Ann: CEO's Letter to Shareholders, page-18

No question @FiendishRedbeard Sadly a couple of dry years have disappeared.

Recent history reads a bit like a horror story, we can add cobalt price bust into the mix, sure not all of it was controllable, but hey BOD's have to wear all the good and bad, however I spy some good!

The market will start to take notice of COB for the right reasons this year. First and foremost is the the new pilot plant, this is a future complex at Broken Hill being built as a metallurgical testing centre. Some 7t of concentrate is undergoing thermal decomposition at ANSAC the resultant calcine will be processed at this new pilot plant around mid year. I am keen to see the execution of this complex being constructed and brought on stream, all now with the sure knowledge of COB's 100% ownership and looking to resource upgrades along the way to put some sizeable extra beef into the whole picture.

A scaleable pilot plant is no small thing, if successful high quality material* will be available to very eager battery makers, all very keen to do acceptance testing. It is this aspect* that is a key, it alone will unlock off-take negotiations, there is an abundance of demand all over the world for the "right stuff". It was a painful 2019 but I am excited for 2020.

Many were turned off by delays/disputes (all understandable) now done and dusted for me. I will keep a close eye on this plants execution, the success of which would be a game changer, markets will take note then- IMHO.

Cheers
Phil.