Ann: Joint Venture with Ganfeng - Overview, page-71

Just to make my position clear.

Although I think Ganfeng got the 2nd best deal of the century (after Morila), I still think we went through the proper process and this was obviously the best deal on offer. Far better we take the deal than hang out for a better offer which may never come. There may have been other deals on offer with more cash up front, but not as good in the long term. I trust management to have chosen the best deal.

As others have said, the upfront cash is not as important as the fact this US$1.2b project is now going ahead with the biggest lithium converter in the World, a supplier to Tesla etc, as partner. We have priority offtakes, Ganfeng's expertise etc etc. The fact we are managing it is also a big plus.

With a share price of 47c as I type, the market is clearly not impressed, however the market looks to the short term not long term. In a years time when we own our LithiumCo shares, we'll look back and be very grateful for the deal. But it is what it is, Ganfeng got an incredible deal for $65m + their commitment to fund half of development.