Critical Elements Corporation

Published : August 01st, 2016

Quarterly Activities Report - 30 June 2016

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Quarterly Activities Report - 30 June 2016

L1, 254 Railway Parade, West Leederville WA 6007| PO Box 1245, West Leederville WA 6901 T: +61 8 9363 7800 | e: [email protected] | www.platypusminerals.com.au

ASX/Media Announcement

Perth: 31 July 2016

ASX: PLP

QUARTERLY ACTIVITIES REPORT

for the period ending 30 June 2016

Perth-based explorer Platypus Minerals Ltd ("Platypus" or "Company") presents its Q4 activities report for the quarter ended 30 June 2016.

HIGHLIGHTS

Corporate

  • General Meeting held with shareholders approving terms to acquire Lepidico Ltd

  • Platypus completes acquisition of 100% of lithium company Lepidico Ltd

  • Gary Johnson appointed to the Board as non-executive Chairman

  • Non-renounceable rights issue raises $3.67M, with shareholders taking 74% of the offer

  • Exercise of options raises a further $281,000

    Corporate (post quarter end)

  • Rights issue funds received post quarter end; current cash in bank: $3.77M

    Operations

  • Lepidico and Crusader formalise lithium joint venture

  • European Metals Holdings signs option to use L-Max® at Cinovec

  • Lemare Option exercised

  • Term Sheet signed with Latin Resources agreeing lithium joint ventures in Argentina and Peru

  • L-Max® achieves significant patent milestone

    Operations (post quarter end)

  • Drilling at Pearl Bar returns porphyry copper intercept of 92 m @ 0.31% Cu and 109 ppm Mo

  • Option secured over Royal project hosting lepidolite-rich pegmatites

    CORPORATE

    On 30 May 2016 the Company held a General Meeting at which shareholders approved the terms for the acquisition of 100% of lithium company Lepidico Ltd by the issue of 750,000,000 Platypus shares, at a deemed issue price of 0.6 cents each, to the Lepidico shareholders in exchange for all of their Lepidico shares.

    The transaction was finalised on 8 June 2016. As per agreed terms, these shares are subject to voluntary escrow, with 691,729,647 shares escrowed for six months until 3 December 2016, and the balance 58,270,353 shares escrowed for three months until 3 September 2016.

    Further, as agreed, on completion of the acquisition on 9 June 2016, Lepidico chairman, Mr Gary Johnson, was appointed to the Board of Platypus as Non-executive Chairman, while outgoing Chairman Laurie Ziatas resigned from the Board.

    Consequent on successful completion of the acquisition of Lepidico, the Company undertook a 3 for 5 non-renounceable rights issue at 1.0 c, raising $3,672,904 before costs. The Offer Document relating to the rights issue was dispatched on 8 June 2016 to shareholders registered on the Record Date, being 3 June 2016.

    The rights issue opened on 8 June 2016 and closed on 21 June 2016. The Offer was fully underwritten by Kslcorp Pty Ltd.

    Under the Offer, eligible shareholders lodged valid applications for 272,260,621 New Shares, being 74.13% of the Offer and raising $2,722,606. Applications were received from 1,115 shareholders, confirming the strong level of support for the Company's move into the lithium sector.

    The Offer did not include a provision for application for shares additional to entitlements.

    The Shortfall of the Offer of 95,029,856 New Shares, representing a further approximately $950,298, was placed by the Underwriter. The Shortfall shares were issued on 29 June 2016.

    The Directors of Platypus gratefully acknowledge the support of shareholders and the Underwriter in making the Offer such a success.

    The acquisition of Lepidico provides Platypus with exposure to the full spectrum of the lithium sector, including prospective ground in Canada, Brazil and Australia and ownership of the L-Max® technology, thus giving the Company a valuable point of difference.

    During the quarter, the Company raised an additional $281,415 through the exercise of 27,666,668 options at 1.0 cents each, and 135,707 options at 3.5 cents each.

    Funds from the rights issue were received subsequent to quarter end and are therefore not shown in the respective Appendix 5B. The Company's current cash position stands at $3.77 million.

    OPERATIONS

    LITHIUM

    Lemare Project, Quebec, Canada

    On 6 May 2016, following completion of its due diligence over the Lemare lithium project in Quebec, Canada, Platypus directed Lepidico to proceed with exercise of the Lemare Option.

    On 11 February 2016 Lepidico entered into a binding option agreement to acquire up to 75% of the Lemare lithium project from TSX-V-listed Critical Elements Corporation (TSXV:CRE)("Critical Elements"). The agreement was formalised on 30 June 2016 as the Lemare Option Agreement.

    As per the terms of the Lemare Option Agreement, and consequent on shareholder approval in general meeting on 30 May 2016, Platypus issued 18,514,939 Ordinary Shares to Critical Elements Corporation, being C$500,000-worth of Platypus shares at a C$:A$ exchange rate of 0.9524 and at the 5 day VWAP post 31 May 2016 of 2.8355 cents per Ordinary Share.

