ASX Announcement

15th September 2016

High Grade Lithium Results on Larkinville Discovery

HIGHLIGHTS

• Sampling of pegmatites identifies new Lithium Discovery

• sampling results returned up to 4.67% Li20

• Auger sampling highlights 1300m long Lithium anomaly

• Further detailed work underway

Maximus Resources Limited ("MXR" or "the Company") is pleased to update the market on progress at the Spargoville Lithium Project.

M15/1449 West Larkinville (Maximus Resources Limited 75%, Pioneer Resources Ltd 25%)

The company has completed a review of the Lithium potential on the West Larkinville mining lease, M15/1449 and has completed a preliminary sampling program. This tenement is held 75% by MXR and 25% by Pioneer Resources Ltd (PIO). The lease is located approximately 10km south-west of the Company's Lefroy Lithium Project, which is located 20km south of the Mt Marion lithium operation.

The review identified a significant Lithium anomaly derived from previous Auger sampling at West Larkinville. MXR geologists re-established access to this historically reported pegmatite, and conducted a preliminary rock chip sampling program.

The rock chips collected by MXR are presented in Table 1 below.

Figure 1: Lithium Auger geochemistry and Lithium target area.

The rock chip samples collected by MXR (table 1) are located north of a significant Lithium target area, identified in auger drilling conducted by previous explorers (see figure 1). This previous auger drilling was conducted primarily to determine the Au and Ni prospectivity of the tenement, and samples were also assayed for Li.

This shows an anomalous trend of up to 1300m long, averaging 400m wide of Li >80ppm.

Further to the south-west of the rock chip sample sites, several north-east trending features are seen in the Google earth image and these will be field checked to determine if they relate to additional pegmatite outcrops. The extent of the previous auger drilling program was based on gold and nickel

exploration models, so areas of potential Lithium prospectivity have not been sampled and therefore remains open in several directions.

Figure 2: Location of Spargoville Lithium prospects

Plate 1 : Rock chip sample, SN LFR044 returned 4.67% Li20.

Reverse Circulation (RC) drilling at Target 2 at the Lefroy Prospect, returned results of 2m @ 0.6% Li20 from 22m down hole, within a 7m down hole width of Pegmatite. No significant results were returned from Target 1.

Table 2: Drilling results