchment
(by processes other than evaporation) is negligible in terms of the catchment water balance over
extended periods of time.
One or more aquifers are essential if the brine is to be extracted from the salar.
A significant portion of the catchment area contains bedrock of suitable composition (i.e.,
containing lithium that can be leached). Volcanic and igneous rocks are preferable.
The rocks in the catchment do not contribute significant impurities (particularly magnesium and
sulphates) that could increase the cost of processing of the brine.
Geothermal waters have contacted the bedrock through fault systems and have become
moderately concentrated in lithium (and other solutes).
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The moderately concentrated waters have accumulated in the low lying area of the closed
catchment rather than being adsorbed onto clays or reacted to form lithium bearing clays (e.g.
hectorite).
The prevailing climate is suitable for promoting high rates of evaporation from the accumulated
water (i.e., dry air, high winds and minimal precipitation), leading to the formation of evaporite
deposits and concentrated brine.
Given the preponderance of lithium bearing salars that are defined by fault bounded, dropped
basins, this also appears to be an important condition that may contribute more than
tectonically driven closed basins. The bounding faults may act as conduits of lithium enriched
geothermal waters.
Lithium is highly soluble and does not form evaporite minerals as readily as sodium, potassium
and calcium. Although lithium will stay in solution while other minerals precipitate, its
concentration will be limited by the growth of evaporite minerals, which will eventually limit
further evaporitic concentration or will entrain the concentrated brine. This distinction results in
the lack of lithium rich brines derived from marine sources since the relative proportions of
original fluid composition is substantially different from dilute inflows from which continental
brines are derived.
8.2 Exploration Model
Based on the deposit model described above, the exploration model for lithium brines has significant
differences from base or precious metal exploration. Since the brine is extracted as a type of
groundwater resource, geohydrological characteristics are as important as grade and thickness. Brine
bodies large enough to be of economic interest typically are in the scale of square kilometres or higher.
8.2.1 Geological Mapping

Geological mapping should be used to identify potential structures relating to the tectonic development
of the basin. These surface features will support basin characterization and stratigraphic interpretation.
Geophysical surveys used to develop confidence in continuity between drill holes should be correlated
with surface observations. Salars may have multiple domains with distinct chemistry and discontinuous
stratigraphy. Surface mapping is likely to provide clues to these domains.
8.2.2 Geochemical Characterization

Geochemical characterization should be conducted on surface water collected from open pools, moving
streams (on the salar), in pits or near surface auger samples. This can be used to determine surface
grades and characterize the chemistry of the brine prior to planning drilling. Inflows to the salar should
be identified and sampled. These will typically be dilute, brackish water. Sampling should be repeated to
determine how much seasonal variation occurs in surface waters. Once drilling commences, a suitable
water sampling method should be selected that is appropriate for the drilling method and minimizes
cross contamination between sampling intervals. On larger salar bodies surface sample spacing of 2 km
may be sufficient reducing to 1 km or possibly 500 m in some cases. Inflow sampling will typically have
significantly higher density than this.
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8.2.3 Basin and Inflow Characterization

Starting with a Digital Elevation Model the basin and concessions should be evaluated to determine
where the concessions fit within the overall basin geomorphology. Identification and sampling of inflows
can contribute to geochemical and basin characterization in conjunction with an environmental baseline
study. Identifying where the basin is likely to be deepest within the concessions will also be of value in
planning drilling and geophysical surveys. Boundary conditions of the brine – inflow at depth will need to
be tested by geophysical methods to determine the lateral extent of the brine, which may extend under
the adjacent Quaternary cover. Analysis of the basin shape and interpretation of recent geological
activity may indicate where volcanic or sedimentary activity has changed the outline of the salar since
evaporite and brine formation began. A water balance of the basin will be used as a project advances
and potential for brine recovery and environmental impact assessment is being evaluated. Weather data
should be collected locally beginning as early in the programme as practical. Collecting data at all stages
with forethought to the project advancing.
8.2.4 Stratigraphy
Initial programmes may use reverse circulation drilling. This will provide geochemical and some
stratigraphic data, but at some point before a resource can be determined, core drilling must be included
to collect samples for laboratory measurement of various hydrogeological properties of the strata. These
include total and effective porosity, specific yield and permeability, which may be possible to correlate
with down hole geophysical measurements, and geophysical transects. Using the core (and to a lesser
extent RC) holes as ground truthing, a more continuous model of the basin can be built between widely
spaced holes. Lateral continuity in salars is generally much greater than vertical continuity; hence widely
spaced holes with geophysical infill are appropriate. Immature, clastic salars are likely to need closer
spaced drilling as they are more likely to have more lateral stratigraphic variation than mature, halite
dominant salars.
9 Exploration
Lithium Energi has conducted a limited exploration program thus far on their Antofalla Lithium Property
in Argentina, consisting of a small sampling program in December 2016. Results of this program are
discussed below.
9.1 Surface and Near Surface Sampling (December 8-9, 2016)
A small sampling program was carried out by Rojas y Asociados on behalf of Lithium Energi (Portola
Resources Inc. at the time) on December 8th and 9th, 2016. The exploration team sampled water and salt
crust at four locations within three separate concessions throughout the Antofalla Lithium Property. The
locations of these samples (named LIEN) are illustrated on Figure 9 1 (green dots). The position of the
two verification samples taken during the site visit by the Author Ms. Jeffs, are also included for
reference (samples 101002 and 106001). Detailed aerial images of each mineral concession from which a
sample was taken during the 2016 exploration program are presented in Figures 9 2 to 9 4.
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Current sampling does not cover the full extent of Lithium Energi’s Antofalla Lithium Property, and were
not numerous enough to be representative. The sampled material provides preliminary data for the
characterization of surface and near surface waters on some concessions. Sample locations and
descriptions are listed in Table 9 1 and Table 9 2, respectively. Analytical results of this sampling
program are presented in Table 9 3.
Table 9 1 Sample locations.

Elevation Lithium Energi
Sample UTM (mE) UTM (mN) Target
(m) Concession
LIEN 001 670759.0 7170588.0 4004.0 Laguna Caro West of Tata Grau
LIEN 005 643619.0 7171370.0 3753.0 Laguna Colorada LEA XXII
LIEN 006 643647.0 7171358.0 3752.0 Laguna Colorada LEA XXII
LIEN 007 630823.0 7163048.0 3772.0 Agua Amarga LEA XXVIII
Table 9 2 Sample descriptions.

