I have heard from someone close to Ganfeng that they were...

I have heard from someone close to Ganfeng that they were actually interested in HMW but were rebuffed by JP who was determined to build it himself.

I would not engage with SurfDown - he seems to be spewing out mud indiscrimately and hoping it sticks. None seems to be based on any fact or considered analysis, much less any kind of technical understanding. Slinging mud at the resource at this stage is a strange accusation given we've reported against JORC and had multiples sign-offs and independent reviews for the studies. I think Hoopz answered the reserves question simply but well.

To your point about processing, it depends very much on the brine and stage of process. Obviously the further downstream you get, and the more pure and technical battery grade you get, the harder the process - and obvioulsy brines process further downstream that West Australian hardrock - and get paid accordingly. A bit disingenous Mondy - like comparing the price of coffee beans in Brazil to a high end flat white in Collins St.

And obviously the higher the impurities of similar elements such as magnesium, the more difficult they are to process out. That is what really sunk the viability of the Rincon Project. Rio say they've got a solution to it but I'm not convinced. The lack of these is clearly what makes HMW stand out and should really fetch a premium.

I've maintained my concerns about the board and management all the way along. Financing risk was always there but with the right team in place, and openess to a JV structure, this $120M USD Capex hurdle (and even Stage 2) would have been little more than a speed hump. With the numpties currently on the board its looking like Everest

I see some calls for JP's head, and in anger I certainly feel that way. However, the rational part of me sees a genuinely committed guy, who really believes in the project, the team and the community, and he does the stakeholder relationship piece well - he's put his balls on the line (and big test to see whether he stumps up $1M for SPP yet to come). He is clueless on equity and debt markets, and does not have the confidence of the markets.

So I think the best solution is actually JP becomes MD for Galan Argentina, taking care of all incountry relationships and leading the functional parts of the team there. Galan pull the brake on further spending, recruit a top CEO who has financed and built projects, and has the confidence of markets - someone like Simon Hay or Richard Seville. I mean, we could even get Steve Promnitz in the seat just for a bit of share price turnaround.

And the comment about a Finance Director is a good one. Or CFO with a project finance background.

And totally agree we need an independent Board who are prepared to make the hard calls and don't do little side deals.

If the Board aren't prepared to make these hard calls, maybe there's an activist investor(s) who are ready to force their hand. I would hate to see it come to this, but sometimes thats the only way to make it happen.