EV sales - Their impact on Altura?, page-37

Thanks for the clarification.

In terms of the coarse material, the fact you cannot generally remove impurities from the lattice itself implies that the AJM resource is good too me. When I referred to floatation and fine product - in that circuit you can actually remove impurities so given the AJM product can already achieve 6% grade spodumene meeting specs in the coarse circuit suggests it is also amenable to meet other (higher) specks if required (through floatation). From a converter point of view, whether it is coarse or fines is largely irrelevant provided the product is within the correct impurity levels is my point. But very good to see that offshore converters have already said what specifications they prefer, and obviously IMO coarse product is cheaper to produce than fines (obviously provided the coarse circuit through the resource itself can meet the required specifications and impurity levels allowed in the 6% concentrate sold etc etc).

In terms of reserves comment, as per the embedded post in my previous post which looked at the current reserves and what they can generate etc etc, yes I am well aware of the fact AJM has a lot of exploration tenements it can explore (and hopefully prove up resources) for further expansion. That requires a drilling program is my point, so I expect drilling to happen more speedily when spodumene prices turn and AJM starts paying of the debt etc, and I certainly would expect that they would find enough resource to ensure Stage 2 (move to 3.08 mtpa that is). So hopefully with a turnaround in spodumene prices (and therefore AJM's profitability by also meeting interest payments etc etc).

AJM is well placed IMO to take advantage of the growth forecasts as an existing producer (provided you know spodumene prices do turn for the better in the next 12 months etc etc). And I am hopeful of that, because if they don't turn well it will mean EV forecasts are not growing as strongly as assumed and therefore (and this is for those in exploration plays only) all prospective greenfields deposits will also be delayed in their entry to market down the track etc etc. As I stated in other threads it is in everyone's interests spodumene prices increase, and the first to benefit will be existing producers who have been able to contain costs and produce a saleable product (like AJM).

All IMO IMO IMO