Ann: Live investor briefing, page-31

I think a lot of people are getting too caught up on what we sold it for.

But as one of the doc emphasised, it is not what we get paid now, but the focus should be on, what we'll all receive later on (when we start producing).

Cash is not everything in this deal, the offtake agreement/terms is worth a bit too. In the offtake agreement, we negotiated some favourable terms and we all have to remember, just because you have a product to sell, it doesn't mean you can sell it for exactly what you want.

Other factors will come into that as well, like what if spod price drops? Demand in lithium decreases due to more supply coming online? Not saying it will all happen, but there are still risks. Whereas the offtake with Ganfeng helps de-risks those possibilities; look at the 2nd point I highlighted, Ganfeng is required to buy spod from us AHEAD OF ANY OTHER THIRD-PARTY, which means, we WILL sell whatever we produce.



What's another 20m (figure AC used) or 50m or 100m now when we can make all of that back plus more in the near future.

Lastly, by partnering with the largest lithium producer in the world, we'll be able to unlock a lot of know-hows and connections we otherwise wouldn't have if we went alone. They are just as keen to get this over the line as we are, we want success, they want spod. Good combo.