Ann: Becoming a substantial holder, page-20

Totally agree Dawg,

Rio have a presence in South America Li space and are looking to expand that footprint.(Rincon ).

This would be a logical aquistion ,it's not too big, it has a proven resource ,it ticks all the green ESG boxes.

It has low cost OPEX and CAPEX, and it's timing to production will coincide with the price cycle forecast upswing in 2026.

FIRB not an issue as a fellow Aussie company.

PLS thought so too, but this is a low ball offer from them, if RIO come looking then they can up the offer.

However, PLS is reliant on the Li macro outlook price for its income, not so RIO ($150B) ,which has a diversified income stream, and is
about 18 times the market cap of PLS.($8B)

In fact it could pick up Sigma and Latin as a neat package for a present income stream and another in 2 years.

That would catapult RIO into major league Li status quickly, and cost them about $3B,or 1.5% of their MC.

I wish I was in the RIO board's position ,I would be rubbing my hands.