Ann: Adina Main Zone strike length extended to over 1,300m, page-199

Well, PMET presumably have more resource upside. But in the "cons" column there is the more complex permitting and likely later production date even if they were now to conclusively change their focus to identify and develop non-lake deposits first.

For PMET's MRE of 109.2mt @ 1.42% their EV is just 774 aud /t Li2O (considering their 147m aud cash)

If WR1 release a near-term MRE of (as Cannacord model) 55mt @ 1.2%, that equates to an EV of 230 aud /t Li2O
If it will be, as others have modeled, closer to 65mt @ 1.2%, that would be an EV of 194 aud /t Li2O
(These calculations incorporate a cash figure of 70m aud.)

So that should give you a sense of the potential upside if the resource is formally confirmed.

What that would look like:

WR1, 55mt @ 1.2%, valued at 774 aud /t Li2O = 511m EV + 70 cash = 581m MC = 2.81 SP
WR1, 55mt @ 1.2%, valued at 650 aud /t Li2O = 429m EV + 70 cash = 499m MC = 2.41 SP
WR1, 55mt @ 1.2%, valued at 500 aud /t Li2O = 330m EV + 70 cash = 400m MC = 1.93 SP

WR1, 65mt @ 1.2%, valued at 774 aud /t Li2O = 604m EV + 70 cash = 674m MC = 3.26 SP
WR1, 65mt @ 1.2%, valued at 650 aud /t Li2O = 507m EV + 70 cash = 577m MC = 2.79 SP
WR1, 65mt @ 1.2%, valued at 500 aud /t Li2O = 390m EV + 70 cash = 460m MC = 2.22 SP