Ann: Phase 2 DFS Confirms Tier One Status of HMW Project, page-61

Hi Smith71

No it wasnt. The way our continuous disclosure regime works , they couldnt announce something like that to us at general meeting when it had not been announced to the market as a whole.

Personally after upthread having given JP a bit of a wrap with the above post and feeling chipper around where things were at, despite the rubbish year the stock has had, and note I am not one in the camp to be blaming JP or mgt for the year that was as in my view its been a confluence of poor macro sentiment as a whole and lithium sentiment being off too thanks to the reduction in chinese spot prices and everybody's over attention to a singular highly manipulated spot price metric , nonetheless I remain a bit disappointed in this announcement. I just see it as a lack of focus at this critical junction. I think the market probably sees it that way too.

If we had already announced an offtake and funding deal for HMW Stage 1 &2 such that the market can now start to credibly "look through" the projects economics and could see a viable path to production for what will be a company making project, this side punt would make more sense. Right now it just adds to a sea of uncertainty still floating over the company. The board of this company needs to learn sometimes timing is everything and the Optics with Homsany as joint chair make for a terrible appearance.

On that point I am not happy with the whole corporate governance piece going on in the company either and it needs more independent directors. Mondy over on that thread discussing this announcement, makes some excellent points around this.

I will leave it at that as I dont want to turn this post into a long rant. This company has a habit of re-rating on good news , which dfs2 was, over the weeks / months after the annoucement, rather then immediately , so lets hope that process repeats. However as I have posted on here previously, its the offtake / funding now that is really key as all those numbers in dfs 2 are meaningless without an offtake deal that validates the pricing assumptions in the dfs and a funding deal that gives them the money to actually build out stages 1&2. In theory dfs stage 2 should allow them to complete those 2 pieces and on a successful outcome on both of those news items we should see a re-rate despite what I see as distractions / own goals like redstone JV.