Ann: Quarterly Activities and Cash Flow Report, page-82

Look at the reserve estimates, they are the only numbers they matter!

Proven reserves are only 100,000 t LCE. JP can talk all he likes about the resource size but no one was willing to sign off on a proven reserve above 100k? The geology doesn't add up here. (To be clear, 100k is only 5 year life of mine *proven* at 20kt per year).

Stage 2 is not a viable project in terms of the resource geology and basin. And even if it was (which it is not), all NEW mining permits on the salar are currently restricted from issuance under court order until the total cumulative effect of the projects on the basin are studied. This could take forever, look at how long it normally takes for environmental approvals and this is presumably a much bigger study involving 6+ companies and their respective projects. Stage 2 will never happen.