Ann: Live investor briefing, page-48

Having got over the initial disappointment that we weren't selling for $1 plus today ... I have since swung to your way of thinking.

This deal virtually completely de-risks our move into production for Goulamina - and [subject to clarification of our pricing and protections against Ganfeng predatory behaviour which Alistair has negotiated] puts us in a rare position to become a premium player in the lithium market with gilt-edged guaranteed offtake for the life of mine...

That means that we should then be worth the NPV value in our DFS (as calculated in October 2020) which values our 50% interest at USD 450m (post-tax)... Note this value already included a healthy discount for sovereign risk. Perhapsmore importantly, it was based on a LOM spod price of USD 666 per tonne of 6% conc. Very few analysts would be so conservative today... [In the DFS Sensitivity Analysis, a 20% increase in price - to USD 800 - was estimated to increase the NPV by 41% ... Let that sink in forawhile]

I'm looking forward to seeing that built-in value growth emerge as we approach production (with our new BFF).