Ann: Half Yearly Report and Accounts, page-6

Hello. Australian spot price for lithium is now US$1100/t; up from a bottom of US$900/t.

I posted previously, capital raisings generally follow some market capitalisation benchmarks.

* When PAT was 7.5 cents, the market cap was $7M, which was the perfect price to raise $3m at 7.5 cents, creating a $10M market capitalisation. I added some shares on market at 7.5 cents, confident a raising would likely not be lower than 7.5 cents.

* However, as/if lithium prices improve, a reasonable benchmark market capitalisation becomes $15M for a good exploration prospect. Therefore based on a market cap of $15M, PAT could possible raise $3M at 13 cents or $5M at 10/11 cents.

* I'd guess $5M is too much to ask for a greenfields play however PAT appears to have good prospects. Therefore, it depends on PAT negotiating with the brokers for the capital raising share price.