Ann: PFS Update Delivers Outstanding Results, page-101

Warren, I understand the caution on when material news is likely, but 6-8 months is just speculation. I'll also speculate and say I believe it highly doubtful that there won't be material news well before then. My belief is that such has been the acceleration of the EV market beyond expectations in the last 16 months, that the pressure to bring the more prospective projects to market will be intense. The economics of this project are compelling (IRR 36% on very conservative assumptions). More importantly, the big 'catch-up' car manufacturers like VW need to secure Li supply of scale and for the long term. Czech politics have played their part in timeline disappointments (since alleviated) but Euro politics and the pressure to develop a European battery supply chain, and not be dependent on the likes of China, will come to the fore now. So, I disagree. I think there will be some positive surprises around off-takes and government supported funding in the shorter, not longer term. The OEM's and the govts need it to happen fast now