Ann: HMW Pond 1 Evaporation Process Commenced, page-23

the studies up to phase two also show the currently planned pond design. it is planned to implement phase three exclusively at hmw. according to previous announcements, candelas will be included from phase four onwards. an alternative could be the northern areas of hmw. the planned exploration work that is to take place this year is aimed at precisely this area.

in the dfs stage two it says in relation to candelas: 'the adjacent candelas north project, approximately 40 km from the future hmw plant site is a strategic resource that forms part of the galan long-term growth strategy.' - page 5

'galan plans to undertake more studies in 2024 for phase 3 production from hmw in 2028 (40 ktpa lce) followed by phase 4 production in 2030 (60 ktpa lce) from both the hmw and candelas projects.' - page 36

if an expansion beyond phase 3 is possible here and the tense economic situation remains as it is, i suspect that candelas will be sold in order to be able to finance further phases. in my opinion, this would be the worst case scenario to avoid enormous dilution from phase 2 onwards.