Total
Salinity of
Sample Depth Depth (m) Material
Sample Product
(m)
0.00 0.25 Salt crust, organic matter, clay
LIEN 001 0.65
0.25 0.65 water Sand & conglomerate, tuff matrix
LIEN 005 Surface Surface surface water brine
LIEN 006 Surface Surface pool brine
0.00 0.10 white salt crust
LIEN 007 0.50 0.10 0.30 Organic matter, clay, tuff
0.30 0.50 water brown red clay with rock fragments
Table 9 3 Geochemical Results from 2016.

2
Project density Li Mg B SO4 Ca K Conductivity
Sample 3
Area g/cm (mg/L) (mg/L) (mg/L) (mg/L) (mg/L) (mg/L) ( S/cm)
LIEN 001 Laguna Caro 1.0018 <10 36 <10 321 51 88 5080
LIEN 005 Antofalla South 1.2048 203 4,363 321 2,791 2,957 4,568 245,700
LIEN 006 Antofalla South 1.0215 15 516 23 329 379 377 49,600
LIEN 007 Antofalla South 1.0794 81 1,394 108 222 3,185 1,896 150,600
LIEN 009 Blank 1.0292 <10 18 <10 71 44 <20 67,000
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01/15/2018
Figure 9 1 Sample locations within the northern region of the Property.
12/19/2016
Figure 9 2 Sample location of LIEN 001 at “Laguna Caro”, in Tata Grau I concession.
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12/19/2016
Figure 9 3 Sample location of LIEN 005 and 006 on LEA XXII concession (Laguna de Los
Colorados).
12/19/2016
Figure 9 4 Sample location of LIEN 007 on LEA XXVIII concession (Laguna at Agua Amarga).
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Anomalous lithium was found within two brine samples taken from two separate concessions of the
Antofalla Lithium Property. Sample LIEN 005 was brine taken from concession LEA XXII and it returned
203 mg/L lithium. Sample LIEN 007 was a salt crust taken from concession LEA XXVIII and it returned 81
mg/L lithium. These values are an indication that Li bearing brines are present within the Property.
Samples of brine and other waters that represent inflows and other parts of the environment where
brines develop are point samples, meaning that they have a location but no width or area in the sense
that a rock sample does. Although they are taken at a point they are considered to be representative of
a significantly larger area than rock samples since water as a media moves through its host and is
generally more smoothly variable in content over distance than rock. Widths associated with brine
samples are determined by geological study of the stratigraphy and geophysics to determine reasonable
dimensions for aquifers and the sample area of influence. Sampling programmes for brines use much
wider spacing to represent a mineralized body than is required for mineralization in rock. Surface water,
and to a lesser extent near surface water need additional interpretation to determine what they
represent in the context of inflow and seasonal effects. Near surface samples collected at the Property
are considered representative for at least 10s of metres and likely several 100 metres around the sample
location. Surface samples may be representative of a smaller area due to changes in surface processes
but should be representative at the scale of at least 10s of metres. Based on these characteristics the
samples collected on the Property are representative of sufficiently large areas to be useful at the early
exploration stage to begin characterization of the brines hosted on the Property.
10 Drilling
No drilling has yet been undertaken on the Antofalla Lithium Property, as it is still in the early stages of
exploration.
11 Sample Preparation, Analyses, and Security
11.1 Sampling Method and Approach
Water and salt crust samples were collected by exploration field personnel of Rojas y Asociados during
the 2016 exploration program using a set of field tools including jimmy, pick, shovel, plastic container to
decant brine (normally mixed with mud, clay and sand), and a small funnel. After the sample was
decanted, it was transferred to virgin, unpreserved 1 L plastic bottles. The bottles were rinsed with the
fluid, and then filled to bring the fluid level to the top of the bottle and remove any airspace. Bottles
were then labeled with consecutive numbering (e.g. LIEN 001) with a permanent marker. Labels were
covered with transparent tape to prevent smudging. Details of field parameters were recorded on field
records for each sample site.
The sample bottles were capped and transported in the care of the Project Manager, Sr. Nivaldo Rojas,
to a hotel in Antofagasta de la Sierra, where they were stored in a secured room out of direct sunlight.
Samples were then transported to Mendoza by the Project Manager and delivered directly to the Alex
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Stewart Assayers Argentina, S.A. (“ASA”) laboratory. No standards were placed in the sample stream,
however, an uncertified blank sample (LIEN 009) was inserted in order to test for the lower limits of
detection. The blank appears to have been brine with low levels of lithium, which is an appropriate type
of blank to use in this context. Distilled or potable water would not have been as useful as it would not
duplicate the potential interference of high concentrations of sodium, chlorine, etc. with the analytical
determination of lithium.
Figure 11 1 Sample site LIEN 007, Agua Amarga Area (Property LEA XXVIII).
11.2 Sample Preparation, Assaying, and Analytical Procedures
Samples were analyzed for dissolved metals (B, Ba, Ca, Fe, K, Li, Mg, Mn, Na, Sr) using Inductively
Coupled Plasma Optical Emission Spectroscopy (ICP OES) by fixed dilution of filtered samples and direct
aspiration into the instrument. Major anions were also analyzed using methods based upon American
Public Health Association (APHA), Standard Methods for Examination of Water and Wastewater,
Environmental Protection Agency (EPA), and American Society for Testing Materials (ASTM) protocols.
Samples were analyzed by the Alex Stewart Assayers Argentina, S.A. (“ASA”) Laboratory in Mendoza,
Argentina. This laboratory is widely recognized to have expertise in geochemical analysis and is
specifically experienced in analyzing brines. ASA is independent of the Company. The ASA Mendoza
laboratory is ISO 9001 accredited and operates according to Alex Stewart Group standards consistent
with includes ISO 17025 certification of standard methods.
11.3 QA/QC
A blank sample was inserted into the sample stream (LIEN 009), resulting in an analysis below the limits
of detection (<10mg/L Li) for this analytical method at this laboratory.
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Charge balance error (CBE) was calculated for each of the water samples. In water samples the charge of
positive ions (cations) must match the negative ions (anions). This is done by converting concentrations
to milli equivalents and then comparing the sum charge of anions to cations. The following equation for
CBE was used where anions and cations are in milli equivalents:
CBE = ( cations | anions|) / ( cations + | anions|)
Samples are considered acceptable when CBE is within ± 5%. As shown in Table 11 1, all water samples
with the exception of the blank fall within the ± 5% range.
Table 11 1 Water Analysis QAQC for 2016 sampling program.

