Ann: L-Max Pilot Plant Development Commenced, page-28

Great post as usual Sharpey.

I'd hazard the confidentiality is around a potential investor/offtake partner, otherwise there would be a need for confidentially on testwork.

I'd be suprised if management undertook to spend $4.5M on a pilot plant without a commitment from potential investors based on agreed key outcomes. The confidential arrangement cited in this announcement fits that bill.

Run our Lepidolite or other through the Pilot L-Max Plant and If recovery is at the agreed rate then we'll fund you x amount of $ take x amount of LCE at say $7,500/Ton once the plant is operational.

LPD is a cautiously managed company, sometime too cautious. Management wouldn't punt $4.5M without having agreed outcomes under confidentiality arrangements.