Ann: Presentation - Pilbara Minerals to acquire Latin Resources, page-49

As a LRS holder, I'm pretty deflated with the circumstances given the narrative and economics of Salinas. I think some serious manipulation has taken place the last few months but that is life.

Having said that, if I had to choose a lithium company in this situation it would be Pilbara. I bought some PLS on market for the first this morning just to dip the toes. Not sure if I'll do the s2s or just sell LRS and buy more PLS. A bit to play out there. Either way, I'm now a PLS holder given they are more likely than not to acquire the Salinas project and North America playing ground.

I think PLS has timed this very well and will emerge as a serious two-prong player in the global lithium market. Earnings accretive and de-risking, notwithstanding capex.

I'm not sure how much lower the lithium market has to go but various lithium operations are shutting up shop here and there and only the fittest will survive. Technical proficiency and low AISC rules the roost and these two have that. If more lithium miners go into C&M or call it time then this only makes PLS even stronger.

I also hold CXL, so I am aware of the mid-stream innovations PLS is working on. Here's hoping it all comes together over the next few years!

GLTAH