Ann: Mutual Extension to Potential HPA JV Exclusivity Agreement, page-176

we are coming up to 12 months of discussions with Alcoa . one can see that this is a complex JV in that it's a whole strategy being developed to take this premium product to the world , set up plants in the right places with the right businesses. Alcoa have done many joint ventures over the years, one example is worth mentioning Alcoa and China Power Investment Corporation (CPI). Now CPI is massive Chinese investment conglomerate and It only took 5-6 months to get a JV ironed out. Our JV is much more complex with our products not just being limited to HPA . I think most people here will know that the MD of EGR is also one of our largest shareholders, their plant is also being built right next to ours in Kwinana. WA government through the FBICRC have made it known they want battery manufacturing in Kwinana. So there is a lot of info in this JV and the lawyers will be busy capturing all future plans. I believe this JV has just got a lot bigger and better and the reward for patience is going to pay off massively for FYI . GLTAH