Ann: 2022 Annual General Meeting Chairman's & MD's Presentation, page-9

You’re right about the binding offtake but I think approvals along with watering being pumped into the ponds and a positive revised business case will be the start of a steady rise in SP. Getting back into the 40s would be a welcome sight for many including Aus Super!

IMO water flowing into the first pond marks start of production. Every day this is delayed means a day longer before our first sale! Of course there are other critical path activities that May trip us up along the way but if you don’t start production, you will never get a revenue stream.

At the moment, imo first sales will not take place until H2 2025 a year later than anticipated in 2020. Really need to hold and improve on that date or the escalation costs will compound and increase payback period. 2023 will be an exciting time and we could see the remaining ponds completed and start of marine structures build in H1 followed by start of crystallisers and salt plant in H2.