CBE
Sample Project Area
%
LIEN 001 Laguna Caro 1.7
LIEN 005 Antofalla South 4.3
LIEN 009 Blank 7.5
Problems with charge balance may be due to the laboratory or missing major components. Since the
composition of the blank is not known, there is a possibility that a significant species was not included in
analysis (such as carbonate). With minimal number of samples taken, this modest QA/QC protocol is
considered adequate.
Figure 11 2 Sample site LIEN 007, Agua Amarga Area (Property LEA XXVIII). Note saline brine
at bottom.
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Figure 11 3 Laguna de Los Colorados. Sample sites LIEN 005 and 006 viewed to the
southeast on concession LEA XXII.
Figure 11 4 Laguna Caro prospect (border of Tata Grau I). Sample site of LIEN 001.
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One internal laboratory duplicate analysis for sample LIEN 006, returning the same value as the original
for lithium concentration (15 mg/L).
11.4 Sample Security
The sample bottles were capped and transported in the care of the Project Manager, Sr. Nivaldo Rojas,
to a hotel in Antofagasta de la Sierra, where they were stored in a secured room out of direct sunlight.
Samples were then transported to Mendoza by the Project Manager and delivered directly to the Alex
Stewart Assayers Argentina, S.A. (“ASA”) laboratory. A sample list, analytical instructions and details of
the person submitting the samples were sent to the laboratory by email. The reference of the sample tag
number to the sample hole location and depth was maintained in a digital file and also in hard copy.
Sample sites were also photographed.
11.5 Authors’ Opinion on the Adequacy of Sample Preparation, Security, and

Analytical Procedures
In the opinion of the Authors, sampling methods, preparation and analytical methods were adequate
and appropriate for a grassroots project involving Li bearing brines. In addition, security measures were
also appropriate and adequate being in the custody of Sr. Nivaldo Rojas from collection to delivery to the
laboratory.
12 Data Verification
Due to limited exploration work completed on the Antofalla Lithium Property by Lithium Energi thus far,
verification has been limited to confirming the geochemical characterization of the 2016 exploration
program. No replicate samples were collected and the geochemical characterization was conducted on
concessions not previously sampled in the 2016 program. This approach to verification looks for
consistency of results at scale on the Property rather than duplication of specific sites. The Authors
consider this an appropriate choice for this early stage of exploration on a brine property. No
verification of historical sampling has been conducted, and the Authors recommend that this is included
in the next field programme.
Two verification samples were taken during a site visit by Ms. Caitlin Jeffs on December 15th, 2017, on
concessions LEA I and LEA VI (Figure 12 1). The samples were taken in order to verify the geochemical
characterization of water on salars in the Antofalla Lithium Property as potential Li bearing brines and
dilute sources of brines, as suggested by the 2016 sampling program. Sample locations are listed in Table
12 1 and illustrated in Figure 9 1. Descriptions of the samples and the depth of collection are listed in
Table 12 2. Compositional results are presented in Table 12 3.
Table 12 1 Verification sample locations.

Sample UTM (mE) UTM (mN) Elevation (m) Concession
101002 656900 7199904 3349 LEA I
106001 639144 7163988 3335 LEA VI
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Figure 12 1 Location of sample 101002 within concession LEA I. Note the open surface water
and clay rich ground, making collection of a sub surface sample difficult.
Figure 12 2 Sample 106001 on concession LEA VI. Brine is filling the sampling pit, which is
surrounded by a salt crust at the surface.
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Table 12 2 Verification sample descriptions.

Sample Total Depth (m) Material
Depth Sample Description
(m)
101002 Surface Surface water Open water sample due to clay rich,
impermeable ground. Surface has
1cm thick salt crust at margins of
open water
106001 0.30 0.30 0.50 brine Sample taken from 0.5m deep pit.
Pit dug under 1cm thick salt crust
Table 12 3 Compositional results of the verification samples.

