June 20, 2016

Research #4Lithium in Northwest Territories

Why 92 Resources looks ready for the next upswing Today, 92 Resources Corp. published a press-release that has the ingredients to spark a new upward trend of its share price. Firstly, the next phase of exploration on its 100% owned Hidden Lake Lithium Property in NWT is said to commence shortly, thus new assays from sampling, trenching and drilling may follow over the summer. Secondly, it was noted today that a total of 10.2 million warrants had been exercised over the past few months and especially since the spectacular news on June 7. Thus, only ~2,4 million warrants remain in the money unexercised. It’s fair to say that the exercise of warrants caused additional pressure on the market, which thankfully was well absorbed and the share price had the chance for a healthy pullback. Now, with the announcement of the upcoming summer exploration program and a healthier treasury thanks to continued shareholders support, the market may receive all this very favourably, potentially resulting in the next price upswing. Due to a highly increased and steady stream of result-driven newsflow over the next weeks and months, 92 Resources is expected to outperform the lithium space. This report also includes an interview-style article by Marc Davis from BNWnews with Adrian Lamoureux from 92 Resources.

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: 40,482,623

Canadian Symbol (TSX.V): NTYCurrent Price: $0.18 CAD (June 17, 2016)Market Capitalization: $7 million CAD

German Symbol / WKN: R9G2 / A11575Current Price: €0.13 EUR (June 17, 2016)Market Capitalization: €5 million EUR

Chart Canada (TSX.V)

Chart Germany (Frankfurt)

Picture from the latest sampling program on the Hidden Lake Property: A geologist from 92 Resources Corp. stands on top of a large outcropping pegmatite dyke rich in lithium.

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he truly sensational assays of 5 rock samples from surface on June 7 were grabbed solely

at the historically known spodumene pegmatite LU Dyke D12 / LU #12 Dyke. According to today’s news, the new exploration program will start shortly and will not only test LU #12 Dyke again but also numerous other pegmatites which have been identified on the Hidden Lake Property. Recent forest fires on the property have exposed a series of other pegmatites, which have been discovered with aerial photopgraphy. Lithium-rich pegmatite dykes are generally lighter coloured and more resistant to weathering and as such easy to spot from the air in case these outcrop.

Even before these recent forest fires, 92 Resources has localized at least 6 other pegmatites, which look similar to LU #12 Dyke (most have never been tested for lithium to date). The enclosed map dem-onstrates impressively that at least 10 other pegmatites are located on the Hid-den Lake Property in proximity to LU #12 Dyke, which could host similar high-grade spodumene. Adrian Lamoureux, Presi-dent of 92 Resources, commented today:

“We are pleased to initiate a follow up program to our recent reconnaissance site visit, when five samples were collected, yielding values ranging from 1.64% to 3.06 % Li2O, with an average grade of 2.54% Li2O. This certainly indicates the exceptional potential Hidden – Lake has to host a number of highly prospective spodumene bearing pegmatites.”

With an average width of approximately 10 m, the LU #12 Dyke pegmatite has an estimated length of more than 300 m, and is still open to the north, south and depth. Alone this outcropping peg-matite could potentially be mined with an open-pit, although more work, espe-cially drilling, is required to prove that case. To the north is a pegmatite by the name of Shorty Dyke, which has a historic resource of 3.8 million t aver-aging 1.24% Li2O (lithium oxide). The Whabouchi Deposit from Nemaska Lith-ium Inc. (market capitalization: $335 million) hosts a total of 28 million t aver-aging 1.57% Li2O. Hence this means for 92 Resources that only 7 pegmatites with

Research #4 | 92 Resources Corp.

T “Over the medium term, our current supply and demand

balance reveals a supply gap emerging by 2019-2020 if new projects are

not developed. Greenfield brine projects typically

have higher capital costs and longer development

times than hard rock mines due to their large scale

and relatively long process times for salt lake brine

extraction... Despite their higher operating costs,

hard rock mines have less impurity variations than

brines, which is attractive in the current market as LIB manufacturers are

demanding higher battery grade material. We expect

the latter to gain importance as battery demand surges and technology continues to advance in the race to

develop lower cost and even more efficient LIBs.“

Julia Ralph on May 4, 2016, in “Hard Rock Miners Set to

Plug Supply Gap“)

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a similar size like Shorty Dyke are neces-sary to have a somewhat comparable deposit like Nemaska. Furthermore, the last assays from 92 Resources have dem-onstrated that historic results have been exceeded (the latest 5 samples averaged 2.54% Li2O, whereas historic sampling reported grades mostly between 1.4% and 1.96% Li2O.

