Ann: Bonus Option Issue Prospectus, page-109

That's correct with respect to Li but Br is the primary product in this project. The Br resource is over 1million tonnes. Also, there are pending well reentries and two new production well permits granted, all of which will increased that resource size. The resource target (for which there is extensive historical data) is enormous. The reentries are really just for confirmation data to meet JORC requirements. As the project matures they dril more reentries, more prod wells, and the JORC resource will continue to increase.

There really is no issue with the resource size. Even with "only" 200,000t Li it is a 20 year mine life at 10k t/annum. At that extraction rate they will also be producing about 60k t/annum NaBr (MOU in place with Tetra). Using conservative prices of $15k/t LCE and $6k/t NaBr, that's annual revenue of ~$500M and an EBITDA of ~$400M. At a PE of 15, that justifies a MC of US$6BILLION (AUD 8BILLION) at the time of Stage 2 production.

This is not pie in the sky stuff. They are actually on the path to getting this done in the next couple of years. And they are really only a couple of in-process deliverables away from justifying a near term (within 6 months) MC comparable to CXO/LKE of ~$1BILLION.