Ann: ESS to host live investor webinar, page-23

It is highly unlikely that we will see significant reduction in the price of spodumene in the next few years. A rise is more likely. Current predictions are about 18% compound annual growth in demand. There has never, in the history of the world, been a sustained compound growth of any mineral production remotely approaching this number. Increase in production of lithium-ion batteries will be determined by the production of lithium and production will be allocated according to the price people will be prepared to pay for the products produced.