Bonnie Claire Lithium property hosts Inferred resource of 11.8 Billion pounds of lithium carbonate equivalent

Potential to be the largest lithium resource globally

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Message: Questions

1) CEO Verified Discussion Forum

What is the purpose of the launch of a „CEO Verified Discussion“ forum? In my opinion the directors of the company won’t be able to openly discuss the majority of questions asked by interested parties since material announcements have to be presented to all shareholders at the same time via news releases.

2) Bulk tonnage

How much kg or tons of ore from Bonnie Claire did Iconic Minerals send to St-Georges Eco-Mining back in September 2018 and did any additional shipments happened afterwards? How much ore is stored or readily available for additional metallurigcal tests?  Does St-Georges Eco-Mining still has enough material to complete Stage 2? Did they ask for additional material from Iconic Minerals?

3) St-Georges Eco-Mining Report

„An initial draft report for the Phase 1 and parts of Phase 2 of its contractual agreement with Iconic Minerals has been shared confidentially with the principalsof both companies.“ It is my understanding that St-Georges Eco-Mining didn’t deliver a full (stage 1) report on purpose as they will propably file for another patent first. Can you confirm that this is only a strategic approach to protect the IP? It is a little odd that we now have two incomplete phases and no performance shares have been issued yet. Which elements of the phase 2 were accelerated?

„The Company is planning to conduct further tests in the coming days and will follow with the delivery of a confidential draft report to its partner, Iconic Minerals (TSX-V:ICM), that will cover the phase 1 of the development agreement and encompass some elements of the phase 2 for which testing was accelerated.“

„The Company will disseminate further News Releases when any Compensation Shares are issued.“

4) Financing

It is my understanding that this Lithium-in-Clay extraction report in compination with the NI 43-101 RE is criticial to advance discussions with potential strategic partners / financing groups / interested parties etc.  According to the latest financial statement there was next to nil money left to pay the bills / advance neither Bonnie Claire / Smith Creek / Hercules. I understand that the companies intention is to close the open placement announced back in January 2018 for up to $2,805,000 (up to 11,000,000 units  at a price of $0.255 per Unit). http://iconicminerals.com/news/iconic-announces-negotiation-of-equity-financing-up-to-2805000 The company refused thus far to lower the price per unit despite the fact, that the company is trading way below the intented offering price. What alternatives is the company checking right now?

5) St-Georges Private Placement

According to the latest financial statement Iconic Minerals didn’t has the $100,000 to invest into the share capital of St-Georges. Where did the money come from and what are the terms and conditions of this financing deal?

6) Royalty agreement with St-Georges  Eco-Mining

The following statement can be found in the financial statement of Iconic Minerals but is not mentioned in either Iconic Minerals nor St-Georges Eco-Minings press release. "The Company is entitled to receive 20% of royalties received by SX from other operations within a specified area“. I'd like to find out more about the terms and conditions and what this "specified area" means. Are we talking about Nevada?

7) Brine sample results of drill hole BC1801

What happened to the brine sample results and did the company gain any new conclusions? According to the news release from 1st of August 2018 „Brine sampling of BC1801 will take place this week, now that the hole fluids have returned to their natural state." ; „Brine samples will be analyzed by Western Environmental Testing Laboratory." ; „Despite the samples being exposed to contamination from the drilling mud and injected water, samples of water/brine were also collected through the extent of the drill hole. These water/brine samples will be filtered and assayed for lithium and boron to help identify zones which will be targeted for detailed brine sampling.“

8) By-product credits

The company has not revealed much about the concentrations of other elements that may be amenable to recovery including boron or potassium. One can find a few information with regards to potassium content when studying page 46 of the NI 43-101 RE (Figure 11-1 Drill Hole Log for BC 16-01 (First 600 Feet)) but that is all information available. One can get the impression that the company doesn't want to release any information on this topic despite the huge potential of these "by-products". St-Georges Eco-Mining also mentioned High Purity MgO in a previous monthly progress report. Any information regarding the monetization of by products such as potassium of sulphate?

 https://docs.wixstatic.com/ugd/6718b0_767fc4e20aa14018881d8a9d3a4a822b.pdf 

9) Purification of Lithium

What is meant by „commercial“ quality? This is not a common term to describe the qualitiy of lithium hydroxide or any other lithium product.

„Phase 3 testing will focus on purifying the lithium to reach lithium hydroxide commercial quality.“

„Quality of the lithium hydroxide and lithium metal to be produce remains unknown."

10) Exploration plans

Is below statement still the acutal state of affairs and is the company ready to drill after completition of the financing efforts?

 „Final exploration plans are being formulated for five 90 meters (300 feet) deep drill holes to test shallow lithium-rich sediments under linear surface lithium highs at Bonnie Claire. If successful, the area will become a source for further bulk sampling for pilot plant studies, requiring large amounts of sediment. In addition to the ongoing metallurgical work and shallow drilling the longer-term plan is to drill one deep core hole up to 1,200 meters (4,000 feet) deep to determine the vertical extent of the lithium-rich sediments. After the core hole is drilled, ten to fifteen deep mud-rotary holes, spaced roughly 1.6 km (1.0 miles) apart, are planned to greatly expand the soon to be reported resource.“

11) Mining methods

According to GRE conventional mining methods are not expected to be useable for the Bonnie Claire project due to the high water table and full saturation of the mineral resource. In my opinion the considered alternatives (Dredging, Jetted Drilling and Pumpin, In-Situ) doesn't match St-Georges Eco-Minings approach of ore reduction. Which part of the puzzle am I missing here and what are the next stepts to proof the most likely mining concept?

12) PEA / PFS

 Are there any plans to skip the PEA and move directly to the Pre Feasibility Study?

13) "Property B"

 What is the status of this property? According to the AGORACOM company profile the company still has "Two other highly prospective Lithium exploration properties also located in Nevada." but my understanding is, that Iconic Minerals has only optioned Smith Creek right now and the Valley Spring project is availalbe for option since quite some time.

https://www.greatbasinresources.us/2018/03/16/valley-springs/ 

14) Hercules / Spin-out of gold assets

The spin-out of the gold assests has been considered as an option some time ago. e.g. in the Metals News interview with Dr. Allen Alper from 22nd of March 2017.

I'd be interested in an update with regards to the gold assets. It is my understanding that the company has been in default with regards to Hercules for some time and under the terms of the amended agreement has to invest $550,000 on or before November 17, 2019 in exploration expenditures.

"The plan is to spin out the gold assets, unlock the values in each, as a project. The current shareholders would receive a dividend from that spin-off."

http://www.metalsnews.com/Metals+News/MetalsNews/Dr.+Allen+Alper,+PhD+Economic+Geology+and+Petrology,+Columbia+University,+NYC,+USA/FEATURED1154187/Richard+Kern+President+and+CEO+of+Iconic+Minerals+Ltd+(TSXV+ICM+OTC+BVTEF+FSE+YQGB)+Acquiring+and+Exploring+Pr.htm

15) Presentation / Corporate Update / Outlook

When can we expect a updated presentation / outlook  or a corporate update from the company?

Regards,

phobieeee

 

 

 

 

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