Ann: Update on Albemarle proposal, page-158

I don't know if we get to a vote.
Gina and LTR are in control of how this plays out and hard to know exactly what will make both parties happy with an ALB offer now. Gina clearly won't except $3, so either more money or a JV with ALB for the project or some other assurances from ALB regarding her other lithium interests in WA I imagine. However, I can't see that Gina needs any help from ALB, given her longstanding partnership with POSCO, so not sure what ALB can do to get Gina onboard other than a knockout bid. Even then, if Gina has her mind made up on this asset I can't see ALB being able to offer enough. It is possible ALB may be able to secure a longterm offtake agreement in return for prepayment perhaps. They might settle for something like this rather than walk away with nothing? LTR and HP will consider a partnership with ALB but this means a long term bet that hydroxide will remain a significant component of the mix of battery chemistries for the next 20+ years and I'm not sure we need to make this bet. This brings me back to whether LTR and HP might feel they are better off executing this project alone with the current partners we have already put together. My gut tells me this would be a formidable tream but this will depend on how discussions between the two camps progress and, by all accounts, they may not even be talking to each other yet due to DD ongoing. Unless ALB are able to put something very good on the table by next week, I can't see them getting anywhere and this will remain unresolved. If this happens, we probably see more downward drift in the price but very difficult to trade your position as a postive anouncement could come at anytime - the main reason I elected to hold onto my remaining shares rather than trade them at $3. Still, a trade at $3, at least for a portion of your holding, was probably the correct move in retrospect.
After next week, my guess is there will be an impasse but then serious talks will begin followed shortly (weeks) by a positive anouncement, partners confirmed and funding sorted.
We just have to hope then that the economy holds up and we go into production in a strong lithium market. If that happens $4+ by H1 2025. All imo.
G