Ann: Quarterly Activities Report - December 2023, page-159

Um, lets zoom out of the trees for a minute.
Remember the conversation a while back about whether we were producing all battery grade or some technical grade.
Someone emailed JV who conformed the goal is the moonshot - 100% battery grade.

Look at the Sept23 quarterly on 26-Oct-23:



We then had two Ricon progress updates.
17-Nov-2023:




11-Dec-2023:
No mention of becoming the 2nd...or of production volume. Regards rectification works:

Look at the Dec23 quarterly this week:




To me there is clear progression.
Pre & Nov - Problems identified/solutions determined, equipment ordered/in transit
Dec - New cloths in, ancillary parts being installed. Output minimal (better not mention it). Test works started with variations in flow rate & filter press configuration
Jan - Equipment changes all but completed. Filter press plate configuration solved. We're down to tweaking the flowrate variation. Mention of output volume returns.

That there has been a slight change to the commentary wording around 99.5% battery grade is IMO:
* Simply showing the focus is still the moon and battery grade.
Remember we've produced up to 99.9%, so there is considerable leeway for the perfectionists to dial back their moonshot and accept lower % and still be BG classed, if that means the PFSC is producing at or approaching nameplate & pumping $.
Finish top of the EPL or bust, or dial it back a tad and go top 4 EPL and still qualify for Champions League & make $.

Also, eventually comms move on.
Like we're producing an organic product - does the customer want to know we achieved the cutoff by 4 points or two points, no they just want to know it's organic.

* Responding to investor concerns about cut and paste/clarity.

I think we're through the sleepless part of 'production hell' and on the cusp of the increasing output (at stockpiling/sellable, money printing %, whatever that turns out to be 99.9, 99.8, 99.7, 99.6 you get my drift).

Looking forward to discussing something else