Ann: Response to ASX Price and Volume Query, page-48

Also have a look at Bacanora Lithium, which has a clay deposit in Mexico. They have partnered with Ganfeng, which is the largest lithium chemical company going and if they can't produce battery grade lithium carbonate from clay then no one can. Bacanora are proposing a different production route than Lithium Americas and the flow sheet and DFS are all on their website. The key here is that HWK gets to have a close look at LAC and Bacanora and pick the flow sheet that best suits and promises the lowest cost pathway to production. Sometimes is better to be behind the leading pack and this is one of those times.

The other clay stock to look at is American Lithium Corporation (ticker LIACF). This company is not as advanced as Bacanora or LAC and is only marginally more advanced than Hawkestone. But they've ten-bagged since last September. It is a window to the future of HWK in my opinion.