On top of all that, it is remarkable and at the same time highly encouraging that Nemaska once – when it was a similar tiny explorer like 92 Resources today – reported comparable assay results averaging 2.88% Li2O from a first grab sample program at surface (thus almost same high-grade mineralization as 92 Resources’ current average of 2.54% Li2O).

Previous Coverage

Research #3: “Extremely high-grade lithium assays

from surface“ (June 7, 2016)

Research #2: “Untapping Canada‘s Hidden Lithium

Treasuries“ (March 1, 2016)

Research #1: “92 Resources on the case for Hard

Rock Lithium“ (April 11, 2016)

Research #4 | 92 Resources Corp.

Pictures from the latest sampling program on Hidden Lake: These high-grade spodumene rocks at surface suggest that similar grades also exist below surface at depth and as well in the numerous pegmatites in proximity. The upcoming drill program will test exactly that, hence with good drill results 92 Resources‘ stock may appreciate even stronger than so far. However, if 92 Resources discovers more lithium-rich pegmatites besides LU #12 Dyke with the upcoming exploration program, more price jumps are anticipated.

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By Marc Davis from www.BNWnews.caon June 20, 2016

Eye-catching lithium discoveries don’t happen every day.

When they do, little-known lithium explorers can suddenly find themselves in the investment spotlight.

Just look at 92 Resources (TSX.V: NTY). Its share price was a star performer last week (up over 175% at one point) on very heavy volume. Speculators were fired-up about some very high-grade, lithium-rich rocks that the company had found in Canada’s Northwest Territories (NWT).

The news came more as a vote of confidence for the company’s Hidden Lake project, rather than a complete shock. After all, the northern Canadian property is situated at the heart of an old lithium mining camp from a bygone era -- one that’s not far from Yellowknife. (This unheralded rare earth metal was briefly mined for its use in nuclear power plants in the 1950s.)

Furthermore, Hidden Lake is known for being a geologically-fertile environment for finding richly-mineralized hard rock sources of lithium. This helps explain why the company found a handful of grab samples (rocks at surface) that have assayed as high as 3.06% lithium oxide, and collectively average 2.54%.

These results compare very favourably with the first batch of grab sample results announced by Canada’s most successful lithium explorer/developer – Nemaska Lithium. Long before Nemaska proved-up its CDN $1.9 billion Whabouchi lithium deposit in northern Quebec, it announced 9 grab samples averaging 2.88% lithium oxide.

Mining logistics aside, this part of Canada also seems to be an ideal geopolitical environment for 92 Resources to hunt for high-grade lithium. Eventually, a mine at Hidden Lake could help support the NTW’s under-developed economy while also playing an important role in powering North America’s electric automobile revolution.

Hidden Riches at Hidden Lake?

Canada is a vast country where lithium discoveries have historically been mostly passed over in favour of gold, and industrial metals like copper, nickel and zinc. But Hidden Lake is something of an exception.

Before a decades-long slump in lithium demand took root during the 1960s, past explorers made impressive headway at the Hidden Lake property and its vicinity. This is where historic work has outlined a near-surface discovery that has the potential for large tonnage, as well as high grades, according to 92 Resources’ president Adrian Lamoureux.

Some small-scale historic drilling also revealed mineralized grades to a depth of 150 metres that are comparable to ones encountered by near-surface sampling. And that’s what has Lamoureux as fired-up as 92 Resources’ fast-growing investor base.

“So far we’re corroborating the kind of high grades that historic exploration work suggests exist at Hidden Lake,” he says. “It’s early days yet. But if this kind of exploration success continues, it’ll help validate our geological model, which postulates that a richly-mineralized deposit is well within our reach.”

Lamoureux also points to a 1977 geological assessment of the Hidden Lake property and adjacent prospects. It suggests their combined potential to host at least 49 million tons of high-grade lithium (averaging 1.40% lithium oxide).

(It should be noted that this historic resource estimate has not completed in accordance with NI 43-101 guidelines, meaning a qualified geoscientist has not conducted sufficient work to classify this figure as a legitimate mineral resource, and the historical estimate is not to be treated as such).

