Ann: MARICUNGA RESERVE ESTIMATE AND RESOURCE UPDATE, page-3

Notes to the Production Estimate:

1. MSB brine production initiates in Year 1 on the mining properties constituted under old Chilean mining code and include the Cocina, San Francisco, Salamina, Despreciada properties (the “Old Code concessions”). In year 7 brine production progressively switches to the Litio 1-6 concessions that were constituted under the 1982 (“new”) Chilean mining code and require a special operating license (CEOL) from the Chilean government. It is the opinion of the author that there is a reasonable expectation that MSB will have obtained a CEOL by 2020, well in advance of any brine production from the Litio 1-6 concessions.

2. The EIA for the MSB Project was submitted to the Chilean Environmental Review Agency (SEA) in September 2018; it is the opinion of the author that there is a reasonable expectation that the final environmental approvals for the construction and operation of the project will be obtained during 2019.