Since the Pirra IPO is close to being launched I thought it...

Since the Pirra IPO is close to being launched I thought it useful to "shoot the breeze" on what it might be worth and start a discussion on what other holders would like to see happen.

For comparison purposes (which can be highly subjective) WC8 recently acquired prospective ground on the Tabba Tabba shear and holds other tenements which once were held by Metallicity (MCT). The total secured ground appears to be 313km² granted tenements. In recent months the WC8 s.p. increased from ~3¢ to currently 16.5¢ on the back of the lithium... meaning the market values WC8's lithium project at $88M. As yet WC8 has not released any drill results.

Pirra Lithium has secured ground comprising 1681km² granted tenements including some of the Tabba Tabba shear (which is known to be fertile for good grades of Li). I think it is a conservative estimate to assume Pirra, once it is listed, is worth at least as much as WC8's lithium component. My ballpark valuation of Pirra for CAI is $88M x 40% = $35M (550M shares on issue = 6.3¢ per share).

My question to everybody is... what would people like to see happen? I can imagine several scenarios. #1... An in specie distribution of Pirra shares to holders, #2... CAI retaining 40% ownership and becoming a multi-commodity company, #3... selling the 40% interest and paying down debt.

What do others think?