A small update, mostly aimed at new and perhaps slightly frustrated investors like myself. I have taken 20% of my investment while trying to analyze the value Lac. Unfortunately, I have come to the conclusion that it is almost impossible to see through the values, and we have to wait until the split is complete. Nevertheless, my feeling and experience tell me that there are great values hidden in Lac, and it is a project that should be worth investing in over the next 5 years. Here is an overview without going into detail:

- GM invest USD 650 million. over 2023. Sees it as a good collaboration that stabilizes and provides cash without interest pressure.

- Thacker pass is underway, but it will probably take until 2025 before we get close to output. In this project, there will be from 40,000 to over 120,000 tons from 2025 and many years to come. A guess at value is a question of financing etc. government loans, and division result.

- CO Agentina, here we are ready for sale before long, and Lac's share will be from 20,000 to 40,000 continuously from 2023 onwards.

- Lac has acquired Arena in full, by payment with Lac shares. This means that Gangfeng will own 5.7% of lac, but these shares must be sold by Q3 at the latest. This in turn makes calculating the value quite difficult. The total purchase price is probably over USD 300,000, and the question is how they will finance the further development and how large the production will be, and synergies with CO are difficult to price.

- Lac owns 100% of Millennial, which is also located in Agentina, and provides synergies, and with a potential of 24,000 tons, again the value is difficult, the project is not finished, but a present value will probably be a small USD 100 million.

- Lac owns 5% of Green tech, probably a fair value around USD 40 million, but this is the type of investment that can be 0 or billion. worth in 5 years.

My point is all in all that a total value ?, but believe me a market value of USD 5 billion. for the whole of Lac it is completely in the forest.

Remember this is not a purchase recommendation.