Kidman Resources Limited announced that Covalent Lithium has completed a integrated pre-feasibility study (IPFS) for the Mt Holland Lithium Project. The IPFS has confirmed the compelling business case for an integrated mine-to-refinery project producing refined, battery grade lithium hydroxide (LiOH). On 22 October 2018, Kidman announced the results of a pre-feasibility study on the proposed Kwinana Lithium Refinery (the Refinery) and an updated scoping study on the proposed Mt Holland lithium mine and concentrator (Mine & Concentrator). Furthermore, on 25 October 2018, Kidman announced that Covalent Lithium would streamline the separate studies being conducted on the Mine & Concentrator and Refinery into an IPFS on the integrated Mt Holland Lithium Project expected in Fourth Quarter 2018. The IPFS has now been completed and has confirmed the compelling outcomes from the previous studies on the Refinery and the Mine & Concentrator, including a highly attractive NPV and IRR. Key outcomes from the IPFS include: Long-life, low-cost operation with projected annual average production of 45,254 tonnes of LiOH (Kidman share: 22,627 tonnes). Maiden Ore Reserve for the Earl Grey deposit of 94.2 million tonnes at 1.5% Li2O. Conservative 5.5% Li2O concentrate grade adopted based on testing to date, whichwill be subject to optimisation during the Definitive Feasibility Study stage. Outstanding project economics in line with previous studies: post-tax NPV10% (nominal) of USD D 2.2 billion, robust margins, rapid payback (3 years) and a strong IRR of 26.6%. Total integrated capex of USD 737 million (Kidman share: USD 368 million) includingcontingencies, in line with the previous estimate. C1 cash operating cost (net of by-products) of USD 4,507/t LiOH (excluding government royalties), will be subject to further optimisation during the Definitive Feasibility Study stage.