Ann: Galan Investor Webinar, page-227

Yes, I am critical as well. For example, I thought all the fancy updates with the shiny project photos and even the personal investments by the directors into the company could be a strategy to sugarcoat concerns and promote more CRs. However, we need to acknowledge that building such a project during a period of really negative market sentiment (didn't Joe L. say that he had never seen such negative sentiment in the market?) is not easy. The jurisdiction doesn't help either (just look at neighboring Chile), and the innovative chloride strategy might confuse investors (including me). Yet, there is a plan, and I can see its logic. My only concern is time. If I were to bet money, I would not expect a new off-take and funding agreement before the end of the year. This means another capital raise. However, the key is that we make progress with the actual export permit, the construction permit for phase 2, and of course, the off-take and funding (which could rely on the permits). The lithium market might remain in a depressed state for quite some time, with no sign of a "boom" - this does not help either. Will be interesting!