Ann: POSCO Downstream Joint Venture Transaction Completed, page-31

If P1000 expansion gets the green light, from current production, it represents 2 base load spod projects (i.e. 355kt x 2 = 99kt LCE). Lets hope majority of that expanded spod is funnelled into midstream product production, thus not hitting the open spod market, and therefore maintaining higher spod pricing for our contracts.

However, this level of expansion from PLS and known expansion plans from other current producers will likely crowd out many the current explorers for rest of decade (TO targets), while advanced developers who plan to come online in 2024/25 will so in a lower pricing environment, which is obviously not yet factored into their share prices. Will the later need to adjust their planned nameplate production capacity to the downside, in an attempt to preserve pricing, particularly throughout the high risk commissioning and ramp up phase.