March 1, 2016

Research #1Lithium in Northwest Territories

92 Resources on the case for Hard Rock Lithium

Today, 92 Resources Corp. announced the acquisition of the Hidden Lake Lithium Property near Yellowknife in NWT, Canada. Historic trench sampling showed grades between 0.64% and 1.4% lithium. Nemaska’s Whabouchi Deposit in Québec has open-pit resources averaging 0.7% lithium aiming to produce its carbonate at costs of $3,771 USD/t. Production costs from brines are somewhat lower with $2,000-3,000 USD/t yet at a current price near $14,000 USD/t, hard-rock mining has become a very lucrative business as well. Hard-rock has the advantage of a short and direct path to production, one that is not influenced by weather.

Company Details

92 Resources Corp.#1400 – 1111 West Georgia StreetVancouver, BC, Canada V6E 4M6Phone: +1 778 945 2950 Email: adrian@92resources.com www.92resources.com

Shares Issued & Outstanding: 21,718,203

Canadian Symbol (TSX.V): NTYCurrent Price: $0.05 CAD (Feb. 29, 2016)Market Capitalization: $1 million CAD

German Symbol / WKN: R9G2 / A11575Current Price: €0.025 EUR (Feb. 29, 2016)Market Capitalization: €0.5 million EUR

Chart Canada (TSX.V)

Chart Germany (Frankfurt)

ack in the 1970s, Raymond Lasmani concluded in Lithium Resources in the Yellowknife Area:

“These resources could be developed if and when market conditions place

a strain on available supplies”.

The time has come to look at these lith-ium resources again. With a current mar-ket capitalization of around $1 million CAD, 92 Resources appears to be in a fair-ly good position to start creating signifi-cant shareholder value with its new focus on the Hidden Lake Lithium Property.

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During the mid-1950s, pegmatites in the Yellowknife district were explored for their lithium potential. Lasmanis concluded in “Lithium Resources in the Yellowknife Area, Northwest Territories, Canada” (1977):

“Detailed mapping and surface sampling of 14 properties within the district has

demonstrated the presence of 49,000,000 tons of rock to a depth of 152m having an average grade of 1.40% Li2O [0.65% Li].

These resources could be developed if and when market conditions place a

strain on available supplies.

Literature studies identified the Yellowknife area as a prime candidate

for acquisition of reserves after a commodity study in 1974 focused on

lithium as a major element needed for future energy systems.

The Yellowknife district qualified, as it happens to contain sufficient potential

resources to feed a centrally located conversion plant.

Besides the required market, production from the Yellowknife district would be facilitated by the construction of the

Mackenzie Valley natural gas pipeline since a low cost source of fuel would be required for any spodumene conversion

plant.

Spodumene in the Yellowknife area is generally light in color and of good quality. Metallurgical flotation tests conducted on a one ton sample from

the THOR pegmatite gave a preliminary recovery of 80% with a concentrate

grade of 6% Li2O. Selected spodumene crystals have assayed as high as 8.25%

Li2O.”

The spodumene content in pegmatites on the Hidden Lake Property ranges from up to 20% with sub-intervals to 35%, coarse-grained. The average spodumene content in Nemaska’s Whabouchi Deposit is 20% with light-blue spodumene crystals reach-ing up to 30 cm in size. Hidden Lake’s re-ported lithium contents are similar or bet-ter than advanced spodumene deposits in Canada and elsewhere. Of equal import-ance: The reported mineralogy is very sim-ple (spodumene processing and metallurgy straight-forward). Thirdly, the property is located close to a major road (<5 km) and infrastructure. All this affords the chance to develop the project very quickly from exploration to resource definition and into development. A CAPEX intensive hydromet or conversion plant may not be necessary in the region as not only Asian buyers are increasingly chasing spodumene concen-trate on a global scale, paying top prices.

Research #1 | 92 Resources Corp.

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The Hidden Lake Lithium Property has a historic lithium showing and several additional exploration targets.

• Location: ~40 km NE of Yellowknife, Northwest Territories, Canada

• Size: ~1,045 hectares

• Access: Via all-weather highway within few 5 km of property

• Geology: Along trend of known lithium pegmatites with sizeable, high-grade resources

• Potential: Several known pegmatites at surface plus numerous untested targets

• Mineralogy: Simple

• Host mineral: Spodumene

Historic work on the property’s pegmatites showed the following (based on historic assessment reports):

LU #12 Dyke

• Estimated length: >300 m

• Average width: ~10 m

• Historic grades: 0.64% to 1.4% Li (1.37% to 3.01% Li2O) in 7 trench samples

• Spodumene: content observed to range from up to 20% with sub-intervals to 35%, coarse-grained

Research #1 | 92 Resources Corp.

