Ann: Positive Pre-Feasibility Study Enhances NAL Value, page-432

23 May 2022 POSITIVE PRE‐FEASIBILITY STUDY ENHANCES NAL VALUE

Fairly long document that may have been useful with a TH for a better understanding, and may have saved some stress. I make no conclusions, however I am aware that directors are not jumping ship and ~16% drop may be an indication of reduced long term perspectives, opportunity to confuse the market and lack of patience for immediate return.

Financials

"The PFS financial analysis has demonstrated that the NAL project is financially robust. The PFS’ NPV and IRR were calculated based on the production .....spodumene concentrate at a grade of 6.0% Li2O over a 27‐year life‐of mine.
Table 14 provides a summary of the financial analysis, which demonstrates that the NAL project is economically viable."

Positive Prefeasibility Study (PFS) shows value of North American Lithium (NAL) operation in Québec, Canada confirming technical and financial viability over 27year life of mine Pretax net present value (NPV) (8% discount) estimated at approx. A$1 billion, with pretax internal rate of return (IRR) of 140% and capital payback within two years Modest capex for NAL restart of approx. A$100M, with upgrades to improve operational efficiency, grade, quality and recovery; longlead equipment already ordered to facilitate Q1 2023 restart Results confirm potential for Abitibi lithium hub, adding to emerging northern hub and facilitating downstream processing as Company bolsters leading position in North American lithium industry.

~16% Down on expectations of a DFS, which is still expected. Lots of historical data that seemed to be unreliable. It may indicate that many are not prepared to wait till early next year on expectation of this continuing saga, DYOR and if you get to read the whole 52 pages and can confirm it is a "Positive PFS" then feel free.

GLTA