Ann: FY22 Q4 Quarterly Activities Report, page-25

I'll pick this one up, hope you don't mind @sabine.
MinRes sold 6.7kt of hydroxide for usd77k/t (this is close to the highest pricing realized globally and typically reserved for qualified suppliers of chemicals). Revenue usd515m (mid point) and ebitda usd155m (mid point). ~70% margin.

Access to Ganfeng effectively circumvents having to buy / build and qualify its own hydroxide converter to achieve such high pricing. It also gives access to Ganfeng conversion IP which is invaluable.

Qualification period with cathode makers is usually 6-12months.

The tolling arrangement has been extended by 3months and may potentially be extended further unless Min finds alternative access to converters (strategy it is pursuing with albemarle).

The company is actively participating in spodumene and chemicals markets, excellent strategy to cash in on current record pricing.

Min maintains the highest exposure to lithium spod and chemicals of any Australian independent (after adjusting for respective shareholdings in various assets).

Pretty impressive, they have not received the attention they deserve in this regard and have been somewhat quietly executing their strategy without much fanfare.

Aimo