Partnership Process, page-3

I look at Wodgina as someone paying $1.6b for a 50% interest, as if the plant had already been constructed and paid for by MIN. Therefore Wodgina value is $3.2b for an operation producing 780ktpa of SC6.

I look at this current Pilgangoora partnering proposal as if someone is looking to purchase an interest in an operation producing 1.2mtpa of SC6. Therefore Pilgangoora operations relative value is near $5b.

Therefore PLS value is $5b less $0.75b for Stages 1,2 and 3 costs.

I suppose a minority interest is less valuable but while respective resources are similar, PLS currently has a near term exploration target of 50-90mt.

Further potential for POSCO JV value of upwards of $1b less costs of $200m.

I just flew in this morning. I've hardly slept the last 2 nights and am about to crash. I still haven't read the CP announcement. I'm dazed and happy at the SP increase but comfortably certain of this as a long term hold.

KB, Simon Moores, Joe Lowry and Howard Klein all agree Lithium prices will rise this year and their must be some opportunistic suitors out there. Quite a few I'd imagine.