Good old fireside chat, page-471

I'm just talking hypotheticals here. ASN is targeting 30-40m barrels. The below figures are for Roberts Well (White Cloud #2) and its for a 1700ppm grade. The hypothetical 15m barrels of this brine should produce 30,535 tons of Li2Co3. I think it should be battery grade? At US $20,000/ton (not sure of this figure. How much is battery grade Lithium Carbonate?). 30,535 x 20,000 = 610,700,000 or $610m. ASN's 30m barrels would come to $1.2bn. Take away costs of production, etc.

How big is the potential MC?

Historical Resource Estimates
The following information is not N.I. 43-101 compliant and should not be relied upon for its accuracy. The Company is working to update available information to meet compliance. As such, the available information is presented purely to provide an indication of the resource potential for the property.
To-date, there have been no formal resource estimates for the Liberty One Lithium property for either potash in-situ or for the saturated brines. Anecdotally, regarding the brines, a letter from J. E. Garrett (petroleum engineer) to J.E. Roberts, dated November 22, 1968 (Gwynn, 2008) stated “When the White Cloud #2 well is completed in Clastic 31 Zone it should exhibit the same initial pressure [as White Cloud #1]. I calculate that it should produce 50,000 B/D through the proposed 8-5/8” casing.”
Another letter from Garrett to Roberts, dated September 19, 1966 (Gwynn, 2008) stated that the “brine reserves may range all the way from a specific (finite) volume if the source is a closed aquifer to an unlimited amount if it is an actively replenishing aquifer. Assuming a closed aquifer, based on volumetric estimates limited to the six by eight mile area of established brine flows, in my opinion, the proved brine reserves are 15 million barrels.” The letters context indicates that proved reserves were stated as used in the petroleum industry to mean that they have an 85% chance (or more), of recovery.
This of course is quite different from current usage of the term “reserves” in the mining industry, thus these figures cannot be relied upon in that sense, and are not N.I. 43-101 compliant.
Garrett went on to say “Statistically speaking, from the data developed in regard to the project, the ‘expected’ natural water reserves are estimated to be 300 million barrels. I further estimate that there is a possibility that the water reserves will be at least 500 million barrels.This figure could be obtained from either a large closed aquifer or from a live aquifer of modest replenishment.”
The White Cloud #2 brine contained the following amounts of metals (and presumably others such as bromine, boron, strontium, etc, which were not included in the analysis, but are present in other wells nearby) according to analyses done by the USGS Ozark.
Mahoning Laboratory (Gwynn, 2008):

• Sodium 28,500 ppm equal to 2.85% or 57 lb/ton
• Potassium 47,000 ppm equal to 4.70% or 94 lb/ton
• Lithium 1,700 ppm equal to 0.17% or 3.4 lb/ton
• Calcium 46,700 ppm equal to 4.67% or 93.4 lb/ton
• Magnesium 43,600 ppm equal to 4.36% or 87.2 lb/ton

A barrel of this brine weighs 450 pounds or 0.225 tons. Thus, the hypothetical 15 million barrels would weigh 3,375,000 tons. By these figures, this “proved reserve” then represents 96,000 tons of sodium, 158,000 tons of potassium (302,400 tons of KCl), 5,750 tons of lithium (30,535 tons of Li2CO3), 157,000 tons of calcium and 147,000 tons of magnesium (576,450 tons of MgCl2). As noted above, there may be recoverable amounts of other metals not included in the analysis.
Metallurgical recovery percentages are not considered. Once again, these are pre-2001 historical resource estimates and they do not include recovery factors or costs, thus readers are cautioned that a Qualified Person has not done sufficient work to classify the historical estimates as current mineral resources. The Company is not treating the historical estimate as current mineral resources and this historical estimate should not be relied upon. This is purely an indication of the area’s potential, rather than an actual resource in mining industry terms.
https://libertyonelithium.com/projects/utah/history