Ann: E25 and General Motors Sign Offtake & Funding Agreements, page-75

It might be your view today that this is a battery material play with a sideline in ore production, but that is not how this was positioned pre-production. At that stage the effect of the company's representations was a money-in-the-bank ore operation with huge but uncertain potential through the high purity operation. I still struggle to get past JB's dismissal of the concerns about the ore sorter...

That is probably why so many of the longer term shareholders are so angry about it - we didn't buy into a coin flip boom or bust battery supply business, we bought a solid simple cash positive commodities business which had an added bonus of high purity upside. A few years later and the ore operation is all but a write-off.

Anyway, bottom line it is now clear that this is as much of a YOLO battery stock as a boring commodities play, and each shareholder has to decide if they want to be involved in that sort of business.