Some things to consider when comparing the PFS which used the...

Some things to consider when comparing the PFS which used the results from ILiADs testing from March 2023, to the pilot plant announcement results announcement from December 2023 after 1 month of operation.

From PFS
After reverse osmosis the lithium carbonate came out at 99.4%, just short of battery grade. And the post DLE concentrate had an average sodium concentration of 141 mg/kg. Sodium is one of the highest impurities.

From Pilot Plant
- A remarkable steady-state of 95.6% Li (Lithium) extraction has been established at an average feedconcentration of 118 mg/L, with no single-point exceedance below 94% recovery.

- Steady-state rejection of impurities has been established at 99.9%. Notably, sodium concentrationhas been reduced from 95,460 mg/L to 61 mg/L in the concentrate.

- Results are currently exceeding the most optimistic expectations. The purity of the DLEconcentrate has considerable potential to reduce downstream processing and conversion costs.

Arizona Lithium Managing Director, Paul Lloyd, commented: “The pilot results continue to provide us withfurther confidence in the process and economics, which will be released in our upcoming PFS which willhighlight the forecasted economics of production in 2025. This pilot is the final step prior to commercializationand the results of the pilot plant continue to exceed my expectations in terms of both the concentration oflithium and the impurity rejection. This is all good news as we look to sanction a commercial facility followingthe PFS”.

The above did not end up being true as the data from pilot plant was not included in the PFS.

IMO it looks like we could probably produce battery grade lithium carbonate for around or not much more than the low opex that was stated in the PFS.

Feel free to correct, processing experts.