Share Price, page-161

According to analysts at Euroz Hartleys, the market is currently valuing lithium resources in the following way

• Every 10 million tonnes (10Mt) of potential spodumene resource creates $80-$100 million of exploration value.
• Every 10Mt of resource that has a clear pathway to production creates $150-$300 million of speculative development value.
• Once in production, every 10Mt of mining inventory is valued at about $1.2 billion at spot prices.

We can work out the potential valuation for Wildcat Resources Limited (WC8) on the ASX based on various Mineral Resource Estimates (MRE) using the three different stages:

1. 1 - Exploration value for potential spodumene resources.
2. 2 - Speculative development value for resources with a clear pathway to production.
3. 3 - Value once in production based on mining inventory at spot prices.

Here are the calculations for each stage, based on the different MREs you've mentioned (10Mt, 15Mt, 20Mt, etc.):

1. Exploration Value (Potential Spodumene Resource)

For every 10Mt of potential spodumene resource, the valuation is between $80-$100 million.

Applying this formula for the given MREs:

	MRE (in Mt)	Exploration Value (in $M)
1	10	90
2	15	135
3	20	180
4	25	225
5	30	270
6	35	315
7	40	360
8	45	405
9	50	450

2. Speculative Development Value (Resource with a Pathway to Production)

For every 10Mt of resource with a clear pathway to production, the valuation is between $150-$300 million.

	MRE (in Mt)	Speculative Value (in $M)
1	10	225
2	15	337.5
3	20	450
4	25	562.5
5	30	675
6	35	787.5
7	40	900
8	45	1012.5
9	50	1125

3. Value Once in Production (Mining Inventory)

For every 10Mt of mining inventory once in production, the valuation is $1.2 billion.

Applying this formula for the given MREs:

	MRE (in Mt)	Production Value (in $M)
1	10	1200
2	15	1800
3	20	2400
4	25	3000
5	30	3600
6	35	4200
7	40	4800
8	45	5400
9	50	6000