Ann: Half Yearly Report and Accounts, page-30

The NPV nunbers you are referring to are pre-tax. On an after tax basis the project has a IRR near 20% which is not something extre ordinary given the risks of operating in Chile with a hostile government that holds LPI binded in the court rooms for the ownership of their tenements. Chile wants to nationalise lithium industry, and use Corfo for that, see what they did with the water rights in Atacama and the older friction with SQM... Plus splitting the same project in two companies doesn't really help risk wise...why don't bthey merge?