Threadbull,I've done this my whole career, evaluate projects.I...

Threadbull,

I've done this my whole career, evaluate projects.

I stated ore reserve value, not cash flow etc. No need for increased Capex / Opex or additional investment.

AVZ just added 15% of the existing defined RD JORC ore reserves to their part of the total ore reserve and 15% to all additional ore resources, not yet defined / discovered as JORC ore reserves; like CDL et al.

So of the JORC defined 93Mt OR for RD, 55.8Mt turns into 69.8Mt owned by AVZ. 14Mt more lithium reserves, which is 0.55Mt LCE (Approx $AU10B at todays price, but most likely much more using a LCE price forecast).

Using 100Mt for CDL, "doubles tonnage" turns 60Mt into 75Mt. Yes, assuming same recovery factor etc. CDL would require additional investment.

If I had the economic model and simply change ownership from 60% to 75%, like one would do evaluating a fair price to purchase a slice or make their slice bigger, the NPV would increase dramatically. No additional investment required unless you increase the output tonnage per year or change a DFS parameter etc.

I would assume finalising the deal with Dathcom Mining was an important step as show of "commitment", project continuity or the like related to the ML approved. If I was on Felix's committee, I would definitely point out the plus of having that resolved and AVZ now 75% partner.

I'll ask Nigel if I can get or they will post an update to the NPV numbers. Cheers.