Ann: Vulcan signs lithium supply agreement with Stellantis, page-27

Great insights as usual GT3loui ! Yes, this is HUGE :

• perhaps one of the largest offtake agreements ever announced...
• concluded with one of the world's largest auto makers ...
• after months of due diligence ...
• by that group's well-resourced and obviously competent team... (like others, BTW) ...
• recognising the importance to both parties of being assured about the mutual commitments.

This speaks as powerfully of the assurance of Vulcan's world-class project and that the world class team will deliver as required (and probably will deliver much, much more, bearing in mind the team's exemplarary performance to date).

A calculation of the large expected revenues that will flow to Vulcan from the various offtake agreements now secured from world name buyers makes it clear that Vulcan's DFS will produce a very impressive set of numbers.

When a comparison with the substantial market capitalisations of existing lithium producers are then considered, it becomes even more clear that there is very substantial upside left in Vulcan's market capitalisation. This is unsurprising given the much higher valuations of the comapany as assessed by entities such as Canaccord, Alster and others, each of which makes such assessments as part of its core business and so has a good idea what they are talking about.

It's rare to find an investment of such high quality given the numerous supporting tailwinds including:

• Government and regulatory mandates;
• global public support for the climate friendly approaches, in relation to which Vulcan is a leader;
• Critical mineral status;
• a huge resource;
• in a Tier 1 jurisdiction blessed with hard working and capable people;
• surrounded by tremendous supporting infrastructure including battery factories and broad and deep industrial capability;
• managed within the Project by a superbly led, world-class team of motivated individuals;
• performing virtuous work (rather than exploiting people as some others do) - think ESG;
• with only ~124 million shares on issue, currently, many of which are tightly held.

A combination like that will always find widespread and deep appeal, despite occasional noise from mischievous, greedy or resentful opportunists.