Ann: Corporate Presentation, page-12

So many factors will impact the price. Market sentiment and other issues such as the war, inflation, interest rates etc.

I plan to hold long term so not worried about the short term movements. It could go down to 40 or up to 80c in the next month and I wouldn't be too worried since these stocks are highly volatile.

Having a JORC resource would help to de-risk PAM. People would also be interested in the metallurgical results and scoping study to further de-risk the company.

See GL1 for example who released their first maiden JORC resource on 17 Feb 2022 which was 9.9 million tonnes spodumene @1.14% Li20. https://hotcopper.com.au/threads/ann-maiden-manna-project-lithium-resource.6589088/ The stock price went up on the day, and then went down later in Feb when Russia invaded Ukraine, and has since gone back up.

I do follow GL1 and did a comparison with revenue a short time ago https://hotcopper.com.au/threads/pam-revenue-compared-to-ess-gl1-cxo-a-much-better-comparison-than-resource-size.6592785/

I'm more interested in the longer term outlook, the management, downstream value add strategy, and the pricing moat PAM have which is the bottom of the cost curve benefit to be profitable even lithium prices go down. Since a decrease to the lithium price could send many lithium companies out of business like it did in the past.