Ann: LITHIUM EXPLORATION UPDATE, page-87

I usually use American Lithium Corp as a surrogate or peer for making comparisons and trying to look where HWK may be heading once drilling gets underway and some (juicy) results start flowing back from the labs. American Lithium (LIACF) is not that much more advanced than HWK -- perhaps 18 months or so -- and certainly not in the distant future as LAC and INR are. LIACF also isn't confusing with borate mixed in with the lithium as Ioneer has or a second project brine in Argentina that LAC has which only muddies the waters in making meaningful peer comparisons in my view. LIACF has only one project and that is clay in western US and is worth following in my view if you are looking for a window into the future.