Ann: Presentation to Shareholder Meeting, page-238

That PFS has killed us in the short term for sure. Presenting us as a post tax NPV of 85mUSD is just ridiculous.

Right now we are worth far more than that.
- Price assumption of 440 & 500 for the first two years of production? Lowest price assumptions I have seen all year.
- Producing in 2021? That is 4 years away. Even longer than the gantt chart from management. Peers that are at the exact same stage as us or even behind in some cases are planning to build in <12months.
- 1mtpa plant with 14mt resource? We already have 25mt indicated. That is nine years not accounted for.
- Capex items that are either redundant and/or unnecessary and priced based on top tier product lines.
- Detailing every possible cost they could think of and then making zero effort to actually improve them? Who are they actually working for here?

Change any of the above and it is substantially higher. All of the above isn't based on future news (except maybe the commissioning/construction date, which is super important). Of course, holders already know this. Problem is, in a sector where every lithium peer actively attacks other projects in order to sell their own, we don't stand a chance against them, because they can casually wave us away with a reference to the PFS.

It is a drain to see BGS at 58mil when we are at this stage of the game, with the resource and grade we have.

The drilling will likely improve the resource, but it looks like they want to hold off the DFS until we have done it all. Looks like it will add 6months+ to DFS commencement. Honestly I would prefer a DFS for a 1mtpa plant to be commenced now whilst drilling out the resource so we don't fall too far behind our peers. We can always upgrade the plant to greater capacity later and we will have greater cash flow too. Who cares about revising the PFS? We need to be moving as quickly as possible to production here.