Market cap vs Talison, page-4

1.As Oslo points out, SQM, ROC, FMC are diversified across other sectors. They are also diversified within Lithium, being involved in downstream processing in to Lithium specialty chemicals. Talison dug up pegmatite and sold various grades of spodumene.

2. Talison didn't get into downstream processing - they were taken out before they could build their Kwinana lithium carbonate plant or do anything with their Salares 7 project in Chile. In effect, at time of sale, they were a one trick pony working well down the value chain.

3. When Talison was sold, their spodumene was fetching a shade over 300 USD/t. Recent prices for spodumene have been reported around 450 USD/t (mirroring what is happening with lithium carbonate pricing)

4. Like Talison, ORE has a big resource. Last published figures I have show Talison with 2.4 Mt LCE reserve and 4.56 Mt resource (M+I) and with exploration targets beyond that. ORE has 6.4 Mt LCE at Olaroz and exploration targets beyond that (and Cauchari, Salinas Grande, etc).

5. The reality when talking about large resources is that market demand and production capability barely scratch the surface rendering reserve based valuations a bit silly. Olaroz phase 1 uses just 15% of the known resource over 40 years. Valuations are more sensibly based on projected output over the next several years with appropriate forecasts of costs, pricing, FX, growth etc, etc. The reserves are just the room to grow.

6. When the spodumene shortage eases (GXY/GMM, NMT), who will take the value - the spodumene miner or the spodumene converter? I believe I know which is more invested and which carries more risk. A hint - the battery makers are not buying spodumene. Not a concern for ORE.