Ann: Environmental approval received - Goulamina Lithium Project, page-26

A better comparable would be ALB paying approx. $1.6 billion AUD for half of MIN's HARD ROCK Wodgina project...

By my calculations, Wodgina currently sits at 4.8Mt of contained & recoverable LiOH, and Goulamina sits at 2.4Mt of contained & recoverable LiOH.

Do not underestimate the tremendous exploration potential of Goulamina that should ultimately result in multiples of the current proven resource.

The upcoming DFS on stage 1 (2Mtpa) alone (ignoring scaling to >4Mtpa & secondary processing potential), should demonstrate Goulamina to have lowest quartile operating costs, NPV >$1B, lowest quartile CAPEX requirements & CAPEX intensity. IRR should be approaching triple digits.

With an exploitation permit in hand within the next couple of months, a JV agreement would be a steal for the likes of Minmetals.

Given the precedent set by the MIN/ALB deal, valuing Wodgina at over $3.2 billion AUD, we are sitting extremely cheap at ~$50M market cap.