Also worth bearing in mind that when that deal was struck...

Also worth bearing in mind that when that deal was struck between Galaxy and Posco at USD $280 M, the tenements they sold had total known resources (measured and indicated) of 1.58 Million Tonnes and 2.54 Million Tonnes if you count also the inferred resources. Though I will acknowledge it was known to both parties the tenements would likely yield more, but anything above those levels would have been heavily discounted as its hard to value something that you actually don't know is there. Here is a link to an article on it at the time ;

https://www.mining-technology.com/news/galaxy-resources-sells-lithium-tenements-to-posco-for-280m/#:~:text=Galaxy%20Resources%20has%20completed%20the,Argentina%20to%20South%20Korea's%20Posco.

After our latest resource update we are sitting now on Measured &Indicated (M&I) resources of approx 5.10 MT and 5.80 MT if you count inferred also. If you add in Candelas you are at 6.50 Million Tonne total JORC resources we have.

So depending on your desired metric (M&I) or Total JORC resources, that Posco purchase suggests we are worth somewhere in the range of ;

Our Total resources are 2.55 times higher now (6.5 /2.54), suggesting value of $ 716.0 M USD (2.55 x $280 M USD) which on todays exchange rate is about $1.0 BN Aud.

Using M&I instead gives a ratio of 3.22, suggesting a value of $ 900 M USD ( 3.22 x $ 280 M USD) or about $ 1.25 BN Aussie.

Now it also needs to be appreciated what was going on in the background industry wise at the time. When that deal was inked the LCE price was about 90,000 CNY ( or about $13,500 USD ) per tonne - see the below graph of the last 5 years. Right now after its recent falls it is still 477500 CNY or about $ 71,600 USD per tonne. Yes we have come off about 20 % from the price peak but we are still up over 500 % (5X) from that time.

This price information doesn't suggest the POSCO sale comparison figures calculated should be higher again by this multiple but it does to me suggest the "in ground" valuation of the LCE we have measured under JORC on those rough valuation metrics above is probably still somewhat conservative.