Airphoto:

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In addition to the LU#12 Lithium Pegmatite, airphotos (see above) indicate the presence of at least 6 other pegmatites with lengths to several hundred meters. This confirms Lasmanis’ assertion (1977) that the abundance of pegmatites in the area is “astounding”.

At Hidden Lake, the LU #12 and surrounding pegmatites offer formidable potential for significant tonnages of high-grade lithium. Past exploration identified an extensive pegmatite field with large historic tonnages at high grades.

Potential:

• High-grade lithium pegmatites at and/or near surface

• At least 6 new (unsampled) pegamatites evidenced from airphotos

• Simple mineralogy (coarse grained spodumene)

• Fast delineation of a maiden NI43-101-compliant resource estimate (few drill holes needed).

Upcoming Exploration:

Situated close to Yellowknife and within a few km of an all weather road, initial exploration may consist of a low-cost reconnaissance-scale geologic mapping and sampling program to identify the mineralogy, grades, thickness and continuity of all the known pegmatites within the Hidden Lake Property. Exploration may utilize the incentives offered by the Northwest Territories Mining Incentive Program (MIP).

Research #1 | 92 Resources Corp.

Airphoto: Airphoto:

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“However, lithium production from salars can be problematic. Salars are porous bodies of sand and salt, filled with salty water. Pumping water too quickly from the salar can result in fresh water being pulled too deep into a salar too quickly, and a significant, perhaps long-term, di-lution of lithium grade. In some cases, the hydrostatic pressure from pumping too much brine out of the well too quickly can collapse the porosity of the salar, and ef-fectively shut down a well. And once the brine is out of the salar and in the evap-oration pond, the process is at the mercy of the weather. If hot and dry weather becomes cool and damp, the time to pro-duce lithium carbonate using solar evap-oration, typically a 12-18 month cycle, might become significantly longer.

In an era where the lithium produced from these projects is increasingly in-tended for use in automotive drive trains and 3C batteries, a supplier not meeting the required schedule for a delivery of lithium to a battery producer can have serious financial implications. In addition, many brine sources are located in areas that are, geopolitically speaking, less than ideal. The Salar de Uyuni in Bolivia is an extremely large lithium resource, albeit one with some problematic chem-istry. However, any entity that has stud-ied the recent history of mining projects in Bolivia would likely think twice before investing substantial sums in a long-term lithium production facility in that nation. Adding new production from within Chile has also become problematic.

The Chilean government declared lithium to be a strategic material years ago, and its National Lithium Commission continues to struggle with policy issues related to the status of both existing and future licenses to harvest lithium. We have previously pre-sented to the National Lithium Commis-sion in Santiago, and the debate is far from complete. This means that the future pros-pects for production from Chilean salars remains uncertain. Investors, obvious-ly, do not willingly seek out uncertainty.

The alternative to brines is to mine lith-ium-bearing minerals such as spodumene or lepidolite.“

(Source: Stormcrow‘s ‘Lithium – Strong Gets Stronger‘, May 29, 2015)

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By Tom Randall on February 25, 2016,

for Bloomberg

With all good technologies, there comes a time when buying the alternative no longer makes sense. Think smartphones in the past decade, color TVs in the 1970s, or even gasoline cars in the early 20th century. Predicting the timing of these shifts is difficult, but when it happens, the whole world changes.

It’s looking like the 2020s will be the decade of the electric car.

Battery prices fell 35 percent last year and are on a trajectory to make unsubsidized electric vehicles as affordable as their gasoline counterparts in the next six years, according to a new analysis of the electric-vehicle market by Bloomberg New Energy Finance (BNEF). That will be the start of a real mass-market liftoff for electric cars.

By 2040, long-range electric cars will cost less than $22,000 (in today’s dollars), according to the projections. Thirty-five percent of new cars worldwide will have a plug.

This isn’t something oil markets are plan-ning for, and it’s easy to see why. Plug-in cars make up just one-tenth of 1 percent of the global car market today. They’re a rarity on the streets of most countries and still cost significantly more than similar gas-oline burners. OPEC maintains that electric vehicles (EVs) will make up just 1 percent of cars in 2040. Last year ConocoPhillips Chief Executive Officer Ryan Lance told me EVs won’t have a material impact for another 50 years—probably not in his lifetime.

