Ann: Thick Intersections of Lithium Pegmatite at Manindi, page-669

My expectation for the next 12 months are as follows:

1. If the existing lithium drill programme is successful, MLS will likely carry out further drilling in H2 2022 to size up the resource and eventually come up with a JORC resource. Together with the previous drill programme, MLS would have done around 4,400m of drilling, which is decent but I think they may need to drill a bit more before they are able to come up with a JORC estimate.

2. Assuming MLS hit this target and successfully expands its graphite deposit, the market cap should be $300-400m, which equates to an SP of 80c- $1.10 excluding dilution. Factoring 20% dilution due to a CR after the lithium drill results, a more realistic SP would be 65-90c.

As reference, GL1 has 2 lithium deposits with JORC and has a market cap of just over $300m.

This is my estimate and I would love to hear other people's thoughts.