Sample Concession Sample Li Mg B Ca K
Name Material (mg/L) (mg/L) (mg/L) (mg/L) (mg/L)
101002 LEA I Surface Water <2 35 6 975 16
106001 LEA VI Near Surface Water 131 5243 141 5043 2516
Samples were analysed for several metals primarily to confirm lithium levels. No anions were analysed,
consequently it was not possible to evaluate charge balance error.
The two verification samples are quite different, as the first sample (101002) was surface water
containing no detectable lithium, yet was elevated in dissolved calcium. The second sample was a brine
collected from a pit 0.5 m deep, and this sample contained 131 mg/L lithium along with elevated Mg, B,
Ca, and K (Table 12 3).
In the Authors’ opinion, the presence of lithium within the verification sample from concession LEA VI
generally confirms the presence of Li bearing brines within the Antofalla Lithium Property. In addition,
the Authors’ believe there has been no material work between the last visit and the effective date of the
report.
13 Mineral Processing and Metallurgical Testing
There has been no mineral processing or metallurgical testing done on any samples from Lithium
Energi’s Antofalla Lithium Property, and therefore nothing to report in this section.
14 Mineral Resource Estimates
There have been no mineral resource estimates for any part of Lithium Energi’s Antofalla Lithium
Property, therefore there is nothing to report in this section.
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15 Adjacent Properties
The concessions within Lithium Energi’s Antofalla Lithium Property are adjacent to one of the world’s
largest lithium producers, the largest sodium borate mining operation in South America, several small
ulexite mines, an ancient gold mining region, and a significant area of extensive bore hole exploration.
The information presented in this section is taken from documents and websites available in the public
domain, and therefore the Qualified Persons have not verified the information directly. The reader is
cautioned that the information presented below is not necessarily indicative of the mineralization on the
Antofalla Lithium Property that is the subject of the current Technical Report.
15.1 FMC Lithium’s Fenix Mine
Roughly 7 km east of the easternmost flank of the Antofalla Lithium Property (the “Laguna Caro”
concessions), lies the most lithium productive extraction facility in Argentina to date, operated by FMC
Lithium (“FMC”). Quoting from their website (http://www.fmclithium.com/Home/LiHistory.aspx,
February 12, 2018), “In 1995, FMC Lithium facilitated two major breakthroughs in the development of a
brine based resource for lithium. First, FMC Lithium purchased the Salar del Hombre Muerto, an
Argentine salar containing high uniform concentrations of lithium with low levels of other contaminants.
Brine based deposits hold high concentrations of lithium in ranges from 200 to 2,000 parts per million
which can be further concentrated using solar evaporation. Second, FMC perfected and commercialized a
selective purification process that extracts lithium chloride from the salar brine in a 95+ pure form with
minimal processing. The Salar del Hombre Muerto is located in the high Andes (13,200 feet above sea
level) about 850 miles northwest of Buenos Aires. The location is convenient to major rail lines and
seaports. Covering a smaller area than most salars of the region, it contains lithium brines at depths
much greater than its neighbors. Lithium reserves are sufficient for well over 75 years.”
The following description is primarily compiled from Garrett (2004). Purified lithium chloride brine from
a selective absorption process is exploited in FMC’s operation on the western half of the salar and
concentrated in solar evaporation ponds. Concentrate is trucked to FMC’s General G emes plant north
of Salta, a journey of 350 km by road from the salar, where a variety of refined lithium compounds are
produced. Due to the proximity of the lithium rich brine reserve operated by FMC, its location relative to
Lithium Energi’s Antofalla Lithium Property is highly relevant.
During its initial prospect evaluation, FMC drilled 16 boreholes on the salar to a depth 20 to 50 m, with
one hole drilled to 90 m. Using a packer system to segregate various depth sections in the aquifer, core
samples were collected every 50 cm to evaluate effective porosity in the field. Denver based Corelabs
laboratory was chosen to analyze selected samples. To collect additional brine samples, 74 trenches
were dug across the surface of the salar to determine brine density and analyze lithium content,
together with other relevant solutes. Traditional geostatistical methods were used to calculate resources
based on grade and porosity values.
With a claim surface of 300 km2, FMC extracts lithium rich brine from an unconfined halite aquifer
located in the western sub basin of the salar. Geophysical studies indicate that the salar may extend as
deep as 900 m, however, the total depth of this basin is as yet unknown. Satellite imagery and field data
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suggest that FMC’s claim area in the western portion of the salar has had limited hydraulic connectivity
with the eastern sub basin.
Effective porosity averages 7% in producing zones, but ranged from 15% at surface to 5% at depth, due
to matrix compaction. The 1:1 sampling ratio for Na:Cl suggests evaporative concentration formed into
brine from fresh water at salar margins. Hydrochemical evolution of fresh water into brine is shown by
Ca:SO4 ratios. Carbonate saturation from early evaporation precipitated calcite, followed by sulphate
enrichment and gypsum deposition. At the salar nucleus, NaCl saturates with continued evaporation as
halite was precipitated. Concentrations of lithium in the nucleus vary from 0.03 and 0.10% in weight with
an average of 0.06% by weight. In situ lithium resources were calculated in 1996 using both traditional
and geostatistical methods, integrating geometry, porosity and grade.
Apparently, FMC did not estimate recoverable reserves, but evaluated extractability based on three 14
inch diameter test wells, drilled to 30 m using 12 inch slotted casing liner in each well. Two 8 inch
diameter observation wells were drilled 2.5 and 5 m away from the test wells and fitted with slotted
liner. After initial testing, test wells were pumped for 30 days at a continuous rate of 600 gal/min. A
fluorescene tracer was used for dispersion modeling. The high aquifer transmissivity validated by the
tests allowed FMC to drill fewer production wells, exploiting rapid brine flow through the interconnected
fractures.
The Qualified Persons of the current report have not verified the above information, and therefore the
information presented is not necessarily indicative of the mineralization on the property that is the
subject of the current Technical Report.
15.2 Tincalayu Borate Mine
At the extreme northern edge of the Salar del Hombre Muerto (“SHM”), located adjacent to the north
easternmost concession of the Antofalla Lithium Property (LEA VIII), lies the Tincalayu Borate Mine,
which is the first open pit mine in NW Argentina. It opened roughly 50 years ago and has operated
almost continuously since. On this southern end of the Tincalayu peninsula, the Tincalayu Mine has
exploited a complicated borate deposit hosted in clastic sediments of the upper Tertiary Sijes Formation.
Mineralization is mostly borax and the open pit reveals bedding throughout the zone. However, intense
structural deformation has apparently affected the mine area, resulting in the remobilization and re
concentration of the deposit as irregular, crystalline masses. Primary borax extraction belies the atypical
complexity of other borate species reported in this deposit, including kernite, rivadavite, ezcurrite,
macallisterite, ulexite and several other rare borate species (Rosko & Jaacks, 2011); (Rojas, 2016);
(Houston & Jaacks, 2010).
15.3 Ulexite Extraction Proximate to the Salar Del Hombre Muerto
Several areas in the northern portion of the SHM eastern sub basin exhibit ulexite mineralization, some
of which is mined by small producers. As a precipitate, the mineral occurs just below the salar surface,
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hosted in extensive layers of thickness (0.3 m to 0.7 m) with irregular geometry. At the base of some of
the more sandy horizons, it forms as nodules or in tabular layers, associated with gypsum, halite and rare
mirabillite. Pick and shovel hand extraction is common, while zones that are of higher grade and
thickness permit higher volume extraction with a backhoe (Rosko and Jaacks, 2011).
15.4 Incahuasi Gold Mine
South of the SHM, located on and adjacent to Lithium Energi’s Inka Gold, Inka Gold II, and Inka Gold V
concessions, lie sporadic pre Hispanic diggings that coincide with the Incahuasi Gold Mine. This is the site
of gold that was first discovered and exploited by the Incas. In the past century, the Incahuasi Gold Mine
has been re opened and worked on several occasions as recently as 1954. Hosted in pelites and
greywackes of the Upper Ordovician, the gold mineralization was affected by dynamic metamorphism
and varying hydrothermal alterations throughout a diverse fracture system that affected both the host
