Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-22

Yes TT, no disagreement with your thoughts.

Geotech sampling including drilling investigation as I know is not an exact science, just because the composition of the section of a drillhole and a 50 cms away can be different in many ways. several assumptions are required to arrive at one location's structure and then extrapolate or interpolate it over 100s of meters etc. For a JORC that JA may be trying to compile will have a little bit reduced accuracy by doing it this way (I am not saying it is the correct way etc), which may not be critical in the scheme of things especially considering the project stage. At the end of the day it will all equate to the parameters of the brine obtained both in quality and quantity. This will also be more evident during the pilot plant trial process. You can contradict this for an ideal world, but it shouldn't be much different. Assuming a highly reduced scenario, from the current estimate of say 1.8-5M tons of Li, say the lower limit goes down to 0.5M tonnes would still cater for 10000t/annum for 50 years mine life.

From then on drilling will be necessary while planning a production well. Just my thoughts. In this instance it will lead to saving significant early exploration costs, meaning the SP can only go up to say 15-25c rather than a dollar to 2 dollars. These are just guess examples that are not worth debating. In saying these, your judgement could be more right (but at a higher cost at an inopportune time) and thanks for sharing.

Have a good day. GLTAH