[INV4]

Nevada Lithium announces drilling has begun at the Bonnie Claire lithium project

Published: 19 Sep 2023

Nevada Lithium CEO Stephen Rentschler recently shared some exciting developments with Steve Darling from Proactive regarding the company's Bonnie Claire lithium project in Nevada. The company has initiated drilling activities as part of a comprehensive program aimed at supporting a Pre-Feasibility Study for the project. The Bonnie Claire project has already undergone a Preliminary Economic Assessment (PEA) that yielded impressive results. With a Net Present Value (NPV) of $1.5 billion USD and an Internal Rate of Return (IRR) of 23.8%, assuming a lithium carbonate equivalent (LCE) price of $13,400 USD per tonne¹, the project demonstrates substantial economic potential.

Rentschler explained that the drilling program at Bonnie Claire serves two primary objectives. First, it aims to refine the understanding of the existing sediment by drilling two holes to a maximum depth of 3,000 feet or the geological basement. This will provide valuable data for a more comprehensive assessment of the project's geology and resource potential. Second, the drilling program will assess the potential for lithium-bearing brines at the site, which is essential for evaluating the overall lithium resource. The Bonnie Claire lithium project represents a significant asset for Nevada Lithium, and the company's commitment to advancing it further underscores their dedication to harnessing the abundant lithium resources in Nevada. The results of the drilling program will not only contribute to the Pre-Feasibility Study but also shed light on the project's potential to play a pivotal role in the lithium supply chain, given the increasing demand for lithium in various industries, particularly in electric vehicle batteries and renewable energy storage.

https://www.proactiveinvestors.com.au/companies/news/1026852/nevada-lithium-announces-drilling-has-begun-at-the-bonnie-claire-lithium-project-1026852.html

$NVLHF

[Oleblue]

John Kaiser presents at the Metals Investor Forum
This is a good oversight of where the lithium market and what other metals are in demand.

[Oleblue]

$1.5 Trillion Dollars Worth Of 'White Gold' Found In Supervolcano On Nevada-Oregon Border
Tyler Durden's Photo
BY TYLER DURDEN
TUESDAY, SEP 12, 2023 - 09:45 PM
An ancient supervolcano along the Nevada-Oregon border contains what could be the world's largest single deposit of lithium. The findings could reshape the West's supply of the critical metal -- and might even change the geopolitical game with China.

Researchers from Lithium Americas Corporation, GNS Science, and Oregon State University published their findings in the Journal for Science Advances on Aug. 31. They found the McDermitt Caldera, a caldera measuring 28 miles long and 22 miles wide, on the Nevada-Oregon border, contains around 20 to 40 million metric tons of lithium – a figure that would dwarf deposits in Australia and Chile.



Commenting on the findings is Anouk Borst, a geologist at KU Leuven University and the Royal Museum for Central Africa in Tervuren, Belgium, who told Chemistry World that the McDermitt Caldera deposit "could change the dynamics of lithium globally, in terms of price, security of supply and geopolitics."

Data from the United States Geological Survey, presented by Visual Capitalist Bruno Venditti, shows the US lags behind the world in terms of lithium production.



Even though the US has the third largest reserves.

https://www.zerohedge.com/commodities/15-trillion-dollars-worth-white-gold-found-supervolcano-nevada-oregon-border

[Oleblue]

World's biggest lithium reservoir found in supervolcano McDermitt Caldera in Nevada - with $1.5trillion worth of the precious metal that powers world's technology

The world's largest lithium deposit was found on the Nevada-Oregon border
The McDermitt Caldera that formed 16m years ago has about 40m metric tons

By STACY LIBERATORE FOR DAILYMAIL.COM

PUBLISHED: 14:05 EDT, 11 September 2023 | UPDATED: 17:35 EDT, 11 September 2023

Geologists have uncovered what they believe could be the world's largest lithium deposit inside an ancient supervolcano along the Nevada-Oregon border in the US.

Clay containing up to 40 million metric tons of the precious metal was identified throughout the 28-mile-long McDermitt Caldera - nearly double what has been found in Bolivia's salt flats that have long held the record for the most lithium deposits.

While the amount of lithium is based on estimates - no drilling has taken place - scientists have found high concentrations of lithium in the caldera since the 1970s.

As of 2022, the average battery-grade lithium carbonate price was $37,000 per metric ton, meaning the volcano is potentially sitting on $1.48 trillion worth of the precious metal.

Canada-based Lithium Americas Corporation plans to begin mining as early as 2026, mine the region for the next 40 years, and then backfill the pit. However, the plan has been criticized due to the environmental impact of mining and claims that the site is on sacred Native American land.

Lithium is a critical component for batteries that power everything from smartphones to electric vehicles and solar panels - and China has dominated the market for decades because 90 percent of the metal mined is refined in the nation.

The McDermitt Caldera could hold the most lithium in the world. The crater, which formed 19 million years ago, sits along the Nevada-Oregon border. Experts said the extraction process would only need water to remove clay that will be leached to extract lithium

https://www.dailymail.co.uk/sciencetech/article-12504841/Worlds-largest-lithium-deposit-McDermitt-Caldera-US.html

[INV4]

Nevada Lithium holds key to unlocking America’s clean energy future with Bonnie Claire project

Published: 06 Sep 2023

The Bonnie Claire project is positioned to become part of a lithium rush that could redefine America's energy future.



Bonnie Claire has an inferred NI 43-101 compliant mineral resource estimate of approximately 18.4 million tonnes and an average lithium grade of 1,013 parts per million.

Beneath the vast expanse of Nevada's open skies lies a hidden treasure that could reshape the world's energy landscape: lithium. Known as the Silver State for its historical silver mining, Nevada is now poised to become a global leader in a different kind of mining – one that powers the clean energy revolution.