rock and mineralized quartz veins. Lithium Energi has no intent, at present, to re evaluate existing tailing
piles or quartz host profiles that lie within their concessions (Houston and Jaacks, 2010).
15.5 Bolland Minera, S.A. Exploration Area
Lying in between the northern and southern concessions of Lithium Energi’s Antofalla Lithium Property is
a block of concessions in the center of the Salar de Antofalla (included in Figure 7 6), which has been
explored by Bolland Minera, S.A., an international mining company formed in Argentina in 1997. In
September, 2016 Bolland entered into an agreement with Albemarle Corporation (NYSE: ALB) for the
exclusive exploration and acquisition rights to this lithium resource. According to its press release
regarding the acquisition (September 12, 2016), Albemarle stated its belief that “this lithium resource
[Antofalla] will be certified as the largest lithium resource in Argentina”.
In 2016, Roskill Information Services reported that “According to Bolland Minera, the Salar de Antofalla
has a surface of 706 km2. Bolland has to date drilled 56 boreholes over 265 km2 and defined a resource
of 83 Mt of potash (KCl) grading 6,400 mg/l and 2.22 Mt of lithium (11.8 Mt LCE) grading 350 mg/l. While
the lithium grade at Antofalla is much lower than Albemarle’s operations at Salar de Atacama in Chile,
which averages around 1,800 mg/l, it is higher than at its Silver Peak operation in the USA where lithium
has been produced since the 1960s; Albemarle will presumably now look to evaluate whether the
Antofalla resource could support its third commercial lithium brine operation and add another angle to
the company’s growing geographical diversity.”
A screenshot in Figure 15 1 shows a summary of the analytical results from the 56 drill holes (excerpted
from INREMI’s published video found at https://www.youtube.com/watch?v=4YiVEW_T1_w.) A drill
collar on the Albemarle Property is shown in Figure 15 2 (photo taken December 8 9, 2016).
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Figure 15 1 Screenshot from an INREMI video report showing a map of 56 drill holes on the
Albemarle Property with summarized analytical results (screen capture February, 2017).
Figure 15 2 Drill hole on the Albemarle Property (photo supplied by Nivaldo Rojas, 2016).
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Between 2008 and 2011, the 56 test wells on the site were drilled by Bolland during 3 separate
campaigns in conjunction with the Institute of Mineral Resources for the National University of La Plata
in Buenos Aires, Argentina (“INREMI”). Well bore logs along with data such as porosity, neutron density,
permeability, hydraulic gradient, core sample chemistry, and gravimetric studies were analyzed and
published during that period.
16 Other Relevant Data and Information
To the best of the Authors’ knowledge, there is no further relevant data or information the omission of
which would make this report misleading.
17 Interpretation and Conclusions
Lithium Energi’s Antofalla Lithium Property is located in the Puna Plateau region, nearby numerous
existing and historical mining operations, and the area is now experiencing significantly increased
prospecting for lithium brine projects. The development of endorheic basins and sub basins in this area
has resulted in a geological, hydrological and climatic environment favourable for the generation,
concentration and accumulation of lithium potassium boron magnesium brines. Local examples of these
include the notable Salar del Hombre Muerto, Salar de Antofalla, and the various depocentres
throughout the Antofagasta de la Sierra basin and Carachi Pampa.
Lithium Energi’s Project is an early stage project. Lithium Energi’s Antofalla Lithium Property includes 34
mineral concessions, of which only three have been the subject of field investigations in 2016, and a
further two concessions were included in the verification sampling for the present report. A preliminary
review of the project area and these initial field investigations has been presented here.
Mineral concessions on the far east of the Property overlay a salar with 7 km by 7 km surface area that is
covered by a thick salt crust and a large, saline lagoon (named “Laguna Caro”). Limited brine sampling
completed by Quartz Minerals, S.A. in 2010 revealed the presence of lithium, potassium, and boron
within the brines on Tata Grau I and Tata Grau II, including results of 111, 134, and 304 ppm lithium
(Acenolaza, 2013). Sampling conducted by the National University of Cordoba in 2010 on Tata Grau I
included results of 800, 805, and 810 ppm/1000 cm3 (sic) within surface brines (Maluf, 2010). Although a
Qualified Person has not yet verified these historical results, previously reported work is considered
motivating and warrants verification and follow up in the next field programme to delineate and
characterize these lithium bearing brines.
Samples collected in 2016 during the field investigation by Rojas y Asociados described in this report
returned 203 mg/L lithium from a brine sample to the west in concession LEA XXII, and 81 mg/L lithium
(combined solids and entrained brine) from a salt crust sample in LEA XXVIII. One verification sample
Page | 67
from the current study collected in 2017 from concession LEA VI returned 131 mg/L lithium. It can be
concluded, therefore, that concessions within Lithium Energi’s Antofalla Lithium Property contain
elevated amounts of Li, along with other metals such as boron and potassium.
The remaining concessions within Lithium Energi’s Antofalla Lithium Property occur in and around the
Antofalla Salar and the Salar del Hombre Muerto, which have known and producing lithium and boron
bearing brines. The Company’s concessions are located in prospective environments across the main
Antofalla Salar basin and its extensional areas, such as La Borita Salar to the east of the main Antofalla
Salar. Due to elevated lithium values from brines taken across the northern block of the Property, and
the spatial association of the remaining concessions with the same lithium and boron bearing salars, the
Authors conclude that this Property warrants further exploration.
17.1 Conclusions and the Exploration Model
Aspects of the interpretation and conclusions as they relate to the deposit and exploration models
described above in Section 8 “Deposit Types” are summarized.
1. The Property’s concessions are within recognized endorheic basins as evidenced by the presence
of salars and brines. Catchment basin identification and analysis will assist in determining if the
Laguna Caro catchment is independent or a sub basin of the Salar de Hombre Muerto
catchment, and how this may have changed over geological time;
2. Exploration of the Property has not progressed to the stage where conclusions can be made
about aquifers within the concessions. Drilling and/or geophysics are needed to identify and
characterize the subsurface;
3. Some of the catchment bedrock appears to favour generation of lithium potassium boron
bearing brines as evidenced by locally mapped felsic and volcanic units and the presence of
elevated lithium, potassium and boron levels. More detailed analysis of the distribution of
bedrock in the catchment may assist in defining more prospective areas for lithium
concentration in brines and salars;
4. A systematic review of thermal waters in the catchments was not available to the Authors.
Compilation of this information would assist in developing catchment prospectivity maps;
5. Given that these basins have evolved since the Miocene era, the vertical extent of sedimentation
in these salars may reach depths of several hundred metres or more. If effective porosity at
depth is sufficient (such as in some volcanic sands), aquifers may remain open at depths greater
than is possible in compressed halite. However, the vertical extent and nature of the
sedimentary basin remains to be determined by drilling and or geophysics;
6. Infrequent rainfall, wind, intense UV radiation, and the extremely dry atmosphere in the Puna
region facilitate some of the world’s highest evaporation rates. High evaporation rates are a
crucial prerequisite for lithium concentration in brines and potentially the eventual further
concentration of this metal by solar evaporation ponds. Although it has been possible to make
reasonable estimates of weather history from other sites in the region, establishing stations for
the collection of weather data is important as early as is practical in a project, in order to ensure
that sufficient historical data has been collected should it later be needed at more advanced
stages.
Page | 68
18 Recommendations
18.1 Exploration Targets on the Antofalla Lithium Property
A brief review of the 34 Lithium Energi concessions indicates significant potential for lithium potassium
boron brine deposits. While lithium is the primary target for developers, potassium and boron results
indicate that these commodities should also be evaluated as possible by products . The results of limited
new exploration, coupled with available historical data, indicates numerous potential target areas that
warrant follow up (Table 18 1).
Table 18 1 Exploration Targets on Lithium Energi's Antofalla Lithium Property.

