Ann: Globally significant MRE of 59MT at Adina Lithium Project, page-202

Most of the WR1 holders here, including myself, hate the LRS deposit (rightly so). The only reason LRS is being mentioned is that multiple non-holders who own LRS are in our forums today telling us how garbage our deposit is. No idea why - I have never gone to the LRS forum to tell them what I think of their deposit... I just did not invest after doing DD on LRS.

Personally I have difficulty accepting forecasts of $800/t spodumene. Is there any producer in the world whose AISC is less than that? As far as I'm aware that would require every single producer to be selling at a loss. But this is irrelevant in terms of Adina valuation as this affects ALL lithium developers/explorers/producers and can't be used to justify the relative valuation gap between them.

Our deposit should be valued compared to peers in the market. Currently I cannot justify the valuation differential between Adina and any other deposit in any country. Even worse case scenario it should be double what it is.

I would welcome a justification of the valuation gap between ANY other deposit and Adina.