Ann: March 2024 Quarterly Activities and Cashflow Report, page-45

I also think that the board of LTR is anticipating a likely consolidation in the industry, and also wish to keep all their options open regarding funding and make whatever decision on funding they may need to make as late as possible. An increasing lithium price would also encourage them to be patient in making a funding decision. Any consolidation in the industry is likely to result in a much higher LTR share price, and that certainly appears to have been the view of Gina as well when she hurriedly purchased 19.9% of LTR some months ago. I still cannot understand the rationale of the shorters since there is only really two options for LTR. Option 1. is that it continues alone and based on the market cap of others it can only be a matter of time before it massively re-rates. Option 2. is that there is a massive consolidation in the industry, which will also result in a massive re-rate, either way the shorters lose. they must be still accepting the Wall Street investment bank view that lithium will be in oversupply for a long time to come. More and more analysts are now rejecting that lithium prognosis, including it would appear the lending syndicate, including Australian government agencies that have recently agreed to provide LTR with the funding it needs. It is strange that shorters still so strongly hold onto a view about lithium, which those commercial lenders do not.