Nevada Lithium Resources Inc (CSE:NVLH, OTCQB:NVLHF), a mineral exploration and development company, has set its sights on harnessing the immense lithium potential that lies beneath its rugged terrain. At the core of their ambitions is the Bonnie Claire lithium project, one of the largest deposits in North America with both sediment-hosted lithium and brine targets. Put simply, Bonnie Claire is positioned to become part of a lithium rush that could redefine America's energy future.

The journey began with Nevada Lithium's acquisition of 20% ownership of Bonnie Claire. The transformative acquisition, finalized in July 2023, granted the company 100% complete control over one of North America's most extensive lithium deposits. What makes Bonnie Claire truly remarkable is its sheer scale: with an Inferred NI 43-101 compliant mineral resource estimate of approximately 18.4 million tonnes and an average lithium grade of 1,013 parts per million, the project is a geological giant, covering an area nearly 1.25 times the size of Manhattan.

However, the real story lies in the numbers generated by the preliminary economic assessment (PEA). At a lithium carbonate equivalent (LCE) price of US$13,400 per tonne, the project revealed a post-tax net present value (NPV8) of US$1.5 billion and a post-tax internal rate of return (IRR) of 23.8%. These figures alone signal the immense economic potential of Bonnie Claire.

Since then, LCE spot prices have surged to recently reach around US$41,000/t, and Bonnie Claire’s NPV responds well to rising lithium prices. At US$20,000/t LCE Bonnie Claire has a post-tax NPV8 of US$3.2 billion and a post-tax IRR of 39.5%. At US$30,000/t, those figures would increase to a staggering post-tax NPV8 of US$5.9 billion and IRR of 60.3%.

Multibillion dollar potential
Nevada Lithium CEO Stephen Rentschler puts it bluntly: “This is a multibillion-dollar project.”

“It moves the needle for large mining houses,” the CEO told Proactive. “It has a mine life of 40 years that can be upsized – currently, we're only using 4% to 6% of the resource. We will also likely bring the grade up as we continue to do infill drilling.”

The economics are in place, even without any company initiatives to bring down costs in the metallurgical lab, and the company has already proven it can produce battery grade lithium carbonate. “There are a lot of things that we can do to make the economics even better,” Rentschler said, such as optimizing reagent costs, which would have a big impact on the IRR.

Filling the lithium supply gap
Nevada Lithium's strategic positioning in the lithium sector aligns perfectly with the surging demand from the electric vehicle (EV) sector. Major automakers like Ford, General Motors, Tesla, and Stellantis have secured supply agreements with lithium producers, recognizing the critical role lithium plays in the EV revolution. With their sights set on a sustainable future, these companies prefer working with entities that have majority ownership over a project, such as Nevada Lithium's 100% control over Bonnie Claire.

The challenge for car companies – and their biggest demand – is how quickly they can get their hands on this lithium. Albemarle Corporation, the US’s sole lithium producer, raised its forecast for 2030 global lithium demand to 3.7MMt LCE – an increase of 15% from its previous forecast due to the impact of the US Inflation Reduction Act and strong EV demand. Albemarle also foresees an 800,000 tonne supply deficit. A project like Bonnie Claire, with its vast resource, could go a long way in helping to fill that gap.

A veteran natural resource investor for institutions in New York, Rentschler thinks there are multiple ways to generate shareholder value. “Can we build it ourselves? Sure, the NPV would certainly make it worthwhile,” the CEO said. “But I’ve seen companies at a similar stage to us that de-risk their projects and receive a significant percentage of the project’s net present value in a much shorter time frame. Either outcome would be great for investors.”

Looking ahead to a sustainable energy future
The story goes beyond economic potential; it's a tale of sustainability and environmental stewardship. Nevada Lithium’s PEA is committed to eco-friendly practices. Their borehole mining technique should minimize surface impact, and they are adopting a recovery process that avoids the use of sulfuric acid. Moreover, the region's abundant renewable energy sources, including solar and hydroelectric power, ensure a minimal greenhouse gas footprint.

Looking ahead, Nevada Lithium has significant milestones in store. The company is pursuing additional metallurgical results, upgrading the confidence level of its resource through a 2023 in-fill drill program, and targeting a prefeasibility study by the end of 2024.

As Nevada's lithium potential gains momentum, Bonnie Claire is a prime example of the kind of deposit that is required for a cleaner, greener energy future. Nevada's lithium rush has just begun, and the world is watching, for the future of clean energy may well be written in the rocks beneath its sun-drenched deserts.

https://www.proactiveinvestors.com/companies/news/1025704/nevada-lithium-holds-key-to-unlocking-america-s-clean-energy-future-with-bonnie-claire-project-1025704.html?region=ca

$NVLHF

[Oleblue]

Learn about the 8 EMA developed by one of Steve Bigalow's students in his trading group. It works on any time frame. Steve has free webinar's on Thursday nights at 8 PM EST.

Go to EVENTS and sign up on Thusday.

https://stephenbigalow.com/events/

Here is last Thursday's Webinar:

https://stephenbigalow.s3.amazonaws.com/Thursday+Recordings/stock-chat-83123.mp4

You can download the video to your harddrive.

[INV4]

With this market cap, NVLHF is trading at about 1% of its "potential" value (Bonnie Claire Project) with recent lithium prices IMHO.

