Dividends?, page-15

Thanks for clarifying. There is an old saying, equity is a cushion debt is a sword. Not suggesting ake impales itself on one but rather works towards a better capital structure leveraging the assets. I often find companies with too much cash become complacent, focus on costs dissapears, the leanest companies are those who have lived through a downturn so the learnings are there but need an incentive to stay that way.

Expedition of projects is what everyone wants but there is more ways to fund those than cash is all I'm saying. Get lenders to recognise the value of the assets and shift the risk to them not equity.

Cash at June should be pretty healthy, north of usd600m. At 30 march 22 it was usd421m plus usd70m received in April for a march shipment.

Personally I think that is too much cash to sit on, if it isn't in a term deposit it is on call. I'd rather it sits in my bank account but to each their own. Beyond that, the cash flow from operations should be sufficient to fund ongoing capex assuming pricing remains supportive.

Buying an asset now is an option but likely an expensive one.

I'd really like to see ake build a naraha type plant in Germany/Europe and North America be it alone or in partnership with one of the OEM'S. Expand its footprint where we are seeing the highest EV growth. It has an inherently lower co2 footprint vs spodumene producers so I see that as a logical next step. Again that can be done via debt in a jv type structure, leveraging the strength and credit quality of the oem jv partner. Food for thought.

Aimo