Ann: Response to ASX Query, page-56

You won't find a 'mining' operation that is producing cobalt sulphate, the ingredient used in Li-on batteries. It's the next part of the value-add chain, and is a separate operation / plant / factory.

Consider lithium as an example;

hard rock spodumene is mined, then goes through a plant at minesite and is concentrated to 6% Li20 or spodumene concentrate 6.0.

That spodumene concentrate is then taken by 'battery mineral producers' and converted into lithium hydroxide or lithium carbonate, a completely different product that sells for about 20x the price. These are the deals for 'downstream processing' that PLS et al all want in on, the full chain of mining/concentrating/processing.

As i understand it, we produce cobalt concentrate at site (or walvis), but it's a completely separate operation to then take this and convert it into cobalt sulphate. i.e. we'll be producing the cobalt equivalent of spodumene concentrate.