Ann: Benchmark Cathodes Presentation, page-12

"The PFS confirms Grants as a financially viable operation, with A$346 million in revenue (pre-tax) to be generatedover the 26-month life-of-mine, at a strong operating margin of 57% based on average life of mine sale price ofUS$649/t (FOB) (A$865/t at 75 cent exchange rate) concentrate, and up to 67% operating margin in the event salesprices closer to the current spot price of US$895/t (FOB) concentrate can be achieved."

Based on:

Financials - Exchange Rate US:AU 0.75Price (average price over LOM)

$/t US$649 / t      of 5.0% conc.

Ore Mined bcm / t / % Li2O             644,306 / 1,778,283 / 1.48%

So we have 4 positives to extrapolate here: Current NPV of $140m.

1. Increase in resource size. From 1.8mt to maybe 5mt? with BP33 and Grants increase.

2. Increased grade from 5% to at least 5.5%

3.Increased recovery from 76% to 79% based on 5.5%.

4. Lower $AUD

A negative? Has the price dropped? I don't think so yet. It has to the end user due to competition and extreme margins but there is no evidence it has flowed through. Might be pressure building though.

I am going to make my guess @ $390m NPV.