I previously posted that SMS were outlined as a strategic...

I previously posted that SMS were outlined as a strategic partner in the January 28th 2022 presentation and omitted from the 4th May 2022 presentation. The assumption was made that their contract could have been discontinued or they may have withdrawn their services.

However after reading the announcement regarding their appointment on 23rd September 2020 they are not responsible for delivery of the DFS. They are responsible for delivery of the Front End Engineering Design (FEED) which makes up a component of the DFS.

"........will provide FEED study as a major component of the DFS......"

19/1/2022 - PFS Update
- Increase in NPV
. - Increase in Production
This was achieved by numerous consultants, SMS was not mentioned, although the mine design is not in their scope. It's a 46 page document with quite a lot of detail on what was achieved by that date.

31/10/2022 - Simplified Extraction Process
A number of engineering enhancements and test work achieved by this date. Including preliminary engineering for the aerial conveyor. However the key message is the simplified process to produce high grade product from lithiferous ore. Geomet has filed for a patent.

"Grant Harman supervised and reviewed the metallurgical test work and process design criteria and flow sheets in relation to the LCP."

We have to assume that SMS provided (and will provide) the engineering deliverables within its Scope of Work. We also have to assume that since Mark Rowley got on board he promoted the appointment of DRA Global to finalise and package all the components of the DFS (including FEED deliverables, studies and test results carried out by many consultants). Note that DRA provided engineering services for the Pilgangoora Lithium Project in Western Australia.

The DFS is the basis for a commitment to proceed with the project and will include not only the technical considerations but commercial (CAPEX), social, economic, operations and maintenance (OPEX), environmental considerations.

My observations and opinions only.