Ann: Quarterly Activities Report & Appendix 5B, page-8

My only concern (its a small one) is that they will expand the size of the plant based on the MOU's but won't have anything more concrete in the way of funding before the DFS is started in April. This would mean that there would be even higher uncertainty around capital requirements to move forward. Grocott mentioned in the NWR presentation that capex would move from circa 650m to 1b in capex in order to expand the plant size.

So my guess is that if they formally increased the size of the plant for the DFS then LG Chem may enter into a more concrete agreement around their pre-payment offer. Complete speculation on my part but that might mean that the financing question gets partially answered this quarter before they move onto the DFS.