Ann: Change of Director's Interest - G English, page-21

Soon to be a producer, low cost, close to a large city (in comparison to working in Pilbara, for example) stable geopolitical environment. Delay has happened across the board so we can only rely on the management team to look after that. They do night shift, they are drilling, crushing is being commissioned with DSO sold.

I think investors are nervous and excited as well with the super high lithium price (when looking at the past price). Any rumor, bad news will make them sell hard with believing that the peak has reached. We don't know when the peak will reach but a stable Li price is always a better thing for all miners and investors. You can plan for the long term based on some stable price. I think it's fair at the moment that if the price does come down a bit so everyone can breath normally.

It's pretty hard to know. We think demand for EVs can only one way up because government phase out ICE car. In order to phase this out (also mean they force us into EV) then some form of subsidy for consumers or producers are necessary unless EVs come naturally with lower price than ICE (which is not the case even when Li price was low). We'll see how this work out. However, with only about 10kg of Lithium per EV car (varying with sources) raw Lithium cost per car is just USD800 (using USD80,000 per ton of pure LiCO3). Please correct me here if I am wrong with the number. I think Lithium price doesn't jack up the car price that much as it's a small fraction. The world simply doesn't produce enough of Lithium to meet the demand yet, it's the main reason.