We will find out soon, but the way they have raise price may be...

We will find out soon, but the way they have raise price may be disconnected to the current share price. Any investor with half a clue will recognise that GT1 with a mining lease is worth a lot more than GT1 was trading when doubt about when/if a mining lease would come through existed.

The way it could play out is investors will need to look at what this PEA looks like, what a company should be worth given the PEA and mining lease and offtake partners like LG. Having established that, the CR participants then discount it by their CR margin of perhaps 20%. There's currently 276m shares on issue:

• If that value is A$100m then the current shares are worth 36c and the CR is at something like 29c
• If that value is A$200m then the current shares are worth 72c and the CR is at something like 58c
• If that value is A$300m then the current shares are worth $1.09 and the CR is at something like 87c
• ...