Ann: Phase 1 HMW DFS Delivers Compelling Economic Results, page-284

We are going to have to agree to disagree Smith71. I have been one of the few on this forum to be very supportive of JP over the years but equally the CEO and the board need to accept that some of these other projects need to be pushed along faster.

On the 13/8/21 ( Yes that is nearly 2 years ago) they raised $ 50 M bucks. That is plenty of money to push a few projects along so your argument they were thinly capitalised and hence could only focus on one project is not really supported by the facts. It is also not supported when you consider they moved to buy LIT out of there 20 % share for $ 2.0 M bucks in this time also for 100 % ownership. So we are sinking capital into a project that we have no drill results on yet ? Doesnt sound like the sound actions of someone who is capital constrained ?

Then there was the $ 1.80 million we paid out on Mandrake resource for a 35 M shareholding. Again doesnt really quite fit with your narrative we have been capital constrained does it ?

Turning to greenbushes they started the work programme at Greenbushes in March 2021. That is 2 years 4 months ago and we dont even have drill reports yet on anything. I dont know how you can call that acceptable Covid or not ? It's like they are almost trying to slow walk it. When you look at hard rock companies like Patriot and what they have achieved inside a year, 2 years 4 months is more than enough time to at least get some drilling actually done, especially when the soil ssays said there was a of potential there and results out to the market. Positive soil assays were announced on 26/3/22, 1 year 3 months ago, but not really anything since.

Candelas had a PEA announced to the market on 30 November 2021, some 19 months ago, and the economics looked very robust with an NPV of circa $ 1.0 BN AUD and a payback of circa 4 years. A project that could stand definiately on its own feet. Since then there appears no further development on this project , unless I am missing something ? Interestingly I note the very final sentence in that PEA that perhaps ironically says ...........

As a result, we remain determined to bring our projects to market in the shortest possible time so that
we can supply lithium for future lithium battery requirements needed for electric vehicles.”

While you might not agree, for me there seems somewhat of a disconnect between those words and what we have seen as regards development at Candelas.