Ann: Metallurgical Test Work Update, page-7

Sub 60% recovery of lithium, and tin dismally lower at around 30% net..... the payability for tin likely to be only 70% max of that. So closer to 20% for tin. Hardly worth them effort and additional capex required.

The 60% recovery though for Lithium highlights just how similar this is to PLS in my view. Hopefully they can learn from PLS's mistakes in their recovery circuit setup. Maybe we wait....

Still no details on the Non-exec Chairman. If it's just a start date to be agreed I cant see what the hassle is in announcing who the international man of mystery is....

Oh, transport. I almost forgot. Do we have anything positive to say on transport? Or are we still going via trains, planes and automobiles to port? Sheesh, you'd think by now they'd worked out how to get to market.....

I may be cynical, but I suspect the DFS NPV will look very very different if they use the current spodumene price as opposed to their earlier figures. Capex is also likely to blow out, it always does, and costs will be very difficult to contain as it appears the AVZ's recoveries make the project a PLS phase 2.

Still seems far to risky in my mind, particularly given they will need to raise further cash in the short term. At 4.4c it's going to make the raise earlier this year seem like a good decision..... ouch.