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1. Valuation Changes
   
    We have revised our modelled estimates for Mt Cattlin, now modelling 1.5Mtpa plant throughput as our new base case. This results in average annual production of 206ktpa of 5.5% Li2O spodumene concentrate, a 72% increase on prior forecasts. Net of the impact of updated AUD:USD assumptions, our attributable project NPV10% (NPV based on GMM attributable net cashflows) increases to A$298m
   
    We had previously ascribed only a nominal value for James Bay in our NAV of $30m (100%), but based on a move to a 60% risk-adjusted resource multiple valuation, we have increased this to $80m ($40m attributable to GMM).
   
    Our updated NAV is presented below, with the changes above resulting in an increase to our target price (attributable NPV10% for Mt Cattlin, James Bay net of other adjustments) to $0.95 (previously $0.60).