Ann: Diggers & Dealers Investor Presentation, page-23

Basically TAW's numbers are all tied into one fact - which is the fact that the PFS was done on a short LOM with a small reserve statement. Those that have the ability to be forward looking will be able to see this, those that don't won't understand TAW.

I think I have mentioned it here before that most Li companies have the benefit of 10+ years of LOM. As PFS figures are reported as LOM averages this is a big advantage. Think of OPEX curve as a bit like a saucer. Your early and late years will be the most expensive while the middle will be cheaper. With TAW PFS based on 3 years you don't really get that advantage and is probably a realistic indicator of early year costs.

PLS/AJM are unlikely to be producing for their PFS numbers in years and I expect them to be more like USD$300-350. This will decrease over time. Just as I expect that by increasing LOM and getting a real mine life going TAW will decrease theirs, aided by extra DMS, fines circuit and Ta production. In saying that PLS which is higher grade and good recoveries is still like USD$250+ inc royalties (royalties vary depending on sale price so will be higher than PFS). Therefore if TAW get down to anything in the USD$300-350 range they will be close to on par.

We are still talking about USD$600 margins over 155kt of product and rising to a higher number with the plant improvements.