Ann: RIU Presentation & Linden SPA Extension, page-8

Had a look at the presentation. Good overview and a few oddities or curiosities

• Big positive is a $20M cash plus shares to fund MAT. Would be good to see how the $20M is used and if big bonuses go out to the wallets of management team for the successful sale.
• MAT is 2 years behind PAM in any lithium project and securing land but they say they have a first mover advantage "Matsa has maintained a fully functional geological and admin team (in Thailand) which ensures first mover advantage". MAT have a good second mover advantage for lithium with no other competitors for second place.
• Thailand drilling approval scheduled between mid-Q3 to late-Q4. This is a reasonable estimate as PAM are still waiting for new licenses to be approved after 6+ months.
• 6 months allocated to field mapping and sampling program to find priority targets for drilling. That is a long time to find priority targets. Some other junior lithium exploration companies like AS2 with a similar market cap are finding quality priority targets in a few weeks instead of months.
• PAM has had geologists out exploring for a while and they mentioned the land that MAT has applied for did not pass their quality standards. This probably included the usual field mapping and rock chip sampling. Interested to see if the MAT geologists find something that the PAM geologists missed.

Some good potential but MAT need to deliver some good priority targets with positive rock chip sampling results first.

A big difference between exploring in Thailand and Australia is the terrain. Thailand has thick jungle and tropical rain that makes getting around much harder. Pegmatites would be covered in jungle cover which makes them hard to find and get samples.

Photo of MATs geologists