Ann: December 2017 Quarterly Activities Report, page-42

I have a similar view lithium boom would be very similar to iron ore boom,

1. Same drive from China,

2. China import about 70% iron ore for their demand; Chine imported 74% lithium in 2015, relying on the import is estimated to increase due to upcoming electric vehicle boom led by China,

3. China have abundant brine deposit, but hard to be extracted for battery use, very few hard rock deposits. The largest hard rock lithium deposit in China, with resource of about 1.88Mt LCE, 4,300-4,500m above the sea level, is owned by Youngy Co Ltd, the company is currently value at around A$2b for 1.88Mt LCE, Youngy generated net profit after tax of A$327k for last three quarters.

4. Iron ore price is sustaining at substantilly higher than big four producer; lithium price should be sustainable as electric vehicle boom is just starting, expected to pick up in 2020.

5. If lithium boom following iron ore cycle, the big producers are likely to survive and thrive, AVZ, the largest known hard rock deposit, should be the leader, imo.