PFS, page-15

Seems to be some conflicting information floating around regarding the PFS release date. With REM clearly stating release date end April.

Let's cast our mind back to the second and larger Sulphide Roast run to commence mid Dec. We have not seen the results.

KC alluded late last year that they will be in a position to discuss the chosen process route early new year. This has not happened.

Bacanora has pushed back their feasibility studies due to the rise of inputs. Notably Sodium Sulphate.
Bacanora has similar grades as Cinovek, minus the Tin and Tungsten.

Bacanora previously released scoping study work with a Sulphide roast option at a cost of $3500t LCE. This being prior to rising input costs, noted by REM CEO.

Reading between the lines - Sulphate Roast has not achieved lowest quartile cost status. Therefore they have not discussed chosen process route, as was indicated last year. Now likely to be included within the PFS, late April.

Coincidentally at a time that the proposed takeover of LPD (LMax) will see a conclusion, with the takeover bid ending mid April.

EMH costings released last year using LMax were $2000t LCE net of Potash credits. Reducing to $800t net of tin/tungsten. That clearly meets lowest quartile and LPD have made further optimisations, since that time.

Not to mention the oxymoron of producing LCE as an environmentally friendly alternative in battery storage, to fossil fuels. But to do that for a Sulphide roast we need to heat thousands of tonnes of ore to 1000c using, fossil fuels. That is not necessary for LMax.

Draw your own conclusions. However, LMax clearly looks a more viable option cost wise. Delay PFS release until clarity is provided regarding LPD TO status?

Just my 2 cents. No need to release the hounds, as if EMH can achieve LCE for $800t or less, we are winning.