GLNLKEAGYLPIShare Price0.9950.530.150.29Primary AssetBrine,...

		GLN	LKE	AGY	LPI
1	Share Price	0.995	0.53	0.15	0.29
2
3	Primary Asset	Brine, Hombre Muerto West (100%), Argentina	Brine, Kachi, (100%) Argentina	Brine, Rincon Project (90%), Argentina	Brine, Minera Salar Blanco (51%) Maricunga, Chile
4
5	Production Capacity	20,000 tpa, 40yr LOM	25,500 tpa, 25yr LOM	2,000 tpa rising to 10,000 tpa, 16.5yr LOM	20,000 tpa, 20yr LOM
6
7	Secondary Assets	Brine, Candelas, (Arg):Hard Rock, Greenbushes, (W.A.)	Brine, Cauchari, (Arg): Brine, Olaroz (Arg)	Brine, Tonopah Project (100%), Nevada	Hard Rock, Tabba Tabba (100%), Pilgangoora, WA: Rock, Greenbushes (100%) WA
8
9	Primary Resource (LCE)	HMW Indicated = 2.267 Mt @ 946 mg/l, Candelas Indicated = 0.685 Mt @ 685 mg/l	Indicated = 1.005 Mt @ 289 mg/l, Total Resource = 4.4 Mt @ 211 mg/l	Indicated = 0.245 Mt @ 325 mg/l	Measured = 0.7767 Mt @ 1,175 mg/l, Indicated = 1.293 Mt @ 1,153 mg/l Total M & I = 2.070 Mt @ 1,167 mg/l
10
11	Market Cap (A$)	$284,175,537	$560,740,000	$187,540,756	$87,275,402
12
13	Cash on Hand	$65,000,000	$25,000,000	$29,800,000	$6,281,000
14
15	EV (A$)	$219,175,537	$535,740,000	$157,740,756	$80,994,402
16
17	NPV8 Post Tax $A	$977,380,951	$2,286,777,708	$444,315,734	$684,809,887
18
19	Assumed LOM Sales Price	$11,687	$15,500	$13,000	$14,400
20
21	NPV8 Post Tax $A per Share	3.75	2.20	0.34	2.28
22
23	EV / NPV	22%	23%	39%	12%
24
25	Share price / Theoretical	27%	24%	44%	13%
26
27	EV / Indicated Resource	$74.25	$533.07	$643.84	$39.13
28
29	Near Term Upside Case	Higher assumed Li2CO3 price, increase production from 20 ktpa to 25 ktpa	Increased production from 25.5 ktpa to 51 ktpa	Higher assumed Li2CO3 price, NPV8	Higher assumed Li2CO3 price, extend LOM from 20 to 25yr
30
31	Near Term Upside Price	7.98	4.76	0.54	2.90
32
33	Upside Share Price Ratio	12%	11%	28%	10%
34
35	PFS	✔️	✔️	✔️
36
37	DFS	Expected Q2 2022	Expected Q1 2022		✔️ Apr '2019
38
39	Fully Permitted	❌	❌	❌	ESI granted Feb 2021
40
41	Minor Offtake	❌	❌	❌
42
43	Major Offtake	❌	❌	❌	MOU with Mitsui, 15ktpa for 10 yrs
44
45	FID				expected Q4 '21
46
47	Financing to FID	✔️	✔️	❌	❌
48
49	Project Financing	❌	????? UK Export Agency	❌	❌
50
51	Management / Directors	21%	<5%	12.50%	23%
52
53	Strategic Investor	Gangfeng = 7.1%, Thematica = 4.9%	❌	❌	not S/H but strategic relationship with Mitsui and Codelco
54
55	First production	Q1 2025, full pdn mid '26	H1 '2024	mid 2022 (initial 2000 tpa)	mid '2024

not sure if this is of any interest to other, but I'm trying to do some fundamental comparisons of a few of the Aus listed brine South American brine companies - any feedback, corrections, suggestions welcome....please excuse formatting!! (I've also posted this on GLN forum)