Ann: Half Yearly Report and Accounts, page-68

ok - here's a further attempt to show why I believe lithium is not what you want to invest in today (as compared to a year ago). Pricing is ridiculous. Of the 30 plus lithium companies on the ASX, over the past year, a return of 100% reflected a serious underperformance. 800-900% returns were quite common. Now, if you are looking for a new project and lithium was scarce I could understand why you would pay a premium for it and jump on the band wagon, even now. Unfortunately, it is not scarce. There is plenty of it. Most new entrants have undrilled pegmatites carrying the lithium bearing mineral spodumene. They are extraordinarily common (and to make matter worse, ofter low grade and high cost). The world is overflowing with lithium deposits - current figures suggest there is about 1,400 years of supply from current deposits alone at current consumption rates. So, if you are in lithium...great...you have most like done very well with your investment. If you are fortunate enough to have taken a lithium position early, based on the facts above, I would suggest that it is probably time to consider getting out and be extremely grateful for the very handsome profit you pocket. However, if, like me, you are not into lithium yet, I would argue that based on fundamentals, I'd rather start a hamburger franchise today than purchase an overpriced lithium asset. So, if it is up to me, I can only hope that the LCR board, if they are actively seeking new projects (one can but hope), will steer clear of lithium.

.... and on that happy note, it is time to sign off and see what the long weekend brings. Have a good one everyone.