Desert Lion Energy Shareholders Approve Merger

Lepidico Ltd (ASX:LPD) (“Lepidico” or “Company”) is pleased to advise that Desert Lion
Energy Inc (“Desert Lion”) shareholders approved the acquisition by Lepidico of all of the
outstanding common shares of Desert Lion at its annual general and special meeting of
shareholders (the “AGM”) held on Thursday, June 27, 2019 in Toronto, Canada. Desert Lion
shareholders will receive 5.4 Lepidico shares for each common share of Desert Lion held (the

At the AGM, a special resolution approving the Transaction was approved by 99.22% of the
votes cast at the meeting in person or by proxy. The Transaction, which will be effected by
way of a Plan of Arrangement under the Business Corporations Act (Ontario), is subject to
receipt of court and regulatory approvals. The court hearing for the final order to approve
the Transaction is scheduled to take place on July 4, 2019.

The Transaction is expected to be completed by mid-July 2019