Ann: High Grade Lithium Mineralisation at Burmeister Continues, page-24

Lepidolite went from a single low digit market share to something nearer 15%. It may have come back off that a little but the lepidolite that could potentially turn off is larger than LTR's KV project operating at full capacity.

Even when integrated there become a point where a profit, strategic and operational improvement comes from buying cheaper spot mkt spod than inhouse lepidolite. Lower cost for the profit angle. Keeping the resource for later as the strategic angle and material that is easier to convert for the operational angle. Integrated doesn't provide full protection from C&M.

Re S&D, the situation we may be in is a S&D test is done. If its balanced the price remains stable. A shortfall and the price increases. A surplus and the price falls. At the new price another repeat of this occurs, except new S&D balances exist. The sharp fall in price isn't necessarily a huge supply to clear, but limited supply or demand response to the price change so these S&D tests keep on having the same outcome and retesting lower prices (or retesting highs if prices are rising). A strong supply response could quickly change the S&D balance.