================

NVLHF SECURITY DETAILS
Share Structure

Market Cap | 47,402,072 | 09/01/2023
Authorized Shares | Unlimited | 08/28/2023
Outstanding Shares | 211,201,534 | 08/28/2023
Restricted | 42,596,333 | 08/28/2023
Unrestricted | 168,605,201 | 08/28/2023
Held at DTC | 19,623,293 | 08/28/2023
Float | 59,384,291 | 11/30/2022

https://www.otcmarkets.com/stock/NVLHF/security

================

From Nevada Lithium Resources Inc Investor Presentation
Published On: June 22, 2022
https://nvlithium.com/investor/presentation-reports/

BONNIE CLAIRE PROJECT (100%)
PRELIMINARY ECONOMIC ASSESSMENT (PEA)
Effective Date August 20, 2021

Location: Nevada, USA
Ownership: 100% Nevada Lithium
Project Type: Lithium-bearing sediments
Annual Production LCE: 32,300 LCE (tonnes)
Mine-Life: 40 years
IRR after tax: 23.8%
Net Present Value (8%) after tax: $1,5 Billion!!
Assumed LCE Price: $13,400 / tonne
Payback Period after tax: 6.7 Years
Upfront Capital Costs: $547 Million including $126 Million in contingency
All in Sustaining Costs: $6,057 / tonne LCE

LCE Price $13,400 / tonne
NPV (8%) $ MM after tax $1,497 Billion
IRR after tax 23.8%

LCE Price $20,000/ tonne
NPV (8%) $ MM after tax $3,248 Billion
IRR after tax 39.5%

LCE Price $25,000 / tonne
NPV (8%) $ MM after tax $4,572 Billion
IRR after tax 50.2%

LCE Price $30,000 / tonne
NPV (8%) $ MM after tax $5,897 Billion
IRR after tax 60.3%

================

Daily Metal Spot Prices
Lithium Price (USD / Short Ton) for the Last Day

From https://www.dailymetalprice.com/metalprices.php?c=li&u=mt&d=1

Lithium Prices for the Last Day (Sep 4, 2023):
Lithium (t): $25,142.27
Date: Sep 4, 2023
Lithium Price (USD / Short Ton)

Lithium Prices for the Last Day (Sep 4, 2023):
Lithium (mt): $27,714.61
Date: Sep 4, 2023
Lithium Price (USD / Metric Ton)

$NVLHF

[Oleblue]

It looks to have bottomed out and the OBV is in an uptrend.



My biggest holding is LWLG which has a polymer that will reduce the electrical reqiuirement and increase the speed of data centers.

[INV4]

Nice article and good to see you here Oleblue (felt a bit lonely on this NVLHF board) LOL! 😄

Have you seen the video (Nevada Lithium Webinar July 23) on the homepage?
https://nvlithium.com
(at 27:00 they talk about "socially responsible" lithium)

ESG-ALIGNED ADVANTAGES
Manufacturers and consumers want “socially responsible” lithium.
We will meet the challenge with innovation and understanding.

Size matters
Pre-Concentrate
No Acid

Solar is Easy
Death Valley is Next Door

US Lithium
North American Users
Minimize Carbon Footprint

$NVLHF

[Oleblue]

What’s the most sustainable way to mine the largest known lithium deposit in the world?

The McDermitt Caldera in Nevada and Oregon could hold up to 100 megatons of lithium. Now companies are proposing a new method for mining it.

By Rahul Rao | Published Aug 30, 2023 4:30 PM EDT

Environment
Technology

Lithium samples from the proposed Thacker Pass mining site in the McDermitt Caldera lithium deposit
The clay mixture from which lithium would be extracted if a mine were to be permitted in Nevada's Thacker Pass. Carolyn Cole / Los Angeles Times via Getty Images
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At first glance, the McDermitt Caldera might feel like the edge of the Earth. This oblong maze of rocky vales straddles the arid Nevada-Oregon borderlands, in one of the least densely populated parts of North America.

But the future of the modern world depends on the future of places like the McDermitt Caldera, which has the potential to be the largest known source of lithium on the planet. Where today’s world runs on hydrocarbons, tomorrow’s may very well rely on the element for an expanding offering of lithium-ion batteries. The flaky silver metal is a necessity for these batteries that we already use, and which we’ll likely use in far greater numbers to support mobile phones, electric cars, and large electric grids.

Which is why it matters a ton where we get our lithium from. A new study, published in the journal Science Advances today, suggests that McDermitt Caldera contains even more lithium than previously thought and outlines how the yet-to-be-discovered stores could be extracted. But these results are unlikely to ease the criticisms about the environmental costs of mining the substance.

[Related: Why solid state batteries are the next frontier for EV makers]

By 2030, the world may require more than a megaton of lithium every year. If previous geological surveys are correct, then the McDermitt Caldera—the remnants of a 16-million-old volcanic supereruption—could contain as many as 100 megatons of the metal.

“It’s a huge, massive feature that has a lot of lithium in it,” Tom Benson, one of the authors of the new paper and a volcanologist at Columbia University and the Lithium Americas Corporation.

One high-profile project, partly run by Lithium Americas Corporation, proposes a 17,933-acre mine in the Thacker Pass, on the Nevada side of the border at the caldera’s southern edge. The project is contentious: Thacker Pass (or Peehee Mu’huh in Northern Paiute) sits on land that many local Indigenous groups consider sacred. Native American activists are continuing to fight a plan to expand the mine-exploration area in court.

But not all of the lithium under McDermitt’s rocky sands ranks the same. Most of the desired metal there comes in the form of a mineral called smectite; under certain conditions, smectite can transform into a different mineral called illite that can sometimes also be processed for lithium. Benson and his colleagues studied samples of both smectite and illite drilled from the ground throughout the caldera. “There’s lithium everywhere you drill,” he says.

Previously, geologists assumed that you could find both smectite and illite in a wide distribution across the caldera, but the authors only found the latter in high concentrations in the caldera’s south, around Thacker Pass. “It’s constrained to this area,” explains Benson.
McDermitt Caldera map with colored dots for lithium mining assays
Benson et al. (2023)

That’s important. Benson and colleagues think that the caldera’s illite formed when lithium-rich fluid, heated by the underlying volcano, washed over smectite. In the process, the mineral absorbed much of the lithium. Consequently, they project the illite in Thacker Pass holds more than twice as much lithium than the neighboring smectite.

“That’s really helpful to change exploration strategy,” Benson says. “Now we know we have to stick in the Thacker Pass area if we want to find and mine that illite.”

