Ann: Lithium - Exceptional Engineering Cost Study Results, page-29

There is an interesting comment made by the CEO of Agrosy (AGY) about the challenges in producing hydroxide.

There are a lot of companies with big aspirations, but they are unlikely to have the talent on hand to be able to ensure a smooth ramp up.

If NMT can effectively productise this capability to the point where companies can basically outsource this capability, it will de-risk projects and increase profitability whilst giving investors greater confidence that the time to revenue will be as fast and seamless as possible.

The fact that NMT could effectively "buy in" via a JV, or "be paid" via an outright build and ongoing royalty is a compelling story where potential upside is huge.

The timelines for this refinery in Portugal are still a ways out, but a successful operation will solve a lot of problems for a lot of companies.