Ann: PFS Presentation, page-81

A few other observations related to assumptions surrounding the project. "The Production Targets from Ortenau and Taro led to the development of a Maiden Probable Ore Reserve Estimate." So they worked backwards from the project targets they needed to arrive at the Reserve Estimate.

Its not until production wells are sunk that that flow rates and Li concentrations are known with certainty. "For geothermal projects, plant sizing is finalised once production wells are successfully drilled". So the size of the Geothermal plants that the whole PFS is based upon wont be able to be confirmed until offtakes have been signed and finance secured.

Lithium hydroxide production to be based on unproven technology "there is presently no lithium hydroxide production via electrolysis being performed commercially".

The dilutive effects of pumping processed Brine back into aquifers was not accounted for in the study parameters "Depletion and recharge effects have been considered but not applied in this study".