Phase 3 & 4 not mentioned, as they are not being permitted...

Phase 3 & 4 not mentioned, as they are not being permitted yet.

The whole reason Galan moved to a less water intensive chloride strategy was constraints around water usage. There are three water licences and Galan was never going to be a recipient of one. You'll notice in the latest investor presentation that JP has kept LiCl as an option in Phase 3/4, presumably for this reason.

Its not clear, but from memory Candelas forms part of Phase 4. They have been clear all along that this will not draw river water from Los Patos.

As for Grave's interview, he is clearly talking his own book and trying to get either cheap chloride and/or buy Galan once JP has failed to project finance it. A former Allkem exec I spoke with recently rubbished HMW when he was at Allkem, but now admits it is a good project.

The key remaining risk is project finance (lack of strategic foresight/finance competence at Board/Management level), and I expect this is why Macquarie has downgraded. The time for Glencore to finalise has lapsed, and we are due another capital raise anytime. This is why I remain a short-term sell.

They should have JVed this project years ago. ~30% dilution at an ASX level has been horrendously dilutive, and giving away 30% at a project level we would be fully funded (and more) by now. We are paying a huge price to support the CEO's ego.