Ann: Lithium carbonate and spodumene concentrate pricing update, page-9

Because lithium spodume can be used more flexibly and processed by different converters while battery grade lithium carbonate is already more refined and battery producers have very specific requirements in regards to impurities and the qualification process of Tier 1 battery makers takes many months!? On average in the whole global lithium industry the volume of lithium carbonate is sold via more long term contracts vs lithium spodumene. This is not just the case with Allkem. It is an illusion to think that any producer gets an average sales price for battery grade material that is anywhere near the China spot price, which only represents marginal volumes sold and which was much lower half a year ago. On the other hand that means that the ASP for Allkem will rise significantly in the second half of the year. I am convinced that this will happen.