Ann: Diggers & Dealers Conference 2022 Presentation, page-105

Yes we are going down that path, but maximum (30%) participation in the POSCO JV equates to just under 13kt of chems, which is good, but a drop in the ocean relative to 1 mill tonne spod production.

I like the Calix concept, the product's use in batteries is flexible for the cathode makers, I'm hoping it is commercialised and we further diversify our base to include US and EU customers, soon. Though, its interesting that none of the OEM's have struck a “virtual supply agreement” to take midstream product. Ahh, that's right, PLS doesn't need to hype the 100kg of product produced in a lab, the company is still on the R&D path....

Anyways, as already said, I was was just demonstrating the available margins in my reply, based on "current" pricing. When forecasting profits, using lower pricing relative to current, would be sensible, but sometimes you've got to say f&*% it to get a point across, loosen up a bit....