Ann: Response to ASX Aware Query Letter, page-42

“The Company confirms that the spoken contents of the webinar were JORC compliant and fully compliant with Listing Rule 15.7. The Company confirms no material information was shared which has not yet been published on MAP.”

Here’s a few examples where I think they have.

“Our goal is battery grade lithium which is qualified at 99.5%”

I thought that the goal was 99.8% as per previous market announcements.

“The purpose of the demo plans was to demonstrate the processes that we're going to have in our commercial plan, right?

It doesn't have all the recycled streams, it doesn't have all the recovery streams”

I’ve not seen discussion of the non-existence of recycled streams or recovery streams in the demo plant in a market announcement..

“our brine in, in the North South American brine in general, is at ambient temperature. We're talking between 10 and 20 degrees, it's not, it's not a heated brine like you might see in the general thermal application, so some folks have. So the kinetics are very important. When you have a brine that's not heated, ion exchange did you wonderful kinetics, you don't have to worry, you can treat the brine directly, and that's a definite old advantage for us to be able to have fast kinetics. Fast kinetics means that you have small equipment, faster processing, and you have lower cost.”

I’ve not seen discussion on ambient brine temperatures, kinetics and effects on speed and cost in any market announcement.

“.. they've got rid of as much proprietary equipment that they can, and they're trying to use off-the-shelf supplies that they can get from multiple vendors. So, because they've recognised that this isn't about making their equipment bigger, it's about making multiple repeatable modules of the same equipment. So, they've now re-scored that today.”

I have not seen the approach of replacement of proprietary equipment with off the shelf equipment from multiple vendors in any market announcement.

“The largest single scale up they've got left to do is a three-to-one scale up, so less than our other magnitude. We've already done the 10-to-one scale ups, never put one, three-to-one, everything else is pretty much the same size as it's going to be, and we're just going to have to repeat and produce multiple to these models.”

I’ve not seen discussion on either a scale up of 10-to-one having occurred or a further three-to-one being requiredin any market announcement.

“Power is another area where people have been asking us questions. So, we are just about to conclude all of the engineering work that will support the DFS. So, that work was being conducted by Districtuo in Argentina. They're completing that for us at the moment, and we have a third party consultant who is reviewing the commercial output for that to validate that that can be used in our DFS.”

I’ve not seen disclosure of the external company, Districuo, doing the powering engineering work or any third party consultant doing a review in any market announcement.

“For the next phase of power, we need to transition from design, from feasibility, to commercial agreements. That's a condition precedent for moving the project forward. So, we are now in the process of ramping up our efforts on commercialisation of the power solution. So, that's engagement with independent power producers. We have five now who have expressed an interest to participate in the commercial process. That commercial process will commence in the next quarter, and we would hope to conclude that prior to, well, it's a condition precedent, so we need to have it closed before we move on to the next phase of the project. In terms of the rest of the DFS materials, process design and power are massive inputs for us”

Are they saying that they will commence the commercial process for power in the next quarter and that it was needed for completion of the DFS? Regardless, I’ve not seen this disclosed in a market announcement.

“We were trying to achieve 2,500 kilograms of contained lithium carbonate equivalent in eluate from the demo plant.

That was supposed to take 6 to 8 months, it took six months, right?

So we were right on track, but again, if you say two and a half tons in six months, then it's a five-tonne plant. The other thing I'd say I've been at site many times, right? If that was a forty tonne per annum plant, we would need 2,000 ?? containers, or 2,000 meter cubes of storage. I'd certainly didn’t see 2,000 meters cube of storage anywhere. All we ever bought was 250 meters cube of storage, because that's what we were intending the plant to do. So the plant has done exactly what we wanted..”

I have not seen discussion on 5-tonne plant , 2000 metre cube, 250 metre cube storage in a market announcement.

Not sure if I transcribed everything accurately, e.g. the power engineering company name of “Districtuo”, as it’s hard at times to decipher Captain Dicko’s pirate accent.

DYOR