Target ‘lagoon’ Concession Samples Already Taken Li values Type of work to be undertaken
(or basin) (mg/L)
Auger drilling to 10 m depth.
Laguna Colorados LEA XXII LIEN 005; LIEN 006 203; 15
10 samples proposed
Auger drilling to 10 m depth.
Agua Amarga LEA XXVIII LIEN 007 81
10 samples proposed
Re sample below northern saline
Laguna Caro Tata Grau I LIEN 001 <10 crust, auger 10 m depth.
10 samples proposed
18.2 Exploration Plan
Prior to the commencement of any exploration activities, Environmental Impact Studies are required for
all areas that will be investigated, as mandated by the mining authorities in Argentina. After approval of
those studies, exploration work can commence. During each exploration phase, environmental impacts
should be managed pursuant to the approved Environmental Impact Studies, also required by law.
Results, amendments, and updates are to be filed with provincial authorities. Community relations and
engagement of local employees should be a priority during all phases of exploration.
A two phase exploration plan is recommended for the Antofalla Lithium Property. Phase 1 involves
surface and near surface sampling of brines and inflows using auger drilled holes, ponds and moving
water across at least 50% of the Property, along with initial geophysical surveys of the basins, drilling to
establish basin stratigraphy and conduct water testing, and possible trenching.
With positive results from Phase 1 brine sampling and characterization of the basin geometry, Phase 2
can commence, consisting of deeper drilling for more extensive characterization of basin geometry and
brine chemistry at depth, along with pumping tests in wide diameter holes in order to investigate
various hydrological features, continuation of geophysical surveys, and possible construction of
evaporation pools to conduct brine evaporation testing. Each phase of exploration may take up to 1 year
to complete.
18.3 Phase 1 Exploration
Prior to fieldwork, additional data should be acquired including a DEM, satellite imagery, and digital
geological base map from which catchment basin identification and analysis can be done. Using these, a
desktop review of individual concessions should be conducted to determine which parts of concessions
Page | 69
likely have salar or similar unconsolidated sedimentary cover, and which have local catchments in more
prospective bedrock lithology. This would assist in areas where there is less historical sampling data for
concession prioritization.
Following this, an exploration programme of surface waters (inflows, ponds and moving water) and near
surface (pits or auger drilled holes) should be conducted on approximately 50% of the 34 concessions.
Field sampling should include pH, conductivity, density and temperature at the sample sites and
analytical work should include major cations and anions needed to characterize the water. Similar
methods to those used in 2016 should be employed with the addition of carbonate and pH analyses. This
can be accomplished by a small crew supported out of a local village or field camp.
After reviewing surface and near surface geochemical results, optimal target locations will be identified
for additional auger sampling and/or deeper drill holes using reverse circulation or core drilling.
Trenching may be necessary for brine sampling in areas where the brines were too deep for auger
sampling. Geophysical surveys will be considered based upon geology and topography. Transient
Electromagnetics (TEM), Magnetotellurics (MT), seismic and gravity profiles can map the subsurface of
the basin in order to determine the basin depth (gravity), detect closure faults, conductive aquifers and
determine continuity of stratigraphy between drill holes.
18.4 Phase 2 Exploration
Phase 2 can commence upon positive results from shallow auger drilling and basin geometry
characterization undertaken in Phase 1. The Phase 2 exploration program could start with a continuation
of drilling, however using a drill rig capable of drilling to 200 m. Geophysical surveys begun in Phase 1
may also be continued, to more fully refine the basin parameters discussed in Section 8.2.
As the final step towards a comprehensive evaluation of brines on the Property and validation of flow
rates and extraction viability, drilling in Phase 2 will incorporate a wide diameter rig and methods similar
to those utilized by FMC at SHM to drill pre production test wells. The rig will be truck mounted on a
light vehicle to ensure that exploration areas are not impacted. These holes will be cased with slotted,
poly liners as in Phase 1 to allow flow into cased holes with multiple samples collected for flow and
sediment porosity and permeability testing. Analysis and flow rate test work, including pumping tests
with observation wells, will be undertaken, together with detailed analysis of the sedimentary brine host
for porosity and other hydrological features. Alluvial fans will be drilled to enable stratigraphic and water
testing. Samples will be taken from different depths downhole using a sampling method that will
effectively isolate the sample at that depth. All R/C or core drill holes will use downhole geophysical
surveys. Pumping tests will be considered to determine flow rate potentials. Salar crusts will also be
tested. Holes drilled in Phase 2 will be maintained for future use as production wells after completion of
planning for full scale extraction and production operations. To determine evaporation and the brine
concentration rates, Phase 2 may also include the construction of temporary, above ground pools or
tanks at suitable locations.
Page | 70
18.5 Exploration Budget
The budget for a two phase exploration plan is shown in Table 18 2 below.
Table 18 2 Budget for proposed exploration on the Lithium Energi Property.

