Ann: Independent Director Appointment, page-14

OCP have waited this long and accumulated along the way. I wouldn’t imagine they are going to sell one illiquid stake to get another one.

Why would IGO do it? well because they can leverage their NCZ investment and fund a large copper and cobalt project and generate a very healthy return. They have said they wanted to increase their battery minerals pipeline. IGO want to make an acquisition that moves the needle - either they buy the whole thing or nothing. Why would IGO want to share the equity upside when a toll treatment/payment would do?

We will see what develops.