Ann: New High-Grade Lithium Discovery, page-99

Looks like we may settle back to about 34-36c mark today, depth is not overly flash.

The POSCO GXY thing is interesting, is there a chance it may fall over I wonder? perhaps POSCO now think they have overpaid given the current market sentiment for Lithium, note Livent's warning yesterday https://www.reuters.com/article/us-livent-china-electric/livents-lithium-woes-in-china-cloud-industry-outlook-idUSKCN1Q11T2

I think that the current market issues do create opportunity though, I think we all acknowledge that the long term fundementals for Lithium are strong and low cost brine producers should be at the front of the pack in terms of investment opportunity.

Perhaps the opportunity for GLN in a subdued market is to acquire additional assets, hence potentially looking to raise capital above what is required for the current drilling.

Here is my take going forward assuming the Lithium market stabilises and bumps around here for the next 12 months.

1. Assuming the next 4 drillholes are consistant with the first and grades are as expected then ~50c post drilling campaign
2. CR in the next 2 months to raise $5-10mill and bring us to ~200mill shares fully diluted
3. If initial JORC gives us ~1mt then ~70-80c which will give us a MC of ~$150-200m in line with the previously outlined indiciative market valuation of SDV