Ann: Appointment of Non-Executive Director, page-15

At the moment the supply story for Lithium is so small that any major player taking any offtake agreement actually has quite a significant effect.

Everyone wants their project to be picked up by .

Hence why they're they're all saying "hey, this major is looking, maybe they'll pick us?".

But the truth is, if Toyota doesn't partner with ADV, they'll partner with someone else taking that supply off the market.

Now add to that any of the hundreds of battery manufacturers (traditional, or car makers, or boat makers, or charging infrastructure, or household storage, etc), they all need to lock up supply. Such a move by Toyota to lock up any project means there's less supply for everyone else.

Taking one source of supply off the market is still significant, and has a serious impact on product pricing, and therefore any profit which any project can generate.

At the moment, it looks like all battery makers are hungry. The demand story is a little intense when you go looking for it.