Lac:

A lot is written, it can be right or wrong, but it is the opinion that you have. Here is my strategy after the split.

- splitting up has provided greater transparency, now we can count on assumed value. Note the word supposed.

- Green transition is here to stay. EV will increase and demand for Lithium will increase, will the price increase? it will be a guess, I believe it.

- Lac is the company that thinks the most about the environment, and has a very responsible management.

- Lac has approval for the extraction of Lithium in Thacker Pass, and planning is planned, and they are practically in the process of land contracting.

- Do they have the capital to complete the project. They have cash + GM investment. Do they get government loans? I think so, because it is part of the political liberation of raw materials and the green transition. Should that not happen, it is only a question of the interest on the loan, or the issue of more shares. Who wouldn't want to lend to a company that 40 years from now has a cash machine. If they issue more shares, it will not make the company worse, because then there is just less debt and no interest. It is not money for operations, but a new project.

- The risk in Lac is minimal, and you can calculate the value over the next 3 years until the production of Lithium.

The model will be to calculate present value based on cash, interest, production cost, Lithium price. Also project management and project plan.

NPV is after tax. USD5.7 billion at USD24,000/tonne Lithium.

Within the last 2 years, the price has been over USD 60,000/ton. Every time the lithium price falls, it will go directly to EBIT.

Conclusion: is there any reason to sell Lac, yes if you lack money or can find a better rise in other stock.

I stick to production.