Ann: Investor Webinar, page-279

Sounds like, looks like and is a wish list.

i think you should desist from mixing your wish from realistic probability.

the announcement you’re referring to here :
https://www.asx.com.au/asxpdf/20191127/pdf/44bzr2sw1k8439.pdf

stated the 87% recovery figure was prior to final ore variability testing. As an indication of trend in lithia, the PFS ore reserve % avg was 1.56% now 1.51.

In your Screenshot the last bullet shows just that, “• Final stage of variability testwork now underway”

the 87% was derived from was “selected” ( not random as Ozblue wanted to disclaim a while back), and from 1.74% representative Ore sampling ROS, the Company said (above link) it was “confident” it can replicate the “excellent trend”

Well obviously it did NOT achieve same recovery rate after further testing. The company used 77% because it better reflects ore variability testing in connection with ore reserves statistics

It is also clear as daylight that 1.74% representative ore sampling was NOT representative when ECONOMICS reserves are 1.51-1.55%. How 1.74% for first 5 years can be attributed—- was confidence too high?? The company chose based on “confidence” of flotation recovery, that has nothing to do with what’s in the ground for extraction




i don’t know why you think $FFX will solve flotation teething issues very early on in comparison to peers. Yes it can learn from peers (a big point LTR makes) but how much Pre-empt — can only go so far before being executed but you want to show the company can fix it before needing to be fixed suggests anxiety over OPEX blow outs —hence your wish framed as EXPECT rather than realistic probability.

Flotation is the hardest process in the spodumene business process that is no secret. The Company tried to apply DMS. The Fine grained spodumene being abundant at Goulamina militated against the simpler DMS process. Think why Iron Ridge promotes DMS and coarse spodumene. A metallurgist avoids flotation if they can or until you’re sufficiently experienced like Greenbushes to understand your resource from zone to zone. WA lithium (minus GB) rushed into it at break neck speed

Sure FFX shows a better resource Li20 % than most WA lithium for better expectations in recovery but the issues of potential for OPEX blow out are famous for flotation heavy companies and thus are not over, simply speaking, because as the ore varies adjustments are made including reagents for flotation. TLH thread on HC shows a prospectus by very experienced experts Dobear Behre discussing in detail GB ore handling if anyone wants to brush up

And at 150um, who will blend FFX SC6 with their other sources? Ganfeng would do it, but it is not optimal hence pricing can be affected.

otherwise confirmatory test work here starts on lithium sulphate potential







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