Ann: Altura Lithium Offtake Update, page-107

and approaching a higher debt than market cap. As others have eloquently said the entity and the business are rapidly decoupling. Without the debt this is a great low cost producer positioned to weather the rationalisation of the sector whilst awaiting higher spod prices. Currently it feels like the company is more beholden to Pala than the shareholders and that’s a toxic situation for a listed company. Why would Shanshan talk to the board about a large stake when purchasing the debt might give them more control. Even if they JV’d 49% for stage 2/3 the capital raised might be insufficient to cover costs, let alone deal with debt. The best they’ve got is to keep sneaking by until some sort of recovery in the sector occurs.