Ann: Corporate Presentation Investor Strategy and Outlook Forum, page-26

I support the CALIX MOU

DMs/ flotation : I don’t think the plant was designed that way at all as pro flotation, hence they are still trying to achieve name plate capacity and all the retrofits, blame games and optimisations

on blaming, Ken very diplomatically talks of “difficult times”, whereas as an investor today described it as customers not complying with terms of contract, —- how can we be sure PLS is not complying with regards product specifications? It’s extremely odd how it’s the world at fault but not PLS product...

I think Ken needs to give you and who ever heard the 60% view to provide more context for the claim.

That is, Talisons uses predominantly 5mm grind size. PLS uses what? If recovery is 72% overall fines and coarse tohen the grind size range is what? I saw on an AJM table as small as 250microns

Note also grind size varies according to ore feed type according to PLS. I don’t see Talisons / Doberan Behre discussing that much due to the consistency of the ore body at CG1 and CG2 and especially TG1

Also Talisons reports “recoveries” as follows :

From Tianqi’s HKEX IPO document it states:

“Talison defines yield as the percentage of the feed to a plant which reports to the concentrate. In 2017, TGP and CGP1 yields were 44.9% and 29.8% respectively. The higher yield from the TGP plant is largely due to the higher spodumene content, and hence lithium grade, and the lower iron grade of the ore fed to that plant, rather than from any significant difference in the processing route.”

I am actually not sure how this translates to how PLS report but if Talisons is just over 60% and with flotation— that doesn’t sound right— as AVZ achieves 60% coarse only, and it’s head grade was 1.58, but 1.65%. So Talisons must be into 80s 90s easily @3-5mm grind size ; Ken’s comment needs more context.

So now you might be learning about opex pressures?

Also note has Ken compared to Talisons tailings plant, if Fines is main component good to compare as that’s closer to a lemon.

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As for Fe2O3, you do realise Fe is likely around 1-1.5%? This may or may not be an issue depending on how iron species are locked into the Spodumene lattice. Leaching as a cure-all still needs to address unit costs.

In some cases Fe can assist calcination.