Ann: Yinnetharra Lithium Project Acquisition, page-20

The grades are okay but currently nothing to get overly excited over, which appears to also be reflected in the Agreement Terms with a resource over 15Mt @ 0.9% Li2O, which would be comparable to Liontown's Anna deposit at Buldania Rocks. Proving up a resource of that size would likely sit in the $100-250M value range so there is definitely potential in this project. Similar project sizes would be Mt Cattlin (11Mt @ 1.2% Li2O) and Pioneer Dome (11.2Mt @ 1.21% Li2O). ESS would support the $100M+ evaluation of a similarly sized deposit if proven out. If this project was IPO'd as a flagship project it would likely open in the $60-100M range based off recent market euphoria for lithium.



It is refreshing to see a company use XRD to determine/confirm the lithium chemistry and luckily no dirty lithium micas. Further, spodumene-albite dominant pegmatite is always a good sign. Will be interested to see what becomes of this moderately sized soil anomaly.