Ann: Mineral Resources Ltd Lithium Partnership - West Spargoville, page-21

Whilst I am happy with the partnership overall, I would've waited till the initiall drill results are published to get better terms for the partnership. We all know that there is lithium there and it's quite possibly spodumene. The question here is what's the size of the resource.

MQR definitely have one too many projects and it looks like this is the one they sort of gave up and looked for partners to fund the drilling campaign. Personally I am not quite sure if we made a good move focussing on the USA tenaments as investors don't really appreciate brine/sediment style resources (compared to spodumene) in that region, but time will tell.

The market reaction is off the back of the recent Goldman Li market report and it's not pricing this deal. Good time for a top-up.