Ann: Positive Lithium Downstream Processing Feasibility Results,MIN-NMT.AX, page-45

Have a look at:
http://www.nemaskalithium.com/en/whabouchi/feasibility-study/

And I misquoted the NPV, should have been: US$928 M (wrote down the wrong number in my notes as it seems, always thought the $3000m was way too high).

But to main point I was making is that they use much more conservative pricing then NMT has now used. And that is what is disturbing me the most about this DFS.

There are 3 things I find very disturbing about the DFS.
Firstly the price they are using for the LiOH is relatively high. Not unreasonable in todays market but for the future the $9500 is (much) more realistic.

Secondly the costs are very high. How come that this ELI patented technology is much more cost inefficient then the method Nemaska has developed (which is not patented to my knowledge)..... I think NMT should have a chat with both LIT and PLP to see what Sileach and/or L-max can do for the production costs.

Thirdly, and although mentioned before, why the hell are they planning to build this in Malaysia. Build it next to the mine, or close to the port. Would safe a lot on transportation and would move Australia up in the Lithium value chain.