Further to the Project Update - Messok East Co-Ni Project announcement released on the ASX on 31 August 2022, Ookami Limited advises that it has received the geochemical laboratory assays of the samples collected from the follow-up reconnaissance field mapping and sampling program. Following their review, SRK Exploration Services (SRK ES) has concluded that the assay results indicate low prospectivity for Co-Ni laterite mineralisation and that, at this stage, further exploration of the Messok East Co-Ni Project is not warranted. The Company advises shareholders that it will now discontinue its interest in the Messok East Co-Ni Project.

Tenure: Ookami holds a 100% interest in the Messok East Co-Ni Project, comprised of the Messok East Permit which covers an area of 455km2 and three applications for exploration permits . Ookami's tenure is located adjacent to the Geovic Co-Ni Permit which covers an area of ~1,250km2 and contains seven irregularly shaped laterite plateaus hosting a substantial Resource. Ookami holds no interest in the Geovic permit.

Work completed to date on the Geovic property has focused predominantly on the Nkamouna and Mada plateaus. Historical exploration work completed on Geovic's tenements includes: Airborne magnetic, radiometric and DTM surveys; 1,000's of samples collected from identified magnetic anomalies; 100's of pits dug to depths of >20m; and >50,000 metres of drilling on predominantly the Nkamouna and Mada plateaus. The Nkamouna and Mada are unusual laterite deposits for their high Co and low Mg content and are hosted in residual laterites which have formed by prolonged tropical weathering of serpentinites.

Large extensions of mineralised laterite are preserved on low-relief mesas or plateaus underlain by ultramafic rocks. Messok East Co-Ni Project site visits: The Company first travelled to Cameroon during the Due Diligence phase and has since made an additional five trips. During these visits and in addition to site visits, the Company has met with key stakeholders, including Government officials, as well as local service providers with exploration capabilities.

SRK ES desktop review and targeting As announced to the ASX in October 2021, SRK ES identified several priority target areas for initial field work and exploration activities on the Messok East Project, based on: DEM - Co-Ni laterite mineralisation commonly occurs on low-relief mesas or plateaus; Magnetics - deposits in the area correlate with magnetic anomalies in regional geophysical surveys; and Geology - extensive mapping, sampling, pitting and drilling of the Geovic property confirms the source of Co-Ni as the prolonged weathering of ultramafic rocks (serpentinites). Completion of the follow-up work program and discontinuation of the Messok East Co-Ni Project: In August 2022, the Company advised that it had completed the field work component of the follow-up work program announced to the market on 21 July 2022 and designed to map and sample the previously identified exploration targets. Over a month was spent in the field and in excess of 100 samples collected and analysed by ALS South Africa.

A review by SRK ES of the assays, field observations and historic data suggests that none of the rock samples collected were identified as ultramafic serpentinite and contain low nickel and cobalt values. Magnetic, garnet-bearing float samples collected support the presence of basaltic/mafic lithologies according to Zr/Ti - Nb/Y ratios and low chromium contents. Mafic lithologies are potentially the source of resistive elevated topography and magnetic anomalies identified.

SRK ES analysis, based on available data, considers the Messok East Project to host limited prospectivity for Co-Ni laterite mineralisation and concluded that further detailed exploration was not justified at this time. Accordingly, the Company will discontinue its interest in the Messok East Co-Ni Project and will not seek renewal of the granted permit when it stands for renewal in April 2023. The Company anticipates that the general meeting which will seek the necessary shareholder approvals to proceed with the acquisition of First Lithium Pty Ltd. (and other associated matters) will be held on or around February 2023.