Ann: Global lithium producer SQM takes 40% in Pirra Lithium, page-22

Hi Aqil

18k ounces is within the guidance of 65k-75k for FY24 although near the upper end. Strip ratio is forecast to reduce by 20% which should mean the head grade from Klondyke improves from 0.79g/t (September 1/4) to ~.95g/t. The HAO JV ore is forecast to provide 10,000 ozs = 15% of throughput (on 65,000ozs production).
The numbers I get are...
(.95g/t x 85% =) 0.8075 + (1.5g/t x 15% =) 0.225 = actual head grade = 1.0325 g/t over the next 12 months.
note... the grade delivered to the mill from the JV is forecast @ 2.5g/t = 1.5g/t as CAI's share in rough terms.

Bottom line I think is operating margin will increase sufficient to avoid a CR... imo.