Level-headed, blunt assessment of Lake Resources, page-333

Interesting from Sto....ead this morning.
Galan Lithium has outlined compelling economics for Phase 1 of its Hombre Muerto West (HMW) project, which will see initial production of 5,370tpa of LCE equivalent, up from the expected 4,000tpa.
At a capital cost of US$104m (minus contingency) and operational expenses of US$3,963/t of recoverable LCE, Phase 1 will deliver a post-tax NPV 8% of US$460m, IRR of 36% and free cash flow of US$54m per year – and with a payback period of about two years, it will facilitate funding for further expansions.
The Phase 1 DFS is part of Galan Lithium’s (ASX:GLN) four-phase approach to building out its HMW and Candelas projects to a final output of 60,000ktpa.
The two projects have a combined resource of 7.3Mt at 852mg/l Li – with HMW providing the bulk of this at 6.6Mt LCE at 880m/l Li – giving the company one of the highest grade, large scale resources in the brine-rich Catamarca region.