Ann: Presentation to Pilbara 2018 Conference, page-43

Yeah agree, but El Jefe is a smart guy even if we don't always agree. I am sure he could have worked out how to read the chart.

For the record I don't know if they will hit those costs or not, I am in the camp that will admit things haven't quite gone to plan to date. I also believe a big chunk of our fall in price is sector wide rather than company specific.

They really just need to start putting runs on the board. Operational risk is far bigger than offtake risk in my opinion. I agree with @Cashmeoutside that the presentation isn't really clear how they are still commissioning yet hauling product to port. They have their own lab so I assume grade stacks up.

Not worried about the 5.5% + adjustment structure. There have been quite a few offtakes done in the same way. TAW was set at 6.0% but burwill was happy to take anything over 5.5% with grade adjustment either way. Just as easy to set 5.5% price as minimum and pay above that.

I just hope they hurry up and clear up that all product is going to Lionergy indefinitely (be open about it) and give confidence in the cash position whether that be through receipts, refinance, CR, whatever. We need people confident in AJM's position when lithium sentiment turns if we want to see decent gains