Ann: Termination of TLEA Scheme implementation agreement, page-42

"Can't blame TLEA. They clearly know it's nearly impossible or wasting of time to try 75% approval while MIN holds nearly 20%."...

So why waste so much time and money on the Scheme when MIN (or Mt Marion JV) was always likely to take a stake on-market and block if not compete for ESS? So obvious was that possibility, it beggars belief even this BOD would not have asked TLEA during the early Scheme negotiations "what are your plans when MIN buys a Scheme blocking stake on-market?". Even my teenage daughter would have asked that question...

So, either TLEA said "we'll be gone like a rat up a drain pipe" and the ESS BOD said, "OK, fair enough" and signed up to the Scheme anyway so desperate were they to get out themselves, or TLEA indicated they had more juice in the tank and contingency plans if that happened?? Sorry, but this Scheme only made sense to me if TLEA made a low bid to start, had more in the tank to sweeten the pot and prepared to put pressure on any blocker by going to a >51% TO offer which would have given them control or ESS out better outcome (it's called a win-win in buisness).

What is wrong with TLEA having 51% control and MIN in at 20% and MIN's JV partner at Mt Marion surely happy to deal on a highly value accretive satellite deposit bolt-on in the future? Worst case scenario for TLEA is sell out their 51% into a joint MIN-Ganfeng for small premium in 6-12 months time if they decide their 'Esperance' lithium hub idea doesn;t have legs...

Sorry, we'll have to agree to disagree. TLEA had every reason to plan for this outcome, and the plan was unlikely to cut and run first opportunity leaving ESS trussed on a platter with a with a ribbon for MIN.

Nothing is certain yet, everyone has their own probabilities on where things go from here, own decisions to make.

GLTAH