Ann: Quarterly Cashflow Report, page-78

Your underestimating the commissioning and ramp up process.
The company won’t go from first production to full nameplate at the turn of a switch.
It takes time to ramp up.

Please keep in mind the announcement may say first production.
What does this mean.....This is deceiving because depending on the company it doesn’t mean they are producing product to spec.

First product as we have seen from PLS can be annocuned by only putting ore through a section of the plant. So we can have first production this week or next week. That isn’t a boat ready product, we will then have future annocunements saying x and then x and then they will release one saying they have first product through the whole plant and we have achieved a spodumene concentrate of x%. If you don’t see them promoting the grade of spodumene at or close to 6% then take it for granted they haven’t produced to spec, 6% spodumene.

So this will all take time. There will not be two shipments of 6% spodumene this quarter there will at best be one and it will be small best case scenario 5000t imo.

This will not Be anywhere close to sufficient for the company to have flexibility to address the never ending issues the project seems to be encountering and the costs associated with ramp up and also the debt repayments that need to be paid. It’s fairly basic maths that can be concluded based on a peer comparison.