Ann: Investor Presentation - Mines & Money London, page-25

Firstly Mondy, you do seem interested in buying, as you are a regular here.

I respect your punt to wait and buy-in cheaper, but let's be honest - it's just a punt on the lithium spot price and Galan's naivety.

I agree that Galan are likely preparing an equity raise, hence the AGM resolution for additional raise facility, but it's not certain they'll extend this out to retail. If they are smart they'll either sell a chunk at ASX level to a cornerstone investor at a premium, or they'll raise at the asset level via JV. If they were going to do a retail raise, surely they would have done this straight after the Glencore announcement. I have underestimated JP and the team so far, not helped by the mostly negative comments here, but been mostly surprised to the upside.

We've traded pretty closely with the spot lithium price and market sentiment. We must be getting pretty close to the bottom now - zero - we've gone from 'lithium forever to the moon', to 'don't even need lithium anymore' - all in the space of 12 months. It only takes some marginal restocking and spot price will suddenly tick back up and we'll go with it.

You are also discounting a sudden low-ball bid on Galan. The resource and ownership structure is attractive, and makes us a target at these levels.