The appeal of the 1,600-hectare Hidden Lake project is sweetened by the fact that its lithium mineralization is relatively close to the surface. This means it could be amenable to relatively low- cost, open-pit (quarry-like) ore extraction methods.

Being close to the NWT’s capital city of Yellowknife also weighs in the project’s favour. Not only is there a skilled labour force nearby, but there’s also plenty of proximal mining infrastructure in the region already in place, as well as a power grid. All of these favourable factors boost the odds in favour of the Hidden Lake discovery becoming an economically-viable success story one day. However, it’s still far too early to know if a mine is likely to ever be built.

For now, the company is conducting a more extensive surface sampling program, including trenching. This should provide a better understanding of the overall surface parameters of this under-developed lithium resource.

Subsequent to that, an exploratory drill program is anticipated later this year. And by probing the parameters of this emerging discovery, 92 Resources can get a much better insight into whether a richly-mineralized deposit really does lie hidden at Hidden Lake.

How Lithium is Outshining Gold

The rewards for making an important lithium discovery can be very lucrative. For instance, one of 92 Resources’ far

Research #4 | 92 Resources Corp.

Lithium Explorer’s News Excites Investors

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more advanced peers in the exploration sector, Nemaska Lithium Inc., has already hit the geological jackpot.

Originally just another tiny lithium explorer, it recently earned an independently-assessed valuation (NPV) of almost $1.9 billion for its Whabouchi project in James Bay, Quebec. Its deposit is nearly 28 million tonnes in size and averages 1.57% lithium oxide.

In fact, lithium is fast becoming more lustrous to investors than gold. So much so that it’s even been hailed “the new gasoline” by Wall Street’s most powerful and influential investment bank, Goldman Sachs.

This is all because of the electrification of the automobile industry, which is reliant on lithium-ion batteries. Tesla Motors is leading the way in the U.S. with the building of its $5 billion “gigafactory” in Nevada, where it will manufacture lithium-ion batteries in partnership with Panasonic, its Japanese battery supplier.

Production is expected to start later this year. And by 2020, enough lithium battery-packs will be manufactured each year to power up to 500,000 electric vehicles.

Most notably, Tesla wants to source as much of its lithium supplies as possible from domestic or Canadian mines. And presently, that’s a tall order because only one North American lithium mine exists, which is also in Nevada.

All of this promises to be a boon to successful lithium explorers here in North America, especially since the U.S. currently has to import over 80% of its lithium supplies. Even the U.S. government is onside with Tesla’s bold mandate because it has declared lithium to be a strategic metal.

Why 92 Resources?

The race is on to find the biggest and best deposits on this continent. And 92 Resources is now among a tiny vanguard of lithium explorers/developers that have rewarded shareholders lately

with encouraging exploration and development news.

Another obvious standout is Lithium X Energy (TSX.V: LIX), which is an advanced-stage lithium developer. It has seen its share price rise from 45 cents at the start of the year to as high as to CDN $2.85 (nearly a 640% jump). Currently trading at around $ 1.73, this is still a gain of over 380%.

Another advanced-stage success story in-the-making is of course Nemaska (TSX.V: NMX). Since early January, it shot up from around 40 cents to CDN $1.98 (more than a 480% gain) and has currently consolidated at around $1.42, which is still up over 340%.

However, investors are offered the most leverage to much higher share prices by betting early on. In other words, companies with bright prospects that

are still in the early stages of their exploration/developmental timelines fit this optimal risk/reward profile.

92 Resources is an obvious example. And though the company is a long way from becoming a rags-to-riches success story, so far it’s making all the right moves.

Consequently, the company’s early-stage investors have so far been handsomely rewarded. And with plenty of additional exploration news expected in the coming months, new investors are betting that 92 Resources’ share price will continue its impressive upward trajectory.

From time to time, the principals of www.BNWnews.ca hold share positions in companies mentioned in our mining news coverage.

Research #4 | 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 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 lith-ium 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 approvals and permits; the ability to con-clude a transaction to start or continue exploration; uncertainty of future lithium and commodity prices, capital expendi-tures and other costs; financings and addi-tional capital requirements for exploration, development, construction, and operating of a mine; the receipt in a timely fashion of further permitting for its legislative, pol-itical, 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 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, the author’s employer Zimtu will benefit from appreciation of 92 Resources’ 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. does NOT 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 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. 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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Research #4 | 92 Resources Corp.