Ann: Significant increase to JORC Resource at Salinas, page-106

Based on a nuanced approach and the available data, the estimated market capitalization of Latin Resources should be approximately $3.19 billion. This estimation assumes that if Latin Resources were valued similarly to Sigma Lithium, considering its Mineral Resource Estimate (MRE) of 70.1 million tonnes at a 1.3% grade, its market capitalization might align with this figure. In contrast, Sigma Lithium's market capitalization on August 9, 2022, when they announced an upgraded MRE of 86 million tonnes (a roughly 50% increase in their total NI 43-101 MRE), was approximately $3.75 billion. This was based on their stock price of $21 at that time, correlating with Sigma's current market capitalization of around $5 billion and a current stock price of $28.

From this comparison, to match Sigma Lithium's valuation level today, the stock price of Latin Resources would need to be about 6 times higher, or around $1.15. This figure represents a theoretical parity between the two companies' valuations. However, it's important to emphasize that this is a theoretical estimation and does not reflect the actual market capitalization of Latin Resources. Real-world financial markets are influenced by a wide range of factors beyond just the size of the MRE, including financial performance, market conditions, investor sentiment, operational efficiency, and industry dynamics.

Furthermore, the lithium market has significantly changed, with lithium prices being approximately 80% lower than in August 2022. Additionally, Sigma, being listed on the NASDAQ, might be valued differently by American investors, who often place significant value on ESG credentials like "triple zero green lithium," compared to the more skeptical Australian market where Latin Resources is listed on the ASX.

Therefore, while the estimated stock price of $1.15 for Latin Resources suggests a parity with Sigma Lithium under similar conditions, it should be considered a hypothetical figure rather than a concrete market valuation.