Share Price Appreciation, page-5

just curious as to others thoughts on where they feel we might see this go.

That will be largely determined by where the price of spodumene goes. We have one producing asset and it will remain that way for at least 3-4 years so reaching nameplate is it from production standpoint (although its possible nameplate could be exceeded) , nameplate will also establish our production cost. So all thats left is the margin and that margin will almost totally dictated by the price of Spodumene with the opportunity to lower costs beyond whats being done very limited.

A refinery at NAL and concentrator at Moblan are years away from revenue and financing them will have a big influence on the make up of the company going forward IMO , the potential variables are considerable. Any value attributed to these undeveloped assets will also be directly affected by product pricing.

Thats a long winded way of saying we are in the hands of the Lithium Gods and potential left field events none of which can be predicted accurately only speculated apon.

All the above is reflected in our current MC of $401m which is the value placed on it by the market( forget about the shareprice) , one could argue untill your blue in the face whether as a loss making enterprise ( currently) thats undervalued, overvalued or fair value and that changes daily anyway.

Cheers Whisky