EXPLORATION Stage 1 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 TOTALS
Permitting / Environmental Studies $20,000 $5,000 $5,000 $5,000 $5,000 $12,500 $52,500
Senior Geologist $7,500 $7,500 $7,500 $7,500 $7,500 $7,500 $45,000
Project Geologists (2) $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $48,000
Geotechnician $0 $2,000 $2,000 $2,000 $2,000 $2,000 $10,000
Data compilation $0 $7,500 $0 $7,500 $0 $7,500 $22,500
Specialist consulting fees $0 $2,500 $2,500 $2,500 $2,500 $2,500 $12,500
Site Reconnaisance $20,000 $10,000 $5,000 $5,000 $0 $0 $40,000
Sample analysis $0 $2,500 $5,000 $5,000 $5,000 $5,000 $22,500
Reporting, compile exploration data $0 $5,000 $5,000 $5,000 $5,000 $5,000 $25,000
Administration & support $6,000 $10,000 $10,000 $10,000 $10,000 $10,000 $56,000
Contingency @ 20% $12,300 $12,000 $10,000 $11,500 $9,000 $12,000 $66,800
TOTALS $73,800 $72,000 $60,000 $69,000 $54,000 $72,000 $400,800
EXPLORATION Stage 2 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 TOTALS

Permitting / Environmental Studies $20,000 $5,000 $5,000 $5,000 $5,000 $12,500 $52,500
Senior Geologist $7,500 $7,500 $7,500 $7,500 $7,500 $7,500 $45,000
Project Geologists (2) $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $48,000
Geotechnician $0 $2,000 $2,000 $2,000 $2,000 $2,000 $10,000
Data compilation $7,500 $7,500 $7,500 $7,500 $7,500 $7,500 $45,000
Specialist consulting fees $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $60,000
Auger drill rig, support, maintenance $100,000 $50,000 $50,000 $50,000 $50,000 $50,000 $350,000
Stage 4 drilling $0 $0 $150,000 $150,000 $150,000 $0 $450,000
Sample analysis $7,500 $7,500 $7,500 $7,500 $7,500 $7,500 $45,000
Reporting, compile exploration data $7,500 $7,500 $7,500 $7,500 $7,500 $7,500 $45,000
Administration & support $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $90,000
Contingency $36,600 $24,000 $54,000 $54,000 $54,000 $25,500 $248,100
TOTALS $219,600 $144,000 $324,000 $324,000 $324,000 $153,000 $1,488,600
Page | 71
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Page | 74
20 Authors Date and Signatures
Fladgate Exploration Consulting Company
Effective date for “Technical Report Antofalla Lithium Project”: 3 January 2018
“John C. Harrop” {signed and sealed}
John C. Harrop, FGS, P.Geo.
Signed: 23rd February 2018
“Caitlin L. Jeffs” {signed and sealed}
Caitlin L. Jeffs, B.Sc., P.Geo.
“Lesley A. Rose Weston” {signed and sealed}
Lesley A. Rose Weston, M.Sc., Ph.D., P.Geo.
Page | 75
Appendix I Certificates of the Authors
Page | 76
John C. Harrop, B.Sc., P.Geo., FGS

Coast Mountain Geological Ltd.
Suite 488 – 625 Howe Street
Vancouver, BC V6C 2T6
Canada
Telephone: (604) 681.0291
CERTIFICATE OF THE AUTHOR
I, John C. Harrop, do hereby certify that:
1. I am a consulting geologist contracted by Fladgate Exploration Consulting Corporation, the

geological consulting firm tasked with this report.
2. I am a member in good standing of Engineers & Geoscientists of British Columbia (#19122) and a
Fellow in good standing with The Geological Society of London (#1017844).
3. I am a graduate of the University of British Columbia having earned a BSc in Geological Sciences
in 1983.
4. I have practiced geology since that time in a variety of settings, including British Columbia
Ontario, USA, Honduras, Argentina, and Ireland. I have specific experience including various
types of gold, base metal, pegmatite and lithium brine deposit.
5. I have no previous involvement with the Property that forms the subject of this Technical Report.
6. I am independent of the parties involved in the transaction for which this report is required, as
defined in Section 1.4 of NI 43 101.
7. I have read National Instrument 43 101, companion policy NI 43 101CP and Form 43 101F1, and
the Technical Report has been prepared in compliance with that instrument and Form.
8. I am responsible for the Technical Report titled ‘Independent Technical Report on the Antofalla
Lithium Project” dated January 3rd, 2018, specifically for sections 8, 11, and 17, and jointly for 1,
2, 6, and 18.
9. I have not conducted a site visit.
10. As of the effective date of the Report I am not aware of any material fact or material change with
respect to the subject matter of the Report the omission of which would make the Report
misleading.
Effective Date: 3 January 2018

Date of signing: 23 February 2018
Signed and Sealed________

John C. Harrop, B.Sc., P.Geo., FGS
Page | 77

Fladgate Exploration Consulting Corporation
1158 Russell St. Unit D
Thunder Bay, Ontario
Canada
Telephone: (807) 345.5380
I, Caitlin L. Jeffs, do hereby certify that:
1. I am a geologist and Partner of Fladgate Exploration Consulting Corporation, the geological

consulting firm tasked with this report.
2. I am a member in good standing of the Association of Professional Geoscientists of Ontario
(APGO #1488).
3. I am a graduate of the University of British Columbia (Hons. B.Sc., 2002) with a degree in
Geology.
4. I have practiced geology for 15 years in a variety of settings, mostly in Northwestern Ontario,
Canada, and Chile. I have specific experience in brine hosted deposits including due diligence
reviews on projects in the Atacama region of Chile’s Salar de Piedra Parada and Lagunas del
Jilguera, and completing a review of Mongolian geology to identify potential lithium hosting
salars. I have been directly involved in designing and implementing exploration programs,
geological models, and quality assurance quality control procedures and analysis for lithium
projects in northwestern Ontario since 2010.
5. I have no previous involvement with the property that forms the subject of this Technical Report.
respect to the subject matter of the Technical Report that is not reflected in the Technical
Report, the omission to disclose which makes the Technical Report misleading.
7. I am independent of the parties involved in the transaction for which this report is required,
other than providing consulting services, as per Section 1.4 of NI 43 101.
the Technical Report has been prepared in compliance with that instrument and Form.
9. I have conducted a site visit to the Property on 15 December 2017.
10. I am jointly responsible for the Technical Report titled ‘Independent Technical Report on the
Antofalla Lithium Project’ dated January 3rd, 2018 and specifically responsible for sections 3, 4,
10, 12 and jointly for 1, 2, 6, 9, 15, 16 and 18.

