LKE today, page-2

There’s still not much info to go on for production costs of direct extraction versus conventional evaporation.

Battery grade is a great step forward for LKE, though it’s still early days for them. For them, direct extraction has the potential to turn a very low grade worthless resource into a project, pending their PFS results.

GLN has no such worry. We have high grade, low impurity on a well established, producing salar. Likely with a total resource of over 1MT.

Companies like LKE will sing from the hilltops about direct extraction because they have no other option. GLN have the ability to consider ALL processing alternatives and proceed with whichever gives the best balance of product quality, cost and environmental impact. We also have access to ample fresh water at Candelas that is miles from any communities that might be impacted.

In short, good news for LKE but our projects are chalk and cheese.