yes, true. thanks for yourthoughts. my mistake for not...

yes, true. thanks for yourthoughts. my mistake for not communicating this in advance.the reason why i assume 100% payability of carbonate prices is the increase from 72.3% to 79% payability in less than half a year (study to study) together with dj's statements that he can achieve a significantly higher price for chloride in china (more than 79%). therefore i expected 7% royalties. if you look at current sales of spodumene, some of them are sold at percentage premiums based on the spot price. the price i stated also reflects the current price. gs does not see 11,000 usd/t carbonate over the full 40 year lom and expects an increase from 2026 (13,323 usd/t) & 2027+ (15,646 usd/t). i have not taken this into account. what i actually wanted to show - even at low prices, with the current assumed opex, gln could be one of the few companies that can survive this low price phase & would be able to generate positive fcf. the prerequisite for this is full financing and the completion of stage one.

if i calculate on your route (probably the most likely, with 3% royalties) our ebitda will match. by creating a 72.3% limited payability with the same assumptions, the npv after taxes with spot price modeling drops to usd 52,000,000 - irr after taxes 11,71%. just my calculations. always do independent calculations. no financial advice. dyor.