Ann: Presentation - RIU Fremantle, page-83

Who's long term forecasts are you talking about? Hopefully not Wood Mackenzie or Macquarie who are not very well respected in this regard (Macquarie is not even a forecasting agency). Anyone who reduces their long term forecasts by 60% because spot price has dropped over the short term, is basically admitting that they have no idea what they are doing. A forecast that needs to be adjusted by 60% is not a forecast, its just darts on a dart board - anyone can do that.

Here is the long term pricing from the latest study I have (ignoring Lake's DFS) which is from GT1's PEA from only 2 months ago. It's a hydroxide price from FastMarkets which will be similar to carbonate, in fact carbonate is likely to be higher. At $25k USD carbonate Phase 1 alone will have a EBITDA of around $120m AUD - the principal and interest will be a small portion of this.