Ann: Rincon Lithium Project - EIA Approval Granted, page-84

These $1-1.8b estimates are laughable. There is a perfect existing comparison, but not many want to take the reality check. Lithium Argentina's (LAAC) Pastos Grandes project in Salta Province has a 35% larger resource (924,000 tonnes vs Rincon's 686,000 tonnes), higher grade (427 mg/L vs 329 mg/L) and an approved EIA for a larger operation (24 ktpa vs Rincon's 12 ktpa).

Importantly, it also has a DFS, and the owner (LAAC) has demonstrated their ability to scale production after recently producing 6000 tonnes from their Cauchari-Olaroz project. Just six weeks ago, they attracted a strategic investment from Gangfeng of US$70m for a 15% share of the Pastos Grandes project. This implies a current project market value of US$467m, or A$715m.

So if a strategic investor values Pastos Grandes, a project in the same province with a larger resource, better grade, proven operators at the helm, a completed DFS and EIA approval at just A$715m, how could anyone reasonably expect AGY's Rincon project to attract a valuation in the billions, or achieve better strategic investment terms?

The wilful ignorance boggles the mind......