Ann: Inaugural shipment of spodumene concentrate sails, page-45

Your market cap figures are accurate but your nameplate numbers are either inaccurate or misleading.

PLS’ nameplate is 680 ktpa, but they’re approaching completion of P1000, and are already producing in excess of 800 ktpa.

Sigma is currently at 270 ktpa, but that’s for Phase I of a three phase project. Phase II is already approved and will take them over 500 ktpa.

Finally, LTR has constructed the first phase of a two phase project. Currently we are expecting to process 3 mtpa of ore, producing 511 ktpa of SC6. We’re planning on 4 mtpa of ore for 658 ktpa of SC6 when Phase II is completed, but that’s looking like 2028.

LTR’s MC will get to where it should be in due time. It’s a cyclical industry and we’re at or near the bottom. We’ll be at a high in a couple/three years!

Best regards!