Coolgardie Lithium Projects

FBM’s flagship assets include the 100%-owned Kangaroo Hills Lithium Project (KHLP) and the 85%-owned Miriam Lithium Project (Miriam), adjacent and holdings located within a highly prospective region of the Western Australian (W.A.) Goldfields.

The W.A. Goldfields are richly endowed with lithium, hosting numerous operating and developing lithium projects. Notably, KHLP and Miriam lie just 30km west of the Mt Marion Lithium Mine, operated by Mineral Resources (ASX: MIN).

The combined KHLP and Miriam tenements stretch over 11 km, covering the key interpreted lithium trend within the Coolgardie greenstone belt. This presents FBM with a significant lithium exploration opportunity of scale, in an early stage of evaluation.

Situated in a premier mining district, the region benefits from access to a skilled mining and exploration workforce, as well as critical regional infrastructure essential for any future project development. Both KHLP and Miriam are easily accessible via a sealed road south of Coolgardie, ensuring year-round site access.

Kangaroo Hills Lithium Project

Exploration at KHLP revealed Big Red, a near-surface, shallow-dipping, thick, and high-grade spodumene-bearing lithium deposit. Big Red’s known mineralised system extends over 900 m and remains open along strike and down dip.

Initial metallurgical testing conducted in February 2024 confirmed that spodumene is the dominant lithium mineral (~90% of the Li₂O) within the Big Red pegmatite. Test results indicated that Big Red will be well-suited to conventional Dense Media Separation (DMS) and Froth Flotation separation techniques. A hybrid flowsheet design incorporating both methods is expected to optimise processing outcomes.

Miriam Lithium Project

Miriam is located immediately north and contiguous with KHLP. It comprises thirteen discrete outcropping pegmatites across an area approximately 6.0 km by 1.5 km. With a large untested strike extent, Miriam represents a promising greenfield exploration opportunity.

Historical soil sampling at Miriam identified large lithium anomalies extending from an outcropping spodumene-rich pegmatite, with weathered rock samples grading up to 1.85% Li₂O.

The primary exploration target at Miriam spans approximately 1.6 km in strike, complemented by a second trend of approximately 600 m. With no historical drilling for lithium, Miriam offers untapped potential for future exploration success.

ADVANCEMENT STRATEGY

RAPIDLY ADVANCING WORLD-CLASS LITHIUM PROJECTS IN THE W.A. GOLDFIELDS

FBM has adopted a multi-faceted strategy for the effective exploration and evaluation of its portfolio of projects:

1. Extension: Growth of the high-grade Big Red system

FBM aims to extend the Big Red mineralised system by targeting further extensions of its near-surface, thick and high-grade zones along strike and down dip. Exploration will also focus on the nearby mineralised pegmatites, including Potoroo and Rocky.

2. Expansion: Unlocking discovery potential

FBM’s successful exploration efforts highlight the potential for its Coolgardie Lithium Projects to host a large lithium-caesium-tantalum (LCT) pegmatite field. Future exploration drilling targets include:

• Areas within the proven spodumene-bearing mineralised zones
• New untested spodumene-mineralised outcrops
• Untested geochemical and geophysical targets beneath thin soil cover

3. Provincial: Large-scale field opportunities

FBM recently expanded its landholding in the W.A. Goldfields by an additional 160%, adding underexplored tenure near KHLP and Miriam. This expanded portfolio strengthens the potential emergence of a large-scale LCT pegmatite belt.

Using refined methodologies from four successful exploration drilling campaigns, which include embedded learnings from the Big Red discovery, FBM employs a proven target ranking and prioritisation approach to drive exploration success.