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Lithium X Energy Corp LITHIUM X ENERGY CORP. ANNUAL INFORMATION FORM For the Year Ended June 30, 2017 October 19, 2017 TABLE OF CONTENTS CORPORATE STRUCTURE ....................................................................................................................................... 7 NAME, ADDRESSES AND INCORPORATION ........................................................................................................................... 7 INTERCORPORATE RELATIONSHIPS ..................................................................................................................................... 7 GENERAL DEVELOPMENT OF THE BUSINESS OF THE CORPORATION ...................................................................... 7 THREE YEAR HISTORY AND SIGNIFICANT ACQUISITIONS .......................................................................................................... 7 BUSINESS OF THE CORPORATION ........................................................................................................................ 12 Stage of Development ......................................................................................................................................... 12 Specialized Skill and Knowledge .......................................................................................................................... 12 Competitive Conditions ....................................................................................................................................... 13 Components ........................................................................................................................................................ 13 Cycles .................................................................................................................................................................. 13 Economic Dependence ........................................................................................................................................ 13 Changes to Contracts .......................................................................................................................................... 13 Environmental Protection ................................................................................................................................... 13 Employees ........................................................................................................................................................... 13 Foreign Operations ............................................................................................................................................. 14 Social or Environmental Policies ......................................................................................................................... 14 RISK FACTORS .............................................................................................................................................................. 14 Dependence on Sal de los Angeles Project .......................................................................................................... 16 Negative Operating Cash Flow............................................................................................................................ 18 MINERAL PROJECTS ...................................................................................................................................................... 20 Project Description, Location and Access ............................................................................................................ 20 DIVIDENDS ........................................................................................................................................................... 51 DESCRIPTION OF CAPITAL STRUCTURE................................................................................................................. 51 MARKET FOR SECURITIES ..................................................................................................................................... 52 TRADING PRICE AND VOLUME ........................................................................................................................................ 52 PRIOR SALES ............................................................................................................................................................... 52 ESCROWED SECURITIES ........................................................................................................................................ 53 DIRECTORS AND OFFICERS ................................................................................................................................... 53 NAME, OCCUPATION AND SECURITY HOLDINGS ................................................................................................................. 53 CEASE TRADE ORDERS, BANKRUPTCIES, PENALTIES OR SANCTIONS ........................................................................................ 54 CONFLICTS OF INTEREST ................................................................................................................................................. 55 PROMOTERS ........................................................................................................................................................ 55 LEGAL PROCEEDINGS AND REGULATORY ACTIONS .............................................................................................. 55 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ........................................................... 56 TRANSFER AGENT AND REGISTRAR ...................................................................................................................... 56 MATERIAL CONTRACTS ........................................................................................................................................ 56 INTERESTS OF EXPERTS ........................................................................................................................................ 56 ADDITIONAL INFORMATION ................................................................................................................................ 57 AUDIT COMMITTEE INFORMATION .................................................................................................................................. 57 ADDITIONAL INFORMATION ............................................................................................................................................ 57 - 2 - Schedule "A" – Audit Committee Information Audit Committee Charter Composition of the Audit Committee Relevant Education and Experience Audit Fees - 3 - GLOSSARY OF GENERAL TERMS In this Annual Information Form, unless there is something in the subject matter or context inconsistent therewith, the following capitalized words and terms have the following meanings: Affiliate A company is an "Affiliate" of another company if: (a) one of them is the subsidiary of the other; or (b) each of them is controlled by the same Person; Associate means, when used to indicate a relationship with a Person, (a) a partner, other than a limited partner, of that Person; (b) a trust or estate in which that Person has a substantial beneficial interest or for which that Person serves as trustee or in a similar capacity; (c) an issuer in respect of which that Person beneficially owns or controls, directly or indirectly, voting securities carrying more than 10% of the voting rights attached to all outstanding voting securities of the issuer, or (d) a relative, including the spouse, of that Person or a relative of that Person's spouse, if the relative has the same home as that Person; Clayton Valley Property Means the properties consisting of Clayton Valley North ("CVN") and Clayton Valley South ("CVS"). CVN consists of approximately 5,480 acres located in Esmeralda County, Nevada. CVS consists of approximately 9,540 acres located approximately 30 miles southwest of Tonopah, Nevada, within the Clayton Valley; Common Shares: means the common shares of the Corporation; company: unless specifically indicated otherwise, means a corporation, incorporated association or organization, body corporate, partnership, trust, association or other entity other than an individual; Control Person: means any person or company that holds or is one of a combination of persons or companies that holds a sufficient number of any of the securities of an issuer so as to affect materially the control of that issuer, or that holds more than 20% of the outstanding voting securities of an issuer except where there is evidence showing that the holder of those securities does not materially affect the control of the issuer; Corporation: means Lithium X Energy Corp., a company incorporated under the laws of British Columbia; - 4 - Exchange: means TSX Venture Exchange Inc.; Insider: if used in relation to an issuer, means: (a) a director or senior officer of the issuer; (b) a director or senior officer of another issuer that is an insider or subsidiary of the issuer; (c) a Person that beneficially owns or controls, directly or indirectly, voting shares carrying more than 10% of the voting rights attached to all outstanding voting shares of the issuer; or (d) the issuer itself if it holds any of its own securities; NI 43-101 or National means National Instrument 43-101 "Standards of Disclosure for Mineral Instrument 43-101: Projects" adopted by the Canadian Securities
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