Waiting waiting waiting, page-28

I think there has been a miscommunication between us in terms of the train line situation because it seems very positive. I just want Como Engineering to confirm that this will result in a viable operation.

I checked the Canaccord report for TAW and it uses a life of mine cost of $484. The quoted figures for predicted spodumene drop to about 600-800 range over that period. While I believe that prices could travel within that range, it doesn't give them much wriggle room if they get it wrong. A lower average cost is much more responsible in my opinion, because if you take these TAW figures and apply them to PLS or AJM, suddenly the stated NPV is much higher for their projects too. If the BGS PFS uses a 500-550 price and it is viable, then we have a largely derisked high value project on our hands. I am definitely going to sleep much better at night once they are able to show this, hopefully in September.

For funding I am hoping for a joint venture tbh, 50/50 ownership fully funded. No one seems to like the KDR deal, but I think it was pretty good for them. You need a company with expertise in producing carbonate, and I learnt quite a bit about the process reading their presentation slides. The NPV seems to increase exponentially by adding a carbonate/hydroxide plant, but we need expertise to make this work.

Debt funding could work if the initial plant was cheap enough. I remember someone on here saying you could get a plant built from South Africa for 5-10mil - is this for real? If capex was under 50mil, I would look into a 70 mil facility, build a 1.5 plant and produce immediately. Upgrade plant using sales to 2mt then start on carbonate/hydroxide. No dilution, potentially worth 1bil. Dividends would cover me for life.

I would not accept a buyout for any less than the NPV stated in the upcoming PFS for stage 1. Simple as that.