Ann: Investor Presentation, page-9

Carl there was a sensitivity table in the the updated PFS (2022) that showed NPV linked to the hydroxide pricing, for every 30% increase in the price of Li the NPV will go up ~50%. So, here is the current uPFS outcome (1st table the previous PFS 2019, second updated PFS 2022):


Now here is the sensitivity table that I mentioned above, so for 30% rise in hydroxide pricing (~$22,100), the NPV goes up around 50%, i.e. as per below, from $1.94B to $3.02B (increase of ~55%):


So if the DFS prices hydroxide around $25,000 we should see the NPV about 60% higher ~$3.4B. I mean you can easily do the calcs yourself and scale them across the pricing range, mind you the inflationary pressures will likely increase the CAPEX and OPEX cost since the updated PFS was produced.

Considering that EUR just released their DFS (a month ago) and they used a figure of....$47,000 for their DFS which was delivered by DRA (which is the same consultancy EMH are using), if we plug that figure in, my lord. And now if we plug that price figure in with the increased production to 50tkpa...we are talking $10B+. However, noone is silly enough to use $47k (I hope not) as that is too close to the spot price and is not conservative enough.

As reflected by the fact that EUR's DFS was not received well and resulted in the SP going down the day of the release (!), luckily SP has recovered since.

Regardless, make your own conclusions, the upside is massive.