Ann: Advantage Lithium release study on Cauchari JV, page-4

triage those are all valid insights and concerns.

i see the bottom line as the fact that this is a viable project even if li prices drop. there is a solid npv qfter tax well above the current market cap and this suggests the company is undervalued after they spend 400m which includes a generous 25% 75m contingency.

the nov is based on a lico3 price of 14,000usd which may well drop a bit in future and this will impact the npv. they quoted around 600m usd instead of 800m+ for the npv post tax at a 10% discount.

i agree with their cuation based on modelling using an inferred resource only but i also agree with the statement that further drilling will likely expand the resource and LOM beyond 25yrs.

im sure they have considered piggy-backing on ore’s plant for processing but ore will be running perhaps at processing capacity already and the infrastructure/ runing cost of pumping brine to olaroz would be substantial.

overall this is positive and they are doing a good job in terms of rapid progress but we await the drilling results then the dfs next year.

its nice to be able to have some figures to work out what the AAL 25% stake is worth to the ore valuation.