Ann: Kachi Drilling Reinforces Doubling Lithium Production, page-45

March refreshed PFS gave post tax NPV8 of US$1.58bn assuming 25,500 tpa and price of US$15,500. This equates to around A$2.1bn and $1.80 per share.

Using 50,000 tpa and price of $18,594 (which is what GLN used in their recent updated PEA - and this is still below Roskill's long term price forecast of $25,000, which in turn is far below current spot prices of +$30,000) gives post tax NPV8 of around US$3.75bn, or A$5.0bn or $4.20 per share.

If DFS uses these sorts of figures, and is published around mid 2020, then share price is likely to be around 70% of the NPV ie should be around $3.00 in 6 - 9 months. (not including upside for Cauchari or Olaroz)