Ann: Continued Suspension, page-8

I guess I should also be clearer in that when we come out of suspension we are unlikely to have the partner and partner funding lined up - its just this "plug the gap" capital.

Patience isn't always my strong suit as I like to see continued progress versus these "lily-pad" pad jumps. But I guess Asia in general moves differently. The important thing is the end game of course

"The Thai Government officials endorsed PAM’s strategy and relayed the Government’s support of PAM’s plans to produce battery chemicals in partnership with leading Thai and foreign chemical and battery companies."

Leading Thai and foreign chemical and battery companies ... with PAM producing the battery chemicals (in partnership).

I guess PAM could get limited to just the lithium salt (carbonate) but the opportunity to vertically integrated is too good to turn away from. I mean what's the point of stopping at Carbonate? No point in "exporting" carbonate is there? No differentiation and NO MOAT. Putting a CAM plant in as close as possible to the Carbonate smelter. And a hope skip and a jump from there to the local Thai Gigafactory.

Getting Ganfeng/Geely/Chengxin as a partner would be a coup ... that's in addition to PTT/IRPC who we need on board to get the show going. Chengxin or Yongxing as a technical partner (and capital partner for mine/smelter), Ganfeng as offtake partner (for carbonate and capital partner for CAM plant) and Ganfeng/Geely as partners for CAM into a battery Gigafactory.

Might take a little longer.

For more on Chinese carbonate market
https://www.linkedin.com/pulse/global-lithium-carbonate-supply-report-2024-xuan-ce-wang-kdtvc/