Ann: Strong lithium mineralisation from first Adina assays, page-537

Disclaimer, not investment advice, dyor.

I have compiled the publicly released drillhole data and incorporated the mapped surface outcrop to build a 3D model of Adina to get a feel for the volume/tonnage potential at Adina.

I have extended the strike somewhat past the existing drilling for a total strike of 720m. The down dip extent is 330m which is where the deepest hole to date exits the hanging wall contact and gone 20m below this. The true width is about 50m, but where the outcrop is located is much wider at ~90m.

From this my total volume was ~14.6 million cubic metres. I have used an density of 2.7 to arrive at a target of ~39.4MT.

Image 1 shows a blue dashed area where a handful of drillholes could quickly de-risk this 39MT target,.

Image 2 is a cross section through the deposit and Image 3 is effectively a long section which shows nicely the drillhole coverage over the target to date.

Encouragingly the most recent announcement also states that Adina pegmatite appears to follow a large and continuous gravity low anomaly, suggesting it could extend a further ~1km east and west outside of the zone modelled. This upside case if extrapolated could get us to 80MT+.

If the market ascribes a resource a valuation of circa $150 mill per 10MT resource, ballpark this could infer a share price of ~$4 for the 39MT target, maybe $8 for the larger target.

AND this ascribes no value to Cancet.