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Hi all,

Based on our

1. very low EV/Resource - best value to anyone globally either producer or explorer; and
2. 30+ years of production life; and
3. Low iron content (note explorers are just trying to work out lithium is on their sites let alone metalurgy; and
4. Largest low cost hard rock producer on the planet compared to other proposals or other existing operators. I think cheaper than any brine operation for batteries for EVs or Storage.

I can confirm the ruler is now being run over PLS. It is more so a case of does the offtake and prepayment come first or an offer.

If it was me on the other side I would make an offer as future demand forecasts and price expectations appear wrong - Canaccord will be the first of many revisions we will see for higher lithium expected future prices.

This is the most comfortable trade I have ever done.

If management wants some advice:

1. June - Release updated competant person report as soon as possible.

2. July - Complete the offtake + prepayment.

3. August release DFS.

This would generate greatest value for shareholders and keep a consistent news flow. If the do DFS and offtake + prepayment at same time it would result in a lower share price.

This is my view. Do your own research and by all means if you disagree express the view.

I am planning to go to China to visit all the processors of spodumene to further verify what I believe.

Cheers,
Super Ninja