Ann: FIRB Approval and Business Update, page-28

all this does is kick the can down the road. So the EV market is accelerating at a much slower pace, there is significant supply to come in and existing ops don’t want to go into c&m as it’s too costly for them.

you can only take on so much debt before the walls cave in. The mkt needs to see significant c&m before the lithium price can make any meaningful rebound. There might be a sugar hit at open but the reality is the debt is substantial and continue to grow to fund loss making ops and capex in works.

iron ore still struggling and Pilbara hub would barely be cashflow positive once sustaining capex is accounted for. Nothing has changed