Ann: Mid-Stream Project Update, page-35

This has probably already been considered by the market, but seems there is quite a bit of optionality with this product. Good that it has passed another evaluation step. Not sure if I have missed something.

I think there would be the IP locally to convert that >98% product into BG Li2PO4 or even better LiFePO4. Lithium Australia and ANSTO produced batteries from Mica: https://*********.com.au/lithium-au...hosphate-material-boosts-battery-performance/ Might depend on how far the JV wants to go to capture the full value I guess, but the markets are screaming for a source of Li2PO4 or LiFePO4 from outside China. South Korea and Tesla Ex China would probably be very keen on it too.

So 3000 dmtpa Li2PO4 (phosphate) is about equivalent to 2036 dmtpa Li2CO3 (carbonate). Lithium Carbonate is selling at about $US 75k p dmt. Lithium Ferro Phosp is worth far more than Li2CO3 as it (lith carb) needs to be converted to LiFePO4 and then purified again. So ATM completely pure it would be worth more than 2036 * 0.98 x 75k = $US150m pa, from a $AU70m pa cap ex plant. I'm guess it would be worth 20% to get it without reliance on China, (and in ferro phosphate form even better?) - so $180m USD at a total guess. Profitability would obviously depend on costs.

The waste is probably very suitable to use as fertiliser, Al is a nutrient uptake promoter, Si doesn't matter. It would probably be the case that the process would remove certain volatile/reactive contaminants as well due to the heat of reaction - not sure if that could save some money on one reagent.

91% conversion of waste fines that are a current problem - presume they are a danger as they are inhalable and could cause product consistency problems.