Ann: iTech and SQM to Develop Reynolds Range Lithium Project, page-55

Thanks, lightbulb. At about 2 minutes into the presentation Mike certainly does say that at the point where SQM has earned the right to 70% of the lithium at RR, further exploration will be co-funded.30/70. As for the lithium itself, it appears that SQM will process and own the lot and all we get is a one-off success fee at the point where a decision to mine has been made. I think I would have preferred a small, ongoing royalty payment. I'm also keen to see the processing flow chart: what does ITM have to contribute or do itself to extract the minerals that interest us? We might still have a sizeable plant to fund.