November 28, 2016

Report #8Lithium in NWT and Québec, Canada

High Lithium Grades and Astounding Size Potential Sampling SuggestsToday, 92 Resources Corp. reported final assay results from an extensive sampling program on its wholly owned Hidden Lake Lithium Property within the central part of the Yellowknife Lithium Pegmatite Belt in Northwest Territories (“NWT”), Canada.

The 2016 summer exploration program included prospecting, mapping and sampling of the known D12 pegmatite (results reported on November 8), in addition to the newly discovered HL1, HL3 and HL4 pegmatites (results reported today). At the end of the summer program, 2 additional spodumene-bearing pegmatites (HL6 and HL8) were discovered.

CEO Adrian Lamoureux said today:

“Channel sample results from the HL1, 3 and 4 pegmatites have exceeded our expectations, with strong mineralization demonstrated throughout, which was bolstered by the discovery of some very significant tantalum grades. At least six prospective pegmatites are known within the Hidden Lake Property, with exposed strike lengths of 350 to 800 m, the potential for significant concentrations of Spodumene Pegmatites remains very high.“

92 Resources explored this project from the perspective that there may be 1 or 2 pegmatites of interest, but instead they may have found an entire district.

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: 45,171,623

Canadian Symbol (TSX.V): NTYCurrent Price: $0.17 CAD (11/25/2016)Market Capitalization: $8 million CAD

German Symbol / WKN: R9G2 / A11575Current Price: €0.117 EUR (11/25/2016)Market Capitalization: €5 million EUR

Chart Canada (TSX.V)

Chart Germany (Tradegate)

Like standing at the tip of an iceberg: One of the many outcrops of the newly discovered HL3 pegmatite returned 1.58% Li2O in a 8.8 m wide channel on the Hidden Lake Property near Yellowknife, NWT.

2

hen looking at the grades and maps of the 4 pegmatites tested by

channel sampling this summer, the following observations can be made:

• Channel samples were cut at approximate right angles to the strike of the outcrop-ping pegmatite to best represent the mineralization at surface. Due to terrain variations and cover, some channels may not represent the true width of the pegma-tite body (and as such only represent the pegmatite outcropping at surface).

• This means that only the many outcrops of a pegmatite were sampled and that these may extend below surface to form one large, interconnected body with an individual strike length exceeding 500 m; the tip of an iceberg, sort of. The depth and extent below surface can be determined by drilling, which is being permitted now.

HL1 Pegmatite

• The HL1 pegmatite has a strike length of at least 700 m, with only small parts of potentially 1 body exposed at surface.

• The upcoming winter drill program will test the continuity of the HL1 pegmatite below a shallow cover. As such, drilling may uncover the pegmatite to continue below surface and thus expose the true size of a single, large body.

• The HL1 pegmatite alone has the potential to be 700 m long. This could be a potentially world-class deposit by itself as not only grade matters but size as well. As many advanced lithium deposits use a cut-off grade of 0.75% Li2O, any grades above that level are generally considered great.

• Best intercepts from channel sampling the outcropping parts of HL1:

• 2.96 m @ 1.43% Li2O including1.96 m @ 1.99% Li2O

• 2 m @ 1.33% Li2O including1 m @ 2.52% Li2O

• 8.72 m @ 1.26% Li2O including6.32 m @ 1.53% Li2O

• 6.96 m @ 1.21% Li2O including3.01 m @ 1.38% Li2O

• 5.8 m @ 1.17% Li2O including2.92 m @ 1.93% Li2O

• 3.52 m @ 1.07% Li2O including1.87 m @ 1.49% Li2O

• 4.12 m @ 0.7% Li2O including2.13 m @ 1.25% Li2O

Average of these 7 channels: 1.17% Li2O incl. high-grade zones @ 1.73% Li2O

Report #8 | 92 Resources Corp.