Date of Signing: February 23, 2018
Signed and Sealed______
Page | 78
Lesley A. Rose Weston, M.Sc., Ph.D., P.Geo.

Fladgate Exploration Consulting Corporation
1158 Russell St. Unit D
Thunder Bay, Ontario
Canada
Telephone: (807) 345.5380
I, Lesley A. Rose Weston, do hereby certify that:
1. I am a geologist and an employee of Fladgate Exploration Consulting Corporation, the geological

consulting firm tasked with this report.
2. I am a member in good standing of the Association of Professional Geoscientists of Ontario
(APGO #2618).
3. I am a graduate of the University of Western Ontario (1998; Hons. B.Sc.) in Earth Sciences, and
the University of Toronto (2000; M.Sc. and 2007; Ph.D.) in Geology.
4. I have practiced geology and geochemistry both academically and professionally for 11 years in
Ontario, Canada, and Bayreuth, Germany. My experience includes high pressure high
temperature experimental work on metal bearing liquids and publishing this work in
international peer reviewed academic journals (née Lesley Rose), detailed geochemical analyses
of rocks and minerals by SEM, ICP MS, and petrographic microscope both for exploration and
academic purposes, managing an ICP MS department within a Canadian based international
commercial assay laboratory, and managing large exploration geochemical datasets including
QA/QC protocol and analysis.
5. I have no previous involvement with the property that forms the subject of this Technical Report.
respect to the subject matter of the Technical Report that is not reflected in the Technical
Report, the omission to disclose which makes the Technical Report misleading.
7. I am independent of the parties involved in the transaction for which this report is required,
other than providing consulting services, as per Section 1.4 of NI 43 101.
the Technical Report has been prepared in compliance with that Instrument and Form.
9. I have not conducted a site visit.
10. I am jointly responsible for the Technical Report titled ‘Independent Technical Report on the
Antofalla Lithium Project’ dated January 3rd, 2018, and specifically responsible for sections 5, 7
and jointly for 1, 2, 9, 15 and 16.

Date of Signing: February 23, 2018
Signed and Sealed_____
Lesley A. Rose Weston, M.Sc., Ph.D., P. Geo.
Page | 79

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INDEPENDENT TECHNICAL REPORT

ANTOFALLA LITHIUM PROJECT

Catamarca Province, Puna Region, Argentina

Prepared For: Prepared By:

Lithium Energi Exploration Inc. John Harrop, FGS, P.Geo.

Effective Date: January 3, 2018

7.1.5 Upper Oligocene to Lower Miocene (Chacras Formation)........................................36

Figure 4 1 Location of Lithium Energi's Antofalla Lithium Property in northern Catamarca

Table 12 2 Verification sample descriptions.............................................................................................62

LOCATION AND PHYSIOGRAPHY

A comprehensive geochemical sampling program is recommended to characterize the brines and

2.1 Terms of Reference

• Exploration Project Generation, Design, Implementation and Management

• Geochemical Analysis by Petrographic Microscope and Scanning Electron Microscope

2.2 Basis of Report

The Authors have based this report upon:

2.3 Personal Inspection on the Property

2.4 Abbreviations, Units and Conversions

Table 2 1 Glossary of Terms

Table 2 2 Units of Measure

Joule J Short ton (US) t

2.5 Differences between brine and hard rock prospects

3 Reliance on Other Experts

4 Property Description and Location

Figure 4 1 Location of Lithium Energi's Antofalla Lithium Property in northern Catamarca

4.2 General Background on Land Tenure in Argentina

4.2.1 Argentinian Exploration and Mining Permits

4.2.2 Surface Owners vs. Mining and Exploration Rights

4.3 Mineral Concessions of Lithium Energi Exploration Inc.

Figure 4 4 Location of individual mineral concessions making up the Antofalla Lithium

4.4.1 Acquisition of the Properties by Lithium Energi Exploration Inc.

4.4.3 Surface Rights, Social, or Community Factors

4.4.4 Argentinian Provincial Boundaries and the “Zone of Conflict”

In Argentina, a “departamento” is a political subdivision within a province that is analogous to a “county”

4.5 Royalties, Back-in Rights, Payments, or Other Encumbrances

Table 4 2 Shares to be issued.

Table 4 3 Payments to be made and assumed, as per the DA.

Payment Due at 2nd Final Balance to Total to be

4.6 Environmental Liabilities

5 Accessibility, Local Resources, Infrastructure, Climate,

5.1 Accessibility, Local Resources, and Infrastructure

Figure 5 1 Access to the concessions of Lithium Energi’s Antofalla Lithium Property.

Table 5 1 Temperature Ranges of the Exploration Area.

Maximum 10˚ to 15˚C 50˚ to 59˚F

6.1 Prior Ownership of the Property and Ownership Changes

6.2 Type, Amount, Quantity, and General Results of Exploration

6.2.1 2009 Marifil (LEA XXV & XXVI)

6.2.2 2009 Quartz Minerals SA (Tata Grau I & II)

6.2.3 2010 Universidad Nacional de Cordoba (Tata Grau I)

Table 6 1 Past Exploration on the Catamarca Lithium Projects.

7 Geological Setting and Mineralization

7.1 Regional Geology

7.1.1 Lower Paleozoic Crystalline Basement

7.1.2 Lower Paleozoic Sediments and Volcanics

Figure 7 1 Regional geology showing major geologic provinces superimposed on shaded

7.1.3 Upper Paleozoic and Mesozoic Sediments and Volcanics

7.1.4 Upper Eocene to Upper Oligocene (Quiñoas Formation)

7.1.5 Upper Oligocene to Lower Miocene (Chacras Formation)

7.1.6 Lower Miocene to Middle Miocene (Potrero Grande Formation)