Quarterly Activities Report Period Ending 31 March 2023

Infinity Lithium Corporation Limited (‘Infinity’, or ‘the Company’) is pleased to note the following progress in relation to the San José Lithium Project (‘San José’, or ‘the Project’) for the quarter ended 31 March 2023.

HIGHLIGHTS

• Exploration permit over San José granted.
  
• Entire project area now defined by granted tenure.
• Permitting milestone reinforces government and stakeholder commitment to the Project.
• The Company’s permitting strategy and pathway has been endorsed and clarified.
• Ongoing local community endorsement of the Project highlighted through independent opinion poll.
• The EU Critical Raw Materials Act to establish critical raw material and processing targets.
• The proposed legislation will define Strategic Projects which will benefit from streamlined permitting and access to EU funding.
• Cash at 31 March 2023 of A$13.9 million.

Exploration Permit Extremadura SE Granted

The Company welcomed the announcement from the Extremadura Regional Ministry of Ecological Transition during the quarter to grant the Exploration Permit Extremadura S.E (‘PESE’), which applies to the grounds inclusive of the resource area relating to San José. The Company’s senior Executive travelled to Spain and met with Regional and Local Government representatives to finalise technical assessment of key permit applications.

Infinity CEO and Managing Director, Ryan Parkin, commented “The award of this key permit validates Infinity’s administrative rights to advance San José, and provides the momentum to accelerate towards the next stages of the Project in concert with the Extremadura Lithium Decree Law.”

Figure 1: Project Area Investigation Permit Ampliación Valdeflórez (Blue) – Granted Exploration Permit Extremadura S.E. (Green) - Granted San José lithium deposit

The granting of the PESE provides absolute reference to right of tenure for an extended area for San José. The Project area now includes grounds inclusive of PESE and the Investigation Permit Ampliación Valdeflórez (‘PIAV’). Refer to Figure 1: Project Area for further details.

Any future submission of an Exploitation Concession Application (‘ECA’) notification will comprise areas contained within PESE and PIAV.

The CEO of Extremadura New Energies, Ramón Jiménez, commented "The granting of the Exploration Permit is a major milestone for the Project, providing clarity on the permitting and administrative process for a fully integrated lithium project in the heart of Cáceres. The Regional Government of Extremadura has pre-empted Europe’s move to accelerate the permitting process through the adoption of the Lithium Decree Law and we will continue to collaborate with major stakeholders to deliver a strategically essential project for the local and regional community, Spain and broader Europe."

San José fully complies with the Extremadura Decree Law to exploit and process lithium in the region of Extremadura. For further details refer to ASX announcement 3 October 2022.

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