Ann: Pilbara & Calix enter into Joint Venture Agreement, page-42

From the Calix announcement below. 30ktpa fo spod, not midstream product. So if it takes approx' 6t of spod to produce 1t of midstream, 5kt seems reasonable. Someone please correct if that ratio is incorrect.

• Pilbara Minerals will manage the UJV including the construction and day to day
operation of the Demonstration Plant which will be located at the Pilgangoora site and
will supply up to 30ktpa of spodumene concentrate to the Demonstration Plant on
commercial terms consistent with market pricing.

So if the demo plant is one module of the final plant design, they will just add more modules, up to any amount they require to meet market demand for the midstream product. Obviously they produce enough fines now to supply the demo plant. Will they require a process change i.e. change grind size etc if they end up requiring more fines due to a future high demand for midstream product? Any of you metallurgical types have anything to add, please do.