Compelling opportunity, page-19

PIEDMONT's NPV = USD $1.1billion, current MC = AUD $930mil.

GLN's NPV = USD $1.01billion, current MC = AUD $120mil.

GLN's NPV calculation:

- does not include by-product credits,

- does not include Del Condor and Pucara tenements due to the fact that at the time of the NPV calculation, the above 2 tenements had not been transferred to GLN. They have since been transferred to GLN's ownership.

- does not include the Candelas tenenment which has been drilled only 8 holes so far including 1 hole of 192m at grade of 802mg/L Li with very low impurities. This tenement alone is about the same size as the POSCO tenement which it bought from GXY for USD $280mil (AUD $370mil) based on a resource of 2.5Mt @ 732mg/L Li at the time of purchase.

- does not include any potential at Greenbush South.

- does not include any potential employment of new extraction technology like the one currently employed by LKE from a 3rd party for its project near where GLN's HMW project is. I believe GLN will also tap this technology from that 3rd party eventually.

So, right now if GLN updates its NPV to include Del Condor and Pucara, its NPV would be increased by approximately 20% easily and would make it USD $1.2billion. And after further drilling at Candelas and then include Candelas in its NPV calculation, I believe it would be approximately
USD $1.8bil-$2.2billion.

PLL is now $930mil MC, how much is GLN worth as it crosses each step or milestone on its way to move closer to where PLL is currently at (DFS, off-take agreement with Tesla,...)

JP has his plan to deliver maximum values to shareholders and I believe he will expedite drillings at all 3 projects (expedite is his word in the latest quarterly report) to ultimately sell Candelas project after upgrading its resource (expect handsome figures for this project as he keeps mentioning the USD $280mil POSCO deal with GXY, plus the current positive world attention and attitude to lithium). He knows what he is doing and he will surprise all holders, I strongly trust this man.


DO YOUR MATHS.