Ann: Results of Third BMX Auction, page-66

Brokers are not one unified group. The buyers of the "brokers report" can be primarily pensioners, soon to be retirees, 40 somthings or 30s looking to invest for the future.

For any of the categories the Broker report would differ.

Beside the recommendation is very balanced.

Action and recommendation• Maintain Outperform: The third spot sale has seen the positive price momentum continue for PLS, although the 5% rise was lower than we expected and lagged the ~30% move in Chinese domestic lithium carbonate and hydroxide prices over the same period. That said the realised price is over 100% higher than our forecast spodumene prices for PLS over the FY22-FY24 period, suggesting to us there remains considerable upside risk to our forecasts for PLS.

This is much like when I talk to my junior staff in their 30s I tell them go big and hard on Lithium/REE/ESG but to senior managers who are trying to safe guard thier wealth I would suggest they only iinvest 10 to 20% in Lithium/REE/ESG.