Some of Thacker Pass’s proponents believe that would result in fewer costs and less damage from mining. Anyone who deals with lithium is, on some level, aware of the environmental costs. The recovery process produces pollutants like heavy metals, sucks up water, and emits tons of greenhouse gases. By one estimate, fitting a new electric vehicle with its lithium battery can result in upwards of 70 percent more carbon emissions than building an equivalent petrol-powered car (although the average electric car will more than make up the difference with day-to-day use).

That said, not all extraction is the same. There are two main types of lithium sources: brine recovery and hard-rock mining. Some of the lithium we use comes from super salty pools. Over millions of years, rainwater percolates through lithium-containing rocks, dissolves the metal, and carries it to underground aquifers. Today, humans pump brine to the surface, evaporate the water, add a slurry of hydrated lime to keep out unwanted metals, and extract the lithium that’s left behind. Much of the world’s brine lithium today comes from the “lithium triangle” of Argentina, Bolivia, and Chile—one of the world’s driest regions.

Alternatively, we can directly mine lithium ores from the earth and process them as we would with most other metals. Separating lithium from ore typically involves crushing the rock and heating it up to temperatures of more than 1,000 degrees Fahrenheit. Getting to those high temperatures often requires fossil fuels in the first place. This method is less laborious and costly than brine extraction, but also far more carbon-intensive.

[Related: Inside the high-powered process that could recycle rare earth metals]

McDermitt Caldera’s smectite and illite belong to what some lithium watchers see as a new third category of extraction: volcanic sedimentary lithium. When volcanic minerals containing lithium flow into nearby valleys and react with the loose dirt, they leave behind lithium-rich sediments that require little energy and processing to separate.

With the new alternative, mining proponents claim they can drastically reduce the environmental impact of their current and future activities at Thacker Pass. And the research by Benson’s team seems to suggest that, if lithium companies probe in the right places, they might get rewarded more for their efforts.

But this is likely little comfort to lithium-mining opponents in Oregon and Nevada, whose criticisms will be considered as the Bureau of Land Management maps out drilling in the deposit. Their case parallels those of Indigenous Chileans who oppose lithium extraction near their homes in the Atacama and locals fighting a lithium mining project near Portugal’s northern border. Together, they’re fighting a world that’s growing hungrier for lithium, along with new ways and places to exploit it.

https://www.popsci.com/environment/lithium-mining-mcdermitt-caldera/

[INV4]

Nevada Lithium Resources prepares for drilling as fieldwork begins at Bonnie Claire Lithium Project

Wed, August 30, 2023

Nevada Lithium CEO Stephen Rentschler joined Steve Darling from Proactive to share news the company has announced that it is poised to commence drilling activities shortly on its lithium project.

To facilitate this, site preparations are already underway following the approval of the Plan of Operations by the US Bureau of Land Management in the previous year. Notably, the approved exploration area spans 4,146 acres, with 3,271 acres encompassing salt playa.

The core drilling program is a crucial step for Nevada Lithium, with drilling depths expected to reach up to 2,000 feet. This initiative serves multiple purposes, including gathering material for metallurgical testing and geochemical sampling.

These activities contribute to the Pre-Feasibility Study, which builds upon the company's Preliminary Economic Assessment conducted in 2022.

Rentschler emphasized the strategic significance of the drilling program, highlighting its role in elevating the confidence level of the mineral resource. Specifically, the company aims to shift mineral resource classification from inferred to indicated and measured categories.

This progression underscores Nevada Lithium's commitment to advancing its lithium project with a well-informed and systematic approach.

In addition to core drilling, the program encompasses a range of geological, geotechnical, and hydrogeological activities. Core logging and geophysical surveying will enhance the geological understanding of the project, while geotechnical analysis and water sampling contribute to comprehensive site characterization.

Furthermore, the geophysical survey results will aid in targeting permeable zones ahead of pumping tests, optimizing future resource assessment and project development. As Nevada Lithium embarks on this ambitious drilling program, the company positions itself to further unlock the potential of its lithium project.

Contact Details
Proactive Investors
[phone]
[e-mail]

View source version on newsdirect.com: https://newsdirect.com/news/nevada-lithium-resources-prepares-for-drilling-as-fieldwork-begins-at-bonnie-claire-lithium-project-176284290

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$NVLHF

[INV4]

Nevada Lithium Updates 2023 Exploration Program Progress at 100% Owned Bonnie Claire Lithium Project, Nevada, USA

Press Release | 08/09/2023

Vancouver, British Columbia--(Newsfile Corp. - August 9, 2023) - Nevada Lithium Resources Inc. (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K) ("Nevada Lithium" or the "Company") is pleased to provide an update on the 2023 mineral exploration and development work on its 100% owned Bonnie Claire Lithium Project (the "Project" or "Bonnie Claire"), located in Nye County, Nevada. The work program is designed to support a Pre-Feasibility Study (PFS), building upon the Company's 2022 NI 43-101 Preliminary Economic Assessment (as defined below) for Bonnie Claire. The PEA (as defined below) indicates a Net Present Value (8%) of $1.5 Billion USD and 23.8% IRR (both after tax) using a $13,400 USD per tonne LCE price1.

Highlights:
Core drilling program designed to follow-up on the successful 2022 program which returned high grade lithium values at Bonnie Claire, including 3,201 ppm Li over 520 ft (158 m) within a wider interval of 1,315 ppm Li over 2,000 ft (610 m) (see the Company's news release dated December 7, 2022).

Expand upon the recent production of marketable battery grade lithium carbonate with the production of marketable battery grade lithium hydroxide and other marketable products (see the Company's news release dated February 27, 2023).

Examine the potential for lithium bearing brines at Bonnie Claire through the extension of select core holes past 2,000 feet (610 meters) to the geological "basement" combined with results from planned 3D seismic surveys.

