Ann: Siviour Battery Anode Material Project - Project Update, page-42

I somewhat agree and disagree with what you are articulating here Woody !

Whilst it would be nice to get some clarity on the timing of each of the stepping stones, the company has made it clear it expects to execute the government funding and make FID in the middle of this year.

In an indirect way, this demonstrates that the stepping stones will need to be ticked off in Q2 to achieve funding execution and FID by mid-year i.e. Optimised DFS + Binding Offtakes + PEPR

Whilst each stepping stone are significant de-risking events, the only thing that really matters for a Junior is making FID and Commencing Construction. If FID is roughly mid-year than construction can commence in the back end of 2022