HWK General Discussion, page-14

This is a follow up slide to the one I posted earlier on relative cost curve of clay, brine and hard rock. Again, this is from JRL's presentation and shows just why sedimentary clay deposits are likely cheaper to process into battery grade lithium carbonate or hydroxide that either hard rock (pegmatites) or brines. The cost savings all appear to be at the front end with lower mining and crushing costs - no blasting, and no drilling - just a backhoe and tipper!! I have little doubt Hazen will come up with a similar cost curve for our flow sheet later this year. GLTAH.