Ann: GOULAMINA LITHIUM PROJECT DEFINITIVE FEASIBILITY STUDY, page-51

Ubique you can’t make an apple to apple comparisons for several reasons;

The major point being MLL haven’t resolved lithium sulphate which was reason for full flotation as their recent tech kiln firing lowered cost of firing SC, and needed 106 um range.

Other points;

Flotation approach only so No DMS at all so crush and grind and treat what?

Npv 8%, ebitda is low IMO0% cutoff grade for reserves and AVZ used 0.5%

Strip of 3.26 tonnes of waste to 1 tonne of ore, 2 quarters of pre production waste stripping,

MLL are mining one side to the other and no grade control so may come unstuck with head grade5 orebodies to be developed, grinding to p80 106-150um range which is fine (needed for flotation), stating heavy liquid testwork results which are not representative of actual but more indicative and can’t be repeated in real life,

one composite representing first fives years of production showing highest grades (not representative in my mind),

no indication of Na levels nor fluorine levels provided, they could still after the HPGR and add a DMS which would produce an SC6 but why not?,

on-site energy power production ? diesel, huge draw for milling and HPGR, landlocked country, truck haulage to Abidjan taking 6-7 days round trip, (AVZ costs indicate US$ 0.17/t/km which is why AVZ went owner operator) about 900-1000km trip one way so $270/t for 1000km transport alone?

Unless MLL have a much better rate say half it’s still $135/t, MLL are saying $98/t which I can’t believe or doubt, including port handling of say $12/t or so, uses $666 as con price ?

MLL are stating a 6% concentrate from flotation only which means there are issues I think as usually it should be higher or from a DMS,

Total AISC costs of $313 and that includes $98/t for transport and port charges so $215 for production costs, I question that ??

Looking forward to productive responses !!