Ann: POSCO Transaction Completed, page-26

Wodgina is quite a bit bigger than remaining SDV with a contained resource of something like 4.5 million tonnes of LCE allowing a 75% recovery rate (SDV has to factor recoveries too).

The deal for ALB also came with infra (MIN's job to complete) to produce 750ktpa of spod or close to 100kt of LCE p.a. Also 4x expected output of SDV

I think the first half of SDV sale sets up valuation for the second half. A good deal would be to enter a 50/50 JV for minimal upfront cash and partner paying for infra and taking on that risk. Would derisk the company completely. Livent? They are falling behind in the arms race of the majors.

Anyway all these deals are showing disconnect between market valuations and where industry participants think we are at