AGM Chatter Switched on BOD, page-25

"It sounds like phase 2 will be stand alone"

I feel there is something in that, to the best of my knowledge phase 1 is being designed to be easily scaled to phase 2, not just the process but the actual plant. Therefore, phase 2 doesn't have to be stand alone. But there is a reason to do so.

I'm seeing the natural progression as Phase1 being solely an LPD project, funded accordingly. Likely with offtake or traditional finance (possibly even GXY) or a combination.

Where as phase 2, potentially being a JV with GXY at their processing hub. Designed to produce "a range of Lithium chemicals" that GXY have publicly announced.

This de risks the project from a GXY perspective, and minimises the funding and input ore reqirements, from LPD's perspective.

That's smart, but this also leaves the plant and equipment from phase 1 solely in LPD's ownership. To move to a different location EUR/JPN, to fast track expansion at the second location. Doesn't make much sense to me, to have phase 1 and 2 co-located long term.

Just thinking out loud. However it rolls, I've no doubt the guys have a solid plan moving forward, to achieve the vision.

Personally, I've moved my thinking from an if this comes to fruition, to a when.

Let's see if those accumulation bots are out again today. It has not been purely DT's of late, its been algo accumulation. Im not sure how much genuine volume they've been able to shake into their target range. I'm thinking not that much, the way they've been line wiping and taking out their own props. Can't wait to see the next T20 or significant holding Ann.