Ann: Optimised Seymour Project PEA Highlights Robust Economics, page-2

I've seen some shocking hard rock economics (hello GL1), but this one is up there as well.

Some notable excerpts:

"The pricing forecast used in the December 2023 PEA5 which was the Fastmarkets (October 2023) forecasts has been used in this study for comparative purposes. This forecast is shown in Table 7 and results in an average realised spodumene concentrate 5.5 price of US $1851 FOB Thunder Bay".

Right....so you're using Fastmarkets SC6 forecast October 2023.....thanks for providing zero substance for this choice.

SC6 is currently at $840/t so I am sure that your assumption of $1851 makes a lot of sense.

"Pit shell optimisations: A US$950/t SC price pit shell used for the Stage 1 North Aubry pit"

I have some questions

"3.5 year pay back for a 7 year mine life and an IRR of 33%"

Putrid.