Not much new information since the Macquarie Critical Minerals...

Not much new information since the Macquarie Critical Minerals Forum Presentation in June last year. A few observations in the differences between the two:

1. Strategic partner process slide has been removed entirely (you could view this as either positive or negative, depending on your bias). Personally I believe it's probably negative, as they provide some other indicators that the search for a partner isn't complete (see further below).

2. Inconsistency in reporting metrics (reporting product produced to date but cash on hand as at the end of the last quarter). Pick one, and be consistent. This looks like window dressing to me.

3. Confirmed that commissioning is complete and we are now in ramp up. That's good to hear; however ramp-up has only produced 3 tonnes in six-weeks so there's a long way to go yet and the filtration circuit issues clearly aren't resolved.

4. Specific percentage grade omitted again. No surprises there given JZ's recent comments, but interesting nonetheless that it was included in the Macquarie presentation, but not this Bell-Potter one.

5. Potential for additional downstream development with strategic partner is a new addition. I have no idea what they're referring to here, but it sounds promising.

6. No change with Tonopah, no surprises there.

7. Strong offtake interest and product testing being undertaken with strategic customers (note plural) indicates that the search for a strategic partner is still ongoing and hasn't been narrowed down to one yet.

8. Looks like we won't see 10 ktpa construction commence for at least another 12 months (note "3-6 months to implement funding post decision to mine", plus "construction to commence within 9 months of commencing execution phase").

9. Target is now just to "increase production in Q1 CY2024". Coming off a very low base, I wouldn't be expecting much from the next quarterly.