Ann: Investor Presentation - May 2019, page-33

The Investor Presentation's cautionary statement should be adhered to by all AGY shareholders. Here is one fact that should be taken up with AGY management for clarification. I have always doubted the evaporation pond space that AGY claims it will need to produce 10,000 tonnes per annum LCE and having compared estimated evaporation pond space for Galaxy's Sal de Vida Project, LPI's Maricunga project and AGY's Rincon project tells me that someone is way off with their calcs.

Galaxy requires 1200 hectares of pond space to produce 25,000 tonnes of LCE with 750mg/l Li

LPI requires 750 hectares of pond space to produce 20,000 tonnes of LCE with 1160mg/l Li

AGY requires 300 hectares of pond space to produce 10,000 tonnes of LCE with 325mg/l Li.

Could someone please tell me how a greatly inferior quality brine can feed the equivalent production of 33.3 tonnes of LCE per hectare per annum, while Galaxy will deliver 20.8 tonnes of LCE per hectare per annum and LPI 26.7.

Something does not add up. All the more reason for AGY to complete a more rigorous DFS to define the REAL numbers. Evaporation rates and process efficiency will not account for such a difference.

More evidence for you folks to mull over and take up with Jerko.