Fundamentals, page-19

Hi Kaeho, it will depend on LPI’s final equity in the MSB JV. Right now it is 50% going to a 51% controlling stake. They have first option if the second biggest stake holder wants to sell. But lets work on 51% for now. Old code extraction of 15,800t/pa with cost of US$3,000 p/t at a sell price of US$16,000 puts it around US$204m/pa EBITDA+Royalties. 51% goes to LPI tells me it is a nice little earner from old code. Litio will be cream on top. Even with the License and EIA granted for Litio we will be capping ourselves with a 20ktpa plant anyway.

The key here for me is sustainability with low Opex and likely hood the project will simply be acquired by a major group for a quick ROI