Mali Lithium Ltd. announced that it has encountered additional, thick high grade mineralisation at its Goulamina Lithium Project in southern Mali as part of its current drilling program. The Company is extremely pleased with the drilling thus far, with numerous additional mineralized pegmatite intersections having been discovered. These are in many cases extensions to previously known pegmatites and indicate the potential to improve significantly the size of, and level of confidence in, the Goulamina Mineral Resource. Best results include 44m at 1.76% Li2O from 159m (GMRC361), 50m at 1.60% Li2O from 137m and 39m at 1.84% Li2O from 36m (GMRC362). A Mineral Resource update for Goulamina is currently anticipated around the end of March 2020. A new Ore Reserve estimate that will be incorporated into the Definitive Feasibility Study (DFS) currently underway on the project is expected approximately four weeks later, at the end of April. Along with revising the Mineral Resource and Ore Reserve, the current drilling program is testing geophysical and structural hydrological targets within Goulamina and aiding in the completion of geotechnical testwork relating to the construction of the process plant and tailings storage facility. Program summary: 27 reverse circulation (RC) holes completed for 5,145 metres; 440 assays received of 2622 submitted to date; Dip of Sangar 1 and Sangar 2 zones at depth is less than previously interpreted, increasing the potential tonnes per vertical metre. Assays awaited: Improved confidence in the Sangar l and Sangar ll interpretation and mineralization. Sangar ll model will extend below pit shell: A further 36 holes remain to be drilled including: 9 RC holes at Danaya; 5 exploration holes at Bara (southern extension to Goulamina); 8 exploratory water bores (640m); 3 diamond tails (270m); 11 short HQ3 diamond geotech holes (165m). Mali Lithium is using a laboratory in Johannesburg, South Africa for assaying. Due to high levels of drilling activity in the region, samples are currently taking six weeks to be processed. An approximate timeline of drilling to Resource/Reserve update is as follows: Complete drilling ­ mid-February 2020; Final assays received ­ mid-March 2020; Resource updated ­ end of March 2020; Reserve updated ­ end of April 2020. A revision of the Goulamina Ore Reserve resulting from this drilling program may have a material impact on the Net Present Value (NPV) of the Project. Given that the NPV will be one of the key outputs of the DFS, the Company believes it makes sense to include these results and re-estimate the Ore Reserve prior to completion of the study. This will mean a slight delay of around six weeks in the release of the DFS, with a mid-May date now likely. The slight delay will also allow the improved lithium recovery results announced in December 2019 to be incorporated into the study, along with an optimisation of equipment sizing that may be justified with higher recovery and longer mine life.