Ann: Half Yearly Report and Accounts, page-12

I’d like to think the market will re-rate us based on the imminence of the pilot plant and perceived value of not just Lmax but of equal if not more significance is Loh-max because as someone said “it will open a can of worms” in the sector. We already know our tech is at least 80% cheaper than nemaska. It’s a napkin calculation but my conviction is that we’re not 80% off target. Oh man, just imagine if nemaska had the opportunity to see loh-max before it dug itself a large pit. I hate to keep throwing numbers but if loh-max saves LPD 22% of its capex, some 22% of $1 billion nemaska budget is $200m. Or on pro rata where there’s 80% discount, it means a savings of $800 million. Amazing. Now we’re talking here large pork chops.

Meanwhile, please remove all your sell orders to open the LPD doors wider for large new holders to come in. Parcels of 5m, 4m, 3m have just come in. We need wider doors to let the 10m orders get in.

Cheers