WR1 Chart, page-459

thatauthor of that article is unfortunately not joking when he suggestsWR1 should be valued on a per unit-basis just slightly above remoteFrontier Lithium (FL.V) which needs 1bn usd capex for a 160ktpa SCplant feeding a meagre 20ktpa conversion facility.

UnlikeFL, WR1 will likely able to start with low capex DMS-only processingat Adina, which will be connected to the highway north and railhub south by a planned govt-funded road due for completion in (iirc)2025. (Or I'm guessing could spend maybe 10-20m for its own roadnorth.)Thebetter comparisons are Latin Resources (LRS) and Patriot(PMT/PMET.V).

Imodiscussion should focus on how much of a discount WR1 should betrading relative to LRS, which is one year ahead of WR1 in targetproduction date, or PMET which it is assumed has greaterexploration upside but is likely behind WR1 in timeframe forproduction.

• LRS, 45.2mt @ 1.34% = 1706 aud EV / t Li2O

• PMET, 109.2mt @ 1.42% = 1293 aud EV / t Li2O

• WR1, imo current best estimate 57mt @ 1.25% = 496 aud EV / t Li2O

That WR1estimate is from someone I understand is a senior explorationgeologist working in WA and posting on reddit, with a very good trackrecord of modeling and projecting resources prior to MRE. WithAZS he was even able to project a quite accurate earlyresource estimate when the company was only reporting rockchips, supposedly with no direct knowledge of the company'sdrilling