Ann: Corporate update, page-217

"The obvious path for ESS is direct ship or a 2% upgrade, if a market can be found."

I'm all for speeding up the process to get our Spod to market. DSO is a real option, not just because of the low Capex but mainly because it will be demanded by customers desperate to secure supply - IMO there wont be a problem finding the market - they will find us!

We are currently most likely in a Structural Deficit for Battery grade Li with inventories dwindling and the quickest way for Battery grade lithium to enter the markets is conversion of Spodumene through Chinas converters and the quickest way ESS can provide the Spod is through DSO.

No shortage of demand, wait times for EVs are now 6 months to 2 years, back in 2020 it was 10 weeks!
It has been suggested by many analysts that the limiting factors for EV production may well be Li chems, this should intern ensuring healthy margins.