Ann: FYI: Innovative HPA Battery Coatings Program Commenced, page-8

Yeah, mixed feelings regarding SP - we have seen a major EGR rerate this CY yet it's difficult not to feel that SP performance has fallen short of expectations post CR. The vast potential is clear to see across all 3 business streams, mostly yet to materialise.

Unfortunately, projected completion of Kwinana stage 1 construction is now at mid 2023. Works approval documentation to be submitted to government departments Jan 2022, with a 3 month review period to follow. Considering the rate of progression to date and certain global headwinds, I suspect stage 1 commissioning will be later still.

The development timeframe for Kwinana is really the only known here. Recycling, Epanko & European BAM.... who knows. Hopefully material progress is reported on these fronts during the next 2-3 quarters otherwise SP performance in 2022 could be very underwhelming.