Ann: $18 Million Placement to Advance Arcadia, page-30

I didn't push on timelines in this conversation. Last time we spoke I recall the timeline for the OFS being start of Dec. -+ A week or so.

As for the FID I'm getting the impression it's more likely next year than this year. It would be massive Christmas present but Just gut feel is maybe Jan.

Noting that, I don't specifically recall PSC announcing themselves as to when the FID deadline was. It was simply inferred by myself and others that end of CY was the target, given the intrinsic value of the bonus shares to Sam for achieving it.

As I understand it most of the suitors can/would have already an intimate understand of the 2.4mtpa direct case as even myself with rudimentary inputs from the 1.2mtpa staged can ascertain numbers. Consider that the suitors will have access to teams working around the clock and furthermore, PSC can have them sign NDA's and share the details known of the 2.4mtpa direct.

With that in mind and as i've pointed out. The funding process started before the first OFS was released. I think those documents are more a formality now as opposed to a contingent factor to proceed.

Irrespective of the timing of the outcome; the most important facet is the outcome itself. In that sense you can see how robust a position the CR has placed PSC. The FEED study as per the first OFS stated to commence in Jan. I'm presuming you can't commence the FEED without knowing whether 1.2mtpa or 2.4mtpa is the pathway.

Whilst the 2.4mtpa seems 95%+ certainty to be the outcome I would think they would either want confirmation that the partner/s offtakers agree with the direction. With that in mind it paint a case for FID prior to January. If not, it would likely mean that proceeding with FEED study indicates that all remaining interested parties want this thing singing 2.4mtpa from day 1.

PSC will be a different company come Q1. If we're 25% of our NPV (on 736usd/t sc6 price and discount rate of 10% and using half the resource) post finance - i'll launch the proverbial kitchen sink. Will be one of the only lithium developments with an achievable production deadline of 2023. Although it might be right at the end, it's still ahead of most. Printing it's MC in post-tax profit. PE of 10 (even after you factor selling a percentage via equity) we're talking 5 times upside. Consider most PE's in lithium are operating at 20-40. It's a 1bn stock if it's in production and retains 50% of the profits IMHO. It would earn around 75M AUD post tax profit on a 730usd/t sc6 price. PLS is selling sub 6% stuff with much much higher Fe for 2000usd/t.

Money Printer.

SF2TH