Ann: Port Services Agreement Formalised for Export of Spodumene, page-40

Cash at bank is about $71m, plus $9.8m to be reimbursed by JV this quarter, less $4m cash burn, is likely to have around $77m cash by end of December 2022. Also the JV (50% owned by LLL) has cash USD$125.5m as at 30 September 2022, LLL shared cash is about AUD$94m, so LLL
effectively has around $165m cash.
Currently LLL market cap is $695m, enterprise value is about $530m. It’s crazy when another African lithium explorer has much less resource and less advanced, is valued at around $500m. The African discount is going way too far over LLL, imo.

Let’s see spodumene concentrate price would drop 60% from current spot price (PLS auction price over USD$7,000/t), price at 60% discount, would be around USD$2,800/ton.

LLL, annual production 506ktpa SC6 x 45% x (SC6 USD$2,800/t - cost USD$500/t) x (1 - company tax rate 30%) / exchange rate 0.7 = $523m Net profit after tax

So, if spot price dropped by 60%, LLL still could make net profit after tax $523m per year. Vs current enterprise value of $530m or market cap of $695m. Mining life is over 20 years, and this is just profit from the stage 1 production.

All imo.