Ann: Quarterly Activities and Cash Flow Report, page-86

What is the worst scenario here...

- Stop construction and have to pay some delay related costs
- Do a new deal on offtake to replace Glencore (lots of interest, still huge demand for our high grade low impurity Li)
- Existing financier Glencore lined up who has completed DD will no doubt wish to continue if new offtake counterparty sufficient size etc
- Restart construction having incurred some increased costs and a few months delay, still achieving cashflow in 2025.
- In the long term it will be an eventful blip

Board has been desperately trying to avoid this scenario but is looking more likely now.

There is still a chance that construction can continue albeit at a slower less expensive pace but commercial terms would need to be signed in the next few weeks. Good if it was a Chinese OEM as they will move quicker. Probably involve a small CR but on the back of positive funding news.

SP will stabilise and once done / finance / funding provided we will be back in the 80 cent range quickly.

Corporate overhead costs are very low.

DJ has amazing connections all over the world selling lithium and has been operating with his hands tied behind his back until export permit.

Not an ideal place we find ourselves as long term holders but all the doom and gloom peddling by those looking to talk down GLN at any opportunity is very obvious.