Lithium, page-3

There is no doubt we're held back because we are both lithium & gold. Lithium is a growth stock with prices expected to double on top of the already impressive gains. Whereas Gold is considered a hedge, more conservative. Investors usually want to put their money in one or the other, not both combined. The demerger will fix that.

In the Ganfeng presentation they said 3 months to get PRC approval. I'd say that will be the slowest of the required approvals to satisfy the CPs. 3 months makes it Sept 16 & there's probably some fat built into the 3 months. Once that's received, JV is cemented & the demerger can progress. I'd anticipate a news flow with long lead items ordered, Boards, management appointments etc.

At some stage, those wanting to get into SpinCo cheaply will need to buy into FFX, It will be too late once SpinCo lists.

Doc Mike likes comparing SpinCo to PLS.
PLS has a market cap of $4.9b for 100%, we'll own 40% of Goulamina
PLS has a cash cost of US$395-430/t, Our DFS shows $281
PLS presently is producing 350ktpa, going to 560ish when they recommission the Altura plant, We plan 436ktpa

Ok not apples with apples, however you can see what value should eventually be given to SpinCo based on this, and it's measured in billions, with Lithium prices forecast to soar.

The market is fickle, it presently gives us very little value for Goulamina. Quite often it takes the smallest of triggers (sometimes no trigger) for the market to all of a sudden catch on & rerate. This happened with FFX when we were stuck in that 15c price band. It took about 6 weeks for our price to double from 15c