HWK General Discussion, page-13

You can find this slide in the JRL thread from their most recent presentation. As many of you know, JRL has a clay deposit in Oregon right next door to LAC. They are more advanced than HWK in they have drilled more of their ground. What's important about this slide is that it shows the relative cost of clay, hard rock and brine. I know it's early days -- particularly for us -- but it is nevertheless exciting to see sedimentary clay deposits such as Lithium Americas and Bacanora and Ioneer all less costly to produce than brine and hard rock. At $4,088 per tonne OPEX, LAC will be cheaper than Greenbushes which is a sensational result for them and hopefully HWK can be somewhere similar on the cost curve.