Karratha Lithium Projects - Accelerate Resources Limited

The Karratha Lithium Projects comprise a 100% owned portfolio of highly prospective hard-rock lithium tenure located approximately 15 km south of Karratha in the West Pilbara region of Western Australia. The Project covers approximately 85 km² within the emerging Karratha–Roebourne lithium belt (Figure 1), an area that has attracted significant exploration attention following nearby discoveries, including Azure Minerals’ Andover Lithium Project.

Accelerate’s Karratha Lithium portfolio includes the advanced Prinsep Lithium Project and the early-stage Mt Sholl East Project, both targeting lithium-caesium-tantalum (LCT) pegmatite systems within favourable structural and lithological settings.

Figure 1: AX8 Karratha Lithium Project with local infrastructure and Lithium prospect trends

PRINSEP LITHIUM PROJECT

The Prinsep Lithium Project represents the most advanced component of Accelerate’s lithium portfolio. Lithium mineralisation has been identified across two sub-parallel pegmatite zones, each extending for more than 1.8 km of strike, with surface rock-chip results returning up to 2.06% Li₂O.

In June 2024 Accelerate completed its phase 1 RC drilling program that was designed to test the down dip lithium potential of the mapped outcropping pegmatite mineralisation. The drill program consisting of 38 drill holes for 4,224m (Figure 2), with all 38 drill holes intercepted south dipping pegmatites with significant lithium pegmatite intercepts including:

4m @ 1.28% Li2O from 19 – 26m within drill hole PRC026
3m @ 1.18% Li2O from 74 – 77m within drill hole PRC008
3m @ 1.08% Li2O from 122 – 125m within drill hole PRC033
7m @ 0.98% Li2O from 32 – 39m within drill hole PRC026
10m @ 0.70% Li2O from 89 – 99m within drill hole PRC030
11m @ 0.56% Li2O from 16 – 27m within drill hole PRC028

Figure 2: Prinsep Phase 1 RC drill hole collar locations along with x-section position.

An important outcome of the program was the discovery of a wide low-grade lithium alteration halo, estimated to be greater than 150m true width, with a strike in excess of 1,600m. Significantly, the lithium mineralisation is developed in basalt interspersed with higher grade lithium pegmatites (Figure 3).

Interpretation of the Phase 1 RC drilling program at Prinsep was completed during the financial year, supported by detailed geochemical, petrographic, and spectroscopic analysis. Results indicate that the northern portion of the pegmatite system is prospective for higher-grade lithium mineralisation at depth (Figure 4). Lithium, caesium, and tantalum assays, combined with fractionation indexes, have been used to vector prospectivity along the 1.6km–2.0km strike length of the pegmatite system.

High-grade caesium mineralisation intersected within pegmatite shoots — including 2m @ 0.24% Cs₂O from 187m in PR035 and 4m @ 0.24% Cs₂O from 200m in PR0364 provides further support for the potential of higher-grade lithium mineralisation at depth.

In addition, Raman spectral analysis of a broad low-grade lithium interval within the basalt host rock confirmed the presence of Holmquistite, a lithium-bearing amphibole typically formed in reaction zones between Li-pegmatites and their host rocks. Holmquistite has been recognised in tier-one LCT pegmatite systems globally, including Greenbushes. When considered alongside the fractionated nature of the northern pegmatite, these results highlight the potential for a significantly larger pegmatite system at depth.

Figure 3: Section BB- BB’ from plan (Figure 3) displaying significant lithium Intercepts and broader 0.1% Li2O halo within the northern Pegmatite Zone.

Figure 4: Leapfrog model of RC drilling shell combined Lithium >1000ppm, Caesium >200ppm and Tantalum >30ppm (oblique view looking south-west)

MT SHOLL EAST PROJECT

The Mt Sholl East Project is an early-stage lithium exploration asset located within the northern portion of the Karratha Lithium Projects. Mapping and rock-chip sampling have identified numerous north-east to south-west trending pegmatites and granitic dykes across the project area.

Pegmatite development is structurally controlled, with the southern extent defined by the Mt Sholl Shear Zone, a regionally significant crustal boundary within the West Pilbara greenstone belt.

Exploration Upside & Strategy

The Karratha Lithium Projects provide Accelerate with:

Exposure to an emerging hard-rock lithium district
A large, fertile pegmatite system at Prinsep with demonstrated scale
Early-stage discovery upside at Mt Sholl East
Optionality for future joint venture, farm-in or divestment outcomes

Accelerate continues to prioritise disciplined exploration while maintaining strategic flexibility across its lithium portfolio, alongside its core focus on gold exploration in the Kalgoorlie region.