Ann: Presentation Noosa Mining Investor Conference, page-185

You are full of “questions” aren’t you? Here are some answers as I currently feel like throwing you a bone and imparting some knowledge to help you along.

Not every presentation is on the “asx website”. You might want to widen your search to fill in the many gaps in your research.

As I stated previously, the LiCl to LiCO3 conversion will depend on the concentration of the eluate being converted. It doesn’t take a Rhodes Scholar to understand that 100,000L of LiCl eluate with a Li concentration of 20mg/L will yield less LiCO3 than 100,000L of LiCl eluate with a Li concentration of 60,000mg/L. Therefore, a “conversion factor” for LiCl to LiCO3 without a known concentration is meaningless.

Information that is specific to Lilac’s DLE being used at the Kachi Demonstration Plant has been expressed by Lilac and Lake outlining that 120,000L of LiCl will be used to arrive at 2.5T of LiCO3 over the next couple of months. That is nowhere near your 0.871 conversion factor. If you use the same density you used previously (1L of LiCl = 1kg…..I.e. the same density as water) then you arrive at the simple conclusion that the Lilac Demonstration Plant at Kachi has a greater capacity than the ADIONICS CL250 “pre-industrial” plant (at 250T per year of LiCl). You can search for the specific numbers and run them yourself as, again, I will not be doing your research for you!

Your implication of subsequent processes being necessary to arrive at a LiCl concentration in the order of 30-60,000mg/L is incorrect. Your previous diagram showing a 3,000mg/L eluate output from the ion exchange modules is incorrect. Where did you get this information from? If you could outline your source, that might help. Again, you will need to DYOR to confirm - try asking those at Lilac for information and delve into their DLE patent like others have done. The answers are all there for you.

As far as finance is concerned, you only need to read the LKE announcements to confirm the official position that Lake have two EOI’s from ECA’s to cover 70% of the Capex required to satisfy the expansion case of 50kTpa. Lake’s confidence in achieving the conditions precedent and arriving at this finance outcome is in their own view - and was stated subsequent to their conversations with these ECA’s. Obviously, this can’t be the official position of the ECA’s as the conditions precedent have not yet been met…..but Lake’s statements do give an indication of how confident they are of achieving all of those conditions.

Oh, and one more thing. I’ve worked you out….and you won’t be getting these detailed answers to your “questions” from me any longer. But I will pull you up on any incorrect statements and assumptions you make when I feel like doing so.

I will not be roped into playing “go fetch” with you. Particularly so now, as I get the feeling that most readers on these threads have also worked you out as well!