Ann: PLS:Presentation-Pilbara Minerals to acquire Latin Resources, page-186

Sorry can I add one more thing (out of frustration).

Having listened to the full webcast from 9:30am this morning including the questions from the IBs, brokers etc - the complete ignorance these analysts have for anything outside of Australia was truly outstanding. They had zero appreciation for the significance of the ultra-low cost and supportive government frameworks in Brazil and also had zero understanding of the Colina geology (despite Pilgangoora hosting an incredbily similar system of thinner stacked pegs). As a result, they were asking what were obviously leading questions about:

- 'thin pegs' (have they looked at a Pilgangoora cross-section) hopefully they have given they are supposed to be covering PLS
- 'high strip ratio' (have they checked Sigma's strip ratio which currently sits higher than our PEA which is ~17:1). Our mgt team already publicly indicated the Colina strip is likely to be as low as 12:1 when the DFS is released.

So the same analysts that are covering a lithium deposit with thin stacked pegs, were asking questions about why PLS was buying another lithium mine with 'thin stacked pegs'. How insightful.

These guys are 6 figure paid analysts, but the questions and commentary was on par with some of the lowest IQ commentary on Colina I've seen on HC for the last year or two where people throw around the usual "Australia is a tier 1 jurisdiction" narrative with zero mention of:

- Host rock in Aus often = enormous impurities = flotation = hello CXO in C&M
- Cost of doing business in Aus = significant = higher opex and capex (LTR = $1bn AUD just for construction cost and likely to be burning enormous sums of cash at these SC6 prices.
- Non-stop red tape from govt and bureaucracy actively trying to make it hard to reach production = much longer discovery to production timeframes

Pilgangoora cross section:



Colina Cross section: