Most Overvalued Stock, page-81

A few points that scare me when looking this:

Entire Resource is based on samples from outside the resource area.

The closest sample was from 44km away.

Porosity data used in the resource was based on data from 81km away.

Recent bulk sample was from outside resource area

Samples from within the resource area (with a value 70% less than the resource grade) were not considered representative of the resource.

The resource is reported at a cut-off of 100mg/L, with a global average of 181mg/L applied to the entire resource a cut off is meaningless.

Audit of Reserve was completed by the competent person (not really an audit)

Unclear if Vulcan currently has the lithium rights to the Taro licence

Unclear if Ortenau exploration licence which expired on 30^th April 2021 has been renewed

PFS recommends further drilling to substantiate the Li concentrations in the brine prior to a BFS which is due early 2022.

Has drilling started? a >2,500m hole is required, will results for this be ready for BFS.

No mention of test work for re-injection of brine

Will fracking be needed to maintain/achieve flow rates, some wording suggest it will be? (the Germans won’t like this)

Have well sites and infrastructures sites been selected, has this land been purchased/rented

There are so many holes in this, it is just unfortunate they are not in the resource!!

Onwards and upwards to a MC of $1b, best of luck to the believers