Ann: Trading Halt, page-322

GS are predicting LT spod at $1,100 and Carbonate at $15,000 as per below:

Carbonate production allowing for recoveries takes approx 8t of SC6 + conversion costs of c. $3k. So call all in cost $11,600. So your margin uplift is about $3,400

At NAL production rate you'd make about 20kt of Carbonate a year so based on estimate uplift that is around $70m extra profit vs just selling spod. Would be a $400m+ capex for that size refinery so that's likely a 7-8 year payback



As for other arguments NAL will be lucky to be in production by mid 2023 (I mean you were supposed to have a DFS 3 months ago and you just got a PFS, still need DFS, financing FID and construction to happen)

So based on GS numbers spod price over the PLL contract period is likely to be average something like $2,500. 113kt at $900 and 50kt at $2,500 works out to an average price of $1,390 which is barely above the PFS pricing.

Anyone ramping massive conservativeness built into this PFS is kidding themselves.