SDV + Mt Cattlin v Pilgangoora, page-4

Lol you miss the point. Pily spod is 40kt LCE.

Let's say we even ignore Cattlin in this discussion.

SDV capital cost of $470m. Produces 25kt of Carbonate at c. $3,500 and sells for $15,000. Profit of $287.5m

Pily Capital cost of $220m. Produces 330kt of spodumene per year. opex c. $200 and sells for $1,000. Profit of $264m.

SDV outperformance = $23m/p.a = 11 year pay back period for extra capex.