Ann: Phase 1 HMW DFS Delivers Compelling Economic Results, page-16

Nice so they've gone slightly up on phase 1 production from 4ktpa to 5.37, whilst keeping to around the $100m USD CAPEX number. OPEX looks good too.

Numbers look great, only thing I was wondering is whether NPV(8) is still the right number given the current rate environment. Anyone else have thoughts or comment on that?

Assume the permits they've submitted were for the slightly larger size, maybe that's why the delay in permits? The previous announcement doesn't say anything to the size of the permits granted, just that granted for phase 1.

Also LiCl pricing of ~$20k. Think that might be the long term average but for the first 5 years if we are getting 70-80% of the LCE price, it will be higher. By the time the price settles, we will have expanded to phase 2-3 anyway.