Ann: Quarterly Activities Report, page-14

yes, honestly, why these delays?

- Mitsui will send more representatives to the project over the next months
- Financing process with potential other partners will continue over the next months
- More brine testing in Germany to refine the process design over the next months

I also thought the merger is the big bottleneck, but they clearly tell us it is not. It seems to me there is some kind of pending issue with the resource/project - Mitsui had all the time in the world to do their DD - why do they need more visits (to check whether the salar has changed after the merger?), if the project is that outstanding, there is no justifiable reason in this Li bull market why offtake/finance cannot be realised quickly.

They already tell us that Q1-23 will be very quiet - how does that fit with our outstanding resources/economics? And of course there will be new delays with our current milestones (merger, demerger etc... one can count on that).

I feel shareholders should push the board.