Ann: Investor Presentation, page-129

Gl1 has a well deserved market cap atm. I'm not a holder but they have over 50Mt at 1%.

The cut off grades are very reasonable for Manna in particular.



As you can see bumping up that cut off grade to just under 1% would still give them about 20Mt with more results of 10-15m at 1-1.5% yet to be included. Manna also starts at surface.

0.6% cut off still gives you a 1% Li20 resource. 1% being the economical benchmark and gives them another 12Mt.

While it comes down to depth, grade, tonnage. Any company is going to publish a resource will use whatever cut off that will still give them a Li20% of 1%.

With regards to thin intercepts,

Deposits that have stacked pegmatites that are thin can be hugely economic to mine. Cumulatively there would be very little waste in an open pit scenario especially if they are shallow dipping. Full disclosure, I chose to invest in CHR this week. For this and among other reasons.

Also, a pegmatite can be massive but sometimes only a third, or small amount of strike, is mineralized with spodumene. Much like Cancet, started with a pegmatite that had 1200m of strike but only 500m was mineralized.

A lot of deposits started off as thin outcropping pegmatite swarms that later were found to join at depth and then pinch and swell further down dip.

A great example is LTR below another one would be LRS (don't hold either).. We are desensitized now with PMT and WR1 with massive outcrops and fantastic grades but I wouldn't rule out deposits that start of with stringy or thin intercepts.




SC6 perspective.

PLS not reaching 6% could mean it is too fine grained and various other things.

6% is not as important as you think.

In fact, hard rock producers are purposely not producing 6% and have deliberately gone for 5.5% or a lower grade to maximize profits.

To do this they build a bigger plant, can produce more tonnes per annum, and make better use of the orebody as it is less pit constrained.

Most of the time a 5.5% product can be significantly more profitable.

Food for thought.

just like to say what a run it's been for us at WR1.. next one to overtake is GL1.