Forrestania Resources Limited provided this exploration update for lithium focused drilling activities at the Forrestania Project. The Forrestania Project is the Company's flagship project and is prospective for significant lithium, gold and nickel discoveries. The Forrestania Project is located approximately 400km east of Perth in the broader goldfield's region of Western Australia.

The current drill program at the Forrestania Project is the initial phase of lithium drilling planned to be undertaken at the Project. Drilling has been focused on the more advanced prospects largely identified by previous explorers and where relevant approvals have been received allowing drilling activities to commence. This initial drilling program has been completed at the Gem Mine (part of the Gemcutter prospect) and Bounty East.

An initial phase of drilling at the Bannon prospect has also been included within the drill program (post the completion of a recent heritage survey at the Project). Further drilling is planned for each of these target areas as additional approvals and results become available. Following the completion of a recent heritage survey at the Forrestania Project, an initial phase of drilling has commenced at the Bannon prospect.

Planned drilling at Bannon consists of seven reverse circulation holes for approximately 1,100m. Drilling is designed to test for the down dip extension of pegmatites intersected in historical drilling completed by previous explorers. Historical drilling demonstrated that these pegmatites host low levels of anomalous Li2O.

Several previously untested geochemical anomalies located to the north are also planned to be drilled. Three holes (612m in total) have been completed as part of the Company's initial phase of lithium targeted drilling at Bounty East. Drilling was designed to target an identified "pegmatophile" geochemical anomaly and the projected down dip extension of pegmatites intersected in historical drilling.

The Bounty East prospect is located ~6km to the east of the world class Earl Grey lithium Resource (189Mt @ 1.5% Li2O), which is operated by Covalent Lithium. The initial drill programme at Bounty East was undertaken along two drill lines where POW approval was granted. This POW provided access to two drill lines.

With one drill line located to the north and one drill line located to the south of the "pegmatophile" geochemical anomaly. Significantly, an additional POW has recently been approved which will be used for the second phase of drilling at Bounty East. This new POW will provide access to the central part of the geochemical anomaly and facilitate follow up drilling.

The completed drill holes at Bounty East have intersected several narrow (1-3m) pegmatite intercepts. These intercepts correspond to the down dip projections of pegmatites in historical drilling. The holes have been sampled for lithium and gold with the samples in the process of being dispatched to the laboratory for assay.

Three holes (450m in total) have been completed as part of the Company's initial phase of lithium focused drilling at the Gem Mine prospect. Drilling was designed to test an area between historical pegmatite intersections recorded in RAB holes drilled at the Gem Mine and diamond hole GCDD0001 located ~150m to the east, which intersected 2m @ 0.4% Li2O. The holes have been sampled, with the samples in the process of being dispatched to the laboratory for lithium and gold assay.

The Gem Mine target is part of the broader Gemcutter prospect. The Gemcutter prospect is the host to the Gem Mine and Giant Pegmatite prospects. A second phase of drilling is planned to be undertaken once further approvals are received.

Additional target areas are located to the west and north of the Gem Mine where historical pegmatite intersections recorded within RAB drilling remain open in most directions. Follow up drilling is also planned for the Giant Pegmatite prospect (located to the north) where historical drilling intersected 34m @ 3.1% Li2O. These prospects can be drilled as approvals are received.

Both the Bounty East and Bannon drill programs have been impacted by significant recent rainfall events within the Forrestania Project area. Rain has resulted in delays to the completion of the drilling program due to road closures and limited access for the field and drill crew to the project areas. Completed drill hole samples are currently in the process of being dispatched to Perth for lithium and gold analysis.

Post the completion of the current drill program and receipt of assay results, planning will continue for the second phase of drilling at the Forrestania Project. The second phase of drilling is likely to focus on additional infill and follow up drilling at Bounty East (utilising the new POW), Bannon and the Gemcutter prospects (once approvals are received). Approval work streams continue to be progressed to facilitate access to additional drill sites.