Talga DFS / JV, page-15

Agreed, they won't let us gouge super profits and they know they hold the permit card and mining expertise.

However, the project needs Talga's battery materials expertise and end customers. They need eachother to ensure this project is a success so any split needs to be equitable, taking into account the exploration and R&D costs Talga have incurred to date. This is where Morgan Stanley come in as our transaction advisers.

I'm very interested to see what Mitsui bring to the table. Talga already have the processes and have partnered with ABB for development and construction of the refineries.

What are Mitsui bringing? The MoU announcement looks like an offtake to secure supply for their customers, project finance and support establishing the supply chain:

• Potential joint development may include strategic stake in project via Mitsui contributingtowards consortium financing for pre-development and production stages.
• Offers substantial synergies in establishing a European supply chain and securing strategicsource of anode material for Mitsui customers