Ann: Half Yearly Report and Accounts, page-2

HALF YEAR ACCOUNTS - INITIAL COMMENTS

> Included in the profit for the half-year was a A$108,374,739 gain on acquisition of the North American Lithium Inc. subsidiary

> At 31 December 2021 total assets of the Group were A$444,895,939 including cash balances of A$30,128,153, property, plant & equipment of A$201,255,083, together with mine and exploration assets of A$208,378,440.

Simple calc can be applied from there. PLS is was trading around 8 - 9 times at around or just after the AJM acquisition and is now around 2 times Book as it ' Grew ' into its value which pushed its SP up over 7 - 8 times.

If you apply the same logic to Sayona , the SP value should be anywhere from around $A1.6 billion to A$2 billion.