But here’s what we know: In the next few years, Tesla, Chevy, and Nissan plan to start selling long-range electric cars in the $30,000 range. Other carmakers and tech companies are in-vesting billions on doz-ens of new models. By 2020, some of these will cost less and per-form better than their gasoline counterparts.

The aim would be to match the success of Tesla’s Model S, which now outsells its competitors in the large luxury class in the U.S. The question then is how much oil de-mand will these cars displace? And when will the reduced demand be enough to tip the scales and cause the next oil crisis?

First we need an estimate for how quickly sales will grow.

Last year EV sales grew by about 60 percent worldwide. That’s an interesting number, because it’s also roughly the annual growth rate that Tesla forecasts for sales through 2020, and it’s the same growth rate that helped the Ford Model T cruise past the horse and buggy in the 1910s. For comparison, solar panels are following a similar curve at around 50 percent growth each year, while LED light-bulb sales are soaring by about 140 percent each year.

Yesterday, on the first episode of Bloomb-erg’s new animated series Sooner Than You Think, we calculated the effect of con-tinued 60 percent growth. We found that electric vehicles could displace oil demand

Research #1 | 92 Resources Corp.

Here‘s How Electric Cars Will Cause The Next Oil Crisis

A shift is under way that will lead to widespread adoption of EVs in the next decade.

Click on above picture to watch introduction video

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of 2 million barrels a day as early as 2023. That would create a glut of oil equivalent to what triggered the 2014 oil crisis.

Compound annual growth rates as high as 60 percent can’t hold up for long, so it’s a very aggressive forecast. BNEF takes a more methodical approach in its analysis today, breaking down electric vehicles to their component costs to forecast when prices will drop enough to lure the average car buyer. Using BNEF’s model, we’ll cross the oil-crash benchmark of 2 million barrels a few years later — in 2028.

Predictions like these are tricky at best. The best one can hope for is to be more accurate than conventional wisdom, which in the oil industry is for little interest in electric cars going forward.

“If you look at reports like what OPEC puts out, what Exxon puts out, they put adop-tion at like 2 percent,” said Salim Morsy, BNEF analyst and author of today’s EV re-port. “Whether the end number by 2040 is 25 percent or 50 percent, it frankly doesn’t matter as much as making the binary call that there will be mass adoption.”

BNEF’s analysis focuses on the total cost of ownership of electric vehicles, including things like maintenance, gasoline costs, and—most important—the cost of batteries.Batteries account for a third of the cost of building an electric car.

For EVs to achieve widespread adoption, one of four things must happen:

1. Governments must offer incentives to lower the costs.2. Manufacturers must accept extremely low profit margins.3. Customers must be willing to pay more to drive electric. 4. The cost of batteries must come down.

The first three things are happening now in the early-adopter days of electric vehicles, but they can’t be sustained. Fortunately, the cost of batteries is headed in the right direction.

There’s another side to this EV equation: Where will all this electricity come from? By 2040, electric cars will draw 1,900 terawatt-hours of electricity, according to BNEF. That’s equivalent to 10 percent of humanity’s electricity produced last year.

The good news is electricity is getting cleaner. Since 2013, the world has been adding more electricity-generating capacity from wind and solar than from coal, natural gas, and oil combined. Electric cars will reduce the cost of battery storage and help store intermittent sun and wind power. In the move toward a cleaner grid, electric vehicles and renewable power create a mutually beneficial circle of demand.

And what about all the lithium and other finite materials used in the batteries? BNEF analyzed those markets as well, and found they’re just not an issue. Through 2030, battery packs will require less than 1

percent of the known reserves of lithium, nickel, manganese, and copper. They’ll require 4 percent of the world’s cobalt. After 2030, new battery chemistries will probably shift to other source materials, making packs lighter, smaller, and cheaper.

Despite all this, there’s still reason for oil markets to be skeptical. Manufacturers need to actually follow through on bringing down the price of electric cars, and there aren’t yet enough fast-charging stations for convenient long-distance travel. Many new drivers in China and

India will continue to choose gasoline and diesel. Rising oil demand from developing countries could outweigh the impact of electric cars, especially if crude prices fall to $20 a barrel and stay there.

