ASX Announcement

15th June 2016

Lithium Exploration Update at Spargoville Project

HIGHLIGHTS

• Spodumene confirmed at Lefroy Prospect

• XRD analysis supports MXR's visual interpretations of drill chip samples

• Further XRD analysis underway at target 1

Maximus Resources Limited ("MXR" or "the Company") is pleased to update the market of its ongoing exploration programs at the Spargoville Lithium Project.

The Spargoville Lithium Project lies on the northern portion of the Southern Yilgarn Tantalum-Tin- Lithium Province, in the vicinity of two major Lithium Projects; Mt Marion (Neometals), and Lepiodolite Hill (Lithium Australia) (see figure 1). Neometals' neighboring Mt Marion project reported a total Mineral Resource of 23.24Mt @ 1.39% Li20 (NMT ASX release 29/01/2016) and is currently undergoing mine construction. The Mt Marion project is situated approximately 20km north, along strike of the Company's Lefroy and Landor Lithium prospects. See figure 1.

As outlined in its recent announcement to the ASX dated 23/5/2016, the company advised that X-Ray diffraction (XRD) analysis would be undertaken on selected samples to confirm the presence of, and range of lithium bearing minerals present (i.e. lepidolite, petalite, spodumene).

The XRD analysis was conducted on a series of samples of pegmatite drilled during previous gold and nickel exploration programs. The samples analysed were taken from representative chip trays collected during the drilling programs and securely stored at Wattle Dam. The pegmatite intervals noted in the drill logs and in the chip trays report pegmatite thicknesses ranging between 6m and 13m.

The results of the XRD analysis confirm that spodumene is present in these drillholes.

Figure 1:.Location of Lefroy and Landor Lithium prospects.

Table1: XRD Results

Table 2: Sample details

The spodumene bearing pegmatite confirmed by these XRD results is located approximately 750m south-east of the lithium rich pegmatite discovered at Target 1, and reported to the ASX on the 23rd of May 2016, "Maiden High Grade Lithium Discovery at Spargoville Project in WA."

At Target 1, rock chip results averaging 3.55% Li20 occur over 200m of strike were returned from lepidolite rich lithium bearing samples. XRD analysis is currently underway on samples from Target 1 to determine the contribution of spodumene to these high grade results.

Recent field work has identified lithium bearing pegmatite at Target 3, some 150m north of Target 1, and initial sampling results are awaited.

The company is highly encouraged by the confirmation of spodumene as well as lepidolite returned from earlier sampling over a wide area. There is no doubt that the Lefroy Prospect contains highly sought after LCT pegmatite's and lies along strike of the Mt Marion Lithium Deposits, demonstrating the location's prospectivity.

Once all sampling results are received and interpreted, MXR will finalise preparations for the next phase of on-ground exploration. In anticipation of the positive results from Target 1, the company sought, and has now received approval to conduct drilling on Target 1. Further drill approvals will be sought, as each target is advanced.

For further information contact

Kevin Malaxos on 08 7324 3172 Duncan Gordon, Adelaide Equity Partners [email protected] on 08 8232 8800 or 0404 006 444

[email protected]

Further information relating to Maximus Resources Limited and its diversified exploration projects will be found on Maximus' website: www.maximusresources.com

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Stephen Hogan who is a Member of the Australasian Institute of Mining and Metallurgy, and who has sufficient experience relevant to the style of mineralisation, the type of deposit under consideration, and the activities being undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves (the JORC Code). This report is issued in the form and context in which it appears with the written consent of the Competent Person.