Ann: Pro-rata Entitlement Offer of Options closes, page-36

It all depends on the impurities ratio. To make it simple, let's imagine a brine with 2 elements, lithium (good) and magnesium (bad).

1. We have 100ppm Li, and 200ppm Mg.
2. We have 2000ppm Li, and 40,000ppm Mg

Scenario 1 would be way more economical to produce Lithium Carbonate/Hydroxide as the ratio is 1:2 Li:Mg as opposed to the 1:20 ratio in scenario 2 - despite the lower headline lithium concentration. What this means, is that you need enough reagents to remove 20 parts of magnesium just to get your 1 part lithium (as per scenario 2). Hence, some projects out there require a high lithium ppm just to compensate for their massive amounts of impurities just so they can produce economically. After all, these reagents can eat up opex very quickly.

One example to prove this is the Silver Peak mine next door which has been producing very well at around 100ppm Li yet is an extremely low-cost operation. Why? Because of its very low impurities. This is key as concentrating brine is actually very cheap and easy (via extra solar evaporation).

So what amount of Lithium (mg/L or ppm) we get is more or less irrelevant on its own. What Balfe, Fethers, Hamer, and Griffin are interested in is the ratios between target minerals (i.e lithium and maybe even boron) and impurities. If we get 100ppm lithium, and 100ppm Mg too, I dare say our project will be more economical than even some world-class mines in the lithium triangle.

Either way, RLC should be valued a lot more than 15mil mc - even its just purely of exploration potential. I am confident that we will see some positive movements now that we are fully funded (even without shortfall placement) for the next drill program. Perhaps 15-20c is a fair place to be in the next few months? Our options will probably be priced at 12-16c at those prices too. I am a strong believer that good assets will always realize their fair value on the market.

Eyes on the ann section for the announcement of next drill location, core assays in the next few days, and initial brine results soon after that.

p.s Trump's planned tariffs on Chinese lithium batteries is probably a good thing for us given we are developing in Nevada and may give us a cost advantage over Chinese converters and battery factories if we get to production.