2021 and beyond, page-7068

The current valuation of LKE is about 62% of its Kachi Phase 1 NPV of US$1.6B based on an assumption of $15.5k LCE price in the PFS.

This means that the market gives about 62% chance of Kachi going live with 25 ktpa Phase 1 production and a Lithium selling price of $15.5 per tonne LCE. ATM, the market assigns zero value to these things:

• Kachi production doubling
• Lithium selling price for LKE being above $15.5k (which is about half the current exw spot price in China)
• Kachi further production extension above 51ktpa
• Olaroz project
• Cauchari project
• Paso project
• Catamarca project.

Should the market decide to increase the valuation from zero for the above projects and from 62% for Kachi compared with its PFS NPV, that would mean an increase in LKE valuation.