Ann: 2018 PFS Roadshow Presentation, page-105

Prepare for the worst and hope for the best kind of thinking. Patience is so important, I like it.

Only problem with waiting for the perfect financing option IMO is lets say the debt portion of financing is 100m (pick a number then throw in an equity partner and some PPs, CR etc?) ... if they have to pay 5% more pa then we are talking $5m first year sliding back veryquickly as principal is paid down. You surely wouldn't want to wait an extra year to save $5m and potentially lose it in concentrate price anyway?

Speed to market is number one in my book (to a point obviously ) and if that means 15% interest then that's the price you pay. The end game for most long termers here is 4Mtpa I think, and they won't get there waiting on the sidelines for an optimal interest rate. Get a deal done and get it up and running.

From memory this is tax free first few years so any principal should be quickly eliminated anyway. I'm not a long termer as many of you are, my investment duration will probably be measured in months, perhaps a year but not years, however that would be my view either way TBH. You do not want to wait 12 months and then a global credit squeeze hits or Li price plummets for unforseen reasons and risk not getting it off the ground at all. That is what the market is worried about IMO, that this is a non starter. Get the ball rolling and then you can optimise transport and other pieces of the puzzle as better options become available.