Ann: Conference Attendance, page-10

When you are a low cost operator and prices are above your cost of operation, operations generate cashflow (once fully commissioned).

There's basically three options for that cash flow.

• Squander it on something useless. Unfortunately this is all too common
• Make value adding investments
• Pay dividends to shareholders

Yep, DMS only at the start. Get this working. Add Flotation after that, funded presumably from operational cash flow DMS generates once its working. If the DMS is working as intended, its bring in the cash flow to fund the capex for flotation. There may be no stumping up of cash from A11, PLL or MIIF. There is the forgoing of immediate or larger dividends as a flotation project and possibly other projects are implemented. These projects makes Atlantic even more profitable by improving recoveries and meaning all the lithium product produced is in the 5-6% range (well at least that's the plan).