Ann: DFS Confirms NAL Value With A$2.2B NPV, page-158

This is the result of a unique situation: Normally, a DFS is prepared before the construction phase and thus before the costs are incurred

Yes quite unique, its unusual to go ahead with a project with a PFS only but was done that way because the numbers stacked up and they weren't borrowing money, it also sped the process up by about 6 months...its a like shooting first and asking questions later...any borrowing would have required a DFS.

This DFS is really just an exercise in bringing things up to date around the economics of the project and they are still very sound, also can be incorporated into the overall economics of the upcoming PFS and DFS for the Carbonate plant.

AISC has gone up a little as would be expected in an inflationary environment but so has LOM Lithium prices, LOM has reduced but the grade and recovery has increased and there will be a lot more discovered before 20years is up , the next 12 months alone will change that .

Production has increased for the next 4 years and for LOM which is really important for taking advantage of high prices , as we know the Spod prices are currently well above LOM prices used and are likely to stay that way for the foreseeable future.

The bottom line is this is just a DFS done after the event and contains excellent news...why people fuss over the timing of the release is beyond me a price sensitive announcement is just as good on Monday morning as it is on a Friday afternoon and there is a lot to digest..

The OTA reverts to market prices in H2 2026 which is the about the time the carbonate plant comes to life, its another way of saying there is no incentive for PLL to stall the progress ..they must be in general agreement for that to happen IMO, if the figures stack up the plant goes ahead..

Cheers Whisky