Ann: Galan Signs Pivotal Commercial Agreement with Catamarca Govt, page-189

Appreciate your thoughts.

Without wishing to be too gloomy, yes it looks like we've squandered the product from Phase 1 with no guaranteed funding.

Therefore, our remaining bargaining chips are offtakes for phases 2, 3 and 4. (which fortunately are the much larger volumes). Obviously, we need to get funding through Phase 1, or these become irrelevant.

So therefore, we somehow need to leverage product in the future for funding now, which is difficult in a depressed market.

Seems to come down to:

- a White Knight with enough vision to see that this market will turn at some stage; or
- whole or partial asset sales; or
- we're at the mercy of the pay day lenders of the world.