Ann: Colina Lithium Deposit - Mineral Resource Estimate Upgrade, page-80

Moving Tonnage into measured does not come cheap and will feed nicely into the reserve.

WR1 has spent a tad over $52m to get its result.

I actually think WR1 if you look at $ for $ spent has done very nicely...but.

Studies - LRS has completed its PEA, and is close to finalising its DFS. A DFS does not come cheap. WR1 does not even have a timeline for these so how much to date has been spent?

Lodging of permits / Enviro studies etc LRS is far more advanced, these will be included in E&A spend. As I have noted we do not know a companies chart of account. Whats is included in E&A for each?? WR1 Admin and Staff looks top heavy compared to LRS, but it could be.a case of how the accountants are placing the costs.

I highlighted after the Dec qtr that I felt LRS were a little gung ho on their spending.

However CG has made it very clear from the start that speed to market is big focus.

An extra $20-30m spent now, could bring an extra $300m in to the till in 2028 instead of 2029.

LRS has a bare minimum 18 months lead on WR1. More likely closer to 3 years, and thats if no major delays with permitting.

You should expect to pay more for LRS on its timeline basis.

Both are potential TO targets, WR1 in particular given its valuation.

BUY on both IMO.