Benchmark Minerals conference, page-121

Some of my notes from the day most of which has been covered. I left shortly after BB presented.

- 1 million tonnes LCE per year required by 2028.
- Graphite is making a comeback. Rising prices due to shut down in purification capacity and rising demand - best is yet to come in terms of pricing. 2018 best year in recent history.
- Battery recycling is not an issue for cobalt until EV's have gone mainstream for 5-10 years due to battery life.
- 500,000 EV's on one production line is enough to bring in economies of scale to beat current cars for cost.
- All batteries in development for use in cars are lithium based. Lithium unlikely to be replaced under any forseeable scenario.
- Even if other battery technologies are developed unlikely to beat lithium ion due to cost. Lithium ion has been in commercial production for 20 years. Currently $120-130 /kwh, unlikely any new technology will match price.
- 5% solid state lithium ion by 2025
- small 811 NCM uptake by 2025
- EV battery market $80b by 2027, approx 400% growth in next 9 years (conservative estimate)

Notes on CLA

- Feeder zone likely to north of currently drilled resource, awaiting EM results before selecting targets.
- CoSO4.7H20 most likely cobalt product also producing copper cathode and zinc concentrate.
- SS will look at CoSO4.7H2O produced at Opuwo. PFS looking to produce it at Walvis Bay. Makes sense due to transport costs. Probably cheaper to send metal to Walvis Bay than the sulphate product to port.
- Sounded like they are commited to doing PFS already BB had to correct himself and say "If SS is economic".
- currently drilled resource was obvious. Mineralisation was observed at surface, EM survey may have revealed undercover mineralisation