Ann: Non-Binding Heads of Agreement with Darwin Port, page-63

Im a bit 50/50 on DSO as a stand alone operation as this opportunity should only exist at high Li prices, the right Chinese partner with spare plant capacity, exceptional metallurgy results both in terms of concentrate grade and ease/opex to get that grade, and low capex and FOB costs which looks difficult as the mineralisation is not at surface. PLS did receive a pre payment so this may go a way to cover initial costs for CXO if they can replicate that. Some unknowns but looks interesting and unique while we wait for bigger fish to be drilled, provided they can juggle the initial capex then should be a low risk earner even if it only lasts a short period.