Ann: Updated Galan Presentation January 2021, page-6

Yep, realistically a doubling of our HMW NPV is not out of the question based on:

• CAPEX reductions due to new northern tenements
• Additional land for bigger ponds (reduce OPEX and increase output)
• Higher production rates are possible as only 60% of HMW used in the study
• Rana de Sal remains open at depth
• Santa Babra and Catlina not even drilled yet
• Del Condor results not part of the study yet either

I am very confident HWM NPV will increase this year.

Greenbushes S was a great buy - If there is white gold out there, our man Juan Pablo Vargas De La Vega will find it.

In JP we trust.