Running discussion on SP, page-9289

Your assurances that this resources will never get stranded are based on many assumptions not least of which your assumption about the demand for lithium increasing 5 to 10 times in the next 10 years. The price of spodumene concentrates will depend on the underlying demand, as well as how that demand interplays with increasing mine supply and future potential recyclability of battery lithium. Also you say the company is steadily progressing the mining feasibility study. The company has not announced that it has commenced a mining feasibility study. They have stated that they have commenced a scoping study which is a much lower order study than a mining feasibility study. A mining feasibility study would come later and would involve amongst other things, drilling the deposit to a much higher level of confidence along with more detailed metallurgical testing, geotechnical drilling, hydrological studies, mining, processing and transport studies, including detailed costings, along with involved financial modelling. The larger the intended mine the higher the Capex and the larger the development hurdles. The funders will want to be very confident about the actual future demand for the product, they aren't going to invest in this part of the world on the basis of back of the envelope calculations or guesses. Esh