Nevada Lithium CEO, Stephen Rentschler, comments: "Following the success of our recently completed financings, we are excited to provide an update on the 2023 work program. The 2023 program is designed to propel the Project towards Pre-feasibility Study (PFS) completion. We will also investigate the potential for lithium bearing brines on the Project and look forward to the possibility of adding even more value for shareholders."

2023 Work & Exploration Program
The Company is pleased to announce that drilling is expected to commence shortly on the Project. Site preparations have begun under the Plan of Operations (the "Plan") that was approved by the US Bureau of Land Management (BLM) last year (see the Company's news release dated November 22, 2022). The permitted exploration area covers 4,146 acres (16.78 square kilometers), of which, 3,271 acres (13.24 square kilometers) are salt playa.

Having the baseline environmental and related studies in place will aid in advancing further permitting of the Project. The Plan is anticipated to be further expanded in 2023.

The core drilling program will test to depths of 2,000 feet (610 meters) and gather material for metallurgical testing, and geochemical sampling, to support a targeted increase in mineral resource confidence from the inferred category to the indicated and measured categories. As part of the program, geological core logging, geotechnical analysis, and water sampling will be completed. Geophysical surveying of the core holes will also be completed and aid in targeting permeable zones ahead of pumping tests.

Additional testing on two of these core holes will be performed to support the Company's examination of the potential for lithium bearing brines at Bonnie Claire. As part of this testing, two of the core holes will be extended past 2,000 feet (610 meters) to the geological "basement". Information from these holes will be combined with the results from a detailed 3d seismic survey that is expected to commence before the end of the year. Interpretation of these combined results will determine next steps in this re-examination, which are anticipated to be the drilling of one or more wells targeting brine at Bonnie Claire.

Ongoing metallurgical testing is being conducted by Hazen Research Inc. ("Hazen") under the guidance of Global Resource Engineering Ltd. The metallurgical work program being advanced by Hazen resulted in the production of marketable battery grade lithium carbonate, as announced earlier this year (see the Company's news release of February 27, 2023). The source material for ongoing metallurgy is core from last year's drilling and will be supplemented with material from the pending 2023 drill program.

Hazen continues to build upon the work completed as part of the PEA, including the essential components required to support a Prefeasibility Study on the Project. This includes further derisking and demonstration of the flowsheet through to the production of marketable battery grade lithium hydroxide and other marketable products, including sulfate of potassium fertilizer.

The Company had previously contracted Barr Engineering Company of Minneapolis to design and execute a demonstration test program for borehole mining at Bonnie Claire. This ongoing work is being supplemented by the work of Kinley Exploration LLC, located in Overland Park, Kansas. Geotechnical information collected from core holes and down-hole well testing will be used to design and carry-out the borehole test. A borehole mining approach offers the opportunity to significantly reduce surface disturbance compared to a conventional open pit operation.

About Nevada Lithium Resources Inc.
Nevada Lithium Resources Inc. is a mineral exploration and development company focused on shareholder value creation through its core asset, the Bonnie Claire Lithium Project, located in Nye County, Nevada, where it holds a 100% interest.

Bonnie Claire has a current NI 43-101 inferred mineral resource of 3,407 million tonnes (Mt) grading 1,013 ppm Li for 18.372 million tonnes (Mt) of contained lithium carbonate equivalent (LCE), at a cut-off grade of 700 ppm Li1.

The PEA for Bonnie Claire indicates a Net Present Value (8%) of $1.5 Billion USD (after tax) using $13,400 USD per tonne LCE and after-tax IRR of 23.8%. With an LCE price of $30,000 USD per tonne, the Net Present Value (8%) of the Project is $5.9 Billion USD (after tax) and an IRR of 60.3% 1.

For further information on Nevada Lithium and to subscribe for updates about Nevada Lithium,
please visit its website at: https://www.nvlithium.com/

QP Disclosure
The technical information in the above disclosure has been reviewed and approved by the designated Qualified Person under National Instrument 43-101, Jeff Wilson, PhD, P.Geo, Vice President of Exploration for Nevada Lithium. Dr. Wilson is not independent of Nevada Lithium, as he is Vice President of Exploration for Nevada Lithium.

1See Preliminary Economic Assessment NI 43-101 Technical Report on the Bonnie Claire Lithium Project, Nye Country, Nevada authored by Terre Lane, J. Todd Harvey, MBA, PhD, Hamid Samari, PhD and Rick Moritz (Effective date of August 20, 2021, and Issue date of February 25, 2022) (the "PEA" or the "Preliminary Economic Assessment") as summarized in Nevada Lithium news release dated October 13, 2021, which are available on Nevada Lithium's SEDAR profile at www.sedar.com. Results of the Preliminary Economic Assessment represent forward-looking information. This economic assessment is by definition preliminary in nature and includes inferred mineral resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the Preliminary Economic Assessment will be realized. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

On behalf of the Board of Directors of Nevada Lithium Resources Inc.

"Stephen Rentschler"
Stephen Rentschler, CEO

For further information, please contact:

Nevada Lithium Resources Inc.
Stephen Rentschler, CEO and Director
Phone: [phone]
E-mail: [e-mail]

Media Inquiries
E-mail: [e-mail]

Find Nevada Lithium on Twitter

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release. The Canadian Securities Exchange has not approved or disapproved of the contents of this news release.

Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. These statements relate to matters that identify future events or future performance. Often, but not always, forward looking information can be identified by words such as "could", "pro forma", "plans", "expects", "may", "will", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved.

The forward-looking statements contained herein include, but are not limited to statements regarding: the performance of the Project and results of the Plan (including, without limitation, its mineral resources, current claims and its ability to utilize global lithium needs); and the performance of lithium as a commodity, including the sustained lithium demand and prices.

In making the forward looking statements in this news release, Nevada Lithium has applied several material assumptions, including without limitation: market fundamentals that result in sustained lithium demand and prices; the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of Bonnie Claire in a timely manner; the availability of financing on suitable terms for the development; construction and continued operation of Bonnie Claire; the Project containing mineral resources; and Nevada Lithium's ability to comply with all applicable regulations and laws, including environmental, health and safety laws.

Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect Nevada Lithium's management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of managements considered reasonable at the date the statements are made. Although Nevada Lithium believes that the expectations reflected in such forward-looking statements are reasonable, such information involves risks and uncertainties, and under reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements expressed or implied by Nevada Lithium. Among the key risk factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Project; estimation or realization of mineral reserves and mineral resources, requirements for additional capital; future prices of precious metals and lithium; changes in general economic, business and political conditions, including changes in the financial markets and in the demand and market price for commodities; possible variations in ore grade or recovery rates; possible failures of plants, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays or the inability of Nevada Lithium to obtain any necessary approvals, permits, consents or authorizations, financing or other planned activities; changes in laws, regulations and policies affecting mining operations; currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities; risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on Nevada Lithium's business; as well as those factors discussed under the heading "Risk Factors" in Nevada Lithium's latest Management Discussion and Analysis and other filings of Nevada Lithium with the Canadian Securities Authorities, copies of which can be found under the respective party's profile on the SEDAR+ website at www.sedarplus.ca.

Should one or more of these risks or uncertainties materialized, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Nevada Lithium has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Nevada Lithium does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

https://www.otcmarkets.com/stock/NVLHF/news/Nevada-Lithium-Updates-2023-Exploration-Program-Progress-at-100-Owned-Bonnie-Claire-Lithium-Project-Nevada-USA?id=410168

To view the source version of this press release, please visit:
https://www.newsfilecorp.com/release/176543

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NVLHF SECURITY DETAILS
Share Structure

Market Cap | 44,323,447 | 07/28/2023
Outstanding Shares | 211,064,034 | 07/28/2023
Restricted | 42,596,333 | 07/28/2023
Unrestricted | 168,467,701 | 07/28/2023

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Market Cap | 10,564,165 | 07/25/2023
Outstanding Shares | 61,814,890 | 06/27/2023
Restricted | 663,000 | 06/27/2023
Unrestricted | 61,151,890 | 06/27/2023

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Nevada Lithium Webinar July 23!

https://nvlithium.com

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Daily Metal Spot Prices
Lithium Price (USD)

From https://www.dailymetalprice.com/metalprices.php?c=li&u=mt&d=1

Lithium Prices for the Last Day (Jul 13, 2023):
Lithium (t): $38,943.66
Date: Jul 13, 2023
Lithium Price (USD / Short Ton)

Lithium Prices for the Last Day (Jul 13, 2023):
Lithium (mt): $42,928.04
Date: Jul 13, 2023
Lithium Price (USD / Metric Ton)

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Nevada Lithium Completes Acquisition of 100% Ownership of Bonnie Claire Lithium Project, Nevada USA with Robust PEA Economics of USD $1.5 Billion NPV (After Tax) and Receives Proceeds from $11.3M Concurrent Financings

Vancouver, British Columbia--(Newsfile Corp. - July 10, 2023) - Nevada Lithium Resources Inc. (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K) ("Nevada Lithium") and Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) ("Iconic") are pleased to announce that they have completed the previously announced plan of arrangement under the Business Corporations Act (British Columbia) (the "BCBCA"), whereby Nevada Lithium acquired Iconic's 50% interest in the Bonnie Claire lithium project (the "Bonnie Claire Project") located in Nye County, Nevada (the "Arrangement"). Upon completion of the Arrangement, Nevada Lithium now holds a 100% interest in the Bonnie Claire Project. In connection with the completion of the Arrangement Nevada Lithium will receive the gross proceeds from the Concurrent Offerings (as defined below) totalling $11,320,998, which included participation from several investors.

Stephen Rentschler, Chief Executive Officer of Nevada Lithium, stated: "We are pleased to announce the completion of the previously announced transaction with Iconic resulting in 100% ownership of the Bonnie Claire lithium deposit by Nevada Lithium, and welcome the new shareholders who have been created as a result of this transaction. Nevada Lithium is currently engaged in Pre-Feasibility Study work, as well as strategic dialog with lithium end-users. Consolidation of asset ownership has been one of the key factors in discussions, and we are confident that this transaction will be instrumental in unlocking shareholder value."

Richard Kern, President/CEO of Ionic and Chief Operating Officer and director of Nevada Lithium, added: "The Bonnie Claire lithium deposit has developed into a resource of potential global significance with its size, grade and location in Nevada, USA. Consolidation of 100% ownership within Nevada Lithium will provide a more efficient and effective structure for the continued advancement of the Bonnie Claire Project and allow Iconic shareholders to continue to participate in future value creation as shareholders of Nevada Lithium."

Mr. Rentschler continued, "Lithium Carbonate Equivalent (LCE) prices are now many times higher than the assumed prices used in our robust Preliminary Economic Assessment, where at a base case pricing assumption of $13,400 USD / tonne LCE the Bonnie Claire Project returned an NPV of $1.5 Billion USD (ATAX 8%)1. Recent 2022 drill program results have also returned the highest lithium values ever recorded at the Bonnie Claire Project, including 3,201 ppm Li over 520 ft (158 m) within a wider interval of 1,315 ppm Li over 2,000 ft (610 m)2. With a projected annual production rate of over 30,000 tonnes of LCE, and a resource base that indicates the ability to upsize potential production further, the Bonnie Claire Project has the potential to play a significant role in meeting global lithium needs."

1 See Preliminary Economic Assessment NI 43-101 Technical Report on the Bonnie Claire Lithium Project, Nye Country, Nevada authored by Terre Lane, J. Todd Harvey, MBA, PhD, Hamid Samari, PhD and Rick Moritz (Effective date of August 20, 2021, and Issue date of February 25, 2022) as summarized in Nevada Lithium news release dated October 13, 2021, which are available on Nevada Lithium's SEDAR profile at www.sedar.com. Results of the Preliminary Economic Assessment (PEA) represent forward-looking information. This economic assessment is by definition preliminary in nature, and includes inferred mineral resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Assumes 68% recovery by borehole.