373400 373500 373600 373700 373800 373900

69364

00

69365

00

6936

600

69367

00

69368

00

69369

00

«

Legend

2016 Channels

HL1 Outcrop

Hidden Lake Claims

Lakes

0 50 100 15025

Metres

1:3,000

NAD 83 Zone 12

Figure 1: Hidden Lake Property2016 - HL1 Channel Sampling

WM 2016.11

Dahrouge Geological Consulting Ltd.Edmonton, Alberta

SLAVE REGION,EAST OF YELLOWKNIFE, NWT

HL1-C3 (3.52 m @ 1.07% Li2O)

See Table 1 for Full Results

HL1

HL3

HL4

D12

ATV Trail

Highway 40 1 2

km

0

100

200

300

400

500

600

700

Met

res

HL1-C1 (6.96 m @ 1.21% Li2O)

HL1-C2 (8.72 m @ 1.26% Li2O)

HL1-C4 (5.8 m @ 1.17% Li2O)

HL1-C5 (3.44 m @ 0.57% Li2O)

HL1-C6 (3.3 m @ 0.64% Li2O)

HL1-C7 (3.29 m @ 0.55% Li2O)

HL1-C8 (2.53 m @ 0.54% Li2O)

HL1-C9 (3.39 m @ 0.13% Li2O)

HL1-C10 (1 m @ 0.03% Li2O)

HL1-C11 (0.8 m @ 0.01% Li2O)

HL1-C12 (6.09 m @ 0.61% Li2O)

HL1-C13 (2.96 m @ 1.43% Li2O)

HL1-C14 (4.12 m @ 0.70% Li2O)

HL1-C15 (2 m @ 1.33% Li2O)

HL1-C16 (2.07 m @ 1.38% Li2O)

HL1 Pegmatite Channel Sampling Results

ChannelWidth

(m)Li2O (% Wt. Av.)

Ta2O5 (ppm1

Wt. Av.)

Width (m)

Li2O (% Wt. Av.)

HL1-C1 6.96 1.21 35 3.01 1.38HL1-C2 8.72 1.26 27 6.32 1.53HL1-C3 3.52 1.07 56 1.87 1.49HL1-C4 5.8 1.17 31 2.92 1.93HL1-C5 3.44 0.57 102 1.94 0.73HL1-C6 3.3 0.64 83 1 1.03HL1-C7 3.29 0.55 92 0.95 1.58HL1-C8 2.53 0.54 103 2 0.65HL1-C9 3.39 0.13 145 1 0.22

HL1-C10 1 0.03 70 1 0.03HL1-C11 0.8 0.01 76 0.8 0.01HL1-C12 6.09 0.61 67 1.97 1.41HL1-C13 2.96 1.43 50 1.96 1.99HL1-C14 4.12 0.7 37 2.13 1.25HL1-C15 2 1.33 34 1 2.52

1Although reported herein, the tantalum values determined by ICP-OES+ICP-MSmay contain inaccuracies at lower tantalum levels due to limitations of theanalytical technique and will require confirmation by XRF analytical techniques.The XRF results for tantalum will be reported when available.

Full Channel Interval High-Grade Zone

W

3

HL3 Pegmatite

• As indicated by the map, the HL3 pegmatite body is exposed at surface more than HL1.

• With a strike length of at least 800 m, the HL3 pegmatite body has great potential to be very large/long. The upcoming drilling will test if HL3 continues below surface as one extensive body.

• Only drilling can demonstrate the true size and continuity of the mineralized body below a shallow cover. However, surface expressions already indicate great potential for continuity below surface and as such another large pegmatite body on the property.

• Best intercepts from channel sampling the outcropping parts of HL3:

• 8.78 m @ 1.58% Li2O including6.93 m @ 1.78% Li2O

• 3.37 m @ 1.34% Li2O including1.73 m @ 2.05% Li2O

• 6.73 m @ 1.29% Li2O including6.06 m @ 1.41% Li2O

• 4.91 m @ 1.28% Li2O including1.88 m @ 1.41% Li2O

• 5.54 m @ 1.23% Li2O including 4.04 m @ 1.4% Li2O

• 4.96 m @ 1.16% Li2O including3.95 m @ 1.39% Li2O

• 8.15 m @ 1.12% Li2O including7 m @ 1.29% Li2O

Average of these 7 channels: 1.29% Li2O incl. high-grade zones @1.53% Li2O

Report #8 | 92 Resources Corp.

