Ann: Maricunga Definitive Feasibility Study, page-151

Joe Lowry has stated that most of the qualitative and quantitative data in lithium hopeful feasibility studies is fairytale stuff that no one should believe.  I have compared our pond CAPEX against other lithium project feasibility documents and I always find it strange that LPI has brine with sometimes three times the grade, yet our pond CAPEX is double the cost of the others with the same production configuration.  Go figure.  Obviously someone is fudging the numbers BIG TIME.  I started making CAPEX comparison with other explorer/developers after our PEA was released and was dumbfounded by the cost anomalies between projects.   LPI was ALWAYS on the upside in terms of costs and sometimes by an astoundingly large amount.

I am very confident that we can rest easy with our estimated CAPEX in it being a 'true' reflection of what the actual costs would be.

Patience required.