Ann: Caldeira Project Offtake MoU with Neo Performance Materials, page-16

Mou will eventually lead to cornerstone investment. If you look at neo performance materials, they have the separation tech and is currently in operation within china and is establishing a plant in Estonia to cater for the ev market. It is basically position itself to vertically integrate itself in the Ree space. The main aspect is to have a resource aligned to secure the lowest cost supply. Once a scoping study and updated mre is complete and production efficiency in flow process and potential pilot plant is achieved this will transition to a cornerstone investment.