373200 373300 373400 373500 373600 373700

69

368

00

69369

00

69370

00

69371

00

69372

00

69373

00

69374

00

Legend

2016 Channels

HL3 Outcrop

Hidden Lake Claims

Lakes

0 50 100 15025

Metres

1:3,500

NAD 83 Zone 12

HL3-C1 (4.18 m @ 0.03% Li2O)

See Table 2 for Full Results

HL1

HL3

HL4

D12

ATV Trail

Highway 40 1 2

km

Figure 2: Hidden Lake Property2016 - HL3 Channel Sampling

WM 2016.11

Dahrouge Geological Consulting Ltd.Edmonton, Alberta

SLAVE REGION,EAST OF YELLOWKNIFE, NWT

«

HL3-C2 (3.6 m @ 0.89% Li2O)

HL3-C3 (6.31 m @ 0.34% Li2O)

HL3-C4 (4.91 m @ 1.28% Li2O)

100

0

200

300

400

500

600

700

800

HL1

HL4

Met

res

HL3-C5 (5 m @ 0.73% Li2O)

HL3-C6 (5.54 m @ 1.23% Li2O)

HL3-C7 (9.64 m @ 0.84% Li2O)

HL3-C8 (6.73 m @ 1.29% Li2O)

HL3-C9 (8.78 m @ 1.58% Li2O)

HL3-C10 (8.35 m @ 1.02% Li2O)

HL3-C11 (8.15 m @ 1.12% Li2O)

HL3-C12A (1.37 m @ 0.01% Li2O)

HL3-C12B (4.96 m @ 1.16% Li2O)

HL3-C13 (3.37 m @ 1.34% Li2O)

HL3-C14 (1.63 m @ 0.23% Li2O)

HL3-C15 (4.27 m @ 0.89% Li2O)

HL3 Pegmatite Channel Sampling Results

ChannelWidth

(m)Li2O (% Wt. Av.)

Ta2O5 (ppm1

Wt. Av.)

Width (m)

Li2O (% Wt. Av.)

HL3-C1 4.18 0.03 51 1.22 0.08HL3-C2 3.6 0.89 38 1.98 1.26HL3-C3 6.31 0.34 27 1.03 0.94HL3-C4 4.91 1.28 21 1.88 1.41HL3-C5 5 0.73 19 3.07 1.08HL3-C6 5.54 1.23 75 4.04 1.4HL3-C7 9.64 0.84 71 5.53 1.37HL3-C8 6.73 1.29 51 6.06 1.41HL3-C9 8.78 1.58 31 6.93 1.78

HL3-C10 8.35 1.02 35 5.84 1.33HL3-C11 8.15 1.12 23 7 1.29

HL3-C12A 1.37 0.01 14 1.37 0.01HL3-C12B 4.96 1.16 11 3.95 1.39HL3-C13 3.37 1.34 13 1.73 2.05HL3-C14 1.63 0.23 6 1.63 0.23

Full Channel Interval High-Grade Zone

1Although reported herein, the tantalum values determined by ICP-OES+ICP-MSmay contain inaccuracies at lower tantalum levels due to limitations of theanalytical technique and will require confirmation by XRF analytical techniques. TheXRF results for tantalum will be reported when available.

4

HL4 Pegmatite

• As indicated by the figure, the HL4 pegmatite body is exposed at surface less than HL3, yet HL4 occurs only 150 m from HL3 in a parallel fashion.

• With a strike length of at least 500 m, the HL4 pegmatite body could also turn out to be very large/long. The upcoming drilling will test if HL4 indeed continues below surface as one large body.

• Best intercepts from channel sampling the outcropping parts of HL4:

• 3.4 m @ 1.74% Li2O

• 5.78 m @ 1.71% Li2O

• 5.45 m @ 1.51% Li2O including4.7 m @ 1.73% Li2O

• 6.13 m @ 1.41% Li2O including5.88 m @ 1.47% Li2O

• 6.3 m @ 1.24% Li2O including4.12 m @ 1.66% Li2O

• 5.11 m @ 1.24% Li2O including4.02 m @ 1.36% Li2O

• 3.65 m @ 1.13% Li2O including2.87 m @ 1.4% Li2O

• 4.69 m @ 1.12% Li2O including2.09 m @ 1.47% Li2O

• 6.09 m @ 1.04% Li2O including1.9 m @ 1.58% Li2O

Average of these 9 channels: 1.35% Li2O incl. high-grade zones @ 1.57% Li2O

Report #8 | 92 Resources Corp.

