Ann: Quarterly Activities Report - September 2018, page-59

Here's a Clean and Easy Summary of the Announcement

Why was the upgraded Jorc Delayed - where's the Jorc?

Delay was due to labratory delays in final brine sample analysis data and results
by a company called AQ2.

whats the new Jorc Based off? - we have drilled 21 holes that have been analysed and are going to give us an upgraded statement.

Sounds good. Whens it due to be announced? Announcement says its being completed and announcement is due shorly.

Why was the PEA delayed - where's the PEA?

The PEA is looking good but needs the works from the JORC to be added into it, it cant be completed without that. So shortly, once the Jorc is announced then they can plug that into the PEA and we'll have that announced too.

Stage 1 Offtake Agreement

I believe that the process of the preferred offtake partner analysing our samples isnt a process of quick check and off we go. They analyse and are constantly in communication with us to tweak things here and there as we are continually sending new samples. This takes time to send + be reassessed.
Announcement quote
"The Company is progressing on a preliminary off-take arrangement for Stage 1 product, subject to on-going customer testing and product customisation, to ensure future customer sales are consistent quality and specification, and any product impurities are systemised at the customers end, for their own product manufacturing requirements and meeting their own customers specifications."

They are ironing out the process, won't be long now lads.


Funding our Stage 2 / Stage 3 works

Announcement Quote
"The Company also is continuing towards arranging potential medium and longer-term offtake arrangements with the highest quality major battery and cathode industry participants."

Hear that boys? sounds like these guys have money. Enough money for a $150m USD stage 3 plant (lets hope ahaha)

Okay Sweet. What price you reckon we'll get for our product. Market is all over the shop

Contract Price for South-American BG lithium is steady at $15,000 USD per Tonne. Jerko is confident in locking in a deal around this price.

Announcement Quote
"Alternatively, international contract lithium product prices for Li2CO3 supplied from Chile and Argentina have averaged ~US$15,000 per tonne (FOB South America) during the recent Quarter"

Product Qualification Process

Jerko seems to mention a "product qualification process" that all cathode and battery manufacturers must adhere to. The announcement says we are working towards fulfilling this qualification process. This seems be be an ongoing thing which may be with our offtake partner.
Let them iron it out boys.

Objectives for this Quarter as per announcement

Announce Jorc - i suspect very shortly
Announce PEA (need the JORC data first)
Announce stage 1 offtake agreement
Complete Stage 2 pond works

I suspect the deal for Stage 2 and 3 is ongoing and perhaps separate to the deal for stage 1. This is a big mumma, Jerko is spending his time getting this one right. Strap yourselves in boys. That juicy quarter we expected Sep to be will be this Dec one i reckon. Merry Christmas Chaps.

This is Jez over and out