General Discussion Banter GLN, page-8492

Here is my updated Lithium list based on share prices as of a few minutes ago.

The changes I have made include:

1) Added the SYA NAL PFS. Here I have added one line for the numbers in the PFS (which assumes the PLL offtake is void after 2 years) and one line for the numbers if the offtake remains in-place (i.e. if agreement is not reached on a joint lithium conversion plant or if this decision is delayed).

2) Added the ASN DFS which was released today. Even though the post tax NPV and FCF have increased significantly compared to the PEA the capex has also increased significantly which will increase dilution moving towards production. This is why the "% of PE (Diluted)" only shows a modest reduction from 31.2% to 27.7% even though the project NPV has doubled and the FCF has increased by 58%.

3) Changed to using an exchange rate of 0.70 (from 0.72) to reflect the strength in the USD - which helps bolster the NPVs and FCF figures across all projects but increases the capex and therefore the dilution leading into production.

GLN is still at the top of the list with a "% of PE (Diluted)" of 12.3%. This means that the current share price is 12.3% of what it should be in production assuming a PE ratio of 18 and a debt to equity ratio of 50% and a carbonate price of $18,594 US/t (these assumptions are shown in the columns below and vary slightly depending on the project - for example SYA has a debt finance of 100% as they are assumed to be fully funded to production - i.e. no more dilution will occur which is why their "% of PE Value" and "% of PE (Diluted)" columns are the same).