Ann: Lithium Production Commences at Bald Hill, page-119

Not even close. 2018 we are starting nearly a quarter of the way through and will take til mid year to ramp up to our expected 155kt moving to 200kt annualised by the end of the year when the fines circuit goes in. I would be happy if TAW ship 100kt this year.

Next year will be 200kt-250kt depending on what size fines circuit goes in and then could push up towards 350-400kt (annualised) if/when it's determined a second DMS unit is viable. But again there will be ramp up time etc, so I would say next year maybe 250-300kt would be a good effort. By 2020 we should really be cranking.

So this year I would expect around 100kt. Prepayment is meant to be 20% of each shipment until the money is repaid.

So we have 10,000 tonnes going at $880 in April. 20% of this is US$1.76m = A$2.22m at current exchanges. At that rate it would take 11 shipments to pay back funds.

So we have US$8.8m - $1.76 = $7.04m. Costs are going to be $4-5m (early days costs will be higher than long run LOM costs). Leaves about US$2m ($1m going to TAW). So we will bank about A$1.25m for the first shipment. Money will still be tight for the first couple of months.