Ann: Mt Cattlin Update-GXY.AX, page-55

Production delays and costs being much higher than advertised are inevitable especially in this industry. Companies like Ore, and even the majors, ALB, SQM, and FNC, have had their fair share of delays for multitude of reasons (i.e. SQM dealing with Corfo in Chile). Brace this time as an opportunity to acquire low since these producers (i.e. GXY, NMT, and the majors) will still be delivering far ahead other juniors (i.e. PLS) which will run into delays as well so they may not even start till 3-6 months later than their anticipated date.

These factors are partly responsible for the Li supply scare and make battery producers rightfully concerned as they want to keep up with the increasing demand of EV. At the same time, Li pricing should rise due to to this scare so these challenges can ultimately benefit us moving forward to negotiating higher sale contracts. And our customers, in spite of all these delays, still want more.