Ann: Investor Presentation, page-119

You have to balance that out with the narrow and deep pipes are being drilled up in W.A - unfortunately, there has been ZERO big lithium discovery since 2018 the last being LTR.

It may be cheaper to drill in W.A but no point if they are drilling up duds like these pipes below.

Not much different even at Manna - Marble Bar for GL1 using cut offs of 0.45% with overall very average JORC grade of 1% and 0.97% - all overvalued at $600mil+ market cap imho.

Yes cheaper to drill in W.A but alot of very average looking sub SC6 looking product imo. At grades of 1% and sub 1% it will be very costly to make SC6 grade product. Even PLS can't make SC6 and are just selling 5.5% concentrates

Perspective is required.