Ann: December Quarterly Activities Report, page-30

Solid report. Well done Martin. Don't forget the briefing is on at 11:30 Wagga Wagga time.

Some quick notes:

• First Sal de Vida production in the second half of calendar 2023 and with a 50% increase in production from earlier assumptions.

• They really do need to pick up another Mt Cattlin-like project in WA. They are looking to commence a drilling campaign in March to extend the life of Mt Cattlin but the thought of that campaign failing is scary. They need back up and a 10mt project in WA is as good as a 40mt project elsewhere, quicker and cheaper.

• The James Bay feasibility study assumes a sales price of $US1,001/t. The indicative pricing for this quarter is US$2,500/t.

• They will hold a investor strategy presentation in March. Seeing they are increasing production from stage 1 of Sal de Vida I fully expect them to announce that they will fuse stages 2 and 3 and possibly bring forward commencement of that work. Will they give any dates for stage 3 Olaroz? I hope that they have already acted on a replacement for Mt Cattlin and can explain their actions in the presentation.