Ann: AGM Investor Update, page-12

I think the strategy is sound. Sell to OHM, get cashflow, build HPEMM plant, make sustainable, ethical HPEMM, sell it to battery manufacturers for a large premium. Regarding China, Xi is isolating China from the world. He is picking fights with Australia, USA, Vietnam, Indonesia, Japan, Taiwan Philippines and India. He backflipped on the promise of HK being autonomous. No sane manufacturer would put a supply chain in China today, there is just too much geopolitical risk. No sane expat would want to be based there. Sure there are large supply chains there, but these were legacy decisions from years ago. EU and USA manufacturers would prefer to deal with ethical, sustainable suppliers, that is what the end consumer is demanding. The current offtake agreement is with OHM, not China. All IMO. Disclosure I also hold OHM and other manganese equities.