Ann: Mitsui Extends and Expands MOU with Talga, page-20

In this announcement, as with all previous concerning a possible JV, there is no detail to be analysed.

I am going to take this as a negative development. It is an indication to me that TLG has not received a compelling alternative offer to the abandoned tripartite LOI. When LKAB opted out, and MT referenced they were talking to others (in the presentation a month ago), I have been waiting to see if something eventuated.

I also find it difficult to comprehend how Mitsui plays a role in 'marketing' when we have been routinely informed that each OEM requires stringent qualification prior to a commercial order. Surely that is a process which can not be 'fast tracked'? What could Mitsui offer TLG that is different to what we already have?

The original MoU, which is opaque in its disclosure, talks about the development and financing of Vittangi. That seems to be the only real value add for TLG and the fact things are being extended to August reinforces, in my mind, that we are not going to see a commercial outcome until the regulatory issues are clarified.