Ann: Ceasing to be a substantial holder, page-27

This was GS price table late last year. I'm sure there are other pricing formulas to convert LCE to spod 6%, but GS says pod 6% pays 7-8% of the LC price. Lot of processing costs and margins between 6% spod con and 99.5% LC, seems reasonable. I've tried to be conservative assuming lithium prices come well off current highs by the time North Dome product is sold. Product price is the elephant on the spreadsheet, but nobody knows with confidence where the next 10 year price deck actually ends up...