Ann: Goulamina Metallurgy Testwork Surpasses Expectations, page-30

These deposits aren't common... look at all of the other spod mines struggling to produce >60% recovery, with costs higher than the market price of spod, getting put on C&M or becoming insolvent...

If I wasn't so busy these days, I would make a comparison table to demonstrate just how stark the difference is between Goulamina and the other players.

These results show that Goulamina is in fact the highest quality resource in the world bar perhaps Greenbushes. Goulamina's final concentrate quality is exceptional.

This should bode well for MLL as many of the other players can't reliably produce concentrate >6%, and run into issues with high iron and mica. Customers can't use material high in these deleterious elements for conversion to lithium salts without resulting in uneconomical recoveries or even equipment explosions. So the Chinese must be licking their lips at the quality that MLL can offer, it wouldn't be unreasonable to expect a significant premium for concentrate pricing compared to peers.

The level of detail that Chris has gone to with this testwork, even shipping water from Goulamina ensures that these results will be reproducible in operation, unlike the other players that didn't go near this level with their testwork & feasibility studies and are paying for it now.

Getting rid of the DMS circuit reduces complexity and should result in a huge CAPEX & OPEX saving. This will be offset slightly by the increased cost of a HPGR crusher, however they have lower running costs, further reducing OPEX.

The increased recovery rates will further decrease OPEX, and allow for greater quantities of concentrate to be produced as well as potential reductions in CAPEX due to smaller capacity requirements of some processing equipment.

The DFS figures are going to be phenomenal, CAPEX, OPEX, NPV, IRR, should outclass all peers significantly.

Don't forget the deposit is one of the biggest in the world and is open in every direction, enabling considerable scaling up if customers/the market want it.

It's a matter of when, not if.