Ann: Investor Presentation - DFS and Downstream Scoping Study, page-147

Great point raised. When TO first joined he realised it's the classic middleman with refiners of lithium. Why let them take the profit when we can do it ourselves and mention was made of a refinery in Kalgoorlie. When asked in the Q&A about the value add of having such a high concentrate, it's because it's what the customer wants.

There has to be a some back channel between these lithium companies to say they need their own refineries. We only have to look at oil out of the ground versus refined into petrol and where the profit is. So most oil companies refine their oil to make petrol etc.

It's a no brainer but given how new the industry requires investments and again, he mentioned the days of cheap spondumene are over and customer realise if they want and need the lithium now, they need to pay good prices to drive investment in getting the high quality "stuff" out of the ground here in Australia sooner.