373300 373400 373500 373600

69373

00

69374

00

69375

00

69376

00

Legend

2016 Channels

HL4 Outcrop

Hidden Lake Claims

Lakes

0 50 10025

Metres

1:2,000

NAD 83 Zone 12

HL4-C1 (4.66 m @ 0.06% Li2O)

See Table 3 for Full Results

HL1

HL3

HL4

D12

ATV Trail

Highway 40 1 2

km

Figure 3: Hidden Lake Property2016 - HL4 Channel Sampling

WM 2016.11

Dahrouge Geological Consulting Ltd.Edmonton, Alberta

SLAVE REGION,EAST OF YELLOWKNIFE, NWT

HL4-C2 (2.48 m @ 0.16% Li2O)

HL4-C13 (5.11 m @ 1.24% Li2O)

HL4-C3 (3.4 m @ 1.74% Li2O)

HL4-C4 (6.13 m @ 1.41% Li2O)

HL4-C5 (8.02 m @ 0.55% Li2O)

HL4-C6 (6.09 m @ 1.04% Li2O)

HL4-C7 (5.78 m @ 1.71% Li2O)

HL4-C8 (6.3 m @ 1.24% Li2O)

HL4-C9 (4.69 m @ 1.12% Li2O)

HL4-C10 (5.45 m @ 1.51% Li2O)

HL4-C11 (3.65 m @ 1.13% Li2O)

HL4-C12 (2.97 m @ 0.04% Li2O)

100

200

0

300

400

500

Met

res«

HL3

HL4 Pegmatite Channel Sampling Results

ChannelWidth

(m)Li2O (% Wt. Av.)

Ta2O5 (ppm1

Wt. Av.)

Width (m)

Li2O (% Wt. Av.)

HL4-C1 4.66 0.06 35 0.8 0.15HL4-C2 2.48 0.16 50 0.87 0.37HL4-C3 3.4 1.74 20 3.4 1.74HL4-C4 6.13 1.41 41 5.88 1.47HL4-C5 8.02 0.55 60 1.99 1.46HL4-C6 6.09 1.04 34 1.9 1.58HL4-C7 5.78 1.71 33 5.78 1.71HL4-C8 6.3 1.24 52 4.12 1.66HL4-C9 4.69 1.12 44 2.09 1.47

HL4-C10 5.45 1.51 130 4.7 1.73HL4-C11 3.65 1.13 170 2.87 1.4HL4-C12 2.97 0.04 159 0.33 0.2HL4-C13 5.11 1.24 43 4.02 1.36

Full Channel Interval High-Grade Zone

1Although reported herein, the tantalum values determined by ICP-OES+ICP-MSmay contain inaccuracies at lower tantalum levels due to limitations of theanalytical technique and will require confirmation by XRF analytical techniques. TheXRF results for tantalum will be reported when available.

5

D12 Pegmatite

Adrian Lamoureux (President and CEOof 92 Resources) commented on November 8 when disclosing channel sampling results from D12:

“The initial channel sampling program at the LU D12 pegmatite exceeded our expectations, with strong mineraliza-tion demonstrated throughout, this was bolstered by the discovery of some very encouraging tantalum grades. Plan-ning is underway for a winter explora-tion program of delineation drilling to confirm the dimensions of this mineral-ized body and to collect a small bulk sample for mineral processing. The potential for further discovery on the Property remains high, with sample analysis for several newly discovered spodumene bearing pegmatite bodies yet to be received.”

Up to 90 cm long spodumene crystals have been noted at Hidden Lake. The spodumene content of D12 at surface is observed to range from up to 20% with sub-intervals to 35%. The spodumene within the Yellowknife District is described as “generally light in colour and of good quality”, indicating a simple mineralogy (i.e. highly favourable metallurgy for subsequent processing into a saleable 6% Li2O concentrate). The average spodumene content in Nemaska’s Whabouchi Lithium Deposit in Québec is about 20% with light-blue spodumene crystals reaching up to 30 cm in size.

Report #8 | 92 Resources Corp.

