Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-6

The company with insane underlying costs in the Lithium space is LKE who had $10.4m of administrative and corporate costs in the last quarter.

GT1 is higher than desirable at $1.11/qtr of Staff and Admin/Corporate costs for the quarter but aligned to a peer group looking to have projects FID ready in the next year (or 2). They are less than Atlantic $1.65m/qtr who are also aiming to be FID ready in 2024. They aren't that far different to LRS who had $0.88m/qtr across Staff costs and admin/Corporate. Its pretty similar to GL1 at $1.21m/qtr. They are well below WR1 at $2.28m/qtr.

So the core administrative structure isn't insane. There's a lot of spend on progressing the projects - drilling, study works, investigations, permits all the stuff that is needed to get a project into production. That spend is going to be required at some stage or another if a project is to get to production.