I disagree with Hartley's on the DSO option. Logistically it...

I disagree with Hartley's on the DSO option. Logistically it would be easier and less risk for the company but that doesn't tip the scales imo.

Reason 1 and the smaller of the two I have is I am not sure all converters in China (as they will predominately be our offtake partners) will be equipped to convert raw ore into Carbonate as easily as they can with Spodumene concentrate.

Reason 2 and the one I think is more important is you want to be locking in LT spodumene offtake contracts ASAP while the supply shortage is in full swing and converters are desperate. Locking in offtakes now guarantees that you have deals in hand and are likely to be able to negotiate strong terms right now.

If you go down the DSO route and are either telling offtakers you can't supply them spodumene concentrate at 6% for 2 years or even worse waiting for another year when more projects are in the mix to be fighting for offtakes I think you leave yourself open to larger risks than simply the execution risk of refurbing one plant and building another plant at the same time.