Ann: GOULAMINA LITHIUM PROJECT DEFINITIVE FEASIBILITY STUDY, page-99

That is not correct.

IMO the Scoping Study was completed, and suppressed from public release. This would be logical for a commercial goal driven company, as it probably didn’t work out for some yet to be disclosed reason. Industry participants will know why, but what about the shareholders?

Even if it has teething issues, surely shareholders deserve to know what has to be done to enable the lithium sulphate potential to be implemented.

There is no substantiation by this company that there is a solution to process MLL’s 0.15mm SC6 10% moisture lithium because no one else is producing anything like it. That was MLL’s goal and job. So in parallel to the DFS scoping study it was proved not so exciting as Chris Evan’s was studying it in November 2019, but he left before it was disclosed completed......

IMO there’s no way out because the Spodumene is mostly fine grain not coarse making full flotation unavoidable but no ascertainable market (only “potential”) for that 150miron SC6.

Then there’s the sampling for METS only first 3 years of mining according to DFS (METS said 5 years btw) , 6 HQ holes but the company wants to tack on its a 20 year LOM? It’s looking like a 3 year mine, and yet your Ubique here does ‘an apples to apples’ comparison???

I mean, one company does 3.34mm sc6, (still has lower Fe) than MLL’s 0.15mm SC6, and for 17% more recovery rate to a peer based on a (cherry picked) selected 1.74% grade feed and having a high maintenance flotation circuit....

The circuit will also include floatation reagents that are “specifically tailored” as stated in METS, but in the DFS they are ‘commercially available’? “Specifically tailored” has morphed to ‘commercially available’...is it possible to change the English to suit the aspiration in a DFS? Then Ubique’s apples to apples comparison as a consequence is clear furphy.

Additionally with the special magnetic separator, CRIMMS, we have no photo of it, there is no way for the investor to surmise or discern the industrial scale viability. Otherwise why doesn’t anyone else use it?

So the gold comes out as the safety catch for a yet to be defined economic lithium project — is my view.