0

100

200

300

Metres

374800 374900 375000

6936

800

6936

900

6937

000

«

Legend

2016 Channel Samples

D12 Outcrop

Hidden Lake Claims

Lakes

0 30 60 9015

Metres

1:1,500NAD 83 Zone 12

Figure 1: Hidden Lake Property2016 - D12 Channel Sampling

WM 2016.11

Dahrouge Geological Consulting Ltd.Edmonton, Alberta

SLAVE REGION,EAST OF YELLOWKNIFE, NWT

0

20

40

10Metres

D12-1 (7.48 m @ 1.07% Li2O)

D12-2 (3.50 m @ 1.65% Li2O)

D12-3 (3.19 m @ 0.83% Li2O)

D12-4 (6.01 m @ 1.75% Li2O)

D12-5 (11.58 m @ 1.53% Li2O)

D12-6 (5.71 m @ 1.24% Li2O)

D12-7 (3.80 m @ 1.31% Li2O)

D12-8 (5.75 m @ 1.34% Li2O)

D12-9 (6.09 m @ 1.31% Li2O)

D12-10 (5.97 m @ 1.29% Li2O)

D12-11 (6.80 m @ 1.08% Li2O)

D12-12 (2.25 m @ 0.93% Li2O)

D12-13 (3.62 m @ 1.39% Li2O)

D12-14 (1.52 m @ 0.38% Li2O)

D12-15 (4.53 m @ 1.42% Li2O)

See Table 1 for Full Results

HL1

HL3

HL4

D12

ATV Trail

Highway 40 1 2

km

D12 Pegmatite Channel Sampling Results

ChannelWidth

(m)Li2O (% Wt. Av.)

Ta2O5 (ppm1

Wt. Av.)

Width (m)

Li2O (% Wt. Av.)

D12-1 7.48 1.07 109 5.03 1.27D12-2 3.5 1.65 80 3.5 1.65D12-3 3.19 0.83 106 1.86 1.28D12-4 6.01 1.75 55 6.01 1.75D12-5 11.58 1.53 64 9.02 1.9D12-6 5.71 1.24 58 2.97 1.65D12-7 3.8 1.31 211 2.02 2.08D12-8 5.75 1.34 46 3.9 1.94D12-9 6.09 1.31 43 4.11 1.53

D12-10 5.97 1.29 113 5.97 1.29D12-11 6.8 1.08 75 6.34 1.13D12-12 2.25 0.93 124 1.2 1.47D12-13 3.62 1.39 82 2.85 1.62D12-14 1.52 0.38 192 1.52 0.38D12-15 4.53 1.42 123 2.83 1.81

1Although reported herein, the tantalum values determined by ICP-OES+ICP-MS may

contain inaccuracies at lower tantalum levels due to limitations of the analytical techniqueand will require confirmation by XRF analytical techniques. The XRF results for tantalumwill be reported when available.

Full Channel Interval High-Grade Zone

6

D12 and HL6: Not 2 But 1 Pegmatite?

• As reported in today’s news, a first grab sample from HL6 returned 1.86% Li2O, which is about the same grade as channel sampling revealed at the near-by D12 pegmatite (1.9% Li2O @ 9 m).

• As the figure indicates, both D12 and HL6 occur on the same trend and could be connected to eachother below surface, i.e. it’s 1 (very large) pegmatite and not 2 separate ones. As 92 Resources stated in today’s news: “It is possible that HL6 is related to D12, given its similar character and location along trend.”

• Aerial imagery indicates potential pegmatite outcrops between HL6 and D12, therefore suggesting that it’s 1 very large pegmatite occurring below surface under shallow cover.

• The upcoming drill program will test this interpretation. If indeed HL6 and D12 are connected to eachother, the total strike length of that single spodumene-rich body could potentially exceed 1,800 m (monstrous).

• Of the 85 channel samples collected from D12, a total of 52 returned >1% Li2O, with 34 samples returning >1.5% Li2O to a peak of 3.08% Li2O.

Below grab sample returned 3.06% Li2O showing large spodumene crystals with a white to light-greenish colour:

Picture to the right: The spodumene-rich D12 pegmatite dyke outcrops extensively and could extend all the way, below surface and along trend, to the known pegmatite outcrop HL6 in the south.

Report #8 | 92 Resources Corp.

!(

374000 374500 375000

69360

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69365

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Legend

Potential Pegmatite Outcrop

Known Pegmatite Outcrop

Lakes

0 200 400100

Metres

1:8,000

NAD 83 Zone 12

HL4

ATV Trail

Highway 4

0 1 2

km

HL3

HL1 D12

HL6

to D

12 T

rend

HL6 Grab Sample (1.86% Li2O)

D12 Channel Samples (9 m @ 1.90% Li2O, sample high of 3.08% Li2O)

0

200

400

600

800

1,00

0

1,20

0

1,40

0

1,60

0

1,80

0

Met

ers

Aer

ial I

mag

ery

Targ

ets

Figure 5: Hidden Lake PropertyHL6 to D12 Trend

2016.11

Dahrouge Geological Consulting Ltd.Edmonton, Alberta

SLAVE REGION,EAST OF YELLOWKNIFE, NWT

7

The Big Picture

• To date, 4 spodumene-bearing pegmatites have been tested with channel sampling this summer. All 4 pegmatites returned lithium grades comparable to other world-class spodumene deposits, i.e. exceeding a general industry-wide cut-off grade of 0.75% Li2O.

