blue ocean: kdr = $2bn - $3bn, page-3

STRATEGIC TARGET

We derive our $4.00 Strategic Target for Kidman based on the same scenario set out above but
we have reduced the discounts applied to our NPV.

Our $4.00 Strategic Target represents an implied return of over 200%. It is important to note that
our stragegic target does not reduce our discounts to NPV to zero (which would increase our price target to over $5.00!). It also does not account for higher lithium price scenarios or for further exploration success (which we believe is highly likely)
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We also believe KDR holds considerable corporate appeal and once Mt Holland is permitted and in construction, we believe there is a chance SQM may consolidate its ownership of Mt Holland and bid for Kidman. We also wouldn’t rule out another lithium player bidding for Kidman at some point given the scale and quality of its Mt Holland project and the high calibre of its joint venture partner.

http://kidmanresources.com.au/live/wp-content/uploads/2017/11/KDR-2017-Nov-20-2008.pdf​