Ann: Expiration of Unlisted Options, page-9

I don't mind seeing the MoP's for comparison sake.

These are in higher cost, lower margin environments and yet a project like Highfield, sitting at a market cap of $300+, is sweating on a very important environmental approval that could crucify it if going the wrong way. But the markets perceive production is on the horizon. They are real prospects.

The problem with the Australian SoP's by comparison is that they are all talking a good game yet none are close to delivering production, or even looking that way. The investment market view: speculative!

Whether its RWD, SO4 or KLL (or another), the one that looks like hitting production first is going to attract a very quick and significant advantage which I reckon will convert to SP premium very quickly. By association the better projects with ST production prospects may also get an initial leg up, but those still stuck in exploration mode could feel the heat.

Highfield or Danakali for me set a reference in value should one of the SoP's accelerate towards production in the near term.