• Of the 223 samples collected from the HL1, HL3 and HL4 pegmatites, a total of 101 returned grades at >1% Li2O, with 59 samples returning >1.5% Li2O to a peak of 3.31% Li2O.

• The HL1, HL3 and HL4 pegmatites were sampled over a combined intermittent strike length of approximately 1,805 m. However if the pegmatites continue below surface, the total lengths of these 3 bodies may very well exceed 2,000 m:

HL1: >700 m strike length HL3: >800 m strike lengthHL4: >500 m strike length

• The total strike length of the D12 peg-matite is >300 m (potentially >1.800 m).

• A total of 10 grab samples were also collected, resulting in the discovery of 2 additional lithium-bearing pegmatites: HL6 and HL8.

• A grab sample from HL6, located about 1,400 m along trend to the southwest of D12, contained 1.86% Li2O. As per today’s news: “It is possible that HL6 is related to D12, given its similar character and location along trend.”

• A grab sample from HL8 contained 0.47% Li2O and is located 2.5 km northwest of Highway 4 (Ingraham Trail). Upcoming channel sampling may bring about higher grades, especially when considering that 2 other outcropping pegmatites have been spotted in close proximity (to be sampled during the next exploration phase).

• A total of 6 lithium-bearing pegmatites have been sampled on the property to date (4 of these were tested with channel sampling), all of which host significant lithium concentrations.

• 5-7 additional pegmatites outcrops have been identified on the property and should get sampled for the first time with the next exploration phase.

• Overall, about 12 outcropping pegmatites have been identified on the property to date, whereas more pegmatites (hidden; i.e. no surface expression) could be found below a shallow surface cover.

• Due to the property hosting numer-ous spodumene-rich pegmatites with average grades exceeding 0.75% Li2O, it has great potential to be identified as a world-class lithium project in 2017.

• The discovery of elevated concentra-tions of tantalum mineralization from the D12, HL1, HL3, and HL4 pegmatites (up to 596 ppm Ta2O5 with an average of 64 ppm) is a potentially significant dis-covery. Often, tantalum and lithium are strongly zoned with mineralized pegma-tite bodies; however, meaningful zone overlap may exist and has been demon-strated in the past through co-produc-tion in other deposits known worldwide. Anomalous rubidium and beryllium mineralization has also been identified, but will require further analysis.

• A sampling and winter drilling program is expected to start in early 2017.

Report #8 | 92 Resources Corp.

!(

!(

372500 373000 373500 374000 374500 375000 375500

69

345

00

6935

000

69355

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69360

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69365

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69375

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Legend

!( Grab Samples

ATV Trail

Pegmatite Outcrop

Hidden Lake Claims

Lakes

0 500 1,000250

Metres

1:18,000

NAD 83 Zone 12

Figure 4: Hidden Lake Property2016 Grab Samples

WM 2016.11

Dahrouge Geological Consulting Ltd.Edmonton, Alberta

SLAVE REGION,EAST OF YELLOWKNIFE, NWT

D12

HL1

HL3

HL4

121152 (1.86% Li2O)

121154 (0.47% Li2O)

HL6

HL8

8

For Perspective: Other World-Class Spodumene Deposits

As can be seen with the accompanying figures from Deutsche Bank‘s research “Welcome to the Lithium-ion Age“ (May 9, 2016), the average deposit grades of most world-class spodumene deposits range between 1% and 1.7% Li2O, and rarely exceed 2%.

According to Deutsche Bank (“DB“):

“There are three major lithium projects that have been committed to and are expected to enter production within the next 24 months.

The Mt. Cattlin spodumene project [in Western Austrlia] is an existing operation owned by Galaxy Resources that has been on care & maintenance since 2013.

General Mining is earning into Mt. Cattlin up to 50% (for A$25m) and is the operator. The restarted operation is expected to produce 100ktpa Li2O spodumene concentrate, equivalent to 13kt LCE.