The other unknown that BNEF considers is the rise of autonomous cars and ride-sharing services like Uber and Lyft, which would all put more cars on the road that drive more than 20,000 miles a year. The more miles a car drives, the more economical battery packs become. If these new services are successful, they could boost electric-vehicle market share to 50 percent of new cars by 2040, according to BNEF.

One thing is certain: Whenever the oil crash comes, it will be only the beginning. Every year that follows will bring more electric cars to the road, and less demand for oil. Someone will be left holding the barrel. ■

Research #1 | 92 Resources Corp.

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Disclaimer and Information on Forward Looking Statements:All statements in this report, other than statements of historical fact should be considered forward-looking statements. Much of this report is comprised of state-ments of projection. Statements in this re-port that are forward looking include that lithium and metal prices are expected to rebound; that 92 Resources Corp. or its partner(s) can and will start exploring fur-ther; that exploration has or will discover a mineable deposit; that the company can raise sufficient funds for exploration or development; that any of the mentioned mineralization indications or estimates are valid or economic. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in these forward-look-ing statements. Risks and uncertainties respecting mineral exploration and mining companies are generally disclosed in the annual financial or other filing documents of 92 Resources Corp. and similar com-panies as filed with the relevant securities commissions, and should be reviewed by any reader of this report. In addition, with respect to 92 Resources Corp., a number of risks relate to any statement of projection or forward statements, including among other risks: the receipt of all necessary approvals and permits; the ability to con-clude a transaction to start or continue de-velopment; uncertainty of future lithium and metal prices, capital expenditures and other costs; financings and additional cap-ital requirements for exploration, develop-ment, construction, and operating of a mine; the receipt in a timely fashion of fur-ther permitting for its legislative, political, social or economic developments in the jurisdictions in which 92 Resources Corp. carries on business; operating or technic-al difficulties in connection with mining or development activities; the ability to keep key employees, joint-venture part-ner(s), and operations financed. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Ac-cordingly, readers should not place undue reliance on forward-looking information. Rockstone and the author of this report do not undertake any obligation to up-date any statements made in this report.

Disclosure of Interest and Advisory Cautions: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s report, especially if the investment involves a small, thinly-traded company that isn’t well known. The author of this report is paid by Zimtu Capital Corp., a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment. So while the author of this report is not paid directly by 92 Resources Corp., the author’s employer Zimtu will benefit from appreciation of Commerce Resources Corp.’s stock price. In addition, the author owns shares of 92 Resources Corp. and would also benefit from volume and price appreciation of its stock. In this case, 92 Resources Corp. has one or more common directors with Zimtu Capital Corp. Thus, multiple conflicts of interests exist. The information provided herewithin should not be construed as a financial analysis but rather as an advertisment. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. Rockstone and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, the author does not guarantee that any of the companies mentioned will perform as expected, and any comparisons made to other companies may not be valid or come into effect. Please read the entire Disclaimer carefully. If you do not agree to all of the Disclaimer, do not access this website or any of its pages including this report in form of a PDF. By using this website and/or report, and whether or not you actually read the Disclaimer, you are deemed to have accepted it. Information provided is educational and general in nature.

Analyst Profile & Contact

Stephan Bogner (Dipl. Kfm., FH)Mining Analyst Rockstone Research 8050 Zurich, SwitzerlandPhone: +41-44-5862323Email: sb@rockstone-research.com

Stephan Bogner studied at the International School of Management (Dortmund, Germany), the European Business School (London,

UK) and the University of Queensland (Brisbane, Australia). Under supervision of Prof. Dr. Hans J. Bocker, Stephan completed his diploma thesis (“Gold In A Macroeconomic Context With Special Consideration Of The Price Formation Process”) in 2002. A year later, he marketed and translated into German Ferdinand Lips‘ bestseller (“Gold Wars“). After working in Dubai for 5 years, he now lives in Switzerland and is the CEO of Elementum International AG specialized in duty-free storage of gold and silver bullion in a high-security vaulting facility within the St. Gotthard Mountain Massif in central Switzerland.

Rockstone is a research house specialized in the analysis and valuation of capital markets and publicly listed companies. The focus is set on exploration, development, and production of resource deposits. Through the publication of general geological basic knowledge, the individual research reports receive a background in order for the reader to be inspired to conduct further due diligence. All research from our house is being made accessible to private and institutional investors free of charge, whereas it is always to be construed as non-binding educational research and is addressed solely to a readership that is knowledgeable about the risks, experienced with stock markets, and acting on one’s own responsibility.

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Research #1 | 92 Resources Corp.