Ann: 99.7% LITHIUM CARBONATE PRODUCED FROM BIG SANDY PROJECT, page-101

I agree with Point 1, but disagree with Point 2 completely.

HWK is an early explorer. Further work to be done on firming up the resource / testing the product and working out if extraction is even feasible (They are a good 12 to 18 months away from this stage).

Point 2 that Lake is overvalued at A$400M MC is unfounded. Lake delivered an NPV of US$748 using a forecast of US$11,000/t Li2CO3. The person who compiled this PFS in 2020 should be shot. Industry standard for comparison use a forecast of US$14,000-15,000 which the company has indicated they will utilise in their DFS. I would imagine the DFS for LKE (Kachi) to be released this year will be in the order of NPV at US$1.5B with an IRR post tax of 40-45% IMO of course.

My last point I would make is that I feel the majority of Lithium stocks who can enter production within the next 12-18 months will rise significantly. Gaining Market Share + a customer base is critical and the industry is just starting to heat up.