Ann: Lithium Results Continue to Grow the Beecher Discovery, page-85

Beecher doesn’t even have a defined resource and has zero feasibility studies

Look closely at ALL the results. The resource is sub 1% Lithium oxide.

1.6% lithium oxide, seen at Firefinch’s world-class Goulamina project in Mali, is the “gold standard”.

1.5% is likely to be commercial.

1% last
year was commercial but with looming oversupply unlikely to get into production

Of course metallurgy is very important. The cleaner the concentrate, the better the price that a spodumene producer will get from the downstream processor.

But with Beecher it’s an unknown.

Right now Iris is likely to take a haircut, I don’t see it being worth $136m.

Beecher is not going to get into production anytime soon, if ever.

My opinion