2 See Nevada Lithium news release dated December 7, 2022.

Bonnie Claire Project
The Bonnie Claire Project is located within Sarcobatus Valley, which is approximately 30 km (19 miles) long and 20 km (12 miles) wide. Quartz-rich volcanic tuffs containing anomalous amounts of lithium occur within and adjacent to the valley. Drill results from the salt flat include 2,054 ppm Li over 67.1 m (220 ft) as well as a 475 m (1560 ft) vertical intercept averaging 1153 ppm Li. Bonnie Claire is one the largest lithium resources in North America with a current NI 43-101 inferred mineral resource of 3,407 million tonnes (Mt) grading 1,013 ppm Li for 18,372 million kilograms of contained lithium carbonate equivalent (LCE), at a cut-off grade of 700 ppm Li. Mineral resources are not mineral reserves as they do not have demonstrated economic viability.

Nevada Lithium's 2022 NI 43-101 Preliminary Economic Assessment shows attractive investment metrics even at low LCE prices. At $13,400 USD per tonne LCE, the Net Present Value of the Project is $1.5 Billion USD (after tax) using an eight percent (8%) discount rate and the Bonnie Claire Project has after tax IRR of 23.8%. With an LCE price of $30,000 USD per tonne, the Net Present Value (8%) of the Bonnie Claire Project is $5.9 Billion USD and the IRR is 60.3% (after tax)3.

The gravity low that characterizes the valley is approximately 20 km (12 miles) long, and the current estimates of depth to basement rocks range from 600 to 1,200 meters (2,000 to 4,000 feet). The current claim block covers an area of 74 km2 (28.6 mi2) with potential for brine systems and further sediment resources.

3 See Preliminary Economic Assessment NI 43-101 Technical Report on the Bonnie Claire Lithium Project, Nye Country, Nevada authored by Terre Lane, J. Todd Harvey, MBA, PhD, Hamid Samari, PhD and Rick Moritz (Effective date of August 20, 2021, and Issue date of February 25, 2022) as summarized in Nevada Lithium news release dated October 13, 2021, which are available on Nevada Lithium's SEDAR profile at www.sedar.com. Results of the Preliminary Economic Assessment (PEA) represent forward-looking information. This economic assessment is by definition preliminary in nature, and includes inferred mineral resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Assumes 68% recovery by borehole.

Summary of the Arrangement
The Arrangement was carried out pursuant to the terms of a definitive arrangement agreement dated March 24, 2023, as amended (the "Arrangement Agreement"), between Nevada Lithium, Iconic, a wholly-owned subsidiary of Nevada Lithium, 1406917 B.C. Ltd. ("Nevada Lithium MergeCo") and a wholly-owned subsidiary of Iconic, 1259318 B.C. Ltd. ("Iconic MergeCo").

In connection with the completion of the Arrangement, the parties carried out, among other things, the following:

a. Iconic's 50% interest in the Bonnie Claire Project, that was previously held through Iconic's Nevada subsidiary, Bonaventure Nevada Inc., has been transferred to a newly incorporated Nevada subsidiary of Iconic MergeCo, Bonnie Claire Lithium Resources Corp.;

b. Iconic filed articles of amendment in accordance with the BCBCA to amend its authorized share structure (the "Iconic Capital Alteration") to provide for the following:

I. all of the issued and unissued common shares in the capital of Iconic (each, an "Iconic Common Share") were renamed and redesignated as "Class A common shares without par value", and the special rights and restrictions attached to those shares were varied to provide the holders thereof with two votes in respect of each share held;

II. a new class consisting of an unlimited number of "common shares without par value" was created (each, an "Iconic New Common Share") with terms and special rights and restrictions identical to those of the Iconic Common Shares immediately prior to the effective time of the Arrangement; and

III. following the Iconic Share Exchange (as defined below), all of the issued Iconic Common Shares were cancelled and the authorized share structure of Iconic was altered by eliminating the Iconic Common Shares;

c. each of the issued and outstanding Iconic Common Share (as renamed and redesignated Iconic Class A common shares) was exchanged for:

I. one Iconic New Common Share; and

II. a fractional amount of an Iconic MergeCo share, such that after giving effect to the Iconic Share Exchange, each shareholder of Iconic held a proportionate interest in Iconic MergeCo, provided that Iconic retained a 10% interest in Iconic MergeCo (the "Iconic Share Exchange");

d. Iconic MergeCo amalgamated with Nevada Lithium MergeCo and continued as one corporation under the BCBCA;

e. Nevada Lithium issued an aggregate of 66,912,827 common shares as consideration for the Arrangement (the "Consideration Shares"), of which 60,221,528 Consideration Shares were received by the Iconic shareholders and 6,691,299 were received by Iconic, representing, in the case of the Iconic shareholders, 0.4082576248 Consideration Share for each one Iconic common share held;

f. 1406923 B.C. Ltd. ("Nevada Lithium Subco") and 1396483 B.C. Ltd. ("Nevada Lithium FinCo") amalgamated and continued as one corporation under the BCBCA. Upon closing of the Arrangement, each Nevada Lithium FinCo common shares and each Nevada Lithium FinCo common share purchase warrant was exchanged on a one-for-one basis, respectively, for common shares in the capital of Nevada Lithium (the "Nevada Lithium Shares") and Nevada Lithium Warrants (as defined below);

g. Nevada Lithium issued to Iconic an aggregate of 4,000,000 Nevada Lithium warrants, each of which entitle the holder thereof to purchase one Nevada Lithium Share for a period of two years from the closing of the Arrangement at an exercise price of $0.20 per Nevada Lithium Share (the "Nevada Lithium Warrants");

