Ann: Quarterly Activities Report, page-30

Of course staged is ok, but what is perhaps not realised is that what is currently being constructed is a test plant. This isn't part of the staged construction. It will only cost money, not produce it. The company is still heavily reliant on Mt Cattlin production, but at this time, it is not likely to be able to offset the costs of Sal De Vida and also James Bay. Considering the events of Nemaska and also North American lithium, offloading James Bay would probably be tough. Let's not forget that the expansions of Orocobre and Lithium America's might perhaps assist in quenching the thirst of lithium demand along with the somewhat everlasting supply that Ganfeng appears to have secured.

My suspicion is that perhaps the company hoped to be taken over, but I don't see that realistic given the current circumstances of the company.

Enjoy the earnings call everyone. I really cannot be bothered anymore and am seriously considering selling out and moving on. It's been great chatting over the years and meeting many of you. Hopefully you are on the right side of the trade. All the best!