Ann: Investor presentation, page-9

Just to put a few facts, figures and assumptions out there.
!. We have 11m tons JORC 1.2% lithia resource.
2. We have extensions of existing resources in several directions.
3. We have several new areas prospective for lithium in existing leases being explored.
4. We have completed successful drilling above existing resource at Cade which has not yet been included in existing JORC resource.
5. A conservative assumption would be that we will soon have a JORC resource above 20m tons.
6. Current price of 5% spodumene is $5000 a ton.
7. Current mining and processing cost for 6% spodumene is about $300 a ton.
8. A very conservative estimate of the cost of a processing plant to process 2m tons a year would be less than $500m.
9. Infrastructure is largely in place with an established town just south of the leases and a highway, power line, gas line and rail line a short distance from the leases.

Now look at some figures.

Production of 2m tons of 1.2% spodumene would theoretically produce 400,000 tons of 6% spodumene concentrate. Allow 66% recovery. This gives production of, say, 270,000 tons of concentrate at $5000 a ton = $1,350,000,000 cash surplus per annum. And we have desperate potential customers getting ever more desperate. The people in the best position in this market are those who have potential production not yet committed. And who are the only people with an uncommitted deposit.
Tell me where I am wrong!