Ann: Pause in Trading, page-28

The drilling was to delineate a lithium brine acquifer although the results have only described the lithium clays. I presume that the company still intends to use the results received so far to keep drilling to locate and tap the acquifer using what they now know to guide the drill.

As for the clay results, they aren't enormous by any amount, but they are far from what you could call "dusters" and it's just two holes so far. I have seen reports from the neighbours working down the road in the Clayton Valley where they're pushing ahead with production with clay averages in the 900's. MQR has already drilled up some averages at thickness in the 700's. The question is then is this enough to go commercial (subject to a lot of further studies etc) and justify the CAPEX required, or, if that can't be justified as feasible (profitable) to go alone I would like to think they'll look at entering into an agreement with one of the Clayton Valley producers coming on or already on line that may be able to economically process.

It's not a bad result really, lithium is everywhere, it's the processing that's the problem, and they are in the right neighbourhood.