Investor Presentation, page-75

I went to the Syd presto last night.

AJM Management estimates stage 1 “revenue minus all-in cost” will be 120 mil aud per year providing that (1) spod price $ and total cost $ after successful ramp-up remain within today’s ranges, which will (2) return a 600 aud per tonne, assuming (3) the customers will buy their committed quantity. That’s 120 mil aud per year times N number of years : not small $$.

When stage 2 is operational, for the purpose of estimation, given everything being same the return will be 240 mil aud per year.

Management also believes that the recent ALB investment in MIN’s Wodinga project means a lot to the importance of hard rock spod (Vs brine) as a lithium raw material.

So, let’s see how this story will get played out.