Ann: Manono Lithium and Tin Project Expansion Scenario Update, page-16

49841253

The ASX are a bright lot aren't they. Largest spodumene deposit in the world with the lowest strip ratio and the ASX doesn't think it can be expanded. They may need to understand the term economies of scale. Expanding a resource of this type means unit costs come down. But can see why they have asked for this been revise your DFS and then make your statements etc etc

The increased DFS configuration, when it is revised, will show increased NPV and IRR IMO with larger production.

As an aside there is someone on the LTR threads who thinks AVZ will have a short minelife. The irony is if they hold that view, and AVZ has a larger resource than LTR, which is fact, then what does it mean for minelife there. Obviously they haven't a clue around resource, minelife and production targets and the fact expandability is a function of supply and demand.

On a separate note, I see yesterday an announcement on LIS batteries. Those batteries remain conceptual because right now for those batteries to compete with lithium ion batteries they need to improve cycle times as those types of batteries have low cycle outcomes, meaning they degrade relatively quickly and can't compete with lithium ion batteries on a life cycle perspective. They need to deal with degregation of the cathode, either by getting an appropriate seperator between the carhode and anode or changing the material in the cathode. LIS batteries actually use litium metal in the anode.

Having said that there is a lot of research in this area and lets hope cycle life improves for LIS batteries. Having said that, LIS batteries need more lithium than NCA and NCM batteries, so won't impact supply/demand needs if they get LIS batteries up and get them to be more efficient/better on a life basis than traditional batteries. However, until the research works, I still remain of the view that the predominant batteries going forward in EVs will remain NCM and NCA batteries, and that solid state batteries and LIS batteries if they can deal with their issues, will be in the upper end marks. For those interested I provided further info in a Peer Comparison thread, but the picture in the embedded post expains lithium needs in differing battery types - above



All IMO