Ann: Quarterly Activities and Cash Flow Report, page-34

Hi daando37,

What you have calculated is not far off, but there are a couple of things to consider:
1) The Arena resource is all Inferred. If you compare to Galan we have a Total Mineral Resource (including Inferred) of 6.53 Mt LCE.
2) Arena only owned 65% of that project, so this needs to be taken into account.
3) The Arena grade is almost half that of Galan (460 vs 846 mg/l) - though this doesn't impact the calculation - it's just something to be aware of as it will impact capex and opex (and therefore the profitability of the resource).

I have a resource comparison spreadsheet which does a similar calculation to what you did but I convert into a Galan equivalent share price (i.e. what Galan's share price would be worth if it's resource was valued the same as the Arena resource (for example). As shown below Galan would be worth $18.10 if it's resource was valued in line with the LAC/Arena transaction. The same value can't be calculated for Measured and Indicated resource because Arena didn't have any M&I resources (that box hasn't been ticked).

For other people that have already seen this I have added the recent LLL resource upgrade which has the Galan equivalent share price tumbling down from $8.65 to $6.93 .