MARCH 2018 QUARTERLY REPORTS
• Exceptional Scoping Study financial metrics enhanced by reduction in US Corporate Tax Rate
• JORC Compliant Mineral Resource Estimate (MRE) increased by 27.4 Mt to 120.4 Mt at 6.5% B2O3 (11.6% boric acid (H3BO3) equivalent) and 340 ppm Lithium for 13.9 Mt of contained boric acid
• Commercial scale test well operating with boric acid rich liquor being produced
• Samples of boric acid being prepared for potential partners and customers as part of pilot plant operations
• Lithium studies on-going, exploring Li concentration as part of pilot plant testworks
• North American fertiliser market study confirms major opportunities for both boric acid and SOP with boron the second most consumed micro nutrient in North America
• Reinstatement of air and water quality permit progressing for full scale commercial operations
• Positive ongoing discussions with potential strategic partners considering construction support, project debt and equity financing and product offtake
• Experienced, right sized team recruited and operating from Company’s head office in California • Boric Acid Project Definitive Feasibility Study (“DFS”) on track for completion in early 2H 2018
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