Be honest now!, page-9

Hi Nick

If you add the Talga's own published NPV's in the Vittangi DSF and the Niska SS they have a combined NPV with an 8% discount rate of between US$3.5B and US$5.7B.

https://www.talgagroup.com/irm/PDF/47146b39-9c1e-42ef-830e-15ef895e5b63/RobustDFSPavesWayForTalgaBatteryAnodeProject

https://www.talgagroup.com/irm/PDF/00041131-e82a-48d2-83bf-27b0a1003b4d/NiskaStudySupportsGloballySignificantAnodeProject

The range is due to the Talnode-C sale price range of $7,500 to $11,250/t used in the Niska SS.

In the Vittangi DFS, a 24 years LOM is US$12,312/t anode and is forecast as a flat price of US$11,875/t anode from 2030. As this is a more detail document and has been completed since the Niska SS I think we can use the upper range of Talnode-C sales price of US$11,250/t in calculating the Niska NPV.

	NPV 8% Discount	Calculation
1	Vittangi DFS	$1,054,000,000
2	Niska SS	$4,650,000,000
3	Total	$5,704,000,000
4	Share On Issue	303000000
5	US$/SP	$18.83
6	A$/SP	$26.33	Ex Rate	0.715

So even at an annual 100kt Talnode-C production rate we get a current NPV SP of +$26.00.

With a current SP of $1.45 the market is valuing Talga at only around 5% of the combined NVP's.

I have a very big bet that the market is wrong, and hope to be proved right in the next 3-6 .

Regards

Gero