Allkem General Discussion, page-1759

I think its a little too late for the spin out the hard rock asset plan. They're far too down the rabbit hole with JB to get serious interest from investors on that asset alone. The regulatory uncertainty thanks in part to Jadar type reporting puts a big question mark for any investor, myself included.

With that said they are too invested in JB now to not see it through and once / if approvals are in place the asset will command a fairer valuation. For now it is a waiting game. Bringing additional spodumene online would be great in the current market especially if it coincides with conversion capacity in Canada or the US.

It will be interesting to see how Sya / Pll market their made in the USA product. Sya drew the short end of the stick on that deal with majority of the offtake capped at usd900/t for the life of mine. But suspect PLL involvement was imperative to getting their hands on that asset. In any case their spod will almost definitely be converted in china and perhaps make its way back to the US. An expensive round trip exercise, it would be cheaper to convert aus spod in china and ship the chemicals to the US given the shorter shipping distance.

Agree Catlin minelife extension is almost a given at current pricing whether that be via processing tailings, transitioning underground or extensional drilling for lower grade but open pittable material.

Aimo