Ann: Investor Presentation, page-39

Nice financials update - thank you. Your work shows the EPS gap closing a little between SC6 production in years 1-5 and the downstream Hydroxide refinery.

Looking at that potential revenue in Years 1-5 I wonder if it remains strategically the best next activity post KV to allocate billions to a refinery or whether that capital would perhaps be better used, at less risk on Buldania as well as acquiring and developing other WA Spodumene & battery mineral resources? Benefits of not going down the refinery path immediately is LTR remain longer in their expert field of minerals extraction, the resource base goes out potentially to 50-100 years and there is no JV dilution or refinery risk in the early years. I guess the question for the Board considering the refinery for FID is how refinery earnings and risk compare to Buldania/new acquisitions.

I think I'd prefer to see the refinery can kicked down the road a few years whilst the resource base is grown from very large to ridiculous proportions and then drop in a refinery out of petty cash with two or three operational mines under the belt. Feels to me like a closer alignment to Tim's comment about being the next FMG.