Ann: Presentation - RIU Fremantle, page-97

Abosulty, I misunderstood your positive side. To achieve tiny 5.4kt production, yours shows at least 150M more shares to be issued to achieve 50% equity financing and cash generated with the assumption of full production of 5.4K( big question: when?) barely repays P&I. Further more, what if the li carbonate price drops further at a slow pace for another two years (who knows?), GLN is at huge risk. lastly, i am not sure whether you have factored in the mentioned unknown marketing fees or discount by Glencore in the off take agreement.

That is why i cannot see the the positive side of your analysis.

Admittedly, your analysis is great. Please pay attention to one minor thing: principal repayment may not be tax deductible( slightly reduce cash inflow of about 3.5M/).