General Discussion Topics, page-131821

While we are sidetracked by Moblan it's easy to overlook the refinery planned for NAL and where talks following the Hydroxide/ Carbonate review are up to and how we manage both going forward. Presumably part of the upcoming review.

Both projects currently have/had similar timelines, with NAL having an easier path in terms of permitting but carrying more risk as we have no experience in refining.

NAL requires less Capex but has a complicated OTA that requires a refinery to get maximum benefit and a partner who has no incentive to speed the process up but is also in no position to pay their way anyway.

Moblan requires more initial Capex but has no OTA's so starts with a clean sheet and a partner with direct Govt connections, our expertise is in mining and concentrating.

Both will require funding regardless as we are also in no position to fund from current cash and cash flow.

So does does NAL get its timeline pushed out a couple of years and focus go on Moblan, I haven't a clue but we would struggle to do both at the same time IMO...lots of decisions ahead but first we need to see Spod prices increase , NAL provides the only source revenue and we need that to do anything.

Interesting times and I look forward to seeing how it all plays out and its bound to be different than originally expected.

Cheers Whisky