Ann: Root Bay Shaping As Exceptional High Grade Lithium Deposit, page-31

To estimate the market capitalization (MC) and share price (SP) of GT1 we can use the valuation ranges provided by Euroz Hartleys.

Given:

• Lithium resource size: 22.5 million tonnes (22.5 Mt)
• Lithium grade: 6% DSO (Direct Shipping Ore)
• Starting production next year

1. Exploration Value:Based on Euroz Hartleys' valuation, every 10Mt of potential spodumene resource creates $80-$100 million of exploration value. Since GT1 has a resource size of 22.5Mt, we can estimate the exploration value as follows:

Exploration Value = (22.5 Mt / 10 Mt) * ($80 million to $100 million)

Using the midpoint of the valuation range, the exploration value would be:

Exploration Value = (22.5 / 10) * $90 million = $202.5 million

1. Speculative Development Value:Since the resource has a clear pathway to production, we can consider the speculative development value. According to Euroz Hartleys, every 10Mt of resource with a clear pathway to production creates $150-$300 million of speculative development value. Again, using the midpoint, we can estimate the speculative development value:

Speculative Development Value = (22.5 Mt / 10 Mt) * ($150 million to $300 million)

Using the midpoint of the valuation range, the speculative development value would be:

Speculative Development Value = (22.5 / 10) * $225 million = $506.25 million

1. Market Capitalization:To estimate the market capitalization, we can sum the exploration value and speculative development value:

MC = Exploration Value + Speculative Development ValueMC = $202.5 million + $506.25 millionMC = $708.75 million

1. Share Price:To calculate the share price, we divide the market capitalization by the number of outstanding shares. Since the number of outstanding shares is 276.15 million, we can estimate the share price:

SP = MC / Number of Outstanding SharesSP = $708.75 million / 276.15 million shares

Calculating this:

SP ≈ $2.566 per share (approximately)

Please note that these calculations are estimations only so DYOR.