General Discussion, page-2020

Capital rationing, they simply cannot continue with the lofty expansion plan in the current environment without running into a brick wall. Something I raised post the last quarterly and got berrated for. Common sense approach.

Nal will require a lot of workinylg capital, will be operating at a loss for some time if current market conditions persist.

There is no need for more spodumene given ongoing expansions in Aus, by all accounts Aus sit lower on the cost curve on a cif china delivered basis vs JB. Sensible approach to pin down the conversion pathway and pursue partnerships in step with the downstream industry development in the region as opposed to shopping con to China.

Re brine, pricing < capital intensity for new developments, sensible to rein in spend there too for the time being.

All in all the lofty 2026 lce forecast number goes out the window. As previously mentioned if they achieve 100% growth by 2026 it is a good achievement overall. Preserve the balance sheet and meet the market when conditions allow.

Aimo