Hi Spindle,I'm extremely disappointed in the delay. I don't...

Hi Spindle,

I'm extremely disappointed in the delay. I don't expect large organisations to move quickly but this is getting ridiculous. I believe that Glencore is attempting to string Galan out to dry in order to put themselves in a stronger negotiating position to get a better deal (e.g. a bigger chunk of Phase 2, a cheaper equity component, better terms on Phase 1 (that aren't already specified in the term sheet), etc). If this is the case then Glencore are certainly showing their true colours and I would be avoiding them at all costs for Phase 2 (and potentially Phase 1 - to the degree that that is possible).

The best course of action from here is that JP takes himself off the conference circuit and focuses 100% on getting the offtakes and finance over the line for both phase 1 and 2. We are in a much stronger position now that we know we will have the ability to export the chloride product. Although, if we could wrap up phase 1 independently I'd be much happier for a delay before we embark on phase 2 in order to let the lithium market recover more fully - which will limit dilution. Any day, hour or minute that is not spent on getting finance and offtakes across the line (or alternative options in place) is wasted time AFAIC.