Ann: Presentation - RIU Fremantle, page-32

I agree, the economics are phased, which is a prudent conservative approach in the current environment, but they still have to raise the capital, and it's not easy in the current environment. One thing that killed other early lithium developers was raising capital at any high interest rate, just out of desperation, like accepting 15% or greater rates, which would be a company killer. At current prices, and given Glencore's potential role, then they'd be about breaking even over the first few years, which is better than about 80% to 90% of other lithium developers at the moment. Their economics stack up, and if they can't get this off the ground, then the only new mines that will be successfully built in the near future will be by the biggest global producers who have the cash to carry themselves through the lithium downturn.

If funding is secured for phase 1, then this should be one of the less riskier new project lithium developers.

Gw