That's for the measured response Pete. Rio, I did say part of...

That's for the measured response Pete.
Rio, I did say part of their rationale for the acquisition, they would have run the ruler over nav, sum of parts etc and clearly they saw some synergies with arcadium dle. It is what they stated publicly.

On galan cost savings, why are investors back solving from the dfs and making broad-brush assumptions. Isn't this the job of the company to clearly articulate the basis of the revised assumptions, i mean how many times have you seen such a last minute pivot, if ever for a greenfield development?

No doubt the sophs pitched my Petra capital would have had a much more detailed presentation and discussion. Going off the lack of interest / small raise, fair to assume many passed on the opportunity based on what they saw/heard.

Re Authium and ocean partners, have they said whether the capex is fully funded? If not, why not, when and how will it be funded? Is galan now at the mercy of yet another funding issue by extension? Lets me realistic, it isn't small change we are talking about here irrespective of who the counterparts are, they will want a massive return here for taking a punt, that doesn't come cheap and that will ultimately be recouped from galan based on the conference call, some mention of the cost being amortised. Who knows what that actually means?

Re Rio buying galan, I see galan as potentially being a nuisance on terms of overall extraction rates at the salar, nothing more. We saw posco grow the resource over 2x after acquisition from galaxy. These salars are absolutely massive and underexplored. Rio knows what's there and has no incentive to make Swiss cheese out of the resource. Majors will put capital into the ground to extend life if and when they need it. It's really only juniors who boast massive resource size, for obvious reason.

On every offtaker being talked down, well yeh it naturally got worse over time as respective parties walked for reasons unknown to this date and not announced when it happened. Had this deal not transpired i have no doubt investors would still be in the dark thinking chemphys is around the corner ... same thing happened with glencore.

Now with authium, can you tell me where this offtake is going in the US? Does authium have a home for it or their own conversion capacity? I don't think these are unreasonable questions to ask?

Not meaning to rain on the parade, just asking questions I don't feel have been answered.

Aimo