Ann: Presentation - RIU Fremantle, page-155

This is pretty typical of you Mondy. Always distorting the facts/truth in order to support your bias/narratives (your "I told you so's" - because everyone else on Hot Copper and Twitter/X is so stupid). No, we are not in construction to build a 25ktpa carbonate operation as per the original PEA as you have highlighted above. There has been a number revised targets based on more up-to-date studies and the new chloride approach which would necessitate a lower PE ratio. But ultimately, this is just standard NPV and PE valuation modelling. I have always disclosed my inputs (e.g. % of NPV used at each stage, PE ratios, debt/equity ratios and equity raise pricing) and said that people should modify these as they see fit.

However, the main factor here is not the Lassonde curve, nor finance risk, nor execution risk. The main problem here is the collapse of the lithium price, the associated sentiment and confidence in what the future holds (all made worst because of the relatively immaturity of the industry (at this scale)). The fact that you mention everything but the lithium price in your final sentence means you still don't really understand what has happened here and why.