broker trade report, page-29

AGO has experience in bulk excavation, transport and shipping of direct shipping ore.

The chinese are happy to buy low grade unprocessed ore for approximately 1-1.5 percent or at maybe 1/8 to 1/10 of lithium prices for 6 percent ore some of the deals of late have been achieving $1000 usd/tonne.

That means DSO is getting bought at about $100/usd a tonne which is equivalent to the IO price of yester years.

This is highly lucrative business in the short term when supply is tight.

1.5M tonnes at $100 USD is $150M USD revenue and depending how much PLS for supply the dirt we get 15-20 USD margin.

Its a win-win situation for PLS, AGO and chinese for next 1-2 years depending on how long supply remains tight and when PLS goes to full production and doesn't need to supply DSO.

Hopefully Poncho/Cisco provides an oppuntinity
to continue the lithium trade in 1 or 2 year time and remain diversified. Although AJM royalty will be there for years to come.