Ann: Yahua Increases Lithium Concentrate Offtake Commitment, page-22

As many have said, a good announcement, a great show of commitment by Yahua, but not the one we were hoping for (the TH gets me again! Haha)

interesting that Yahua want 5.5% concentrate..

given that we are giving Yahua an extra 75,000t of concentrate, it would have been good to get an increase in the prepayment facility...but I guess in exchange for the extra 75,000t we are getting pricing linked to 6% concentrate and a price floor ensuring operating margin is protected for first 2 years.

I really am surprised that the 300,000t accounts for roughly 40% of Grants and BP33. This means Grants and BP33 combine for roughly 750,000t of concentrate. I was expecting much much more...the PFS produced 400,000t from a 1.8MT resource...with an additional 3.2MT (BP33 plus upgraded Grants) plus increase in recoveries at 5.5% concentrate, I thought this would have combined for more than 350,000t... I guess this could be why we have yet to sign Ruifu: they wanted 750,000t themselves, which would mean we would need 1,050,000t in order to satisfy Yahua and Ruifu. I thought we were going to achieve this easily, but looks like Grants BP33 and Carlton’s might not be able to get us there just yet..

i need to revise my DFS NPV...I’m now guesstimating $320-$350mil based on the current Grants BP33 and Carlton’s.

The question is: will there be time for a BP33 resource upgrade to be incorporated into the DFS? If yes, then could we potentially squeeze Hang Gong upgraded resource into the DFS too, given that this info would come to hand earlier then the BP33 upgrade?

”these last results from BP33 are important to increasing the high level of confidence in the orebody and the accuracy of the input and outcomes of the DFS.”

sounds to me the latest results of BP33 will be factored into the DFS in some way...maybe there’s time for Hang Gong to make the cut too?

IMO

GLTAH