The Mt. Cattlin mining operations include open-pit mining of what is a relatively flat lying pegmatite ore body. Mining is carried out using excavator and truck operations and conventional drill and blast techniques. Contract mining is used for grade control drilling and earthmoving operations (drilling, blasting, load, haul and ancillary work) for the open-cut mining operation.

The Life of mine for Mt. Cattlin is projected to be17 years at 800ktpa.“

Mt. Cattlin‘s total resource averages 1.08% Li2O. The Mt. Marion Deposit is also located in Western Australia and averages 1.39% Li2O. According to DB:

“The Mt. Marion spodumene project is a joint venture between Mineral Resources, Neometals and Jianxi Ganfeng. The operation is currently under construction

(A$50m capital budget) and will commence commissioning in June/July. The plant will produce 200ktpa 6% Li2O spodumene concentrate, equivalent to 27kt LCE.“

The 3rd committed project, according to DB, is Albermarle‘s La Negra Lithium Brine Project in Chile.

Report #8 | 92 Resources Corp.

As per below figure from DB, the Mt. Mari-on Project includes 6 separate spodume-ne deposits, each planned to be mined with its own open-pit, and 1 processing plant on site to crush and upgrade all ores to a saleable 6% Li2O concentrate. The cross-section to the right shows one of the pegmatites lying flat below a shallow cover with no apparent expressions at surface. Drill results vary between 0.55% and 1.87% Li2O. According to DB:

“The downside of brine operations is that they are more capital intensive than hardrock operations, incur significant lead times to meaningful production (technical and geographical challenges), require eco-nomies-of-scale and have a long resonan-ce time influenced by evaporation rates...

We expect supply to increase by 18% this year to reach 201kt LCE, however this will still not meet global demand (DBe 209kt LCE). As global lithium demand increases over coming years, hard-rock operations will be able to respond to market conditions much faster than their brine counterparts...

Spodumene ores are crushed grinded and liberated into a 6% Li2O concentrate that can be used in industrial markets or converted downstream into batterygrade products...

With the recent lithium feedstock shortage in China, a number of low-grade, high cost deposits have been restarted to sell to downstream processors...“

9 Report #8 | 92 Resources Corp.

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Disclaimer and Information on Forward Looking StatementsAll statements in this report, other than statements of historical fact should be con-sidered forward-looking statements. Much of this report is comprised of statements of projection. Statements in this report that are forward looking include that lithium and commodity 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 ap-provals and permits; the ability to conclude a transaction to start or continue explor-ation; uncertainty of future lithium and commodity prices, capital expenditures and other costs; financings and addition-al capital requirements for exploration, development, construction, and operating of a mine; the receipt in a timely fashion of further permitting for its legislative, political, social or economic developments in the jurisdictions in which 92 Resources Corp. carries on business; operating or technical difficulties in connection with mining or development activities; the abil-ity to keep key employees, joint-venture partner(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. Accordingly, readers should not place undue reliance on forward-looking infor-mation. Rockstone and the author of this report do not undertake any obligation to update any statements made in this report.

Disclosure of Interest and Advisory CautionsNothing 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, the author’s employer Zimtu will benefit from appreciation of 92 Resources’ stock price. In addition, the author owns equity of 92 Resources Corp. and would also benefit from volume and price appreciation of its stock. 92 Resources Corp. may have one or more common directors with Zimtu Capital Corp. Overall, multiple conflicts of interests exist. Therefore, the information provided herewithin should not be construed as a financial analysis but rather as advertisement. 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. 92 Resources Corp. has not reviewed the content prior to publication. 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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Report #8 | 92 Resources Corp.

Previous Coverage

Report #7: “High-Grade Lithium and Tantalum confirmed by Channel Sampling“ (November 8, 2016)

Report #6: “Crews mobilized for next phase of exploration on the Hidden Lake Property“ (August 16, 2016)

Report #5: “92 Resources snags hard-rock lithium property in Québec“ (July 26, 2016)

Report #4: “Why 92 Resources looks ready for the next upswing“ (June 20, 2016)

Report #3: “Extremely high-grade lithium assays from surface“ (June 7, 2016)

Report #2: “Untapping Canada‘s Hidden Lithium Treasuries“ (March 1, 2016)

Report #1: “92 Resources on the case for Hard Rock Lithium“ (April 11, 2016)