Ann: Option Exercise and Cleansing Notice, page-7

I think there is going to be more evaluation and consideration of fine's in the future. A chart FFX produced looked at the recovery rates of different operators with three producers, five developers and 16 explorers noted. All but one had 60% to 80% recovery rates. That means the combination of fines and LiOH that could not be economically separated from surrounding rock made up 20-40% of the lithium content of the mined material.

Given the prices of Spod and Lithium Hydroxide now, that's a lot of value not being extracted. Processing of fine's is part of the solution for improving recovery rates from the ore mined.

Core put out a fines evaluation last year that showed strong returns from processing fines (and if recalculated for current Spod rates I'm sure it would be much better again). Any explorer following Core's journey into production will be aware evaluating fine's is a good idea. That noted, I'm glad that ESS is looking at the way they could extract more value from fine's and what processes might be effective to do so.