Can you provide the updated WoodMac long term price forecast for...

Can you provide the updated WoodMac long term price forecast for carbonate that you are talking about? I haven't seen the updated version. I've only heard that they have reduced their spodumene forecast by up to 60% and have no idea over which periods (years) this takes affect. I'm quite interested to see the detail, particularly for carbonate.

Plus can you also provide the updated long term price forecasts for the other analysts you are referring to? Again, hopefully these are independent pricing agencies and not investment banks such as Macquarie, Goldman Sachs, Citigroup, UBS, BofA, Morgan Stanley, etc, who quite clearly have agendas with respect to their "research".

I do find it bizarre that you are now requesting people to do valuations based on current spot pricing whereas in the past (only 6 or 12 months ago) you would have laughed at anyone attempting to do such a thing. Generally, in the Galan threads we have always been doing valuations (scenarios) based on the long term pricing. If we don't use spot pricing at the top of the cycle why should we use spot pricing at the bottom of the cycle?

However, it is handy to confirm that high grade conventional brine is one the very few operations that would remain profitable at current prices. Debt providers will certainly be looking to direct their funds towards projects that can weather anything the market can throw up at them. If you can weather the storm, I assume the debt providers are also smart enough to know that you won't have to endure this situation for long because most of your competitors will be gone and the situation will revert.