Ann: 121 Frankfurt Conference Presentation, page-21

Exactly, I don’t think going the path to downstream is a good choice. I recalled Galaxy did a downstream in China, then sold to Tianqi. TianQi spent way over the budget on WA Kwinana downstream plant. If you had a chat with a lithium technical director, he would tell you it’s better off staying away from building a downstream plant in WA. It is interesting to watch what W.A. other companies progressing towards their downstream ambitions.

To mine Spodumene concentrates is relatively simple, and is super profitable at the moment, even current price dropped by 60%, it’s still super profitable, why would you tap into a highly technical downstream business?

I think it’s better off keeping simple, similar to iron ore like RIO and FMG do.

all imo.