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

Potential to be the largest lithium resource globally

Message: Questions 3

19) Fresh Water

Did the company at any time come across fresh water during the drilling of the four holes and what would be the implications of finding fresh water?

20) Environmental issues

According to the current state of knowledge, what would be the biggest environmental issues?

21) In Situ Leach Mining / In-Situ Recovery

Considering the already known depth of the basin and the thickness of the lithium bearing layers, I wonder if the company is currently also looking into In Situ Leach Mining / In-Situ Recovery as proposed by GRE? Considering the nature of the sediments this seems to be the only conceivable option/method to target lithium in the higher mineralized zones as visualised in „Figure 10-2 Lithium Grade Distribution with Depth in Four Holes“ on page 43 of the Mineral Resource Estimate Technical Report. From my point of view this would be the only explanation for the longer-term plan 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.

22) Search for Lithium Brine

Considering the recent „breakthroughs“ with regards to St-Georges Eco-Mining’s Lithim-in-Clay extraction process, is Iconic Minerals still „interested“ in finding lithium brine on the Bonnie Claire claims or will the company focus on the lithium bearing sediments?

23) Cash Demand

Could you please give us a rough estimate what the cash demand will be for the next required steps to advance/derisk the project like bulk sampling, near surface excavation tests, infill drilling, permitting, NI 43-101 resource upgrade, pilot plant operation(s), PEA and PFS?

 24) Master Plan

First of all it is not my intention to offend anyone but considering the skill sets of the current management/board of directors I am wondering what the prefered scenario is with regards to the further development of the Bonnie Claire project. In my opinion Richard Kern did a superb job in staking the claims within this unique basin and he had the foresight to also secure claims in two additional and promising basins. It is out of questions that geology is his area of expertise. However bringing this flagship project into production requires a different set of skills. The way I see it is, that the company won’t be able to bring this project to production or a pre-production stage on it’s own, which leaves either partnering or selling the project once it is further advanced/derisked = Indicated/Measured Resource NI 43-101 approved, advanced metallurgy, pilot operations demonstrating the feasibility, economic efficiency and quality of the end product(s)...

Thanks in advance.




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