Ann: Albemarle indicative proposal - due diligence to commence, page-316

I could have been more clear that as an ALB shareholder I would be happy to have a joint venture with LTR, instead of Albemarle attempting to swallow it whole.

Let's say hypothetically ALB creates a new division in Australia and funds it with A$4 billion and LTR creates a new division with Kathleen Valley and no money. In simple terms those two divisions undergo a merger of equals forming a joint venture with a value of A$8 billion, call it something like 'Lion's Den". Liontown shareholders keep all of their LTR shares and now have a 50% interest in 'Lion's Den' which is fully funded and de-risked through at least phase one and two, and that might be enough for a downstream conversion facility too. Gina could have a seat on the 'Lion's Den' board without LTR adding a seat to its own board. The joint venture would need to honor the offtake commitments already made to Ford and Tesla, with ALB and LTR each getting half of the resulting profits. As 'Lion's Den' grew beyond the above ALB and LTR would each put in half the funding for expansions and be entitled to half the product.

Seems like it would pass fair and reasonable.