    To earn its initial 50% interest in the Lemare project, Lepidico must make a cash payment to Critical Elements of C$35,000 by 9 September2016 and sole fund exploration of C$800,000 by 31 December 2016 and a further C$1.2 million by 31 December 2017.

    The Company can then proceed to earn an additional 25% interest in Lemare by paying to Critical Elements C$2,500,000 and delivering a definitive feasibility study and environmental study by 30 June 2020.

    Lemare comprises approximately 74 km2 of tenements in the James Bay region of Quebec, Canada. This region hosts several advanced lithium projects, including the Whabouchi deposit (Nemaska Lithium), the Cyr deposit (Galaxy Resources) and Critical Elements' own Rose deposit.

    The project contains a spodumene pegmatite discovered in 2012 and subsequently confirmed by channel sampling to extend over at least a 200 m strike, with an average width of 10.25 m and an averagegrade of 1.44% Li2O.The Lemare pegmatite was fortuitously discovered during the course of exploration for nickel and gold. As such, there is ample scope for the discovery of additional pegmatites through targeted lithium exploration as pegmatites rarely occur in isolation, but instead typically occur in 'swarms.'

    Platypus is currently working in conjunction with Critical Elements to prepare for a field campaign at Lemare comprising a mapping/prospecting program in conjunction with Diamond drilling of approximately 4,000 m with an aim to define an Inferred Resource at Lemare by 31 December 2016.

    Figure 1. Advanced lithium deposits and location of the Lemare project claims (deep pink) in the James Bay area, Quebec, Canada (after Critical Elements Corporation, 2016).

    Lepidico JV with Crusader Resources, Brazil

    On 3 February 2016, the Company advised that Lepidico had increased its exposure to the lithium sector by signing a memorandum of understanding with ASX-listed Crusader Resources Limited ("ASX:CAS; "Crusader") under which the two companies would seek to exploit lithium opportunities in Brazil through a 50:50 joint venture.

    On 19 April 2016, the Company advised that Lepidico and Crusader had executed a Shareholders Agreement to establish a 50:50 joint venture company, Third Element Metals Pty Ltd ("Third Element Metals" or JV Company").

    Third Element Metals will:

  • explore for lithium and other minerals on Crusader's Manga lithium project and any other tenements acquired by the JV Company in Brazil and other agreed jurisdictions ("Territory"). Crusader will transfer Manga to the JV Company.

  • mine and process minerals extracted from tenements within the Territory using the L-Max® technology, to which Third Element Metals will hold exclusive rights in the Territory; and

  • sub-license the L-Max® technology to third parties for use in the Territory.

Manga was initially explored by Crusader in 2007 for tin and indium mineralisation. This work noted the presence of zinnwaldite and other Li-rich micas. Crusader also notes that academic literature on Manga highlights the similarity of the geological setting at Manga to that of the Cinovec Li-Sn-W project in the Czech Republic, which is now held by ASX-listed European Metals Holdings (ASX:EMH).

Euriowie, Broken Hill, NSW

Euriowie is located north of Broken Hill in NSW and comprises a single exploration licence application, ELA5234 encompassing the historical Euriowie tin field.

Within this field are three historical lithium workings in amblygonite-rich pegmatites, which Platypus staffsampled last quarter, returning up to 4.45% Li2O.Amblygonite is a lithium-phosphate mineral with a high lithium content of up to 10% Li2O, suggestingalmost half of this sample was amblygonite.

Grant of this licence has taken much longer than anticipated. However, recent progress suggests that grant should occur within the next few weeks.

Lithium JV with Latin Resources in Argentina and Peru

On 9 May 2016, Platypus announced that Lepidico had entered into an agreement ("Agreement") with Latin Resources Limited (ASX:LRS) ("Latin Resources") to form two lithium joint venture companies ("JV Companies"), one focussed on Argentina and the other on Peru.

Lepidico will grant the JV Companies an exclusive right to market and acquire L-Max® licences ("L- Max® Rights") in each respective country for a period of 12 months.

The Agreement is conditional upon drafting of detailed joint venture agreements for each of the JV Companies. Upon execution of these agreements, Latin Resources will issue Lepidico 10,000,000 shares with a subsequent tranche of another 10,000,000 shares issued 12 months later. Each tranche of shares will be subject to a 12 month escrow period. The JV Companies will also pay Lepidico a gross

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Critical Elements Corporation

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CODE : CRE.V
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Critical Elements is an exploration gold company based in Canada.

Critical Elements holds various exploration projects in Canada.

Its main exploration properties are MATCHI-MANITOU, ROSE (LAC PIVERT), CROINOR, GATINEAU, LAC SAVIGNY NE and MELASSE in Canada.

Critical Elements is listed in Canada. Its market capitalisation is CA$ 125.8 millions as of today (US$ 96.7 millions, € 81.1 millions).

Its stock quote reached its lowest recent point on August 14, 2009 at CA$ 0.07, and its highest recent level on December 15, 2017 at CA$ 1.86.

Critical Elements has 148 030 000 shares outstanding.

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