LKE towards TOP-5, page-19

Thank you Suw, for a great start of the year 2022!
Your summary as always was logical, detailed and transparent, and I think that you will be proven conservative this year again, which was exactly your intention as you wrote.

I would only add a few points which I expect:

Q1

1. An ESG assessment should come for Kachi with hard numbers that should answer questions about water usage in detail. Based on communication so far related to Lilac technology, I expect this to be a report showing great advantages overall compared with evaporation pond technologies. Let's see the numbers on how they plan to reuse water, how they plan to use reverse osmosis, etc.
The solar energy usage calculations might come in this report or later in the DFS which would lower the OPEX, and further enhance the ESG benefits of the project.

Throughout 2022

1. General market condition and positive impact on LKE due to:

• catching up to peers valuation
• Lithium price increase (this one you mentioned, and I think that the interesting part won't be whether spot prices would reach $50k or $60k this year (I think they will), as for the long term contract these prices don't seem to be realistic as you also wrote, but what I will be watching is whether spot prices would remain on a highly elevated level all through the year, as many analysts predicted that spot prices would fall back to $20k levels this year, which just doesn't seem logical with the also predicted increasing deficit.
• M&A activity in the lithium sector continuing in Argentina and elsewhere. Low chance option: shall we hear a bid for some LKE asset?
• New analysts covering LKE
• New or updated SP targets
• New investment funds investing in LKE

Overall, I expect another defining year for LKE in 2022.