Ann: DFS Update, page-20

Fair comments, however I think the IRA has no similarities to the ethical comments.

The ethical comments had little financial substance. The IRA compliance has exactly the opposite to the feel good, fix the child labour and health issues etc, which are nebulous to financially driven entities. The IRA is designed with one big hook, financial substance. Regulators know they are able to incentivise, directly or via discounts on new energy units etc. All participants needed was sovereign guarantees signed and delivered, that has been given.

My comments were directed more towards IMO the current spot having little to do with the funding/building of a Cobalt sulphate refinery which meets the financial substance that the IRA has bestowed. It's no coincidence that Japan are right up at the top of the US IRA tree. If it is indeed a Japanese entity that will do me.

Cheers
Phil.