Ann: Primobius - Outstanding New Lithium Flowsheet Results, page-6

released just in time for Jeremy's presentation today.

I had said previously we had no bad new. Obviously the last two announcements are potentially that. No point ignoring the reality but they might also not be that at all. We will see I suppose whether the criticisms are justified.

I see it as potentially a consolidation of resource for the moment towards the most important two projects. Does that mean the money spent on the other projects is wasted - not at all!

• Recycling is moving ahead at a rapid pace now with the MB PO, the patent granted and now this wonderful improvement announced today
• the vanadium FID just needs more time. The figures on this are just fa
• eLi had the potential of being huge. the current status is just unclear
• Barrambie is still there and the titanium will still be there when macro conditions shift (as the always do).