Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-178

I think it is unlikely the spodumene price remains this lower or lower for an extended period of time as producers are cutting production and delaying expansions. Underlying demand is growing and although it will take time to clear the backlog, I expect price to rise over the medium term to a point that is sufficient to incentivise investment and rebalance the market. As lithium commodity markets mature, I'd also expect to see lower highs than the 21 bubble. The challenge for any commodity producer is to have lowest quartile costs and manage the balance sheet to get through tough times.