Ann: Orocobre and Galaxy Merger - Announcement, page-316

share investing not about emotion - we invest in companies to make money its that simple - so some of the bull I'm hearing on here is unbelievable. I've been invested in GXY for sometime but I'm not upset by the merger - its business and that's why we invest. I'm sick of hearing GXY would have done this and that - in the real world you need funding and backers to progress (share dilution, debt) - this may have happened but also it may not have. Management have seen that it makes more BUSINESS sense to Merge the businesses and this is what its all about - those who are ahead of the game in the lithium industry will get paid very well - its no use having assets siting there and not mining to 2028. They are long plays those producing in the near will be the winners as companies look to sure up supply - offtake agreements want certainty of supply not to hear we hope to produce in the near future or we can give you this much lithium if things go well - they also want to be sure that you can supply large amounts when needed. Why do you think the likes of PLL are investing in other lithium producers - because they need a plan to get the big boys signed up.

The lithium market is moving quicker than anybody could have predicted and this merger will pay dividends for both parties. Management are not lazy they are smart - they will achieve much more as a merged entity than would have ever been imaginable separated. I think you will find that this is the way forward for many lithium producers they need to expand quickly which can only be done through mergers and acquisitions to satisfy the big offtake agreements paying the higher prices and better terms.