Hanns Gully Lithium Tenement Application

BOADICEA RESOURCES LTD

ASX ANNOUNCEMENT 10 November 2021

BOADICEA RESOURCES LTD onlyACN: 149 582 687

ASX Announcement &

Media Release

ASX C de: BOA

Issued Capital:

77,699,895 Shares (BOA) use19,554,149 Options (BOAOA)

Po tal Address:

PO Box 245 Malvern 3144 Victoria

Email:

[e-mail]

Phone:

[phone]

Fax:

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Web:

www.boadicea.net.au

For

LITHIUM TENEMENT APPLICATION

HIGHLIGHTS:

• Application for Hanns Gully tenement (EPMA28125) adds lithium exploration in Boadicea's portfolio.
• Low-costentry gives Boadicea excellent upside in new lithium discovery project in Australia.
• Hanns Gully is located in the Croydon district of North Queensland, an area historically mined for tin with 58 known occurrences within the tenement boundary.
• Targeting greisen style igneous lithium deposits that are strongly associated with tin.
• Total area of 296km2.
• BOA exploration strategy now fully committed to four (4) of the key electric vehicle (EV) metals - copper, nickel, cobalt, lithium.
• The BOA portfolio of exploration metals forecast to experience a huge demand increase by between 1.5 to 5.5 times by 2030.
• Tenement has additional exploration potential for gold, tin, tungsten and tantalum mineralisation.

Boadicea Managing Director Jon Reynolds commented: "Boadicea has continued to demonstrate an ability to identify unpegged ground to acquire quality exploration projects at low cost. The Hanns Gully Lithium Project provides an excellent additional Queensland based project that strongly aligns the company with the metals of the future. Boadicea will continue to seek other quality lithium projects within Australia as part of our growth into metal exploration for the EV market. This further reinforces our commitment to our nickel and copper projects and positioning us as an explorer for high demand metals to meet the needs of a cleaner, greener future."

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

HANNS GULLY LITHIUM PROJECT

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Boadicea Resources Ltd ("the Company" or "BOA) has completed an application for a new exploration licence in Northern Queensland (see Figure 1). The project will be known as Hanns Gully (EPMA28125) after a historic tin mining project in the region. The licence has a total area of 296km2. Hanns Gully is located only 11km south-east of the Croydon gold mining district, but BOA has identified it primarily as an exploration project for greisen-style lithium mineralisation.

The key focus of BOA's lithium exploration in the region is the association of lithium with extensive high grade tin mineralisation and previously identified greisen granite within the Esmeralda Granite that covers almost 100% of the area covered by the application (see Figure 2).

HANNS GULLY GEOLOGY

The application is centred on historic tin workings known as the Stanhills tin field within the Esmeralda granite (Figure 2). Between 1900 and 1936 it is estimated that 260 tonnes of cassiterite concentrates were mined from numerous small but high-grade lodes. Previous explorers reported that tin mineralisation is commonly associated with strong alteration of the granitic rocks. These greisen zones are fine-grained and composed principally of quartz and muscovite in approximately equal quantities. Lithium micas zinnwaldite and lepidolite are commonly associated with altered granites.

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

For personal use only

The Stanhill field tin lodes are typically associated with chloritic and/or greisen (quartz-muscovite- topaz) alteration of the host rocks. The lodes commonly contain cassiterite, quartz and fluorite as well as sulphide minerals including chalcopyrite, pyrite, sphalerite, galena and arsenopyrite. Initial exploration will be focussed on the potential for large greisen bodies that could contain lithium mineralisation.

FEATURES OF GREISEN STYLE LITHIUM MINERALISATION

There are about 120 different lithium bearing minerals. The most common is presented in Figure

3. The target of exploration at Hanns Gully is greisen igneous formation, which are hydrothermally altered rocks that are associated with granitic intrusions.

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

For personal use only

Figure 3 Geological Framework for Lithium Deposits (after MinEx Consulting 2019)

Greisens correspond to some parts of a granite intrusion transformed by hot hydrothermal fluids into an assemblage mainly composed of muscovite and quartz. Greisens are porous rocks and in these pores can be found apatites, cassiterite and sulphides. Greisens are located at the roofs of granite intrusions as well as along faults intersecting the granites. Greisens developed in crustal granites are typically associated with Sn-W deposits1.

As an example of a world class greisen-style deposit is the Cinovec deposit in the Czech Republic (European Metals Holdings) contains an indicated resource of 372.4 Mt of mineralized greisens grading 0.4% Li2O mainly in the form of zinnwaldite (See Figure 4). Cinovec is the largest lithium resource in Europe and also the world's fourth-largestnon-brine deposit.

Figure 4 Greisen Style Li Mineralisation Geological Model

1 Source: Deliverable D5.2: Develop and / or review models for the formation of natural graphite, lithium and Cobalt in Europe. Havard Gautneb et al April 2021

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria

THE GLOBAL EVOLUTION - ELECTRIFICATION AND BATTERY METALS

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Electrification of the global economies and the removal of fossil fuel as a source of energy is a key driver for the transition of the globe in its efforts to reduce CO2 emissions. This requires a transition of the power generation, storage and use of power.

The big five transition metals are copper, aluminium, nickel, cobalt and lithium. The biggest growth sector will be electric vehicles (EV) which will see demand soar from 5 million electric vehicles today to at least 25 million by 2030. The EV body will heavily rely on aluminium to minimise weight, and copper for wiring. The batteries for EVs and the emerging energy storage market will drive up demand for lithium, nickel and cobalt. Copper and aluminium are critical to the expansion of transmission and distribution grids, as are solar panels.

Boadicea has aligned its exploration strategy with four of the key EV metals, namely, copper, nickel, cobalt and now lithium. The BOA exploration metals are forecast to have the following demand growth until 20302;

• Copper: 5.5x
• Nickel: 5.2x
• Cobalt: 1.5x
• Lithium: 5.3x

Figure 5 Lithium-ion Battery Metal Demand Outlook (Source IGO Presentation, September 2021)

LITHIUM - THE METAL OF THE FUTURE

In line with the increased demand for lithium-ion batteries, world demand for lithium is forecast to increase from 305,000 tonnes lithium carbonate equivalent (LCE) in 2020 to 486,000 tonnes in

2 Source: IGO Presentation, 2 September 2021

Boadicea Resources Ltd ("BOA")	www.boadicea.net.au
PO Box 245 Malvern	[e-mail]
3144 Victoria