Ann: Company Presentation, page-6

Just for the record, I did call Keith to clear my confusion wrt the PFS and the Merchant/Integrated options. He was as usual very open and accommodating (providing your probe with the right questions).

IMO the evidence highlighted in the slide (#14) is compelling wrt to Location. One has to think twice though

(A) the Integrated operation would be (and should be) the "guts" of the business. I mean why bring material from half way around the world (if we assume Australia ... but that isn't the only option) when the "same" material is just a few miles up the road. But one has to consider the present "Reserves" into that ... which is a function of infill drilling. The commentary from others on the tight design of plant to raw material also needs consideration.

(B) Notwithstanding what is said in (A), the notion that the USA is "light" on chemical conversion plants should be obvious ... especially given the "Resources" being identified (such as ours) but also in other parts of the USA & Canada. At least the supply chain remains on the N.A. continent.

(C) Given (B) then a merchant plant is a good idea ... one that hasn't yet been addresed by either LTHM (who are brine experts) or ALB and both are somewhat Balance Sheet constrained at present. Why not PLL with a new Merchant plant. Of course where would you put that? There is no reason to co-locate that with our Resource.

Our (PLL) game story is in the early innings ... maybe 2nd innings with a batter on base. Going to have to see a few more pitches to see the next one to hit and move us along. Expecting more news

wrt to share price ... 2 observations
1. we don't produce anything yet so price of commodity not so relevant. However the connection between commodity price and long term price used in PFS/DFS is always concerning ... future supply and future demand

2. we don't have an actual balance sheet yet for development ... how will the project be funded.

Patience. I like their story but I need to know how it will all come together and only time will solve that. No urgency.