Ann: Extension of Voluntary Suspension, page-46

Mondy, I don't see this carbonate thing as anything new, don't forget Galan alwaysplanned a potential carbonate plant in Phase 3 (see below), at which time there will be plenty of Phase 2 internal cash flow to help fund, plus at that point with proven premium chloride production, external debt funding much much easier. So I still see your points a), b) and c) very much being alive and valid.

I'm hoping this new government agreement now provides the ability to export chloride for Phase 1 and 2, hopefully we will find out Monday from Galan. If so you can almost bet our Phase 2 chloride will be going to either ALB/SQM in Chile or Ganfeng in China, all need and want our premium high grade chloride. If this happens then that will be HUGE and the company maker step for Galan. Then whomever we partner with for Phase 2 chloride will most likely partner again to fund carbonate for Phase 3 (personally I would like to see us do a JV with our offtaker if they are one of those 3).

This has been Daniel's master strategy all along and great to see the pieces coming together finally...

That all said, we REALLY need to get our Phase 1 funding locked down and hopefully before we need to use the new ATM facility. This new gov agreement will smoke Glencore out for sure and if they walk (or Galan kicks them out!!), I expect one of the aforementioned companies (or even a US/European wildcard) are already waiting in the wings with and offtake agreement & finance now that they will be able to take the chloride product overseas into their existing plants.

Well done JP.