Ann: Galan Signs Pivotal Commercial Agreement with Catamarca Govt, page-64

This will NOT greatly impact the profitability of HMW, come on that’s just BS FUD….my read is the 7% only applies to export of chloride out of country..so the %LCE price terms for any exported chloride will need to offset the higher royalty vs the 3% charged on local sales or they will sell locally, so it is most likely a wash in the economics, certainly not a great impact to profitability. My expectation is they will receive a much higher %LCE price internationally given multiple existing conversion plants desperate for our chloride and that will more than offset the added 4% royalty….our Daniel knows what he is doing in this space..