Wisa, page-20

Below is my take on the ‘value’ of the Wisa purchase.

As a comparative reference, I’ve looked at Pilbara Minerals’ purchase of Dakota Minerals’ (Now Novo Litio) Lynas Find resource in October 2016. PLS paid DKO $8M for 7.3Mt grading 1.25% Li2O – circa $88/t Li2O. ADV paid $80k for 330,000 t grading 1.25% Li2O - $21/t Li2O, 75% cheaper than PLS purchase. The premium paid by PLS, however, is justified as there is ~20x more Li2O in the PLS purchase. Still, the ADV purchase appears to be a good value purchase at this stage. Hopefully ADV can develop this quickly into a resource of substance. Please do not follow the Seymour model, both in terms of size and duration to prove up a resource piss-willy resource.