Ann: Rincon Lithium Project - Progress Update, page-40

'The continued focus of the comprehensive test-works remains within the primary solids filtration circuit, with filtration rates and product throughput improving consistently during the latest of the 82 trials completed to date.'

'The test-work results are progressively advancing toward near-optimal operational parameters and achieving consistent results, providing encouragement for the progress toward ramping up production operations in the near term.'

Seems pretty positive to me. The plant is in testing mode, so it will be running sporadically with short burst of production purely for testing followed by regular works and adjustments. Under such conditions, you will not get any reflection of steady state output capabilities. I suspect once management is happy with the works, they'll turn it on, and shareholders will get an epic nameplate announcement.

I understand that many shareholders are worn down by how long this has taken but I do feel like we are getting towards the tail end of this now. The sector has been dogsh*t for the past 12 months and seems to be near the bottom (news out recently that a big lepidolite mine in China is shutting down and lithium prices have been flat for some time now), so hopefully this coincides with positive company news soon on the completion of plant works.

It also does sound like that the recent resource expansion might result in news of a greater than 12kt/year production expansion sooner rather than later. Very crudely, 700kt / 25kt = 28 years. Now they will not get to all that 700kt but on the other hand, there is likely still room for more resource expansion. This could be over 1mt in the future without too much trouble.

Anyhow, glass half full here and I've been buying down here (so changing sentiment from hold to buy). Risk to reward here seems pretty attractive.