Albermarle taking a stake in Patriot is important on a number of...

Albermarle taking a stake in Patriot is important on a number of fronts in my view. First and most obvious is we may end up having a JV with Albermarle at Hidden Lake if they go all the way and take out Patriot at some point. We'll be dining with the Big Bear, which will be scary.

Second is that it shows Albermarle has the appetite to buy stakes in juniors. This is very unusual as majors usually only buy mid-tiers and larger plays once the resource is proved up. They have JVs with juniors but it's rare to buy a part of the business. Majors don't usually take this risk as they don't really need to do this and their Boards are resistant to this risk taking. This shows Albermarle believe there's a lithium shortfall coming and they need to get in early to ensure their own future supply.