h. Nevada Lithium granted to certain eligible persons associated with Iconic an aggregate of 3,930,000 stock options, bearing the same terms as the Nevada Lithium stock options that were outstanding immediately prior to the completion of the Arrangement, including as to duration and exercise price;

i. Nevada Lithium paid to Iconic a $500,000 structuring fee and reimbursed certain expenses and contractual obligations of Iconic in respect of the Bonnie Claire Project arising prior to the effective date of the arrangement, including legal, contract management and other professional fees incurred by Iconic in connection with the Arrangement;

j. the board of directors of Nevada Lithium was reconstituted to consist of five members, comprised of: Stephen Rentschler, Scott Eldridge, Richard Kern, Keturah Nathe and Jerry Wang; and

k. Mr. Stephen Rentschler will continue to serve as CEO of Nevada Lithium; Mr. Richard Kern, the current CEO of Iconic, has been appointed the COO of Nevada Lithium; Mr. Kelvin Lee resigned as the CFO of Nevada Lithium and Ms. Catherine Lathwell was appointed as the CFO of Nevada Lithium in Mr. Lee's stead.

Concurrent Financings
In connection with the completion of the Arrangement, the gross proceeds totaling $11,320,998, derived from Nevada Lithium's February 24, 2023 non-brokered private placement of 36,680,000 subscription receipts ("FebruaryOffering") and Nevada Lithium's June 20, 2023 non-brokered private placement offering of 41,333,333 subscription receipts (the "June Offering" and together with the February Offering, the "Concurrent Offerings") were released from escrow and the subscription receipts issued pursuant to the February Offering (the "February Subscription Receipts") and the subscription receipts issued pursuant to the June Offering (the "June Subscription Receipts") were automatically converted into units of Nevada Lithium, as described in Nevada Lithium's press releases dated February 24, 2023 and June 20, 2023 respectively. PowerOne Capital Markets Limited acted as finder in connection with the Concurrent Offerings.

The holders of promissory notes of Nevada Lithium (the "Promissory Notes") in the principal amount of $535,998 entered into debt conversion agreements whereby immediately prior to the closing of the Arrangement, the principal amount outstanding under the Promissory Notes was converted into units of Nevada Lithium on the same terms as the February Subscription Receipts.

Nevada Lithium intends to use the net proceeds from the February Offering and the June Offering for exploration activities at the Bonnie Claire Project as well as for working capital requirements and other general corporate purposes.

The securities distributed pursuant to the Arrangement, the February Offering and the June Offering have not and will not be registered under the U.S. Securities Act of 1933 or any U.S. state securities laws and may not be offered or sold in the United States unless the securities have been registered under the U.S. Securities Act of 1933 and any applicable state securities laws, or in compliance with the requirements of an exemption therefrom.

Legal Advisors
Garfinkle Biderman LLP acted as legal counsel to Nevada Lithium in connection with the Arrangement.

Lotz & Company acted as legal counsel to Iconic in connection with the Arrangement.

Qualified Person
The technical information in the above disclosure has been reviewed and approved by the designated Qualified Person (QP) under National Instrument 43-101, Jeff Wilson, PhD, P.Geo, Director & Vice President of Exploration for Nevada Lithium. Dr. Wilson is independent of Iconic but is not independent of Nevada Lithium, as he is a director and Vice President of Exploration for Nevada Lithium.

About Nevada Lithium Resources Inc.
Nevada Lithium Resources Inc. is a mineral exploration and development company focused on shareholder value creation through its core asset, the Bonnie Claire Lithium Project, located in Nye County, Nevada, where it holds a 100% interest. A recently completed NI 43-101 Preliminary Economic Assessment returned attractive investment metrics and Nevada Lithium is actively advancing the Bonnie Claire Project towards Pre-Feasibility. Learn more: https://www.nvlithium.com.

About Iconic Minerals Ltd.
Iconic is a mineral exploration and development company with several quality lithium and gold exploration projects located throughout Nevada, USA. For further information on Iconic, please visit its website at www.iconicminerals.com.

On behalf of the Board of Directors of Nevada Lithium Resources Inc.
"Stephen Rentschler"
Stephen Rentschler, CEO

On behalf of the Board of Directors of Iconic Minerals Ltd.
"Richard Kern"
Richard Kern, President and CEO

For further information, please contact:

Nevada Lithium Resources Inc.
Stephen Rentschler, CEO and Director
Phone: [phone]
Email: [e-mail]

Iconic Minerals Ltd.
Keturah Nathe, VP Corporate Development
Phone: [phone]
Email: [e-mail]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has in no way passed upon the merits of the Arrangement and has not approved or disapproved of the contents of this news release.

Cautionary Note to United States Investors
Iconic prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Standards. The U.S. Securities and Exchange Commission (the "SEC") has adopted amendments effective February 25, 2019 (the "SEC Modernization Rules") to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934.
As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are "substantially similar" to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any mineral resources that Nevada Lithium may report as "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had Nevada Lithium prepared the resource estimates under the standards adopted under the SEC Modernization Rules.
In accordance with Canadian securities laws, estimates of "inferred mineral resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.

Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. These statements relate to matters that identify future events or future performance. Often, but not always, forward looking information can be identified by words such as "could", "pro forma", "plans", "expects", "may", "will", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved.

The forward-looking statements contained herein include, but are not limited to statements regarding: the anticipated benefits and results of the Arrangement; the performance of the Bonnie Claire Project after the completion of the Arrangement (including, without limitation, its mineral resources, current claims and its ability to utilize global lithium needs); and the performance of lithium as a commodity, including the sustained lithium demand and prices.

In making the forward looking statements in this news release, Iconic and Nevada Lithium have applied several material assumptions, including without limitation: Iconic obtaining final TSX Venture Exchange acceptance; market fundamentals that result in sustained lithium demand and prices; the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Bonnie Claire Project in a timely manner; the availability of financing on suitable terms for the development; construction and continued operation of the Bonnie