Ann: Investor Webinar Invitation, page-28

Lucky, all I can do is repeat facts:

1. Unlike everyone else in the space, LKE commissioned a 'bespoke' study from a consultant (i.e. paid them) to come up, via unknown parameters, with a long-term LCE price of US$33,000/t for the life of mine.
2. Other similar companies have used the consultant's own studies (i.e. not paid for their own 'special version'), and these all tend to have long-term LCE prices between US$18,000 to US$22,000 (from memory), almost 50% lower.
3. The 2023 LKE Annual Report showed how heavily the KMP were incentivised to get a DFS released in 2023, a 40% weighting (see image below)
4. LKE consistently have been spending almost US$10M on corporate/admin/staff costs each quarter: far, far higher than any of their peers.

If you can't follow what is happening here.... sheesh.