Ann: Adina Mineral Resource increases 33%, page-46

The only surprise here is how much they were able to drag into indicated. I think most people here were expecting 30-40mt indicated. It's more very efficient drilling from this team.

First MRE was 59mt from 27.5km drilling (~same contained lithia per km of drilling as PMET's maiden MRE. Both 100% inferred.)

This second MRE, released today, uses an additional 30km drilling (mostly in-fill) and not only brings an incredible 61.5mt into indicated (79% of resource) but also expands the resource by 20mt.

It's also good to see the company start to highlight the shallow, high-grade zone by including the "resource by elevation" chart. The top 50m of this pit-constrained model has 22.7mt @ 1.3%. There's your first decade of mining at 2.2mtpa.

This large indicated figure will likely start to attract institutional buyers and will certainly allow the company to progress talks with strategics (some won't deal with a company that only has an inferred resource.)

But what I think the market is really waiting to hear is:

• confirmation of Renard viability & cost to modify plant, presumably this won't be communicated before the PEA in Q3
• confirmation of timeline for extension of Route 167 from Renard to Adina & WR1's share of the cost