Ann: POSCO Transaction Completed, page-82

I don't hold MIN btw just to clear that in this discussion. No vested interest there. My interest is in seeing the sector as a whole revalued.

I didn't say the resource was 4x larger.

MIN is in the process of building 750ktpa of spod capacity which is 5Mtpa. That is a 30 year LOM based on their reserve. I really don't care about longer than that.

SDV at 50ktpa and an expanded reserve has over that amount of time too. Again I don't care about past 30 years.

So what it comes down to is cash flow. MIN are paying for their spod infra. So ALB got probably A$200m or so of value there. Spod capacity cheaper than brine. Obviously becomes much more similar if you include Hydroxide facilities.

So based on DCF and $700m of capex for 50ktpa at SDV I expect a lower valuation than Wodgina. Again if GXY can get a number for even close to what capex will cost as the sale price for a JV then things get interesting.